Online Cash Bitcoin Could Challenge Governments, Banks

ronjor · Feb 8, 2019

Ontario securities regulator looking into digital platform Quadriga

February 8, 2019 Reporting by Matt Scuffham and John Tilak; Editing by Leslie Adler
TORONTO (Reuters) - Canada’s biggest securities regulator said on Friday that it was looking into Quadriga CX, the digital platform whose founder died in December, trapping millions of dollars in cryptocurrencies in its accounts.
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Minimalist · Feb 8, 2019

‘Swiss Leaks’ HSBC Whistleblower Plans to Launch ‘Clean, Ethical’ Crypto Token

Frenchman Hervé Falciani, a whistleblower who has been convicted of the largest leak in banking history, plans to launch an ethical cryptocurrency that would combat money-laundering and fraud, Reuters reported on Feb. 8.
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https://cointelegraph.com/news/swis...er-plans-to-launch-clean-ethical-crypto-token

Minimalist · Feb 8, 2019

Analysis: Hackers Liquidated $3.2 Million in Tokens From Cryptopia Hack

$3.2 million in tokens stolen from New Zealand-based cryptocurrency exchange Cryptopia have been liquidated on major cryptocurrency exchanges, according to a tweet from blockchain analytics firm Elementus on Feb. 4.

The hack, which is seemingly the first major security breach of 2019, was announced by the platform on Jan. 15. The exchange said that the hack occurred on Jan. 14. Cryptopia initially told users it was undergoing unscheduled maintenance, issuing several updates before officially reporting the breach.
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https://cointelegraph.com/news/analysis-hackers-liquidated-32-million-in-tokens-from-cryptopia-hack

guest · Feb 8, 2019

Wells Fargo Outage Makes the Case for Bitcoin (BTC) and Crypto
February 8, 2019
https://ethereumworldnews.com/wellsfargo-outage-makes-the-case-for-bitcoin-btc-and-crypto/

The Outage Makes the Case for Bitcoin (BTC), Crypto and Decentralized Networks
Such an event would not cause the halting of Bitcoin transactions or a shutdown of any of the various popular cryptocurrency networks. These crypto networks usually have miners and validators distributed around the globe who can support continuity of payment services. One mining center suffering a power shutdown will not impact the entire network as much.

One needs to only remember the unfortunate floods that wiped out crypto farms in China back in mid 2018. The BTC network was still functional despite numerous mining rigs going offline.

Mati Greenspan, Senior Market Analyst at eToro, had this to say about the resilient nature of decentralized networks and how Wells Fargo stock was affected by the event.

[The] advantage of decentralized money is its resilient nature. Data is maintained by thousands of computers working simultaneously and so there is no single point of weakness.
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guest · Feb 8, 2019

mood said: ↑

New Hampshire could allow crypto tax payments
January 24, 2019
https://coingeek.com/new-hampshire-allow-crypto-tax-payments/
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Crypto Tax Bill Clears First Hurdle in New Hampshire Legislature
February 8, 2019
https://www.coindesk.com/crypto-tax-bill-clears-first-hurdle-in-new-hampshire-legislature

A proposed law in New Hampshire that would allow residents to pay their taxes with cryptocurrency is seeing some early traction.

House Bill 470, which would allow state-level agencies (including New Hampshire’s tax office) to accept cryptocurrencies for payment if approved, cleared its first minor hurdle last week after being passed unanimously by a subcommittee on the House Executive Departments and Administration Committee, with amendments.

If the bill is approved by the House and Senate, and signed by Governor Christopher Sununu, it would direct the state treasurer to determine how it may accept cryptocurrencies for tax payments by November 2019. Actual acceptance of cryptocurrencies would then commence in July 2020.
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Minimalist · Feb 9, 2019

NYSE Operator’s Crypto Platform Bakkt Finalizes Its First Acquisition

Bakkt, the much-anticipated digital assets platform operated by the Intercontinental Exchange (ICE), has closed its first acquisition, a tweet from the company revealed Feb. 8.
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https://cointelegraph.com/news/nyse-operators-crypto-platform-bakkt-finalizes-its-first-acquisition

Minimalist · Feb 9, 2019

Bitfinex Resumes Trading After Unexpected 2-Hour Outage as Crypto Markets Surge

Hong Kong-based cryptocurrency exchange Bitfinex notified users in a tweet Saturday, Feb. 9, that it had temporarily gone offline for all users, as crypto markets saw major gains.

Initially, the company wrote that the platform was unavailable only “to some users” and apologized for the inconvenience, without specifying a cause for the outage.
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https://cointelegraph.com/news/bitf...xpected-2-hour-outage-as-crypto-markets-surge

guest · Feb 9, 2019

Bitcoin Accepted as Payment for Transportation in 37 Argentinian Cities
February 9, 2019
https://ethereumworldnews.com/bitco...-for-transportation-in-37-argentinian-cities/

According to an article published by Cripto247, Altoviaje and Bitex successfully closed a strategic partnership that would allow users of public transportation to reload their SUBE card with Bitcoin.
Argentina: A Good Use Case for Bitcoin (BTC)
Manuel Beaudroit, CMO of Bitex expressed his enthusiasm after releasing the official announcement of the service. He explained that in addition to simplifying the lives of many Argentines, the joint project between Altoviaje and Bitex serves as an example for the rest of the world of Bitcoin’s potential to become a globally accepted currency:

“We believe that this type of project is of great importance since it brings technology as disruptive as bitcoin to the average people, demonstrating the real value and the applications it has in everyday life.
SUBE is the card that allows people to pay for journeys by bus, subway, and train. It can currently be used in 37 locations in the country.
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Minimalist · Feb 10, 2019

SEC ‘Crypto Mom’: Delay in Crypto Regulation May Allow More Freedom for Technology

A commissioner of the United States Securities and Exchange Commission (SEC) said Friday, Feb. 8, that the delay in establishing crypto regulation may allow more freedom for the industry to move on its own.
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https://cointelegraph.com/news/sec-...ulation-may-allow-more-freedom-for-technology

Minimalist · Feb 10, 2019

Fundstrat Expects 2019 to Bring Incremental Improvements Supporting Higher Crypto Prices

New York-based research company Fundstrat Global Advisors has released its 2019 crypto outlook on Friday, Feb. 8. The analysts describe incremental improvements that will purportedly support higher prices for cryptocurrencies.

Tom Lee, Fundstrat’s co-founder and pro-crypto Wall Street analyst, commented on the study in his Twitter. He posted an introduction to the study and infographics that trace key market tendencies from 2017 to now.
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https://cointelegraph.com/news/fund...-improvements-supporting-higher-crypto-prices

Minimalist · Feb 10, 2019

Lawyers for Israeli Crypto Entrepreneur Say White Paper Confers No Legal Responsibility

Moshe Hogeg, the Israeli entrepreneur behind blockchain firm Stox (STX), has denied misappropriating investors’ funds in a response to the lawsuit filed against him. Online newspaper The Times of Israel reported the development on Saturday, Feb. 9.

As Cointelegraph wrote earlier in January, Chinese investor Zhewen Hu has sued Stox and its founder for $4.6 million. Hu claims to have invested a total of around $3.8 million worth of Ethereum (ETH) in an open source, Ethereum-based prediction market platform.
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https://cointelegraph.com/news/lawy...y-white-paper-confers-no-legal-responsibility

guest · Feb 10, 2019

Tippin to Allow Twitter Users to Send, Receive Tips in Bitcoin's Lightning Network
February 10, 2019
https://www.cryptoglobe.com/latest/...er-users-to-send-receive-tips-in-bitcoin-btc/

Tippin, a platform that offers a user-friendly web-based custodial crypto wallet, has announced that it will be introducing a Chrome extension that will let Twitter users send and receive tips in bitcoin (BTC).

According to software developer, Sergio Abril, the Google Chrome extension for Tippin may be released at the end of February. The extension will be launched (at first) to obtain feedback from users. Abril told Sludgefeed:

The sooner [Tippin is introduced,] the better; as soon as [it’s] relatively stable.
As CryptoGlobe reported recently, Lightning Network-enabled cryptocurrency payments are already comparable with more established traditional payment processors. After recently surpassing the 650 BTC capacity level, the LN was recently tested against more traditional and centralized digital payment processors - including Apple Pay.
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Minimalist · Feb 11, 2019

Bank of Spain Warns Citizens Against Crypto Given Lack of Local Regulations

Spain’s central bank has issued a reminder to citizens warning of the risks involved in transacting unregulated cryptocurrencies. The Bank of Spain’s notice, issued Feb. 10, followed an official blog post published two days earlier, which had outlined the institution’s stance on cryptocurrencies, their characteristics, and their legal status in Spain and the wider European Union.
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https://cointelegraph.com/news/bank...gainst-crypto-given-lack-of-local-regulations

guest · Feb 12, 2019

Venezuela’s Petro just got even more ridiculous
February 12, 2019
https://coingeek.com/venezuelas-petro-just-got-even-ridiculous/

All transactions involving Petro, or any digital currency, will incur a 15% tax.

In other words, on top of paying taxes already assessed on the purchase of goods or services, there is now a new tax when using crypto. The value-added tax in Venezuela was 12% until last September, when it was raised in an “emergency decision” to boost the country’s revenue.

The value of the Petro becomes artificially inflated by the taxes, which means that the country is using its power to create demand for a currency that, by any definition, is only as good as Monopoly® money.
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guest · Feb 12, 2019

Cryptocurrency in the developing world needs a fresh approach
It needs ethical consideration
February 12, 2019
https://thenextweb.com/hardfork/2019/02/12/cryptocurrency-developing-fresh-approach/

It’s a common narrative that cryptocurrencies will provide a platform for the millions of unbanked individuals in the world to obtain financial freedom.
In the developing world, around 50 percent of people over the age of 25 have a bank account. This is nearly half what is seen in the likes of North America.

Unfortunatley, most of the cryptocurrecy pushed into developing parts of the world (where people face financial exclusion), have been less than savory.
Indeed, taking cryptocurrency to a developing world when we still cannoy be sure of its long-term volatility, is not just potentially exploitative, it’s irresponsible. It’s all fun and games investing in cryptocurrency, until you lose your life’s savings.
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guest · Feb 12, 2019

Cryptocurrencies are too "cryptic" for the average Joe (excuse the pun lol), they will never use it unless there is a massive government/bank effort to push it to the front scene or crypto-banks find an easy and secure way to popularize its use.
In France for example, some newspaper/tobacoo dealer shops start selling them to the masses.
This could help but the main issue is the the lack of explanation and "insurance" .

ronjor · Feb 13, 2019

Why storing your Bitcoin private keys on Google Drive is a terrible idea

Story by Mix 13 Feb 2019
You expect to find questionnable advice about storing your Bitcoin BTC on the internet, but you never expect it to come from one of the world’s leading cryptocurrency exchange desks. Well, Coinbase is here to prove that nothing is impossible.
The exchange is rolling out a new backup service that encourages users to keep an encrypted copy of their private keys to their personal cloud storage accounts, like Google Drive and iCloud.
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guest · Feb 13, 2019

Almost $400,000 in Crypto Inaccessible, QuadrigaCX's Management Claims
February 13, 2019
https://www.cryptoglobe.com/latest/...ntal-transfer-quadrigacx-s-management-claims/

QuadrigaCX, a controversial Canadian crypto exchange that owes its customers $190 million in digital assets and fiat currency, has reportedly lost an additional $500,000 CAD (appr. $378,495).
EY To Manage Exchange's Assets & Try To Recover Lost Funds
EY has also taken custody of “various QuadrigaCX electronic devices reportedly owned or used by [former company CEO Gerald] Cotten within the QuadrigaCX operation,” - which includes three encrypted USD keys, four laptop computers, and four mobile phones

In a previous court filing, the troubled exchange confirmed that it owes its customers $180 million CAD (appr. $137 million) worth of digital assets. However, QuadrigaCX has not disclosed the crypto wallet addresses that are holding the funds.
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ronjor · Feb 14, 2019

JP Morgan is rolling out the first cryptocurrency by a US bank to transform the payments business

Hugh Son @hugh_son 14 Feb 2019

Engineers at the lender have created the 'JPM Coin,' a digital token that will be used to instantly settle transactions between clients of its wholesale payments business.
Only a tiny fraction of payments will be transmitted using the cryptocurrency at the start, but the trial represents the first real-world use of a digital coin by a major U.S. bank.
While J.P. Morgan's Jamie Dimon has bashed bitcoin as a "fraud," the CEO and his managers have consistently said that blockchain and regulated digital currencies held promise.
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Minimalist · Feb 14, 2019

Blockchain in Healthcare: The Potential Benefits, Risks

Indiana University Health is test-driving the use of blockchain in two areas to improve healthcare information security, says CISO Mitch Parker.
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https://www.databreachtoday.com/interviews/blockchain-in-healthcare-potential-benefits-risks-i-4255

guest · Feb 15, 2019

Crypto crash leads to inventory pile-up at Nvidia, sales slaughtered
February 15, 2019
https://www.theregister.co.uk/2019/...inventory_pileup_at_nvidia_sales_slaughtered/

For Nvidia's Q4 ended 27 January, reported revenues slumped 24 per cent year-on-year to $2.21bn, operating expenses went up by a quarter to $913m and profit from operations dived 73 per cent to $294m.
This was the first decline for Nvidia for five years

She said: "Post crypto inventory of GPUs in the channel caused us to reduce shipments in order to allow excess channel inventory to sell through."
Nvidia made a big gamble on crypto miners snaffling up fat GPUs and it simply hasn't paid off.
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Minimalist · Feb 15, 2019

SMA Offers SolarCoin Crypto Cash to 260,000 PV Owners

German solar inverter maker SMA Solar Technology this month gave 260,000 customers the ability to claim a cryptocurrency called SolarCoin in exchange for solar energy.
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https://www.greentechmedia.com/articles/read/sma-offers-solarcoin-crypto-cash-to-260000-pv-owners

Minimalist · Feb 15, 2019

Beyond Crypto — Blockchain Ethics

It might be a widely known fact, but I was definitely shocked to learn that the inventor(s) of bitcoin is (are) anonymous. Was a hidden identity meant to act as a metaphor for blockchain’s online anonymity? Or was it a way to hide from blame for unleashing a system into the world that holds enough power to eventually rule global currency, with no centralized entity to regulate it?
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https://medium.com/@jessiejsmith01/beyond-crypto-blockchain-ethics-eabd8df6faf5

guest · Feb 15, 2019

ronjor said: ↑

JP Morgan is rolling out the first cryptocurrency by a US bank to transform the payments business
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‘Bank Coins Still Aren’t the Answer,’ Ripple’s CEO on JP Morgan’s Cryptocurrency
February 15, 2019
https://ethereumworldnews.com/bank-...wer-ripples-ceo-on-jp-morgans-cryptocurrency/

Brad Garlinghouse’s Response to JPM Coin
Ripple’s CEO, Brad Garlinghouse, took to twitter to explain that JP Morgan is missing the point with its new cryptocurrency project. He compared the closed network of JPM Coin, as a step in the wrong direction. His tweet can be found below.

As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer https://t.co/39EAiSJwAz https://t.co/e7t7iz7h21
— Brad Garlinghouse (@bgarlinghouse) February 14, 2019
Bank Coins Still Are Not the Answer
In the tweet, Mr. Garlinghouse referred to a 2016 article in which he explained that a bank issued coin can only be efficient if used internally by the bank that issues it.
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Minimalist · Feb 15, 2019

Indonesia: New Legislation Recognizes Crypto as Trading Commodity

Indonesia has introduced new legislation that recognizes Bitcoin (BTC) as a trading commodity, Asia-oriented news outlet KrASIA reported on Feb. 15.
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https://cointelegraph.com/news/indonesia-new-legislation-recognizes-crypto-as-trading-commodity

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