Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Sep 29, 2019

The Story Behind the Explosive Growth of Crypto Funds

The explosive growth of crypto funds is a compelling story, especially when you consider that the concept has only been around for six years. Today, crypto funds have become the engine powering the thriving crypto industry. Compared to the 224 funds launched in 2017, 2018 showed unprecedented growth as 239 new crypto funds entered the fray.
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https://cointelegraph.com/news/the-story-behind-the-explosive-growth-of-crypto-funds

guest · Sep 29, 2019

Iranian Bitcoiners Risk Fines, Jail Time as Government Regulates Mining
September 27, 2019
https://www.coindesk.com/iranian-bitcoiners-risk-fines-jail-time-as-government-regulates-mining

The Iranian government has been cracking down on cryptocurrency mining operations over the past three months, pending new legislation for formal mining licenses.

Since authorities have not officially approved a mining license process, several sources told CoinDesk that bitcoin miners are now operating in a climate of perpetual fear.
In rare cases, they can be jailed for continuing to operate. More often, they face exorbitant fines or have their equipment sealed off.

“If the government learns about my equipment, they’ll seal it and turn it off,” one small-scale bitcoin miner, operating just 15 machines in Tehran, told CoinDesk, adding:
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guest · Sep 29, 2019

The Fusion Network: Hacked?
The CEO says via Telegram that a third of the FSN coins in circulation are gone
September 29, 2019
https://decrypt.co/9766/the-fusion-network-hacked

The Fusion Network, a blockchain-based financial platform that makes it easy to swap stablecoins, among other things, appears to have been hacked earlier today.

"After it was stole, we found the [thief] kept moving those stolen FSN in order to wash the address holding FSN, and sent part of the them to exchanges to sell," Qian said in the Telegram group.
Qian said the remaining tokens in the wallet had been moved to a safe cold storage address, and major exchanges, including OKEx, Huobi and Bitmax had been contacted. He added that Fusion was "developing a program to track and trace" the stolen FSN.

Qian suggested someone with access to the foundation wallet's private keys was to blame, and said the team has evidence as to the individual(s) responsible that is strong enough to contact police.
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Minimalist · Sep 29, 2019

Crypto Carnage, Zuckerberg Admission, Royal BTC Scam: Hodler’s Digest, Sept. 23–29

https://cointelegraph.com/news/cryp...ssion-royal-btc-scam-hodlers-digest-sept-2329

Minimalist · Sep 29, 2019

Crypto in Cuba Faces Challenges Despite Growing Adoption, Overview

Following the roll-out of mobile internet across the country in 2018, many ordinary Cubans are increasingly using cryptocurrencies to bypass economic sanctions imposed by the United States and access the global marketplace.
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https://cointelegraph.com/news/crypto-in-cuba-faces-challenges-despite-growing-adoption-overview

guest · Sep 29, 2019

A Complete Guide to Petro - Venezuela’s Cryptocurrency Driven Attempt to Attain An Edge
September 28, 2019
https://hackernoon.com/the-complete...tempt-to-dance-at-the-cutting-edgeu-p61e232lz

The Venezuelan cryptocurrency is a question mark, an oddity, a riddle wrapped up in an enigma. Up to this day virtually every article about it, and there are a lot, refers to the Petro’s mysterious quality in one way or another.
I interviewed four cryptocurrency enthusiasts from different walks of life to get their take on the elusive Petro.
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guest · Sep 30, 2019

Ripple Acquires Crypto Exchange Algrim to Expand into Iceland
September 30, 2019
https://www.financemagnates.com/cry...rypto-exchange-algrim-to-expand-into-iceland/

Ripple has acquired Iceland-based crypto trading firm Algrim to tap into its talent pool, paving its way to expand its operations in the country.

Announced today, The six-engineer team of Algrim will join the San Francisco-headquartered firm and will contribute to the ongoing development of Ripple’s On-Demand Liquidity (ODL) product which utilizes XRP for production cross-border payments.

“The decision to join the Ripple team was a natural fit — both companies share a vision to enable widespread adoption of digital assets and blockchain technology, which aligns directly with what we’ve been working towards for the past several years,” Dadi Armannsson, chief executive at Algrim, said.
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Minimalist · Sep 30, 2019

UK police sell £300,000 of crypto seized from TalkTalk hacker

UK police have raised a pretty penny through the auction of Bitcoin and other cryptocurrency seized from a crypto trader and hacker.
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https://techerati.com/news-hub/uk-crypto-police-hacker-talktalk-norwich-2019/

guest · Sep 30, 2019

Kasaija tells Ugandans to stay away from cryptocurrencies
September 30, 2019
https://www.monitor.co.ug/News/Nati...tocurrencies/688334-5292954-g1ur4b/index.html

The Ministry of Finance, Planning and Economic Development and the Central Bank have urged Ugandans to stay away from cryptocurrencies saying government does not recognize any crypto-currency as legal tender and its use in Uganda.

“This is to inform the general public that: - the government of Uganda does not recognize any crypto-currency as legal tender in Uganda. The government of Uganda has not licensed any organization in Uganda to sell crypto-currencies or to facilitate the trade in crypto-currencies and so these organizations are not regulated by the government or any of its agencies,” Mr Kasaija said.
Mr Kasaija said unlike other owners of financial assets who are protected by government regulation, holders of crypto-currencies in Uganda do not enjoy any consumer protection should they lose the value assigned to their holdings of crypto-currencies, or should organization facilitating the use, holding or trading of crypto-currencies fail for whatever reason to deliver the services or value they have promised.
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Minimalist · Sep 30, 2019

Researchers invent low-cost alternative to Bitcoin

The cryptocurrency Bitcoin is limited by its astronomical electricity consumption and outsized carbon footprint. A nearly zero-energy alternative sounds too good to be true, but as School of Computer and Communication Sciences (IC) Professor Rachid Guerraoui explains, it all comes down to our understanding of what makes transactions secure.
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https://techxplore.com/news/2019-09-low-cost-alternative-bitcoin.html

Minimalist · Sep 30, 2019

Crypto ETF advocates face SEC resistance despite strategic shift

After years of delays and false signs of progress, asset managers looking to start the first cryptocurrency exchange-traded fund are heading back to the drawing board.
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https://www.bnnbloomberg.ca/crypto-...-resistance-despite-strategic-shift-1.1324165

guest · Oct 1, 2019

Bank of Ireland staff asked to testify in $300M OneCoin fraud case
September 30, 2019
https://thenextweb.com/hardfork/2019/09/30/bank-ireland-staff-onecoin-cryptocurrency-scam/

As the multi-billion dollar OneCoin cryptocurrency pyramid scheme continues to tumble, news of witnesses set to testify against the scam’s perpetrators are now coming to light.
According to Finance Feeds, employees of the Bank of Ireland have been asked to testify in the case against Mark Scott, one of the alleged figureheads of the $3 billion-plus OneCoin scam.

Scott, a former partner with international law firm Locke Lord, has been accused of laundering $300 million in OneCoin proceeds using corporate accounts at the Bank of Ireland. It’s believed that he misrepresented the source of the funds to the bank.
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Minimalist · Oct 1, 2019

Exploring cryptocurrency and blockchain in Iceland

Imagine a hairdryer running on high, continuously, for 24 hours a day, seven days a week. The energy it drains—about 40 kilowatts per hour—equals what one extremely powerful specialized computer uses to mine cryptocurrency. A single six-building data center outside a small town in northern Iceland houses nearly 30,000 of these machines.
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https://techxplore.com/news/2019-10-exploring-cryptocurrency-blockchain-iceland.html

guest · Oct 1, 2019

SEC fines Block.one $24 million for unregistered ICO worth billions
The company neither admitted nor denied any wrongdoing
October 1, 2019
https://www.engadget.com/2019/10/01/sec-fines-block-one-24m-unregistered-ico-worth-billions/

Blockchain technology company Block.one has been fined $24 million by the Securities and Exchange Commission (SEC) for running an unregistered ICO (initial coin offering).

According to the SEC, the company conducted the ICO between June 2017 and June 2018, raising several billion dollars' worth of digital assets, but did not register it as a securities offerings as stipulated by federal securities law. The SEC says this meant investors were not given the information they needed to make informed decision
The company has also been granted a waiver which means it won't be subject to any ongoing restrictions that would usually apply to a settlement of this kind.
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guest · Oct 1, 2019

WSJ: Visa, Mastercard are reconsidering support for Facebook Libra
The cryptocurrency scheme could be in trouble if it loses major partners
October 1, 2019
https://www.engadget.com/2019/10/01/facebook-libra-partners/?

It has been a few months since Facebook officially announced its "Libra" cryptocurrency push with support from some big names including Visa and Mastercard.

The Wall Street Journal reports today that executives from unnamed partner companies have refused to support Libra publicly, despite requests from Facebook for them to do so. It claims, based on anonymous sources, that Visa, Mastercard and others are now reconsidering their involvement altogether.
This all comes out as members of the Libra Association are preparing to meet in Washington D.C. on Thursday, so we'll likely find out soon if they pull together or split apart.
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guest · Oct 1, 2019

New Bitcoin Fraud Goes Right To The Top
September 30, 2019
https://www.forbes.com/sites/zakdof...-as-queen-elizabeth-ii-to-fund-quick-brexit/?

As bitcoin scams go, this one takes some beating in the credibility stakes. In a physically mailed letter purporting to be from the Queen's private office within Buckingham Palace, brazen scammers have asked recipients for a bitcoin donation to help the U.K. fund its Brexit mess

Paul Ridden, CEO of a U.K. technology company, claimed to have received the letter and duly shared it on LinkedIn. For such a poorly drafted scam to be sent by regular mail is bizarre—especially given the would-be fraud revolves around cryptocurrency.
More importantly, the letter promises to delay any economic hard-shocks from Brexit and to keep EU imports running as normal. All in all, hard to refuse.

Targeted scams and social engineering have reached almost epidemic proportions. The use of familiar names and platforms to entice victims into trusting scammers has become sophisticated enough that it is often hard to spot. Not this time, though.
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guest · Oct 2, 2019

Ethereum stolen from Payfair escrow platform after major hack
October 2, 2019
https://eng.ambcrypto.com/ethereum-stolen-from-payfair-escrow-platform-after-major-hack/

Recently, Payfair, a decentralized escrow platform, announced that it had fallen victim to a hack attack on its Telegram channel. Since then, the official website has been down and the official Telegram channel has been disabled. In a statement, the platform said,

“Yesterday, as a result of a hacker attack, a private key to our platform’s cold wallet was compromised, and therefore the platform will be offline until the end of the week.”
Additionally, it was also revealed that the platform has lost funds because of the attack, with Ethereum listed as the cryptocurrency that was stolen. The platform also informed that the the hacker was able to gain access to one of its cold wallet’s private keys. So far, the platform has not released any more information with regard to the stolen Ether.

Further, PayFair assured it users that the funds would be returned over the weekend.
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guest · Oct 2, 2019

mood said: ↑

WSJ: Visa, Mastercard are reconsidering support for Facebook Libra
The cryptocurrency scheme could be in trouble if it loses major partners
October 1, 2019
https://www.engadget.com/2019/10/01/facebook-libra-partners/?
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Facebook’s Libra cryptocurrency lead fires back at Wall Street Journal report
October 2, 2019
https://thenextweb.com/hardfork/201...ead-fires-back-at-wall-street-journal-report/

David Marcus, the man in charge of getting Facebook‘s controversial ‘cryptocurrency‘ Libra off the ground, has fired back at a Wall Street Journal (WSJ) report that claimed MasterCard, one of the project‘s backers, was thinking about potentially pulling out.

Although Marcus didn’t explicitly deny the overall thread of the WSJ piece, he said that the initial (and official) group of Libra‘s partners “will be formalized in weeks to come.”

[...] For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else;
— David Marcus (@davidmarcus) October 1, 2019
4) The tone of some of this reporting suggests angst, etc… I can tell you that we're very calmly, and confidently working through the legitimate concerns that Libra has raised [...]
— David Marcus (@davidmarcus) October 1, 2019
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guest · Oct 4, 2019

Tim Cook gives a hard no on Apple cryptocurrency
Apple CEO says he believes "deeply" that currency must remain in the hands of states
October 4, 2019
https://www.cnet.com/news/tim-cook-gives-a-hard-no-on-apple-cryptocurrency/

Tim Cook isn't interested in Apple launching a cryptocurrency. In an interview with French publication Les Echos published on Friday, the Apple CEO said he believes deeply that money must remain in the hands of states.

"I am not comfortable with the idea that a private group creates a competing currency," Cook told Les Echos, according to a translation of the interview. "Money, like Defense, must remain in the hands of States ... We elect our representatives to assume government responsibilities. Companies are not elected, they do not have to go on this ground."
Cook's comments come as Facebook's planned cryptocurrency, Libra, is reportedly on shaky ground, with financial partners reconsidering their involvement following scrutiny from US and international lawmakers.
[/quot]
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guest · Oct 4, 2019

mood said: ↑

WSJ: Visa, Mastercard are reconsidering support for Facebook Libra
The cryptocurrency scheme could be in trouble if it loses major partners
October 1, 2019
https://www.engadget.com/2019/10/01/facebook-libra-partners/?
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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/

PayPal’s decision to take its ball and go home was first reported by The Wall Street Journal .

“PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations,” PayPal said in an emailed statement.
It could be that PayPal isn’t the only firm to walk away from the ambitious effort to transform the entire global financial system.
Mastercard, Visa and other companies may join PayPal in backing away from the Libra project, which has been the subject of mounting criticism since its launch.
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guest · Oct 5, 2019

Tether Surpasses Bitcoin as Most Traded Crypto
October 4, 2019
https://www.crowdfundinsider.com/2019/10/152433-tether-surpasses-bitcoin-as-most-traded-crypto/

Tether, a cryptographic proxy of USD created in 2014 to give liquidity in crypto markets, has now solidly surpassed Bitcoin as the most traded cryptocurrency in the world.
According to the Sydney Morning Herald (SMH), Tether first surpassed Bitcoin in daily trading volumes back in April, and, “has consistently exceeded it since early August at about $US21 billion ($31.3 billion) per day.”

First, ideological cryptocoiners take issue with tethers because, unlike the Bitcoin network, which is theoretically controlled by no single entity, tethers are issued by a private company called Tether, a subidiary of iFinex.
Tether has been characterized as “the central bank of crypto.”
Tether is also supported by exchanges, many of which have had a hard time maintaining banking due to banks’ concerns about fund origins and their obligations to account for this.
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Minimalist · Oct 6, 2019

South Korea’s Crypto Youth | Cointelegraph Documentary

In the last few decades, South Korea has been among the fastest developing countries in the world. It is currently the planet’s third-largest crypto economy, after the United States and Japan.
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https://cointelegraph.com/news/south-koreas-crypto-youth-cointelegraph-documentary

Minimalist · Oct 6, 2019

SEC: If Bitcoin Was a Security, It Would ‘Raise Substantial Issues’

The United States Securities and Exchange Commission (SEC) has yet again officially stated that Bitcoin (BTC) is not a security.
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https://cointelegraph.com/news/sec-if-bitcoin-was-a-security-it-would-raise-substantial-issues

Minimalist · Oct 6, 2019

Crypto News From the Spanish-Speaking World: Sept. 30 – Oct. 5 in Review

The Spanish-speaking world is seeing additional cryptocurrency and blockchain developments with the inauguration of a new blockchain campus at a Madrid university, a number of new allegations of crypto scams in the Dominican Republic, Mexico issuing professional certificates on blockchain and Æternity blockchain teaming up with the Digital Party of Uruguay.
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https://cointelegraph.com/news/crypto-news-from-the-spanish-speaking-world-sept-30-oct-5-in-review

Minimalist · Oct 6, 2019

Crypto News From the German-Speaking World: Sept. 30 – Oct. 5 in Review

The German-speaking world has experienced another week full of exciting developments in the crypto industry, with Liechtenstein approving the new Blockchain Act, Iota Foundation joining the European climate research community and Germany taking a firm stand against stablecoins.
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https://cointelegraph.com/news/crypto-news-from-the-german-speaking-world-sept-30-oct-5-in-review

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