Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Nov 10, 2018

This Bot Lets You Exchange Crypto on Twitter

Twitter users are now able to swap more than 100 cryptocurrencies directly within the app using Zwaply, a new, automated bot that utilizes Twitter direct messaging (DM).
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https://sludgefeed.com/zwaply-lets-you-exchange-crypto-on-twitter/

Minimalist · Nov 10, 2018

German Financial Regulator BaFin Shuts Down Activity of British Crypto-Related Firm

The German Federal Financial Supervisory Authority (BaFin) has ordered partial cessation of activities by U.K.-based crypto-related firm Finatex Ltd., according to an official announcement published on BaFin’s website on Friday, Nov. 9.
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https://cointelegraph.com/news/germ...-down-activity-of-british-crypto-related-firm

guest · Nov 10, 2018

One in five Brits think Bitcoin will be ‘as common as cash or card’ in future
November 7, 2018
https://yougov.co.uk/topics/economy...ive-brits-think-bitcoin-will-be-common-cash-o

We’ve all heard of Bitcoin – but most of us don’t get it
Nine out of ten (93%) Brits have heard of Bitcoin. However, less than one in twenty (4%) say they understand Bitcoin ‘very well’. Just over one in five (23%) say they understand it ‘fairly’ well, with men more than double as likely as women to say they do (33% vs 12%).

Young people are significantly more likely than older generations to feel they understand Bitcoin ‘fairly well’, with four in ten (43%) saying this compared to just one in six (16%) of those aged 55 and above.
[...] men and women are almost equally likely to think Bitcoin could go mainstream (22% of men vs 19% of women).

Still, four in ten (43%) Britons are more sceptical, saying they do not think cryptocurrencies will ever be as common as cash or card. A third (34%) don’t know.
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guest · Nov 10, 2018

Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5 Million in Crypto
November 10, 2018
https://cointelegraph.com/news/mini...ker-for-alleged-theft-of-55-million-in-crypto

China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April, according to a lawsuit filed with the U.S. District Court for the Western District of Washington at Seattle on Nov. 7.

As stated in the court document, an unknown hacker, referred to as “John Doe” in the case, managed to take over Bitmain’s Binance account and used stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) and then steal the profits.

The document also explains that as a part of the “scam,” the unknown hacker used two of their own accounts on now-second largest crypto exchange Binance, as well as on Bittrex, with around 2.3 million MANA already acquired on Bittrex.
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Minimalist · Nov 11, 2018

Would you store crypto in your DNA?

A new start-up is offering a $1,000 service which allows virtual currency investors to store their crypto passwords in a vial of DNA.

Carverr claims that its system is the "safest method of cold storage on the planet", developed by a group of experienced asset managers and biotechnologists.
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https://www.businesscloud.co.uk/opinion/daily-briefing-would-you-store-crypto-in-your-dna

Minimalist · Nov 11, 2018

Japan’s FSA grants Virtual Currency Exchange Association rights to self-regulate crypto

Japan’s Financial Services Agency (FSA) has announced that the Japan Virtual Currency Exchange Association (JVCEA) will serve as a self-regulating body for cryptocurrency, based on laws related to financial settlements.
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https://bravenewcoin.com/insights/j...-currency-exchange-association-rights-to-self

Minimalist · Nov 11, 2018

South Korea’s Zeniex Closes Amid Government Crackdown on Unauthorized Crypto Exchanges

South Korea’s cryptocurrency exchange Zeniex will soon terminate its services due to a recent government crackdown on unauthorized platforms, a post by Zeniex reveals Friday, Nov. 9.

The crypto exchange, a joint project by South Korea and China which opened May 2018, states in the post that due to “recent issues,” they have “come to the conclusion that continuing to operate such a service will be difficult.”
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https://cointelegraph.com/news/sout...nt-crackdown-on-unauthorized-crypto-exchanges

Minimalist · Nov 11, 2018

Taiwan: The Next Crypto Capital of the World

Imagine living on an island that is not only advancing the adoption of cryptocurrency and blockchain technology, but is actually pumping millions of dollars into seeing this nascent industry prosper.

Welcome to Taiwan, a nation state in Asia that will soon be the crypto capital of the world.
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https://hackernoon.com/taiwan-the-next-crypto-capital-of-the-world-d2327f23390e

guest · Nov 11, 2018

Private Blockchains Could Be Compatible with EU Privacy Rules, Research Shows
November 11, 2018
https://cointelegraph.com/news/priv...mpatible-with-eu-privacy-rules-research-shows

Private blockchains, such as interbanking platforms set to share information on customers, could be compatible with new E.U. privacy rules, according to research published Nov. 6. The study was conducted by Queen Mary University of London and the University of Cambridge, U.K.

To meet the privacy law, blockchain networks might also store personal data externally or allow trusted nodes to delete the private key for encrypted information, thus leaving indecipherable data on the chain, the researchers state.

However, the GDPR rules are extremely difficult to comply with for more decentralized nets, such as those concerned with mining and cryptocurrency.
As a conclusion, the researchers urge the European Data Protection Board, an independent regulatory body behind GDPR, to issue clearer guidance on the application of data protection law to various common blockchain models.
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guest · Nov 13, 2018

mood said: ↑

Cool Island Bullied by IMF to Abandon Digital Currency
September 11, 2018
https://gizmodo.com/cool-island-bullied-by-imf-to-abandon-digital-currency-1828978413
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Marshall Islands forges ahead with national cryptocurrency
November 12, 2018
https://thenextweb.com/hardfork/2018/11/12/marshall-islands-cryptocurrency-2/

The Republic of Marshall Islands (RMI) president Hilda Heine has survived a vote of no confidence by just one vote, meaning her proposed national cryptocurrency is still on the cards.

Heine’s opponents were unable to find the majority required to oust Heine over persistent plans to alleviate the nation’s reliance on the US dollar with a national cryptocurrency called “the Sovereign,” Nikkei Asian Review reports.
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ronjor · Nov 13, 2018

Breaking: Target (yes, the retail giant) hacked to promote Bitcoin scam

Story by Mix
Twitter cryptocurrency scammers have claimed their largest prey ever: hackers briefly hijacked the official account of American retail behemoth Target to push malicious Bitcoin giveaway links to its almost two million followers.
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guest · Nov 13, 2018

Japanese internet giant posts $5.5M loss for its cryptocurrency mining division
November 13, 2018
https://thenextweb.com/hardfork/2018/11/13/gmo-posts-loss-cryptocurrency-mining/

The latest in a string of companies posting cryptocurrency mining losses has come from Japanese internet giant, GMO.
The internet infrastructure business posted a loss of over $5.5 million dollars for its cryptocurrency mining division for the third quarter of this year, according to its recent financial report.

There are no signs that the mining industry is improving either, GMO’s third quarter loss is over $2 million greater than the loss the company posted Q2.

Indeed, GMO aren’t the only ones feeling the pinch of unprofitable mining. [...] Earlier this year cloud mining firm, Genesis Mining, began to end contracts with its customers as it was no longer a sustainable business model.
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guest · Nov 13, 2018

Are Cryptocurrencies the True Future of the World's Economy?
November 12, 2018
https://www.techopedia.com/are-cryptocurrencies-the-true-future-of-the-worlds-economy/2/33480

Takeaway: Cryptocurrencies, powered by blockchain technology, could be the next step in financial evolution, but some barriers will first need to be overcome.

Although some people say that cryptocurrencies represent the true future of the world economy, critics argue that no matter how significant they could be, they will always be confined to an internet phenomenon.

Digital payments clearly are on the rise, especially since a large number of unbanked people possess a cell phone that can be used to keep a digital wallet. In Sub-Saharan Africa, for example, mobile money account ownership rose from 12 percent to 21 percent. Cryptocurrencies are, therefore, a potentially powerful democratizing force [...]

Bitcoin ATMs may represent the answer needed to solve the problem of banking barriers. In a nutshell, crypto ATMs work by allowing a user to anonymously exchange fiat currencies for cryptocurrencies through a cell phone.
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ronjor · Nov 13, 2018

Google’s G Suite Twitter account is the latest to get hacked in bitcoin scam

By Chaim Gartenberg@cgartenberg Nov 13, 2018
Another major account has fallen victim
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Minimalist · Nov 14, 2018

IMF Suggests Governments Set Up Own Cryptocurrencies

Christine Lagarde, the head of the International Monetary Fund (IMF), has called for governments to harness change going on in the fintech arena, and consider setting up their own digital currency.
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https://www.silicon.co.uk/e-enterpr...overnments-set-up-own-cryptocurrencies-238885

Minimalist · Nov 15, 2018

Imminent Bitcoin Cash schism triggers cryptocurrency selloff

Bitcoin's price has fallen more than 12 percent over the last 24 hours to $5,400, the lowest price for the popular cryptocurrency in more than a year.

Bitcoin's plunge is part of a broader cryptocurrency sell-off. Ethereum has fallen more than 15 percent over the last 24 hours, while Bitcoin Cash is down 18 percent.

Cryptocurrency markets are jittery ahead of a high-stakes "hard fork" of Bitcoin Cash. Rival factions are pushing different, mutually incompatible versions of the spinoff cryptocurrency, and the two versions are scheduled to create separate, competing versions of the blockchain starting on Thursday. The schism could create confusion among users and damage the reputation of the cryptocurrency.
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https://arstechnica.com/tech-policy...s-12-percent-reaching-lowest-value-in-a-year/

guest · Nov 15, 2018

KPMG: Cryptocurrencies (including Bitcoin) are not ready to be real currency
November 15, 2018
https://thenextweb.com/hardfork/2018/11/15/kpmg-cryptocurrency-insitutionalization/

‘Big four’ accounting firm KPMG has just asserted that cryptocurrency assets, like Bitcoin (BTC), are simply not ready to be classified as real currencies – and that using Bitcoin as a store of value is a “fool’s errand.”

In a new report, KPMG details the challenges facing the cryptocurrency industry, as it seeks adoption by the world’s largest financial institutions.
Ultimately, KPMG posits that if cryptocurrency related assets have any hopes of truly flourishing, they simply must undergo what it calls ‘institutionalization.’

KPMG’s guide to the instituionalization of cryptocurrencies may very well be handy for the digital assets vying for adoption by the traditional finance world.
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"Institutionalization of cryptoassets" (PDF): https://assets.kpmg.com/content/dam/kpmg/us/pdf/2018/11/institutionalization-cryptoassets.pdf

ronjor · Nov 15, 2018

France hopes to lure crypto-issuers with Gallic stamp of approval

Inti Landauro November 15, 2018
PARIS (Reuters) - With hundreds of cryptocurrencies being issued every month, countries face a choice: ban them, leave them unregulated, or come up with rules to tame them.
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guest · Nov 15, 2018

German Bitcoin exchange buys investment bank
November 15, 2018
https://thenextweb.com/hardfork/2018/11/15/german-bitcoin-group-buys-bank/

We often hear about how Bitcoin (BTC) is trying to disrupt the financial industry. Well, it turns out one German cryptocurrency startup has cut out the middleman and just bought a bank.

Earlier this week, German cryptocurrency exchange Bitcoin Group SE announced it has successfully bought a 100-percent stake in an investment bank, Tremmel Wertpapierhandelsbank GmbH.
With this purchase, the group will absorb Tremmel’s Federal Financial Supervisory Authority (BaFin) license [...]

The BaFin license will allow Bitcoin Group SE to develop and sell cryptocurrency-based investment contracts (like futures contracts or ETFs) and also to deploy Bitcoin ATMs.
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guest · Nov 15, 2018

Police Arrest 8 Over Alleged $68 Million Crypto Pyramid Scheme in Japan
November 15, 2018
https://www.coindesk.com/police-arrest-8-over-alleged-68-million-crypto-pyramid-scheme-in-japan

Police in Tokyo have arrested eight men alleged to have run a cryptocurrency pyramid scheme that collected 7.8 billion yen (almost $69 million) from thousands of victims across the country.

According to a report from The Asahi Shimbun on Wednesday, the men were suspected by the police of breaking the country’s financial laws by not registering their business with the regulators and using cryptocurrencies to mask their actions.

At seminars, the eight apparently offered attendees monthly returns of 3–20 percent, with rewards if they persuaded others to join the scheme.
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ronjor · Nov 16, 2018

Japan wants to regulate cryptocurrency wallet services

Matthew Beedham November 16, 2018 — 09:50 UTC
Despite granting the industry self-regulatory status, it seems Japanese regulators are still keen to keep an eye on things.
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Minimalist · Nov 16, 2018

Crypto-mining crash leaves Nvidia with 'excess' inventory of Pascal cards

Nvidia's share price is getting hammered right now, dropping more than 18 percent a day after the company announced its third quarter earnings report. Part of the reason is because Nvidia had trouble clearing out its stockpile of previous generation Pascal graphics cards.
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https://www.pcgamer.com/crypto-mining-crash-leaves-nvidia-with-excess-inventory-of-pascal-cards/

ronjor · Nov 16, 2018

U.S. regulator settles with tech startups over token sale violations

Katanga Johnson November 16, 2018
The action marked the first time the SEC has imposed penalties against tech startups that skirt the regulator’s rules through “initial coin offerings.” It also marks a ramping up of the SEC’s vigorous oversight of the cryptocurrency space.
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guest · Nov 17, 2018

ronjor said: ↑

New study quantifies bitcoin’s ludicrous energy consumption
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A solution to bitcoin’s energy waste: Use it to warm buildings
November 16, 2018
https://www.fastcompany.com/90268985/a-solution-to-bitcoins-energy-waste-use-it-to-warm-buildings

Bitcoin mining uses massive amounts of energy as computers churn through the steps needed to make a record on the blockchain. Now, one mining company is recycling some of that energy to heat buildings.

Heatmine, a Canadian mining company, works in Quebec [...]
Now, though, the company is experimenting with a network of decentralized mining machines that can connect to heating systems elsewhere, like private homes and businesses.

“Most of the farmers have an issue because they don’t make any profit because they spend a lot of money on the heat and electricity,” says Dahan. With the new system, the cost of heat is covered 75-100%.
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guest · Nov 17, 2018

Binance Kicks Iranians Out Of Its Platform, Tells Them To Withdraw Their Cryptos As Soon As Possible
November 17, 2018
https://ethereumworldnews.com/binan...o-withdraw-their-cryptos-as-soon-as-possible/

Basically, Binance is kicking out its users based in Iran, but it’s not really the company’s own fault. Binance is only doing this in an attempt to comply with the recent sanctions slapped on Iran by the United States.
Other Exchanges Haven’t Been So Nice
According to Nima Dehqan, Iranian crypto traders are now finding it hard to trust exchanges with their funds. That’s mainly because some of the exchanges have resorted to banning Iranian accounts and even withholding their crypto assets.
Iranian National Cryptocurrency
The move by Binance comes as the Iranian government plans to launch its own national cryptocurrency. However, some local crypto players aren’t happy about the government’s plan, calling it an attempt by a centralized authority to put a grip on and control the crypto and blockchain industry in the country.
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