Filecoin raises $52 million in pre-ICO sale – August 6, 2017

All time high once again! North is the only direction Bitcoin is heading towards, and there is no stopping it. Bitcoin price reached as high as $3275 on Sunday before settling back to below $3250. While many other cryptocurrencies are tanking, including BCH, Bitcoin is reaching new highs every other day.

The split on August 1st and certain incompatibility issues of Bitcoin Cash has given Bitcoin some room to regain ground. That being said, the price might go for correction before heading further north. With SegWit locked in, the network is able handle more transactions.

Top Stories from the Cryto World

1. Filecoin raises $52 million in pre-ICO sale

SEC regulations? Say what!? Recent SEO ruling stating that ICOs will need to comply with securities regulation laws doesn’t seem to bother ICOs at all. San Francisco-based startup Protocol Labs has sold $52 million in a token pre-sale ahead of an initial coin offering launch next week.

The likes of Winklevoss Capital, Digital Currency Group and Y Combinator president Sam Altman took part in the sale.

2. OmiseGo could be the future of decentralized exchanges

OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.

Omise has been around since 2013, with over 130+ employees with offices in 4 countries Thailand, Japan, Indonesia and Singapore. During their last series of investment funding they raised 20 million prior to the crowd sale.

Omise plans to eliminate the risks of a centralised exchanges. We’ve seen it happen with Mt Gox in 2014 and BTC-e in 2017. There is always a chance of centralized exchanges going bust — with decentralisation there will be no single entity holding your funds.

Interesting read:

3. A single trader is trying to manipulate the market on Bitfinex

This trader, nicknamed “Spoofy,” got his name because of his efforts to “Spoof” the market. Spoofers place a large buy order just below other buy orders, or a large sell order just above other sell orders.

So for instance, someone with deep pockets could place a buy or sell order in hopes of moving the market. If traders see a sell order of, say 3000 Bitcoins, they will rush to panic sell before the whale crashes the price.

What Mr./Mrs. Spoofy does is, as soon as the price approaches the order price, he/she immediately cancels it. This gives him control over the market.