TransferWise: We Won’t Use Blockchain until More Banks Use Ripple

2018-11-21 17:59:10

Nearly 500 Crypto Startups Bank at Silvergate, IPO Filing Reveals

2018-11-21 17:05:02

Siemens Joins Blockchain-Driven Energy Platform to Increase Interoperability in Industry

2018-11-21 17:05:00

Tezos Korea Foundation Partners With Yonsei University for Blockchain Development

2018-11-21 16:55:00

The Tezos Korea Foundation has agreed to cooperate with a South Korean university on blockchain talents development. The South Korean branch of the Tezos Foundation has signed a Memorandum of Understanding (MoU) with Yonsei University to collaboratively work on the development of blockchain talents, says a Tezos official press release published Nov. 21.The new agreement between the Tezos Korea Foundation and Digital Society Research Center at Yonsei University in Seoul aims to provide “blockchain education cooperation, training of OCaml [Objective Calm] and smart contract experts.” The MoU is primarily focused on human resources and education in the blockchain technology industry. The press release states:“Through this agreement, both sides will strengthen the expertise of the blockchain and education expertise, and discuss various cooperation opportunities to lead the blockchain field.”Back this summer, the Tezos Foundation had already announced a public call for research grants in July. Later, Tezos provided financial grants to four research institutions for blockchain tech and smart contracts development, as Cointelegraph reported Aug. 10.Also this summer, the Tezos Foundation announced that PricewaterhouseCoopers Switzerland (PwC) — one of the four largest professional services networks in the world, commonly known as the “Big Four” — would conduct an external audit of its finances and operations, Cointelegraph wrote Jul. 24.Previously this week, Japanese banking giant Sumitomo Mitsui (SMBC), the Ethereum Foundation, and the University of Tokyo jointly announced an education course, dubbed “Blockсhain Innovation Donation Course,” in the university’s graduate school of engineering, Cointelegraph reported Nov. 21.

'Cozy' sweaters and blankets expected to fly off shelves this Christmas as weather cools

2018-11-21 16:54:00

Last year it was the Instant Pot that sold out at many stores during the holiday season. This year retailers are stocking their shelves full of Sherpa sweatshirts and fluffy blankets.

Bitcoin Cash: BSV Backer Calvin Ayre Now Wants a Permanent Split

2018-11-21 16:48:23

In a blog post published this week, CoinGeek founder Calvin Ayre made substantial claims as to the nature of the seemingly-permanent split between Bitcoin Cash Satoshi Vision (BSV) and Bitcoin Cash ABC (BCH). His first claim was that the Bitcoin.com mining pool had engaged in “a form of cheating” by diverting all its hash to The post Bitcoin Cash: BSV Backer Calvin Ayre Now Wants a Permanent Split appeared first on CCN

Upgradability in an Immutable World

2018-11-21 16:46:18

Colorado State Commissioner Issues New Cease-and-Desist Orders Against Four Crypto Firms

2018-11-21 16:23:26

Colorado Securities Commissioner Gerald Rome has issued a new batch of cease-and-desist orders against unregistered Initial Coin Offerings (ICOs) operating in the state, taking the total number of signed orders against ICOs in Colorado to 18. Today's orders follow last week's order issued by the North Dakota's financial regulators against a Russian-based ICO that promoted unregistered securities by impersonating Liechtenstein-based Union Bank AG.Per an official notice from the regulator, Rome signed the new orders against Global Pay Net, Credits LLC, CrowdShare Mining and CyberSmart Coin Invest for allegedly publishing misleading statements on their websites with false promises to defraud investors.Global Pay Net markets its native currency “GLPN Coins” to Colorado residents, which clearly states that the ownership of the tokens represents “full-value assets that represent one’s share in the business,” while promising investors 80 percent of the company's profits. Credits, also solicits investments for its currency, known as “Cred (CX)” which it claims would “be worth tangible value,” while promising investors a future windfall. CrowdShare Mining and CyberSmart Coin Invest both promote the idea that owning their cryptocurrency would offer benefits to the investors. CrowdShare Mining promises investors 50 percent of the profits while fraudulently stating that its tokens would be mined through renewable energy sources. CyberSmart claims to use robots to trade on popular crypto exchanges where it has uncovered a secret model for making huge profits. The company also promises investors about 20 to 35 percent returns monthly.Commissioner Rome commented on the development stating that the number of orders issued against ICOs should serve as a “red flag to all investors that there is a real risk that the ICO you are considering is a fraud.” He went on to add:“Our investigations show that there are fraudsters who will simply create a fake ICO to steal investors’ money, or spoof a legitimate ICO to trick investors into wrongfully paying them.The orders are the results of the investigations carried out by the ICO Task Force set up in May 2018 within the Department of Regulatory Agencies (DORA) to look into unlawful activities targeting cryptocurrency investors in Colorado. This article originally appeared on Bitcoin Magazine.

Price Dip Aside, Paxful Anticipates Big Week of Gift Card-to-Bitcoin Trades

2018-11-21 16:12:36

That special time of year is coming up — the time when individuals trade in their unwanted or unusable gift cards for bitcoin. And with the price of bitcoin dropping, peer-to-peer (P2P) bitcoin marketplace Paxful is making it possible to use these gift cards to “buy the dip.”Ray Youssef, Paxful’s CEO and co-founder, explained that, over the past few years, the busiest week for Paxful is the one right after Black Friday; in fact, as time has gone by, the rate of exchange between gift cards and bitcoin has gotten higher and higher.“We calculated the rate of increase in total gift card volume from one year to the next,” he told Bitcoin Magazine. “At that same rate, this year’s volume would be $15.3 million. This rate is approximately 271 percent. Given our current weekly gift card volumes, it seems well within the realm of possibility.” At the time of writing, bitcoin’s price has sunk to just under $4,560. Though panic has ensued in some corners of the crypto arena, Youssef isn’t worried about the price drop and feels it’s not likely to affect business on Paxful, even if the price remains as it is or falls lower. “The price doesn’t matter so long as there are people who use bitcoin to translate money,” he comments. “To those in developing countries and countries with declining currencies, bitcoin has been their alternative currency. It’s also good to note that since January 2018, the price of bitcoin has been declining, but Paxful’s volume is continuously rising. Bitcoin will always be the best financial alternative.”Youssef also says that, while gift cards remain popular items amongst gift givers during the holidays, they are not always the best items for receivers, which is what makes the peer-to-peer system so important.“Many people in developing countries have no use for these gift card credits,” he says. “There are also users who have a website or a business as an affiliate for Amazon that maybe makes 10 percent in referring. People in the developing world don’t have Amazon in their areas, but they earn all these credits. Thus, they sell their credits for BTC and then turn the BTC into whatever currency they want. This is how P2P finance and bitcoin fills the voids. We really want to spread the word on P2P finance.”According to Paxful’s internal data, gift cards have been used to purchase over $880 million worth of bitcoin since Paxful first launched its peer-to-peer marketplace in 2015. This accounts for just shy of 64 percent of the platform’s trades. All other methods — including credit cards, debit cards, Apple Pay and Square Cash — only account for about 36 percent of bitcoin purchases (roughly $499 million worth). In total, about $1.38 billion worth of BTC has been garnered via Paxful. The most popular gift cards used to purchase bitcoin are those issued by iTunes. These gift cards have been swapped for over $482 million worth of BTC for their owners. In second place are Amazon gift cards at $303 million, while eBay ($15.7 million), Target ($15 million) and Steam Wallet ($14 million) gift cards hold third, fourth and fifth place respectively. Other popular gift cards include Walmart ($12 million), Google Play ($5.3 million) and the PlayStation Network ($5 million). This article originally appeared on Bitcoin Magazine.

Circle’s Dollar-Tied Stablecoin Fully Backed, Auditor’s ‘Attestation’ Says

2018-11-21 16:02:45

Circle Internet Financial had $127.5 million at the end of last month, enough to back the total number of USDC stablecoins in circulation.

Crypto venture capitalist: View bitcoin as a survivor like Amazon after the 1990s dot-com bubble

2018-11-21 15:41:00

Investing in bitcoin is not for the faint of heart, but over any given two-year period holders have been rewarded, CryptoOracle's Lou Kerner says.

Bitcoin Price Crash Not Caused By SEC Actions, Says Blockchain Lawyer

2018-11-21 15:30:17

It’s too early to write off bitcoin, Ethereum or ICOs due to temporary market blips because the technology is revolutionary. And that won’t change — regardless of whether crypto prices go up or down, says blockchain attorney Stephen Palley. Moreover, Palley does not believe that recent regulatory crackdowns by the US Securities and Exchange Commission have affected The post Bitcoin Price Crash Not Caused By SEC Actions, Says Blockchain Lawyer appeared first on CCN

‘Democratic for All’: New Crypto Exchange Will Be ‘100 Percent Owned By Users’

2018-11-21 15:25:00

sponsored A new crypto exchange is going to be “100 percent owned” by users – with the community benefitting from voting rights and a share in profits. A hybrid community-owned digital asset exchange is hoping to simplify trades and investments while driving down the cost of transactions.DAREX’s hybrid model enables users to trade utilities and securities – and the revenue generated from these transactions is subsequently shared with token holders. In time, the exchange hopes to become a “truly beneficial and democratic exchange platform for all.”The startup is set to be “the first exchange of its kind” thanks to how it blends the benefits of centralized exchanges with a decentralized ownership structure. The platform is going to be “100 percent owned” by the Darico community through the distribution of Darico Exchange Community Shares – known as DECS for short.As well as paving the way for profit distribution, these security tokens would enable holders to have voting rights – giving them a say on how the exchange develops in the future.The startup hopes that individuals, institutions, professional traders and investors will all stand to benefit from what the exchange has to offer – enabling them to trade, deposit and withdraw “a variety of top-ranked cryptocurrencies.” In 2019 the company plans to allow users to transfer fiat funds in and out of the exchange using cards and bank accounts, creating the ability to cross-trade between pounds, euros, dollars and crypto.DAREX is the third launch for the Darico ecosystem – and DECS is a collaboration between Darico and Polymath, a “specialized tokenization service that helps companies launch securities tokens on blockchain.” Tokens are going to be distributed to the community on Jan. 10 2019.Secure, fast, reliable, transparentThe team behind DAREX says the hybrid exchange is going to pride itself on a “transparent business model” where a prominent auditing firm produces quarterly reports which are compliant with international standards – a practice that’s commonly followed by conventional financial companies. A beta version of the platform is going to launch early next year.From a security perspective, DAREX says “failproof” cold storage is going to be used which protects funds held on the exchange, while ensuring they are accessible at all times. A monitoring system would also keep track of activity on the platform “around the clock” – helping to flag any suspicious or anomalous activity. It is hoped that these features won’t be at the expense of transaction speeds – with low-latency mechanisms “designed to make sure that trades are executed in a flash.”Offering a vision of how its platform will look in the future, its white paper adds: “With liquidity in the cryptocurrency market gradually increasing we believe that by 2020 it will be time to implement a decentralized exchange structure. This will allow complete freedom in trading and enable the community to freely trade any cryptocurrency that is deemed valuable.”Darex is the latest product of the Darico Ecosystem which also includes GNIUS, Darico’s wallet that supports Bitcoin, Ethereum, Neo and more than 2000 ERC20 and NEP-5 tokens. The ecosystem also contains NUYS – the terminal which enables customers to access the ecosystem’s wallet and an Index Fund.Darico has been incorporated in Switzerland and has an office in Gibraltar – and it also has team members based in Dubai, Poland, Zurich and Ukraine.The concept for its ecosystem came into being towards the end of 2016, and was further finessed throughout 2017. Its presale was held as 2017 drew to a close, and this was followed by a token sale for DEC as 2018 began. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

In First Since 2015, Bitcoin’s Price Is Testing a 200-Week Average

2018-11-21 15:15:16

The pace of bitcoin’s ongoing sell-off is setting new records with every passing day, the latest being its test of a key long-term moving average for the first time in three years. Indeed, the world’s most valuable cryptocurrency network fell below its 200-week exponential moving average (EMA) of $4,180 yesterday, marking the first break of […]

Crypto Mining Firm Giga Watt Files for Bankruptcy, Faces Eviction in Washington County

2018-11-21 15:05:00

A Washington-based crypto mining company has filed for bankruptcy and is facing eviction in Douglas County. Major U.S. crypto mining and blockchain firm Giga Watt has filed for bankruptcy on Monday, Nov. 19, Washington daily newspaper Wenatchee World reported yesterday, Nov. 20.The top-five crypto mining firms entrant has reportedly filed for Chapter 11 protection in the Eastern District of Washington bankruptcy court, claiming that the firm is "insolvent and unable to pay its debts when due.”According to the court documents, Giga Watt is holding between zero to $50,000 worth of assets, with estimated the number of creditors accounting for not more than 50, while liabilities are evaluated between $10 million to $50 million.Apart from bankruptcy, the crypto mining company is also facing eviction in Douglas County, as the Port of Douglas County has reportedly launched an eviction process.Giga Watt’s managing director George Turner, who managed the company’s mining initiatives in East Wenatchee and Moses Lake, claimed that the filing has been made by the firm’s board of directors and haven’t passed through his office, according to Washington-based iFiberOne news agency. Turner stated that he advocated Chapter 11 “many months ago,” and this news came to him “as a surprise.”Washington-based Giga Watt, formerly known as MegaBigPower company, was reportedly established in 2012 by former Microsoft software engineer Dave Carlson, who had discovered Bitcoin in 2010. The company has also conducted an Initial Coin Offering (ICO) token sale back in July 2017. According to iFiberOne, Giga Watt’s tokens intended to raise money for a construction of mining equipment using “more than 30 megawatts of electricity,” as well as a private energy substation.In March 2017, Dave Carlson claimed that the company “didn't need” to register with the U.S. Securities and Exchange Commission (SEC) to conduct an ICO, arguing that the company “created a token offering in which people can get access to the electrical infrastructure that powers their miners.”In March 2018, the Silver Miller law firm launched a federal court lawsuit related the ICO promoted by Giga Watt, alleging that the firm violated securities laws by selling investments in its crypto mining business without registering investments with the due regulatory entities.In September this year, iFiberOne reported that Carlson had “quietly” left Giga Watt as CEO in mid-August.Cointelegraph released an analysis in November on how the crypto bear market affects the profitability of crypto mining.

‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini

2018-11-21 14:38:04

As bitcoin suffers one of its worst corrections in its nearly decade-long history, one of crypto’s fiercest critics is calling it: the crypto bubble has burst, and prices are never coming back. Taking a preemptive victory lap on Twitter, economist Nouriel Roubini gleefully reported that the crypto market’s recent struggles had “vindicated” his multitudinous criticisms The post ‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini appeared first on CCN

Blockchain Capital Exec: Bear Markets ‘Do Bear Things,’ but BTC Has ‘Gigantic’ Potential

2018-11-21 14:15:00

Blockchain Capital’s Spencer Bogart believes that crypto opportunities are “still gigantic” despite the current bear market. Spencer Bogart, a partner at the venture capital firm Blockchain Capital, believes that crypto opportunities are “still gigantic” despite the current bear market, the expert claimed in an interview with Bloomberg on Monday, Nov. 19.The expert at the crypto and blockchain-focused venture capital startup has maintained his pro-Bitcoin (BTC) stance, pointing out the critical role of “programmable money,” which is supposed to gain even more popularity over time.Considering programmable money as a “multi-trillion dollar idea,” Bogart emphasized the fact that Bitcoin has become the “biggest bull markets of all time,” referring to the the massive spike of Bitcoin up to $20,000 in December 2017 from around $1,000 in the beginning of last year. The expert has stressed that although the current state of crypto market is opposite to last year’s — with bear markets doing “bear things” — it still does not diminish the overall “gigantic” potential of Bitcoin.In the interview, Bogart has also expressed his “mono-crypto” position, claiming that Bitcoin has the “largest established network effect” and is “more than 5 times larger than the number two crypto.” The Blockchain Capital partner noted that the crypto community has been looking for the “next Bitcoin” since the emergence of Bitcoin, and suggested that this commitment to altcoins is a “dangerous game to play.”Founded in 2013, Blockchain Capital aims to assist entrepreneurs in setting up global cryptocurrency and blockchain companies. According to Blockchain Capital’s website, the firm is one of the “oldest and most active venture investors in the blockchain technology sector,” having financed “72 companies, protocols and tokens since its inception.”Earlier in October, Spencer Bogart had predicted that Bitcoin’s price has almost hit its bottom, noting that “bad news” last year appeared to “have no effect on the markets,” while now “we are seeing the other side of that.”Recently, prominent Wall Street bull Tom Lee maintained his new prediction that Bitcoin will end the year at $15,000, citing the upcoming launch of the digital assets platform Bakkt by the operator of major global exchange New York Stock Exchange (NYSE), as well as the expected regulatory clarity, which will allegedly attract more institutional investments.Backed by Intercontinental Exchange (ICE), the NYSE has recently confirmed that it is targeting a launch of the Bakkt platform on Jan. 24, 2019.Yesterday, Nov. 20, the head of global trading and technology firm Susquehanna also claimed that he is still a long-term Bitcoin believer amidst the market crash.

21-Year Old American Purported SIM Swapper Arrested for Alleged Theft of $1 Mln in Crypto

2018-11-21 14:05:00

Authorities in the U.S. state of California have arrested a 21-year old New Yorker for the alleged theft of $1 million in crypto using “SIM-swapping.” Authorities in the U.S. state of California have arrested a 21-year old New Yorker for the alleged theft of $1 million in crypto using “SIM-swapping,” U.S. broadsheet the New York Post reported Nov. 20.SIM-swapping — also known as a “port-out scam” — involves the theft of a cell phone number in order to hijack online financial and social media accounts, enabled by the fact that many firms  use automated messages or phone calls to handle customer authentication.The arrested suspect, Nicholas Truglia, is accused of having targeted wealthy Silicon Valley executives in the Bay Area, and of successfully persuading telecoms support staff to port six victims numbers to his an alleged “crew” of accomplice attackers. Deputy DA Erin West, of Santa Clara Superior Court, told the Post the ruse was “a new way of doing an old crime.”Truglia had previously made headlines in September, when he alerted police claiming to have been the victim of violent attempts by four of his friends to rob him of hardware that would enable them to swipe $1.2 million worth of his crypto holdings.One of Truglia’s alleged SIM-swapping victims, San Francisco-based Robert Ross, was allegedly robbed of $500,000 worth of crypto holdings on his Coinbase wallet “in seconds” on Oct. 26, and at the same time a further $500,000 was taken from his Gemini account. West said the $1,000,000 was Ross’ “life savings” and his two daughters’ college fund.While Ross was allegedly the only victim of the six targets from which Truglia managed to siphon crypto, he is accused of successfully taking control of the phones belonging to Saswata Basu, CEO of the blockchain storage firm 0Chain; Myles Danielsen, vice president of Hall Capital Partners, and Gabrielle Katsnelson, co-founder of startup SMBX.The California authorities reportedly flew to New York City Nov. 14 to arrest the suspect at his apartment, recovering a hardware wallet and $300,000 of stolen funds. West told the post, “the takeaway here to the hackers is, ‘We don’t care where you’re located, we are a task force based in Silicon Valley, and our reach is nationwide.”Truglia is since being held Manhattan Detention Complex pending extradition to Santa Clara in California. Formal charges relate to a seven-day “hacking spree” beginning Oct. 8, specifically entailing “grand theft, altering or damaging computer data with the intent to defraud and using personal information without authorization.”As recently reported, the rising prevalence of SIM swap-related incidents has prompted a California-based law enforcement group to make it their “highest priority.” In more than one high-profile instance, victims have acted to sue telecoms firms such as AT&T and T-Mobile for their facilitation of the crime.

Four More ICOs Hit with Cease-and-Desists by Colorado Securities Regulator

2018-11-21 14:00:57

Colorado's securities watchdog has issued four more cease-and-desist orders against suspect ICOs, taking its total since May to 18.

Bitcoin Price Rises From $4,050 to $4,560 Amid Extreme Volatility Following Bakkt Delay

2018-11-21 13:42:22

Over the past 12 hours, the price of Bitcoin, which was dangerously close to breaching the $4,000 support level, surged from $4,050 to $4,560, by more than 12 percent. On Coinbase and major fiat-to-crypto exchanges like Bitstamp and Kraken, Bitcoin dropped to as low as $4,030 for a brief period of time and recovered to The post Bitcoin Price Rises From $4,050 to $4,560 Amid Extreme Volatility Following Bakkt Delay appeared first on CCN

Japanese Banking Giant, Others Donate $800K for Blockchain Course at University of Tokyo

2018-11-21 13:20:00

The University of Tokyo has launched a three-year blockchain course after a $800K donation from several companies. The University of Tokyo will launch a blockchain course following a donation of nearly  $800,000 from several companies, including Japanese banking giant Sumitomo Mitsui (SMBC) and the Ethereum Foundation, Cointelegraph Japan reports Nov. 21.In a Nov. 20 press release, SMBC lists five more contributors, apart from itself and the Ethereum Foundation, who contributed to the donation: Good Luck 3, JSS, Zipper, Hotto link, and Money Forward. The banking group does not disclose the details of 90 million yen donation, nor did it reveal the main contributor.According to the press release, the education course, dubbed “Blockсhain Innovation Donation Course,” in the graduate school of engineering at the University of Tokyo will last three years: having begun Nov. 1, 2018, it will run until Oct. 31, 2021.The course has been developed for students who aim to become blockchain-related entrepreneurs. It is focused on the development of decentralized solutions, their social implementation, and human resources. The module will combine lectures and practice, such as establishing an information and communications technologies (ICT) service or developing a blockchain-driven business model.As Cointelegraph has frequently reported, blockchain is of interest for many universities across the world. According to a recent study by Coinbase, 42 percent of the world’s top 50 universities offer at least one crypto-related class, while blockchain-related courses enjoy the most popularity at Stanford and Cornell in the USA.Most recently, several blockchain-related courses have been launched by the University of Gibraltar, New York University and German Frankfurt School.The Ethereum Foundation, a non-profit launched to support projects on the Ethereum blockchain, announced the fourth wave of its grants awarded to 20 different persons and entities mid-October. The total amount of awards surpassed $3 million, with the biggest grants worth $500,000 given to Prysmatic Labs and Status, both working on the Ethereum 2.0 ecosystem first announced by co-founder Vitalik Buterin in November 2017.

Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions

2018-11-21 13:00:30

U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors.

Singapore’s First Legal Trial Over Bitcoin Trading Disputes Began Today

2018-11-21 13:00:18

Singapore’s first cryptocurrency trial over questionable trading practices began today as the market maker and liquidity provider B2C2 sues cryptocurrency exchange Quoine. The charge? B2C2 maintains that Quoine wrongfully reversed seven trades in April 2017 that lead to proceeds being deducted without B2C2’s authorization. In the case unraveling in the Singapore International Commercial Court, B2C2 … Continued The post Singapore’s First Legal Trial Over Bitcoin Trading Disputes Began Today appeared first on CCN

South Korea Science, Food Ministries to Use Blockchain for Tracing Beef Supply Chain

2018-11-21 12:56:00

The South Korean government will use blockchain technology for agriculture goods’ tracking, specifically of the beef supply chain. The South Korean government will use blockchain technology for tracing beef and providing consumers with information from the food supply chain, Yonhap News Agency, the largest news agency in South Korea, reported yesterday, Nov. 20.Blockchain technology has been implemented into the pilot program that is to be launched jointly by the Ministry of Science and ICT and Ministry of Agriculture, Food, and Rural Affairs. The testing phase of the program is scheduled for December and the official launch of the system is to be in January 2019.According to Yonhap, the ministries are planning to use the distributed ledger technology (DLT) “to track beef through the supply chain to provide consumers with information about the source of their food.” The article also states:“The new platform uses blockchain technology to store related information and certificates in the distributed ledger to enhance efficiency and credibility.”The use of blockchain tech for tracing agricultural products is one of the common implementations of the technology worldwide. In August, Australia’s largest grain exporter, CBH Group, partnered with a local startup to use blockchain tech for tracking oat shipments.Last month, the four largest agriculture companies in the world — Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co., commonly known as ABCD — agreed to use blockchain and artificial intelligence (AI) technologies to reduce costs and to make trading more efficient and transparent, Cointelegraph reported Oct. 25.

If you took your brother-in-law's advice and bought bitcoin last Thanksgiving, you lost big

2018-11-21 12:31:00

Those who started buying the cryptocurrency around the 2017 holidays might not be as enthusiastic this year. 

Nauticus Exchange Opens Deposits, Announces a Month of Airdrops

2018-11-21 12:10:52

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post Nauticus Exchange Opens Deposits, Announces a Month of Airdrops appeared first on CCN

Ex-SEC Commissioner and Investment Banking Veteran Join Bitfury Team

2018-11-21 12:02:00

Bitfury has added an investment banker to its board of directors and a former U.S. Securities and Exchange Commission (SEC) member to its advisory board. Blockchain technology firm Bitfury has added an investment banker to its board of directors, and a former U.S. Securities and Exchange Commission (SEC) member to its advisory board, according to an official company blog post Nov 21.Founded in 2011, Bitfury is recognized as the largest non-Chinese company that develops Bitcoin (BTC) blockchain software and provides infrastructure for BTC mining.The newly-appointed voting member to the Bitfury board of directors, Antoine Dresch, is co-founder of tech industry-focused private equity (PE) fund Koreyla Capital. Dresche has over 20 years of experience in investment banking with Goldman Sachs, UBS London and Morgan Stanley, according to a Bloomberg executive profile.At Morgan Stanley, he oversaw major merger and acquisition (M&A) and Initial Public Offering (IPO) transactions in Europe, before founding Dresch Digital Media Advisory (DDMA) in 2011 to advise European media and Internet investors. As of 2016, he has been a partner and co-founder of Paris-based Korelya Capital, a €200 million ($228.1 million) PE fund.Bitfury’s new advisory board appointee, Annette Nazareth, is set to provide guidance on regulatory matters in financial markets and advise on company growth.As a former SEC Commissioner, Nazareth worked on a range of regulatory initiatives, including “execution quality disclosure rules, implementation of equities decimal pricing, short sale reforms, corporate debt transparency rules and modernization of the national market system.” Alongside her regulatory experience, she is head of the Trading and Markets practice at the Washington D.C. office of international law firm Davis Polk & Wardwell.As revealed late October, Bitfury is reported to be considering its own IPO, with sources “familiar with the matter” claiming the firm is examining a range of options, including raising debt financing or selling a minority stake. Bitfury has allegedly been in contact with global investment banks in regard to its plans.In September, Bitfury launched a new generation of its BTC mining hardware based on an advanced Application-Specific Integrated Circuit (ASIC) chip, Bitfury Clarke, just before another global mining hardware titan, China-born Bitmain, launched its own new ASIC.This hire is not the first time a former SEC employee has entered the crypto industry, as a former SEC chair is representing Ripple in a class action lawsuit for the alleged sale of unregistered securities. Wall Street players have also often left for the crypto sphere; for example, former Goldman Sach executive joined Mike Novogratz’s crypto merchant bank in April.

The Crypto Insurance Market May Total $6 Billion. That’s Nowhere Near Enough

2018-11-21 12:00:35

There is less than $5 billion of global capacity to insure crypto wallets held in custody. Coinbase has secured a significant chunk of that.

Crypto Insurance Is Hard to Come By. Unless You’re Coinbase

2018-11-21 12:00:35

There is less than $5 billion of global capacity to insure crypto wallets held in custody. Coinbase has secured a significant chunk of that.

Singapore Exchange Reveals Expectations For Listed Companies Conducting ICOs

2018-11-21 11:42:57

The Singapore Exchange has published list of its expectations of listed companies that intend to raise funds using digital token sales. In a post published on its official website on November 15, the exchange revealed that while it is not interested in passing judgement on the commercial benefits of investment value of ICOs and cryptocurrencies, The post Singapore Exchange Reveals Expectations For Listed Companies Conducting ICOs appeared first on CCN

South Korea: Messaging Giant Kakao to Attract Crypto Investments in Singapore

2018-11-21 11:31:00

The blockchain technology platform Klaytn, the brainchild of Kakao subsidiary Ground X, has been established in Singapore to attract crypto investments. Kakao Corp, a major South Korean Internet conglomerate, has established a subsidiary of the company in Singapore to attract foreign investments with cryptocurrencies, Seoul-based media outlet News1 reported Nov. 21.According to the article, Kakao Corp established the brainchild of Kakao subsidiary Ground X, the corporation’s blockchain platform Klaytn, in Singapore yesterday. The media outlet also states, with reference to the the Singapore Chamber of Commerce, that Kakao Corp is considering establishing another special corporation in Singapore aimed at managing the investments.In October, Kakao Corp had released Klaytn’s testnet ahead of its formal launch set for the first quarter of 2019. Last week, Kakao Corp had announced a new partnership agreement with stablecoin project Terra that will use Klaytn as a blockchain-based payment system, Cointelegraph reported Nov. 14.Kakao Corp is expected to attract about 100 billion won (approximately $88 million) worth of investment from venture capital and institutional investors through Klaytn in December. The article continues:“This investment contract seems to include not only sales of simple tokens but also Kakao blockchain business cooperation. The reason for the establishment of an investment corporation in Singapore is that it is easy to raise funds and has a large tax benefit.”Back this summer, Golden Gate Ventures (GGV), one of the leading venture capital firms in Southeast Asia based in Singapore, launched a $10 million fund for investments in companies related to the blockchain and cryptocurrency industries, Cointelegraph wrote Aug. 10.

Amazon: How E-Commerce Giant Chose Blockchain Over Bitcoin

2018-11-21 11:25:00

On November 13, Amazon was granted with two crypto-related patents. On November 13, Amazon was granted two crypto-related patents. While the American e-commerce pioneer, with a revenue of over $177 billion, has not chosen to accept Bitcoin (BTC) and major altcoins as a payment option despite public interest and competitors’ experience, it has not ignored the subject altogether. In fact, Amazon Web Services (AWS), the company’s cloud computing arm, has contributed to blockchain adoption.Amazon and cryptocurrencies: refusal to accept BTC, unfulfilled plans for Amazon CoinAmazon has a complex relationship with crypto. In April 2014, the e-commerce giant decided not to accept Bitcoin (BTC) citing customer preferences. Amazon payments head Tom Taylor told Recode in an interview:“Obviously it gets a lot of press and we have considered it, [...] but we’re not hearing from customers that it’s right for them and don’t have any plans within Amazon to engage Bitcoin.”Curiously, the move came just few months after Overstock.com, one of Amazon’s rivals, became the first major retail company to introduce BTC as a payment option and found initial success, as its CEO Patrick Byrne claimed that Amazon would have to “follow suit.”Taylor’s comment could have meant that the e-commerce giant would turn to cryptocurrencies once they see more exposure. However, the 2014 decision stays to date, regardless of the overall improved market capitalization and adoption, public petitions addressed to CEO Jeff Bezos, and some businesses being built around serving as the middlemen for Amazon customers willing to pay with digital currencies.Nevertheless, Amazon has not distanced itself from engaging with crypto altogether. In May 2014, not long after announcing it had no plans for crypto, Amazon was awarded a Bitcoin-related patent for the use of digital currencies as payment for cloud computing services on Amazon Web Services (AWS). It is worth noting, however, that the patent was filed back in March 2012, and crypto was mentioned as only one possible form of payment there.In November 2017, the e-commerce giant was reported purchasing a number of crypto-related domain names including “amazoncryptocurrencies.com,” “amazoncryptocurrency.com,” and “amazonethereum.com.” It was also noted at the time that “amazonbitcoin.com” redirects to the original Amazon URL.However, it could have been an attempt to shield the Amazon brand or avoid confusion with Amazon Coin, the company’s digital currency that was introduced in 2013 for Kindle e-book owners. The coin has not seen extensive use despite the documented public interest.In April 2018, Amazon won a patent for a subscription feed system described as a “streaming data marketplace.” Essentially, the company claimed, it could “identify [Bitcoin] transaction participants” for governments and law enforcement. The document was filled in June 2014 and showed that while the e-commerce giant might accept the idea of dealing with crypto, it put strong emphasis on the Know Your Customer (KYC) side of the business. That, in turn, would neglect a major part of Bitcoin’s ideology and design.Thus, Amazon has not shown itself to be exactly a pro-Bitcoin company. Nevertheless, its relationship with the underlying technology, blockchain, has proven to be much more fruitful.Amazon and blockchain: major collaborations, contribution to adoptionOn December 5, Amazon Web Services (AWS) announced a partnership with R3 — a major blockchain consortium of over 200 members — to allow its Corda platform to become one of the first distributed ledger technology solutions (DLT) on the AWS marketplace. Corda is an open-source DLT platform designed to work within finance to operate complex transactions and restrict access to transaction data. Basically, it allowed users to deploy decentralized applications (dApps) onto the AWS platform and to create new apps directly.The news came as a shock, granted that just a few days before the announcement, AWS CEO Andy Jassy essentially criticized blockchain for not having use cases “beyond the distributed ledger,” noting that even those had very limited capabilities. Moreover, he reiterated the company’s policy not to “build technology because we think it is cool.”He did add, however, that AWS was interested in ways that blockchain could benefit their customers:“We are very intrigued by what customers are ultimately going to do there.”Still, there were at least three blockchain-based platforms on the AWS marketplace before Corda’s arrival and Jassy’s speech, which shows that Amazon’s initial interest in blockchain arose earlier in 2017.On April 19, 2018, AWS’s journey into blockchain continued. The cloud platform introduced its blockchain framework for Ethereum (ETH) and Hyperledger Fabric, allowing users to build and manage their own blockchain-powered DApps. Called AWS CloudFormation Templates, the tool was designed to avoid the time-consuming manual setup of one’s own blockchain network.Next month, in May, AWS partnered up with ConsenSys, a blockchain incubator started by Ethereum’s co-founder Joseph Lubin. Specifically, the e-commerce company collaborated with Kaleido — a blockchain business cloud that aims to help firms accelerate the “entire journey from experimentation and PoCs [proofs-of-concept] to pilots and production,” and is based on the Ethereum blockchain. Together, they aim to offer simplified blockchain cloud platforms for its clients so that they can “focus on their scenario, [without having] to become PhDs in cryptography,” as Kaleido co-founder Steve Cerveny explained to CNBC.Kaleido has since expanded to a full-stack platform dubbed “Kaleido Marketplace.” It reportedly “eliminates 80 percent of the custom code” needed to build a given blockchain project by providing an array of tools and protocols that are “plug-and-play,” spanning needs from back-end development to front-end app user interfaces.Currently, there are around 25 blockchain-oriented platforms hosted on the AWS platform, some of which are also reporting promising results. For instance, in September, a blockchain system developed by Australia’s national science agency (CSIRO) and Sydney University claimed to have set a benchmark of 40,000 transactions per second during a test on Amazon Cloud — for comparison, BTC infrastructure normally scales up to eight transactions per second, while ETH blockchain capability is set at 15 transactions per second.Amazon’s blockchain experiments have attracted recognition from mainstream players: for example, “Big Four” audit and consulting firm Deloitte has emphasized Amazon’s blockchain-related efforts in its October report, arguing that the e-commerce giant had been helping to stimulate technology adoption and contributing to improving the costs of operations on blockchain. Additionally, Bank of America (BoA) research analyst, Kash Rangan, told CNBC that blockchain is well-suited to some of the world’s largest corporations, noting:"Amazon will benefit from incremental cloud services demand from blockchain implementation, while improved supply chain tracking should make Amazon's retail operations more efficient."Amazon’s latest advancement: more blockchain patents, crypto-related job adsWhile Amazon has been acquiring both cryptocurrencies and blockchain-related patents, it is fair to take them with a grain of salt — as the industry is still young, a lot of players, like the aforementioned Bank of America (BoA), which currently has the most of such patents, are merely trying to mark the field before the others get there. Consequently, not all patents (blockchain-related or not) are going to be put to use any time soon. For instance, in 2016 Amazon was awarded a patent for a system to deliver goods through a chain of underground tunnels, a highly ambitious and costful goal that is probably not the company’s top priority.On November 13, the U.S. Patent and Trademark Office (USPTO) published two more Amazon patents related to methods for protecting the integrity of digital signatures and improving distributed data storage, filed in April 2018 and December 2015 respectively.The first patent document outlines a “signature delegation” method for “protecting the integrity of digital signatures and encrypted communications,” by allowing for the generation, distribution, validation, and revocation of one-time-use cryptographic keys. In the proposed system, these keys are arranged in what is known in cryptography as the so-called “Merkle Tree” structure, which is essentially a binary tree of hashes constructed from the bottom up.Amazon’s second patent, is related to distributed data storage. The filing proposes a “grid encoding technique,” using groups of collected “shards,” where each shard represents a logical distribution of data items stored in a given grid. The patent filing suggests this method can help minimize storage redundancy.While Amazon might be having more patents coming, the e-commerce giant is nowhere to be seen in the main part of patents, occupied by the likes of its Chinese counterpart Alibaba and IBM. Nevertheless, Amazon is set to continue its explanation of the technology, as the AWS platform continues hosting blockchain solutions, and the company is looking to expand its staff with more blockchain engineers.

$5K Bounce? Bitcoin Price May Have Hit Bottom For Now

2018-11-21 11:01:59

Bitcoin could be in for a stronger recovery rally in the next few days, having found a temporary low near $4,000.

Amidst Recent Market Crash, Susquehanna ‘Crypto King’ Emphasizes Crypto Is a ‘Long Game’

2018-11-21 10:49:00

Bart Smith, digital asset head at U.S.-based global trading and technology firm Susquehanna, says Bitcoin is a long-term game. Bart Smith, digital asset head at U.S.-based global trading and technology firm Susquehanna, has said he is still a long-term Bitcoin (BTC) believer amidst the market crash during an episode of CNBC’s “Fast Money” Nov. 20.Speaking just as the price of Bitcoin had plummeted to its lowest levels since October 2017, Smith — who is also known by the moniker of “Crypto King” — emphasized this was a “long game” and that “every great idea is volatile.”He noted that while figures from the world of mainstream equity strategy might have taken to treating Bitcoin and other cryptocurrencies as an “asset class,” this is not what it was “originally” intended for. He stressed:“The desire to have a non-sovereign form of currency has existed forever. Remember, [Bitcoin] came out of the depths of the [2008] financial crisis, let’s see what happens next year. Let’s see if central banks in the U.S. and Europe can unwind this thing successfully and then see what people want to own.”Analyzing the recent market tumble, Smith suggested that the crypto space still lacks the capital to “absorb” abrupt sell-offs — such as the one recently sparked by the contentious Bitcoin Cash (BCH) hard fork last week (a conflict Smith called “juvenile”). He noted that:“The on-ramps for new capital is very difficult [...] if you’re a global institution, it’s still very difficult for you to buy Bitcoin in the way you’d like [...] [for example] at Fidelity, or Bank of America.”Without new capital on-ramp, he continued to argue, the resultant low liquidity, low volumes, and low volatility — just as the crypto space saw at the end of this October — creates an environment that is not resilient enough to absorb temporarily shaken confidence or shifts in investor sentiment.Smith noted that Bitcoin creator Satoshi Nakamoto designed the supply of his non-sovereign, decentralized, peer-to-peer currency to finish only in the year 2140 — and this is the appropriate long-term vision and scope of Bitcoin as an invention.This week, Wall Street crypto bull Tom Lee has similarly emphasized the crucial role of institutional participation in the industry, highlighting the forthcoming launch of the digital assets platform Bakkt by New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE) as a watershed moment.As Susquehanna’s Smith alluded, U.S. investment firm Fidelity, which administers over $7.2 trillion in client assets, has also announced the launch of its own cryptocurrency business that it says will provide a “secure, compliant, and institutional-grade omnibus storage solution for bitcoin, ether and other digital assets.”

South Korea to Track Beef Through Entire Supply Chain on a Blockchain

2018-11-21 10:35:58

A blockchain technology pilot aimed at tracking beef through the entire food supply chain has been announced in South Korea. The pilot will be jointly undertaken by the Ministry of Science and ICT and the Ministry of Agriculture, Food and Rural Affairs, according to Yonhap News Agency. The launch date has been set for next The post South Korea to Track Beef Through Entire Supply Chain on a Blockchain appeared first on CCN

VanEck Subsidiary Launches Index Tracking OTC Bitcoin Performance

2018-11-21 10:00:58

MV Index Solutions, a subsidiary of investment management firm VanEck, has launched a new index tracking the OTC performance of bitcoin.

VanEck Subsidiary Launches Index Tracking OTC Bitcoin Price

2018-11-21 10:00:58

MV Index Solutions, a subsidiary of investment management firm VanEck, has launched a new index tracking the OTC performance of bitcoin.

ARK Core v2 — MainNet Launch!

2018-11-21 09:36:47

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. The time has come. ARK Core v2 is now ready for launch. We are proud to announce the final and now official release date of Wednesday, November 28th. … Continued The post ARK Core v2 — MainNet Launch! appeared first on CCN

Liquidity Provider Sues Crypto Exchange for $13.7 Mln in Singapore’s First BTC Court Case

2018-11-21 09:34:00

A disputed trading session between crypto exchange Quione and liquidity provider B2C2 is now Singapore’s first BTC-related court case. Crypto exchange Quoine and major liquidity provider B2C2 are the opposing parties in Singapore’s first court case involving Bitcoin (BTC), which began Nov. 21, Singapore-based English-language daily The Straits Times reports. The case concerns an alleged reversal of crypto transactions in the spring of 2017.In a legal battle at the Singapore International Commercial Court, B2C2 alleges Quoine reversed seven Bitcoin to Ethereum (ETH) trades it attempted to perform in April 2017.The reversal, which Quoine in court documents said was due to a technical glitch, involves a total of 3,085 BTC (today around $13.7 million), which B2C2 is now attempting to extract from the exchange.The market maker says the decision was made without its permission or knowledge.The Straits Times quotes the documents as saying that “it is B2C2's contention that in the face of serious risk of itself having to bear the financial loss arising from the trades”:“Quoine chose the most advantageous course to mitigate such risk — by simply reversing the 'irreversible' trades and deducting the […] proceeds from the account.”The exact nature of the trades is unusual, according to Quoine. As a result of liquidity problems resulting from the glitch, B2C2 was able to set up trades at an “absurd” exchange rate of 10 BTC to 1 ETH, Quoine argues, continuing:“There is no other way than to describe these orders as abnormally and absurdly priced orders, given that they were about 250 times higher than the average price at which (the two currencies) then traded on the platform.”The Straits Times notes that the trial should end in one week’s time.Courts in various jurisdictions have sporadically dealt with cryptocurrency battles this year, in each instance adopting a case-by-case approach to the often unlegislated phenomenon.In September, China’s Supreme Court ruled that blockchain-based evidence was suitable for use in legal proceedings. Also in September, a New York federal judge ruled that U.S securities laws are applicable in regards to a case involving alleged crypto investor fraud.

‘Payments Four Times Faster Than Visa’: Network Fights Low Speeds and Threat of Lost Funds

2018-11-21 09:25:00

sponsored A new global blockchain finance infrastructure will allow users to recover their private keys – ensuring they “never lose their funds.” Fraud, inefficient and expensive systems, a lack of transparency and slow transactions at busy times are a reality for many business networks around the world – inconveniencing merchants, their customers, and even the middlemen tasked with processing their transactions.Volume limitations have also frustrated retailers who may have considered turning to crypto, while a lack of security has deterred the public.Optherium, a global fintech company, believes that its ecosystem could be the silver bullet to eliminate the main issues facing the crypto world – as well as the old-fashioned economy. According to its white paper, the platform wants to tackle three key issues: slow transaction times, a lack of security seen in multicurrency wallets, and a general lack of usability.The company is a member of the Linux Foundation. It has been successfully certified for advertising on Facebook and Google, who assess the eligibility of the companies wanting to run ads for cryptocurrency products and services. Optherium has also been featured on the likes of Bloomberg and Fox Business, and the company is positioning itself as a blockchain-as-a-service provider to Fortune 500 companies.Solving these problemsOptherium offers an environment for instant, low-cost transactions backed up by “unprecedented” security levels thanks to its patented Multi-Decentralized Private Blockchains Network and Multisecure Technology. The company says its modular ecosystem gives banks, financial institutions and companies a way to offer these features on a “white label” basis, as well as the opportunity to adapt them for their own purposes.The company’s infrastructure is fully licensed in the EU for exchanges between cryptocurrency and fiat – in addition to eWallet services. The fintech company has also registered with the IRS and is exempt under SEC Regulation D in the US. In time, it hopes its global finance blockchain infrastructure will be “accessible to all financial institutions, corporations and individual users.”It has already established a working product by powering the VivusPay mobile application, which uses Optherium’s speed and security to achieve instant crypto to fiat and fiat to crypto transactions worldwide with lower fees.Optherium consists of private blockchain networks where on-chain and cross-chain transactions can be completed. The company claims it can reach speeds of more than 100,000 transactions per second, with payments verified “four times faster than Visa and much faster than Ripple.”When more users join the Optherium ecosystem, it plans to group nodes by region networks so it can better localize user transactions, making them faster and preventing an increase in demand from clogging up its network.Its infrastructure also boasts “Multisecure Technology,” which is backed by several layers of protection including multisignature transactions, biometrics-based verification and multi-factor authorization using voice, retina, fingerprints and facial movements.A key developmentOptherium has launched a key recovery service which allows a user to regain access to assets and data if a private key is stolen or lost. Its ecosystem stores private keys in cold storage, shared among several airgapped computers that are “never connected to any network.” These isolated and safeguarded machines should ensure that hackers will never be in close enough proximity to Optherium hardware. By eliminating physical access to the computers, the company hopes to ensure that user keys remain safe and can only be recovered by qualified agents.For consumers so used to being able to recover forgotten passwords and PINs, the ramifications of losing a private key have made them nervous – not to mention trying to get their heads around technology they don’t fully understand. Although some services allow users to recover these details, a single blockchain network has been unable to incorporate such protocols.Users are required to enter personal information and answers to security questions when they are setting up their VivusPay eWallet. These details are then stored in Optherium’s Multi-Decentralized Private Blockchains Network. At this stage, users also set up their Dynamic Biometrics – a “fraud proof” feature which captures someone's movements as well as their features.The company claims this information ensures “users will never lose their funds due to the loss of their private keys.”Optherium’s ecosystem also features a specially built utility and facilitator token known as OPEX. As well as being able to cover transaction fees incurred on the platform, the token acts as a bridge between the cryptocurrencies and fiat currencies that the service supports.OPEX serves an “internal liquidity reserve token” for hundreds of digital currency pairings – paving the way for “rapid internal conversion between currencies in response to user requests.” The company says fiat and crypto can both be used with equal ease and the system can also handle huge amounts that may be transferred by large conglomerates.Optherium’s whitelisting phase runs from Oct 5 to Dec 5. A presale of OPEX tokens will immediately follow and is expected to end on Feb 5. The main token sale will take place afterwards, wrapping up on March 5. OPEX is going to be listed on CoinBene, an exchange which is also promoting the VivusPay eWallet. Over time, Optherium aims to launch a debit card which can complete instant transactions between cryptocurrency and fiat, enabling users to complete withdrawals from ATMs worldwide. VivusPay facilitates payments using near field communication (NFC) and QR codes, and opens the door to paying at points of sale using crypto.Company’s representatives told Cointelegraph that on Nov. 12, 2018, Optherium Labs signed a “multimillion euro agreement” with CFC Legal and MPOTrustee, an Italy-based company which specializes in helping entrepreneurs, professionals, and companies to protect their assets. The partnership aims to create TrustMeUp, a global trust platform built within the Optherium ecosystem. According to Optherium, the new project was inspired by successful fan-ownership business models such as soccer clubs Barcelona, Real Madrid, and the Green Bay Packers football team. The company describes the platform as a “formal and democratic non-profit organization comprised of passionate, enthusiastic, Italian A-series football supporters.” The app is designed to allow direct and secure engagement with clubs and their supporters. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

North Korea to Host Another Blockchain and Cryptocurrency Conference

2018-11-21 09:22:04

In a bid to showcase some of its technological advancement and show its support for the blockchain technology, North Korea has announced plans to hold a blockchain and cryptocurrency conference. This comes on the heels of a similar conference held in August. The country announced that plans are already in the works for them to The post North Korea to Host Another Blockchain and Cryptocurrency Conference appeared first on CCN

Crypto Bear Market Gives UK Regulators Breathing Space to Finalize Crypto Regulation

2018-11-21 09:03:00

The cryptocurrency market crash has eased pressure on the U.K.’s financial regulator to introduce hasty new rules for the sector. The cryptocurrency market crash has eased pressure on the U.K.’s financial regulator to introduce hasty new rules for the sector, Reuters reported Nov. 20.As Reuters outlines, the U.K.’s Financial Conduct Authority (FCA) had been pressed to expedite new regulation for the rapidly growing crypto space, raising the risk of a heavy-handed approach that could impede investment and stifle development.Now that the sector has settled, government officials and FCA representatives indicate they will be taking more time to fine-tune the balance between investor protection and fostering financial innovation.Speaking at a conference dedicated to crypto regulation in London yesterday, Nov 20., Gillian Dorner, deputy director for financial services at Britain’s finance ministry, said:“We want to take the time to look at that in a bit more depth and make sure we take a proportionate approach.”British regulators reportedly told the conference they are analyzing over 2,000 crypto assets to see whether they can be regulated under existing rules before considering whether reform might be necessary.Christopher Woolard, the FCA’s executive director for strategy and competition, is quoted as saying that the FCA is working to better define the contours of existing and prospective regulation, underlining that there remain many “grey edges” in the present situation.According to Woolard, the FCA will consult by the end of 2018 to “clarify which cryptoassets fall within [its] existing regulatory perimeter, and those cryptoassets that fall outside.”He added that the U.K.’s finance ministry would then work with the watchog to decide whether that perimeter itself may need “shifting.” While acknowledging the need for national action, Woolard reportedly underscored that ultimately, international cooperation would be needed for adequate regulation of the space.In his own speech at the conference, Woolard said that the FCA would also consider a ban on crypto contracts-for-difference (CFDs), noting concerns over retail customers being sold “complex, volatile and often leveraged derivatives products based on exchange tokens with underlying market integrity issues.”In a statement released late October, the FCA had said it would be launching a consultation in the first quarter of 2019 on whether to ban the sale of crypto-based derivatives in the future.As previously reported, unlike crypto spot market activities, trading, transacting and advising on crypto derivatives currently falls within the FCA’s regulatory jurisdiction and requires its official authorization.Also in late October, the U.K. government’s Cryptoassets Taskforce – which includes representatives from the FCA, the U.K. Treasury and the Bank of England – published a report proposing a new three-fold classification for cryptoassets, depending on their use cases.

Bitfury Adds Former SEC Commissioner to Advisory Board

2018-11-21 09:00:32

Former SEC Commissioner Annette Nazareth is joining the advisory board of crypto mining firm Bitfury.

Real talk: You're gonna have to get real about real-time analytics if you wanna make IoT work

2018-11-21 08:17:11

A gentle intro to design considerations for a large-scale internet-connected web of sensors Backgrounder  Many have started down the road of rolling out non-trivial Internet-of-Things platforms, and you may have, too, to some degree.…

Ripple(XRP) Finally Suffers Major Price Drop as Crypto Market Wipes Out $12B

2018-11-21 08:05:53

The intense downtrend of the crypto market is finally having a toll on the best performing digital asset of the month. Ripple (XRP), now the second most valuable cryptocurrency in the market, is no longer up in value on a monthly basis. Throughout the past 30 days, XRP has maintained the $0.5 level relatively well … Continued The post Ripple(XRP) Finally Suffers Major Price Drop as Crypto Market Wipes Out $12B appeared first on CCN

Korea’s Biggest Power Utility is Developing a Microgrid on a Blockchain

2018-11-21 07:03:10

Korea Electric Power Corporation (KEPCO), South Korea’s largest power utility company has announced that it is pursuing a plan to develop a blockchain-based microgrid dubbed the ‘Future Micro Grid’. Revealing the information in an announcement posted on its website on November 18, KEPCO President and CEO Kim Jong-gap stated that the proposed ‘KEPCO Open MG’ framework The post Korea’s Biggest Power Utility is Developing a Microgrid on a Blockchain appeared first on CCN

Elon Musk Renames Big Falcon Rocket To 'Starship'

2018-11-21 07:00:00

On Twitter, SpaceX CEO Elon Musk said that the transportation portion of the company's Big Falcon Spaceship (BFS), will now be called Starship, while the booster portion will be called Super Heavy. The Verge reports: Plans for the 387-foot Big Falcon Rocket were officially revealed back in September. Eventually, the company hopes that it will replace the company's existing Falcon 9, Falcon Heavy, and Dragon rockets. The craft is currently being developed at the Port of Los Angeles, at an expected cost of $5 billion and will be capable of taking up to 100 tons of cargo or 100 passengers as far as Mars. SpaceX president Gwynne Shotwell said the company hopes to start doing uncrewed launch tests of the new rocket in late 2019. If all goes well, Musk believes that this could be followed by an initial uncrewed flight to Mars in 2022 with a crewed flight taking place as early as 2024. A mission to fly around the moon with a private passenger on board is planned for 2023. However, given that the Falcon Heavy took nearly twice as long to complete as expected, and that only five percent of SpaceX's resources are currently spent on the Starship, it's best to view these plans as an aspiration. Read more of this story at Slashdot.

If you're using Dell EMC Avamar, even in VMware's vSphere, you need to grab and install these security updates

2018-11-21 06:11:05

Unless you want your private key to leak, watch miscreants inject commands, etc Get patching: data protection offerings in the Dell EMC Avamar range have four exploitable security bugs – one enabling remote code execution – and VMware's inherited the vulnerabilities, with fixes now available.…

Bitcoin Cash Is Now Two Blockchains – That Might Not Change Anytime Soon

2018-11-21 05:20:50

It’s been six days since the bitcoin cash split and the ongoing threat of one chain sabotaging the other has yet to materialize.

Bitcoin Cash Price Sets New Yearly Lows as Crypto Exchanges Resume BCH Trading

2018-11-21 03:25:19

It has been five days since the Bitcoin Cash fork began and crippled the stability of the BCH ecosystem, and the worst part is that it is not looking to recover anytime soon. The BCH/USD pair on Tuesday dropped another 40 percent — on paper, anyway (most exchanges paused BCH trading ahead of the fork The post Bitcoin Cash Price Sets New Yearly Lows as Crypto Exchanges Resume BCH Trading appeared first on CCN

Stablecoin Wars: Crypto Merchant Service BitPay Lists Paxos Standard

2018-11-21 03:05:43

BitPay today expanded its stable of stablecoin offerings for merchant settlement to include the new Paxos Standard, the most heavily traded of the recently-launched group of “regulated stablecoins.” As CCN reported in October, BitPay has already added support for Circle’s USD Coin and Gemini’s GUSD. It has apparently decided not to support USDT — or The post Stablecoin Wars: Crypto Merchant Service BitPay Lists Paxos Standard appeared first on CCN

SWIFT India Partners With Fintech Firm for Blockchain Pilot

2018-11-21 02:14:00

SWIFT India has partnered with fintech firm MonetaGo to run a blockchain pilot aimed at addressing fraud in the e-way Bill system. SWIFT India has partnered with fintech firm MonetaGo to pilot a distributed ledger (DLT) network designed to improve the efficiency and security of financial products, according to a press release published Nov. 20.SWIFT India is a joint venture established by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication) and a number of major Indian and international banks, including HDFC Bank and the Bank of India. The organization provides messaging services to domestic market infrastructures, banks and corporates.Per the announcement, the new program based on MonetaGo’s financial services network technology will be integrated through standardized SWIFT financial messages.The banks will purportedly deploy a shared distributed ledger network, that complies with industry-level governance, security and data privacy requirements in order to improve the efficiency and security of their financial products and procedures.According to Kiran Shetty, CEO of SWIFT India, the company will digitize trade processes, while MonetaGo will provide “fraud mitigation solutions to avoid double-financing and check authenticity of e-way Bill.” E-way Bill is an electronically generated bill for the specific movement of goods with a value more than 50,000 rupees ($700)."Given India's focus on a digital infrastructure which is supported by both policy and technological innovation, it makes sense that large institutional players are interested in these products and initiatives," said Jesse Chenard, CEO of MonetaGo.In September, the Union Cabinet of India approved a Memorandum of Understanding (MoU) on the collaborative research of DLT, with the aim to foster better understanding of DLT and define areas where the technology can be deployed to improve operational efficiency. The research was set to be jointly conducted by a number of leading banks “in the interests of the development of the digital economy.”In August, Cointelegraph reported that India’s central bank allegedly planned to improve its understanding of cryptocurrency and blockchain technology, allegedly setting up a unit dedicated to “research” of the phenomena, “to check what can be adopted and what cannot.”In March 2018, SWIFT published a report on how a DLT Proof-of-Concept (PoC) can help Nostro account reconciliation. The results showed that DLT can provide the necessary functions of Nostro account reconciliation while SWIFT’s Head of Research and Development Damien Vanderveken said, “The PoC went extremely well, proving the fantastic progress that has been made with DLT and the Hyperledger fabric in particular.”

Crypto Exchanges Begin to Disregard Bitcoin Cash SV After Block Reorg

2018-11-21 01:53:36

Bitcoin Cash SV, the hard forked chain of Bitcoin Cash created by a camp composed of CoinGeek, Calvin Ayre, and Craig Steven Wright, suffered a block reorganization. However, as reported by Bitcoin Unlimited chief scientist Peter Rizun, CoinGeek allegedly reorganized its own blocks. Emin Gun Sirer, a professor at the prestigious Cornell University, stated that The post Crypto Exchanges Begin to Disregard Bitcoin Cash SV After Block Reorg appeared first on CCN

Binance Invests $3 Million in US Crypto Trading Desk

2018-11-21 01:07:49

Big news came from Binance this week, as their venture wing announced a significant investment in US over-the-counter (OTC) crypto trading desk Koi Trading. Binance and Koi Trading In a press release yesterday, Binance Labs revealed that it had made a $3 million investment into Koi Trading, a small sum for the world’s largest cryptocurrency exchange, but a notable … Continued The post Binance Invests $3 Million in US Crypto Trading Desk appeared first on CCN

Binance Labs Invests $3 Million in US Crypto Trading Desk

2018-11-21 01:07:49

Big news came from Binance Labs this week, as their venture wing announced a significant investment in US over-the-counter (OTC) crypto trading desk Koi Trading. Binance Labs and Koi Trading In a press release yesterday, Binance Labs revealed that it had made a $3 million investment into Koi Trading, a small sum for the world’s largest cryptocurrency exchange, The post Binance Labs Invests $3 Million in US Crypto Trading Desk appeared first on CCN

Italian Securities Watchdog Orders Unauthorized Crypto Companies to Cease and Desist

2018-11-21 00:14:00

Italian securities watchdog CONSOB has ordered cease and desist orders on several crypto-related firms for offering unauthorized financial services. The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered three crypto-related companies providing unauthorized investment services to cease and desist, an official release states Monday, Nov. 19.The first company, a trading platform called Richmond Investing, has purportedly violated the Consolidated Law on Finance (TUF) — a fundamental law governing Italian financial markets — by failing to register as a financial intermediary in the country.The  Italian securities market regulator has also suspend the activities of two other companies, Crypton Ltd. and Eagle Bit Trade, along with individual Alessandro Brizzi representing Cryptoforce Ltd., for 90 days.According to the release, CryptoForce, a company specializing in Proof-of-Stake (PoS) mining, promoted a cryptocurrency dubbed “Crypton.” Brizzi was advertising CryptoForce on Facebook, while Eagle Bit Trade offered ostensibly unauthorized "trading packages" to Italian investors.The CONSOB enforcement action comes amid recent calls to tighten crypto regulation in the E.U. In September, Brussels-based think tank Bruegel called on E.U. ministers for more scrutiny on how digital currencies were distributed to investors.In November, German financial regulator BaFin ordered partial cessation of activities by U.K.-based crypto-related firm Finatex Ltd. The company was ordered to cease trading as its activities were not approved by German financial legislation, including the German Banking Act.While Italy does not have a formal framework for crypto business, in March, the Italian Ministry of Economics announced the creation of a decree that would classify the use of cryptocurrencies in the country and list service providers related to digital currencies.According to Finance Magnates, the Italian government has not prohibited financial institutions from dealing with cryptocurrencies, but rather recommended that they wait until formal regulations are introduced

Crypto Stocks in Asia Fall as Bitcoin Falls Below US$5,000

2018-11-21 00:00:23

The Bitcoin price slipped on Monday (Nov 19) underneath US$5,000 (€4,366) out of the blue since October 2017 as an expansive selloff accumulated steam on the hazy digital money market. The descending trend where most Asian markets have ended up was an immediate consequence of a gigantic droop in the Bitcoin price (BTC). Bitcoin opened exchanging on Wednesday at US$6,326 and [...] The post Crypto Stocks in Asia Fall as Bitcoin Falls Below US$5,000 appeared first on Coin News Asia.

Cybersecurity Firm Detects Cryptojacking Malware on Make-A-Wish Foundation Website

2018-11-20 23:39:00

Cybersecurity firm Trustwave has reported a case of cryptojacking malware stealing the computing power of visitors to the Make-A-Wish Foundation’s website. Hackers have infected the website of global non-profit organization the Make-A-Wish Foundation with cryptojacking malware, according to a report by cybersecurity firm Trustwave posted Nov. 19.According to Trustwave researchers, crypto jackers managed to incorporate a JavaScript (JS) miner CoinImp into the domain worldwish.org in order to illicitly mine privacy-focused cryptocurrency Monero (XMR). Similarly to the notorious Monero mining software CoinHive, CoinIMP has reportedly been using the computing power of website visitors to mine cryptocurrency.Per the report, the CoinImp script infected the website through the drupalupdates.tk domain, which is associated with another campaign that exploited a critical Drupal vulnerability to compromise websites since May 2018.The researchers noted that the recently detected campaign deployed a number of techniques to evade detection, including alterations of its already obfuscated domain name, as well as different domains and IPs in a WebSocket proxy.Trustwave reportedly contacted Make-A-Wish in order to report the cryptojacking attack, but the foundation did not respond. However, the malicious injected script was eventually removed shortly after Trustwave attempted to reach the foundation, according to the report.According to data acquired by Bloomberg, scales of cryptocurrency mining attacks have surged up to 500 percent in 2018. Recently, Internet security provider and research lab McAfee Labs uncovered a new Monero-mining malware called WebCobra that allegedly originates from Russia.Earlier in November, Japanese global cybersecurity company Trend Micro detected a new strain of crypto-mining malware targeting PCs running Linux.

Coinbase at AWS re:Invent 2018

2018-11-20 23:33:41

Bakkt Delays Platform Launch; Announces January as Tentative Roll Out Date

2018-11-20 23:24:44

Bakkt, an upcoming crypto retail payment system and futures platform, is delaying its launch to better ensure the platform’s success at release.On November 20, 2018, the CEO of Bakkt released an update on Medium, outlining the future business plans for the company, describing some of the progress in implementing new features and declaring that the company’s initial launch is being postponed until January 24, 2019. According to CEO Kelly Loeffler, the delay is meant to give the project more time to make sure that the platform is operationally sound at launch.“Given the volume of interest in Bakkt and work required to get all of the pieces in place, we will now be targeting January 24, 2019 for our launch to ensure that our participants are ready to trade on Day 1. As is often true with product launches, there are new processes, risks and mitigants to test and re-test, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch,” the post reads.The post also indicates that the team is still working “with customer onboarding and securing regulatory approvals,” as the futures trading platform is still “subject to regulatory approval” by the U.S. Commodity Futures Trading Commission (CFTC) before the contracts can launch.First announced at the beginning of August, the Bakkt platform has been awaited in the space for several months, as it promises a platform that would allow retailers at many different levels to leverage its services to accept crypto as payment. Bakkt is not intended only for these day-to-day transactions, however. As detailed in an earlier announcement that originally anticipated Bakkt's release in December of 2018, the platform also offers contracts for bitcoin futures trading. This was particularly noteworthy because Bakkt took the unusual step of deciding not to perform these trades with fiat, opting instead to build “a physically settled daily futures contract for bitcoin.” This most recent announcement also contained more news than a delay notice. Loeffler said that the company is exploring ways “to expand [its] offering,” adding that Bakkt will offer “insurance for bitcoin in cold storage” and that the team is “in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture,” as well. This article originally appeared on Bitcoin Magazine.

Crypto Market Crash Takes Pressure off Us: UK Regulators

2018-11-20 23:21:39

Britain’s financial regulatory body has had some pressure taken off its shoulders as the downturn in the value of bitcoin and other digital assets signaled a reduction in the threat cryptos could pose to the British financial system, per a Reuters report. Last year, the world witnessed a crypto explosion, as digital assets like bitcoin The post Crypto Market Crash Takes Pressure off Us: UK Regulators appeared first on CCN

Microsoft Knocks out IBM for Enterprise Blockchain Crown: Report

2018-11-20 22:49:35

Microsoft’s Blockchain-as-a-Service (Baas) platform has taken the top spot in a ranking compiled by market foresight advisory firm ABI Research. Per the report , Microsoft managed to beat competitors in the ranking owing to the advantage it has on the actual implementation front where a wide range of platform services are offered. It also helped The post Microsoft Knocks out IBM for Enterprise Blockchain Crown: Report appeared first on CCN

Op Ed: SEC’s Latest Declaration Creates Legal Minefield for Digital Assets

2018-11-20 22:44:00

On November 16, 2018, the U.S. Securities and Exchange Commission (SEC) issued a public statement clarifying its intent to regulate activities involving the issuance and trading of digital assets. The SEC’s Statement on Digital Asset Securities Issuance and Trading pronounces that three categories of financial services that utilize blockchain or other distributed ledger technologies (DLTs) are within the purview of the SEC and require registration with the SEC unless exempt. This broad, authoritative declaration is not unexpected, as, to date, the SEC has stated that all digital assets — regardless of whether they function as alt coins or utility tokens — are securities at least initially and, thus, subject to its jurisdiction.As to which specific activities fall under the purview of the SEC, the SEC statement provides that the following three categories will trigger SEC scrutiny:Initial offers and sales of digital asset securities, including those issued in initial coin offerings (ICOs)Issuers of digital assets, including sponsors of ICOs, are subject to SEC regulations. Therefore, any initial offering or ICO must be registered with the SEC under Section 12(g) of the Securities Exchange Act of 1934 (“Exchange Act”), unless exempt from such registration as a private placement.Investment vehicles investing in digital asset securities and those who advise others about investing in these securitiesInvestment vehicles that hold digital assets and investment advisors who advise on investing in digital assets, including investment vehicle managers, are subject to the registration, regulatory and fiduciary obligations under the Investment Company Act of 1940 and the Investment Advisers Act of 1940.Secondary market trading of digital asset securitiesThe SEC statement provides that secondary market trading of digital assets generally requires registration as a national securities exchange or registration as a broker or dealer unless exempt.With respect to exchange registration, any entity that provides a marketplace for bringing together buyers and sellers of digital assets must determine if its activities satisfy the definition of an “exchange” under the federal securities laws (in particular, Exchange Act Rule 3b-16, which provides a functional test to determine if an entity satisfies the definition of an “exchange” under Section 3(a)(1) of the Exchange Act). Any entity that meets this definition must register with the SEC as a national securities exchange or be exempt from registration, such as by operating as an alternative trading system in compliance with Regulation ATS.With respect to broker-dealer registration, any entity that facilitates the issuance of digital assets in ICOs and secondary trading in digital assets may be acting as a “broker” or “dealer” and must register with the SEC, as well as become a member of a self-regulatory organization, such as FINRA.Legislative ComplexityThe SEC statement is yet another example of the manifold, complex layers of regulation that market participants must navigate in the United States, where digital assets currently are regulated not only as securities by the SEC, but also:as commodities by the CFTC;as capital assets by the IRS;by FinCEN under its AML regulations;by certain self-regulatory bodies, such as FINRA; andby state financial services regulators under their respective money transmitter regulations and digital asset licensing schemes (e.g., the New York State Department of Financial Services’ BitLicense).The resulting regulatory environment has stymied the growth of digital asset business in the United States and starkly contrasts with other growth-focused jurisdictions. For example, on the opposite end of the spectrum, the government of Bermuda has sought to foster the development of digital assets and the broader fintech ecosystem by implementing a consistent regulatory scheme. In August 2018, the government of Bermuda passed the Initial Coin Offering Act and the Digital Asset Business Act, which together establish a comprehensive and prudential regulatory framework that is designed to create a supportive environment for the development of fintech. To facilitate the growth of this burgeoning sector, the government of Bermuda also recently passed the Restricted Banks Act, which creates a novel, restricted banking license to encourage banks to provide financial services to fintech companies.The United Kingdom, comparatively, is reportedly prepared to take a moderate, middle ground approach as it seeks to regulate cryptocurrencies and digital assets. U.K. authorities may focus on protecting small, retail investors, while simultaneously not inhibiting the development of blockchain and other DLTs upon which cryptocurrencies and digital assets are built. A recent task force report co-issued by Her Majesty’s Treasury, the Bank of England and the Financial Conduct Authority promised detailed proposals in 2019, which may specify if additional cryptocurrencies and digital assets will be subject to regulation, establish new AML rules that exceed current European Union directives, and restrict or ban the sale of cryptocurrency-based derivatives to retail investors.In conclusion, the SEC statement and the latest announcements by other regulatory bodies that seek to regulate digital assets, while further legitimizing this asset class, have created a legal minefield that must be cautiously traversed with the assistance of counsel. This article originally appeared on Bitcoin Magazine.

VanEck Subsidiary Launches Bitcoin Index Based on US Spot Indices

2018-11-20 22:35:00

VanEck subsidiary MV Index Solutions has launched a BTC Index based on U.S. price feeds from major over-the-counter liquidity providers. Investment management firm VanEck subsidiary MV Index Solutions has launched its own Bitcoin (BTC) index based on three major over-the-counter (OTC) desks, according to a press release published Nov. 20.MV Index Solutions is a firm that develops, monitors and licenses the MVIS Indices, which cover several asset classes, including equity, fixed income markets and digital assets.The new MVIS Bitcoin U.S. OTC Spot Index (MVBTCO) is based on U.S. price feeds from major OTC liquidity providers, including Circle Trade, Cumberland and Genesis Trading.Gabor Gurbacs, Director of Digital Asset Strategies at VanEck/MVIS, said that “the index may pave the way for institutionally oriented products, such as ETFs [exchange-traded-funds] as well as provide further tools to institutional investors to execute institutional size trades at transparent prices on the OTC markets.”Earlier this year, VanEck and financial services company SolidX jointly applied for a physically-backed Bitcoin ETF to be listed on Chicago Board Options Exchange’s (CBOE) BZX Equities Exchange. However, the  U.S. Securities and Exchange Commission’s (SEC) decision on the ETF is still pending since it was postponed in August.In October, the SEC published a memorandum from a meeting regarding the BTC ETF proposal from the two companies. In it, the parties comprehensively address the grounds the regulator gave in its 2017 disapproval of SolidX’s previous ETF application: a perceived failure to be consistent with [...] the Securities Exchange Act, which focuses on “prevent[ing]  fraudulent and manipulative acts and practices.”Last week, Cointelegraph reported that Switzerland's principal stock exchange SIX Swiss Exchange announced it will list the world’s first multi-crypto-based exchange-traded product (ETP). Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL and managed by VanEck.

Bitcoin Cash SV’s ‘Blockchain Reorg’ Likely an Accidental Split, Not an Attack

2018-11-20 22:30:16

Bitcoin Cash SV's block reorganization yesterday may have been the result of a stress test, rather than an attack.

Bitcoin Price Claws Back to $4,500 But Further Losses May Lie Ahead

2018-11-20 22:15:35

The bitcoin price on Tuesday nursed extensive losses of over 12 percent against the US dollar, stabbing through $5,000 as it did. BTC/USD Intraday Analysis The BTC/USD index is currently trading at the 4513-fiat price level after a minor jump from its intraday low at 4035-fiat. The knee-jerk reaction after a massive sell-off does not confirm The post Bitcoin Price Claws Back to $4,500 But Further Losses May Lie Ahead appeared first on CCN

Tom Lee Maintains $15,000 Year-End BTC Prediction Despite Market Crash

2018-11-20 21:50:00

Tom Lee has maintained his year-end BTC price target at $15,000, citing the Bakkt launch and upcoming regulatory clarity as two main reasons. Despite the present market crash, major Wall Street crypto bull Tom Lee has reiterated his recently reduced year-end price prediction for Bitcoin (BTC) at $15,000 in an interview with CNBC’s Squawk Box on Tuesday, Nov. 20.In the recent statement, the head of research at Fundstrat Global Advisors pointed out two major types of crypto players — those who are “using it and have wallets in crypto,” and those who belong to a speculative side of the market. According to Lee, those two sides of the crypto community should find a way for “sort of interacting with each other” for crypto investors not to get burnt by crashes like this.While reiterating his crypto-rebound prediction, Lee still admitted that the markets have “certainly” seen a “negative development,” which signals a “downside of the momentum.”However, Lee stressed that institutional cryptocurrency investors are “not necessarily getting hurt” by the recent market downturn, even as Bitcoin’s price dropped sharply to as low as $4,237 today. In this regard, the investor emphasized the crucial role of institutional participation in the industry, claiming that specifically this part of the market will pull the “next wave of the adoption.”According to Lee, there are two key factors that will soon bring more institutional interest to the markets. First, it will be the upcoming launch of the digital assets platform Bakkt by the operator of major global exchange New York Stock Exchange (NYSE), Intercontinental Exchange (ICE). Announced in August this year, Bakkt recently confirmed a “target” launch date for Jan. 24, 2019.Second, institutions will get more involved in the market as the industry receives more regulatory clarity, which is partly “under way now,” Lee said, adding:“Once we have that [regulatory clarity], I think, institutions will feel more comfortable in making bets.”In this regard, the crypto analyst noted that Bitcoin is “not necessarily a value asset,” claiming that it is “probably best viewed as a commodity,” and is “really an opportunity for an emerging asset class.”Tom Lee had reduced his year-end Bitcoin price prediction from $25,000 to $15,000 last week, Nov. 16, following a massive decline on the markets that started on Nov. 14, with Bitcoin hitting yearly lows. Previously, the crypto bull had, several times, predicted that Bitcoin’s price would rise above $20,000 for the year’s end. Lee announced his first prediction in January this year, advising “aggressive buying,” while considering the $9,000 price point as “the biggest buying opportunity in 2018.”Recently, Netherlands-based “Big Four” auditor KPMG has released another bullish stance on crypto, claiming that the industry needs institutional investors’ participation in order to “realize its potential.” Earlier last week, CoinShares CSO Meltem Demirors claimed that the the recent collapse of the markets is caused by institutions“taking money off the table” due to Bitcoin Cash’s (BCH) hard fork.

Report: Bitcoin Use in Payments Collapsed This Year

2018-11-20 21:31:00

Per a recent study by Chainalysis, Bitcoin usage as a payment method dropped by 80 percent from January to September 2018. Bitcoin (BTC) use for commercial payments has reduced significantly this year, according to a study by Chainalysis cited by Reuters Nov. 20.To prepare the study, Chainalysis reportedly surveyed 17 Bitcoin payment processors. The amount of BTC handled by major payment processors reportedly dropped by almost 80 percent from the beginning of the year to September.The analysis of individual payment processors’ figures reportedly shows a downward trend. At Canadian firm Coinpayments, the value of transactions has fallen by more than half between January and October 2018, Reuters reports, citing data from blockchain analysis site OXT. Lex Sokolin, global director of fintech strategy at research firm Autonomous Next, said that “Bitcoin payments processing is seeing a slow but consistent decline.”Comprehensive data on the leading cryptocurrency used for payments is reportedly not consistent since trades with other currencies are commonly included together with its use for commercial payments.Although Chainalysis recognizes a growing stability of BTC, the value of Bitcoin payments reportedly slumped from $427 million last December to $96 million in September 2018.While many believe that BTC’s relative stability this year will result in the mainstream deployment of it as a payment method by both individuals and commercial organizations, some financial firms and crypto entrepreneurs think that stability is not enough.Joni Teves, a strategist at London-based financial firm UBS, told Reuters that BTC needs to become faster and cheaper, also noting that the development of clearer rules on an asset would help give users a sense of legitimacy.Some major companies that previously accepted BTC have turned away from the cryptocurrency as a payment method. Microsoft announced in January that after almost three years it would stop accepting BTC. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.”The gaming platform Steam also stopped accepting BTC payments in December 2017, over a year after it began accepting Bitcoin when the currency was trading around $450. Among concerns over volatility and regulatory uncertainty, industry players also cite the issue of growing transaction fees and slow transactions speeds as barriers to wider adoption.

Not Just Bitcoin: FAANG Stocks are Down $1 Trillion from Yearly Highs

2018-11-20 20:51:58

As the crypto market reels from a weeklong downturn that has forced the bitcoin price to its lowest point in almost 14 months, it appears that traditional markets do not intend to welcome investors back with open arms. Markets Erase Year-to-Date Gains Following yet another decline on Tuesday, the Dow Jones Industrial Average, S&P 500, The post Not Just Bitcoin: FAANG Stocks are Down $1 Trillion from Yearly Highs appeared first on CCN

Cryptos: Bitcoin on the verge of sliding below $4,000 as crypto collapse resumes

2018-11-20 20:50:36

The crypto meltdown has steadied somewhat with most major coins paring early session losses.

Why Making In-App Game Purchases Using Crypto is About to Get Easier

2018-11-20 20:50:00

sponsored A blockchain-based platform which facilitates in-app payments in games has forged a partnership with one of the world’s biggest game engines. A blockchain-based platform that enables gamers to make in-app purchases using cryptocurrency has forged a partnership with Unity, a major game engine – giving developers the chance to unlock new revenue streams with lower fees.AppCoins offers an ERC20-compliant token which is compatible with some of the most popular wallets on the market, and is listed on the top three crypto exchanges. In a major milestone, developers who use Unity will be able to accept AppCoins as a method of payment – and the company says this could open up access to a market of more than 200 million users “with a simple and easy integration.”In a recent interview with TechCrunch, the CEO of Unity, John Riccitiello, said that 50 percent of all games that are being created today use its service. As well as being compatible with major platforms including the Nintendo Switch and PlayStation 4, they offer support for ever-popular iOS and Android devices – making it easier for developers with a hit on one platform to transfer them to another without the need to start all over again.The agreement coincides with a substantial rise in the number of in-app transactions that are being successfully completed using AppCoins in the first place – with the quantity of payments increased 590 percent between September and October. AppCoins is expecting this volume to increase even further now it has put pen to paper with Unity.An array of app stores currently accept AppCoins as a method of payment, and they too will become accessible to developers as a result of the tie-up with Unity. They include Aptoide, Cherry Mobile and MultiLaser.Broadening the marketAppCoins believes that its “open and distributed protocol” has the potential to address several issues which are blighting the gaming industry – especially developers who are focused on mobile.In its white paper, the company says that advertising, in the main, is focused on “inefficient middlemen” who increase the cost of acquiring new users and generate fraudulent transactions – even though advertising only accounts for approximately four percent of app downloads. To compound the problem, the fees taken by major app stores whenever an in-app purchase is made can serve as a deterrent to developers, and as it is, barely five percent of users are buying additional items within a game to begin with.AppCoins intends to address both of these burning problems – along with the bugbear of approving apps for public consumption, which is currently handled by “centralized app stores with non-transparent flows and policies that affect developers’ and users’ trust.”Reforming the marketAppCoins’ protocol works on a different basis to the conventional business model used in games. It helps to guarantee that users who install apps pay attention to it for at least two minutes in a mechanism known as “cost per attention.”Here, players are rewarded for spending time on a game – and can then use the funds they earn on making the in-app purchases that developers crave. Over time, executives hope that this will help to build a so-called “circular economy.” Meanwhile, app approvals are based on a system which ranks the reputation of developers. The mobile gaming marketplace has been a major focus for AppCoins, especially the Android platform, which holds the lion’s share of devices sold. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Cryptos: Bitcoin is imploding — here’s where bitcoin bulls and bears see it headed from here

2018-11-20 20:38:47

Is a fresh bull run ahead for bitcoin from here? Or will it be look out below!

Bitcoin Cash: Craig Wright’s BSV Suffers Multi-Block Reorg, Wins ‘Drama per Second’ Battle

2018-11-20 19:50:04

Whether “under attack” or otherwise, Bitcoin Cash SV (BSV), which at present has more than 4,000 unconfirmed transactions, has been experiencing a great deal of turbulence since last week’s hard fork. More importantly: around block 557301, multiple sources identified a block reorganization within the BSV blockchain. Our Bitcoin SV node experienced a 2 block re-org The post Bitcoin Cash: Craig Wright’s BSV Suffers Multi-Block Reorg, Wins ‘Drama per Second’ Battle appeared first on CCN

Capitulation? This Bitcoin Sell-Off Still Isn’t as Extreme as 2015’s

2018-11-20 19:16:37

The cryptocurrency market has lost nearly 30 percent of its total value in the past 7-days alone, leaving many to wonder if an end to the bear market is in sight.

Doubling Down: Tom Lee Won’t Abandon $15,000 Year-End Bitcoin Price Forecast

2018-11-20 18:51:21

Fundstrat co-founder Tom Lee stands by his reduced year-end bitcoin price target of $15,000, saying continued fallout from a market slump in tech stocks is putting pressure on cryptocurrencies. Lee’s new prediction is a dramatic drop from the bullish $25,000 price target he had set in early-2018, when the crypto market seemed poised for a The post Doubling Down: Tom Lee Won’t Abandon $15,000 Year-End Bitcoin Price Forecast appeared first on CCN

‘The Big Issue’ Newspaper Launches Blockchain Platform to Promote Impact Investing

2018-11-20 18:25:00

The Big Issue, a street newspaper sold by the homeless, is going to launch a blockchain-based investment platform. The Big Issue, a street newspaper sold by the homeless in the U.K. and other countries, is launching a blockchain-driven platform to promote impact investing, The Financial Times reports Monday, Nov. 18.Three investment companies — UK Standard Life Aberdeen, U.S. Columbia Threadneedle, and AllianceBernstein — will join The Big Issue as founders of the platform dubbed The Big Exchange. According to the FT, it will offer 30 to 40 social and environmental impact funds, and is set to start working within six months.The potential investors will be charged a minor fee to use The Big Exchange. Once registered to the platform, they will be able to choose between several sets of proposals awarded a gold, silver, or bronze score based on their correlation with the UN’s 17 sustainable development goals.The minimum investment is expected to be $640, but Nigel Kershaw, chairman of The Big Exchange, is planning to reduce it down to £2.50 ($3.20) — the same price as The Big Issue.As per the FT, the platform has already raised about $1.3 million from three of its founders and London-based fintech company FNZ. In the following five years, The Big Exchange expects to attract as much as $3.8 million.Blockchain is widely used for social needs, especially in the field of charity. As Cointelegraph previously explained, crypto-related technologies, and in particular blockchain, could help increase transparency for donations and international transactions, reducing the fees on money transfers at the same time.For instance, major crypto exchange Binance has recently managed to raise $1.41 million in various types of ERC20 tokens for those who suffered from devastating floods in Japan in mid-July.Moreover, blockchain solutions have been used to promote social activity. The manufacturer of household cleaning supplies SC Johnson and environmental organization Plastic Bank partnered in October to open several plastic recycling centers in Indonesia, offering locals tokens for waste collection.

DOVU Partners with TokenMarket for the First UK Tokenised Crowdfunding Campaign

2018-11-20 18:18:36

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post DOVU Partners with TokenMarket for the First UK Tokenised Crowdfunding Campaign appeared first on CCN

NYSE Operator’s Bakkt Confirms End of January Launch Date For Digital Assets Platform

2018-11-20 18:15:00

The Bakkt digital assets platform has announced that they are now “targeting” Jan. 24, 2019 as a launch date. The Bakkt digital assets platform, which was created by the operator of the New York Stock Exchange (NYSE), announced in a Medium post today, Nov. 24, that they are now “targeting” Jan. 24, 2019 as a launch date.The Intercontinental Exchange (ICE), operator of 23 leading global exchanges including the NYSE, announced the creation of Bakkt in August of this year.Today’s Medium post notes that “given the volume of interest in Bakkt and work required to get all of the pieces in place,” the company has settled on the Jan. 24, 2019 start date in order to “ensure that our participants are ready to trade on Day 1.”Bakkt’s Medium post, written by CEO Kelly Loeffler, continues by noting that the company is working closely with the U.S. Commodity Futures Trading Commission (CFTC) as they review the “Bakkt™ Bitcoin Daily Futures contract and the Bakkt Warehouse,” adding:“These products represent a critical shift in the evolution of crypto markets toward more accessible, useful, and regulated instruments.”The post concludes by sharing that Bakkt has “insurance for bitcoin in cold storage” and is currently in the process of “securing insurance for the warm wallet within the Bakkt Warehouse architecture,” adding that  “new features” will be shared in the upcoming weeks.At the end of October, ICE had announced that they would list Bakkt Bitcoin (USD) Daily Futures Contracts for trading on Dec. 12, 2018, and that the product would be physically-settled and cleared by ICE Clear U.S., Inc. More recently, unconfirmed rumors reported that U.S. regulators could approve Bakkt’s physically delivered futures product as soon as the beginning of November.

Crypto Payments Processor BitPay to Support Paxos Stablecoin

2018-11-20 17:59:10

BitPay is integrating the Paxos Standard stablecoin into its services, allowing merchants to utilize the token to settle transactions.

Microsoft's edgy Open Enclave SDK goes cross platform

2018-11-20 17:55:30

Arm TrustZone now a thing for Azure IoT Edge devs Microsoft's Azure IoT team has made available a cross-platform version its Open Enclave SDK with an eye to securing devices at that mysterious entity, the Edge.…

Mt Pelerin Set to Redefine Modern Banking

2018-11-20 17:35:06

This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Last month, Geneva-based Mt Pelerin Group SA, a Swiss-registered company, became the first to incorporate its share into a token legally – solving the written form for the transferability The post Mt Pelerin Set to Redefine Modern Banking appeared first on CCN

Ember Fund, the Crypto Hedge Fund for Everyone Announces Partnerships with Industry Veterans

2018-11-20 17:28:05

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post Ember Fund, the Crypto Hedge Fund for Everyone Announces Partnerships with Industry Veterans appeared first on CCN

Newsflash: NYSE Owner Delays Bakkt Bitcoin Futures Launch to 2019

2018-11-20 17:25:48

It looks like the crypto markets may not get a December boost from Wall Street after all. Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), on Tuesday announced that it would delay the launch of its much-anticipated bitcoin futures product until at least Jan. 24, 2019. That product, the Bakkt Bitcoin The post Newsflash: NYSE Owner Delays Bakkt Bitcoin Futures Launch to 2019 appeared first on CCN

China: Insurance Giant Ping An Subsidiary to Create Boutique Bank Supported by Blockchain

2018-11-20 17:20:00

A subsidiary of Chinese insurance holding Ping An Group will create a boutique bank backed with AI, blockchain, and big data. Ping An Bank, a subsidiary of China’s Ping An Insurance Group, will launch a boutique bank using blockchain, cloud services, and the Internet of Things (IoT). Ping An Insurance Group is one of the world's leading financial and insurance corporations, and their subsidiary’s announcement was reported on Nov. 20 by People’s Daily, China’s official state run press service.A boutique bank is defined as a non-full service investment bank that supports more individualized services than larger firms.The new boutique bank will rely on Ping An Group's scientific and technological skills and comprehensive financial capabilities to provide integrated financial services to enterprises through Ping An Bank's supply chain receivables service platform, entitled "SAS.” The article states that the authenticity of transactions will be provided by the SAS platform.Ping An Bank is undergoing a series of business changes under the auspices of financial technology, including the use of artificial intelligence (AI), big data, blockchain, and cloud computing in order to “ensure low-cost, efficient and personalized public services,” the People’s Daily reports.People’s Daily adds that the use of the aforementioned technologies will “improve management and service levels and achieve comprehensive management, marketing, risk control, wealth management, payment, operations and financing.”Last week, Ping An Insurance Group and the Sanya municipal government signed a strategic cooperation agreement for “Smart City” construction, based on “blockchain, [...] biometrics, and other technologies,” Cointelegraph reported Nov. 14.Back this summer, Liechtenstein bank Union Bank AG announced its goals to become “the world’s first [...] full-service blockchain investment bank,” and issued its own security tokens, Cointelegraph wrote Aug. 22.

Meet Chatex, the Most User Friendly P2P Crypto Exchange for Messengers

2018-11-20 17:19:59

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post Meet Chatex, the Most User Friendly P2P Crypto Exchange for Messengers appeared first on CCN

ICE’s Bakkt Delays Bitcoin Futures Launch to January

2018-11-20 17:12:50

Bakkt has delayed the launch of its bitcoin futures launch to January 2019.

ICE’s Bakkt Delays Bitcoin Futures Launch

2018-11-20 17:12:50

Bakkt has delayed the launch of its bitcoin futures launch to January 2019.

As bitcoin nosedives, regulators said to be investigating whether it was propped up illegally

2018-11-20 17:11:00

The U.S. Justice Department is reportedly looking into whether traders used another cryptocurrency called tether to bid up bitcoin prices during its rally last year, Bloomberg News reported. 

AMLT Token by Coinfirm is Now Available at BitBay.net!

2018-11-20 16:55:58

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post AMLT Token by Coinfirm is Now Available at BitBay.net! appeared first on CCN

UK Could Ban Some Crypto Derivatives, Says Financial Watchdog Exec

2018-11-20 16:50:26

The U.K.'s Financial Conduct Authority is considering a ban on some cryptocurrency-based derivatives, a senior executive has said.

US Regulator Issues Cease and Desist Order to Russian ICO Mimicking Liechtenstein Bank

2018-11-20 16:50:00

The North Dakota Securities Commissioner has issued a cease and desist order against a Russia-based fraudulent ICO. Securities Commissioner Karen Tyler of North Dakota, U.S., has issued a cease and desist order against a Russian Initial Coin Offering (ICO) that posed as Liechtenstein Union Bank, according to a Monday, Nov. 19 press release.The state Securities Department’s ICO Task Force conducted an investigation and found out that the website of the fraudulent ICO mimicked Union Bank Payment Coin (UBPC) — an existing token launched by Union Bank in Liechtenstein back in August. As per the regulator, the project’s website claimed to become the “world’s first security token backed by a fully licensed bank” and stated that the UBPC is fully backed by the Swiss franc.However, the IP address behind the fake ICO was located in Russia and registered to an individual, while the real one was in Liechtenstein.Moreover, the press release notes that the fake UBPC website tried to lure funds from investors by directly copying some of the Union Bank’s identity, such as stylized elements, verbiage, leadership information, and images.Based on the information revealed, the SEC commissioner issued a cease and desist order to the ICO. She further warned U.S. investors about fraudulent ICOs:“Financial criminals continue to cash in on the hype and excitement around blockchain, crypto assets, and ICOs — investors should be exceedingly cautious when considering a related investment.”The investigation was a part of Operation Cryptosweep, a coordinated international investigation into potentially fraudulent crypto investment programs involving 40 U.S. and Canadian state and provincial securities regulators. Since the launch of the campaign in May, investigators have found about 30,000 crypto-related domain names and conducted over 200 investigations of ICOs by August.Most recently, in the wake of the mentioned campaign, the North Dakota’s SEC branch issued cease and desist orders against three firms, Crystal Token, Advertiza Holdings (Pty) Ltd., and Life Cross Coin a/k/a LifecrosscoinGmbH, for allegedly offering unregistered and fraudulent securities in the form of ICOs.

Cryptos: Bitcoin pares early losses, but still trades in the red for session

2018-11-20 16:47:31

The crypto meltdown has steadied somewhat with most major coins paring early session losses.

Bitfinex Activity, Tether-BTC Price Relation Under Scrutiny from US DoJ, Sources Claim

2018-11-20 16:40:00

The U.S. DoJ has focused in on its investigation into whether or not Tether (USDT) was used to artificially inflate Bitcoin (BTC) prices during last year’s bull run. The U.S. Department of Justice (DoJ) has focused its investigation crypto market manipulation on whether or not Tether (USDT) was used to artificially inflate Bitcoin (BTC) prices during last year’s momentous rally, Bloomberg reports Nov. 20.Bloomberg cites three unnamed sources “familiar with the matter” who allege that the DoJ has “honed in” on the triad of Bitcoin, Tether, and its affiliated crypto exchange Bitfinex — the latter two of which share a CEO, Jan Ludovicus van der Velde.The sources have reportedly alleged that the DoJ is looking into how Tether issues its new tokens and why the majority of Tether enter the market via Bitfinex, in the context of a broader enquiry into whether “market tricks” partially inflated crypto prices in recent years.As previously reported, the DoJ and U.S. Commodity Futures Trading Commission (CFTC) jointly opened a criminal probe this May into Bitcoin and Ethereum (ETH) price manipulation by crypto traders.Bloomberg today states it has been “unable to determine” whether the DoJ probe is solely focused on activity on Bitfinex, or whether the exchange’s executives have themselves come under scrutiny. Both the DoJ and CFTC have reportedly declined to comment, and neither has either formally accused any party or entity of wrongdoing.Neither Bitfinex’s general counsel, nor legal representatives for the exchange and Tether, have reportedly responded to Bloomberg’s requests for comment either by press time.The DoJ’s allegedly intensified probe into activity on Bitfinex adds to prior investigations into possible misconduct; both Bitfinex and Tether received subpoenas from U.S. regulators for undisclosed reasons back in December 2017, which Bloomberg relates to insistent doubt over Tether’s claims that USDT is backed one-to-one by the U.S. dollar.Vocal Tether critics have gone so far as to accuse the firm of covering up an alleged fiat reserve deficit in complicity with Bitfinex; suspicion was further fanned by Tether’s controversial decision to dissolve its relationship with a third-party auditor this January. Tether has since released an unofficial audit in June to prove that its tokens are backed by the correct amount of fiat holdings.Further controversies were stoked this June when an academic paper co-authored by University of Texas professor John M. Griffin argued that “purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices.” Two of Bloomberg’s sources have today claimed that Griffin briefed the CTFC on his findings earlier this year, although the academic has reportedly declined to comment in response to Bloomberg’s inquiries.This fall, Bitfinex has been plagued by rumors of insolvency and alleged banking difficulties, which it has officially denied. In late October, Tether redeemed and destroyed 500 million USDT from its treasury wallet; the action provoked yet further controversy given Tether’s recent — if brief — loss of its U.S. dollar peg. Such large-scale redemption prompted some to accuse the firm of manipulating the market by redeeming at low cost and liquidating after market rebound.

Bullish Call: Blockstream Chief Finds $500,000 Bitcoin Price Plausible

2018-11-20 16:33:18

Adam Back, who is at the helm of blockchain startup Blockstream, believes there are better days ahead for bitcoin investors, suggesting a flippening between BTC and gold could be in the cards. Back says it is “plausible” for the BTC price to reach somewhere between $250,000 and half-a-million dollars in the coming years. He offered the The post Bullish Call: Blockstream Chief Finds $500,000 Bitcoin Price Plausible appeared first on CCN

BANKEX Provides Its Technology Solutions for CoreDAX – NEOFRAME’S New Digital Asset Exchange

2018-11-20 16:28:47

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post BANKEX Provides Its Technology Solutions for CoreDAX – NEOFRAME’S New Digital Asset Exchange appeared first on CCN

Op Ed: It’s Time to Reject Mediocrity, #ExitFiat and Embrace Bitcoin

2018-11-20 16:26:12

When the towers in New York fell, I became obsessed with economics. I wanted to follow the money to understand what happened on that dreadful day. During that time of inquiry, I found myself very interested in Austrian economic theory. Soon enough, I realized that the reserve banking system was systemically corrupt. How can you have money based only on debt? How can central banks print debt out of nowhere and demand interest for that?It was a question that caused me to create the world’s first website where people swapped clothes online, in an attempt to enable people to stop using fiat debt certificates. I soon realized that swapping was a terrible way to trade. For instance, if Alice really likes a dress from Belinda but Belinda doesn't like anything Alice has, then the deal falls through. That's unfortunate. So then, how do I create a digital token that is used in the market so Alice could just pay Belinda a token for the dress that Belinda can trade with anyone else in the marketplace? Hmm, I thought. But if I issue the website’s own internal currency then I'm back to central banking, back to one company deciding what's good for the economy, inflation and everything else would be up to me. We built Swapstyle as an alternative economy based on swapping, as a tool to get around fiat — not become a new fiat. The more I thought about swapping and alternative currencies, the more I realized that money needs to be decentralized with no controlling power — it needs to be released from a network. But this was impossible. I read Adam Back’s HashCash and Nick Szabo's bit gold papers. Europe and the Netherlands, in particular, had interesting pockets of innovation. These were people deep into cryptography; these were scientists with the same goals: to decentralize money in the internet age, an age that had us all in a dichotomy: It could free humanity or place it in digital bondage, control and servitude. Enter, BitcoinIn late 2010, Satoshi's white paper crossed my desk somehow. WOW, OMG! SHE SOLVED IT! This anonymous person has solved the double-spend problem in a decentralized network! I fell down a rabbit hole that frankly I'm still falling down and loving it. I incorporated bitcoin into SwapStyle in 2011 and none of the members knew what it was. I would send them to Gavin Andresen's amazing faucet that was giving bitcoin away so people could try it. The Libertarian and anarchist roots were also really strong in the community so I gravitated toward reading more about the philosophies of Murray Rothbard, David Friedman and other great thinkers. I moved to Germany in 2013 and founded Room 77, the first brick-and-mortar place in the world to accept bitcoin. The first time I arrived, I felt at home: There were pictures and quotes of Julian Assange and Aaron Swartz hanging on the wall, Bill Hicks playing in the restrooms and, at the bar, long conversations on philosophies of Friedrich Hayek, Murray Rothbard, Ludwig von Mises and many more. These were the types of people that wanted to change money for a reason: for the sake of freedom and independence from the banking system or the system of control altogether. One guy I met there always wore a balaclava if there was a camera present, had tape on his fingertips and kept a small pebble in his shoe to throw off gait recognition patterns. I felt like he was more of a living art piece, warning the world of the Orwellian nightmare we, as a society, seemed to be blindly walking into because if anyone stuck out like a sore thumb, it was him.During this time, there was a sense of building an exit door, a cloak to help fend off the encroaching Big Brother state. Germans have seen many governments go sour and Berlin was, of course, central in one of the largest, both during WW2 and then the East German Stasi during the Cold War. Wherever I went, the talk was about freedom, about liberty. The community was full of crazies, misfits and outliers with off-the-chart IQs. The thing that we all knew, though, was that Bitcoin had arrived and it was an invention that could not be stopped and could not be taken down, and that this was the dawn of a new era, a total disruption in money and government as a whole.Gavin Andresen speaks at the first Bitcoin Conference in New York, October 2011.Countering the Present MediocrityNowadays, I speak at countless conferences. But these conferences are different. They are filled with bankers and regulators, with lawyers and scammers, promo girls, hookers, suits and Lambos. I always try to bring it back to the fundamentals and the reason why Bitcoin is so important. It seems that, since mainstream adoption has started, it's been all about Lambos, hot girls and macho celebrations of mediocrity. I realize that this is what the mainstream kind of looks like. The reason bitcoin and cryptocurrencies, in general, will win the fight to be the new money in the long term is that if you are not excited by the philosophies of decentralized money, then the tech might get you in; if not, then the MAD GAINS and LAMBOS will get you in; if that doesn't do it, then the cheaper remittance will get you in; and if that doesn't then your IoT devices (for people who can't get bank accounts) will get you in. At the end of the day, it doesn't matter who you are or where your politics sit. You will end up using crypto and being part of this network. Bitcoin and crypto act as a funnel and, in the end, everyone will fall through. So I'm happy that asset-based money like bitcoin (rare numbers) and gold (rare metals) are slipping back into society, and there is nothing anyone can do to change it. #ExitFiatIndependent Fundraising Through ICOsAnd then there are the ICOs. I love the concept of ICOs as I think they use an amazing mechanism for cool projects that have a small niche appeal to raise money without banks. They are able to get the community invested in the project’s success while outsourcing marketing to enthused token holders wanting a higher price. But as we all know ICOs are fraught with scammers, bamboozling people with techno jargon and lofty investment return promises. Usually, all they have is a nice website and a white paper. These kinds of things will change as people learn from getting burned. We at Vaultoro have stayed away from launching a Vaultoro ICO. I didn't want our good name to be associated with all the hype and scammers. This latest bear market, however, has really flushed out the swamp, allowing solid strong projects like Vaultoro to maybe think about raising from our community through a token.I think the next 10 years will be interesting, as humanity deals with human obsolescence in the workforce. As machines join the economy. As money starts being digital tokens representing anything from company shares to deeds to buildings earning auto dividends. As you pay Uber with bitcoin and it automatically trades in a decentralized exchange to ubercoin. When the driver receives their ubercoin, they can trade for any currency they want, including gold, or stay invested in Uber’s success by hodling the coin. These are the most evolutionary times in economics that we have ever seen. I'm excited to watch it unfold and hopefully see more people stay free.This op ed by Joshua Scigala is part of Bitcoin Magazine's Ten Years of Bitcoin celebration. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc. This article originally appeared on Bitcoin Magazine.

AppCoins Announces a Partnership with Unity, the In-App Crypto Payments Standard to Bring In-App Purchases to Half of All Games

2018-11-20 16:18:51

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Appcoins, a crypto standard that is starting to be adopted by Android top App Stores, recently partnered with Unity, the company developing the game engine of the same The post AppCoins Announces a Partnership with Unity, the In-App Crypto Payments Standard to Bring In-App Purchases to Half of All Games appeared first on CCN

Bitcoin’s Price On Pace to Post Worst Month Yet in 2018

2018-11-20 16:10:24

Bitcoin's sell-off has accelerated and put the cryptocurrency on pace to record its worst monthly performance of the year.

Bitcoin Price Now On Pace to Post Worst Month in 2018

2018-11-20 16:10:24

Bitcoin's sell-off has accelerated and put the cryptocurrency on pace to record its worst monthly performance of the year.

Blockchain Network Takes on Ethereum ERC20 and Claims it is Faster and Cheaper

2018-11-20 15:45:00

sponsored A blockchain network which claims to be faster and cheaper than ERC20 aims to help businesses sculpt “absolutely unique tokens with exclusive features.” A new blockchain platform believes it is a “more attractive and accessible destination” for hosting tokens than the likes of Ethereum’s ERC20 platform, as it gives developers the support they need to build, market and launch custom tokens successfully.LindaX says it wants give entrepreneurs an opportunity to sculpt “absolutely unique tokens with exclusive features for designated transactions” – all the while helping them to “navigate the unfamiliar environment of cryptocurrency.” According to its white paper, the startup’s team would be on hand to help fledgling businesses forge connections with exchanges who can list their token, and offer strategies that would enable them to reach new customers and reap the rewards of blockchain technology.Another emphasis for LindaX is guaranteeing that all of the tokens hosted on its platform are “credible and trustworthy.” Resultantly, it plans to vet the proposals of businesses who are seeking to create a token – scrutinizing them against a list of prerequisites before putting the plans to a vote of “approved community validators.” A successful application will pave the way for entrepreneurs seeking to establish tokens which are designed for use in an array of settings – including as currency, proof of membership and international assets.“An Ethereum fork you won’t want to miss”The team behind LindaX says its platform has already been fully developed – and although it does share some similarities with Ethereum, it aims to be a more cost-effective network by reducing gas fees for participants. In a blog post, the company also claimed that merchants on its platform could see transaction costs decrease by 50 percent when compared with ERC20 – enhancing their bottom line at a time when margins can be tight.These benefits would also be coupled with the prospect of faster speeds than Ethereum – with LindaX offering the potential to process 179 transactions per second as a starting point. It says Ethereum only manages to clear about 15 transactions per second – with a swelling user base causing increasing numbers of trades to suffer delays.LindaX’s platform operates using a Proof of Authority (PoA) algorithm and relies upon “trusted validators” who have been formally verified on the chain. To show their commitment to the project, these validators will need to hold a set number of LX tokens – which are native to the ecosystem.According to LindaX executives, its solution is necessary because the security flaws seen with Ethereum are weighing heavily on the minds of many entrepreneurs who have been reluctant to use blockchain technology so far. They wrote: “Data breaches led to millions of dollars in losses. On this platform, many businesses lost everything. After all the security issues, it becomes a huge question whether you should start your ICO on Ethereum or on some alternative platform.”Giving developers a helping handLindaX says that, along with its core network for vetted tokens, it is providing a test network that “can be used by developers to try out their contracts or apps at zero cost.” Given the massive financial undertaking that can be associated with getting a blockchain-driven service to market, this will likely be music to the ears of startups.Its team is based in the US, Canada and Australia – and a presale for its initial coin offering commenced back in August.Looking ahead, the platform has set out several milestones for the future – including the debut of mobile wallets for Apple’s App Store and Google Play, which supports Android smartphones and tablets. Beyond that, it hopes to increase its transaction scalability – making it sustainable for the future. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Spain’s Finance Ministry to Inspect 15,000 Crypto-holding Taxpayers to Prevent Tax Fraud

2018-11-20 15:40:00

The Spanish Ministry of Finance will investigate crypto investors to avoid tax fraud activities, with 15,000 taxpayers currently under investigation. The Spanish Ministry of Finance (Hacienda) will oversee 15,000 taxpayers who have made transactions with cryptocurrencies in the last year, El País, the largest Spanish-language newspaper, reports Nov. 19.Under the auspices of Hacienda, Spain’s tax agency, the Agencia Estatal de Administración Tributaria (AEAT), underlined that it will monitor "the fiscal incidence of these new technologies, such as blockchain and, especially, cryptocurrencies," to prevent tax fraud actions as a part of its annual tax control plan.The National Fraud Investigation Office (ONIF) of the tax agency has investigated dozens of companies, banks, and intermediaries operating in Spain, finally selecting a group of 15,000 taxpayers that will be under further inspection.The AEAT will now monitor if these taxpayers declare the possible capital gains or benefits of their operations, and will investigate if they use digital currency to launder money. The article also states:“The use of cryptocurrencies, such as [B]itcoins, as payment means, is one of the most demanding challenges today. In order to face this threat, the use by the tax agency's research units of the new information collection and analysis technologies in all types of networks will be enhanced."Previously this fall, the Spanish government had already approved a draft law according to which investors had to reveal their virtual currencies holdings specifically for for tax purposes, Cointelegraph reported Oct. 22.Back in May, draft legislation for blockchain technology and cryptocurrency regulation received support in the Spanish Congress through “controlled testing environments,” generally referred to as “regulatory sandboxes,” Cointelegraph wrote May 31.

Outside the Box: Victims of bitcoin insanity are quickly piling up

2018-11-20 15:35:04

The cryptocurrency will bankrupt many individuals and hurt some companies (hello, Nvidia).

Peru's Central Bank Says Cryptocurrencies Are Risky Due to High Volatility

2018-11-20 15:30:00

Peru’s central bank has tweeted about potential crypto risks, such as high volatility and frauds, amidst the recent crypto market slump. Peru’s central bank has reacted to the recent crypto markets collapse by warning about the high volatility of digital currencies on its Twitter Friday, Nov. 16.In its recent post, the Peruvian central bank included Bloomberg graphics on Bitcoin’s (BTC) price from December 2017 to mid-November 2018. The picture is followed by a statement:“Cryptocurrencies are not supported by central banks and pose risks due to the high volatility in their price, fraud cases and their possible use in illicit activities. Bitcoin’s price fell 56% as of October 2018, and has lost an additional 13% percent in November.”According to Spanish language crypto outlet Criptonoticias, Peru is not currently developing any type of crypto regulation. However, in September 2017, the country’s Superintendency of Banking and Insurance (SBS) joined the blockchain-related R3 consortium to conduct research on the technology and study its possible implementation in Peru.Moreover, the number of crypto traders in Peru has been steadily growing throughout 2018. According to data provided by crypto statistics website Coin Dance from LocalBitcoins, the year started with roughly 17 BTC being traded weekly in Peru, but by late September the amount has reached almost 150 BTC per week.The amount of BTC traded weekly in exchange to the national fiat, Peruvian sol. Source: Coin DanceThe crypto markets have recently seen a drastic drop off since Wednesday, Nov. 14, with BTC dipping below $5,000 for the first time in 2018 and other major cryptocurrencies, such as Bitcoin Cash (BCH), losing up to half of the price. Today, Nov. 20, BTC has hit its lowest mark since October 2017, falling to $4,237 at one point in the past 24 hour period.

UK Regulator Considers Cryptocurrency Derivatives Ban Due to Market ‘Integrity Issues’

2018-11-20 15:20:00

Bitcoin futures trading could “likely” be in jeopardy in the U.K. as the financial regulator mulls a ban on crypto derivatives. The U.K.’s finance regulator, the Financial Conduct Authority (FCA), may ban cryptocurrency derivatives such as futures as part of its “most comprehensive response” to the industry, financial trading news outlet Finance Magnates reported Nov. 20.In a speech at a London conference Tuesday, FCA executive director of strategy and competition Christopher Woolard said the organization would consult on forbidding so-called cryptocurrency contracts-for-difference (CFDs).This, says Finance Magnates, would “likely” also incorporate “options, futures and transferable securities.” The publication quoted Woolard as saying:“We’re concerned that retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens with underlying market integrity issues.”The U.K. has found itself in a regulatory quandary over its slow response to the grow in popularity of cryptocurrency and associated instruments, with various factions criticizing the FCA’s priorities and intentions as they have surfaced so far.In Tuesday’s speech, Woolard was outlining the findings of a dedicated “Taskforce” which began formulating recommendations in March. The idea of a ban on crypto derivatives first surfaced in October, Cointelegraph reported.The group had delineated cryptocurrencies into three types, Woolard noted, constituting “exchange tokens” such as Bitcoin (BTC), “security tokens,” and “utility tokens.”Regarding unauthorized use of tokens, Woolard additionally announced plans to take on what he called “one of the most comprehensive responses globally to the use of cryptoassets for illicit activities.”A recent survey meanwhile showed that knowledge, ownership, and awareness of Bitcoin among British consumers has markedly increased.

Crypto Investors Who Bought Bitcoin at $1,000 are Now Starting to Sell

2018-11-20 15:14:14

According to Michael Moro, the CEO of a major over-the-counter (OTC) crypto trading firm, investors that bought Bitcoin in early 2017 are now starting to sell. Speaking to The Block, Genesis Global Trading CEO Michael Moro, who provides institutional investors access to block size liquidity to purchase or sell cryptocurrencies like Bitcoin, Ethereum, and Bitcoin The post Crypto Investors Who Bought Bitcoin at $1,000 are Now Starting to Sell appeared first on CCN

Report: US Officials Are Probing Tether Role in Bitcoin Market Manipulation

2018-11-20 15:10:28

The U.S. DOJ is reportedly probing Tether and Bitfinex over whether they artificially boosted bitcoin's price using the USDT stablecoin.

Bitcoin bull Tom Lee stands by his reduced year-end $15,000 target despite nosediving prices

2018-11-20 14:54:00

Fundstrat's Tom Lee told CNBC he remains bullish on bitcoin and bets on a recovery soon despite prices falling to more than one-year lows.

Bitcoin bull Tom Lee stands by his reduced year-end $15,000 target despite nose-diving prices

2018-11-20 14:54:00

Fundstrat's Tom Lee told CNBC he remains bullish on bitcoin and bets on a recovery soon despite prices falling to more than one-year lows.

OKEx Blasts ‘Defamatory’ Allegations Amid BCH Futures Settlement Furor

2018-11-20 14:30:15

OKEx has pushed back against allegations made by a trading firm over its forced settlement of bitcoin cash futures contracts last week.

US Justice Department Probes Tether for Bitcoin Price Manipulation: Report

2018-11-20 14:14:15

The US Department of Justice (DOJ) has reportedly opened a probe into whether Tether, the eponymous issuer of the USD-pegged cryptocurrency stablecoin tether (USDT), has engaged in illegal market manipulation to prop up the bitcoin price. Justice Department Investigates Tether for Crypto Manipulation Citing three people familiar with the matter, Bloomberg reports that federal prosecutors The post US Justice Department Probes Tether for Bitcoin Price Manipulation: Report appeared first on CCN

NBA Superstar Kobe Bryant to Attend Crypto Summit as Special Guest Speaker

2018-11-20 14:10:00

NBA superstar Kobe Bryant will appear as TRON founder Justin Sun’s guest and speak at the NiTRON Summit 2019 in San Francisco. Kobe Bryant, twice Olympic gold medalist and NBA superstar, will appear as a guest speaker at the NiTRON Summit 2019 in San Francisco, decentralized Internet project TRON (TRX) shared exclusively with Cointelegraph Nov. 20.Basketball champion Kobe Bryant has been invited to the conference as a special guest to “share his thoughts and life experience to inspire young leaders and entrepreneurs,” the press release states.The press release notes that Bryant is a guest of TRON founder Justin Sun.Over the past several years, the crypto community has received a star-studded boost from a number of notable celebrities from around the world. Just recently, Eminem’s new album "Kamikaze" mentioned Bitcoin (BTC) as the new mainstream, as “now everybody doing bitcoin.”Earlier this year, rapper Akon, who authored a total of twelve Billboard Top Ten Hits, launched his own cryptocurrency intended for use in his “Akon Crypto City,” Cointelegraph reported Jun. 20.Back in the spring, Michael Owen, the former Liverpool football star, partnered with the Singapore-based Global Crypto Offering Exchange (GCOX) to issue the OWN tokens, Owen’s name-backed cryptocurrency, Cointelegraph wrote Mar. 22.And this fall, former U.S president Bill Clinton gave the keynote speech at Ripple’s global payments tech conference.Meanwhile, Cointelegraph reported Nov. 17, 2017 that the U.S. Securities and Exchange Commission (SEC) has already warned that Initial Coin Offerings (ICO) endorsed by celebrities could be qualified as illegal, noting:“Celebrities [...] using social media networks to encourage the public to purchase stocks and other investments. [...] may be unlawful.”

Cryptos: Bitcoin extends plunge, drops another 10%

2018-11-20 14:02:23

The crypto meltdown is showing no signs of receding with all major coins showing heavy losses to begin Tuesday.

Is Spain’s Rebel Province Catalonia Introducing Blockchain Voting?

2018-11-20 13:11:26

October 1, 2017. A clandestine referendum election is held against the Spanish government’s orders across schools and polling stations throughout Catalonia. It was a day of defiance with an overwhelming “yes” vote to sever ties with the rest of the mainland. It was also one marked with bloodshed, voter intimidation, and riots. The main perpetrators, The post Is Spain’s Rebel Province Catalonia Introducing Blockchain Voting? appeared first on CCN

CryptoWatch: Bitcoin extends plunge, drops another 10%

2018-11-20 13:04:44

The crypto meltdown is showing no signs of receding with all major coins showing heavy losses to begin Tuesday.

Indian Government to Present Draft Bill on Crypto Regulation in December, Documents Show

2018-11-20 12:27:00

India’s financial committee is reportedly set to present a long-awaited draft bill on crypto regulation in December. The Indian government is actively preparing a draft bill on crypto regulation, which is expected to see light this December, according to documents obtained by digital news website Quartz India Tuesday, Nov. 20.The government has filed a counter-affidavit yesterday, Nov. 19 in the Supreme Court of India, which is currently hearing a case filed by several crypto exchanges against the Reserve Bank of India (RBI).The document states that the Indian finance ministry panel, responsible for the draft and headed by secretary in the department of economic affairs Subhash Chandra Garg, will present its first version in December:“Currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in the financial system and framework for digital currency in India.”Quartz India reports that the draft report and bill will be sent out to members of the inter-ministerial committee (IMC), and that the next meeting of the IMC will specifically discuss the draft legislation. The documents notes that it is “expected that the draft report will be placed before the IMC by next month.”Moreover, Garg’s panel has scheduled two meeting on crypto regulation in January 2019. According to Quartz India, the members of the committee will present the legislation and accept propositions during the meetings.The legal battle over crypto regulations started April 2018, when the RBI announced that it would cease to provide services to persons or legal entities involved in cryptocurrencies. Following the move, eleven crypto businesses filed a case against the RBI in the Supreme Court to overturn the decision. After several postponements, the hearing was finally held late October.During the hearing, the Supreme Court set a two-week deadline for the Indian government to announce its official stance on crypto. Shortly after the hearing, the Indian secretary of Economic Affairs recommended that the country’s Ministry of Finance to impose a ban on “private cryptocurrencies.”As Cointelegraph previously reported, while the legal crypto framework in India remains unclear, Indian authorities arrested the developers of country’s first Bitcoin (BTC) “ATM” in the city of Bangalore under criminal charges. According to local news outlets, the two co-founders of the country’s first cryptocurrency exchange, Unocoin, were booked under serious criminal charges, including criminal conspiracy, cheating, and forgery.

Russian ICO That Impersonated Bank Hit With Cease-and-Desist

2018-11-20 12:15:38

North Dakota has issued a cease-and-desist against a Russia-based ICO for copying a bank's website to promote "potentially fraudulent securities."

Bitcoin Price Hits New Yearly Low at $4,280; Market Needs Quick Rebound

2018-11-20 12:13:14

Over the past 24 hours, the price of Bitcoin fell from $4,900 to $4,280, by more than 12.5 percent amidst an unforeseen short-term price drop. On fiat-to-crypto exchanges like Coinbase and Kraken, which demonstrate a more accurate representation of the Bitcoin price given the premium on the Tether-to-BTC pair, the price of BTC dropped below The post Bitcoin Price Hits New Yearly Low at $4,280; Market Needs Quick Rebound appeared first on CCN

Ethereum Predecessor Leverages PoA Protocol to Deploy Over 180 Transactions Per Second

2018-11-20 11:18:39

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Token development platform enables utility token creation, tapping into Ethereum’s flaws with faster, more secure Blockchain based on the PoA protocol. Modern enterprises and corporations worldwide still have The post Ethereum Predecessor Leverages PoA Protocol to Deploy Over 180 Transactions Per Second appeared first on CCN

Markets Panic: Bitcoin Hits Lowest Since October 2017 as Bitcoin Cash Drops 40 Percent

2018-11-20 11:14:00

A turbulent time for cryptocurrency markets has seen Bitcoin Cash almost lose half its value and Bitcoin set 13-month lows. A “panicked” twenty-four hours in cryptocurrency markets saw Bitcoin (BTC) hit fresh lows not seen in over a year Nov. 20 as assets across the board shed millions.Data from Cointelegraph’s price tracker, Coin360, CoinMarketCap, and Bitcointicker captured frenetic activity into Tuesday as BTC/USD dropped up to 17 percent, at one point reaching $4,237.Market visualization from Coin360Bitcoin’s daily losses currently total 15.5 percent after a correction to around $4,500, while the situation remains highly volatile as the pair tests new resistance levels.Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price IndexThe events mark a continuation of the unsettled conditions sparked Nov. 15 when altcoin Bitcoin Cash (BCH) experienced a contentious hard fork, which has since resulted in the emergence of two separate competing chains.While BCH initially held onto much of its value, the 24 hours to press time saw a U-turn for investors, BCH/USD shedding almost 40 percent to test support at $200.While BCH firmly took the lead as the worst performer of the top twenty cryptoassets, others also suffered heavy losses.Ethereum (ETH) significantly widened its gap in market cap with Ripple (XRP), cementing its position as now the third-largest cryptocurrency. ETH/USD daily losses were circling 15 percent at press time, compared with XRP/USD’s 6.2 percent.Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price IndexElsewhere, multiple assets lost in excess of 17 percent on the day, while Tezos (XTZ) and Binance Coin (BNB) shed almost 20 percent. Even stablecoin Tether (USDT) is currently down about 2 percent over a 24 hour period.While commentators took a broadly pragmatic approach to the downturn, talk on social media has nonetheless returned to the topic of when BTC in particular will “botto”’ in USD terms.Various sources continue to claim that major support lies around $4,000, while if this is broken, $3,000 should mark a definitive barrier.“People have panicked,” crypto enthusiast John McAfee wrote on Twitter, summarizing his thoughts.At press time, total market cap is around $146 billion, down from its weekly high of around $212 billion — total market cap was last at $146 billion on Oct. 6, 2017.Total market cap since October 2017. Source: CoinMarketCap

Bitcoin Price Drops to $4,200 Despite Record Low On RSI

2018-11-20 11:01:09

Bitcoin’s price continues to slide despite the oversold conditions signaled on the technical charts for the last six days.

AWS Step Functions, State Machines, Bifrost, and Building Deployers

2018-11-20 11:01:01

Autodesk CEO: Blockchain Can Stem Corruption in the Construction Sector

2018-11-20 10:53:01

The CEO of design software maker Autodesk Andrew Anagnost believes blockchain technology can end corruption and improve trust in the construction industry, the Australian Financial Review reports. Anagnost was speaking at the 2018 Autodesk University conference in Las Vegas when he made the comments while speaking with journalists at a roundtable discussion. California based Autodesk was The post Autodesk CEO: Blockchain Can Stem Corruption in the Construction Sector appeared first on CCN

Imaginative Ways to Buy Crypto, Explained

2018-11-20 10:40:00

Hundreds of ways of buying crypto have emerged in recent years – and in some cases, you can get your hands on Bitcoin without parting with cash. Are there any methods which don’t come recommended?Cash in the mail is ill advised for buying crypto unless you’re only dealing in small amounts.There’s always the risk of it being lost or even stolen – and the people who are selling you crypto might not be all they are cracked up to be.Generally, people who send cash in the mail are motivated by the prospect of greater levels of anonymity – and the ability to receive funds without having to go through ID checks.Whatever the method, always check to see if there is an escrow service, as these can offer protections for buyers and sellers alike. Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.Can I use text messages and social networks to get paid?Absolutely – but it’s worth proceeding with caution.Given how it’s become popular to send and receive old-fashioned currencies on our phones, it’s somewhat inevitable that crypto would follow suit.Back in August, the US software giant Intuit was awarded a patent for processing Bitcoin payments via SMS – a boon for businesses which focus on crypto. This could have a plethora of benefits, especially for the unbanked, who often rely on their phones for transactions. It’s fair to argue that such easy ways of sending or receiving Bitcoin are instrumental in achieving that mythical milestone: mainstream adoption.Alas, every time the crypto world takes one step forward, it can feel like it takes two steps back. With new advancements come scams – and last year, it was reported that fraudsters were texting people to say that they have Bitcoins waiting for them in an account. Following the link in such messages puts victims at risk of losing their personal details and becoming a victim of identity theft. With any exotic method of acquiring crypto, it’s crucial to do your due diligence and rely on common sense to avoid being swindled.Using secure messaging platforms can help – and indeed, it was recently announced that Litecoin holders can start checking their balance and transferring funds via Telegram.Do I always have to use cash to buy crypto?New methods for purchasing cryptocurrencies are emerging all the time – including iTunes gift cards.This could prove particularly useful if you were given one of these vouchers for your birthday or Christmas but would rather invest in cryptocurrency instead.Usually, websites that enable you to complete these transactions operate on a peer-to-peer marketplace, where the would-be buyers of iTunes gift cards set out how much they would be willing to pay in Bitcoin. In some cases, these buyers may have a minimum amount of vouchers they’re prepared to purchase, along with a maximum. The exchange rates you’re offered can vary wildly – and it’s important to check whether or not a buyer is reputable before committing to a transaction.Paxful, a platform which specializes in enabling customers to convert their gift cards into Bitcoin, claims it offers about 300 different payment methods for Bitcoin. Along with iTunes vouchers, purchases can be made with gift cards for an array of well-known brands including Banana Republic, Dunkin’ Donuts, Forever 21, Nintendo and Pizza Hut. The only hurdle is finding somebody who is willing to swap with you.Can’t I just get paid in cryptocurrencies to begin with?Potentially in the future – but mainstream adoption seems premature right now.Tax implications vary vastly depending on where you live, and the dramatic shifts in a cryptocurrency’s value can make employers and employees alike nervous. Statistics help to paint the mood: in Germany, just 6 percent of the public believes that it will be feasible to purchase a car using crypto in two years’ time – and indeed, a poll of 300 financial experts from major corporations found that most were skeptical that the likes of Bitcoin would even be used for buying a cup of coffee come 2020.To summarize, as things stand right now, getting paid in crypto really is imaginative – but that’s not to say it isn’t happening, nor that there isn’t an appetite for it. A poll of 1,000 people by Sage in South Africa revealed 31 percent are happy to receive all or part of their salary in crypto – with men and millennials most likely to agree to it. Several companies have launched voluntary schemes enabling workers to join the crypto revolution, with one Australian outlet describing the payment method as “awesome” because they can pay international employees instantly without fees.I can get other currencies from ATMs. Can I get Bitcoin?Yes – there are now thousands of cash machines offering Bitcoin worldwide, and prospects for growth are promising.As reported by Cointelegraph, the market for crypto ATMs is expected to soar to $144.5 million by 2023 – that’s compared with a meagre $16.3 million in 2018. Demand is likely to be spurred on by so-called “two way” machines which enable users to convert digital currencies to fiat, and vice versa.However, coverage of crypto ATMs is not geographically universal – and if you’re not in a major city, your nearest machine could be many hundreds of miles away. You’re most likely to be able to pop to a machine if you’re based in North America, which is forecast to have the biggest market share in five years’ time. There’s also good news if you’re based in Germany and Japan, where crypto adoption is considerable.That said, there are hurdles – especially from a regulation viewpoint. Last year, two Bitcoin ATMs in St Petersburg vanished inexplicably amid tensions with the authorities. Meanwhile, back in August, a Japanese security specialist uncovered malware designed to exploit vulnerabilities in these ATMs which would allow hackers to steal Bitcoin worth $6,750 without a cardholder’s knowledge.What is the best way to buy crypto?A lot of this depends on which cryptocurrency you’re buying, how much you want, and where you are based.As long as you are in a country which hasn’t banned purchasing digital currencies (attitudes vary around the world,) you’ll probably be able to use a crypto exchange. There are dozens of outlets to pick from, and each support different fiat currencies – meaning you can get your hands on Bitcoin, Ethereum and others irrespective of whether you use US dollars, euros, pounds or Japanese yen as a payment method.Many of these centralized exchanges claim that they make purchasing cryptocurrencies as easy as splashing out on a pair of socks on Amazon. Although this is true to some extent, there are some legal requirements to bear in mind. Depending on the payment method you use, and the quantity of crypto you are buying, photo ID is needed to verify your identity. Decentralized exchanges are another option, with smart contracts and atomic swaps used to facilitate peer-to-peer transfers and eliminate the need for a middleman.It’s also crucial to research whether an exchange’s transaction fees are higher than the market average – and double check that an organization is reputable. Paying too much to acquire crypto is one thing, but losing your funds to a devastating hack is quite another. Even big brands such as Mt. Gox have fallen victim to cyberattacks in the past, so do bear in mind that convenience doesn’t necessarily absolve risk.

OKEx Rebuffs Market Manipulation Claims Over Early Bitcoin Cash Futures Settlement

2018-11-20 10:20:00

The debacle over OKEx’s Bitcoin Cash futures treatment continues with an official denial of market manipulation from the exchange. The world’s second-largest cryptocurrency exchange OKEx hit back at accusations it “manipulated markets” by adjusting Bitcoin Cash (BCH) futures settlements in a fresh statement Nov. 20 sent to Cointelegraph.The exchange, which opted to deliver BCH futures early due to the coin’s contentious hard fork Nov. 15, subsequently saw a barrage of negative publicity over the decision, pundits complaining it had overstepped its remit in freely deciding when and how futures contracts would be settled.In particular, a dedicated Medium post by an entity calling itself AMBER AI accused OKEx of “outright market manipulation and one of the more serious acts of fraud in the history of limit order book trading in the cryptocurrency markets.”Published Nov. 19, the post provides a lengthy analysis of the futures settlement and further alleges OKEx contradicted its own small print several times during the process.Traders lost “$24 million” due to the move, the post writes, continuing:“The course of events surrounding the BCH hard fork are indicative of market manipulation, fraud and deceit.”Responding, the OKEx exchange sent a circular to users in which it said the futures settlement change was “based on the consideration of market integrity and customer interests.”“In the absence of evidence, Amber AI alleged us for trading against our own customers and manipulating the markets,” it wrote, adding:“These are completely false allegations and the defamatory statements have caused serious damages to OKEx's reputation.”Markets continue to experience extreme turbulence almost a week after the fork, with BCH losing almost 50 percent of its value in the past 24 hours alone.OKEx added it would consider legal action against AMBER AI for “interfering” in its operations.

Greek Supreme Court is Violating Alleged Bitcoin Launderer’s Rights, Lawyer Argues

2018-11-20 10:11:00

The lawyer representing the alleged former operator of BTC-e, Alexander Vinnik, has accused the Greek Supreme Court of “grossly violating” his rights. The lawyer representing the alleged former operator of now-defunct crypto exchange BTC-e, Alexander Vinnik, has accused the Greek Supreme Court of “grossly violating” his rights, major Russian state-owned news agency TASS reported Nov. 19.39-year old Russian national Vinnik, a.k.a “Mr. Bitcoin,” was indicted by U.S. authorities and detained in Greece on July 25, 2017 on criminal charges of fraud and laundering up to $4 billion in Bitcoin (BTC) via BTC-e.Russia and France have since both sought the defendant’s extradition in regard to a further series of fraud allegations. When a Thessaloniki court ruled in support of Vinnik’s extradition to France this summer, he appealed against the decision at the Supreme Court.As TASS reports, Vinnik’s lawyer Zoya Constantopoulous has this week accused the Supreme Court of failing to provide translations of court documents at her client’s request, in what she has argued is “a violation” of his rights:"As of November 17, [Vinnick] did not receive an official translation of the documents of the French extradition request [...] these documents were not translated into Russian, they have no seals or signatures.”The lawyer further accused the Greek judiciary of discrimination on political/national grounds, claiming that the court would not have similarly treated “any Greek or EU citizen."Vinnik’s legal representatives reportedly consider that his extradition to France will result in his further extradition to the U.S. Russia’s Ministry of Foreign Affairs issued a comment this July accusing the Greek authorities of “continu[ing] to complicate relations with Russia,” and requesting that Russia’s extradition request be given priority over that of France.TASS states that a decision over the conflicting extradition requests will likely be settled by the Greek Ministry of Justice, or the country’s leadership.Following the closure of BTC-e in July 2017, the U.S. has been seeking a penalty of $110 million from BTC-e and another $12 million from Vinnik for his alleged role in the exchange’s anti-money-laundering (AML ) violations.As he continues to publicly defend his innocence and rebuff that he was ever an operator of BTC-e, Vinnik has further been prompted to deny involvement in the 2011 Mt. Gox hack in response to crypto security experts’ claims he had a direct relationship to the incident.A New York Times report this fall indicated that BTC-e is suspected of handling funds used by a Russian military intelligence unit, which U.S. investigators have accused of hacking Democrats’ emails ahead of the 2016 presidential elections.

Singapore’s Stock Exchange Clarifies Rules for Listed Firms Issuing ICOs

2018-11-20 10:01:00

SGX has clarified the rules for publicly listed companies planning to conduct token sales.

USDX Wallet: Lightning-Fast, No-Fee, Crypto-Based Payment System

2018-11-20 09:50:08

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Stablecoins have been a hot topic in 2018, and many different companies are creating cryptocurrencies for P2P payments. The USDX Wallet payment system stands out from these overly The post USDX Wallet: Lightning-Fast, No-Fee, Crypto-Based Payment System appeared first on CCN

(+) This Week’s Crypto Winners

2018-11-20 09:43:05

The post (+) This Week’s Crypto Winners appeared first on CCN

Bank of Thailand Governor: Digital Currency Use Won’t Replace Cash for Three-Five Years

2018-11-20 09:21:00

The Bank of Thailand’s governor says that developing countries will take some time to switch to using digital currency. The governor of the Bank of Thailand (BoT) has said that it will take three to five years for countries to switch from using cash to using digital currencies. The bank governor’s comments were reported by the Thai News Agency (TNA), a subsidiary of the Thai state-owned public broadcaster, Nov. 17.  The central bank’s governor, Dr. Veerathai Santiprabhob, stated that digital currency would not replace fiat currency right away “because of complication[s], a readiness of people and an efficiency of technology.”Although the BoT has not issued a central bank-backed digital currency (CBDC) yet, the Thai central bank is “now testing the use of digital currency for settling payment among financial institutions,” according to the TNA. The article also states:“The BoT hopes that full implementation of using digital currency among financial institutions would take place during the first quarter of 2019.”Previously this month, the head of the International Monetary Fund (IMF) Christine Lagarde urged the international community to consider the possibilities of endorsing CBDCs, Cointelegraph reported Nov. 14.Back in July, the Thai central bank’s Santiprabhob had already announced that BoT was reviewing blockchain applications for cross-border payments to “improve regional financial connectivity,” Cointelegraph wrote Jul. 14.

India to [Finally] Draft Cryptocurrency Regulations in December: Report

2018-11-20 09:11:54

After years of ambiguity, the Indian government might, at last, reveal a regulatory draft for the cryptocurrency sector in the country before the turn of the year. A panel tasked by India’s finance ministry to regulatory norms and guidelines for domestic cryptocurrency trading and the blockchain industry is set lay bare its draft next month, The post India to [Finally] Draft Cryptocurrency Regulations in December: Report appeared first on CCN

Trezor Urges Caution After Discovery of Hardware Wallet ‘One-For-One Copies’ On Sale

2018-11-20 09:04:00

Hardware wallet Trezor has unearthed fake versions of its flagship wallet, ostensibly under manufacture in China. Cryptocurrency hardware wallet manufacturer Trezor issued a warning to users Nov. 19 after making what it called the “startling” discovery that rogue actors were creating and selling fake devices.Trezor, which together with Ledger and KeepKey forms one of the oldest and best-known wallet manufacturers, said that an “unknown” third party was distributing “one-to-one copies” of its flagship Trezor One device.“Trezor clones have been released over the years of our activity,” officials said, noting:“However, in recent weeks, we have discovered something more startling. A one-to-one copy of Trezor One. In other words, a fake Trezor device, manufactured by a different, unknown vendor.”The latest move to impersonate aspects of the cryptocurrency sphere, the fake appears not unlike the many social media heists offering fraudulent free tokens and endorsements under the name of other well-known figures from the industry.Scammers have even targeted Initial Coin Offerings (ICO) with fake versions in order to steal funds from would-be contributors.The Trezor One case involves subtle differences in packaging, Trezor says, confined to areas such as the hologram and barcode sticker.Seeming to originate from China, the company wrote that users should exercise suspicion when purchasing devices over the Internet from third parties.“Be very cautious when buying on other marketplaces, such as eBay, Taobao, AliExpress, unknown Amazon resellers or other places,” it added, stating:“If you are not sure about the authenticity of the seller or the channel, always proceed with the official channels.”

Bitcoin Smart Contract Startup RSK Unveils New Infrastructure Project

2018-11-20 09:00:18

RSK Labs is operating under a new banner, with an emphasis on creating a range of open-source protocols for blockchain infrastructure.

Blockchain Job Offerings and Seekers Decline with Crypto Market Capitalization

2018-11-20 08:50:02

By now our readers are aware that the crypto market has been on a downhill slope the past few weeks, and the whole year, really, going from the highs of the end of last year now to new 2018 low below $5,000. What our readers may not have learned yet, however, is that the job The post Blockchain Job Offerings and Seekers Decline with Crypto Market Capitalization appeared first on CCN

Singapore's Central Bank Finalizes Regulatory Framework for Crypto Payment Services

2018-11-20 08:41:00

Singapore’s central bank has broadened its regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction. The Monetary Authority of Singapore (MAS), the country’s central bank, has broadened its regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction. The development was reported by English-language local broadsheet The Straits Times Nov. 19.The new Payment Services Bill (PSB), submitted by MAS board member and education minister Ong Ye Kung before parliament, is set to replace two existing pieces of legislation, the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA).The new bill, which has passed through two public consultations since August 2016, has reportedly been drafted to better safeguard consumer funds, counter terrorism financing, and bolster cybersecurity. In the cryptocurrency space, it is expected to affect e-wallets and digital payment tokens such as GrabPay, Bitcoin (BTC), and Ethereum (ETH). Both PS(O)A and MCRBA will be repealed when the new, streamlined PSB comes into force at the end of 2019.The MAS has clarified that PSB comprises two parallel frameworks, the first being a “designation regime” that enables the central bank to name and thereby bring payment systems it considers “crucial to financial stability” under its oversight. The second entails a mandatory licensing regime for payment service providers, who will be required to apply for one of three licenses based on the nature and scope of their activities.The first license, for “money-changers,” regulates providers primarily for money laundering and terrorism financing risks; a more comprehensive “standard payment institution license” is available for entities that transact over $3 million per month, provided they hold a digital money float of no more than $5 million. A “major payment institution,” the most rigorously regulated tier of license, is available for larger service providers.The central bank has given digital token payment service providers six months after the PSB comes into force to comply with the new regime; non-crypto payment providers will have up to twelve.This October, MAS managing director Ravi Menon commented on the need to improve banking support for crypto-related businesses. While conceding that some “opaque” activities within the cryptocurrency space pose particular challenges, he hinted that financial institutions should be encouraged to adapt their existing practices to cooperate with the emerging sector.

Another $25 Billion Wiped Out: Crypto Market Suffers From Large Sell-Off

2018-11-20 08:02:10

Over the past 24 hours, another $25 billion has been wiped out of the crypto market as major digital assets fell sharply in value. Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Stellar (XLM) recorded a loss of 14 percent, 14.5 percent, 45 percent, and 10 percent respectively, demonstrating a large decline in both volume The post Another $25 Billion Wiped Out: Crypto Market Suffers From Large Sell-Off appeared first on CCN

Cryptocurrency Exchange Huobi Creates Communist Party Committee in China

2018-11-20 07:15:08

Huobi Group has created a Communist Party committee, making it the first blockchain based company to do so in China, the South China Morning Post reports. The committee was created through a Huobi subsidiary called Beijing Lianhuo Information Service, which was registered as a business earlier this year, owned by Li Lin, the founder of The post Cryptocurrency Exchange Huobi Creates Communist Party Committee in China appeared first on CCN

Crypto Hedge Funds are Going to Start Shutting Down: Morgan Creek

2018-11-20 06:22:26

The depths of this year’s cryptocurrency bear market evidently show significant signs of further trouble. According to notable crypto figure and Morgan Creek Digital founder Anthony Pompliano, significant price drawdowns this year could lead to crypto hedge funds closing up shop soon. Hedge Funds CCN reported today of Bitcoin dropping below $5,000 in price, the lowest The post Crypto Hedge Funds are Going to Start Shutting Down: Morgan Creek appeared first on CCN

Alabama: The Unlikely Frontline for America’s Crypto Fraud Crackdown

2018-11-20 05:01:07

Alabama's securities agency has lead the way on enforcement against ICO fraudsters, using investigation techniques pioneered chasing gun runners.

Op-Ed: Bitcoin Price Hits 2018 Low – It’s Time to Buy the Dip

2018-11-20 04:22:32

From a historical perspective, the most profitable strategy in Bitcoin has been “buying the dip.” This means that when the price drops notably, one purchases some coin, holds it, and later on when the price rebounds, sells it. The Bitcoin price has historically walked its way up the market capitalization stairs, having sold well beneath The post Op-Ed: Bitcoin Price Hits 2018 Low – It’s Time to Buy the Dip appeared first on CCN

British Politician: Printing Fiat Money is Counterfeiting, Merit of Crypto

2018-11-20 03:03:18

At a European Parliament meeting in 2013, British politician Godfrey William Bloom said that all major banks are broke and criticized the ability of banks to lend money they do not have, which is not possible with decentralized currencies like crypto. At the time, Bloom stated that the ability of central banks to print and The post British Politician: Printing Fiat Money is Counterfeiting, Merit of Crypto appeared first on CCN

BitMEX: Bitcoin Cash Hash War Costing Miners Millions in Lost Revenue

2018-11-20 02:05:59

According to BitMEX Research, going under the assumption that much of the hash rate on both sides of the Bitcoin Cash “hash war” has been leased since the fork, says that BCH miners have collectively lost as much as $6.1 million in gross revenue since last week’s blockchain split — but that one side, Bitcoin The post BitMEX: Bitcoin Cash Hash War Costing Miners Millions in Lost Revenue appeared first on CCN

Backlash after US Elections Board Green Lights Crypto Mining for Political Campaigns

2018-11-20 01:08:25

The US Federal Election Commission (FEC) issued an advisory opinion that would allow individuals to contribute to political campaigns by donating their computer power to mine crypto for their favorite candidates. The decision comes as American politicians are gearing up for the 2020 US presidential election, which quietly kicked off after the November 2018 midterm The post Backlash after US Elections Board Green Lights Crypto Mining for Political Campaigns appeared first on CCN

Study: ‘Compliance Trilemma’ Limits Potential of ICOs

2018-11-20 01:06:00

A recent study funded by the Canadian government has revealed that ICOs are facing regulatory compliance challenges that limit their potential. Initial coin offerings (ICOs) are facing a regulatory “compliance trilemma,” according to a recent study funded the government of Canada and the University of British Columbia (UBC).To prepare the report, the research team investigated the ICO space over the course of six months, focusing primarily on North America, but also delving into some other countries and jurisdictions. The team conducted 45 qualitative interviews with individuals in the ICO space, including representatives of the finance, law, and science sectors of the field.Per the study, ICO issuers face a “trilemma,” wherein they can only address two of three objectives at a time, those being “having a compliant offering,” “reaching a distributed pool of investors,” in a manner that is “cost-effective.” The researchers define compliance as following regulations in the home jurisdiction of both the issuer and investor.While a broadly distributed pool of investors is said to be the principal benefit of an ICO as a funding mechanism, the cost of complying with financial regulators becomes “much greater” if the investor pool becomes more distributed.“If issuers forgo these costs, the risk of being non-compliant rises significantly. The result is a trilemma, whereby issuers currently must forgo one of these goals to realize the other two, or to compromise on all three,” the study explains.The trilemma further reveals four basic approaches available to ICO issues, which are “the Maverick ICO,” “the Private ICO,” “the Hybrid ICO,” and no ICO at all. The first option refers to ignoring compliance for maximizing ICO reach and cost effectiveness, which reportedly runs a huge risk of regulatory enforcement.The second approach focuses on targeting only accredited and institutional investors by sacrificing distribution, which may not affect cost-effectiveness but raise challenges in secondary market trading control.Regarding the Hybrid ICO, the report reads that it “compromise[s] on all three dimensions by issuing in select markets, resulting in bounded cost effectiveness, compliance and investor scope,” resulting in a combination of risks.The researchers found that companies wishing to undergo an ICO sought relief from the trilemma through relevant regulatory authorities. Participants in the study reportedly called for amendments to regulation, including clarifications of existing regulation and development of “fundamentally new” regulatory definitions and frameworks. The study concludes:“...To date, the ICO has been hampered by a trilemma that has substantially limited its potential… Many actors with legitimate ventures that could benefit from ICOs are likely holding back, due to combination of confusion over how exactly they might comply with financial regulations within and across jurisdictions, and the prohibitive costs of doing so manually.”

University of British Columbia Study: ‘Compliance Trilemma’ Limits Potential of ICOs

2018-11-20 01:06:00

A recent study funded by the Canadian government has revealed that ICOs are facing regulatory compliance challenges that limit their potential. Initial Coin Offerings (ICO) are facing a regulatory “compliance trilemma,” according to a recent study released Nov. 19. The research, funded by Canadian non-profit national research organization Mitacs Canada and regtech platform iComply, was carried out by the University of British Columbia (UBC).To prepare the report, UBC’s research team investigated the ICO space over the course of six months, focusing primarily on North America, but also delving into some other countries and jurisdictions. The team conducted 45 qualitative interviews with individuals in the ICO space, including representatives of the finance, law, and science sectors of the field.Per the study, ICO issuers face a “trilemma,” wherein they can only address two of three objectives at a time, those being “having a compliant offering,” “reaching a distributed pool of investors,” in a manner that is “cost-effective.” The researchers define compliance as following regulations in the home jurisdiction of both the issuer and investor.While a broadly distributed pool of investors is said to be the principal benefit of an ICO as a funding mechanism, the cost of complying with financial regulators becomes “much greater” if the investor pool becomes more distributed.“If issuers forgo these costs, the risk of being non-compliant rises significantly. The result is a trilemma, whereby issuers currently must forgo one of these goals to realize the other two, or to compromise on all three,” the study explains.The trilemma further reveals four basic approaches available to ICO issues, which are “the Maverick ICO,” “the Private ICO,” “the Hybrid ICO,” and no ICO at all. The first option refers to ignoring compliance for maximizing ICO reach and cost effectiveness, which reportedly runs a huge risk of regulatory enforcement.The second approach focuses on targeting only accredited and institutional investors by sacrificing distribution, which may not affect cost-effectiveness but raise challenges in secondary market trading control.Regarding the Hybrid ICO, the report reads that it “compromise[s] on all three dimensions by issuing in select markets, resulting in bounded cost effectiveness, compliance and investor scope,” resulting in a combination of risks.The researchers found that companies wishing to undergo an ICO sought relief from the trilemma through relevant regulatory authorities. Participants in the study reportedly called for amendments to regulation, including clarifications of existing regulation and development of “fundamentally new” regulatory definitions and frameworks.The study concludes that this “trilemma” has “substantially limited [the] potential” of ICOs, noting:“Many actors with legitimate ventures that could benefit from ICOs are likely holding back, due to combination of confusion over how exactly they might comply with financial regulations within and across jurisdictions, and the prohibitive costs of doing so manually.”As Cointelegraph recently reported, ICO performance in the third quarter of 2018 was in part characterized by “overall disappointment," in comparison with previous quarters.Last week, Cointelegraph reported that in a self-described “first,” the U.S. Securities and Exchange Commission (SEC) had imposed civil penalties against two ICOs over their failure to register their token sales with the agency.

Where’s the Bottom? Investors Search for Answers as Bitcoin Price, FAANG Stocks Plunge

2018-11-20 00:10:26

The Monday Massacre reverberated throughout equities markets today, leaving its mark not only on the bitcoin price — which dropped below $5,000 for the first time this year — but on tech stocks as well. Recent Bitcoin Price Drop Attracts Bearish Analysis To make matters worse, the bitcoin price has not yet bottomed out, according The post Where’s the Bottom? Investors Search for Answers as Bitcoin Price, FAANG Stocks Plunge appeared first on CCN

New Cryptocurrency-Based ETP Arrives in Switzerland

2018-11-19 23:50:27

Amun AG, a startup in Zug, Switzerland, has received a license from Swiss authorities to offer a new cryptocurrency exchange-traded product (ETP).An ETP is a blanket term to denote a security that derives its price from an underlying asset (e.g. a currency, commodity, stock) and is traded on a regulated stock exchange. It could refer to a number of exchange-traded investment options, including exchange-traded funds (ETF), exchange-traded commodities (ETC) and exchange-traded notes (ETN).Anum has referred to the instrument only as an ETP, and it’s unclear at this time whether or not it is characteristically an ETF, ETC or an ETN. Amun AG has stated that its ETP will be based on a collection of the top five most liquid crypto assets, which it refers to as “HODL5.” The currencies contained within the ETP will be bitcoin, ether, Ripple’s XRP, litecoin and bitcoin cash. The company will purchase cryptocurrency using cash from its customers. The assets will then be transferred into custodial hands, for which the company will charge management fees of roughly 2.5 percent.The fund also sources its pricing from the MVIS, an index for institutional-grade price tracking that was developed by VanEck.Amun’s CEO Hany Rashwan explains, “The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”The ETP will be traded on SIX Swiss Exchange, the country’s official stock exchange. Based in Zurich, the platform earned well over $100 billion during the first half of 2018 and is estimated to be worth over $1 trillion.Big league financial players in the U.S. have struggled to get a cryptocurrency-based ETF on track for years without success. Some of the industry’s biggest players, like the Winklevosses’ Gemini Exchange in New York, have submitted applications for bitcoin ETFs only to be slapped down by the Securities and Exchange Commission (SEC). Currently, nine applications that were formerly rejected by the SEC’s staff are pending review by the agency’s Commission, and a bitcoin ETF pitched by VanEck in collaboration with SolidX is awaiting a decision.In August 2018, American investors were given their first access to an exchange-traded note (ETN) called the “Bitcoin Tracker One” on the Nasdaq Stockholm Exchange in Sweden, first established in 2015. Unlike an ETF, which issues shares of an underlying asset, an ETN is akin to a bond. It is an unsecured debt note that can be bought and traded until it reaches its maturity date, at which time the debt on the note must be repaid.Prior to August of 2018, investors had only been able to buy into the ETN using either euros or the kora, Sweden’s national currency, and the tracker’s USD listing paved the way for more western interest.Less than a month later, however, the SEC suspended American access to the Bitcoin Tracker One and Ether Tracker One, another ETN issued by the Swedish company XBT Provider AB. The SEC cited investor confusion as the primary reason for blocking investors from taking part in either venture. This article originally appeared on Bitcoin Magazine.

Bitcoin Price Analysis: Another Red Day Pushes BTC Into Deeper Support Test

2018-11-19 23:27:08

Bitcoin has tumbled again today as the market continues to see further downward movement shortly after breaking two areas of market support. So far, bitcoin is down 15% on the day — 25% in 1 week:Figure 1: BTC-USD, Daily Candles, Downward ContinuationThis drop below support is starting to display hallmarks of market capitulation. After most of the sellers got out of the market earlier this year, bitcoin managed to consolidate sideways for about 9 months in the form of a descending triangle. Last week, after several tests of support, the bottom finally gave out and sent bitcoin jolting downward through multiple support levels. With little to no relief in sight for the bulls, many early buyers are now finding their investments underwater as the market continues to head down toward its macro 78% Fibonacci retracement values:Figure 2: BTC-USD, Daily Candles, Macro Fibonacci Retracement LevelsHistorically, bitcoin’s previous parabolic run-ups and declines have typically found support around their 78% retracement values. In our case, this coincides at approximately the $4,400 range. However, something that’s a bit concerning regarding the macro trend of this market is the weekly Bollinger bands (bbands):Figure 3: BTC-USD, Weekly Candles, Bollinger BandsAfter such a prolonged consolidation, the weekly bbands found themselves very tightly wound. And now, one week after a 25% drop, bitcoin’s weekly bbands are expanding for the first time in over a year. If you are unfamiliar with Bollinger bands, just think of them as a visualization of market volatility. The tighter the bands, the more consolidated the market is. When the bands begin to expand, their movement is a predicter of increased volatility in the direction of the breakout. While there are some nuanced set-ups involving Bollinger band fakeouts, it is generally considered to be a sign of trend continuation. A possible scenario that could play out is called a “head fake.” A head fake is basically a breakout in a given direction that quickly “fakes out’ the market and reverses (a fakeout for bitcoin would yield a strong reversal to the upside). Since this move is on such a macro scale, I wouldn’t entirely rule it out — although, it’s not looking likely at the moment. The most likely situation in our case right now is a downward continuation. Just how far the trend will continue remains to be seen, as the breakout is still fresh in the market. Looking at Figure 1 and and Figure 2 above, we can see a few areas of support and resistance outlined in blue. So far, we have broken straight through the support with very little pause. As stated previously, the next line of support for bitcoin lies in the $4,400 zone. Given the capitulative nature of this move, it seems likely that the $4,400 zone will hold up nicely as it welcomes a fresh round of buyers. From there, we will have to re-evaluate the market and see how it reacts to the support level. SummaryBitcoin has, yet again, seen another decline by over 15% in value.It’s managed to plow right through several layers of support and is now heading down toward its macro 78% retracement.Historically, bitcoin’s parabolic advances have tended to retrace approximately 78% percent just before reaching its bottom.The move downward is unrelenting, but the 78% retracement at $4400 may bring in a fresh round of buyers.Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results. This article originally appeared on Bitcoin Magazine.

Autodesk CEO: Blockchain Can Stem Corruption in Construction Industry

2018-11-19 23:14:00

Software company Autodesk CEO said that blockchain can help combat corruption in the construction industry. American software corporation Autodesk CEO Andrew Anagnost said that blockchain could fight corruption in the construction industry, finance and investment news outlet the Australian Financial Review reported Nov. 19.Founded in 1982, Autodesk manufactures software for the construction, architecture, media, and entertainment industries. In 2018, the company’s revenue was $2.06 billion.Speaking at the 2018 Autodesk University conference in Las Vegas, Anagnost reportedly said that blockchain technology could eliminate corruption in the construction industry, as well as deliver greater trust in the field. The Financial Review quotes Anagnost:"What is blockchain good at? It's a distributed, trusted ledger that cannot be altered and allows traceability and accountability. A technology like that in an environment like construction where various people involved in the process don't trust each other is going to find some kind of application."While the CEO believes in blockchain’s ability to improve traceability and bring transparency to the industry, Autodesk purportedly has not yet introduced blockchain-powered products. However Anagnost asserted that the company has considered blockchain as part of their future developments, saying “we just don't have a point of view we have stated publicly."Per the Financial Review, Autodesk has been working on its own non-blockchain digital “escrow” system designed to improve trust in the construction industry. Addressing the problem of corruption, Anagnost reportedly said that “it makes it very difficult to track who is responsible for what, so one of the big technological problems we're going to have to solve is making sure it is not optional to provide traceability and accountability," adding:" ...corruption in the construction industry is not uncommon. When people are paying hundreds of millions of dollars on large projects, something is always happening somewhere that isn't quite right. There's always someone bleeding off resources or money in some inappropriate way."Businesses and governments globally have considered deploying blockchain technology in combating corruption and tax evasion. Spain has been actively fighting corruption by amending its anti-corruption laws and by developing blockchain and artificial intelligence (AI) solutions. Per Spanish regulators, blockchain can be used as a preventative measure against corruption.In China, tax authorities of the city of Shenzhen and a state-owned aerospace firm have turned to blockchain for immutable and transparent record-keeping, in order to combat paperback corruption. The organizations introduced blockchain-backed e-invoices, which purportedly allow authenticated and “credible” invoice issuance, traceable circulation, and efficient and cost-effective oversight by tax authorities.

Ripple Adds 5th-Largest Southeast Asian Bank to Enterprise Blockchain Network

2018-11-19 22:53:10

RippleNet is expanding its network of banks by adding Malaysia’s CIMB Group to its fold. CIMB is the ASEAN’s fifth-largest bank and will team up with Ripple to work on enabling instant cross-border payments for CIMB’s markets. RippleNet’s customer base now constitutes over a hundred global financial institutions, which CIMB will be able to partner The post Ripple Adds 5th-Largest Southeast Asian Bank to Enterprise Blockchain Network appeared first on CCN

Catalan Government Considers Blockchain for Public E-Voting System

2018-11-19 22:24:00

The director of Citizen Participation of the Catalan government claimed that the authority is considering the use of blockchain in its e-voting system. The head of the Catalan government's citizen participation council states that the authority is considering blockchain for the community’s voting system, Spanish daily newspaper La Vanguardia reports Monday, Nov. 19.Earlier in October, the Generalitat of Catalonia approved a preliminary bill to establish an e-voting system for residents abroad in major elections and other voting processes in the autonomous community.Recently, Ismael Peña-López, director of Citizen Participation of the Government of Catalonia, revealed that the government hopes to introduce an external e-voting system by the year 2020, as well as to extend electronic voting to all voters.According to Peña-López, who is a professor of Law and Political Science at the Open University of Catalonia (UOC), the use of blockchain in the state e-voting system is still being considered, although the Generalitat has still not decided on the matter:"An interesting option is to use blockchain. [...] The Generalitat has not made a clear commitment to the blockchain and is still exploring what options there are before deciding.”The director noted that, regardless of what technology the government decides to use in the voting system, it must instill trust. La Vanguardia quotes Peña-López, "It's an issue of awareness. The Government is more respectful than a trade. I would like to think that we are able to convince people that [it] is reliable."Earlier in July, the Government of Catalonia revealed a plan for blockchain tech deployment within its public administration processes in order to improve “digital services to the public.”The Catalan community has been striving to gain independence from the Spanish government since 1922. On Oct. 27, 2017, the Catalan Parliament declared independence from Spain, following a controversial referendum.In October 2018, Spanish news agency El Confidencial reported that former Catalan president Carles Puigdemont requested donations in crypto from the public. Puigdemont reportedly requested crypto donations in order to hide financial support to politicians of the Catalan Government.According to major daily Spanish newspaper El Mundo, the government of Carles Puigdemont used Bitcoin (BTC) in order to fund initiatives promoting independence.

A Historically Strong Month for Crypto, November Is Off to a Brutal Start

2018-11-19 22:22:55

The cryptocurrency market rout accelerated today as bitcoin (BTC) fell below $5,000 for the first time in 13-months.

Israel: Tel Aviv Investment Firm Silver Castle Launches Trio of Crypto Funds

2018-11-19 22:07:35

The infrastructure for institutional investors in the crypto market continues to gain steam despite this year’s relentless bear market. Most recently, Israel-based crypto investment fund Silver Castle, which targets institutional and accredited investors, unveiled two crypto funds in November with another fund waiting in the wings and is targeting $50 million in assets under management (AUM) The post Israel: Tel Aviv Investment Firm Silver Castle Launches Trio of Crypto Funds appeared first on CCN

Federal Election Commission Gives Green Light for Political Mining Pool Donations

2018-11-19 21:41:57

The U.S. Federal Election Commission (FEC) has given tacit permission for mining pools to donate to political campaigns.The FEC released a memo on their website on November 13, 2018, to provide background information to a formal meeting that would take place on November 15. In it, they addressed a recent request filed by OsiaNetwork LLC for the FEC’s advisory opinion.OsiaNetwork filed this request on September 10, 2018, asking for confirmation on the “permissibility of OsiaNetwork’s business plan.” With little other information publicly available about this startup, it seems as if this decision may have been the dealbreaker for the whole company’s existence. This business model is stated quite simply in OsiaNetwork’s request to “enable individuals to support federal political committees by volunteering the processing power of their internet enabled devices to mine cryptocurrencies.” And now, the FEC has responded.In a move that may spell trouble for OsiaNetwork, but ultimately might add more dynamism to the space as a whole, the FEC decided that “although the proposed cryptocurrency mining pool as described in the request is itself permissible under the Act and Commission regulations, the activities of the individuals do not fall within the volunteer internet activities exception, and would therefore result in contributions from them and from OsiaNetwork to the participating political committees.”In other words, it seems permissible for mining pools themselves to undertake the effort to donate to political campaigns, and it is still possible for OsiaNetwork to set up these mining pools, but they are not able to enter any kind of extended relationship wherein they act as a sort of middleman.OsiaNetwork is not able to contribute to the campaigns itself, and this may preclude a more long-term relationship with the pool it sets up. The request specifically mentioned stipulations to their ideal donations, such as “as long as each of those political committees is a client of OsiaNetwork.”The FEC’s decision to ban this kind of relationship and uphold private donations themselves may ultimately provide more flexibility for those interested in donating cryptocurrency via mining pools. OsiaNetwork’s plan to make a profit from this scheme was apparently centered around establishing themselves as an institutionalized actor for mining pools of this nature, but it’s possible that the transactions would work just as fine in a decentralized fashion. This article originally appeared on Bitcoin Magazine.

IBM, Columbia University Launch Blockchain Accelerator Programs

2018-11-19 21:40:26

Columbia University and IBM are launching a pair of tech accelerators to aid blockchain startups in their early phases.

Monday Massacre: Bitcoin Price Dives Below $5,000 as Support Levels Falter

2018-11-19 21:23:07

The bitcoin price kicked off this week on a depressive note, extending its current bearish bias to another low level. The BTC/USD index fell from 5502-fiat to 4886-fiat on Monday, recording more than 11 percent in losses. The price action bled through crucial support levels that had a history of reversing bearish trends. It confirmed The post Monday Massacre: Bitcoin Price Dives Below $5,000 as Support Levels Falter appeared first on CCN

Bitcoin Falls Below $5,000 For First Time Since October 2017

2018-11-19 21:20:00

The value of Bitcoin has hit a new low of $4,951, bringing the total value of all Bitcoin in existence to below $87 billion. Much of the turmoil can be attributed to the split of Bitcoin Cash on November 15th. The Bitcoin offshoot has been split into two different cryptocurrencies, which are now in competition with each other. The BBC reports: Bitcoin exchange Kraken said in a blog post that it regarded one of the two new Bitcoin Cash crypto-currencies -- Bitcoin SV -- as "an extremely risky investment." At its peak, in November 2017, it briefly hit $19,783 - which means the price has fallen by about 75%. After the excitements of last year when the price soared to nearly $20,000 and then tumbled, Bitcoin has been rather dull and stable for much of 2018, settling between $6,000 and $7,000. Read more of this story at Slashdot.

Huobi Group Sets Up Communist Party Committee in Beijing

2018-11-19 21:18:09

As part of its desire to forge deeper ties with the Chinese government, Huobi Group, the parent company of digital asset platform Huobi, has formed a Communist Party committee in China, according to an announcement by the company. The new branch was established by a Huobi subsidiary, Beijing Lianhuo Information Service, and will reside in the Haidian District of the municipality of Beijing.Per reports on the South China Morning Post, the Beijing Lianhuo was established earlier this year, wholly owned by Huobi founder and chief executive Li Lin. Lin, who was full of praises for the government at the opening, calling the event a "milestone" for the company, adding: "Under the cordial care of the Party Working Committee of Haidian, the party branch of the Beijing Lianhuo Information Service Ltd. was gloriously established."For state-owned companies in China, the Communist Party charter mandates that enterprises with at least three Communist party members must set up a Communist party branch for promoting the party's ideals. Private firms, on the other hand, are not obliged to set up these committees, but it's becoming evident that many want to, as they seek closer ties with the central government. Huobi becomes the first cryptocurrency company to take such step, joining the likes of Baidu, Tencent and Alibaba Group to set up party committees.Huobi's cryptocurrency exchange, which is the world’s third largest crypto exchange by trade volume, was initially founded in China. The exchange was forced to move shop to Singapore, where it now operates, after Chinese regulators came down hard on cryptocurrency exchanges in the country last year. This crackdown also extended to the suspension of cryptocurrency transactions on Tencent's WeChat Pay. Shortly afterward, Alipay issued a statement saying it would refuse services to virtual currency merchants.The Chinese government has been anti-crypto but pro-blockchain, which explains why Huobi is paying homage to the tradition, as it still has blockchain operations in mainland China. Earlier this year, Huobi launched an investment fund focused on developing blockchain startups in China and South Korea. This article originally appeared on Bitcoin Magazine.

After Yesterday’s Signs of Recovery, Crypto Markets See Drastic Losses

2018-11-19 21:17:00

Following slight signals of recovery yesterday, crypto markets experience another dramatic fall, dragging Bitcoin below $5,000. Monday, Nov. 19: after showing some signs of recovery yesterday, Nov. 18, cryptocurrency markets experience another dramatic fall. Bitcoin (BTC) dipped below the $5,000 mark, with some of the top 20 coins falling by as much as 20 percent at press time, according to CoinMarketCap.Market visualization from Coin360After a modest attempt to clamber into the green zone on Nov. 18, BTC today has slumped by over 10 percent on the day and is trading at around $4,977 as of press time. On its weekly chart BTC has lost 21.37 percent.Bitcoin daily price chart. Source: CoinMarketCap Ripple (XRP) is down almost 2 percent on the day, and is trading at $0.495 at press time. The coin has retained its position as the second largest cryptocurrency by market capitalization since it managed to displace Ethereum (ETH) on Nov. 15. XRP’s market cap is around $20 billion, while ETH’s is over $15.8 at press time, according to CoinMarketCap.XRP daily price chart. Source: CoinMarketCapETH has seen a drastic fall by over 13 percent over the past 24 hours, and is trading at around $153 at press time. Ethereum’s highest point on the day was $179.70 and the lowest of $150.80. In terms of its weekly overview, the altcoin has lost almost 27 percent.Ethereum daily price chart. Source: CoinMarketCapMajor losers among altcoins on the day are Tezos, Ethereum Classic (ETC), and Dash, down by 21.71, 16.05, and 16 percent respectively.Total market capitalization of all cryptocurrencies dipped as low as $164 billion today, marking the lowest point on its weekly chart. Daily trade volume is around $19.6 billion.Total market capitalization 7-day chart. Source: CoinMarketCapWhile crypto markets have been experiencing a steep decline, Netherlands-based ‘Big Four’ auditor KPMG released a bullish report on cryptocurrency Nov. 15. The report argues that institutional investors must join the industry for it to “realize its potential.”“In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stablecoins, and even established financial services institutions that are launching crypto products and services. Cryptoassets are now impossible to ignore,” the report reads.Today Cointelegraph also reported that Bitcoin-based smart contract protocol Rootstock (RSK) is integrating with spin-off project RIF OS to expand its scope of operations. This will purportedly enable the RSK protocol to go beyond Bitcoin and Ethereum network support and include various P2P functions and “accelerate the adoption of open source blockchain technology worldwide.”

How Crypto Market Fall Influences Mining Hardware Sales and Producers’ Revenues

2018-11-19 21:04:00

Mining hardware manufacturers invent new ways to increase their competitiveness and tackle miners’ interest decline as September was the first month when private miners’ profits went into the negative. A year long bear crypto market appears to have had a negative impact on the profitability of cryptocurrency mining. In spite of this, Bitcoin miners still managed to generate $4.7 billion in profit in the first six months of 2018. Constantly growing competition between big mining pools and the increasing difficulty of Bitcoin’s algorithm make getting the first cryptocurrency less profitable and weight the scales against small players.Miners shut off their machines, and card manufacturers suffer losses. In particular, AMD representatives, whose last quarter fiscal report, published on Oct. 24, demonstrated that revenues from the sale of mining Graphics Processing Units (GPUs) were “negligible.” Presumably, Nvidia and Bitmain could also be in the same predicament and at this point, investors, miners and GPU manufacturers are probably all wondering what it will take to shake the cryptocurrency market from its current malaise.The 2017 Golden RushA year ago, the situation on the mining hardware market was different. Jon Peddie Research shows that in 2017, miners bought 3 million devices for more than $700 million, with Bitmain having the estimated share of $3-4 billion, which surpassed Nvidia’s and AMD’s revenues for the same period.The increase in the supply of GPU cards, which was observed in the second quarter of last year, can be primarily linked to the growing demand among Ethereum (ETH) miners, according to Jon Peddie Research. A similar leap was already seen in 2013 as a result of a massive purchase of Bitcoin and Litecoin by miners.The demand for Ethereum led to evolution in the GPU market as professional Bitcoin miners switched over from GPUs to custom ASICs resulting in a further surplus of mining graphics cards on the secondary market.Amid increasing demand, mining equipment prices grown sharply 一 the cost of flagship chips rose by 25 percent, with Nvidia’s GeForce 1080 commanding more than $1,000 during the market peak.2018: Going under with cryptoSince the Bitcoin's dive in January, when in just a month it lost half of its value from the $20,000 landmark high, the situation for miners worsened 一 the price of the currency broke the mark of $5,800, and card manufacturers announced the decline in the revenues from mining hardware sales.These factors led to a drop in mining devices prices. As earlier reported by Cointelegraph, in July AMD’s OEM 4GB RX 580 six-pack was sold out at the price of $2,500, while in April it was available for $3,600. An Nvidia GeForce GTX 1080 Founders Edition, 8GB GDDR5X PCI Express 3.0 Graphics Card was sold out at a price tag of $1,050 in the same month, though in July its price wasn’t higher than $709.The rich get richer 一 the perspective of minersDespite the fall in the cryptocurrency market, Bitcoin miners' revenues over the first three quarters of 2018 amounted to a record $4.7 billion, with a monthly profit of 57,000 BTC. For example, the entire past year brought users $1.4 billion less. However, the ever-increasing competition and growing network complexity make mining Bitcoin less profitable, especially for small players, as reported in the latest study made by the analytical company Diar.Nevertheless, analysts state that September was the first month when private miners’ profits went into the negative due to the increase of computing power.According to Diar, only large pools can still earn on Bitcoin mining:“With big mining operations on low electricity costs running at anywhere between 50-60 percent gross profit from Bitcoin revenues, the market has a lot of room left to grow and, profits to squeeze. But Bitcoin mining has, at least for now, and most likely in the future, moved into the court of bigger players with deep pockets.”Miners’ total income was also not at the point of growth, as 2018’s stats ($11.5 million) is 21 percent lower than $14.7 million value of the same period last year, and significantly lower than the maximum revenue of $53 million observed during the High Yield Investment Program (HYIP) era in mid-December 2017.Bitcoin miners may have run a losing business since the end of September 一 this conclusion was made by analyst Barclay James, who calculated a special formula to find the price of Bitcoin at which miners would no longer generate enough profit to cover operational costs. The value obtained is within the range of $6,400-6,500 per coin. A lower threshold was offered by the other analytical agency called Fundstrat, which analysts suggested that most miners may leave their rigs if Bitcoin drop $3,000-$4,000 per Bitcoin.Massive abandonment of the market by owners of small mining farms in China as a result of a prolonged “bearish” cryptocurrency market speaks about the decline in private miners’ interest.One of these miners tells that in the second half of 2017, when cryptocurrency prices reached a historic high, he invested hundreds of thousands of yuan in the purchase of nearly a hundred devices. The expectations were not met, the miner confesses:“By mid-June, my mining business’s profit margin had dropped by 90 percent. One of my friends who also mines altcoins suffered more, nearly losing all his investment.”AMD –22 percent, Nvidia –30 percent: why their stocks fell?The decreasing interest of miners towards graphics cards is not the only reason for the decline in the mining equipment production market, analysts from Jon Peddie Research explained. The company has published its Q2 2018 report containing data on the GPU market in general and the segment of discrete video cards in particular. The April–June’s figures were more modest than the statistics of the last quarter, which is also explained by the seasonal factor – the figures for the second quarter are usually smaller than those for the first one – as suggested by analysts.Overall GPU shipments increased 0.2 percent since the last quarter. AMD’s shipments decreased -1 percent, Nvidia’s -7.5 percent, while Intel increased their shipments by 2.6 percent.The negative trend is also demonstrated by year-to-year numbers. Total GPU shipments decreased -3.3 percent, with discrete GPUs down -4 percent from the last quarter.Did the fall of the cryptocurrency market affect the stock indexes of mining hardware colossi? A closer look at AMD and Nvidia charts show that the decline in share value was likely caused by a decrease in sales, rather than by cryptocurrency market correction.AMD stocks fell by 9 percent, after Oct. 26, the company published a quarterly report. Within a month, the company’s shares prices dropped by nearly 48 percent and experts believe that the main reason behind this decline was the fall of miners’ interest in video cards.Kinngai Chan, an analyst at the Summit Insights Group, told Reuters that “AMD had too high an exposure to the crypto-currency market,” meaning that miner's acquisitions have significantly increased the company's revenues.AMD’s fiscal report has also shown that the actual revenues decline of $150 million instead of $50 million expected. The surplus of GPU cards was formed due to the cryptocurrency boom in the first half of the year, which forced AMD to “ramp up” the production of core products.Though mining represents a "very small percentage" of the company’s overall business, according to AMD CEO Lisa Su, on Nov. 5 it has announced the partnership with seven major tech companies to produce eight new cryptocurrency mining rigs boasting “Ultimate stability,” “24/7 performance”, and “Enterprise-level quality.” The main reason of this production is said to be meeting the various aspirations of “innovative blockchain platforms,” which can be also related to the company’s expectations of the GPU sales for miners in 2019.AMD is not the only chip producer which stocks have been affected by the state of cryptocurrency markets. Nvidia’s shares fell by 4 percent after its Q3 report estimations announcement on Aug. 16, which demonstrated that its revenue from the sale of video cards in the second quarter of 2018 amounted to $18 million instead of the expected $100 million. In total, October’s drop comprised nearly 36 percent, with the stocks prices falling from $289 on Oct. 1, to $185 on Oct. 29. Nvidia’s Chief Financial Officer Colette Kress told the Wall Street Journal:“Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward."The final Q3 fiscal report, published by the company on Nov. 15, revealed that demand for Nvidia’s GPUs among crypto miners has dried up, as reported by Cointelegraph. The overall reported revenue for Q3 comprised $3.18 billion, which is 21 percent higher compared to $2.64 billion the last year, and 2 percent higher than the previous quarter value. However, the latest numbers occurred to be lower than the company expected. In August Nvidia’s analysts predicted its Q3 revenue to be between $3.19 billion and $3.32 billion.The manufacturer’s founder Jensen Huang added that the company’s revenues for the next year could be reconsidered since “near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected.”Decreasing revenues can have also been driven by the increased competitiveness of Bitmain. In March, Wall Street firm Susquehanna has changed the rating of AMD from neutral to negative and lowered the price forecast for shares in GPU processing manufacturer Nvidia, citing the growing competition from Bitmain’s ETH mining ASICs. The new target price for AMD shares was revised from $13.00 to $7.50, and Nvidia’s forecast was decreased from $215 to $200 at Friday’s market close.The dominance of ETH ASIC miners could negatively affect AMD and Nvidia, according to analyst Christopher Rolland from Susquehanna Financial, companies whose graphics cards for ETH mining comprise 20 and 10 percent of the companies’ respected revenues.Bitmain’s Antminer became cheaperWhile GPU cards prices haven’t dropped significantly, Bitmain has been deliberately selling its latest and the flagmanship Bitcoin ASIC Antminer S9 at a discount, BitMEX Research reported.In total for the last year and the first quarter of 2018 Bitmain reportedly sold about two million Antminer S9 models. According to the researchers, who calculated the disclosed gross profit margin of the company in 2017 and the indicative cost of each ASIC chip, Bitmain’s profit margin for the Antminer S9 occurred to be negative with the value of 11.6 percent.Crypto analyst, Samson Mow, critical about Bitmain’s activity, has calculated that Antminer S9 prices had dropped by 85%, and the company had lost $600-700 millions in Q2.Why is Bitmain raising capital so fast & only showing Q1 results to pre-IPO investors? We're well into Q3 now. The reason is Q2 was a disaster. Bitmain is sitting on a massive $1.24 billion USD in inventory & S9 prices dropped by ~85%! Q2 losses range in the $600-700 millions. pic.twitter.com/fVYcDRTvBp— Samson Mow (@Excellion) August 13, 2018However, decreased prices have nothing to do with the miners’ falling interest – researchers suggest that the company employed a strategy to outsell its competition by underpricing its products:“These low prices are likely to be a deliberate strategy by Bitmain, to squeeze out their competition by causing them to experience lower sales and therefore financial difficulties. In our view, herein lies the key to one of the main driving forces behind the decision to IPO. A successful IPO may increase the firepower available to continue this strategy and eliminate an advantage rivals could have by doing their IPOs first.”A more serious threat that may affect the viability of ASIC miners, and the sales of the mining giant, are hard forks of mineable coins, to which more and more companies took a stake in. In 2018, at least two projects held hard fork to protect their networks against 51 percent attacks, and this threatens Bitmain’s monopoly in the market, with two of them planning it in the near future.In April, Monero’s fork disabled mining with Antminer X3, in October, Sia disabled Antminer A3. Their upgrades are followed by scheduled hard forks of Bitcoin Cash (BCH) (Nov. 15) and Ethereum (presumably in January 2019), which could potentially devalue Antminer S9 and E3, designed for the mining of these coins.To strengthen its position on the market Bitmain continues to compete with other mining hardware producers. On Nov. 5, the company has released two new Antminer models, equipped with next-generation ASIC chips to ensure “industry-leading hashrates”. Announced on October 22, “Overt ASICBoost” firmware upgrade, which was designed to increase mining devices efficiency, along with the deployment of 90,000 Antminers S9 being carried out by Bitmain to get the mining pool dominance ahead of the Bitcoin Cash hard fork, can potentially increase the company’s revenues of Q3 2018.Other GPUsThe decline in demand is also confirmed by smaller video card manufacturers. Gigabyte recently published a financial report for the last month, which showed that its revenue in June fell by 31 percent compared to last year and by 30 percent compared to the previous month. Additionally, revenues for the second quarter of 2018 fell by 33 percent compared to the first, according to the report.A similar situation faces TUL Corporation, which produces video cards under the PowerColor brand. The company's earnings for June occurred to be 28 percent lower than in May. For the entire second quarter, the decline was 59 percent compared to Q1. The numbers are significant, given that up to 95 percent of the company's revenue comes directly from the sale of AMD video cards.The opposite financial results have been reported by Canadian mining hardware producer Hut 8, on Nov. 8. As stated in its fiscal document, the company’s revenue reached a record $13.5 million for Q3 (126 percent higher than for the same period in 2017), and $27.7 million for last three quarters.Hut 8 attributed the increase to its set up of sixteen Bitfury BlockBoxes in September at its mining facility in the City of Medicine Hat, for an aggregate of 56 BlockBoxes at that site. Each BlockBox reportedly contains 176 mining servers and has a hashrate of 13.7 Ph/s.Among the reasons the company gives for the lower financial results in 2017, there is the BTC price drop, the increased competition, and the record high temperatures in Alberta. Hut 8 also expects that the efficiency of ASIC chips will rise during the colder months, which will improve performance in the next quarter.Another manufacturer said that the profit it received in Q3 2018 exceeded that for the same period last year, despite the fact that its revenues for cryptocurrency mining business were down due to the “worsening external environment” and “increasing depreciation cost.”On Nov. 12, Japanese IT giant GMO Internet has released its Q3 fiscal report revealing that company’s crypto-related activity, including mining hardware production and crypto exchange operation, had brought about $22.8 million in revenue over the third quarter “in just a year since the launch.”Expectations on the mining producers marketIf the data supplied by researchers and analysts is to be believed, then Bitcoin miners have been operating at a significant loss since June and many individuals have abandoned the practice altogether. The growing hash power of BTC will remain lucrative to those who are able to mine at an industrial scale or operate in countries where the operational and energy costs are favorable. The survival of Bitcoin and the network hashrate remaining within the range between 40 and 50 million This demonstrate that there is still significant activity in the global cryptocurrency mining sector and the confidence of miners may return sooner or later. Smaller scale miners are fleeing in droves and the distribution of players is rebalancing as the emergence and consolidation of mining farms takes place, experts at Diar.co suggest:“Bitcoin mining has, at least for now, and most likely in the future, moved into the court of bigger players with deep pockets.”Therefore, “big mining operations on low electricity costs running at anywhere between 50-60 percent gross profit from Bitcoin revenues” will continue to make hefty profits and analysts believe that “the market has a lot of room left to grow and, profits to squeeze.”Jon Peddie Research also doesn’t expect a significant reduction in the price of video cards:"We believe that concerns about the fall in demand for GPU for the production of ethereum and other cryptocurrencies, as well as the significance and impact of these processes on the company's viability, are greatly exaggerated, and Nvidia will most likely be able to overcome these" hard "times by focusing on its other directions.”As of current, despite the significant drop in the price of major cryptocurrencies, the demand for cryptocurrency mining remains relatively high as seen in the rise in the hash rate of the Bitcoin network and the expansion of Samsung, GMO, and Bitmain’s operations, which activity wasn’t affected by grown shipments tariffs and regulations.The last quarter of 2018, and 2019 may see the continuation of Initial Public Offerings (IPOs), which one by one have been announced by Canaan Creative, Ebang Communication, Bitmain, and Bitfury this year.The estimated amount of $20 billion these company are expected to raise at IPO stages in total, and the values of $14 billion and $80 million Bitmain and Bitfury have already reached during their initial funding rounds, suggest that ASIC miners producers may have an alternative way of monetization even in case of decreasing sales.

Fast and Furious: Mining Pool Offers ‘One of the Fastest Engines’ for 3.5 Million Miners

2018-11-19 20:48:00

sponsored The new engine provides the industry-best hash rate for Monero, states the company. On Nov. 14, MinerGate, a top-tier mining pool platform with 3.5 million users worldwide, has released the final version of their xFast Miner engine. As Claude Lecomte, the CEO and Founder of MinerGate reported to Cointelegraph, the brand new version of the engine has significantly increased the level of performance and functionality of the platform.According to the company’s website, MinerGate provides miners with a high-quality merged-mining service, with 99.97 percent uptime, withdrawal amounts starting from 0.01 coins, and convenient smart mining features.New engine, faster than everIn the latest xFast Miner’s version, MinerGate has noticeably increased the mining speed for each of the 11 supported cryptocurrencies - including BTC, BTG, ZEC, XMR, and others - that can be mined with the app. Therefore, the new engine is capable of boasting a performance improvement of “up to 20 percent in terms of hash rate, depending on the algorithm of the mined coin compared to the previous hash rate,” reports the official press release.At the same time, the new version is now compatible with a majority of the utilized GPUs on the market, as the update was also aimed at expanding the platform’s hardware support. Also, the new miner has both command line and general user versions of the interface.“Now MinerGate provides users with some of the fastest hash rates among collective mining pools, with an industry-best hash rate of 283 for Monero among other standouts,” commented Lecomte. With this update, MinerGate intends to set a new standard of efficiency and functionality on the mining platform.Previously, the beta version of MinerGate xFast Miner, released in September, was downloaded by more than 80,000 users. The further-improved, final version is now available for all MinerGate users.Setting the new standardIn order to compare MinerGate’s xFastMiner to its competitors, the company provided a press release containing the following statistics of the most popular open-source miners: XMRig, Claymore, XMR-Stak, Ethminer for ETH, and Bminer for ZEC.According to the data, the xFast miner appears to be the best solution for GeForce CUDA mining. Only ZEC mining on the CUDA GTX 960 configuration is better with Bminer, but the Minergate team says it is already working to improve this index too.“xFast mining on AMD OpenCL configurations gives the user a tangible advantage for XMR and ETH mining,” reads the press release.Although CPU mining is not the main solution for these coins, xFast miner shows comparable results with competitors:Recently MinerGate launched its brand-new BTC mining pool. It is MinerGate's first public SHA-256-based BTC mining pool, opening new frontiers for listing SHA-256-based PoW cryptocurrencies.The company emphasizes that just having good hardware is not enough for efficient mining in today’s market. As it states, even on a standard configuration, a user can get a significant performance increase by choosing the right software miner. With this idea in mind, the MinerGate team aims to challenge their peers and competitors by launching an updated mining engine, which is supposed to become a turning point for the mining industry.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.