Online Cash Bitcoin Could Challenge Governments, Banks

ronjor · Mar 11, 2019

Cryptocurrency market to explode due to fast transaction speeds, enterprise investment

By Alison DeNisco Rayome March 11, 2019
The cryptocurrency market will grow at a CAGR of 31% between 2017 and 2025, according to Transparency Market Research.
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ronjor · Mar 11, 2019

Cryptocurrency firm agrees to stop using Alibaba name

Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky
March 11, 2019 March 11, 2019
NEW YORK (Reuters) - A cryptocurrency firm said it will stop using trademarks including the term “Alibaba” as part a settlement of a lawsuit brought by Alibaba Group Holdings Ltd, the Chinese e-commerce retailer.
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guest · Mar 11, 2019

Facebook's cryptocurrency could be a $19 billion revenue opportunity, Barclays says
March 11, 2019
https://www.cnbc.com/2019/03/11/fac...-a-19b-revenue-opportunity-barclays-says.html

One Wall Street firm sees major upside for Facebook if its secretive cryptocurrency plan works out.
Sandler forecasted as much as $19 billion in additional revenue by 2021 from "Facebook Coin." Conservatively, the firm sees a base-case of an incremental $3 billion in revenue from a successful cryptocurrency implementation.

Challenges remain. Facebook needs to demonstrate a value proposition for users "above what is available today in payments" and build trust after its laundry list of issues in 2018, Sandler said.
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ronjor · Mar 12, 2019

SEC chairman explains how it classifies cryptocurrencies as securities

David Canellis Published March 12, 2019
Jay Clayton spelled it out in a signed letter
“Security” is a term used for describing certain financial assets that can be traded. It can refer to any form of financial instrument, even cryptocurrencies and associated tokens.
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guest · Mar 12, 2019

Bitcoin Can Be a Safe Haven for Journalists, Human Rights Foundation
March 12, 2019
https://ethereumworldnews.com/bitcoin-can-be-a-safe-haven-for-journalists-human-rights-foundation/

Completely digital, Bitcoin as a protocol is under constant improvement and changes can be made to increase transparency but also boost privacy—already Bitcoin is pseudonymous, meaning it is not completely anonymous and in a way, can be tracked by blockchain intelligence platforms as Chainalysis and even CoinBase’s Neutrinos.
All the same, they are a better option that can no doubt help journalist execute their work irrespective of location. Caution is recommended:

“Activists or journalists who are considering using Bitcoin to escape the prying eyes of an authoritarian government [...] However, achieving this understanding requires some amount of effort.”

Work is underway and as development of privacy-oriented features as Taproot, Schorr Signatures and Scriptless scripts are drummed up, the Bitcoin protocol will be truly private and therefore safer for everyone, including journalists.
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ronjor · Mar 13, 2019

Crypto-assets pose risks to global banks, warns Basel Committee

Reporting by Iain Withers, editing by Sinead Cruise March 13, 2019
Crypto-assets are not a reliable substitute for money and are unsafe to rely on as a medium of exchange or store of value, the global banking watchdog said in a statement on Wednesday.
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guest · Mar 13, 2019

Gemini Exchange’s Winklevoss brothers ask users to trust them with storage of private keys
March 12, 2019
https://ambcrypto.com/gemini-exchan...s-to-trust-them-with-storage-of-private-keys/

Gemini Exchange’s famous twins, Cameron and Tyler Winklevoss have said that storing private keys can be a problem for some users, asking users to trust them with these keys.

Terming that as a ”fact,” he went on to say that people shouldn’t try to store their private keys, considering they are “longs strings of digits”. Hence, the Winklevoss brothers said, storing private keys should be left to them.
They added that the exchange was designed to make storing keys and trading with the digital asset a seamless experience.

“..the coolest thing about cryptocurrency though is that you can have it both ways. If you want to store your private keys, you can do that, if you want to use Gemini, you can do that.”

Further, when asked if the exchange company posed as a threat to banking institutions, the duo said that they viewed the technology protocol powered Gemini as a crypto-native company, and not a bank. Hence, they did not pose any threat to banks.
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guest · Mar 14, 2019

Hackers who stole $150,000 from buggy Bitcoin ATMs still at large
March 14, 2019
https://thenextweb.com/hardfork/2019/03/14/double-spenders-scam-150000-bitcoin/

Yesterday, Toronto police issued a statement requesting public help to locate four men suspected of carrying out a string of Bitcoin BTC scams across Canada.

“It is alleged that between Sunday, September 16, 2018, and Wednesday, September 26, 2018, 112 fraudulent transactions had been made at Bitcoin kiosks in seven cities across Canada,” the statement reads.
The announcement states the scammers had been “double-spending” cryptocurrency to effectively withdraw money from the specialist ATMs for free

The investigating police forces believe the suspects were working together to defraud the Bitcoin ATM operator, the name of which has not been disclosed. Investigators also believe the gang is well versed in Bitcoin, blockchain, and other cryptocurrencies.
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ronjor · Mar 14, 2019

Years after brutal $2M hack, Gatecoin cryptocurrency exchange is dead

Story by David Canellis 14 Mar 2019
Gatecoin was one of the first regulated digital asset exchange services to spring up. Hailing from Hong Kong and launched way back in 2013, it was focused entirely on Bitcoin, Ethereum, and Ethereum-based token markets.
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ronjor · Mar 14, 2019

Tether Updates Website, Says USDT Backed by “Reserves,” Not Just Cash

Colin Harper @asIlayhodling 14 Mar 2019
Tether just updated its website to clarify that each of its USDT tokens, which it used to claim were “always backed 1-to-1 with traditional currency,” are backed by assets other than fiat currency.
Now, the website instead reassures its patrons that it’s always “100% backed by [its] reserves.” It clarifies this vague language, even legalistic language, by saying these reserves “include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”
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guest · Mar 15, 2019

Security researchers found over 40 bugs in blockchain platforms in 30 days
March 15, 2019
https://thenextweb.com/hardfork/2019/03/14/blockchain-cryptocurrency-vulnerability-bug/

There is a silver lining though: none of the vulnerabilities appear to be particularly serious at first glance.

Thirteen companies dealing with cryptocurrency and blockchain tech received a total of 43 vulnerability reports in the period between February 13 and March 13, as per bug reports submitted to vulnerability disclosure platform Hacker One.
Among others, the list of affected platforms includes Coinbase, EOS issuer Block.one, Tezos, Brave, and Monero.

It’s worth noting that some of these companies are only marginally involved with decentralized technology, so it’s possible some of these kinks might be unrelated to their cryptocurrency and blockchain functionalities.
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guest · Mar 16, 2019

mood said: ↑

Cheap Fees Are Sooo 2018! Somebody Paid Over Half a Million USD in Fees To Send 25 Bucks Worth of ETH
February 20, 2019
https://ethereumworldnews.com/misterious-wallet-pays-500k-usd-fees-22-usd-transactions-eth/
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Anonymous user sends 0.0002 BTC and pays 1.99 BTC in Fees!
March 14, 2019
https://ethereumworldnews.com/anonymous-user-sends-0-0002-btc-and-pays-1-99-btc-in-fees/

What at one point seemed to be a mistake soon gave rise to a strong debate after this practice was repeated several times throughout the day. On March 11, this unusual incident happened again, but this time with a Bitcoin (BTC) wallet, which sent less than a dollar in BTC, paying fees of near $7769.

Considering that there have been no further operations from this address, it is difficult to determine whether it was a mistake or if there is any motive behind these types of transactions.
Please, if you are a user of cryptocurrencies, it is always worth the effort to spend a few seconds to check all the data of a transaction.
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guest · Mar 16, 2019

Blockchain and Crypto Business Reps Protest Nevada Bill
March 15, 2019
https://cointelegraph.com/news/blockchain-and-crypto-business-reps-protest-nevada-bill

Representatives from the blockchain and cryptocurrency industries voiced their concerns about a bill in the Nevada State Senate in a Judiciary Committee hearing on Tuesday, March 12.

The bill, SB 195, would introduce several uniform standards to the virtual currency industry, and would require crypto-related business like exchanges to register with the state’s Department of Business and Industry.

The Nevada Technology Association (NTA) said that the bill was premature and would put Nevada at a competitive disadvantage as blockchain was still in its nascent stages. The NTA continued that a bill that tried to regulate the rapidly evolving technology in such detail could do more harm than good.
Matt Digesti, vice president of government affairs and strategic initiatives at Blockchains LLC said that no blockchain- or cryptocurrency related businesses were consulted during the bill’s drafting process.
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guest · Mar 16, 2019

mood said: ↑

Hacker Steals $13.5 Million From Bancor Cryptocurrency Exchange
July 10, 2018
https://www.bleepingcomputer.com/ne...-million-from-bancor-cryptocurrency-exchange/
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Alert: Bancor Hackers move 25433 Ethereum
March 16, 2019
https://coinnounce.com/alert-bancor-hackers-move-25433-ethereum/

The whole crypto community was in shock when Bancor was hacked on 10th July last year with more than $23 million worth of Ethereum being stolen. Almost eight months after the incident, the hackers have allegedly made transactions from the wallet where the stolen Ethereum were kept.

Three days ago, the hackers moved around 25,433 Ethereum to an address which seems to be a mixer service address or an exchange. It cannot be determined yet whether the funds can still be tracked or not.
There are reports that this address was used in a (Bancor) hack. Please exercise caution when interacting with this address”.
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guest · Mar 17, 2019

Why Most Educated People Fail to Understand Bitcoin
March 17, 2019
https://www.cryptoglobe.com/latest/2019/03/why-most-educated-people-fail-to-understand-bitcoin/

Misir Mahmudov, a widely-followed and respected bitcoin (BTC) analyst, has argued that “most educated people fail to appreciate bitcoin because they only specialize in one field.” In order to truly understand how bitcoin works, Mahmudov, a financial economics student at Columbia University, recommends having some grasp of basic computer science and economics concepts.

He has also suggested learning more about cryptography, game theory, central banking, psychology, and distributed systems. Having some idea about these fields, Mahmudov notes, should help people in truly appreciating bitcoin and what it aims to offer.
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ronjor · Mar 18, 2019

Moonday Morning: Bitcoin dev ordered to prove Craig Wright isn’t Satoshi

Story by Matthew Beedham 18 Mar 2019
Thanks QuadrigaCX, you ruined it for everyone
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ronjor · Mar 18, 2019

Cboe to stop listing bitcoin futures as interest in crypto trading cools

Kate Rooney Kr00ney 18 March 2019
The first U.S. exchange to introduce bitcoin futures will stop listing that product.
Cboe Global Markets says it “does not currently intend” to list any additional bitcoin futures for trading but not fully close the door on crypto.
It’s still “assessing” its approach for how it plans to continue.
Retail interest in cryptocurrency trading has largely dried up since the 2017 mania.
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guest · Mar 18, 2019

mood said: ↑

Hacked Crypto Startup Cryptopia To Open Its Doors Again, First Through “Read Only” Site
March 5, 2019
https://ethereumworldnews.com/hacked-crypto-startup-cryptopia-open-doors-read-only-site/
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New Zealand: Hacked Exchange Cryptopia Expects to Resume Trading by End of March 2019
March 18, 2019
https://cointelegraph.com/news/new-...xpects-to-resume-trading-by-end-of-march-2019

Cryptopia, the recently hacked New Zealand crypto exchange, has posted an update on March 17 concerning its plan to resume trading on its platform, which is expected by the end of March.

In the post, Cryptopia’s co-founder Rob (Hex) Dawson stated that the company is entirely committed to reopening the exchange. Hex provided Cryptopia customers with data about the ongoing rebate process, as well as general recommendations for interacting with their accounts.
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guest · Mar 18, 2019

Banking Startup Launching Visa Card That Lets You Spend 7 Cryptos
March 18, 2019
https://www.coindesk.com/banking-startup-launching-visa-card-that-lets-you-spend-7-cryptos

Banking startup 2gether is launching a prepaid Visa debit card that allows users to spend cryptocurrencies.

In an announcement, 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC). The card “instantly” converts the cryptos to fiat currency and, it said, and can be used fee-free by customers in any of the 19 eurozone nations.

The company said the card would address the hurdles that come with making payments directly with cryptocurrencies. “Currently, spending crypto is a long and difficult process involving exchanges, personal keys, and lots of waiting,” it said.
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guest · Mar 18, 2019

Citi Has Scrapped Its Plan for a JPM Coin-Like Bank-Backed Cryptocurrency
March 18, 2019
https://www.coindesk.com/citi-scraps-its-plan-for-a-jpm-coin-like-bank-backed-cryptocurrency

In light of the splash JPMorgan made recently with its plan for a bank-backed cryptocurrency, it’s worth remembering another big institution first tested a token to connect global payments – back in 2015.

Codenamed “Citicoin,” the project out of Citigroup’s innovation lab in Dublin was never formally announced by the bank, even as a proof of concept. The idea was to streamline global payment processes. As such, there are obvious parallels with the much-vaunted JPM Coin.

However, having taken stock of the experiment (not to mention the scorn of the bitcoin community at that time) Citi concluded that, while the technology has the potential to live up to its promises, there were other more effective and efficient ways of making improvements in payments.
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ronjor · Mar 19, 2019

Nobody wants a Bitcoin ETF because cryptocurrency ‘has no intrinsic value’

Matthew Beedham March 19, 2019
Most people that actually responded to the Securities and Exchange Commission‘s (SEC) request for public input into a Bitcoin ETF really aren’t too fond of the idea. All but one of the seven letters are vehemently against the idea that any form of Bitcoin ETF be approved.
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guest · Mar 19, 2019

Largest Swiss Online Retailer Digitec Galaxus Now Accepts Cryptocurrencies
March 19, 2019
https://cointelegraph.com/news/larg...-digitec-galaxus-now-accepts-cryptocurrencies

Leading Swiss online retailer Digitec Galaxus has announced that it will now accept cryptocurrencies, according to a press release published on March 19.

The new payment method was reportedly jointly developed as part of a pilot project with Swiss payment processor Datatrans and in collaboration with Danish crypto payments startup Coinify. The system opens 15-minute-time windows for customers, during which the crypto exchange rate doesn’t change in order to make the payment with a fee of 1.5 percent.
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guest · Mar 20, 2019

Binance Unveils a ‘Cash-to-Bitcoin’ Brokerage Service in Australia
March 20, 2019
https://www.cryptoglobe.com/latest/...sh-to-bitcoin-brokerage-service-in-australia/

On Wednesday (March 20th), cryptocurrency exchange Binance announced the launch of Binance Lite Australia, "a cash-to-bitcoin brokerage service where users can purchase bitcoin by depositing cash at a network of supported newsagents across Australia."

Although Binance Lite Australia currently only allows purchasing one type of cryptocurrency—Bitcoin—and one type of payment method—cash (in Australian dollars)—there are plans to add support for purchasing other cryptocurrencies and also to add support for other fiat payment options in the future.
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ronjor · Mar 20, 2019

Cryptocurrency exchange Cryptopia resumes trading months after debilitating hack

Yessi Bello Perez 20 March 2019
Cryptocurrency exchange Cryptopia has resumed trading following a debilitating hack in mid-January.
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guest · Mar 20, 2019

Swiss Federal Assembly Approves Instructions on Cryptocurrency Regulation
March 20, 2019
https://cointelegraph.com/news/swis...ves-instructions-on-cryptocurrency-regulation

The legislative body of the Swiss government, the Federal Assembly, has approved a motion to instruct the Federal Council to adapt existing legislation for cryptocurrency regulation. Coitelegraph auf Deutsch reported on the development on March 20.

The move aims to close perceived gaps in protecting cryptocurrency users from illicit activities like extortion and money laundering. The legislation is set to determine how to stifle cryptocurrency-associated risks, as well as whether entities operating crypto trading platforms should be equated with financial intermediaries, and thus be subject to financial market supervision.
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