Online Cash Bitcoin Could Challenge Governments, Banks

guest · Jul 8, 2019

Korean Watchdog Warns of Financial Stability Risk From Facebook’s Libra
July 8, 2019
https://www.coindesk.com/korean-watchdog-warns-of-financial-stability-risk-from-facebooks-libra

Facebook’s recently unveiled Libra cryptocurrency project threatens the stability of financial systems, according to a South Korean financial regulator.
In a new Korean-language trends update published July 5 and reported by CoinDesk Korea, the nation’s Financial Services Commission (FSC) looks at what might occur “If 2.4 billion Facebook users worldwide transfer one tenth of their bank deposits to Libra.”

The agency further expressed concern that Libra could be widely used for money laundering without proper bank-like controls. It added that “a large financial institution, such as Goldman Sachs or JPMorgan,” had refused to participate in Libra.
The project is a major threat to the traditional banking industry, the report says.

The FSC stressed that the report is to “facilitate the understanding of the press and other media” on overseas trends and not its official opinion on Libra.
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guest · Jul 8, 2019

Facebook's Libra cryptocurrency could be banned in India
The Indian government has joined the Libra pushback, a report says
July 8, 2019
https://www.cnet.com/news/facebooks-libra-cryptocurrency-could-be-banned-in-india/

India, the third-largest economy in Asia, is considering not allowing the currency to be traded at all, according to a Bloomberg report Monday.
"Design of the Facebook currency has not been fully explained," Subhash Garg, India's Economic Affairs Secretary, told Bloomberg in an interview Saturday. "But whatever it is, it would be a private cryptocurrency and that's not something we have been comfortable with."

Even Facebook co-founder Chris Hughes called the possibility of success for the social network's newly unveiled cryptocurrency "frightening." Libra will shift power from central banks to corporations, he wrote in a Financial Times op-ed in June.
"Libra will disrupt and weaken nation states by enabling people to move out of unstable local currencies and into a currency denominated in dollars and euros and managed by corporations," he wrote.
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Minimalist · Jul 10, 2019

Derivatives in Crypto, Explained

https://cointelegraph.com/explained/derivatives-in-crypto-explained

ronjor · Jul 11, 2019

Fraudsters fined $360,000 for running bogus Bitcoin trading ring, impersonating CFTC

Story by Yessi Bello Perez 11 July 2019
Scammers used Facebook and email to get Bitcoin from citizens
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guest · Jul 11, 2019

Canada’s Crypto Exchanges Must Now Register as MSBs, Report Transactions Over $10K
July 11, 2019
https://www.coindesk.com/canadas-cr...register-as-msbs-report-transactions-over-10k

Canada has updated its anti-money laundering rules, making changes that will affect cryptocurrency exchange operations in the country.
While the changes to the financial rules – finalized late last month – cover a number of perceived gaps within traditional finance, they also notably set the bar higher for platforms “dealing in virtual currency.” The government explained that such activities include “virtual currency exchange services and value transfer services.”

The rules now class both Canadian and foreign crypto platforms as money servicing businesses (MSBs), which must “fulfill all obligations, including implementing a full compliance program and registering with FINTRAC [the Financial Transactions and Reports Analysis Centre of Canada].”
Further, any “reporting entity” across all sectors that receives CA$10,000 (US$7,667) or over in cryptocurrency – such as deposits received or in payment – must record details of the transaction, identify the sender and report the transaction.
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Minimalist · Jul 11, 2019

There’s a big problem with Facebook’s Libra cryptocurrency

Mark Zuckerberg is known for his boundless ambition. He's had a longstanding fascination with Caesar Augustus, the Roman emperor who (in Zuckerberg's words) "established 200 years of world peace." So having conquered social networking, Zuckerberg has his eyes on something bigger: reshaping the global financial system.

Payment services from rivals like Apple and Google essentially offer an improved user interface for conventional credit card networks. Facebook, by contrast, is aiming to use blockchain-like technology to build a new payment network from scratch, complete with its own currency.
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https://arstechnica.com/tech-policy/2019/07/facebooks-half-baked-cryptocurrency-libra-explained/

guest · Jul 12, 2019

Bitpoint Exchange Hacked for $32 Million in Cryptocurrency
July 12, 2019
https://www.coindesk.com/japanese-exchange-bitpoint-hacked-by-32-million-worth-in-cryptocurrencies

Bitpoint, a licensed cryptocurrency exchange based in Japan, has been hacked for $32 million in crypto assets.
According to a CoinDesk Japan report on Friday, Bitpoint halted all services including trading, deposit and withdrawal of all crypto assets on Friday morning after it noticed irregular withdrawal from its hot wallet on Thursday.

The exchange’s parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.
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Minimalist · Jul 12, 2019

Donald Trump blasts Facebook’s Libra, demands strict regulation

Donald Trump is not a fan of Libra, Facebook's proposed cryptocurrency, the president made clear in a series of tweets on Thursday evening.

"Facebook Libra’s 'virtual currency' will have little standing or dependability.," Trump tweeted. "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks."
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https://arstechnica.com/tech-policy...ts-facebooks-libra-demands-strict-regulation/

JRViejo · Jul 12, 2019

"I'm not a big fan of what they're doing there," Cuban said. "I think it's a big mistake."

Cuban foresees Libra stirring up trouble in countries with unstable governments or currencies.
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Mark Cuban thinks Facebook's cryptocurrency Libra is 'a big mistake' by Rebecca Aydin.

Minimalist · Jul 12, 2019

The IRS Is Coming for Your Secret Crypto Stash

According to a leaked internal training guide, the U.S. Internal Revenue Service (IRS) might begin issuing subpoenas to tech companies in order to find people’s secret cryptocurrency wallets.
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https://futurism.com/the-byte/irs-secret-crypto-stash

Minimalist · Jul 13, 2019

Binance Singapore Celebrates Public Launch With Fiat-Crypto Payment Gateway

The Singaporean arm of the world’s largest cryptocurrency exchange has announced its public and introduction of a fiat-crypto gateway. Binance Singapore, which held a soft launch in April 2019, has joined forces with Vertex, enabling traders in the island city-state to buy and sell cryptocurrencies with Singapore dollars (SGD).
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https://hackernoon.com/binance-sing...with-fiat-crypto-payment-gateway-fe14f1348b77

Minimalist · Jul 13, 2019

What to Expect from the new FATF Crypto-Guidelines?

The FATF (Financial Action Task Force) has recently issued a new set of guidelines which are applicable to the crypto sector, mainly with regard to Virtual Assets (VA) and Virtual Assets Service Providers (VASPs). But let´s bring some order into something that might otherwise be slightly confusing and which implications have generated some degree of alarm in the crypto community.
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https://hackernoon.com/what-to-expect-from-the-new-fatf-crypto-guidelines-f21b82531875

Minimalist · Jul 14, 2019

Trump plows into Libra debate as politicians face crypto learning curve

In the U.S., the main bill that would create U.S. policy regarding Libra, the Token Taxonomy Act of 2019, was introduced in late 2018 and reintroduced in April 2019 with added sponsors. The bill would exclude certain currencies from a definition of “security” that dates to the New Deal, creating a new form of “currency,” and would take a step toward much-needed regulatory clarity for merchants and consumers when using cryptocurrencies such as Libra for retail payments.

But the underlying issues remain complex, and members of Congress are still getting up to speed on how the cryptocurrency market operates, according to Mike Minihan, a partner and tax specialist at BX3 Capital, an advisory firm.
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https://www.information-management....ticians-to-scale-cryptos-steep-learning-curve

guest · Jul 14, 2019

mood said: ↑

Bitcoin Trader Pleads Guilty To Securities Fraud, Faces 20 Years In Prison
July 24, 2018
https://ethereumworldnews.com/bitco...to-securities-fraud-faces-20-years-in-prison/
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Bitcoin exchange owner gets 14 months in jail for lying about hack to SEC
July 12, 2019
https://decrypt.co/7861/bitcoin-exchange-owner-gets-14-months-jail-lying-about-hack-sec

A crypto criminal case that dates back to 2013 has finally come to an end.

The founder and operator of the now-defunct Bitcoinexchange Bitfunder, Jon Montroll, was sentenced yesterday to 14 months in jail for lying to federal regulators about a hack that cost his customers more than 6,000 bitcoins—worth nearly $70 million at today’s prices.
Montroll allegedly defrauded his customers by failing to disclose a hack of the exchange in July 2013. The Bitfunder operator then attempted to cover it up by misappropriating their funds to hide the lost bitcoins, according to federal prosecutors.
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guest · Jul 14, 2019

U.S. proposes barring big tech companies from offering financial services, digital currencies
July 14, 2019
https://www.reuters.com/article/us-...ial-services-digital-currencies-idUSKCN1U90NL

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters.

Even if it were to pass the full house, it would still have to pass the senate which would also likely be an uphill struggle.
Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space.

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System,” it proposes.
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guest · Jul 15, 2019

mood said: ↑

Bitpoint Exchange Hacked for $32 Million in Cryptocurrency
July 12, 2019
https://www.coindesk.com/japanese-exchange-bitpoint-hacked-by-32-million-worth-in-cryptocurrencies
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Hacked crypto-exchange Bitpoint ‘recovers small sum’ after $32m stolen
Japanese cryptocurrency exchange retrieves $2.3m
July 15, 2019
https://portswigger.net/daily-swig/...-bitpoint-recovers-small-sum-after-32m-stolen

Crypto-exchange Bitpoint has reportedly recovered a small percentage of the $32 million stolen in a hack on its systems last week.

Yesterday, Bitpoint reportedly recovered JPY250 million ($2.3 million) found on overseas exchanges that were using a trading system provided by the company.
This brings the total loss down to JPY3 billion ($28 million).
The funds were stolen in Bitcoin, Litecoin, Ether, and XRP. Of the amount, JPY2.5 billion ($23 million) belonged to customers, while JPY1 billion ($9.2 million) belonged to the exchange.
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Minimalist · Jul 15, 2019

Facebook crypto chief says company does not expect ‘to make money at the outset’ with Libra currency

Facebook does not expect its new cryptocurrency project, Calibra, to be a moneymaker right away, David Marcus, the head of the group, said in prepared remarks released ahead of a Tuesday hearing with senators.
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https://www.cnbc.com/2019/07/15/facebook-does-not-expect-to-make-money-at-the-outset-with-libra.html

Minimalist · Jul 15, 2019

South Korean banks join Samsung and telcos in blockchain ID project

KEB Hana Bank and Woori Bank in South Korea are collaborating with Koscom, Samsung Electronics and three leading telcos to develop a blokchain-based system for storing digital identities.
The network, which will be used for a raft of mobile authentication services, will enable consumers to load and protect their own data to the blockchain under a 'self-sovereign' model.
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https://www.finextra.com/newsarticl...-and-telcos-in-blockchain-id-project/security

ronjor · Jul 15, 2019

House Democrats are considering a bill to ban Facebook from the finance industry

By Russell Brandom Jul 15, 2019
It’s called the ‘Keep Big Tech Out of Finance Act’
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guest · Jul 15, 2019

MyDashWallet compromised for two months, wallet keys taken
July 15, 2019
https://www.scmagazine.com/home/sec...compromised-for-two-months-wallet-keys-taken/

MyDashWallet.org is recommending that its users remove any funds from their wallets as the site has been compromised for the past two months.

MyDashWallet, which calls itself the fastest and easiest way to use DASH cryptocurrency, noted on its site that an associated external site serving CryptoJS scripts was compromised with the end result being wallet private keys were removed for a two month period.
In a blog post dash.org marketing manager Michael Seitz, aka HeyMichael, wrote that a hacker was inside the system between May 13 and July 12 and during that period could have obtained the private keys to any wallet. He also recommended users move their funds.

Deepak Patel, security evangelist at PerimeterX, said this particular type of hack is a danger to cryptocurrency services, but the overall lack of understanding when it comes to dealing with digital ecosystems and third-party code is a problem for any organization.
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guest · Jul 15, 2019

Private key hacks can be avoided by quality key generation and customer awareness
July 15, 2019
https://ambcrypto.com/private-key-h...uality-key-generation-and-customer-awareness/

The private key has to be a unique identifier otherwise the user’s wallet could be vulnerable to hacks.
Recently, it was also reported that a hacker had stolen over 45,000 ETH by guessing weak private keys of users. Although the probability of predicting private key was next to impossible, the hacker had managed to discovered 732 keys of customers.

Such incidents had taken place in the past and Adrian Bednarek, a senior security analyst, claimed that such vulnerabilities have occurred in private keys due to the complacency of the company or the software generating these keys.
Hardware wallets such as Trezor One and Ledger Nano S usually have built-in random number generator system and they process high-level randomness to generate private keys. However, the level of trust is an important factor in the generation of private keys since a developer of a wallet application can also easily go rogue and access the private of the users to steal funds.

Antonopoulos stated that the only solution to tackle such a situation is to be extremely careful with the software wallet they install in the mobile phones in order to minimize “exposure to attacks.”
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ronjor · Jul 16, 2019

Second Canadian town set to accept tax payments in Bitcoin

by Matthew Beedham 16 July 2019
It looks like another town in Canada might let its residents pay municipality taxes in cryptocurrency.
The local council of Richmond Hill voted on July 10, 2019 to enter into an agreement with a cryptocurrency payment services provider to let residents of Richmond Hill pay property taxes in Bitcoin, BTC Financial Post reports.
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guest · Jul 16, 2019

Facebook should not be trusted with 'crazy' cryptocurrency plan: senators
July 16, 2019
https://www.reuters.com/article/us-...zy-cryptocurrency-plan-senators-idUSKCN1UB174

Democratic and Republican lawmakers said on Tuesday that Facebook Inc’s track record of what they described as untrustworthiness should stand in the way of it launching a digital currency, labeling the plan “delusional” and “crazy” at a Senate hearing.

“Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust,” Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. “We’d be crazy to give them a chance to let them experiment with people’s bank accounts.”

He received a frosty welcome from Democratic lawmakers and several Republicans, who shared many of the same concerns.
“I don’t trust you guys,” said Republican Senator Martha McSally. “Instead of cleaning up your house you are launching into a new business model.”
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guest · Jul 16, 2019

France To Approve First Cryptocurrency Firms Under New Rules
July 16, 2019
https://www.silicon.co.uk/workspace/france-cryptocurrency-firms-270833

Anne Marechal, executive director for legal affairs at France’s Financial Markets Authority, told Reuters the regulator was in talks with “three or four” candidates for initial coin offerings (ICOs).
The regulations allow cryptocurrency firms to receive regulatory approval in exchange for their voluntary compliance with standards on capital requirements and consumer protection and for paying tax in France.
‘Precursor’
“France is a precursor,” Marechal said. “We will have a legal, tax and regulatory framework.”
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Minimalist · Jul 18, 2019

Coinbase tells you if top holders are buying or selling a crypto asset

Coinbase is taking advantage of its significant user base to give you more information about trading behavior and price correlation. Given that there are now 15 cryptocurrencies on Coinbase that you can trade, the new features should provide some signals.

In addition to price and variation information, you can see what Coinbase customers with large balances are currently doing. You get a buy/sell percentage for each asset.
Click to expand...

https://techcrunch.com/2019/07/17/c...holders-are-buying-or-selling-a-crypto-asset/

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