Online Cash Bitcoin Could Challenge Governments, Banks

guest · Aug 24, 2019

FTC Settles With Promoters of Multi-Level Marketing Crypto Scheme
August 24, 2019
https://www.coindesk.com/ftc-settles-with-promoters-of-multi-level-marketing-crypto-scheme

The U.S. Federal Trade Commission (FTC), has settled charges it filed last year against four promoters of crypto-denominated multi-level marketing schemes.

Following a federal trial in a Florida court, the operators of the fraudulent investment schemes are ordered to pay restitution and have been barred from operating or participating in other such MLM schemes, according to a statement made by the FTC on August 22.
Thomas Dulca, Eric Pinkston, Louis Gatto and Scott Chandler sat at the top of a pyramid scheme. In order to stay in operation, investors were encouraged to recruit new participants. Though promised large rewards, most participants “failed to recoup their initial investment.”
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Minimalist · Aug 25, 2019

Crypto News From the German-Speaking World: Week in Review

The German-speaking world was highly active as far as crypto was concerned this past week. Among other stories, the German Federal Financial Supervisory Authority (BaFin) issued several items of interest to the crypto community, a new fund for blockchain startups launched in Hamburg and an Austrian crypto ATM service filed for bankruptcy following an armed robbery.
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https://cointelegraph.com/news/crypto-news-from-the-german-speaking-world-week-in-review

Minimalist · Aug 25, 2019

Crypto Custody: Adoption Shortcut or Blockchain Purists’ Nightmare?

The major digital asset services platform Coinbase has recently announced the long-anticipated completion of a deal that has been in progress since at least May: the acquisition of Xapo’s institutional business. The move projects Coinbase Custody to the status of the world’s largest institutional digital asset custodian, securing more than $7 billion on behalf of over 120 clients globally. According to some estimates, Coinbase could now be holding over 5% of all Bitcoin in circulation.
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https://cointelegraph.com/news/crypto-custody-adoption-shortcut-or-blockchain-purists-nightmare

Minimalist · Aug 25, 2019

Crypto Custodian BitGo Announces EOS Support

Cryptocurrency trust and security company BitGo announced the launch of a multi-signature wallet and custody service for EOS.
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https://cointelegraph.com/news/crypto-custodian-bitgo-announces-eos-support

guest · Aug 25, 2019

New Waste Coin Introduced by Argentina to Reward for Efficient Waste Management
The Ministry of Industry in Argentina to reward its citizens with a brand new cryptocurrency, JellyCoin
August 25, 2019
https://www.altcoinbuzz.io/crypto-n...ina-to-reward-for-efficient-waste-management/

During a meeting on Aug 19, 2019, The Ministry of Industry in the Argentine province of Misiones announced that they will soon reward the citizens with the brand new cryptocurrency for proper waste management. This “missionary cryptocurrency” will be given as a reward for Hive Project.

JellyCoin, the new waste coin will be given to the citizens who will participate in processing urban waste management. This complementary cryptocurrency is built on Blockchain technology that offers a decentralized, open and transparent management system, providing a high level of security, allows access to information and at the same time audit it.
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Minimalist · Aug 25, 2019

Crypto Industry Direly Needs Specialized Education, Says Ripple Exec

Cryptocurrency firm Ripple’s head of social impact Ken Weber is confident that universities around the world must expand their education programs to offer blockchain and digital assets training courses that directly relate to actual roles in the industry.
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https://cointelegraph.com/news/crypto-industry-direly-needs-specialized-education-says-ripple-exec

Minimalist · Aug 25, 2019

Crypto means cryptotheology

Cryptocurrencies are a religion as much as they are a technology. They almost have to be, given their adherents’ gargantuan ambition of fundamentally changing how the world works. This means they attract charlatans, lunatics, frauds, and false prophets, and furious battles are waged over doctrinal hairspliitting; but it also means they inspire intransigent beliefs which can, and do, unify many thousands of wildly different people across continents and time zones.
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https://techcrunch.com/2019/08/25/crypto-means-cryptotheology/

Minimalist · Aug 25, 2019

Internal Revenue Service Sends New Round of Letters to Crypto Holders

Last week, the United States Internal Revenue Service sent another round of letters to crypto traders called CP2000. These notices were sent to traders of some crypto exchanges due to inconsistencies found in their tax reports.
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https://cointelegraph.com/news/internal-revenue-service-sends-new-round-of-letters-to-crypto-holders

Minimalist · Aug 25, 2019

Thai SEC Warns Public About New Crypto Scam Operating Overseas

Thailand’s securities regulator has warned the public about scam entities posing as legal digital currency trading firms operating overseas.
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https://cointelegraph.com/news/thai-sec-warns-public-about-new-crypto-scam-operating-overseas

guest · Aug 25, 2019

mood said: ↑

Teen Bitcoin Millionaire: “Bitcoin is Pretty Much Dead”
December 14, 2018
https://www.newsbtc.com/2018/12/14/teen-bitcoin-millionaire-bitcoin-dead/
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The teenager who made millions on Bitcoin is staking it all on this obscure token
August 25, 2019
https://venturebeat.com/2019/08/25/...coin-is-staking-it-all-on-this-obscure-token/

As one might expect, the something-of-a-wunderkind’s sudden riches, business stunts, and cocksure-dropout attitude have resulted in a viral notoriety for the young entrepreneur.

“I’m not even 21. Just wait,” his pinned tweet from June 10 reads.
Well, the “wait” is apparently over. The world’s youngest Bitcoin millionaire recently announced his next big thing: He’s dumping all of his Bitcoin holdings into Metal, a cryptocurrency that launched an ICO in 2017.

“I’m willing to stake it all on Metal,” he told me in an interview. “I’m converting all my crypto money into this coin.”
Big goals indeed. Finman has boasted that Metal Pay will beat out Libra, Facebook’s ideation on digital currency, and he’s even gone so far as to say that Metal will replace Bitcoin.
The Metal token enjoyed a $40 to $60 million 24-hour trading volume in the days following Finman’s announcement.
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Minimalist · Aug 25, 2019

Crypto News From Brazil: Week in Review

Last week, Brazilian authorities took regulatory action against crypto-related businesses and several alleged cryptocurrency scams. Earlier this month, legal requirements for crypto-related business tightened in the country, when Brazil’s tax authority, the Department of Federal Revenue (RFB), introduced strict reporting requirements for crypto transactions.
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https://cointelegraph.com/news/crypto-news-from-brazil-week-in-review

Minimalist · Aug 25, 2019

Brave Expands Crypto Tipping to Reddit and Vimeo After Twitter

Blockchain-based internet browser Brave has continued expanding its crypto tipping option by integrating it into Reddit and Vimeo.
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https://cointelegraph.com/news/brave-expands-crypto-tipping-to-reddit-and-vimeo-after-twitter

guest · Aug 25, 2019

Minimalist said: ↑

US Lawmakers to Visit Switzerland to Discuss Crypto, Facebook’s Libra

https://cointelegraph.com/news/us-lawmakers-to-visit-switzerland-to-discuss-crypto-facebooks-libra
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U.S. lawmaker says still concerned about Facebook cryptocurrency after Swiss meetings
August 25, 2019
https://www.reuters.com/article/us-...tocurrency-after-swiss-meetings-idUSKCN1VF0YJ

The chair of the U.S. House Financial Services Committee said on Sunday she remained concerned about Facebook’s plans for a digital currency after meeting the government officials in Switzerland that Facebook has said will regulate it.

“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” Congresswoman Maxine Waters said in a statement.
U.S. lawmakers bashed Facebook over its plans at a hearing of Waters’ committee in July, saying the company had not shown it could be trusted to safeguard the world financial system and consumers’ data.
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Minimalist · Aug 26, 2019

Crypto News From Japan: Week in Review

Japan is a friendly jurisdiction for cryptocurrency trading and development, having eliminated the consumption tax on Bitcoin (BTC) trading in 2017, after which it recognized the coin as legal tender. This week in Japan, a crypto exchange that was hacked earlier this year has closed its doors, while the central bank has come out as bullish on blockchain technology.
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https://cointelegraph.com/news/crypto-news-from-japan-week-in-review

ronjor · Aug 26, 2019

California man laundered $25M through his own DIY Bitcoin ATM and exchange

by Matthew Beedham
Kunal Kalra, 25 has been found guilty of owning and operating unlicensed money transmitting business which he used to exchange up to $25 million in cash and virtual currencies. Court documents allege the service was used by dark web drug dealers and other criminals.
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guest · Aug 26, 2019

Binance Confirms Hacker Obtained Its Users' KYC Data from 3rd-Party Vendor
August 26, 2019
https://thehackernews.com/2019/08/binance-kyc-data-leak_26.html

As suspected, the KYC details of thousands of Binance's customers that hackers obtained and leaked online earlier this month came from the company's third-party vendor, Malta-based cryptocurrency exchange Binance confirmed.
According to an official blog post, the company has provided more details of its ongoing investigation into the matter, revealing that "some of the leaked images overlap with images that were processed by a third-party vendor, which Binance contracted a few times between early December 2017 and late February 2018."

The team also said that multiple leaked images were photoshopped and did not match the KYC images in its database, and are, therefore "being accounted into the comprehensive investigation."
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Minimalist · Aug 26, 2019

Estonia Grants Crypto Trading and Custody License to WEG Bank

German bank WEG Bank obtained a cryptocurrency trading and custody in Estonia. WEG Bank confirmed in a tweet published on Aug. 25 that it obtained a crypto trading and custody license in Estonia.
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https://cointelegraph.com/news/estonia-grants-crypto-trading-and-custody-license-to-weg-bank

Minimalist · Aug 26, 2019

Binance Unveils Its First Crypto Lending Service Launching This Month

Major crypto exchange Binance will launch its first crypto lending product on Aug. 28, 2019.

According to an official announcement on Aug. 26, holders of Binance coin (BNB), Ethereum Classic (ETC) and Tether (USDT) will be able to lend their assets and earn interest through Binance’s new service called Binance Lending.
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https://cointelegraph.com/news/binance-unveils-its-first-crypto-lending-service-launching-this-month

Minimalist · Aug 26, 2019

North Korea and Crypto: Is the Regime Responsible for Major Hacks?

For many years now, the media periodically reports news regarding the alleged mischiefs pinned on the North Korean hackers that are seemingly detriment to target fintech businesses. But this fact seems quite odd, considering that the International Telecommunication Union estimated that the actual percentage of the population of the Democratic People's Republic of Korea using the internet is close to zero.
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https://cointelegraph.com/news/north-korea-and-crypto-is-the-regime-responsible-for-major-hacks

Minimalist · Aug 27, 2019

‘Single Window’ Crypto Exchange ShortHop Launches in 7 US States

Cryptocurrency exchange and brokerage ShortHop is now operating in seven additional U.S. states allowing its users to work with multiple trading platforms’ order books via a single window.
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https://cointelegraph.com/news/single-window-crypto-exchange-shorthop-launches-in-7-us-states

guest · Aug 27, 2019

Judge recommends bitcoin ‘creator’ turn over earnings in lawsuit
Craig Wright may have to hand over half of his pre-2014 bitcoin earnings
August 27, 2019
https://www.engadget.com/2019/08/27/bitcoin-craig-wright-lawsuit-ruling/

The self-proclaimed creator of bitcoin, Craig Wright, has been ordered to hand over half of his bitcoin earnings and intellectual property (IP) -- earned before 2014. They'll go to the estate of David Kleiman, who may or may not have co-created the cryptocurrency.
The ruling, reported by CoinDesk, is the latest development in a $10 billion lawsuit. In 2018, Kleiman's brother accused Wright of fraudulently claiming that Kleiman signed over ownership and control of W&K, a company Kleiman ran. Wright was allegedly after Kleiman's Bitcoin earnings.

As part of yesterday's ruling, Wright will not be allowed a jury trial. His lawyers will likely appeal the decision, but this could signal an end to the case. Though, this probably isn't the last time we'll hear from Wright.
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guest · Aug 27, 2019

Venezuela Is Seriously Pushing Its State-Run Cryptocurrency
August 26, 2019
https://futurism.com/the-byte/venezuela-state-cryptocurrency

The Venezuelan government just announced a new state-run cryptocurrency platform called Patria Remesa, according to a Monday press release — and it wants its citizens who are working abroad to use it to send funds back home.
In the release, the government argues that sending remittances through the government’s oil-backed crypto is safer and more cost-effective than existing means, suggesting that Venezuela sees crypto trading as a way to bolster its economy and become more competitive internationally.

“The world is evolving, there is a new economic revolution that is coming to continue advancing in the country and contribute to the world economy,” Ramírez said on the broadcast, as translated by Google. “The traditional financial system is no longer enough. That’s why cryptocurrencies arrived to open their eyes to the economic world.”
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Minimalist · Aug 28, 2019

The Comprehensive Crypto Anthology

Learning about the crypto space can be an intimidating endeavor. The wide array of media channels and an immense volume of content make it increasingly difficult to discern signal from noise. We want it to be as easy as possible to conquer the crypto learning curve, so we aggregated our favorite posts, papers, and guides here.
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https://hackernoon.com/rv-crypto-anthology-ph14031jv

guest · Aug 28, 2019

Telegram hasn’t given up on its ‘Gram’ cryptocurrency
But if it doesn't launch by October Telegram forfeits $1.7bn investment
August 28, 2019
https://www.engadget.com/2019/08/28/telegram-hasn-t-given-up-on-its-gram-cryptocurrency/

As Facebook's cryptocurrency Libra faces challenges from legislators, another social platform is getting ready to launch its own digital currency. According to a report in the New York Times, Telegram is aiming to launch its own coin, the Gram, within the next two months.

The currency -- which has been rumored for a while -- will operate with a decentralized structure similar to Bitcoin. The coins will apparently be stored in a Gram digital wallet, which Telegram plans to offer to its 200 million global users.
In legal documents seen by the Times, Telegram has promised investors it would deliver Grams by October 31st or return their money, so the company is up against a tight deadline.
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guest · Aug 28, 2019

4 Agencies Are Investigating Crypto Exchange QuadrigaCX
August 27, 2019
https://www.coindesk.com/4-agencies-are-investigating-crypto-exchange-quadrigacx-ey-report

At least four different law enforcement and regulatory agencies are investigating defunct Canadian crypto exchange QuadrigaCX, a new report by bankruptcy trustee Ernst & Young (EY) said.

George Kinsman, the court-appointed bankruptcy trustee and EY employee overseeing the exchange’s shutdown and the return of funds to its users, wrote a new report Monday sharing some information about EY’s ongoing attempts to recover crypto and fiat for its creditors.

“The Trustee is aware of at least four (4) independent active law enforcement or regulatory reviews in progress which have included inquiries or in some cases formal requests for documents and/or data disclosure from the Trustee,” Kinsman wrote Monday. “Other agency requests may subsequently materialize.”
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