Misleading Twitter Account @Bitcoin Banned (Again)

· April 8, 2018 · 6:00 am

Once again, the misleading Twitter account @Bitcoin has been banned from the social media platform.


Bye-Bye @Bitcoin

The intentionally misleading Twitter account @Bitcoin has once again been penalized by the popular social media network — this time, in the form of a suspension.

Users on Twitter may report accounts for, among other things, tweeting spam and/or pretending to be someone else — both of which one may argue @Bitcoin is guilty of. Thus, one may presume these are the overarching reasons for the account’s ban.

For those who are unaware, the @Bitcoin account actually has nothing to do with Bitcoin (BTC), the dominant cryptocurrency by market capitalization. Rather, the account commandeers Bitcoin’s recognizable brand while pumping out anti-BTC propaganda and shilling the most valuable cryptocurrency’s largely-unwanted step-brother, Bitcoin Cash (BCH). As noted by Badbitcoin.org:

The Bitcoin account on Twitter @Bitcoin has been hijacked or bought by those scoundrels promoting the Bcash (Bitcoin Cash) Scam. Mail Order Explosives, Bitcoin, Scams – They do the lot! 1/8/18.

@Bitcoin is notorious for pumping out Bitcoin Cash propaganda while failing to remain openly transparent about the fact that the account is actually run by alleged BCH shills.

Bitcoin Cash

In March, Bitcoinist reported on @Bitcoin’s propaganda-laced social media poll that blew up in the account’s face. Asked the intentionally-misleading account:

The Bitcoin Core (BTC) community relies on internet hate mobs, trolls, sockpuppets, censorship, DDoS attacks, vote manipulation, harassment and character assassinations.

The Bitcoin (BCH) community is welcoming, supportive, and appreciates freedom.

Which do you prefer?

— Bitcoin (@Bitcoin) March 8, 2018

Bitcoin (BTC) proved to be the overwhelming favorite, despite the BCH scammers’ best efforts to undermine the dominant cryptocurrency. At the time of that story’s publication, 74% of the total 17,437 votes preferred the real Bitcoin (BTC) to Bitcoin Cash (BCH) — not exactly the results @Bitcoin was going for.

Today’s suspension of @Bitcoin is not the first time the controversial account has received punishments from Twitter. The social media website previously restricted the account only days before the aforementioned poll.

At press time, Bitcoin Cash (BCH) is currently trading at $647.11, while continuing to lose ground when compared to Bitcoin (BTC).

Bitcoin Cash’s decrease in price is largely being driven by its lack of utility, with increased SegWit adoption and Lightning Network advancements rendering BCH increasingly unimportant.

What do you think about @Bitcoin being suspended on Twitter? Do you think the account violated the social media website’s rules? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Twitter/@SatoshiLite, Twitter/@WhalePanda, and Pixabay.

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Bitcoin Price Weekly Analysis – BTC/USD’s Upsides Remain Capped

Key Points

  • Bitcoin price is slowly recovering and forming support around the $6,500 level against the US Dollar.
  • There is a major bearish trend line forming with resistance at $7,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair has to move above the $7,400 and $7,500 resistance levels to gain upside momentum.

Bitcoin price is supported nicely above the $6,500 level against the US Dollar. BTC/USD must clear the $7,500 hurdle for more gains in the near term.

Bitcoin Price Resistance

After a major decline, bitcoin price formed a decent support above the $6,500 level against the US Dollar. The price started an upside move and traded above $7,000. However, the price struggled to gain momentum and declined once again back towards the $6,500 level. The mentioned support holds a lot of importance with multiple rejections around the $6,600 and $6,500 levels.

At the moment, the price is trading near the 23.6% Fib retracement level of the last drop from the $9,220 high to $6,448 low. However, there are many barriers on the upside near the $7,200 and $7,500 levels. An initial resistance is near the 38.2% Fib retracement level of the last drop from the $9,220 high to $6,448 low. The next one is around the $7,400 level and the 100 simple moving average (4-hours). There is also a major bearish trend line forming with resistance at $7,500 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price Weekly Analysis BTC USD

The pair may start an upside move towards the $7,400 and $7,500 levels. However, a break above the $7,500 level would be very difficult. A break above $7,500 could open the doors for more gains. On the flip side, the $6,600 and $6,500 support levels hold a lot of significance.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is showing a few positive signs.

4-hours RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Major Support Level – $6,600

Major Resistance Level – $7,500

Charts courtesy –Trading View

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

News

This week the Reserve Bank of India (RBI), the country’s central bank, has banned banks from dealing with cryptocurrency businesses. Indian financial institutions have three months to cease doing business with digital asset operations but some of them may stop facilitating INR settlements. News.Bitcoin.com spoke with Sumit Gupta the founder and CEO of a new Indian digital currency exchange called Coindcx. Gupta told us about his team launching a cryptocurrency trading platform in the midst of regulatory uncertainty.

Also read: Help Wanted! Japan Needs Crypto Engineers

Launching an Indian Cryptocurrency Exchange During Regulatory Uncertainty

Sumit Gupta is launching a cryptocurrency exchange called Coindcx that enables Indian residents to trade over 30 digital asset pairs legally in BTC/ETH markets with 0.1% trading fees. The founder explains that Coindcx wants to give India’s thriving blockchain community a chance to stay alive and give it the strength to keep pushing for progress. The launch is in the midst of the RBI publishing its first bi-monthly monetary policy on April 5th which forbid any entities regulated by it from providing services to entities who deal with cryptocurrencies. “In essence, this means Indian banks won’t be able to allow its customers to acquire bitcoin in exchange for INR,” Gupta explains to news.Bitcoin.com.

“You don’t have to get rid of your investment while the market is down, don’t sell at loss. Simply move your cryptos to Coindcx, where you’ll be able to enjoy faster deposits, lower trading fees, 30+ trading pairs, and the most intuitive platform, all without touching fiat currency (INR),” Gupta details. “Even though the government has given these financial institutions a timeline of three months to cease support, it seems like banks will stop giving services to these exchanges much sooner.”

So, in short, Indian Crypto Exchanges will have issues dealing with fiat pairs in India very soon.

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

Gupta explains that the central bank is planning to launch its own ‘digital rupee’ and jokingly says maybe the government will allow exchanges to deal in that asset. “We understand that RBI is bit hesitant in providing traditional banking and related services to cryptocurrency exchanges in India, however, this doesn’t convey any message on the legality of crypto assets of even cryptocurrency exchanges in India, and there is no official statement by Indian government about bitcoin or any mention of a ‘crypto ban.’”

With Coindcx even though our users will be trading in cryptocurrency pairs, they can still check equivalent coin prices, place buy or sell orders and even track your portfolio — all in Indian rupees (INR). At Coindcx, we are aiming to give our users as much comfort as possible, even with pure crypto pairs.

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

Following this topic, we asked Gupta why he thinks the RBI stopped banks from dealing with cryptocurrency exchanges. Gupta notes that the government wants to curb black money and levy tax on the transactions, they have to regulate all channels for fund flows. Shutting them down would ultimately defeat the purpose of regulation Gupta says.

“No one knows that yet, however, there is an independent committee by the Indian government that seems to be working on regulating cryptocurrencies in India, which might speed up now,” Gupta emphasizes. “This RBI’s decision might encourage hawala trading or illegal remittances and keep bitcoin/crypto trading out of the purview of income tax authorities which was difficult to do earlier — Exchanges asks for proper KYC for any customer to buy/sell crypto from their platform, now people will find alternative ways to do that — Some exchanges are even thinking to move out of the country (many have already planned),” he adds.

But at Coindcx, we’re aiming to launch with crypto-to-crypto trading pairs with a feel of INR trading and introduce fiat when government regulates it. Coindcx or other exchanges moving out of the country will bring India one step behind and might even put the whole blockchain revolution in India to hold, which is not good.

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

However, even though the regulatory crackdown is happening in India, Gupta believes cryptocurrency adoption in India will grow faster than most Asian countries.

“Indians, in general, have high affinity towards crypto investments, just look at the growth in awareness and money infused in cryptocurrency market in India in just last six months, and it’s growing day-by-day,” Gupta concludes.

In a democratic country like India, latest RBI’s decision hasn’t just ruled against cryptocurrencies but have put the whole blockchain revolution in India to hold — India encompasses one of the most talented technologists in the world — With the use of blockchain, we have an opportunity to bring this talent out to the world.

What do you think about Coincdx launching in the midst of regulatory uncertainty in India? Let us know what you think about this subject in the comments below.

Disclaimer: Bitcoin.com does not endorse this cryptocurrency product/service. When using exchanges and trading platforms readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images via Shutterstock, Coincdx, and Sumit Gupta


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