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Huobi Sued for Bitcoin loss



 A bitcoin speculator sued the Huobi exchange to recover 400,000 yuan he lost while exchanging.

Wang Tieliang documented a claim against Huobi and its two patners in Beijing to negate his bitcoin exchanges on the trade. As per Wang’s statement, he deposited 1.4 million yuan to speculate on bitcoin in October of 2016. In any case, inside a couple of months, he couldn’t deal with the strain of the market to see himself losing cash, and he finally liquidated all out.

The offended party told the court that his exchanges at Huobi ought to be invalidate on the basis that bitcoin doesn’t exist:

Bitcoin does not exist and isn’t a lawful delicate. Marxism says that a product ought to have a price and value and bitcoin cannot be categorized as a product or commodity. Moreover, bitcoin isn’t a genuine money for it isn’t issued by the national bank (central bank). In this way, it shall not be utilized to exchange or as a payment technique.

Moreover the exchange stated that Wang doesn’t ubderstand what bitcoin is. Also, it’s not Huobi that exchanged with him, its different clients at the platform. Huobi just fills in as a third party that has been working legitimately. Huobi included that the price of bitcoin is chosen by the market, not by the plarform.

Another two Beijing-based organizations argued that they just enable Huobi to get clients’ deposits. Thus, they don’t have anything to do with Wang’s loss.

The Court Judgment

 The People’s Court of Haidian District, Beijing disqualified the claim, saying financial specialists (investors) should to be in charge of their own losses. The court judgment clarified:

At the point when clients exchange bitcoin they should completely comprehend relative risks and rewards concerning it. They should invest only  the sum of money they can stand to lose and attempt all obligations.

The court judge noticed that bitcoin isn’t a commodity. It has no use value. The PBOC has no privilege to characterize bitcoin as a virtual item. Also, Huobi has no privilege to exchange bitcoin. It can just offer exchange or trading services.

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Crypto market stabilizing gradually




crypto trading

Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.


Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28


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Take a Crypto Pill




Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.




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Venezuela is the cheapest country to mine Bitcoin




Bitcoin venezuela

Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption



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