ICO Alert Crypto Minute August 23, 2018
Crypto Community Watch launched, China Seeks to Block Access to Foreign Exchanges, Post-ICO Projects Burning Tokens; Investors pleased.
Consortium Launches Self-Policing Program
In an effort to increase self-policing within the cryptocurrency industry, Ecoinmerce, a DAO e-commerce platform, has partnered with ICO Alert, GZH, Step VC and NewEconomies. The consortium will create an anonymous tip line and reward whistleblowers with BTC. The Crypto Community Watch program is currently live and was first reported on by Bitcoinmagazine.com.
“The crypto scene revolves around collaboration, open source, transparency, etc. and this is an extension of that. We all complain about ‘FUD’ and warn each other about the dangers in the space (ex. don’t hold your funds on exchanges for a long time), but very little is actually being done about the dangers of scams, hacks, etc.” — Ecoinmerce COO Rex Chen
China Seeks to Block Access to Foreign Exchanges
Regulators in China are moving to block access to more than 100 overseas cryptocurrency exchanges. The regulation will essentially cutoff trading services to domestic Chinese investors. According to Coindesk, the China National Fintech Risk Rectification Office will look to block internet access to more than 120 trading platforms that contain overseas IP addresses.
Post-ICO Projects Burning Tokens; Investors pleased
Post-ICO crypto projects are burning (see:removing) tokens from their total token supply to fuel investor interest and increase token price. According to an article by Coindesk, the Switzerland-based company Eidoo announced recently that it will be burning 1 percent of the total supply of EDO, the platforms native token.
“It’s turning out to be an unexpected benefit of the initial coin offering (ICO) model, whereby startups and projects fuel and fund their projects with a scarce digital asset they create. In short, these projects can use the token to price their services, and then strategically alter the economics of the money supply to which they have a direct relationship.” — Coindesk
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