Online Cash Bitcoin Could Challenge Governments, Banks

guest · Jun 28, 2019

Iran seizes 1,000 Bitcoin mining machines after power spike
June 28, 2019
https://www.bbc.co.uk/news/technology-48799155

The action was taken following a spike in electricity consumption.
Demand for power rose by 7% in June and cryptocurrency mining was thought to be the main cause, an energy ministry spokesman told local state-run media.

"Two of these bitcoin farms have been identified, with a consumption of one megawatt," Arash Navab, an electricity official, told state television.

Bitcoin mining has reportedly sprung up in a variety of locations in Iran.
"Everyone's talking about Bitcoin and how to get it," said Mahsa Alimardani, a researcher at the Oxford Internet Institute, who grew up in Iran.
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ronjor · Jul 1, 2019

Dutch ministers want to regulate cryptocurrencies as part of a wider effort to tackle money laundering in the country.

by Yessi Bello Perez 01 July 2019
According to a note sent to parliament on Monday, Minister of Finance Wopke Hoekstra and Ferdinand Grapperhaus, Minister of Justice and Security, want to limit the risks associated with cryptocurrencies and make the Netherlands a leader in the fight against money laundering.
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guest · Jul 1, 2019

Federal Judge Sentences Cryptocurrency Scammer to 86 Months in Prison
July 1, 2019
https://cointelegraph.com/news/federal-judge-sentences-cryptocurrency-scammer-to-86-months-in-prison

A scammer has been sentenced to 86 months in prison for running a cryptocurrency-related scheme, the United States Department of Justice (DoJ) reports on July 1
In addition to the 86-month prison sentence, United States District Judge Sandra J. Feuerstein ordered 44-year old New Jersey resident Blake Kantor to pay a total restitution of $806,405 distributed to the victims who invested in his scam, as well as forfeiture of $1.5 million, and forfeiture of $153,000 of stolen proceeds.

The other primary aspect of the scam is that Kantor convinced his investors to buy the cryptocurrency ATM Coin with their BBB investments. Kantor reportedly told investors that ATM Coin was worth $600,000, when in fact it had no value.
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ronjor · Jul 1, 2019

G20 officially supports FATF’s crypto guidelines that require exchanges to share customer data

July 1, 2019, 4:11AM EDT
The Group of Twenty (G20), an international forum for the governments from 19 countries and the EU, has officially welcomed cryptocurrency guidelines set by the global money-laundering watchdog, the Financial Action Task Force (FATF).
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guest · Jul 2, 2019

Why it makes sense to do business in cryptocurrency
Using cryptocurrency provides a high level of encryption and drastically reduces the chances of fraud
July 2, 2019
https://e27.co/why-it-makes-sense-to-do-business-in-cryptocurrency-20190702/

The popularity of cryptocurrencies has never been higher, as more and more people across the globe look to invest in these markets and capitalize on their growth. At the same time, it’s important to remember that cryptocurrencies also function as a wallet utility that can be used in day-to-day transactions.
Anyone looking to get started with crypto investing or transaction management has the option of buying from literally hundreds of choices.

Here are some key reasons to use cryptocurrency. [...] Another key advantage of cryptocurrencies is that online transactions are settled immediately, compared to credit card purchases which can take days to complete.
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ronjor · Jul 3, 2019

US lawmakers tell Facebook to halt the launch of its Libra cryptocurrency

Steve Dent, @stevetdent 03 July 2019
US lawmakers have asked Facebook to "immediately cease implementation plans" of its Libra cryptocurrency. Before it proceeds any further, the House Financial Services Committee, led by Democrat Maxine Waters, wants to examine risks around cyber security, global financial markets and national security concerns, it said in a letter to Facebook.
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guest · Jul 3, 2019

Breakthrough In Iceland, Electronic Money (Crypto) Now Legal
July 3, 2019
https://ethereumworldnews.com/breakthrough-in-iceland-electronic-money-crypto-now-legal/

The country’s financial watchdog, FME (Financial Supervisory Authority), has legalized the use of cryptocurrency in payments.
Iceland’s Financial Supervisory Authority has authorized its first ever crypto institution, Monerium, which is based in Reykjavik. By being able to issue electronic money using blockchain technology, the institution was “recognized as a company that can conduct business in compliance with the first electronic money regulation in Europe.”

The consent is a breakthrough considering that earlier, electronic money was not approved for transmission using blockchain technology.
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ronjor · Jul 3, 2019

India bank manager arrested in cryptocurrency Ponzi scheme crackdown

by Matthew Beedham 03 July 2019
They pushed Kashhcoin to earn cash
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Minimalist · Jul 3, 2019

FCA proposes crypto-derivatives ban

The Financial Conduct Authority (FCA) is proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (ETNs) referencing certain types of crypto assets.

The FCA stated that it considers these products “ill-suited” to retail consumers who cannot reliably assess the value and risks of derivatives or ETNs that reference certain crypto assets.
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http://www.fstech.co.uk/fst/FCA_Considers_Crypto_Derivatives_Retail_Sale_Ban.php

ronjor · Jul 3, 2019

Bitcoin 'uses as much global energy as Switzerland'

By Chris Baraniuk Technology reporter
Bitcoin uses as much energy as the whole of Switzerland, a new online tool from the University of Cambridge shows.
The tool makes it easier to see how the crypto-currency network's energy usage compares with other entities.
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guest · Jul 3, 2019

Bitcoin Transactions on Darknet Markets on Pace to Hit $1 Billion This Year, Chainalysis Finds
July 3, 2019
https://www.cryptoglobe.com/latest/...to-hit-1-billion-this-year-chainalysis-finds/

Bitcoin’s use in darknet marketplaces is reportedly growing, as a recent report shows that their users are on pace to spend $1 billion worth of the flagship cryptocurrency on them this year, despite crackdowns on top marketplaces over the last few years.

According to research conducted by blockchain analytics firm Chainalysis, reported on by Bloomberg, darknet markets are going to seemingly break a new record this year, as the firm noted about $515 million worth of bitcoin were spent so far this year on darknet marketplaces.
While BTC used on darknet markets is on pace to hit a new record, the proportion of transactions related to this type of activity has dropped to less than 1% of all bitcoin activity, from 7% in 2012. Other than bitcoin, monero (XMR) is also widely used on these markets.
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ronjor · Jul 4, 2019

South Africa targeted in $1350,000-a-day Bitcoin ‘Ponzi scheme,’ thousands duped

by Yessi Bello Perez 04 July 2019
According to a local report, residents in Ladysmith, a city 365 kilometres south of Johannesburg, were enticed to invest in a company called Bitcoin Wallet. The company promised easy and big returns on investments.
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ronjor · Jul 4, 2019

This Bitcoin money-laundering cartel was operating from inside a Florida prison

Story by Yessi Bello Perez
Authorities in Florida have busted an elaborate operation which saw prison inmates use Bitcoin BTC to launder thousands of dollars via their commissary accounts.
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Minimalist · Jul 4, 2019

Monero security flaw could’ve seen XMR stolen from cryptocurrency exchanges

Privacy-focused altcoin Monero has suddenly disclosed nine security vulnerabilities — including one that could have allowed hackers to steal XMR from cryptocurrency exchanges.
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https://thenextweb.com/hardfork/201...-security-flaw-bug-hackerone-disclosure-hack/

Minimalist · Jul 4, 2019

Making Secure Decentralized Apps (DApps) Easy - to drive Blockchain adoption

Producing Smart Contracts in blockchain is the not-so-easy-but-well understood part. Producing this automatically from a platform that also outputs the rest of the Decentralized Applications (DApps) would be a big breakthrough. Automated output of the entire DApp with formal verification is the ultimate: this would be the ideal, practical way for large-scale building of trustworthy distributed applications.
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https://hackernoon.com/automated-de...ecentralized-apps-for-blockchain-e70e33ccc7d6

guest · Jul 4, 2019

Crypto Company Gives Individuals a Chance to Mine Bitcoin Without Sky-High Energy Bills
July 4, 2019
https://cointelegraph.com/news/cryp...to-mine-bitcoin-without-sky-high-energy-bills

However, the market has changed from the early days of cryptocurrency, when Bitcoin was in plentiful supply, as few knew about the opportunity and high mining rewards could be gained by individuals using a small setup at home.
“Affordable and fuss-free”
Hashing24 says its remote Bitcoin mining services give consumers a chance to lease hashing power from industry-leading data centers that have already done the heavy lifting by investing in their own hi-tech equipment for mining cryptocurrencies — predominantly Bitcoin.

According to the company, this approach can help solve the dilemma that many individual miners are facing at home. PCs and graphics processing units are not enough to cut through the noise in this increasingly advanced industry — and any revenue generated through mining is often outweighed by the cost of the energy it took to get there.
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guest · Jul 5, 2019

South Korea’s Shinhan Bank Is Cracking Down Harder on Anonymous Crypto Users
July 4, 2019
https://www.coindesk.com/south-koreas-shinhan-bank-is-cracking-down-harder-on-anonymous-crypto-users

Shinhan Bank, the second largest financial group in South Korea by assets, is redoubling its efforts to police accounts related to cryptocurrency exchanges, according to local press reports. The goal? To completely quash anonymous crypto transactions in the country.
It also said that it would be working to develop artificial intelligence systems to help it spot suspicious activity.

The sector has come under additional pressure lately, as the Financial Action Task Force (FATF) will be requiring the sharing of customer information by cryptocurrency exchanges.
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guest · Jul 5, 2019

Indian Authorities Arrest 4 Individuals Accused of Crypto Ponzi Scheme
July 5, 2019
https://cointelegraph.com/news/indi...-4-individuals-accused-of-crypto-ponzi-scheme

The Criminal Investigation Department (CID) of India has arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, the alleged creators of the cryptocurrency KBC Coin, according to a report by The Times of India on July 4.
As per the report, the CID argues that KBC is a Ponzi Scheme.

KBC reportedly launched 6 months ago, and its price has not moved since. KBC coins were reportedly issued at 10 paisas apiece, with the promise that they would skyrocket in value to 10 rupees in a short time ⁠— a 100-fold return on investment.
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guest · Jul 6, 2019

At-Least 70% Of Bitcoin (BTC) Miners May Shutdown By Q4 2020
July 6, 2019
https://ethereumworldnews.com/at-least-70-of-bitcoin-btc-miners-may-shutdown-by-q4-2020/

With less than 320 days to go to the much-awaited Bitcoin halving event, it’s not clear what will happen to the miners and the price of Bitcoin. However, since the mining rewards are likely to decrease, miners may end up switching off their rigs due to projected losses.
The halving event is hard-coded into the Bitcoin protocol and is meant to reduce the amount miners earn for keeping the Bitcoin network in check. Next year’s halving event will reduce the amount earned by miners from the current 12.5 Bitcoin to 6.25 Bitcoin per block.

Tone Vays, a crypto analyst, notes that: [...]
However, others have a different take on the effect of the Bitcoin halving event scheduled for May 2020. For example, Expsycho, a Twitter user, opines that the halving will have the opposite of Vay’s prediction.
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Minimalist · Jul 7, 2019

Iranian Official Says US Congress is Working to Block Iran’s Crypto Mining

Saeed Zarandi, Iranian Assistant Minister of Industry, Trade, and Supply, said that US Congress is working to stop Iran’s access to cryptocurrencies and Bitcoin (BTC) mining, as reported by local news service Al-Fars on July 6.

According to Zarandi, Congress considers cryptocurrency a tool for evading sanctions and money laundering, and is therefore trying to legislate against Iran’s access to it, complicating Iran’s legislation.
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https://cointelegraph.com/news/iran...gress-is-working-to-block-irans-crypto-mining

guest · Jul 7, 2019

Libra Cryptocurrency Scams Already Active Ahead Of 2020 Launch
July 7, 2019
https://www.bleepingcomputer.com/ne...cy-scams-already-active-ahead-of-2020-launch/

No sooner had Facebook announced Libra cryptocurrency and the matching digital Calibra wallet that cybercriminals tried to get a head start on a new phishing theme.
Around the date of the announcement, registration of domains referencing Libra increased manyfold: from about 20 and less a day before the news to over 110 on the day after, according to risk protection company Digital Shadows.

Digital Shadows found six domains that imitate the original Libra site, some of them being active and mimicking the real website almost to the dot.
"Crafty criminals can clone the entire website and change certain assets to suit their nefarious needs," says Alex Guirakhoo of Digital Shadows. There are some differences that should ring the alarm.
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ronjor · Jul 8, 2019

India addresses cryptocurrency scam wave with new police training course

Yessi Bello Perez 08 July 2019
High-ranking police officers in India will receive cryptocurrency training to help with investigations involving digital currency.
The country’s national police academy – the Sardar Vallabhbhai Patel National Police Academy (SVP NPA) – has launched an educational course to help officers gain an understanding of how cryptocurrencies and blockchain technology work.
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ronjor · Jul 8, 2019

UK regulator looks to ban crypto-derivatives

By Asha Barbaschow | July 8, 2019
The FCA says it is clear that crypto-derivatives and exchange traded notes are unsuitable investments for retail consumers.
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guest · Jul 8, 2019

Regulatory Overview of Crypto Mining in Different Countries
July 7, 2019
https://cointelegraph.com/news/regulatory-overview-of-crypto-mining-in-different-countries

A move by the Iranian government to cut off the power supply to local Bitcoin (BTC) miners grabbed headlines in June amid a soaring price gain by the preeminent cryptocurrency.
Nevertheless, the action by Iranian officials is a stark reminder that regulatory moves can still hold sway over the use of cryptocurrencies around the world. The Bitcoin mining space has marched on over the last two years through the depths of a humbling and harsh environment for the entire cryptocurrency space.

With this latest instance of regulatory pressure on cryptocurrency mining in Iran, Cointelegraph takes a deeper look at the major countries that have extensive cryptocurrency mining activity and the stances they have taken over the past few years toward the emerging industry. [...]
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Minimalist · Jul 8, 2019

Binance hackers suddenly move $8 million worth of stolen Bitcoin

More than $8 million worth of Bitcoin stolen from cryptocurrency exchange Binance has suddenly moved.

Earlier today, a combined 707.1 BTC was sent from one of the hacker‘s Bitcoin wallets to a separate pair of addresses.
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https://thenextweb.com/hardfork/201...llion-bitcoin-cryptocurrency-stolen-transfer/

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