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Huobi Sued for Bitcoin loss

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 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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Bitcoin under $4000

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Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.

2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.

Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.

It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000

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India’s largest Mobile & Internet industry forms Blockchain Committee

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India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.

India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups.   India’s most-read business daily the Economic Times report.

The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country.  This will give a boom to the new digital economy in the country, the report added.

The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.

She told the publication:

“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”

The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.

Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.

Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.

Singh added:

The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”

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BTCC Chinese Crypto firm plans to start its services in South Korea

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BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.

Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to  China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.

According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.

Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.

Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”

The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.

In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.

 

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