Online Cash Bitcoin Could Challenge Governments, Banks

guest · Jan 18, 2019

Bitcoin con artists charged with $51M investment scam
January 18, 2019
https://thenextweb.com/hardfork/2019/01/18/taiwan-bitcoin-investment-scam/

In Taipei, a group of Bitcoin BTC con artists have been charged with running an elaborate cryptocurrency scam that defrauded local and foreign investors out of millions of dollars.
Authorities formally charged a 47-year-old man surnamed Lin, along with six accomplices, with violating Taiwan‘s Banking and Multi-Level Marketing Supervision acts with a fake Bitcoin investment scam, reports FocusTaiwan.

Since October 2016, police say Lin and co. attracted $51 million from over 1,000 Taiwanese investors. The scammers are also charged with defrauding citizens of neighbouring China.
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Minimalist · Jan 19, 2019

Malaysia uses sledgehammer to crack crypto nut

On January 14, Malaysia's finance minister announced that from January 15th digital currencies and tokens in Malaysia will be categorized and regulated as securities and all businesses dealing in cryptocurrencies will need to adhere to the country's regulatory framework for digital assets.
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https://bravenewcoin.com/insights/malaysia-uses-sledgehammer-to-crack-crypto-nut

guest · Jan 19, 2019

Daily bitcoin transactions on darknet markets doubled throughout 2018: report
January 18, 2019
https://www.reuters.com/article/us-...-doubled-throughout-2018-report-idUSKCN1PC1OE

Use of bitcoin as a form of payment doubled in 2018 on darknet market sites, where users can buy anything from illegal drugs to fake IDs, even though the price of the cryptocurrency crashed, according to a study by data firm Chainalysis.

Bitcoin, the largest cryptocurrency, is a popular form of payment on darknet markets because users do not need to reveal their identities.
“For someone who wants to buy something on a dark marketplace, the fact that bitcoin price is fluctuating doesn’t really matter,” Grauer said.
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Minimalist · Jan 20, 2019

Proposed License Requirements End Anonymous Crypto Selling and Buying in the Netherlands

Pete Hoekstra, the Netherlands’ Minister of Finance, has received official advice that a licensing system should be introduced for crypto services, Dutch media outlet Nederlandse Omroep Stichting (NOS) reports on Jan. 18.

Hoekstra reportedly requested advice about cryptocurrencies from the Netherlands’ Authority for the Financial Markets and the local central bank, De Nederlandsche Bank, at the beginning of last year.
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https://cointelegraph.com/news/prop...-crypto-selling-and-buying-in-the-netherlands

Minimalist · Jan 20, 2019

Leaders of South Korean Crypto Exchange Komid Jailed for Faking Volume: Local Media

Two leaders of the South Korean cryptocurrency exchange Komid were reportedly sentenced to serve jail time for faking exchange volumes, Korean crypto media outlet blockinpress reports on Jan. 18.

The exchange’s CEO, surnamed Choi, received a three-year sentence, while another company leader with an unspecified role was purportedly sentenced to two years imprisonment for fraud, embezzlement and misconduct, the article notes.
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https://cointelegraph.com/news/lead...ge-komid-jailed-for-faking-volume-local-media

guest · Jan 21, 2019

Saudi Arabia and United Arab Emirates to Launch a Cryptocurrency for Banks. Underlying Blockchain Tech Still Undisclosed
January 20, 2019
https://ethereumworldnews.com/saudi...-cryptocurrency-banks-blockchain-undisclosed/

The world of cryptocurrencies and blockchain technologies is slowly beginning to permeate the traditional finance market, and Arabs are willing to become references for other actors by using these technologies in large-scale operations.
According to an article published by the Emirates News Agency, [...]
Experimenting With Blockchain To Issue an Official Interbank Cryptocurrency
In economic matters, they decided to experiment with blockchain technologies to facilitate financial operations between the two countries. To this end, they announced a pilot project for the creation of a commonly accepted cryptocurrency of interbank nature in a first instance:

"[...] It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies.”
The blockchain will be private, so the general public will not have the possibility to access the information, still, being a centralized blockchain, it is likely to be designed to allow the reversal of transactions in case central banks need it.
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Minimalist · Jan 21, 2019

Tangem raises $15m for crypto smart cards

Smart card wallet producer Tangem has raised $15 million from SBI Crypto Investment for a new breakthrough in mass adoption of blockchain technology.

The Swiss startup plans to use the investment to accelerate deployment of its ‘smart banknote’ - holding digital assets on a physical card - technology in other industries where the secure storage and circulation of blockchain assets have the highest potential.
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http://www.fstech.co.uk/fst/Tangem_Crypto_Smart_Card_Fundraising.php

guest · Jan 21, 2019

Swiss Bank Falcon Launches Crypto Wallet With Withdrawals to Fiat
January 21, 2019
https://cointelegraph.com/news/swiss-bank-falcon-launches-crypto-wallet-with-withdrawals-to-fiat

The bank announced that both private and institutional investors can now directly transfer a selection of major cryptocurrencies to and from the institution's own “segregated Falcon wallets,” as well as convert crypto into fiat money.

To start, Falcon reportedly only supports four major cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), the press release notes.
With the recent move, Falcon claims its has made blockchain assets “fully bankable,” with the select cryptos being included in the bank’s portfolio statements, as well as in tax reporting documents.
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ronjor · Jan 22, 2019

Will people ditch cash for cryptocurrency? Japan is about to find out

by Mike Orcutt January 22, 2019
The world’s largest experiment in using blockchain-based networks to pay for things is about to begin.
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Minimalist · Jan 22, 2019

Report by South Africa's Reserve Bank Makes Strides Toward Crypto Clarity in the Country

A working group of South African financial regulatory organizations has released a consultation paper focused on cryptocurrencies, calling for public input to develop a cryptocurrency regulation policy for the country.
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https://cointelegraph.com/news/sout...-clarity-with-the-reserve-banks-latest-report

Minimalist · Jan 23, 2019

UK watchdog flags possible ban on some crypto-related trading

Britain’s markets watchdog said on Wednesday it would consult later in the year on a proposed ban on selling derivatives linked to certain types of crypto assets to retail customers.
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https://www.reuters.com/article/bri...-on-some-crypto-related-trading-idUSL8N1ZN27Y

Minimalist · Jan 23, 2019

Google’s head of account security has fix for cryptocurrency SIM-swapping

SIM-swapping has plagued cryptocurrency holders for close to a year, and now Google’s head of account security has had enough. He wants to put a stop to it with a clever gadget the size of a flash drive.

This new form of identity fraud hinges on tricking telecom staff into rerouting a victim’s telephone number to a SIM card housed in a device under the control of an attacker.
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https://thenextweb.com/hardfork/2019/01/23/google-cryptocurrency-sim-swappers/

guest · Jan 23, 2019

Security flaws found in 26 low-end cryptocurrencies
January 23, 2019
https://www.zdnet.com/article/security-flaws-found-in-26-low-end-cryptocurrencies/

A group of four academics from the University of Illinois at Urbana-Champaign in the US has discovered two security flaws that impact 26 (Proof-of-Stake, PoS) cryptocurrencies.

Researchers explained their findings in a Medium blog post published yesterday, January 22. The first of the two vulnerabilities has been explained in finer detail in a research paper [...]
"We call the vulnerabilities we found 'Fake Stake' attacks," researchers said. "Essentially, they work because PoSv3 implementations do not adequately validate network data before committing precious resources (disk and RAM)."

A list of impacted cryptocurrencies is available below, also available online, here.
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ronjor · Jan 23, 2019

'Bitcoin will go to zero': Davos talks up the future of blockchain tech

Arjun Kharpal | @ArjunKharpal 23 Jan 2019
The price of bitcoin could nosedive to zero, Jeff Schumacher, founder of BCG Digital Ventures, said during a CNBC-hosted panel at the Sanctuary in Davos.
The other panelists including Ripple CEO Brad Garlinghouse, 500 Startups Partner Edith Yeung and Silver Lake Partners Co-Founder Glenn Hutchins, discussed the future of blockchain technology.
All agreed that the value of tokens will be derived from how useful the underlying protocol is.
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guest · Jan 23, 2019

Bitmain mining machines plagued by contagion virus in China
January 22, 2019
https://bcfocus.com/news/bitmain-mining-machines-plagued-by-contagion-virus-in-china/48267/

Amid endless cryptojacking worries, another hacker has surfaced in China. A new hacking attempt has been launched by an anonymous hacker who has infected mining machines with a virus known as “the hAnt”. The hAnt seems to be targetting Bitmain’s Antminers.

The virus can cause a ‘contagion’ and quickly impact the other miners. “A mine with 4,000 mining machines can bring hackers 2,400 yuan in profits in just one hour,” cited the report.
The miners operating the mining gear is given two options by the hacker. Either allow the virus to be transmitted to 1000 other mining machines or pay 10 BTC.
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hawki · Jan 23, 2019

"Bitcoin blues: This is how much cyptocurrency was stolen last year

Cyber attacks and hacks targeting cryptocurency cost victims over $1.8 billion during the last year alone, as crooks targeted everything from cryptocurrency exchanges down to individual consumers in campaigns designed to take advantage of the boom in bitcoin and other digital currencies..."

https://www.zdnet.com/article/bitcoin-blues-this-is-how-much-cyptocurrency-was-stolen-last-year/

Minimalist · Jan 23, 2019

What We Can Learn from Crypto’s Anti-Hero

Last month, Timothy May, the incendiary co-founder of the Cypherpunks mailing list and author of the Crypto Anarchist Manifesto, died, leaving behind a complicated legacy for the cryptosphere.

May kickstarted the Cypherpunk movement in the late 1980s, clearing the ground for the crypto surge today. The Cypherpunks mailing list was a forum for cryptographic pioneers like Adam Back (hashcash) and Nick Szabo (smart contracts) to talk shop, and it laid out many of the functions and protocols that would underlie Satoshi Nakamoto’s Bitcoin solution in 2008.
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https://hackernoon.com/what-we-can-learn-from-cryptos-anti-hero-302f6346c524

guest · Jan 24, 2019

ronjor said: ↑

Cryptopia cryptocurrency exchange pulled offline due to security breach
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Cryptopia Hack Update: Approx. $16 Million in Ethereum (ETH) and ERC20 Tokens Stolen
January 23, 2019
https://ethereumworldnews.com/cryptopia-hack-16-million-in-ethereum-eth-and-erc20-tokens-stolen/

New Estimate of $16 Million in Ethereum (ETH) and ERC20 Tokens Stolen
A new report from the data company of Elementus has since provided a better picture as to what value in digital assets was taken from the exchange.
The firm puts the estimate at $16 Million in Ethereum (ETH) and ERC20 tokens stolen from Cryptopia. The breakdown of losses from the hack has been provided by Elementus and can be found below.
How it Was Carried Out
The report by Elementus goes on to explain that this hack was unique in the sense that many different wallets were involved. The report by Elementus further breaks down the exchanges the hackers tried to use in liquidating their loot.
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guest · Jan 24, 2019

New Hampshire could allow crypto tax payments
January 24, 2019
https://coingeek.com/new-hampshire-allow-crypto-tax-payments/

Ohio may soon not be the only state in the U.S. to allow taxes to be paid in cryptocurrencies. Two lawmakers in New Hampshire have introduced legislation that could lead the state’s residents to pay their taxes in crypto as well. The bill would allow all state-level agencies to receive crypto, including New Hampshire’s taxman.

As published by legiscan.com, House Bill 470 (HB 470) was introduced on January 3 [...]
Current regulations in the state, as with most states, only allow U.S. dollars to be used to make payments at all state agencies.
HB 470 hopes to change this and would allow the agencies to receive crypto through “an appropriate third party payment processor that will process cryptocurrency transactions at no cost to the state.”
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ronjor · Jan 24, 2019

UK financial watchdog asks the public how to regulate cryptocurrency

Story by Yessi Bello Perez Published January 24, 2019
Bitcoin and other cryptocurrencies (cryptoassets) have caused regulators many headaches in recent years.
In the latest twist in crypto’s regulation saga, the UK’s financial watchdog has launched a consultation on existing guidance around cryptoassets amid fears that companies could be putting consumers at risk by offering unauthorized services.
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ronjor · Jan 25, 2019

Robinhood, LibertyX Receive Licenses from New York Regulators

Nikhilesh De Jan 24, 2019
The New York Department of Financial Services (NYDFS) announced Thursday that it was granting Robinhood Crypto, a subsidiary of the main firm, and Moon Inc., which does business under the LibertyX moniker, virtual currency licenses, as well as a money transmission license for Robinhood.
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guest · Jan 25, 2019

Shopping with Crypto: More Than 240 Locations in Slovenia Accept Payment Via New App
January 25, 2019
https://cointelegraph.com/news/shop...ations-in-slovenia-accept-payment-via-new-app

Elipay in action
From bars and restaurants to shops and salons, Eligma says its platform is being accepted by a rich variety of venues — meaning it is possible to pay using crypto for the entire day.

Eligma says shopping with smartphones is the future, offering the kind of convenience and immediacy that cash in a wallet cannot provide. Given its focus on crypto, the company believes it has a distinct advantage over other payment processing platforms that have retained a laser-like emphasis on old-fashioned currencies.

Overall, Eligma’s objective is to bring crypto into the mainstream — and raise awareness about blockchain among everyday consumers.
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guest · Jan 25, 2019

Bitcoin Is Worth Less Than the Cost to Mine It, JPMorgan Says
January 25, 2019
https://www.bloomberg.com/news/arti...t-to-mine-it-jpmorgan-says?srnd=technology-vp

The production-weighted cash cost to create one Bitcoin averaged around $4,060 globally in the fourth quarter, according to analysts with JPMorgan Chase & Co.
With Bitcoin itself currently trading below $3,600, that doesn’t look like such a good deal. However, there’s a big spread around the average, meaning that there are clear winners and losers.

Electricity tends to be the biggest cost for miners, needed to run the high-powered computer rigs used to process data blocks to earn Bitcoin.
With margins negative, it’s expected more high-cost producers will be forced to drop out, the analysts said.
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guest · Jan 26, 2019

Italian Senate approves amendment to include blockchain terms in law
January 25, 2019
https://coingeek.com/italian-senate-approves-amendment-include-blockchain-terms-law/

The Italian senate has approved amendments to legislation which introduces blockchain terms into existing laws, marking the first significant steps from the government towards regulation for the blockchain sector, Milano Finanza reported.
It comes as the latest move from the Italian government in the blockchain sector, after committing to international blockchain partnerships and increasing investment in blockchain in 2018.

The text also allows blockchain data to legally validate registered documents, which could pave the way for greater use of distributed ledger technology in commercial applications.
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Minimalist · Jan 26, 2019

Crypto Critic Nouriel Roubini: Blockchain is ‘No Better Than an Excel Spreadsheet’

Nouriel Roubini, a notorious cryptocurrency critic, has stated that blockchain is “no better than an Excel spreadsheet” during a panel hosted by crypto exchange LaToken on Jan 25.

Roubini is also known for having predicted the 2008 financial crisis, earning him the moniker of Dr. Doom.
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https://cointelegraph.com/news/cryp...kchain-is-no-better-than-an-excel-spreadsheet

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