Online Cash Bitcoin Could Challenge Governments, Banks

ronjor · Nov 27, 2018

Special Report: Little known to many investors, cryptocurrency reviews are for sale

Anna Irrera, Elizabeth Dilts November 27, 2018
Self-proclaimed social media personalities charge thousands of dollars for video reviews. Research houses accept payments in the cryptocurrencies they are analyzing. Rating “experts” will grade anything positively, for a price.
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Minimalist · Nov 27, 2018

Ten Blockchain, Fintech Firms Launch Association to Make ‘Code of Conduct’ for Crypto

Ten financial and tech firms have established an Association for Digital Asset Markets (ADAM) to create a “code of conduct” for the cryptocurrency sector. The launch was announced in a press release published Nov. 27.
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https://cointelegraph.com/news/ten-...ssociation-to-make-code-of-conduct-for-crypto

guest · Nov 27, 2018

The curious case of the 1,600 Bitcoin ATMs Argentina might never see
The blockchain industry is full of empty promises
November 27, 2018
https://thenextweb.com/hardfork/2018/11/27/argentina-bitcoin-atm-cryptocurrency/

Back in October, Reuters reported US-based financial solutions provider Odyssey Group was gunning to roll out 150 Bitcoin-enabled ATMs in Argentina by the end of 2018, with plans to distribute over a thousand more machines by 2019.
Yet another delay
“The expected start date of the hybrid ATMs in Argentina was postponed with the purpose of adjusting all the legal and technical requirements demanded by the Central Bank [...]"

According cryptocurrency ATM mapping service CoinATMRadar, there are currently only three Bitcoin-enabled ATMs in Argentina. None of those were installed by Odyssey or its subsidiary Octagon

With all the regulatory uncertainty in the blockchain and cryptocurrency space, there is no doubt that deploying such a large network of ATMs – be they cryptocurrency-enabled or not – is no easy task.
So is Argentina getting hundreds of Bitcoin ATMs in 2019? Maybe. But if history is any indication, it takes more than pompous promises to breed real results.
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ronjor · Nov 28, 2018

Tether Says Customers Can Once Again Deposit and Redeem Fiat

David Floyd Updated Nov 27, 2018 at 17:12 UTC
Tether Ltd., the controversial issuer of the tether stablecoin (USDT), which aims for parity with the U.S. dollar, announced Tuesday that it would reopen account verification for new customers and enable customers to redeem tether for fiat currency directly through its platform.
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guest · Nov 29, 2018

Blockchain CEO faces 120 years in prison for $4M cryptocurrency scam
November 29, 2018
https://thenextweb.com/hardfork/2018/11/29/blockchain-cryptocurrency-arisebank-prison/

The CEO of blockchain startup AriseBank, Jared Rice, is facing up to 120 years in prison for duping numerous investors out of $4 million in a cryptocurrency scheme. Rice promised his cryptocurrency would offer Visa-like functionality, but instead he spent investors’ Bitcoin on hotels and clothes.

In reality though, Texas-based AriseBank had not been been authorized to operate in Texas, was not FDIC-insured, and did not have any agreements with Visa in place, a statement on the US Department of Justice’s portal suggests.
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guest · Nov 29, 2018

mood said: ↑

Celebrity ICO Endorsers Face Legal Blowback Over Alleged Fraud
October 21, 2018
https://news.bitcoin.com/celebrity-ico-endorsers-face-legal-blowback-over-alleged-fraud/
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Floyd Mayweather fined $600,000 for undisclosed cryptocurrency plugs
November 29, 2018
https://arstechnica.com/tech-policy...ties-for-undisclosed-cryptocurrency-shilling/

One of the strangest episodes in last year's massive cryptocurrency boom was when boxer Floyd Mayweather posted an Instagram endorsement for a little-known cryptocurrency called Centra. In April, Centra's founders were indicted for fraud, with the SEC saying that many of their claims were "simply false."

On Thursday, the SEC revealed—to no one's surprise—that Centra had paid Mayweather $100,000 to promote Centra on social media. Federal securities laws require celebrities to disclose payments they receive for making these kinds of endorsements—which Mayweather failed to do.

Mayweather was paid another $200,000 to endorse two other ICOs, according to the SEC. Under a settlement with the SEC, Mayweather will disgorge his $300,000 in earnings to the SEC, as well as a $300,000 penalty and interest.
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guest · Dec 1, 2018

Asus Allows Gamers to Mine Crypto With Their Idle Graphics Cards
November 30, 2018
https://www.coindesk.com/asus-allows-gamers-to-mine-crypto-with-their-idle-graphics-cards

The company announced Thursday that it has partnered with mining app provider Quantumcloud to allow gamers to earn “passive income” by allowing access to their Asus graphics cards (or GPUs) when not being used for other PC tasks. Earnings will be paid out via PayPal or WeChat.

The app uses gamers’ GPUs to collectively power cloud-based miners to – in theory, at least – generate profit, giving card owners a percentage based on the amount of power provided, Quantumcloud’s website says.

The privacy of customers’ financial data on the app is protected under General Data Protection Regulation (GDPR), Asus stressed.
Quantumcloud, however, does not guarantee that users of its software will make a profit.
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Minimalist · Dec 1, 2018

Estonia: Amendments to Anti-Money-Laundering Regulations Will Tighten Crypto Regulation

The Estonian Ministry of Finance will shortly add amendments to a recently-passed financial bill that are meant to “tighten” crypto-related regulation, Estonian financial newspaper Äripäev reports Nov. 28.
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https://cointelegraph.com/news/esto...ng-regulations-will-tighten-crypto-regulation

Minimalist · Dec 1, 2018

Russian Crypto Bill Draft Pushed Back to First Reading for Significant Edits

Russia’s cryptocurrency legislation, the draft bill “On Digital Financial Assets,” has been sent back to the first reading stage for significant changes, Russian daily newspaper Kommersant reported Nov. 30.

According to Kommersant, the head of the council and chairman of the State Duma committee on state building Pavel Krasheninnikov said that the document has no relation to cryptocurrencies or tokens, and lawyers have noted that its wording comes into conflict with the norms of Russian legislation for corporations.
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https://cointelegraph.com/news/russ...d-back-to-first-reading-for-significant-edits

hawki · Dec 3, 2018

"Bitcoin is close to becoming worthless...

...[O]nce Bitcoin’s price falls below its cost of mining, the incentive to mine will deteriorate, thrusting bitcoin into a death spiral. That is, without the mining activities supporting the ledger that maintains the records of who owns what — bitcoin is, after all, a set of encrypted numbers that cannot establish the ownership of anything — bitcoin will become worthless...

While there are many estimates of bitcoin’s cost of mining, most suggest it is close to $5,000 per coin..."

https://www.marketwatch.com/story/bitcoin-is-close-to-becoming-worthless-2018-12-03

Bitcoin USD

$3,819.86

-$359.36 -8.60%

Last Updated: Dec 3, 2018 10:14 a.m. EST

https://www.marketwatch.com/investing/cryptocurrency/btcusd

guest · Dec 3, 2018

First Blockchain Smartphones Appear on the Market: Sirin Labs' Finney Unboxed
December 2, 2018
https://cointelegraph.com/news/firs...ppear-on-the-market-sirin-labs-finney-unboxed

The smartphone comes equipped with an embedded cold storage wallet that's physically separate from the main hardware; [...]

Most of all, the Israeli company used the launch event to emphasize how Finney is a smartphone that makes blockchain technology more accessible to a mainstream audience and that provides diehard crypto enthusiasts with a more practical way of securely managing their coins.

"Before the Finney, you needed a ledger, you needed a computer, you needed wallet software and then you needed to go to an exchange, and then you could convert. The Finney does all of this in one phone."
By having a cold storage wallet, a Token Conversion Service and crypto-exchange apps on a single device, Hogeg affirmed that Finney will take "a huge step forward in bridging the gap between the blockchain economy and the consumer market," [...]
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guest · Dec 4, 2018

Swiss blockchain startups can now handle up to $100M – just like banks
December 3, 2018
https://thenextweb.com/hardfork/2018/12/03/switzerland-blockchain-license/

Switzerland‘s blockchain-related businesses are one step closer to legitimacy. Local cryptocurrency startups can now apply for a new license that would allow them to handle deposits of up to $100 million, a right normally reserved for banks.

The Swiss Financial Market Supervisory Authority (FINMA) has released strict guidelines for cryptocurrency businesses to follow if they hope to receive the coveted “FinTech” license required to manage large amounts of money on behalf of investors and customers.

From 1 January next year, companies other than banks can formally request authority to accept public funds of up to $100 million as part of their business operations.
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guest · Dec 4, 2018

Network of Self-Service Kiosks Will Allow Public to Pay Bills and Make Purchases in Crypto
December 4, 2018
https://cointelegraph.com/news/netw...lic-to-pay-bills-and-make-purchases-in-crypto

KIBIS says a plethora of services are available through its kiosks. Consumers can pay for gas, water and electricity, book airline tickets and check flight details, subscribe to TV subscription services such as Amazon Prime and Netflix, and buy prepaid vouchers for themselves or loved ones.

The platform has partnered with hundreds of mobile carriers, enabling the public to top up their smartphones on demand, and it will also be possible for them to donate to the charitable causes they are passionate about directly from a kiosk.
“High efficiency” mining equipment is also going to be embedded within each KIBIS kiosk, with each machine enjoying access to a low-cost source of electricity.

Toward the end of next year, KIBIS hopes to begin deploying kiosks in Oman — and start development of the e-wallets its consumers will use, which will boast more than 2,000 services. Bahrain, Saudi Arabia and Kuwait are set to follow thereafter.
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Minimalist · Dec 4, 2018

DHS is Exploring How Blockchain Can Stop Counterfeits and Forgeries

The Homeland Security Department is kicking off a new research initiative exploring ways blockchain can help prevent fraud, counterfeiting and forgery.

The agency’s Science and Technology Directorate on Tuesday announced the Preventing Forgery and Counterfeiting of Certificates and Licenses program, which aims to strengthen the digital documentation process using blockchain and other distributed ledger technologies. The initiative is housed under the Silicon Valley Innovation Program, the department’s in-house startup accelerator.
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https://www.nextgov.com/emerging-te...n-can-stop-counterfeits-and-forgeries/153273/

guest · Dec 4, 2018

Japanese Government to Track Down Cryptocurrency Income Tax Offenders
December 4, 2018
https://ethereumworldnews.com/japanese-government-to-track-down-cryptocurrency-income-tax-offenders/

Tax Payments on Cryptocurrency Capital Gains
News coming from a Japanese newspaper, The Mainichi, reports that according to sources, the Japanese government is planning to form a system that would monitor individuals who make profits from cryptocurrency transactions and catch individuals who refuse to pay taxes on gains from such operations.

The new system would empower the National Tax Agency (NTA) to request transactional details from intermediaries such as cryptocurrency exchanges. These exchanges would provide information on customers whom the agency suspects of tax evasion.
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hawki · Dec 5, 2018

"Bitcoin Miner Consolidation Increases Risk of More Crypto Mayhem

Threat of hacks, fights over network control seen rising

More than 100,000 mining operations likely ceased activity

There is a consolidation going on among the so-called miners that perform the complex calculations to generate the digital currency after the plunge rendered many of them unprofitable. At least 100,000 individual miners have shut down, according to Autonomous Research LLP. Fundstrat Global Advisors LLC estimates that about 1.4 million servers have been unplugged since early September...

Only a select few can afford to stay in the game: miners with scale, very specific business models and extremely low electricity costs,...

Most miners are only profitable when Bitcoin trades above $4,500...

With the so-called hash rate -- or mining power on the Bitcoin network -- down 36 percent from its all-time peak this August, problem-solving difficulty has dropped about 10 percent, making it easier for the remaining mining rigs to earn Bitcoins,..

While that’s good for big miners, the consolidation increases risks for investors and others vested in the network’s success. With fewer companies controlling the mining, there’s a higher chance that several could band together to execute a so-called 51-percent attack, according to Ryan Selkis, co-founder of crypto researcher Messari. In such a maneuver, controlling miners can reverse transactions and stop new ones from confirming -- potentially making off with billions in other people’s money...

Blockchains supporting much smaller coins like Bitcoin Gold and ZenCash have already suffered 51-percent attacks, which have cost investors millions of dollars..."

https://www.bloomberg.com/news/arti...lidation-increases-risk-of-more-crypto-mayhem

guest · Dec 5, 2018

Cryptocurrency scammers dupe Singaporeans out of $78,000 in under 3 months
More phony advertisements with fake celebrity endorsements
December 5, 2018
https://thenextweb.com/hardfork/2018/12/05/singapore-cryptocurrency-scams/

Cryptocurrency con-artists have duped citizens with phony articles featuring well-known Singaporean personalities to garner credibility, local media reports.
The advertisements falsely claim local celebrities earned huge returns on their Bitcoin investments made with fake companies. These lies eventually lured unsuspecting members of the public into sending in their cash, receiving nothing in return.

But even if these businesses were locally based, those regulators wouldn’t be capable of doing anything at all. Singapore’s government does not actively regulate cryptocurrency. This means it is not able to impose any safeguards to protect local digital asset investors.
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guest · Dec 6, 2018

Suspect Crypto Transactions Rise in Japan But Still Just 1.7% of Total
December 6, 2018
https://www.coindesk.com/suspect-crypto-transactions-rise-in-japan-but-still-just-1-7-of-total

Japan’s cryptocurrency exchanges reported 5,944 suspicious transactions in the first 10 months of 2018.
According to a report from Jiji Press on Thursday, the data was released by the country’s National Police Agency (NPA), which indicated the cases were reported from January to October of that year.

The figure notably is 788 percent greater than the previous reported number of 669 cases for the period April to December, 2017.

The police agency believes that cases saw a sharp rise after Japan’s Financial Services Agency (FSA) passed a law in April 2017 that brought crypto exchanges under anti-money laundering (AML) and know-your-customer (KYC) rules.
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ronjor · Dec 7, 2018

As bitcoin trading shifts shape, big money stays away

Tom Wilson December 7, 2018
LONDON (Reuters) - Bitcoin’s value has plunged by three-quarters this year, sending the original and biggest cryptocurrency back to levels not seen before its bubble. And price isn’t the only aspect of trading that has changed.
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guest · Dec 7, 2018

DHS looking into tracking Monero and Zcash transactions
December 7, 2018
https://www.zdnet.com/article/dhs-looking-into-tracking-monero-and-zcash-transactions/

The US Department of Homeland Security (DHS) is interested in acquiring technology solutions that can track newer cryptocurrencies, such as Zcash and Monero.

According to a pre-solicitation document [PDF], the DHS wants to know if this is possible, before filing an official solicitation request later down the line.

"A key feature underlying these newer blockchain platforms that is frequently emphasized is the capability for anonymity and privacy protection," the DHS document said.
"While these features are desirable, there is similarly a compelling interest in tracing and understanding transactions and actions on the blockchain of an illegal nature."
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Pre-solicitation document (PDF): https://www.fbo.gov/utils/view?id=f0e31ab37561cac3cc4a4ab88d9059b0

Minimalist · Dec 9, 2018

Over-the-Counter Trading as the Latest Battleground to Secure Institutional Investment

With the increasing trend for major financial institutions to invest in Bitcoin, United States crypto exchange and wallet provider Coinbase announced the launch of over-the-counter (OTC) trading for institutional customers on Nov. 27.

OTC trading allows investors to carry out direct trades with each other. It means that the company’s institutional users won’t be trading through a crypto exchange or an intermediary.
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https://cointelegraph.com/news/over...ttleground-to-secure-institutional-investment

Minimalist · Dec 9, 2018

Federal cryptocurrency bills and other crypto news this week

Ohio continues its efforts to attract cryptocurrency entrepreneurs with $100 million in new funding for startups, but that's not all of the important industry news this week.
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https://www.axios.com/cryptocurrency-bills-and-other-news-4296f981-cb42-488b-be1f-d1ab73f4a08c.html

guest · Dec 10, 2018

Bitmain forced to shut down Israel operations due to cryptocurrency bear market
December 10, 2018
https://thenextweb.com/hardfork/2018/12/10/bitmain-hit-cryptocurrency-market-downturn/

The mining giant is the latest to be hit by the cryptocurrency bear market and is shutting down its Israel-based development center, Bitmaintech Israel, Globes Israel reports.

Bitmain blames the recent drop in the price of Bitcoin and general bear market across the cryptocurrency industry for the closure. Indeed, Bitmain is hardly the only blockchain company that has had to fire employees in order to stay alive.
It’s certainly a sign that the cryptocurrency bear market is impacting everyone. Welcome to the free market.
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guest · Dec 10, 2018

mood said: ↑

Experts warn hackers have already stolen over $20 Million from Ethereum clients exposing interface on port 8545
June 11, 2018
https://securityaffairs.co/wordpress/73436/digital-id/ethereum-scanning-port-8545.html
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Hackers ramp up attacks on mining rigs before Ethereum price crashes into the gutter
Attackers scan for Ethereum wallets and mining rigs that have carelessly exposed port 8545 on the Internet
December 10, 2018
https://www.zdnet.com/article/hacke...efore-ethereum-price-crashes-into-the-gutter/

Attackers are scanning for devices with port 8545 exposed online. This is the standard port for the JSON-RPC interface of many Ethereum wallets and mining equipment.

If the Ethereum wallet or mining equipment has been left exposed on the Internet, attackers can send commands to this powerful interface to move funds from the victim's Ethereum addresses.

Many mining rig vendors and wallet app makers have taken precautions to limit port 8545 exposure, or have removed the JSON-RPC interface altogether. Unfortunately, this wasn't an industry-concerted effort, and many devices are still exposed online.
According to a chart Mursch shared with ZDNet, the scan activity tripled, when compared to last month.
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hawki · Dec 10, 2018

"Each of The Top 100 Cryptocurrencies Explained in One Sentence..."

https://hackernoon.com/each-of-the-top-100-cryptocurrencies-explained-in-one-sentence-5635bfbc2e06

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