Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Feb 22, 2019

Two Companies Used Crypto to Pay Taxes in Ohio, Says State Treasurer

Two businesses in the United States state of Ohio have paid taxes with cryptocurrencies, state Treasurer Robert Sprague said in a forum on Feb. 19. Ohio became the first state to allow businesses to pay taxes with cryptocurrencies like Bitcoin (BTC) in November 2018.
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https://cointelegraph.com/news/two-companies-used-crypto-to-pay-taxes-in-ohio-says-state-treasurer

guest · Feb 22, 2019

FBI Seeking Potential Victims of BitConnect to Assist Investigation
February 22, 2019
https://www.coindesk.com/fbi-seeking-potential-victims-of-bitconnect-to-assist-investigation

If you invested in the proprietary token offered by the now-defunct crypto exchange BitConnect, the FBI wants to hear from you.

In a notice on its website Wednesday, the federal law enforcement agency said those who invested in the BitConnect coin (BCC) token can voluntarily reach out to the agency by filling out a questionnaire.
The FBI said investors’ responses would be “useful” as it investigates the case, and that it may reach out to respondents for additional information.

The FBI said in Wednesday’s statement:

“Bitconnect guaranteed investors up to a 10 percent total return per month on their investment, following a tiered-investment system based on the sum of an investor’s initial deposit.”
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Minimalist · Feb 23, 2019

Report: Russian State Duma to Review Crypto Regulation, Oil-Backed Crypto in Development

The Russian State Duma (the lower house of the Federal Assembly of Russia) plans to review and adopt new cryptocurrency regulation in March. The former Energy Minister Igor Yusufov is also proposing an oil-backed crypto, Russian financial outlet Rambler reported on Feb. 21.
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https://cointelegraph.com/news/repo...o-regulation-oil-backed-crypto-in-development

Minimalist · Feb 23, 2019

Why Local Governments Aren’t All Aboard the Blockchain Train

Most local governments aren’t racing to adopt blockchain while the technology remains in its infancy, policy experts said Thursday during a National League of Cities event.
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https://www.nextgov.com/emerging-te...nts-arent-all-aboard-blockchain-train/155083/

guest · Feb 23, 2019

Reddit Co-Founder: Investing in Cryptocurrencies Should Be a Long-Term Commitment
February 22, 2019
https://www.cryptoglobe.com/latest/...ocurrencies-should-be-a-long-term-commitment/

Alexis Ohanian, the co-founder of Reddit, has said that digital asset investors should not be discouraged by the prolonged crypto bear market - as he thinks it has helped in significantly reducing the number of speculative traders and investors.
Ohanian, a history graduate from the University of Virginia and Coinbase investor, told Yahoo Finance:

This is the Crypto Winter, no doubt. But a friend of mine, Brian Armstrong — who’s the CEO of Coinbase — said, ‘This is the spring of crypto innovation.'
Acknowledging that the extended bear market may be tough to endure for many crypto industry participants, Ohanian recommended taking a long view when investing in digital assets.
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guest · Feb 23, 2019

EOS' 4 Terabyte 'Blockchain Bloat': Analysts Claim EOS Has Critical Design Flaws
February 23, 2019
https://www.cryptoglobe.com/latest/...analysts-claim-eos-has-critical-design-flaws/

EOS Weekly, a “Crypto Twitter” account supporting the ongoing development of EOS, published a video earlier this week in which it expressed concerns regarding the relatively large size of data stored on the EOS blockchain.

In response to various criticisms of the design of the EOS network, Tim Sweeney, the founder of the main company behind Fortnite, a popular online video game developed by Epic Games, remarked:

What’s wrong with 4TB for a global transaction ledger? That fits on a $200 hard drive.
— Tim Sweeney (@TimSweeneyEpic) February 22, 2019
Antkow compared the relatively large size of the EOS blockchain (data) to that of the Bitcoin network, noting: “Bitcoin, that has been around for over 10 years, can still comfortably run on a 500 GB hard drive for a many more years, still.”
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Minimalist · Feb 24, 2019

New kid on the blockchain: Stablecoin promises steady crypto

As the extreme volatility of cryptocurrencies makes them difficult to depend on for day-to-day use, another type of virtual currency is gaining popularity: stablecoins.

Seen as more steady because they are pegged to traditional currencies such as the US dollar, stablecoins have been a quiet crypto success, even though questions remain over their reliability.
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https://phys.org/news/2019-02-kid-blockchain-stablecoin-steady-crypto.html

Minimalist · Feb 24, 2019

Liechtenstein’s Bank Frick Launches Institutional Crypto Trading Platform

Liechtenstein-based Bank Frick is launching an institutional cryptocurrency trading platform subsidiary, DLT Markets, Cointelegraph auf Deutsch reported on Feb. 22.

According to the bank’s announcement, DLT Markets will provide institutional investors “with fully regulated and secure multi-exchange access to the digital token asset class.”
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https://cointelegraph.com/news/liec...aunches-institutional-crypto-trading-platform

Minimalist · Feb 24, 2019

Can a mature market emerge from crypto’s colorful past?

As crypto companies continue to grapple with diminishing capital, they are facing mounting pressure. In recent months, the industry has been plagued with numerous reports of layoffs, collapsing divisions, and ongoing restructures.

But while the harsh market climate appears to have taken a toll on many projects within the space, investors continue to maintain their optimism for the future of crypto assets, with institutional investors becoming more heavily invested in the space, possibly ushering in the green shoots of a “crypto spring”.
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https://venturebeat.com/2019/02/23/can-a-mature-market-emerge-from-cryptos-colorful-past/

guest · Feb 24, 2019

Aside from Regulations, Here’s Why Crypto is Big in Japan
February 24, 2019
https://ethereumworldnews.com/aside-from-regulations-heres-why-crypto-is-big-in-japan/

In fact, a level deeper and countries like China, South Korea, India and Japan are drivers of the world economy.
Although the US FED is taking their time while China is pro-blockchain but against cryptocurrencies banning exchanges and ICOs, Japan took a more sober approach.

When South Korea and China banned ICOs back in Sep 2017, Japan opened doors. They allowed blockchain projects to fund raise in their country but in a regulated manner. Furthermore, we can argue that that Japanese took pride in that the founder of Bitcoin—Satoshi Nakamoto.
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guest · Feb 24, 2019

Breaking: $15 Billion Wiped Out Of The Crypto Market In Less than 1 Hour
February 24, 2019
https://zycrypto.com/15-billion-wiped-out-of-the-crypto-market-in-less-than-1-hour/

The Crypto Markets have been taking a bullish path but things seem to have changed in the last hour, the Market cap has dropped in a flash crash from $146 Billion to $129 Billion at Press Time.

The Bitcoin price has seen a sharp decline from $4,200 to the current price of $3,850, the bears seem to have kicked in back harder than expected, all major Cryptocurrencies in the top 10 are all in red except Tether (USDT) for Obvious reasons.
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guest · Feb 25, 2019

Cryptocurrency Assets Get Arab World’s First Regulatory Nod
February 25, 2019
https://www.bloomberg.com/news/arti...egulatory-nod-from-bahrain?srnd=technology-vp

The Arab world’s smallest country is taking the lead in regulating crypto assets.

Bahrain’s central bank said on Monday that it issued “the final rules on a range of activities relevant to crypto assets.” The framework covers areas from licensing and governance to cyber security.
The central bank’s “introduction of the rules relating to crypto assets is in line with its goal to develop a comprehensive rules for the fintech eco-system supporting Bahrain’s position as a leading financial hub” in the Middle East and North Africa [...]
Once the undisputed banking center of the Gulf, Bahrain is vying to regain its place as competition intensifies from counterparts in the region and beyond.
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guest · Feb 25, 2019

US Government Returns Bitcoins Retrieved Following 2016 Bitfinex Hack
February 25, 2019
https://www.coindesk.com/us-government-returns-bitcoins-retrieved-following-2016-bitfinex-hack

Bitfinex has announced that some of the bitcoins stolen in a major 2016 hack have been returned after they were retrieved by the U.S. government.

In a blog post published Monday, the exchange said that 27.66270285 BTC – worth just over $104,000 at time of writing – have been received from the U.S. government, and come as the result of U.S. law enforcement efforts.
Bitfinex said that, since the hack, it has been collaborating with international law enforcement agencies “to provide intelligence and assist with investigations,” adding:

“Bitfinex was alerted in November 2018 that the U.S. government had obtained bitcoins believed to be proceeds from the 2016 hack.”
The returned funds represent about 0.023 percent of the total taken in the attack.
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ronjor · Feb 25, 2019

Coinbase Exchange Users Can Buy and Sell XRP Starting Tomorrow

Nikhilesh De Feb 25, 2019
Crypto exchange Coinbase is launching support for XRP, the third-largest cryptocurrency by market capitalization.
The exchange announced Monday it would be listing XRP on its professional trading platform, Coinbase Pro, in “transfer-only” mode, meaning customers can only deposit tokens to begin with. After a minimum of 12 hours, the company plans to activate other trading services, though this timeline is variable.
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ronjor · Feb 26, 2019

Hacker steals $7.7 million in EOS cryptocurrency after blacklist snafu

By Catalin Cimpanu for Zero Day | February 26, 2019
One of 21 EOS blacklist maintainers failed to update its list, allowing the hacker to make off with the stolen funds.
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guest · Feb 26, 2019

Cryptocurrency named after India’s ‘Who Wants to Be a Millionaire?’ ends in $250K scam
February 26, 2019
https://thenextweb.com/hardfork/2019/02/26/india-cryptocurrency-millionaire-show-scam/

Indian government can set as many restrictions on cryptocurrency trading in the country as it wants, but it seems the local fraudsters and con artists can’t be deterred.

According to a report by local daily The Hindu, the accused asked the victims to invest in the initial coin offering (ICO) of his new cryptocurrency called ‘KBC Coin,’ with a promise of good returns.
The victims claim they were asked to pay only in cash and weren’t shown any registration documents of the company. The victims decided to invest anyway for reasons best known to themselves.

Investigations in cryptocurrency scams in India often hit dead ends as victims refuse to come forward to testify due to the regulatory uncertainty surrounding virtual currencies in the country.
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guest · Feb 26, 2019

ronjor said: ↑

Coinbase buys blockchain intelligence startup to boost security and new asset discovery
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Former Hacking Team Members Are Now Spying on the Blockchain for Coinbase
February 26, 2019
https://motherboard.vice.com/en_us/article/a3bn5e/coinbase-neutrino-former-hacking-team-members

Normally, such an acquisition wouldn’t make many waves, but Neutrino isn’t your average startup. The company was founded by three former employees of Hacking Team, a controversial Italian surveillance vendor [...]

In a statement to Motherboard, a Coinbase spokesperson said that the company “does not condone nor will it defend the actions of Hacking Team.”
“We are aware that Neutrino’s co-founders previously worked at Hacking Team, which we reviewed as part of our security, technical, and hiring diligence,” the spokesperson said.

The founders of Neutrino, however, are not part of that industry anymore. Some people such as Baldet and Pouliot think we shouldn’t forget their past. But for Coinbase, what matters is the technology they developed since leaving the spyware industry.
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ronjor · Feb 27, 2019

3 countries host over 50% of the world’s Bitcoin nodes

Matthew Beedham Published February 27, 2019
As of February 24, 2019, nearly three-quarters of all Bitcoin nodes were located in just 10 countries, the research shows.
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guest · Feb 27, 2019

Hacked Exchange Cryptopia Discloses Estimate of Stolen Crypto
February 27, 2019
https://www.coindesk.com/hacked-exchange-cryptopia-discloses-estimate-of-stolen-crypto

New Zealand-based cryptocurrency exchange Cryptopia has given an idea of the losses arising from a hack on its platform last month.

After being almost silent since the breach, the firm published a series of updates via Twitter on Wednesday. Most notably, Cryptopia provided an update on how much of the total assets held by the platform was lost in the cyber-attack, saying:

“We are continuing to work on assessing the impact incurred as a result of the hack in January. Currently, we have calculated that worst case 9.4% of our total holdings was stolen.”
It did not provide an idea of that amount in monetary terms.
In Wednesday’s tweets, the exchange said it is “securing each wallet individually” to ensure it is “fully secure” when resuming trading.
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guest · Feb 27, 2019

Security Alert: Crypto Wallet Coinomi Reportedly Sending Seed Phrases to Google
February 27, 2019
https://www.cryptoglobe.com/latest/...ds-users-seed-phrases-to-third-party-servers/

Multi-asset cryptocurrency wallet Coinomi reportedly has a major security vulnerability, as it has, according to various security researchers, been sending users’ seed phrases in plain text to third-party servers.

Twitter user Warith Al Maawali, who first discovered the vulnerability, claims to have found out about it after losing large amounts of cryptocurrency after adding his recovery phrase to Coinomi. He wrote:

My passphrase was compromised and $60K-$70K worth of crypto-currency were stolen because of Coinomi wallet and how the wallet handled my passphrase.
Maawali believes his funds were stolen by someone with access to the traffic, or by someone at Google who noticed the seed phrase. The researchers added that other Coinomi wallet users have reported seeing their funds disappear.
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Available data shows the Coinomi wallet isn’t open-source, meaning its code isn’t available to the public. Some in the crypto community believe these wallets should be avoided, as they can contain hidden security vulnerabilities.
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ronjor · Feb 27, 2019

U.S. charges My Big Coin virtual currency firm founder with fraud

Nate Raymond February 27, 2019
BOSTON (Reuters) - The founder of a Nevada-based company was arrested on Wednesday on federal charges that he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold.
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guest · Feb 27, 2019

Crypto Isn't Disrupting Payments Yet But Stay Tuned, Ellis Says
February 27, 2019
https://www.bloomberg.com/news/arti...-but-stay-tuned-ellis-says?srnd=technology-vp

“As ludicrous as it may sound," the existential threat of cryptocurrency as a globally accepted, unbranded payment system that upends incumbents like Visa Inc., Mastercard Inc., and PayPal Holdings Inc. is worth watching but is unlikely to occur soon, Ellis wrote in a note to clients.

As progress is steadily being made to address shortcomings and compelling use cases emerge -- like crypto as an alternative to fiat currency in high-inflation economies -- the threat should not be ignored, she said.
“Cryptocurrency systems (e.g., Bitcoin, Ethereum, Ripple) are potentially disruptive to private payment systems,” Ellis said.
Banks are also starting to join in on the technology.
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guest · Feb 28, 2019

Cases of money laundering linked to cryptocurrency in Japan up tenfold in 2018
February 28, 2019
https://www.japantimes.co.jp/news/2...yptocurrency-japan-tenfold-2018/#.XHeNNFMzZE4

Over 7,000 cases of suspected money laundering linked to cryptocurrencies were reported to police in 2018, the National Police Agency said Thursday.

The figure jumped more than tenfold from the 669 cases reported in a shorter period between April and December in 2017, when it became mandatory for cryptocurrency exchange operators to report transactions suspected to be linked to the movement of illegally obtained cash.
Japan has seen large digital currency heists in recent years amid a rise in the number of people purchasing the various currencies.
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ronjor · Feb 28, 2019

4 years after adopting Bitcoin, this business is still waiting for someone to use it

Story by David Canellis Published February 28, 2019
One small business in the UK, Seymour Locksmiths, has been accepting Bitcoin and other digital assets since 2014 – and not a single customer has paid with cryptocurrency in that entire time.
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ronjor · Feb 28, 2019

Coinbase Users Struggle to Delete Their Accounts in Protest

by Jordan Pearson Feb 28 2019, 4:09pm
Users trying to #DeleteCoinbase are having trouble after the exchange acquired a startup staffed by former Hacking Team members.
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