NIFA Alleges Manipulative Trading Volumes Of Crypto Exchanges
The self-regulatory organization set up by the People’s Bank of China indicated the risks involved with the crypto investment, to the citizens.
Overseas Crypto Exchanges Uses Robot Program
NIFA, in its warning, mentioned that the foreign-based crypto exchanges in China have been using the robot program to damage the existing data. As, while doing so it would be easy for the foreign-based crypto exchanges to create a false image of themselves in the virtual trading market.
The statement published by NIFA said, “In our sampling analysis based on trading data from some of the exchanges, the daily trading turnover rate for more than 40 coins is over 100%, while more than 70 coins’ rate exceeds 50%.” The statement further mentioned that although the price and the market value of coins were low, its trading volume was very high.
Never-Ending Problem Of Market Manipulation
According to a report, crypto market manipulation is a never-ending problem. In the year 2019, Bitwise, in its report mentioned that while researching about the recorded trading volume of Bitcoin, the operator found that around 95 percent is fake. Later, the Block also did an analysis and found around 86 percent is fake.
NIFA while blaming foreign-based crypto exchanges, stated that they use different types of gimmicks to attract consumers. Like, currently many organizations are using a concept regarding virtual currencies. According to the organizations, despite choosing gold or silver, the consumers should go for the virtual currencies, as they are the safe-haven assets, but NIFA did not agree with this statement.
A report also mentioned that in this bear market session, Bitcoin is continuously underperforming gold.
The Chinese watchdog has added that while inquiring about the foreign-based crypto exchanges, it found that the offices or business development areas of the companies are hidden.
Nodle Network which is an IoT platform presently works on Stellar blockchain (XLM) but after the launch of Arcadia Testnet, the network would shift to its own blockchain network.
The nature of this decentralized network provider is to connect and detect. And presently, as a report suggests, it linked over than 5 million active nodes with over 92 million devices.
Stellar Handles Nodles Transactions
According to the report, till date, the blockchain platform Stellar has handled around 1.3 million transactions of Nodle. But as the company predicted in its whitepaper, the competitor of IOTA would launch its own blockchain network with advanced features in it.
Eliott Teissoniere, the developer of Nodle blockchain, has stated that for the success of Arcadia blockchain of Nodle, interoperability is important.
The Nodle team has been preparing the Arcadia blockchain on the Parity Substrate framework and for this, they are using standard designs.
After the creation of Arcadia blockchain, Nodle would become a parachain of Polkadot.
NodleCash For Using Network
Nodle network has its own cryptocurrency, named Nodle Cash, people who use this network earns it. But it is not popular in the market presently, because till now it has not been listed on any of the exchanges nor, does it have any monetary values.
While talking about network’s own Cash, Teissoniere recently, said, “It's a bet on the future. And essentially, they're going to be able to use it in a few weeks to interact.” The architect of Nodle’s blockchain announced that soon the company would open its interface for the customer so that they could earn rewards i.e., company’s currency, from it.
The CEO and co-founder of the first low power network for the IoT, Micha Benoliel, also mentioned that before releasing its cryptocurrency, the company want to develop enough demand for it.
The company has not decided the release date of its mainnet but assumptions are being made that may be within six months the company would launch it.
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