Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Apr 21, 2018

Macau Monetary Authority Issues Warning On Crypto Following Criminal Ties To ICO

The Monetary Authority of Macau has issued a warning to the public regarding the possibility “fraud and criminal activities” in cryptocurrencies, the South China Morning Post reports April 20.

The warning comes on the heels of revelations that Macua Dragon Group, a firm associated with Chinese gangster Wan Kuokoi, employed Cambridge Analytica to promote Dragon Coin, a new virtual currency for gamblers to transfer money to Macau casinos. Wan has reportedly spent more than ten years in prison for various crimes, including leading the “14K” triad group in Macau.
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https://cointelegraph.com/news/maca...ning-on-crypto-following-criminal-ties-to-ico

Minimalist · Apr 21, 2018

Taiwanese Gov’t Plans To Release Anti-Money Laundering Regulations For Crypto In November

Taiwanese Minister of Justice, Chiu Tai-san, said that the country will roll out new regulations for virtual currencies later this year, Taiwan Central News Agency reported April 20.

Today, at a conference dedicated to anti-money laundering (AML) in the financial industry held by the Taiwan Financial Services Coalition, Chiu Tai-san said that the country will develop and launch new regulations on Bitcoin and other cryptocurrencies. The regulations will aim to prevent cryptocurrencies from becoming instruments for money laundering and reportedly will take effect in November.
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https://cointelegraph.com/news/taiw...laundering-regulations-for-crypto-in-november

Minimalist · Apr 21, 2018

Attackers Fake Computational Power to Steal Cryptocurrencies from equihash Mining Pools

After analysis, they found out the attacked equihash mining pools are using a vulnerable equihash verifier

(equihashverify : https://github.com/joshuayabut/equihashverify) to verify miners’ shares.

There is a logic vulnerability in this verifier, so attacker can easily fake mining shares which can bypass the equihash solution verifier without using so much computing power.
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https://securityaffairs.co/wordpress/71601/hacking/hacking-equihash-mining-pools.html

Minimalist · Apr 22, 2018

Biggest Crypto Tax Debate Is Not What You Think: Expert Take

You might think the biggest tax debate about Bitcoin and other cryptocurrencies is about whether you should or shouldn’t report it. Or perhaps about whether the US Inland Revenue Service (IRS) will catch people who don’t report. Perhaps, but there’s not too much debate about those topics these days. Everyone seems to know that you should report, and that the IRS is after taxing cryptocurrencies in a very big way.
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https://cointelegraph.com/news/biggest-crypto-tax-debate-is-not-what-you-think-expert-take

Minimalist · Apr 23, 2018

Blockchain and GDPR: Between a Block and a Hard Place

Blockchain and other emerging distributed ledger technologies offer the promise of increased security, transparency and resilience based on the use of distributed, immutable records.

At the same time, the European Union General Data Protection Regulation (GDPR), which takes effect May 25, 2018, governs the use and protection of personal data collected from or about any European Union resident. Personal data is defined very broadly and includes any information relating to an identified or identifiable natural person. Under current EU legal interpretations, this includes encrypted or hashed personal data as well as public cryptographic keys that can be tied to a private individual.

The penalties for failing to comply with the GDPR are harsh including fines of up to the greater of €20 million or 4% of a company’s annual worldwide revenue.
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https://www.tripwire.com/state-of-security/security-data-protection/blockchain-gdpr/

ronjor · Apr 24, 2018

Ex-CEO of Bankrupt Bitcoin Exchange Mt. Gox Has a New Job in Crypto

By Jen Wieczner April 19, 2018
“Bitcoin right now is, I believe, doomed,” Karpelès adds. “Its original promise of being the future of currency is clearly out of reach.” Then again, that’s what some said about Karpelès’ career.
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Minimalist · Apr 24, 2018

MyEtherWallet Warns That A “Couple” Of Its DNS Servers Have Been Hacked

Cryptocurrency wallet MyEtherWallet (MEW) tweeted a warning that a “couple” of its DNS servers have been hacked and users risk being redirected to a phishing site this morning, April 24. MEW is now in the process of verifying which servers have been targeted and is working to resolve the hack “asap,” they added.
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https://cointelegraph.com/news/myetherwallet-warns-that-a-couple-of-its-dns-servers-have-been-hacked

Minimalist · Apr 25, 2018

How secure is blockchain really?

The whole point of using a blockchain is to let people—in particular, people who don’t trust one another—share valuable data in a secure, tamperproof way. That’s because blockchains store data using sophisticated math and innovative software rules that are extremely difficult for attackers to manipulate. But the security of even the best-designed blockchain systems can fail in places where the fancy math and software rules come into contact with humans, who are skilled cheaters, in the real world, where things can get messy.
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https://www.technologyreview.com/s/610836/how-secure-is-blockchain-really/

ronjor · Apr 27, 2018

BBVA Issues First Ever Corporate Loan on the Distributed Ledger

Adam James · April 26, 2018 · 8:00 pm
Spain’s Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), a multinational Spanish banking group, has officially become the first global bank to issue a loan using Bitcoin’s underlying technology, the distributed ledger — hailing the event as a “significant advance in the exploitation” of the technology.
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Minimalist · Apr 28, 2018

Italy: Law Firm Files Bankruptcy Petition Against Hacked Crypto Exchange BitGrail

BonelliErede, the Italian law firm representing victims of the BitGrail crypto exchange hack, has filed a petition with an Italian court to declare the exchange bankrupt under article 6 of Italian Bankruptcy Law, a BonelliErede representative announced on reddit Friday, April 27.

The move represents the latest development in a war of words and lawyers that has exploded between BitGrail’s owner, Francesco “The Bomber” Firano, and the Nano Foundation, since the exchange reported the loss of 17 mln Nano (XRB) tokens (worth around $187 mln at the time it was reported, and $124 mln at press time). In an interview with CT, Firano claimed the theft dates to Jan. 19, but it was first reported Feb. 8, 2018.
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https://cointelegraph.com/news/ital...ition-against-hacked-crypto-exchange-bitgrail

Minimalist · Apr 29, 2018

Crypto Auctions: Where Do Arrested Bitcoins End Up?

Regardless, it is a fact that some illegal activities are done with cryptocurrencies. While it seems quite simple to seize a fiat account or appropriate cash, the nature of cryptocurrencies makes this process much more complicated. Let’s analyze some cases where the government authorities seized cryptocurrency assets due to illegal activities and find out where they end up.

International authorities did not try to underestimate the issue. Europol recently recognized that “three to four bln pounds of criminal money in Europe is being laundered through cryptocurrencies”.
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https://cointelegraph.com/news/crypto-auctions-where-do-arrested-bitcoins-end-up

Minimalist · Apr 30, 2018

Ready to regulate: Why crypto and the City need each other

The global financial system moves trillions every day and serves billions of people in the process, yet legacy technology and siloed systems make change immensely slow, if not impossible.

The majority of core banking systems are over 30 years old, and almost half of financial intermediaries suffer economic crime – in other industries, that number is 37 per cent.

Blockchain is frequently touted as the technology that will shake the financial services industry out of this funk, providing a distributed ledger that can be used to record, store and transfer anything of value: money, bonds, equities, contracts, titles.
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http://www.cityam.com/284866/ready-regulate-why-crypto-and-city-need-each-other

Minimalist · Apr 30, 2018

Morgan Stanley Research: Defined Regulations Main Factor For Crypto Exchanges When Choosing Country

Thanks to its well-defined regulatory framework, Malta now accounts for the largest share of cryptocurrency trading volume in the world. This conclusion comes from a Business Insider report Sunday, Apr 29, that cites a recent research done by the Morgan Stanley bank.

A team of Morgan Stanley researchers, led by analyst Sheena Shah, has conducted a study on the distribution of cryptocurrency exchanges and crypto trading volume across all countries, based on volume data from Coinmarketcap and company registration info listed on the websites of the respective exchanges.

The top five countries by crypto trade volume are, in order, Malta, Belize, Seychelles, the US and South Korea, whereas the countries that are home to the largest number of exchanges are the UK, Hong Kong, USA, Singapore and Turkey.
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https://cointelegraph.com/news/morg...or-for-crypto-exchanges-when-choosing-country

Minimalist · Apr 30, 2018

Why this year’s insane graphics-card price surge might be over

The massive computing power of high-end consumer graphics cards make them ideal for mining Ethereum and a number of lesser-known cryptocurrencies. (Bitcoin's simpler mining algorithm long ago came to be dominated by custom ASICs, making GPU-based bitcoin mining unprofitable.) As a result, the cryptocurrency boom that began last year led to a boom in demand for graphics cards.

Prices soared last summer, then soared even more in early 2018. By February, the going rate for high-end graphics cards like the Radeon RX 570 and RX 580 was more than double what it had been nine months earlier.

But now the graphics-card boom seems to be coming to an end.
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https://arstechnica.com/tech-policy...sane-graphics-card-price-surge-might-be-over/

ronjor · Apr 30, 2018

Japan's Financial Regulator Is Pushing Crypto Exchanges To Drop 'Altcoins' Favored By Criminals

Jake Adelstein , Contributor Apr 30, 2018
Opinions expressed by Forbes Contributors are their own.

In order to prevent money laundering and other criminal activity, Japan’s Financial Services Agency, is quietly pressuring cryptocurrency exchanges to give up handling Monero (XMR), Zcash (ZEC), and Dash (DASH) and other cryptocurrencies favored by criminals and hackers.
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Minimalist · May 1, 2018

Russia Out To ‘Own’ Blockchain As Competition Intensifies

Russia is out to “own” blockchain, a Russian spy told other countries’ delegates to a standards body meeting last year, in remarks that highlight growing geopolitical rivalries over the emerging ledger technology.

“Look, the internet belongs to the Americans – but blockchain will belong to us,” said Grigory Marshalko, the head of an International Standardisation Organisation (ISO) meeting on blockchain issues in Tokyo last year, according to a report by The New York Times.
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https://www.silicon.co.uk/workspace/russia-own-blockchain-competition-231909

Minimalist · May 2, 2018

Chinese Crypto Trading Platform Huobi To Launch $1B Blockchain Fund

Huobi Labs, a subsidiary of Huobi China, one of China’s three largest bitcoin exchanges portals, has announced the launch of a US$1 billion blockchain industry fund in conjunction with Tianya Community Network Technology Co.,Ltd., a social networking and forum service web site.

Under the agreement, Huobi Labs will relocate its China’s headquarter to Hainan Island, off China’s southern coast, where Tianya is headquartered. Both parties will jointly build a “Global Cultural and Creative Blockchain Lab,” they said in a Twitter posting.
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https://www.chinamoneynetwork.com/2...g-platform-huobi-to-launch-1b-blockchain-fund

Minimalist · May 2, 2018

IMF Report Says Crypto Does Not ‘Pose Risks’ To Global Finance

Cryptocurrencies “do not appear to pose risks to financial stability,” the International Monetary Fund (IMF) said in a report published the second week of April.

In comments on crypto assets as part of its Global Financial Stability Report, the organization continued its recent stance in promoting international agreements on regulation. The report continues, “...they could [pose a risk] should their use become more widespread without the appropriate safeguards.”
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https://cointelegraph.com/news/imf-report-says-crypto-does-not-pose-risks-to-global-finance

ronjor · May 3, 2018

The way blockchain-based cryptocurrencies are governed could soon change

By Lucas Mearian Senior Reporter, Computerworld | May 3, 2018
Proof of Work algorithms, which govern how bitcoin and other cryptocurrencies run, have proven slow and costly. So developers are eyeing a faster and more efficient algorithm: Proof of Stake.
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hawki · May 3, 2018

"Oscar Mayer Gets Cease and Desist Over Cryptocurrency Ads Because 'Bacoin' Already Exists

It’s only been a few days since Oscar Mayer launched its horrendous “Bacoin” ad campaign, and a hero has come along in an attempt to kill it for good. Kirk Steele started a cryptocurrency called “Bacoin” a few years ago, and now he wants Oscar Mayer to cease-and-desist in conducting this viral travesty of a promotion.

If you’re unfamiliar with Oscar Mayer’s Bacoin campaign, the concept is that a bitcoin guy named Keith Sizzle is pitching the next big thing in the blockchain boom. It’s called Bacoin and it’s backed by bacon. It’s not a real cryptocurrency; the official rules outline the promotion as a contest in which you can win some free bacon..."

https://gizmodo.com/oscar-mayer-gets-cease-and-desist-letter-over-cryptocur-1825740593

"“Mmmm… unexplained bacon.”

Homer, The Simpsons

Minimalist · May 6, 2018

“It Never Was a Security”: Ethereum Under The Regulatory Spotlight

Ethereum (ETH), the second largest cryptocurrency by market capitalization, is facing scrutiny from American regulators this month.

The cryptocurrency is subject to a looming enquiry by the US Securities and Exchange Commission (SEC) as well as the Commodity Futures Exchange Commission (CFEC) for its token presale in 2014. According to the Wall Street Journal, regulators are taking a close look at the cryptocurrency and whether it should be classed as a security, as set out in the Securities Act 1933.

The major point of concern is the presale of ETH tokens in 2014. In total, 31,000 BTC were raised by the Ethereum Foundation to fund the development of Ethereum - worth around $18.3 mln at the time (and about $300 mln at press time).

Regulators are concerned that the presale itself could be classed as securities sale, due to the fact that investors likely bought tokens in the hopes that their value would increase in the future. If this is found to be the case, the Ethereum Foundation should have registered ETH as a security before the token sale was carried out.
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https://cointelegraph.com/news/it-never-was-a-security-ethereum-under-the-regulatory-spotlight

Minimalist · May 6, 2018

Japan's Financial Watchdog Sets Out New Requirements For Crypto Exchanges

Japan’s financial watchdog, the Financial Services Agency (FSA), has laid out yet further regulatory stipulations for domestic crypto exchanges, Cointelegraph Japan reports today, May 6.

The regulator is reportedly intensifying its efforts to prevent a repeat of January’s $532 mln hack of crypto exchange Coincheck, the biggest single exchange hack in the history of the crypto ecosystem.

As Cointelegraph Japan reports, an FSA source told local news outlet Nikkei Asian Review that identifying potential risks in advance has been a challenge for the watchdog. The source reportedly told Nikkei that "without the necessary know-how, we've been feeling our way through the dark on how thoroughly we should check these different aspects.”
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https://cointelegraph.com/news/japa...ets-out-new-requirements-for-crypto-exchanges

Minimalist · May 6, 2018

Banks Don't Want to be Weakest Link in Blockchain Revolution

Blockchain, the cutting-edge technology behind virtual currencies like bitcoin, has the potential to play a disruptive role in the global finance sector, experts say, as banking behemoths seek to connect with its opportunities.

While banks could reduce their costs, the gains could eventually shift to consumers who could benefit from quicker and cheaper services.

"Any disruptive shock -- be it technology, economic or political -- tends to result in winners and losers, and blockchain is no different," Colin Ellis, managing director for credit strategy at Moody's, told AFP.
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https://www.securityweek.com/banks-dont-want-be-weakest-link-blockchain-revolution

ronjor · May 7, 2018

Buffett bashes bitcoin as nonproductive, thriving on mystique

Reuters Staff May 7, 2018 6:10 AM
NEW YORK (Reuters) - Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he characterises as “rat poison squared”, thrive on the hope they’ll find someone else who will pay more for it.
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Palancar · May 7, 2018

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he characterises as “rat poison squared”, thrive on the hope they’ll find someone else who will pay more for it.
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I wonder if Buffett buys his stocks hoping someone else will pay more for them? No brainer, huh! But for him its OK, just not for crypto investors!

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