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Tron’s Justin Sun Finally Acquires BitTorrent after Long Battle

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After a series of legal battles, BitTorrent has finally been sold to Tron CEO Justin Sun. First reported on TorrentFreak on May 25th, the news entailed details of how Justin Sun had pursued the company with talks that dated as far as September of last year.

After the talks, Justin Sun and BitTorrent agreed and signed on a letter of intent to acquire BitTorrent in January of 2018. However, BitTorrent initiated conversations and meetings with other bidders, holding back the deal for a brief moment while Sun moved to court to sue BitTorrent with a temporary restraining order.

Eventually, however, Sun dismissed the lawsuit and went on to register Rainberry Acquisition. Considering BitTorrent had already renamed their business to Rainberry Inc early last year, various news reports pointed to the now obvious conclusion that Justin Sun’s move was in line with acquiring BitTorrent.

In addition, Variety also recently reported that Rainberry Acquisition (Justin Sun’s company) had merged with BitTorrent’s Rainberry Inc officially after California Secretary of State suggested they both file a merger.

Keeping everything quiet

At the moment, there is no representative from either of the entities who have issued out a comment or an announcement about the merger. In fact, even though the BitTorrent management has informed its staff about the deal, Variety reports that staffers “have been advised not to talk to the press”.

Furthermore, some of BitTorrent’s shareholders have also been contacted and informed about the deal through the transfer agents working on the deal.

In regards to this deal, Sun has also been somewhat reserved considering his usual social media presence. From the look of it, however, Tron’s goal of decentralizing the internet falls in line with the underlying technology that BitTorrent is built upon. In fact, there are 8 unique references in Tron’s whitepaper that point back to BitTorrent.

Valuation of the deal and Saving BitTorrent

Although the valuation of the deal has not been determined at the moment, it’s pretty clear that Sun can afford to acquire BitTorrent considering the company has been struggling and that the Tron Foundation is worth over $1 billion in TRX holdings.

On the other hand, BitTorrent will be breathing a sigh of relief after a tumultuous corporate history of bad deals. Ten years ago BitTorrent managed to raise money to build a P2P based entertainment business. Those plans failed, leading the company to focus on growing an advertising and bundle software business. Although this move proved successful enabling the company to have over 150 million active users at the time, 2016 saw two outside investors come in as co-CEOs eventually faltering the company’s growth. This led BitTorrent to shut down its live streaming business just last year while the company’s founder Bram Cohen went on to become the CEO of Chia.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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