Myths about the Bitcoins and how can they be Busted: Expert Takes

Expert Takes has voiced the opinion of their leaders from the inside and outside of the crypto industries who have expressed their views, also have shared their views on their experience and gave their professional advice. Expert Takes had covered everything from the Blockchain technology and ICO who are funding the taxation, regulation and cryptocurrency adoption in different sectors of the economy.

The Prices of Bitcoin when goes way too high

The fact cannot be ignored that the Bitcoins have always more than 60 percent from its high time, the price of      1 Bitcoin- around $ 7,000 at some time of writing, this discouraged a lot of people from entering the market. Since the mid of 2017, it is only Bitcoin which has been on the front pages of most of the newspapers still most of the people of the world are clueless as to how can they buy the Bitcoin even if not a whole but even a fraction of it. So let’s set the record straight: 1 Bitcoin can be divided into 100 million satoshis (the smallest Bitcoin unit). Just because one cannot afford a full gold bar - which are $600,000 a piece - does not mean one cannot buy a gold coin or invest as little as $126 through a Gold ETF to get exposure to gold. The same thing can be done with Bitcoin.

The Price of Bitcoin is very Unpredictable 

No arguments can be made on the statement that the price of the Bitcoins varies a lot in nature. So before investing in it, the investors have to think a lot as all they hope is to gain profit instead of gaining losses after such a huge investment. It is for the first time in the history of currencies that a currency is not under any central bank or country. Cryptocurrency is a stand-alone individual currency which doesn’t have an owner above its head.

Cryptocurrency is very volatile and they have a large speculation around the world. Also, its assets have a large spread in the world of finance. So if someone wants to invest in cryptocurrency they should know about it thoroughly and should only invest if they can afford to face some loss in the trade. The most valuable thing you can invest in it is time. If we have time then there are very fewer chances for someone to face loss in their investment.

Bitcoin is very harmful to the Finance Environment

It is said that if the origin of something is unknown to us it can never be good for the health and environment around us. The saying is a perfect for the Bitcoins as it is said to be mined by Satoshi Nakamoto, back in 2009 whose identity is unknown to the world except for the name.

The mining of this cryptocurrency took only 10 minutes to be mined through a simple laptop and has mined a block for itself as it does today. The puzzle through which you mine is pretty difficult for a person to crack as the algorithm used for it is quite different and difficult for people to understand. But after solving it we receive a reward within the span of 10minutes that is the average time required to gain the reward.

The reason why the miners have invested billions of dollars in Bitcoins because due to its demand the price of the currency keeps rising high and high and then people gain profits from it. For e.g.- At $7,000 per Bitcoin, the current annual cost of the Bitcoin network is $4.6 bln, and a sizable portion of it spent on electricity bills. But what the Bitcoin network provides for this cost is a Blockchain that is unhackable by any existing computer or technology on the planet.

The currency is misused by the drug dealers and money launders

When the transaction of one bitcoin is made public, which is not exactly ideal as if you are looking to engage in illegal activities. There has been a release of two reports stating that only 1 percent of all Bitcoin transactions are used for money laundering and 44 is being used for other illegal activities. These anonymously as many exchanges follow Know Your Customer (KYC) and Anti Money Laundering (AML) procedures when registering users. This is where criminals using cryptocurrencies will get caught as law enforcement agencies are monitoring these exchanges. So cash will probably remain the currency of choice for criminals for the time being.

Top Business School to Add Bitcoin Classes and Expand Cryptocurrency in the Offering of MBA Courses

It has been reportedly said that the top-ranked business schools are hoping to bitcoin bandwagon as they are wanting to expand their course by offering on cryptocurrencies and blockchain.

There have been offers made for more crypto-related MBA classes which are eventually growing more in demand by the students, as well as, by the corporate sector employers and recruiters, which are especially a part of the capital venture.

Spoken by a professor from one of the top MBA universities that- “Kevin Werbach, a professor at the Wharton School of the University of Pennsylvania, will teach a class in the fall of 2018 called “Blockchain, Cryptocurrency, and Distributed Ledger Technology.”

Reported in a report by CNBC that a beef up is going to take place in the top-notch MBA colleges about keeping in demand for their cryptocurrency course as a part of the MBA programme of the university. It is been said reportedly that after five years down the lane most probably very few business colleges will be having different classes from other schools. Most of them would not be reporting similar classes and courses after some time span. 

Stanford University of Pennsylvania and Georgetown are going to be adding more classes of cryptocurrency to their MBA programme classes in 2018 which will help them to keep the demand up amongst their students. A review from a student stated that- “ Itamar Orr, a second-year MBA student at Stanford, applauded the expanded course offerings, saying it will help students once they go out into the workforce.”

Orr also added by saying that there are many students present in the university who wanted to discuss the jobs related to the blockchain and the crypto market. Also, there had been a competitive air in the campus which gives you an advantage and an extra hammer in your toolbox for grabbing marks. Approximately a Venture-capital investment had taken place which in the starting had ballooned up to $911 million, in the previous year, which was a higher percentage from 2016, according to a report from Pitchbook.

Susan Athey, a professor at the Stanford Business School said that-

“The fluctuations in the prices have everyone mesmerized: Just how did this happen? Many people have gone boom or bust. A that’s, of course, exciting, attracts a lot of interest, and motivates people to understand what’s going on.”

Dr. Amit Lakhanpal Ventures into Crypto Assets; Joins Hands With Private office of His Highness Sheikh Ahmad Bin Obaid Al Maktoum

Dubai / New Delhi, 6 April 2018:  Dr. Amit Lakhanpal led Al Kasir Group has announced its foray into Crypto Assets, a move that marks the next level of evolution in the era of crypto currency. This would be the first instance where a company is offering physical possession of diamonds and other valuable merchandize equivalent to the amount being spent by the buyer on crypto asset portal.

 

This is also the first time that crypto assets will be available for purchase across the counter. The company aims to open 1000 stores across the world for this in all major markets including South-east Asia, Europe, UK and Gulf Countries (except Qatar).

 

Al Kasir Group is a joint venture between Dr. Amit Lakhanpal and private office of His Highness Sheikh Ahmad Bin Obaid Al Maktoum who belongs to the members of royal family of the ruler of Dubai.

 

Speaking about the launch, Dr. Amit Lakhanpal said,” Crypto Asset combines the convenience of Digital currency with the stability of Traditional assets. We are glad to partner this novel concept which will not only showcase our commitment to new age technologies but also allow people from across the world to procure and own precious gems and other items.”   

 

The company will launch three unique forms of crypto assets that will be backed by an equivalent value of diamonds- Al Mas Coin (AMD- redeemable against diamonds), Al Haqeek Coin (AHP- redeemable against precious gems) and Al Falah Coin (AFO- redeemable against perfumes, Oud, Attar and Bakhoor perfumes, Oud, Attar and Bakhoor).

 

Pioneering the launch of this new age asset Dr. Amit Lakhanpal, Founder of Al Kasir Group said,” As a company we are constantly looking at enhancing value for our customers in the area of crypto currency. With transparency and value for our end customers as key mantras, this new tie-up will allow customers to own the most valuable asset known to mankind – diamonds. It will also quell apprehensions about the “Return on Investment” as the buyer will be entitled to physical possession of assets against the money spent on the crypto currency. Besides, we are also opening stores for across the counter purchase of crypto assets, another first in the world. ”

 

Crypto asset essentially is a diamond backed unit which can be purchased on company’s online shopping portal which will be announced on 15th April, 2018. Any person who wishes to invest in crypto asset will have to spend a minimum of USD 250 against which he will be given Indian Gemological Institute (IGI) certified diamonds of the same value after the completion of ICAO (Initial Crypto Asset Offering).

 

Along with the diamonds the buyer will also get crypto coins.  These crypto coins can subsequently be used to physically procure a range of products like precious stones, perfumes, Oud, Attar and Bakhoor etc from the company’s online shopping portal. The buyer can redeem only 50% of the product purchase value in crypto currency and the remaining 50% will have to be made via currency payments.

 

This brave new move opens a plethora of opportunities for similar business to take advantage of the disruptive block-chain technology however the Money Trade Coin Group seems to be ahead in their game already.

 

RBI's ban on Cryptocurrencies leaves one crypto-asset unaffected.

With RBI's announcement today of the Ban imposed on all cryptocurrency sale or purchases
through banking and e-wallets regulated by them, the whole cryptocurrency market and the
crypto-economy has been shaken, stirred and many investors shattered.

 

"Your bank will not allow you to buy bitcoins anymore" reads an article from ET Online,
Bloomberg flashed "RBI Bans Regulated Entities From Dealing In Virtual Currencies", "RBI Bans
Indian Banks from dealing with Cryptocurrencies, plans own Crypto" was reported by CRYPTO
News and similar such news sent the cryptocurrency market in a tizzy. Many investors and
HODLers lost huge sums due to the ripple-effect of the news.

 

 

With Traders, Investors and HODLers selling their units of cryptocurrencies in an attempt to
salvage whatever funds they can, the market has seen a steep decline in cryptocurrency prices
in the latter half of the day.

 

 

Despite only a small fraction of the Indian populace dealing in cryptocurrencies, India accounts
to over 10% of the Global Bitcoin trade as per exchanges. There is no account of how much
Bitcoin is being traded in hard cold cash in the country.

 

 

Other than Bitcoin, India is home to a sizeable number of Investors in Altcoins such as
Ethereum, Ripple, Bitcoin Cash, Bitcoin Gold, Litecoin, Monero, Dash, Zcash, etc., of which all
have displayed a substantial drop in prices due to the move from the Apex Bank in the nation.

 

 

Amidst all the chaos one crypto-asset, that has been gathering a lot of attention recently,
stands unaffected. Money Trade Coin(MTCX) is one crypto-asset that has constantly been
evolving ever since its launch on 17th September 2017 at Burj Al Arab, Dubai - UAE. Dr. Amit
Madanlal Lakhanpal, the founder and creator of Money Trade Coin and an avid propagator of
"Cryptocurrency correct knowledge" is known for his dynamism in terms of taking Executive
Business Decisions.

 

 

Dr. Lakhanpal is an Indian entrepreneur, property developer and author. Dr. Lakhanpal is the
founder and CEO of the Money Trade Coin Group. He has also authored the book "The World of
Crypto Currency".

 

 

While the Indian crypto-market experiences what may amount to a Black-Day, Dr. Lakhanpal's
Money Trade Coin is relatively relaxed due to its conversion to a crypto-asset instead of being
merely a cryptocurrency.

 

 

With the upcoming launch of the world's first Blockchain based Diamond Trading platform, Dr.
Lakhanpal joined hands with a Member of the Private Office of His Highness Sheikh Ahmad Bin
Owaid Al Maktoum - the Al Kasir Group. The news of this upcoming partnership brings about
great relief for those who have invested or hold any amount of MTCX, for they have the option
available to redeem their MTCX for purchasing Diamonds from the Al Kasir Group. Investors of
Money Trade Coin have the option available to trade their MTCX for purchasing Diamonds.
With the redemption of 50% of the purchase value in MTCX and remaining 50% may be paid in
Fiat Currency, buyers get Certified Real Diamonds valued at par with market price.

 

 

Apart from Diamonds, MTCX Investors will have the option to trade MTCX against three new
Crypto-Assets. Al Kasir Group Crypto Solutions is a Blockchain based Crypto Asset Company
offering three unique Crypto Assets: Al Mas Coin (AMD), Al Haqeek Coin (AHP) and Al Falah
Coin (AFO). These three Coins are Crypto-Assets/Coins built on the Ethereum Blockchain. The
Coins are backed by an equivalent value of Diamonds.

 

 

With the value of these Coins being a function of not just market forces but also the value of
natural Diamonds, owners of the Coins benefit from enhanced downside protection as their
Coins can be exchanged for real diamonds on completion of the ICAO. Also, AMD, AHP and AFO
Coins are perfect counter-cyclical asset offering investors in the crypto universe protection
against adverse market movements similar to gold or bonds in conventional markets.

 

 

Al Mas Coin, Al Haqeek Coin and Al Falah Coin holders will receive physical delivery of Real
Diamonds equivalent to the Amount of purchase from Al Kasir Group's Shopping Portal which is
due to go live by 15th August 2018. Holders of Al Mas Coin may use their holding to purchase
Certified Real Diamonds from the Company’s Online Portal by utilizing 50% of the product
purchase value in Coins and the remaining 50% via Fiat Currency Payments. The same is
applicable for the other two Coins where holders will be able to redeem their Coins for Precious
Gems against Al Haqeek Coin and for Oud, Bakhoor and Attar against Al Falah Coin in a similar
ratio of Crypto-Asset and Fiat.

 

 

 

This brave new move opens a plethora of opportunities for similar businesses to take
advantage of the disruptive Blockchain Technology. However, the Money Trade Coin Group
seems to be ahead in their game already

 

Ripple Would Pay to Play on Leading US Exchanges

It is not an everyday affair that we get to know how does the cryptocurrency reach in the top list of major exchanges in the market itself. But today we will be aware of the measurements taken by Ripple, the No. 3 digital coin in the market cap of the cryptocurrency, and how would it reach its heights to get XRP coin listed on the leading trading lists of the cryptocurrency among the top selling currency like Bitcoin and Ethereum.

According to a report by Bloomberg Ripple is facing some problem in getting the XRP in the top leading list. This startup controls the world’s third-largest cryptocurrency also the banks have signed onto its network and have promised to help them to bring equity stakes in the business itself. The reports also stated that Ripple has offered “financial incentives” to the bitcoin exchanges to Gemini of Winklevoss and it will be a twin affair as the Coinebase will also be on the list of exchanges in the market. And there will be standard procedure for payment of these equities on the list in the market but there are not to be unnecessarily loosened but the unregulated cryptocurrency market so far.
But reportedly it is said that Ripple had offered to pay $1 million cash money to Gemini for getting into the list of Q3 2017 and also had proposed to grant a loan of $100 million in XRP to Coinebase which would help the investor in trading for the exchange. Its suggested through the report that Ripple after granting the payment would have accepted it back in the form of fiat money or XRP. The profit acquired from the deal has to be given to a US- based exchange.
A spokesman from the company has openly denied some of the details which are given out and which are said to be unclear. He spoke in an interview to Bloomberg: “ We want the XRP to be the most liquid digital asset possible to enable faster, cheaper global payment.”

But the market participants had been worrying lately as for the US policy makers as to what would be their regulatory framework be regarding the concept of cryptocurrencies, XRP and also would they be falling under the securities camps of the country.  But for now the greater the speculation of the XRP at the exchanges the greater are the possibilities that the price of the coin will be benefited, as for an instance at the year-end of 2017 and last month of the year.

Gray Area

XRP is required but the merchants in the cryptocurrency market, there is also large demand on forums and in social media. But Ripple have not been able to secure themselves in the major exchange lists in US trading platforms till now. But despite the fact that San Francisco-based Ripple had been on that had started the blockchain and was able to create a bridge between the cryptocurrency companies and traditional banks all around the world.

According to a research by
Autonomous Next LLP, cryptocurrency exchanges have been raking in million dollars from ICO operators and have been trying to secure a spot for themselves for their tokens on high volume platforms so far. The cost of an issuer varies from $1 million to $3 million as per the listing, with the higher end of the spectrum in order to provide access to higher liquidity. In one of the Bloomberg stories it was cited by an attorney that what Ripple had proposed to Coinebase and Gemini it very well good in the eyes of the law meaning that it is legal.
But the Gray Portion in the graph comes to being whether XRP get characterized as a security token or not, but in the other case it will be muddies the water. And for an instance, if the regulators decide that XRP is an unregulated security token then they have to label some ICO tokens for the later purpose, which will also lead to cause some problems both for the Ripple and the exchanges that support it.

Crypto Exchange OKEx to Reverse ‘Irregular’ Transactions Post Bitcoin Crashes

The global cryptocurrency exchange platform OKEx has announced that it is holding back a number of Bitcoin future transactions to address and tackle the string of sporadic sell-offs that took place recently  from their trading site.


The exchange has a major platform in Hong-Kong and has declared last Friday that it would undo the crypto transactions made earlier that morning around 4:47 AM to 6:30 AM (HKT). This was the specific time around which the value of Bitcoin drastically dropped to a price of 4,755 dollars on the OKEx platform. This was especially low for Bitcoin, considering other exchanges valued Bitcoin at an average price of 7,000 dollars.

Since the value of Bitcoin was remarkably lower than otherCs for this time period of the crash, there are speculations towards manipulation in the market. Some users blame the OKEx trading platform itself. The extreme fluctuation of the price, especially on this particular exchange, has led to the liquidation of many users assets as they have been margin called. There were reports of a trader having lost more than 1 million yuan or 1.8 million dollars in the process and threatening to commit suicide outside the OKEx office.

OKEx has officially stated that, “In order to protect the interests of customers, after a careful discussion, OKEx will roll back weekly, weekly, and quarterly contract data for all currencies”.  The rollback had occurred at 3:30 PM HKT on Friday.

This large scale sell off is specific to only to OKEx as other markets in Hong Kong and worldwide have dropped but steadily made a comeback over the past few days. Bitcoin’s price is currently listed at 6,897 dollars on Bitfinex with a lower range drop at 6,614 dollars. Bitcoin’s market range is around 117 billion dollars, a low range from its previous $325 billion in December 2017.


Many major altcoins like Ether, Ripple, and Bitcoin Cash have also been trading at their all time lowest prices. Bitcoin is maintaining a moderately higher price than these altcoins but depends heavily on the trends of the crypto market as a whole. OKEx holds the rank as fourth most popular cryptocurrency exchange and holds a daily trading volume of 1.3 billion dollars.

Goldman Sachs Accuses Jaipur-based Bitman Sachs for Trademark Violation

The global investment banking company, Goldman Sachs, has announced that it is charging Bitman Sachs, a Jaipur-based cryptocurrency exchange, for violating their trademark name of Sachs and infringing intellectual property. The exchange, registered under Bitman Sachs LLP with a website called Bitsachs.com, has been warned of impending legal action that will be taken by US company Goldman Sachs.

Founder of Bitman Sachs, Ashish Agarwal, has reacted to the threatened lawsuit saying, “We are not using Goldman anywhere in our brand name and Sachs is a very common surname in Germany. So I don't know how this could be an infringement of intellectual property or trademark”.

Goldman Sachs defended the accusation saying that, “Sachs provides extensive financial services for clients in currency, cryptocurrency and blockchain technologies”. This means that both the financial company and the indian exchange are in the crypto investment and trading business. Bitman Sachs, relatively new, allows users to access different types of cryptocurrency, hold them simultaneously in their wallet, and exchange coins to currency on a peer-to-peer based platform. Popular coins like Bitcoin, Ethereum, Litecoin and Ripple can be purchased on Bitman Sachs exchange.

Agarwal claims that his exchange is drafting a reply in cooperation with their legal team. He also says that he was surprised to hear of the lawsuit and the notice, stating, “What is interesting is that Goldman Sachs and its analysts have been panning Bitcoins and cryptocurrencies but in the legal notice they claim they themselves have interest in the business. This is bit strange for someone like me who is a big believer in future of Bitcoins and cryptocurrencies”. Cryptocurrencies work on the basis of decentralised systems which is a major part of their appeal.

There was no no sign of any social media response by Bitman Sachs to the allegations and notice served that same morning. The chairman of Goldman Sachs, India, Sonjoy Chatterjee and its Asia Pacific spokesperson received no reply either. The notice was sent on February 21st by US law firm Andrews Kurth Kenyon to Bitman Sachs’ founder Ashish Agarwal.

In the notice the following was stated as the misdoing on Bitman Sachs’ part, “The infringing mark is confusingly similar to Goldman Sachs Mark, as is also partially evidenced by your use of a company name that copies the ‘Man Sachs’ name. This was clearly intended to draw association with Goldman Sachs”.

One of the main reasons for the concern of similar sounding names is that Goldman believes that their clients may be confused. They are also worried that clients will associate Bitman with Goldman as a subsidiary of the larger firm. They do not wish to be affiliated, confused with, or associated in any way with Bitman Sachs.

Goldman’s head of global investment research, Steve Strongin, stated earlier in February that the value of many cryptocurrencies will plunge and eventually reach zero due to the instability and volatility of the market and system. However, as of the end of February, Goldman is investing in the crypto space and experimenting with crypto trading.

Many Indian cryptocurrency exchanges have had a hard time functioning in coexistence with the government and with the traditional banks. Over the last couple of months numerous tax raids, legal notices, and the suspension of numerous crypto company bank accounts have set them back quite a bit. Even traders and investors in cryptocurrency are not safe from the tax department who has sent notices to half a million investors.

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