Online Cash Bitcoin Could Challenge Governments, Banks

hawki · Apr 15, 2019

"‘Flash Boys’ Trading Bots Are Running Wild on Crypto Exchanges

“Flash Boys”-like trading manipulation is rampant on certain cryptocurrency exchanges, according to a paper from researchers at Cornell Tech and several other universities.

Special arbitrage bots are anticipating and profiting from ordinary users’ trades on decentralized exchanges, which let them trade more directly, the authors said in a report released late last week. The firms that deploy the autonomous trading programs manage to get priority ordering by paying higher fees, and use that advantage for practices such as frontrunning, in which traders can see orders from others and manage to place their own ahead of them..."

https://www.bloomberg.com/news/arti...ing-bots-are-running-wild-on-crypto-exchanges

guest · Apr 15, 2019

France to ask EU partners to adopt its cryptocurrency regulation
April 15, 2019
https://www.reuters.com/article/us-...t-its-cryptocurrency-regulation-idUSKCN1RR1Y0

France will push for the European Union to adopt a regulatory framework on cryptocurrencies similar to the one it brought in last week at a national level, becoming the first major country to do so, French Finance Minister Bruno Le Maire said on Monday.

“I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience,” Le Maire said in Paris at an event on blockchain technology. “Our model is the right one.”
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ronjor · Apr 16, 2019

Bitcoin scammers foiled by victims who simply hung up on them

Yessi Bello Perez 16 Apr 2019
Bitcoin BTC fraudsters have actually failed for once! Hawaiian Electric customers have successfully been ignoring a “robocall” scam requesting they pay a Bitcoin amount in exchange for keeping their electricity supply running, hah!
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guest · Apr 16, 2019

mood said: ↑

Bitcoin wallet Electrum hit by DoS attack from 140,000-strong botnet
A sophisticated DoS campaign is forcing Electrum servers offline
April 8, 2019
https://thenextweb.com/hardfork/2019/04/08/bitcoin-wallet-electrum-dos-attack-botnet-phishing/
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Electrum Bitcoin wallets under siege
April 16, 2019
https://blog.malwarebytes.com/cybercrime/2019/04/electrum-bitcoin-wallets-under-siege/

Threat actors were able to trick users into downloading a malicious version of the wallet by exploiting a weakness in the Electrum software.
The software was in such trouble that in March, developers began exploiting another vulnerability unknown to the public, essentially attacking vulnerable clients to keep them from connecting to bad nodes.

In this post, we shed light on the phishing scheme used to push the malicious Electrum update, discuss where the stolen funds have gone, and finally look at the malware infections directly involved with the DDoS botnet.
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guest · Apr 16, 2019

ZenGo wants to become the crypto wallet for the masses
April 16, 2019
https://techcrunch.com/2019/04/16/zengo-wants-to-become-the-crypto-wallet-for-the-masses/

KZen is about to release ZenGo, a mobile app to manage your cryptocurrencies securely and more easily. There are already countless crypto wallets out there, but the startup thinks they’re all either too complicated or too insecure.

The company uses threshold signatures, which means that you need both ZenGo’s servers and your smartphone to initiate a transaction. If you lose your device, you can recover your funds. But the startup can’t access your cryptocurrencies on its own.
Behind the scene, ZenGo still uses a public key and private secrets, but everything is completely transparent for the end user. [...]

The security model has been open-sourced and I hope many security experts will try to find vulnerabilities. That’s the only way you can know for sure that it’s a secure system.
The app isn’t available just yet. It should launch as a beta this week and arrive in the stores pretty soon.
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guest · Apr 16, 2019

How the hell are cryptocurrency holders supposed to file their taxes?
April 16, 2019
https://www.technologyreview.com/s/...urrency-holders-supposed-to-file-their-taxes/

America's cryptocurrency tax policy is confusing everyone—and it’s high time for the US Internal Revenue Service to sort it out and explain. That’s the gist of a strongly worded letter sent by a bipartisan group of 21 members of the House of Representatives to the IRS on April 11.

But if you use your crypto to buy anything—even something like a cup of coffee—you have to make sure you keep track of the difference between the value of the cryptocurrency when you first bought it and when you spent it. If it increased in value, that counts as a capital gain, and you have to pay taxes on it.
That's problematic, since many digital currencies are listed on multiple exchanges, and prices are not uniform. Emmer and colleagues have asked the IRS to be much more specific.

There remains “substantial ambiguity on a number of important questions about the federal taxation of virtual currencies,” they write. Emmer and his colleagues say there’s an “urgent need” for additional guidance.
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guest · Apr 17, 2019

Coinbase launches in 11 countries with crypto-to-crypto conversions only
April 17, 2019
https://techcrunch.com/2019/04/17/c...tries-with-crypto-to-crypto-conversions-only/

Coinbase has been available in 42 countries around the world before today — mostly in North America, Europe, Australia and Singapore. Today, the company is aggressively expanding by opening 11 countries at once in Latin America and South East Asia. But there’s a trick — there’s no crypto-to-fiat conversions.

Eventually, the company could add crypto-to-fiat conversions in some of those new markets. “We may add fiat to crypto support depending on the different demands and requirements of each of the countries,” a Coinbase spokesperson told me.
Both Coinbase and Coinbase Pro are now available in those new countries. Coinbase also says that crypto-to-crypto transactions now represent the majority of trades on Coinbase.

This is also a great way to get started with cryptocurrencies. If somebody wants to send you some Bitcoin, you can start accepting payments on your Coinbase account. This could be interesting for cross-border payments in particular.
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ronjor · Apr 18, 2019

IBM launches blockchain skills academy with University of Louisville

Matthew Beedham 18 Apr 2019
One of top 200 universities in the US, along with a helping hand from IBM, is getting its students into blockchain with dedicated training.
The University of Louisville announced a partnership with IBM yesterday, which will see the institution establish what it’s calling the “IBM Skills Academy.”
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ronjor · Apr 18, 2019

Big corporates back crypto 'plumbing' despite currency caution

Tom Wilson April 18, 2019
LONDON (Reuters) - Major finance and tech firms are pouring money into startups building technology to develop the crypto market, even though they’re steering clear of the volatile currencies themselves.
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ronjor · Apr 18, 2019

Cameron and Tyler Winklevoss have settled their lawsuit against fellow early bitcoin entrepreneur Charlie Shrem, whom they previously claimed owed them $26 million worth of the cryptocurrency.

Marc Hochstein Apr 17, 2019 at 15:50 UTC
However, both parties have the right to reopen the cause and proceed to trial within 30 days, or by May 5, “if the settlement is not fully effectuated,” the judge wrote.
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guest · Apr 19, 2019

FinCEN Takes First Enforcement Action Against P2P Cryptocurrency Exchanger
April 19, 2019
https://cointelegraph.com/news/finc...t-action-against-p2p-cryptocurrency-exchanger

The United States Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty for a California resident accused of wilfully violating money transmission laws in his work as a peer-to-peer exchanger of virtual currencies. The news was announced in an official FinCEN news release on April 18.

FinCEN — the U.S. Treasury Department’s financial crimes unit — says the move represents its first enforcement action against a peer-to-peer cryptocurrency exchanger.
Eric Powers of Kern County, Calififornia, has been served a $35,000 fine and debarred from any future activities that would qualify his work as a money services business, the agency states.
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Minimalist · Apr 20, 2019

Thailand Is Opening Up to Crypto, One Step Closer to ICO and STO

Since July, Thailand and its Securities and Exchange Commission (SEC) have voiced their intent to legalize the local initial coin offering (ICO) market and open it to startups.

On Dec. 1, 2018, however, Cointelegraph reported that the Thai SEC declared Thai-related security token offerings (STOs) in international markets to be illegal and said that it will take appropriate legal action against companies that attempt to distribute STOs created in Thailand to overseas markets.
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https://cointelegraph.com/news/thailand-is-opening-up-to-crypto-one-step-closer-to-ico-and-sto

Minimalist · Apr 20, 2019

Predicting a Crypto Summer in 2021

Since early 2018, the cryptocurrency markets have fallen precipitously. As with previous crashes, many have claimed that the markets are unsalvageable and Bitcoin is dead. On the contrary, there is reason to believe that the crypto markets cyclically go through a bear market only to recover and scale to new heights. I believe this cycle occurs approximately every four years. I believe we are therefore due for another bull market in 2021.
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https://hackernoon.com/predicting-a-crypto-summer-in-2021-1b1266806d23

Minimalist · Apr 20, 2019

Why You Shouldn’t Start a Crypto Company

Imagine that you are a Soviet weight lifter. It’s the height of the Cold War. You’ve trained for years to crush the bourgeoisie on the battlefield of the Olympic podium, to bring back gold and glory to the motherland. One day your trainer pulls you aside and tells you that not only does he have access to performance-enhancing drugs developed for the Russian military, but also that all other Russian athletes are taking them, and that the USSR will help you hide the doping from international regulators.

This is the situation of most crypto startups today. On the fundraising and execution side, it is very, very easy to get ahead by playing fast and loose with compliance. It isn’t sustainable, but neither is prolonged drug abuse. When the lines aren’t clear, it’s very easy to slip across them.
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https://hackernoon.com/why-you-shouldnt-start-a-crypto-company-9a294e3d7ccb

guest · Apr 20, 2019

Reserve Bank of India Says Cryptocurrencies are “Negative” and Don’t Provide Anything New to The Economy
April 20, 2019
https://ethereumworldnews.com/reser...and-dont-provide-anything-new-to-the-economy/

The Reserve Bank of India will not even bother to study the possibility of testing the impact of crypto and similar virtual tokens on the development of a new regulatory framework for fintechs.

In a document entitled “Draft Enabling Framework for Regulatory Sandbox,” India’s leading financial authority explains that it studied several recent technologies, but stressed that crypto currencies, ICOs and other services based on blockchain technologies were counterproductive for the country’s economy.
India Never Liked Crypto
As reported by Ethereum World News, the government of India has exerted excessive pressure to prevent the use of crypto currencies in the country. Recently, the Indian Exchanges Coindelta and Zebpay had to close unexpectedly due to the extreme constrains from the RBI
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guest · Apr 22, 2019

South Koreans Invest an Average $6,000 in Cryptocurrency, Says New Survey
April 22, 2019
https://cointelegraph.com/news/sout...erage-6-000-in-cryptocurrency-says-new-survey

More South Koreans are buying cryptocurrency than ever before and spending more fiat to do so, local daily news network Arirang Daily News reported April 20.

Referencing the results of a December 2018 survey from nonprofit organization the Korea Financial Investors Protection Foundation, Arirang revealed 7.4% of the 2,500 adults surveyed said they had bought cryptocurrency.
Not only the number of purchasers had changed: out of those who now owned crypto, many were buying more of it than before.
Compared to 2017, the average investment per person shot up 64% to over $6,000, Arirang said.
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guest · Apr 23, 2019

SoftBank's Masayoshi Son got caught up in the bitcoin frenzy and reportedly lost $130 million
April 23, 2019
https://www.cnbc.com/2019/04/23/mas...-bitcoin-and-reportedly-lost-130-million.html

apanese billionaire Masayoshi Son, the founder of conglomerate SoftBank, personally lost over $130 million when he sold his position in bitcoin, the Wall Street Journal reported on Tuesday.

Son made the investment in late 2017 the report said, near the digital currency's record high near $20,000 in December of that year. Bitcoin has traded around $5,000 in recent weeks. While it is unknown exactly how much bitcoin Son bought, he sold early last year after the speculative digital currency's value collapsed.
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ronjor · Apr 23, 2019

After the Bust, Are Bitcoins More Like Tulip Mania or the Internet?

By Nathaniel Popper April 23, 2019
SAN FRANCISCO — When you talk to tech industry insiders about where Bitcoin is heading, two vastly different comparisons are inevitable: the tulip bulb and the internet.
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guest · Apr 23, 2019

A 'Blockchain Bandit' Has Made Off With Millions Just By Guessing Private Keys
April 23, 2019
https://gizmodo.com/a-blockchain-bandit-has-made-off-with-millions-just-by-1834243710

So long as cryptocurrency exists, so too will the extraordinary lengths to which thieves will go to try to steal it. Unfortunately, that also includes preying on weak private keys, a method that has evidently made one crypto bandit filthy rich with millions in swiped Ethereum.
This was the accidental discovery made by security experts with the firm Independent Security Evaluators while performing an assessment for a cryptocurrency client.

They examined a number of weak private keys—beginning with the stupidly simple key of 0x01—and discovered on the blockchain that its associated wallet had been emptied [...] A “blockchain bandit,” they found, had been funneling Ethereum from these keys.

“We discovered that funds from these weak-key addresses are being pilfered and sent to a destination address belonging to an individual or group that is running active campaigns to compromise/gather private keys and obtain these funds,” they wrote in a paper about their findings published Tuesday.
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guest · Apr 23, 2019

mood said: ↑

Cryptocurrency platforms DragonEx and CoinBene disclose hacks
DragonEx is believed to have lost at least $1 million, while CoinBene losses are estimated around $45 million
March 27, 2019
https://www.zdnet.com/article/cryptocurrency-platforms-dragonex-and-coinbene-disclose-hacks/
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Over $100 Million Missing: CoinBene Claims Maintenance, a Month of Questions Point Toward a Hack
April 27, 2019
https://cointelegraph.com/news/over...ance-a-month-of-questions-point-toward-a-hack

Remember CoinBene, the cryptocurrency exchange platform that denied being hacked at the end of March 2019, and instead saying it was undergoing maintenance? Well, it turns out the platform is still under maintenance, or so the company says.

Meanwhile, Cointelegraph has received exclusive details from stakeholders reportedly affected by the situation. These reports, for the most part, were only discussed on social media platforms like Twitter and Telegram but have yet to make an appearance on the cryptocurrency news circuit — until now.
The CoinBene saga — timeline of events [...]
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hawki · Apr 24, 2019

"John McAfee Vows to Unmask Bitcoin’s Satoshi Nakamoto

McAfee says the Bitcoin creator is alive and residing in U.S

‘Finding Satoshi was a piece of cake,’ software pioneer says...

John McAfee, the eccentric antivirus pioneer known for his brushes with the law, said he has spoken with Bitcoin creator Satoshi Nakamoto and plans to reveal the person’s identity.

But the timing of the announcement is up in the air. After previously telling Bloomberg he would expose Nakamoto “within a week,” he backed off the plan. McAfee said Tuesday on Twitter the controversy could hurt his efforts to fight an extradition to the U.S..."

https://www.bloomberg.com/news/arti...-unmask-crypto-s-satoshi-nakamoto-within-days

guest · Apr 25, 2019

Samsung is working on its own blockchain and might launch its own cryptocurrency
April 24, 2019
https://www.technologyreview.com/f/...hain-and-might-launch-its-own-cryptocurrency/

There aren’t many details, but an anonymous source “familiar with Samsung’s internal situation” told CoinDesk that the South Korean company is building its own private Ethereum-based blockchain. Once it completes this experimental project, it may even launch its own token, according to the source.

A crypto-token for its crypto-phone? The newest version of Samsung’s Galaxy S10 smartphone includes a cryptocurrency wallet [...] The Galaxy S10 will also support blockchain-based “decentralized applications” (commonly called dapps). In that light, it would not be surprising if the company intends to get into the blockchain game itself.
Yet another big player going crypto: If Samsung is really building its own blockchain and cryptocurrency, it joins a growing list of big corporations that are doing the same. [...] its flagship Galaxy S10, which has more than 40 million users, the company seems convinced the strategy will resonate with more than just crypto-enthusiasts.
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guest · Apr 25, 2019

mood said: ↑

Coinstar machines will start selling Bitcoin at the grocery store
January 17, 2019
https://techcrunch.com/2019/01/17/bitcoin-coinstar-coinme/
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2,000 More US Grocery Stores Enable Bitcoin Buying at Coinstar Machines
April 24, 2019
https://www.coindesk.com/2000-more-us-grocery-stores-enable-bitcoin-buying-at-coinstar-machines

Supermarket kiosk chain Coinstar is expanding the footprint of its bitcoin-buying service to more than 2,000 locations in 19 different states.

The service, through a partnership with blockchain startup Coinme that offers individuals the ability to convert cash into bitcoin, has expanded from an initial 70 machines to some 2,100 different kiosks, Coinme announced Wednesday.
Further, while the partnership initially enabled kiosks in Albertsons and Safeway stores, customers can now access the buying option in Jewel, Shaw’s and Save Mart locations, according to a press release.
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Minimalist · Apr 25, 2019

Malta’s Financial Regulator Issues Guides on Crypto Assets, Scams

Malta's financial regulator has issued a note to the public regarding the risks of crypto assets and the possibility for scams, news outlet Times of Malta reported on April 25.

The Malta Financial Services Authority’s (MFSA) new guidance note intends to warn the public about cryptocurrency investments and related risks, and educate people on how to identify and avoid scams and fraudulent schemes.
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https://cointelegraph.com/news/maltas-financial-regulator-issues-guides-on-crypto-assets-scams

hawki · Apr 25, 2019

"Bitfinex and Tether accused of $850 million cover-up

The New York Attorney General's office today accused iFinex Inc., the company behind both the cryptocurrency exchange Bitfinex and the stablecoin Tether, of a massive coverup to hide the loss of $850 million in customer funds. It seems, the attorney general alleges, that Tether is not in fact backed one-to-one by U.S. dollars (as the company claimed until March of this year) and that Bitfinex can't cover customer withdraws..."

https://mashable.com/article/bitfinex-tether-stablecoin-attorney-general/

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