Online Cash Bitcoin Could Challenge Governments, Banks

ronjor · Dec 5, 2019

EU agrees tough line on digital currencies like Facebook's Libra

December 5, 2019
BRUSSELS (Reuters) - Private digital currencies like Facebook’s Libra should not be allowed in the European Union until the risks they could pose are clearly addressed, EU finance ministers agreed on Thursday.
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guest · Dec 6, 2019

Ugandan cryptocurrency startup promises jobs — steals employees’ money instead
They promised 40-percent returns then vanished
December 6, 2019
https://thenextweb.com/hardfork/201...startup-promises-jobs-steals-employees-money/

A number of Ugandan citizens have been left in the lurch after being promised jobs at a cryptocurrency startup that’s gone dark.

Independent Ugandan newspaper Daily Monitor reports that dozens of people in the Masaka District have been fleeced of their own money and employment after falling for the promises of a bogus cryptocurrency business.
A businessman who worked next door to Dunamiscoins said that the company had been convincing people to join its “network” by promising 40-percent returns on cash investments.
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Minimalist · Dec 7, 2019

Ukraine Passes Law on Money Laundering With Crypto Policy Based on FATF

The Ukranian government has approved the final version of a money laundering law that will handle virtual assets and virtual asset service providers (VASPs) per FATF guidelines.

On Dec. 6, the Rada, Ukraine’s legislative body, published a final version of the law that considers virtual assets to be a store of wealth, while also recognizing its potential use in financial crimes, such as money laundering, fraud, and the financing of terrorists.
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https://cointelegraph.com/news/ukra...y-laundering-with-crypto-policy-based-on-fatf

Minimalist · Dec 7, 2019

Applying Machine Learning to Crypto-Sphere: The Good and the Bad Aspects

Anyone who has traded cryptocurrencies before has been frustrated by the difficulty involved with trying to predict market trends.
Usually, this leads people to follow the consensus of the public, or their favored crypto experts, or even the advice of online trading communities on Telegram, Discord, or Reddit.
None of these are bad options, so long as a trader finds trustworthy people.
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https://hackernoon.com/4-awesome-ways-machine-learning-is-used-in-the-cryptosphere-yz3g3zrz

Minimalist · Dec 8, 2019

Microsoft Azure Announces Blockchain Token and Data Management Service

Microsoft’s blockchain-enabled cloud service Microsoft Azure announced new tokenization and blockchain data management services.

In a post published on the official Microsoft Azure blog on Dec. 6, the IT service giant announced the Azure Blockchain Tokens and blockchain data manager.
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https://cointelegraph.com/news/micr...-blockchain-token-and-data-management-service

Minimalist · Dec 8, 2019

Ethereum Istanbul — Faster, But Still Not the World Computer

Vitalik Buterin has claimed that Ethereum will support 3,000 transactions per second after the upcoming Istanbul fork.

Will this unleash a new wave of Ethereum creativity? Might we expect a surge in traffic on the Ethereum network? Could its increase influence the price of ETH?
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https://cointelegraph.com/news/ethereum-istanbul-faster-but-still-not-the-world-computer

Minimalist · Dec 8, 2019

Italian Copyright Authority and Algorand Develop Blockchain Ecosystem for Copyright Management

The Italian Society of Authors and Publishers (SIAE) has teamed up with Algorand to develop a new ecosystem for copyright management, based on Algorand’s recently launched blockchain platform.
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https://cointelegraph.com/news/ital...blockchain-ecosystem-for-copyright-management

ronjor · Dec 10, 2019

Police arrest head of $2.7M Ugandan cryptocurrency scam

Story by Matthew Beedham 10 Dec 2019
Police have arrested one of the directors of a cryptocurrency startup in Uganda that closed suddenly and made off with investors‘ money.
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Minimalist · Dec 10, 2019

All Bitcoin mining should be environmentally friendly

The rise in popularity of cryptocurrencies such as Bitcoin has the potential to change how we view money. At the same time, governments and societies are worried that the anonymity of these cashless transactions could allow criminal activities to flourish. Another less remarked upon issue is the energy demands needed to mint new coins for these cryptocurrencies. A new report by Associate Professor Naoki Shibata of Nara Institute of Science and Technology presents a blockchain algorithm, which he calls "proof-of-search" (PoS), that retains the attractive features of most cryptocurrencies at a lower cost to the environment.
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https://techxplore.com/news/2019-12-bitcoin-environmentally-friendly.html

guest · Dec 10, 2019

Alleged Bitcoin scam that raised $359M busted by Brazilian police
December 10, 2019
https://thenextweb.com/hardfork/2019/12/10/bitcoin-investment-scam-brazil-police/

Police in Brazil have busted a purported Bitcoin investment scheme that allegedly stole $359 million (1.5 million reais) from victims.

According to a statement issued by the Paraná state government, state police shut down the unnamed operation and arrested nine people.
A four-month investigation revealed 500 people from across six states — Paraná, Bahia, Minas Gerais, Paraná, Maranhão, and Amapá — had fallen victim to the Bitcoin BTC investment scam, but it is estimated the figure could rise to 5,000 people.

“It became apparent that the operation was a scam when the victims received a message from the company, telling them that for six months the investors wouldn’t be able to withdraw their funds,” the statement reads.
One of the victims said a suspect had promised daily returns of 3 or 4 percent on their investment.
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guest · Dec 10, 2019

US arrests three in alleged $722 mn cryptocurrency fraud
December 10, 2019
https://techxplore.com/news/2019-12-alleged-mn-cryptocurrency-fraud.html

US authorities arrested three men in an alleged fraud that raised $722 million from investors lured by fake bitcoin mining earnings, the Justice Department announced Tuesday.

Prosecutors described the scam as a "high-tech Ponzi scheme" run by the "BitClub Network," which took money from investors and rewarded them for recruiting new shareholders.
Defendants "are accused of deploying elaborate tactics to lure thousands of victims with promises of large returns on their investments in a bitcoin mining pool," said Paul Delacourt, assistant director with the FBI's Los Angeles office.

The Justice Department charged Goettsche and Jobadiah Sinclair Weeks, both of Colorado, with conspiracy to commit wire fraud.
The two men were also charged with conspiracy to offer and sell unregistered securities, along with the third defendant, Joseph Frank Abel of California.
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DoJ: Three Men Arrested in $722 Million Cryptocurrency Fraud Scheme

hawki · Dec 12, 2019

"China's bitcoin miners scoop up greater production power

LONDON (Reuters) - China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners...

Miners in China control 66% of global “hashrate”, a measure of the power of computers hooked up to the bitcoin network that dictates their ability to produce new coins, according to a report by digital asset manager CoinShares..."

https://www.reuters.com/article/us-...eater-production-power-research-idUSKBN1YF1PB

guest · Dec 12, 2019

Dutch Bank ING Reportedly Working on Crypto Custody Tech
December 12, 2019
https://www.coindesk.com/dutch-bank-ing-reportedly-working-on-crypto-custody-tech

The news agency said in a report on Wednesday that sources "familiar with the matter" indicated that the ultimate aim of the initiative is to provide secure crypto storage facilities for the bank's customers.
The tech, though still in the early stages, is apparently being built by a team based in Amsterdam.

Responding to Reuters in a statement, ING said it “sees increasing opportunities with regard to digital assets on both asset backed and native security tokens,” and is taking a particular focus on developing blockchain technology to open up the sector for clients.
If ING now moves into custodianship of crypto assets, it will be one of very few traditional finance institutions to have done so.
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guest · Dec 13, 2019

SEC Charges Shopin CEO With Fraud Over Unregistered $42M ICO
The U.S. Securities and Exchange Commission (SEC) has charged Shopin and its founder Eran Eyal
December 11, 2019
https://www.coindesk.com/sec-charges-shopin-ceo-with-fraud-over-unregistered-42m-ico

The SEC announced Wednesday that Eyal had been charged with defrauding investors by selling unregistered securities in the form of Shopin Tokens. While Eyal was supposed to develop a platform which would store and track customer profiles across different retailers, Shopin never built out the system, the agency alleged.

Instead, Eyal "misappropriated investor funds for his personal use," which included a dating service.
Eyal is accused of misappropriating at least $500,000 for his personal use.
A complaint alleges that Eyal "made at least four misrepresentations in marketing" the Shopin token, including by claiming that Shopin had successfully conducted a pair of pilot programs, [...]

The SEC is also charging Eyal with failing to register the Shopin token sale as a securities sale, and is looking for a permanent injunction, disgorgement, civil penalties, to permanently bar Eyal from acting as an officer or director in any public company, or from participating in any future token sales.
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guest · Dec 13, 2019

VeChain Foundation Hacked, $6.5 Million in VET Stolen
Hackers make off with millions off the back of "internal misconduct."
December 13, 2019
https://cryptobriefing.com/vechain-foundation-hacked-6-5-million-vet-stolen/

The VeChain Foundation was hacked for 1.1 billion VET tokens worth $6.5 million. Internal misconduct is likely the cause.

Information from the foundation purports that the wallet was created without obeying the organization’s internal procedures, and it was missed by their auditing team due to human error.

“We would like to emphasize that the incident is in no way related to the effectiveness of the actual Standard Procedure or VeChain’s hardware wallet solutions,” said the foundation.
The VeChain Foundation reported the incident to law enforcement in Singapore, its place of incorporation, and to “all exchanges.” In particular, exchanges that had stolen funds sent to them were instructed to blacklist the hacker’s addresses.
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Minimalist · Dec 15, 2019

PayPal Sues Consumer Protection Agency for ‘Confusing’ Digital Wallet Rules

PayPal is suing the Consumer Financial Protection Bureau (CFPB) for requiring the firm to make “misleading and confusing” disclosures about its fees.

The digital payments giant filed a lawsuit against the CFPB on Dec. 11, arguing that the agency has ignored critical differences between digital wallets and prepaid products like prepaid debit cards (GPR).
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https://cointelegraph.com/news/payp...ion-agency-for-confusing-digital-wallet-rules

Minimalist · Dec 15, 2019

Microsoft Revives Nonfungible Tokens, Sparks Industry's Imagination

Ever since the game CryptoKitties was released in November 2017, the concept of nonfungible token has been ingrained in the minds of developers and investors in the crypto community. However, 2019 has been the year that NFTs have gained mainstream attention. And it should come as no surprise that even huge, multinational companies are currently developing NFT projects.

Recently, Mirosoft’s blockchain-based cloud platform, Azure, released its own nonfungible tokens program called “Azure Heroes” with the aim of rewarding its developer community.
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https://cointelegraph.com/news/microsoft-revives-nonfungible-tokens-sparks-industrys-imagination

Minimalist · Dec 15, 2019

Fidelity Digital Assets to Consider Rolling Out Ether Support in 2020

Tom Jessop, the president of Fidelity Digital Assets, the cryptocurrency trading arm of United States financial services giant Fidelity, announced that the firm may add support for Ether (ETH) in 2020 is there is sufficient demand for it.
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https://cointelegraph.com/news/fidelity-digital-assets-to-consider-rolling-out-ether-support-in-2020

Minimalist · Dec 15, 2019

The Modern Great Game — Facebook’s Libra Project

Since Facebook’s digital currency project, Libra, was announced in June, there has been a growing chorus of central bankers and policy makers pushing back against its ambitions. Germany’s Vice Chancellor Olaf Scholz and France’s Finance Minister Bruno Le Maire have both, separately, made it clear that they are not impressed with Libra and that the issuance of currency is the exclusive duty of the state and intrinsic to the sovereignty of a nation. The irony of this stance is apparently lost on both men, as neither France nor Germany have issued their own currency since 1999.

Although the Facebook subsidiary Calibra — which was setup to facilitate Libra — is based in Switzerland, Facebook may have been expecting a more favorable reception in the United States as a heavyweight of Silicon Valley. However, when Calibra CEO David Marcus was summoned to Washington D.C. on July 16 and followed by Facebook’s Mark Zuckerberg on Oct. 23, it became apparent that the social media behemoth had not done enough networking on Capitol Hill.
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https://cointelegraph.com/news/the-modern-great-game-facebooks-libra-project

Minimalist · Dec 21, 2019

Can Bitcoin Benefit From New ‘Impossible to Crack’ Encryption Chips?

A team of researchers claims that the prototype silicon chip that they developed enables encryption that is impossible to break. According to an article published on Dec. 20 by scientific paper publication outlet Nature, the system uses chaotic wavepackets in conventional Silicon-based semiconductors.
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https://cointelegraph.com/news/can-bitcoin-benefit-from-new-impossible-to-crack-encryption-chips

Minimalist · Dec 21, 2019

We Totally Misunderstood Blockchain

The fad is dying. A recent CB Insights report that was cited by Bloomberg announced a 60% decline in blockchain startup investments this year, down to $1.6 billion. But at the same time, large enterprises such as Microsoft, Walmart, IBM and Samsung have either deployed their own blockchains or joined partnerships to use the technology. Ironically, several banks, such as HSBC and JPMorgan Chase, have also developed their own blockchain arms — the same entities blockchain was supposed to replace. What happened? Why are public chains with the true spirit of decentralization fading away while early adversaries have turned into advocates of the technology?
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https://cointelegraph.com/news/we-totally-misunderstood-blockchain

Minimalist · Dec 21, 2019

8 Congress Reps Send Letter to IRS Urging Further Crypto Tax Clarity

Eight members of the United States (U.S.) Congress sent a letter to the Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws.
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https://cointelegraph.com/news/8-congress-reps-send-letter-to-irs-urging-further-crypto-tax-clarity

Minimalist · Dec 21, 2019

Crypto Will Eventually Replace Fiat, but How Soon and Where?

A recently unveiled Deutsche Bank “Imagine 2030” report boldly puts a date on the eventual fiat–crypto “social consensus flip,” citing the Asian continent and, in particular, China, to have already recognized the trend. If true, then what every cryptocurrency speculator and investor would like to know is, when will it happen? The current landscape is a predictor of the future.
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https://cointelegraph.com/news/crypto-will-eventually-replace-fiat-but-how-soon-and-where

guest · Dec 23, 2019

2,000 Ethereum moved by Upbit hacker to unknown wallet
December 23, 2019
https://eng.ambcrypto.com/2000-ethereum-moved-by-upbit-hacker-to-unknown-wallet/

Upbit, a South Korean exchange woke up to a major hack on 27 November, resulting in the loss of $51.7 million worth of Ethereum. Ever since the hack, many exchanges came forward to freeze the movement of the stolen funds; however, that has not stopped hackers from trying to move these funds to various unidentified wallets. According to Whale Alert, a part of this stolen amount was moved on 23 December.

This fairly new address has an account of just 13 transactions, mainly to and from the hacker’s wallet. Whereas, the sender address held 13,171 ETH [worth $1,747,660] and was dormant for over two weeks.
According to CryptoTicker, OTC methods on the dark web were a commonly used method to liquidate funds. However, if the attackers switch the token from privacy-focused coins like Monero, Dash, or Zcash, it might get difficult to recover the loss.
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guest · Dec 23, 2019

Hackers steal $480,000 worth of NULS cryptocurrency from its dev team
A 'hard fork' is planned to freeze the stolen funds
December 23, 2019
https://thenextweb.com/hardfork/201...blockchain-hard-fork-smart-contract-ethereum/

Hackers ransacked accounts belonging to the development team of an obscure blockchain earlier today, stealing $480,000 worth of an obscure token known as NULS.

The NULS team confirmed the attack in a tweet posted this morning. In total, two million NULS ($480,000) were taken.
Of that stash, the team reported that more than half a million tokens have been liquidated via cryptocurrency exchanges. That amount equates to roughly $131,600.

The NULS blockchain, however, is much less popular than Ethereum, so it’s unlikely this hard fork will cause that much of a stir.
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