Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Oct 6, 2019

South Korea Is Hoping for Regulatory Clarity as Crypto Laws Toughen

South Korean regulators seems to strongly favor blockchain over cryptocurrencies, and some recent events have further proven this hypothesis. As a result, as much as 97% of local digital assets exchanges are in danger of extinction, local reports suggest.
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https://cointelegraph.com/news/south-korea-is-hoping-for-regulatory-clarity-as-crypto-laws-toughen

guest · Oct 6, 2019

Algo Capital Loses Crypto Funds After CTO’s Phone Is Hacked
October 5, 2019
https://www.coindesk.com/algo-capital-loses-crypto-funds-after-ctos-phone-is-hacked

Algo Capital, an investment firm focused on the Algorand blockchain, lost a few million dollars in USDT and ALGO tokens after its chief technology officer’s phone was breached, CoinDesk has learned.

According to a source familiar with the matter, Algo Capital reported to its limited partners Friday that Pablo Yabo, its CTO, had his mobile compromised which allowed attackers to seize control of an Algo hot wallet administered by Yabo. As a result of the breach, roughly $1 million to $2 million in the cryptocurrencies were taken, according to an email from CEO David Garcia seen by CoinDesk.

“Yes, there was a security breach,” CEO David Garcia told CoinDesk in an email. “We communicated to all the Algo Capital VC Fund Limited Partner’s and updated them about the incident.”
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Minimalist · Oct 6, 2019

10 Crypto Trading Mistakes That Will Leave You Broke

The crypto market has extremely low barriers to entry, meaning anyone with an internet connection, a smartphone or a computer and a bit of starting capital can theoretically become a trader. Sadly, most of these beginners learn hard lessons and go broke. Here are 10 common mistakes made by beginning traders that you should avoid at all costs.
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https://cointelegraph.com/news/10-crypto-trading-mistakes-that-will-leave-you-broke

guest · Oct 6, 2019

EU grills Facebook over Libra's financial and privacy risks
October 6, 2019
https://www.engadget.com/2019/10/06/eu-questions-facebook-over-libra/

It's not just central banks interrogating Facebook over its Libra cryptocurrency as of late. The Financial Times has learned that the European Commission has asked Facebook to answer a range of questions about Libra, including the risks to financial stability and data privacy as well as the company's ability to comply with counter-terrorist financing and money laundering rules. Officials also want to know how Libra would handle its reserves.

The European Central Bank's Benoît Coeuré has warned that the standards for approval "will be very high," and the French government has argued that Libra shouldn't be allowed in the EU.
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Minimalist · Oct 7, 2019

Hong Kong’s SFC Releases Regulations for Crypto Fund Managers

Hong Kong's securities regulator, the Securities and Futures Commission (SFC), has officially released regulations for crypto fund managers. The SFC published the regulatory circular on its website on Oct. 4.
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https://cointelegraph.com/news/hong-kongs-sfc-releases-regulations-for-crypto-fund-managers

guest · Oct 7, 2019

mood said: ↑

Algo Capital Loses Crypto Funds After CTO’s Phone Is Hacked
October 5, 2019
https://www.coindesk.com/algo-capital-loses-crypto-funds-after-ctos-phone-is-hacked
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Updated article (October 7, 2019):

UPDATE (Oct. 7, 01:40 UTC): Yabo pledged in a Medium post published Sunday to shoulder most of the reimbursement cost, writing:

“I take responsibility for this and thus will be personally covering most of the stolen funds and the rest will be covered by Algo Capital General Partners.”
Yabo also confirmed his departure from Algo Capital in the post. “I have decided to focus entirely on Randlabs.io to do what I love most: build tools and software that increases the adoption of blockchain technology,” he wrote.
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ronjor · Oct 7, 2019

What's Going to Happen With Bitcoin?

Daniel Kolitz 07 oct 2019
Since its inception in 2009, Bitcoin has made and ruined fortunes, helped sell fentanyl and books about cryptocurrency, withstood literally millions of jokes and just as many predictions of imminent collapse, and—through a process opaque to most people, myself included—arrived at a point where, as of this writing, roughly ten of them could buy you a decent-sized house, assuming your realtor takes cryptocurrency. What’s next?
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guest · Oct 7, 2019

NBA’s Sacramento Kings to Reward Loyal Fans With Crypto Tokens
October 7, 2019
https://www.coindesk.com/nbas-sacramento-kings-to-reward-loyal-fans-with-crypto-tokens

The NBA’s Sacramento Kings are the first U.S. professional sports team to develop a crypto token for fan rewards.

“Fans can get those points and put them in their wallets and experience it all on the blockchain platform,” Kings CTO Ryan Montoya told CoinDesk.
Kings Tokens will exist within a token wallet added to the team’s Golden 1 Center app, which tracks the engagement and accumulated points of fans. Fans can earn rewards through the predictive gaming platform and redeem those points for access to unique events, signed merchandise or courtside tickets, for example.

While fans won’t be able to trade the token for another currency or have a private key, they will be able to show a QR code to redeem points and see the confirmation of transactions through a block explorer. In testnet now, the Kings plans to launch the token by opening night on Oct. 25.
In future iterations, token users may be able to transfer tokens to their peers, and earn rewards by eating at nearby restaurants or making it to the game before tip-off, Ginzburg added.
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guest · Oct 7, 2019

QuadrigaCX Founder’s Widow Will Cough Up $9 Million to Repay Users
October 7, 2019
https://www.coindesk.com/quadrigacx-founders-widow-will-cough-up-9-million-to-repay-users

Jennifer Robertson, the widow of QuadrigaCX founder Gerald Cotten, is transferring nearly $9 million ($12 million CAD) in assets to EY Canada, the bankruptcy trustee for the now-defunct crypto exchange.
Robertson announced the move in a statement on Monday, saying since her husband’s death late last year, she had “made every effort” to assist in the recovery of QuadrigaCX’s assets.

In the statement sent to CoinDesk through a lawyer, Robertson said:

“I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected Users. These assets originally came from QCX at the direction of Gerry.”
A previous report estimated the total value of Cotten’s estate to include roughly $9 million ($12 million CAD) in assets, including luxury vehicles and more than a dozen properties in Nova Scotia.
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guest · Oct 8, 2019

Telegram Updates ToS to Officially Introduce Crypto Wallet
Telegram has largely proceeded in secrecy and never released public statements about their involvement in cryptos
October 8, 2019
https://www.financemagnates.com/cry...es-tos-to-officially-introduce-crypto-wallet/

While Facebook’s Libra token hits a wall with regulators, and recently with partners, Telegram is charging ahead with its own crypto ambitions. The popular messaging app today updated its Terms of Service to officially introduce Grams Wallet, which says it could be offered as a standalone application or as incorporated into its messenger.

Although it seems a minor development, but the announcement still interesting as Telegram has largely proceeded in secrecy and never released public statements about their involvement in cryptos. As such, the announcement could amplify questions about what it could face from government authorities after it made its plans public.
Telegram is planning to make the crypto wallets available to nearly 300 million global users of its popular messaging application.
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Road to TON: Telegram Reveals Terms of Service for Newly Released Grams Wallet

Telegram publishes terms of service for the Grams wallet, reiterating that it won't control the TON Blockchain

Messaging giant Telegram has released a terms-of-service agreement for its recently launched Grams wallet. In the "Use of the Services" part, the company claims that it won't be able to control the public and private keys of Gram owners (as well as other sensitive data such as backup phrases). Hence, similarly to Bitcoin and other cryptocurrencies, the holder is solely responsible for managing his tokens.
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guest · Oct 8, 2019

UNICEF Launches Cryptocurrency Fund to Back Open Source Technology
October 9, 2019
https://www.coindesk.com/unicef-launches-cryptocurrency-fund-to-back-open-source-technology

UNICEF, the United Nations Children’s Fund, has launched a crypto fund to receive, hold and distribute donations of bitcoin and ether in its aim to back open source technology for children around the world.

UNICEF said in an announcement on Wednesday that in a first for United Nations organizations, the Cryptocurrency Fund will receive contributions in cryptocurrency and grant out in the same digital currency form.
The organization added the first contributions to the UNICEF Cryptocurrency Fund come from the Ethereum Foundation and “will benefit three grantees of the UNICEF Innovation Fund.”

“This is a new and exciting venture for UNICEF,” said UNICEF Executive Director Henrietta Fore. “If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. ”
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ronjor · Oct 9, 2019

The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years

Anna Baydakova Oct 9, 2019
The U.S. Internal Revenue Service (IRS) has published its first guidance in five years for calculating taxes owed on cryptocurrency holdings.
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guest · Oct 10, 2019

mood said: ↑

OKEx Korea Delisting XMR, DASH, and ZEC As Global Privacy Coin Purge Continues
September 16, 2019
https://www.cryptoglobe.com/latest/...d-zec-as-global-privacy-coin-purge-continues/
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OKEx Korea Reviewing Decision to Delist Privacy Coins Zcash and Dash
October 10, 2019
https://www.coindesk.com/okex-korea-reviewing-decision-to-delist-privacy-coins-zcash-and-dash

The South Korean arm of cryptocurrency exchange OKEX has halted, for now at least, the delisting of two privacy coins due to regulatory pressure from the Financial Action Task Force (FATF).
According to a notice from the exchange on Thursday, the planned suspension of both zcash (ZEC) and dash (DASH) support has been put under review.
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guest · Oct 11, 2019

The IRS Will Now Ask If You Own Crypto in the Most Widely Used US Tax Form
October 11, 2019
https://www.coindesk.com/the-irs-will-now-ask-if-you-own-crypto-in-the-1040-tax-form

The Internal Revenue Service (IRS) has updated the main form individual U.S. taxpayers use to report their income to include a question about cryptocurrencies.

Following the release earlier this week of the IRS’s long-awaited guidance for reporting crypto-related income, the IRS on Friday circulated a draft of the new Form 1040, Schedule 1, Additional Income and Adjustments to Income. The draft was shared in an email to tax software companies, which the agency also shared with journalists.
The sheet, prefaced by a warning that it’s only a draft and not an actual document for filing taxes, asks at the top:

“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
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guest · Oct 11, 2019

Portugal cautious about risks posed by Facebook's Libra
October 11, 2019
https://www.reuters.com/article/us-...-risks-posed-by-facebooks-libra-idUSKBN1WQ1YA

Portugal’s Secretary of State for Finance raised concerns about Facebook’s digital currency Libra on Friday, stating that it should not circulate until the risks it could pose for the financial system are addressed.

“It is clear from the outset that it is a high-risk phenomenon with systemic implications,” Ricardo Mourinho Felix said at a conference. “It is essential that no ‘stable currency’ project - like Libra - is launched until all concerns have been duly addressed.”
Felix highlighted that Portugal shares the concerns expressed by other European countries about Libra.
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guest · Oct 11, 2019

mood said: ↑

PayPal is the first company to drop out of the Facebook-led Libra Association
October 4, 2019
https://techcrunch.com/2019/10/04/p...op-out-of-the-facebook-led-libra-association/
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Mastercard, Visa, eBay and Stripe are leaving too:
Facebook’s crypto project is falling apart before our eyes
October 11, 2019
https://qz.com/1726687/ebay-stripe-leave-libra-association-facebook-does-damage-control/

Today (Oct. 11), eBay and Stripe became the latest members to leave the Libra Association, the group Facebook put together in June to pursue building its own global cryptocurrency. Their departures, reported by the Financial Times, follow one week after PayPal pulled out from the oversight team.

“We highly respect the vision of the Libra Association; however, eBay has made the decision to not move forward as a founding member,” a spokesperson told Quartz. “At this time, we are focused on rolling out eBay’s managed payments experience for our customers.”
Mastercard may be leaving as well. https://twitter.com/TheStalwart/status/1182746812089819137
Visa has also dropped out of the Libra Association, according to the BBC. https://twitter.com/DaveLeeBBC/status/1182755055797035008

The exits occur just days before the Libra Association is slated to meet for its first board meeting in Geneva, Switzerland. It’s unclear whether that meeting, scheduled for Monday (Oct. 14) will proceed.
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ronjor · Oct 11, 2019

Cryptocurrency’s bad day continues as the SEC blocks Telegram’s $1.7 billion planned token sale

Jonathan Shieber@jshieber October 11, 2019
Cryptocurrency’s bad news day continues to get worse as the U.S. Securities and Exchange Commission has said it has filed an emergency action and received a restraining order for the $1.7 billion planned token offering of Telegram’s blockchain.
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Minimalist · Oct 12, 2019

PoS Will Make Ethereum More Secure Than Bitcoin, Says Vitalik Buterin

After the proof-of-stake (PoS) consensus algorithm will be implemented in Ethereum’s (ETH) blockchain, it would become more secure and costly to attack than Bitcoin (BTC), co-founder Vitalik Buterin has stated.
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https://cointelegraph.com/news/pos-will-make-ethereum-more-secure-than-bitcoin-says-vitalik-buterin

Minimalist · Oct 12, 2019

TZero-Backed Startup Wants to Launch Security Token Market

Boston Security Token Exchange (BSTX), a platform jointly owned by BOX Digital Markets and Overstock’s blockchain arm tZERO, has filed an application with the United States Securities and Exchange Commission (SEC) to approve the launch of a market for publicly traded registered security tokens.
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https://cointelegraph.com/news/tzero-backed-startup-wants-to-launch-security-token-market

guest · Oct 12, 2019

mood said: ↑

China's PBOC Says Its Own Cryptocurrency Is ‘Close’ to Release
August 12, 2019
https://www.bloomberg.com/news/arti...ys-its-own-cryptocurrency-is-close-to-release
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PBOC hires six tech experts for its upcoming digital currency
October 12, 2019
https://www.fxstreet.com/cryptocurr...or-its-upcoming-digital-currency-201910120545

Despite declining reports about its alleged digital currency, PBOC’s actions have spoken otherwise. The People’s Bank of China (PBoC) has hired six tech experts after posting job openings for its “Digital Currency Research Institute,” among others. The bank is specifically looking for people with expertise in - computing, cryptography, micro-electronics, and econometrics.

As per a report by The Block, the primary responsibilities of the new hires will be to develop the software systems of the digital asset. They will also need to conduct technical research and development for digital currency trading terminals.
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Minimalist · Oct 13, 2019

Can Crypto Exchanges Ever Be Truly Decentralized?

Earlier this week, British-American entrepreneur John McAfee, who is currently living “in exile” due to tax-related charges filed against him by the United States authorities, launched his own decentralized exchange (DEX).

The expressive crypto advocate’s McAfeedex.com is running on the Ethereum (ETH) blockchain, and, in McAfee’s own words, it is a “Wild Wild West exchange” that purportedly cannot be seized by regulators. “There is nothing to shut down,” he wrote on Twitter, “Our technology is the smart contracts forever residing on the blockchain.”
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https://cointelegraph.com/news/can-crypto-exchanges-ever-be-truly-decentralized

Minimalist · Oct 13, 2019

Crypto and Blockchain News From Brazil: Oct. 6–12 in Review

The story of Brazil’s crypto scams took a new twist over the past week as CEO of an alleged pyramid scheme reportedly fled the country after rejecting court deadlines.
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https://cointelegraph.com/news/crypto-and-blockchain-news-from-brazil-oct-6-12-in-review

Minimalist · Oct 13, 2019

Crypto News From the Spanish-Speaking World: Oct. 6–12 in Review

The Spanish-speaking world has seen major cryptocurrency and blockchain developments with central bank representatives from all around the world meeting in Argentina, Spain developing various initiatives and projects based on blockchain and the Japan-based crypto exchange Bitpoint offering its services in Guatemala.
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https://cointelegraph.com/news/crypto-news-from-the-spanish-speaking-world-oct-612-in-review

Minimalist · Oct 13, 2019

Crypto News From the German-Speaking World: Oct. 6–12 in Review

The German-speaking world has experienced another week full of exciting developments in the crypto industry, with Germany investigating the feasibility of a blockchain-based regional power trading platform, Iota Foundation joining forces with Zühlke to solve engineering problems and the German Central Bank saying that there is no need for a digital euro coin.
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https://cointelegraph.com/news/crypto-news-from-the-german-speaking-world-oct-6-12-in-review

guest · Oct 13, 2019

Coinbase Secures Rare E-Money License in Ireland
October 13, 2019
https://www.cryptoglobe.com/latest/2019/10/coinbase-secures-rare-e-money-license-in-ireland/

US-based cryptocurrency exchange Coinbase is expanding its European operation following the obtainment of an e-money license in Ireland.

According to the update published to Coinbase’s official blog Oct. 11, the exchange has been granted an e-money license for operation in the country. Coinbase is now one of just a few companies to hold such a distinction, which the exchange says will enable it to “expand our Irish operation and ultimately deliver a better product to customers across some of our fastest-growing markets.”
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