roadrunner

Bitcoin Cash proponents have been introduced to a new project built using the Simple Ledger Protocol (SLP) framework called mistcoin (MIST). The new token is essentially the first mineable implementation of colored coins on Bitcoin Cash. Mist allows participants to mine the SLP tokens “using proof-of-work to help decentralize allocation of newly minted tokens.” It seems an unknown developer called “Kasumi” created a Simple Ledger Protocol (SLP) token that can be mined like bitcoin (BTC) or bitcoin cash (BCH). The Mist project’s white paper can be viewed on the website mistcoin.org and it describes the SLP token framework and how the mining process works. “Mist presents the notion of using mineable SLP tokens to address this problem with a Bitcoin script, allowing tokens to be mined using proof-of-work,” explains the project’s white paper. “Mist is an SLP token that can be generated by proof-of-work mining and is governed by a simple, but novel, Bitcoin script,” the white paper details. The “Mist: Mineable SLP Token” white paper. “The script is a stateless covenant contract that provides validation for an acceptable mining solution and a scheduled mining reward amount. A constant proof-of-work difficulty requirement coupled with OP_CHECKLOCKTIMEVERIFY keeps Mist synchronized with the underlying blockchain block height. As far as we are aware, Mist is the first fully autonomous, decentralized, mineable token built on Bitcoin,” the paper adds. The white paper further reads: Prior to Mist, the process of minting new tokens was solely in the control of the token’s creator. The novel concept of mining SLP tokens enables a Bitcoin-based token to be decentralized with a permissionless mining reward process. “Furthermore, the concept may be used for decentralized applications beyond the purpose of winning token rewards and may leverage a mining process to facilitate a number of interesting concepts,” the white paper stresses. The Mist website also has a software program available for download under the name “mist_miner_0.0.2.zip.” The small but growing Mist community also created a Telegram chat room (t.me/mistmining), where people can discuss how to set up Mist mining. The Telegram channel’s pinned message says that a person who wants to mine needs to click the launchpad icon in the dock and install homebrew. With a terminal command line, the user needs to install nodejs with homebrew, and extract the “mist_miner_0.0.2.zip” after verifying the file’s sha256sum. Mistcoin (MIST) rich list according to Simpleledger.info. From here the user needs to install the dependencies for the project, and “set up the Electron Cash SLP Edition Mining Wallet.” After locating the private key and adding it to the program, the user needs to fund the mining wallet. After sending some fractions of 0.0001 BCH, the user can simply start mining the SLP token Mist with a CPU. In the terminal after following all the step-by-step directions, simply open the terminal and type “npm start.” The Bitcoin Cash community is pleased with this project, as a few people commented on the subject on the Reddit forum r/btc. “Kind of the coolest thing I’ve seen on SLP so far,” explained the Redditor who created a thread about Mistcoin. The SLP token mistcoin (MIST) was created on BCH block 639,442 and there are 559,200 coins in circulation at the time of publication. So far, there have been 1,466 Mist transactions, according to Simpleledger.info stats. According to the site’s MIST “rich list,” this address here has the most mistcoin at press time. The coin has a very even distribution thus far, and the richest MIST address has only 15.2 thousand mistcoins more than the second-largest address. What do you think about the mistcoin (MIST) mineable SLP token project? Let us know what you think in the comments below. The post Meet Mistcoin – The First Mineable SLP Token Implementation Launched on Bitcoin Cash appeared first on Bitcoin News. View the full article

Decrypted, a new crypto movie about Satoshi Nakamoto, the mysterious creator of Bitcoin, is in production. In this “outrageous and provocative dark comedy,” Satoshi Nakamoto is kidnapped by the NSA and tortured for information that could help the government destroy cryptocurrency. Satoshi Nakamoto in New Crypto Movie A new movie about cryptocurrency and Bitcoin’s creator, the mysterious Satoshi Nakamoto, is in production. Categorized as a comedy on IMDB, the movie “Decrypted” is written by Mick Sands and directed by Tom Sands. The movie’s description on IMDB reads: An outrageous and provocative dark comedy about a mismatched NSA team who kidnap the creator of Bitcoin ⁠— Satoshi Nakamoto ⁠— and attempt to torture him for the information they need to destroy crypto-currencies. The role of the creator of Bitcoin, Satoshi Nakamoto, is portrayed by Akie Kotabe, who played a leading role opposite Oscar-nominated actress Salma Hayek in the 2014 action thriller Everly. Decrypted also stars Sophia Myles from Transformers: Age of Extinction, David Hoflin from Z: The Beginning of Everything, Emilia Fox from Silent Witness, Don Gilet from The Stranger, and Kevin McNally from Pirates of the Caribbean. The making of the crypto movie “Decrypted,” courtesy of Substantial Films. This crypto movie is described as an “outrageous and provocative” dark comedy about the Bitcoin creator, Satoshi Nakamoto, being kidnapped by the NSA whose mission is to destroy cryptocurrency. Talisa Garcia (left) reportedly plays Satoshi Nakamoto’s love interest in the movie Decrypted, and Akie Kotabe plays Satoshi Nakamoto, the pseudonym of the creator of Bitcoin. Images courtesy of IMDB and Decrypted. The movie is being produced by Substantial Films, a small independent film company based in the U.K. Twenty-one titles are listed under this company on IMDB. Substantial Films’ website states: “We are currently in production on a new film called Decrypted, a dark comedy set in the world of the intelligence agencies.” However, the production of the film is delayed due to the coronavirus pandemic. Substantial Films notes on its website, “Unfortunately, we were forced to suspend the production of Decrypted at the end of March due to covid-19,” elaborating:​ We have about 70% of the film in the can, and we’re very happy with everything we’ve got. “As soon as is practical, we will resume shooting of the remaining scenes … Meanwhile, we’re going to start editing what we’ve got, so the film will be moving forward even though the production has temporarily stalled,” the film company clarified. In an interview with Cointelegraph (CT), Decrypted producer Phil Harris said: “we’re editing away. I think as a film producer and a keen crypto fan, I wanted to explore the emerging crypto space within the industry as a whole.” Pointing out that the movie is not just about Satoshi Nakamoto, he affirmed that a lot of research went into the film to ensure that Bitcoin-related elements look authentic. The publication adds that actress Talisa Garcia plays Sofia Perez, Satoshi Nakamoto’s love interest and his accomplice in the movie. The movie’s screenwriter, Mick Sands, is also a crypto enthusiast, Harris continued, adding that the fact that the mere existence of Bitcoin is a threat to the U.S. government is fascinating to him. “Mick, our writer, he’s a bit of a rebel, he has always been fascinated with the crypto world and already wanted to write a film involving it in some way,” Harris was quoted by CT as saying. “Especially how the American security services see it as a major threat to their stranglehold over the world economy and how they’re trying to desperately dismantle it or regulate it.” Harris further told the publication that the movie is also funded using cryptocurrency. According to him, the film will be initially released through crypto native video platforms. “We wanted this film to be part of the crypto revolution within the film industry. So we will be releasing it to some crypto video-on-demand platforms,” he revealed, noting that some examples are Livetree, Breaker, Movieschain, and Cinezen. However, the filmmaker aims to eventually sell the film’s rights to a major platform such as Netflix or Amazon Prime, Harris said, adding that he expects the film to be released by the end of 2020. Another crypto movie is in the works. Deadline reported earlier this month that the Winklevoss twins will help produce a feature film adaptation of Bitcoin Billionaires, the bestselling non-fiction book by Ben Mezrich. What do you think about the plot of the crypto movie Decrypted? Let us know in the comments section below. The post Satoshi Nakamoto Kidnapped, Tortured by NSA to Destroy Crypto in New Movie ‘Decrypted’ appeared first on Bitcoin News. View the full article

It’s been close to twelve months since we reported on the vast Simple Ledger Protocol (SLP) universe built on top of the Bitcoin Cash chain. At the time, there were 2,700 unique SLP tokens created, and that’s increased by 217% during the last year with 8,585 SLP tokens created to-date. A number of different projects are leveraging the tokenization protocol, as Tether has announced using the SLP framework, a video game called “Enter the Sphere” has spawned, an SLP Lottery was created, and there’s now an SLP Foundation. There’s a lot going on in the world. Especially with Covid-19 and as far as the global economy is concerned, and unfortunately, it’s stopped a number of people from paying attention to what’s being built using the Simple Ledger Protocol (SLP). At the time of publication, there’s a whopping 8,585 SLP tokens today, 10,972 token burns (removed from existence), and approximately 34,255 SLP transactions. Data via Simpleledger.info. The last time, news.Bitcoin.com covered the SLP universe to a greater extent, there were only 2,700 tokens on July 29, 2019. Some of the most popular tokens being used today, according to the SLP token data and transaction explorer, Simpleledger.info include Honk Honk, the Tribeos Test Token, Spice, Tribeos Ghost Token, Sour, Bread, and Cryptophyl’s Drop. Other popular tokens being leveraged a lot more than most include tokens like goldcoin, renewable.cash, Sai, Flex, ACD, and the stablecoin Honestcoin. On June 20, 2020, a post on the Reddit forum r/btc told the public that an SLP enhanced video game is on the way. The video game has a website called enter-the-sphere.com and the web page says there is “up to 10 million SPICE for grabs ultimately.” According to the creators, The Sphere is a roleplaying (RPG) collectible game, and the pre-alpha testing period is limited to 150 sign-ups. The Sphere’s website further states: The Sphere is a game where the most powerful and exotic resources in the universe lie on a planet protected by an impenetrable energy barrier. A wasteland of a once advanced magical technological civilization. You enter with an avatar of your creation, customized by your own arsenal and allies. The SLP-enhanced video game’s website enter-the-sphere.com. In addition to a new Sphere game in the works, a user on the read.cash blogging platform called “SLPLottery” revealed a new lottery system that leverages the Simple Ledger Protocol. The creators of this project also have published a website called slplottery.cash. “SLP Lottery allows you to randomly draw one (or multiple) holders of a specific SLP Token. It’s then up to you to reward them as you see fit,” the website reads. The website slplottery.cash. Moreover, news.Bitcoin.com recently reported on the creation of an SLP Foundation. The SLP Foundation has been in the works since December 2019, and the primary goal is to foster SLP innovation and standards. This year at the North American Bitcoin Conference Miami on January 17, Bitcoin.com revealed the company’s new SLP minting program. Bitcoin.com Mint is a noncustodial web wallet that allows users to store bitcoin cash and Simple Ledger Protocol (SLP) tokens. Bitcoin.com offers a noncustodial web wallet that allows users to store bitcoin cash and Simple Ledger Protocol (SLP) tokens. With just a few bits of BCH, anyone from anywhere worldwide can create SLP tokens in no time. The wallet has numerous token portfolio capabilities, as the Mint gives anyone the ability to create their own customized SLP tokens in less than a minute after they add a tiny fraction of bitcoin cash (BCH). Additionally, since the initial Bitcoin.com Mint launch, there’s a number of new features like the ability to add custom icons, dividend, and SLP token audit capabilities as well. A lot has happened during the last year, and the Simple Ledger Protocol has seen a number of new projects and lots of action. Other SLP announcements include Tipbitcoin.cash giving livestreamers the ability to accept both SLP tokens alongside bitcoin cash. News.Bitcoin.com readers also recently learned how General Bytes ATMs now offer SLP support. Further, the software developer Pokkst recently tweeted about how SLP BIP70 support is being implemented into bitcoincashj, and Crescent Cash. What do you think about the Simple Ledger Protocol (SLP) universe in 2020? Let us know in the comments section below. The post Simple Ledger Protocol Universe Is Thriving: Lottery, Mint, ATMs, Over 8,500 SLP Tokens Created appeared first on Bitcoin News. View the full article

‘Elon Musk’ bitcoin giveaways continue to scam people on Youtube. Scammers have reportedly pulled in millions of dollars in bitcoin from people wanting to double their cryptocurrency. Some of them use bitcoin addresses containing the name Elon Musk, Spacex, or Telsa. Before sending money to a bitcoin address, check if it has been reported as an address used by scammers. Elon Musk Bitcoin Giveaway Scam The number of bitcoin scams using the name Elon Musk, Spacex, or Tesla has been growing. Videos promoting a scam claiming that Elon Musk is giving away 5,000 BTC or 10,000 BTC have been appearing regularly on Youtube. News.Bitcoin.com recently reported on this scam which asks people to send them bitcoin, promising to return twice as much BTC sent immediately. The scam pulled people in with an interview with Elon Musk and the recent Spacex launch. A Youtube video of an Elon Musk 5,000 BTC giveaway scam on June 20. The scammers claim that if you send them some BTC, they will immediately return 2x as much as you sent. The BTC address for this scam starts with “38vTggxwp…” However, some start with variations of Elon’s name. The CEO of cyber-security firm Adaptiv, Justin Lister, has been tracking bitcoin sent to vanity addresses containing names such as Elon Musk, Telsa, or Spacex to promote BTC giveaway scams over the past month, Zdnet reported on Friday. Examples of such addresses are “1Musk…” or “1Elonmusk…” He tracked down 66 addresses that have been reported to Bitcoinabuse.com, a public database of bitcoin addresses used by hackers and criminals. Using his research and data from the Bitcoin Abuse website, the news outlet found that a total of 214 BTC have been sent to the Elon Musk vanity addresses, which is more than $2 million at the current exchange rate. Since scammers do not just use vanity addresses, such as the one shown in the image above, the total amount they have raked in from this type of scam could be significantly more than $2 million. Elon Musk is not the only celebrity being used to promote fake bitcoin giveaways. Others that have been used to promote BTC scams include Amazon CEO Jeff Bezos, Microsoft founder Bill Gates, former Google CEO Eric Schmidt, Apple cofounder Steve Wozniak, Coinbase CEO Brian Armstrong, Epic Games CEO Tim Sweeney, FUBU CEO Daymond John, and Rich Dad Poor Dad author Robert Kiyosaki. It is generally unwise to send bitcoin to anyone claiming to double your BTC. If you come across a bitcoin scam address, you can report it to Bitcoinabuse.com. The site also lets you check whether a particular address has been reported as an address used by scammers, check report history, and monitor stolen bitcoin. The Bitcoin Abuse website shows that there have been 4,636 reports in the last month. Users can report or check scam addresses as well as track stolen bitcoins. At the time of this writing, the Bitcoin Abuse website shows that there have been 115 reports in the last day, 680 reports in the last week, and 4,636 reports in the last month. There is also a new website called Scam Alert, launched on Friday by popular blockchain monitor Whale Alert. You can use the site check if a certain bitcoin address has been reported as a scam address. The Scam Alert website explains: “Our goal is to make blockchain safer for everyone by tracking and exposing criminals who abuse blockchain for illegal activities.” What do you think about Elon Musk bitcoin giveaway scams making millions? Let us know in the comments section below. The post Elon Musk Bitcoin Giveaway Scam Rakes in Millions of Dollars in BTC appeared first on Bitcoin News. View the full article

Only 3.5 million bitcoin or 19% of total circulating supply is actively traded throughout the world, while the rest is being held long-term by investors, according to a new report by crypto analytics company Chainalysis. Per the report, nearly 18.6 million bitcoin (BTC) has been mined as of June 2020. Of this, around 60% BTC is held by entities – either people or businesses – that have never sold more than 25% of the bitcoin they’ve ever received. Chainalysis labeled this BTC supply as “held for long-term investment.” Another 20% of the existing bitcoin supply has not moved from its current set of addresses in five years or longer – what Chainalysis called “lost bitcoin”. The remainder – 3.5 million of all mined BTC – is used for trading, primarily between exchanges. “The data shows that the majority of bitcoin is held by those who treat it as digital gold: an asset to be held for the long term,” said Chainalysis in the report published this week. “But this digital gold is supported by an active trading market for those who prefer to buy and sell frequently,” it added. Image via Chainalysis. The report observed that bitcoin being held for long-term investment will become important as a source of liquidity because of more people who are looking to trade the top cryptocurrency, which is becoming scarce following the recent supply cut of May 11. Chainalysis found that throughout 2020, a total of 340,000 people are actively trading BTC every week. There two types of traders, retail and professional, it said. Retail traders are those who deposit less than $10,000 worth of bitcoin on exchanges at a time. However, they account for 96% of all inflows to exchanges per week. Professional traders make up only 4% of active traders – or around 39,000 transfers weekly. However, they control market liquidity, accounting for 85% of all the US dollar value of bitcoin sent to exchanges, according to the report. “Because of this, professional traders are the most significant contributors to large market movements, such as those seen during bitcoin’s dramatic price decline in March as the Covid-19 crisis intensified in North America,” said Chainalysis. On average, about 1.8 million BTC, worth $14.4 billion, has been transferred via exchanges per week so far this year. What do you think about the small amount of Bitcoin actively traded? Let us know in the comments section below. The post Only 3.5 Million Bitcoin Is Traded Worldwide; Majority of BTC Held Long-Term as Digital Gold appeared first on Bitcoin News. View the full article

Why am I an Anarchist? That is the question which the editor of the Twentieth Century has requested me to answer for his readers. I comply; but, to be frank, I find it a difficult task. If the editor or one of his contributors had only suggested a reason why I should be anything other than an Anarchist, I am sure I should have no difficulty in disputing the argument. And does not this very fact, after all, furnish in itself the best of all reasons why I should be an Anarchist – namely, the impossibility of discovering any good reason for being anything else? **The following essay was written by Benjamin R. Tucker and published in The Twentieth Century, New York, (1892), a weekly under Hugh O. Pentecost. “Why I Am An Anarchist” was later published and reprinted by Joseph Ishill of the Oriole Press for free distribution and is reprinted here on Bitcoin.com for historical preservation. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any opinions, content, accuracy or quality within the historical editorial.** To show the invalidity of the claims of State Socialism, Nationalism, Communism, Single-taxism, the prevailing capitalism, and all the numerous forms of Archism existing or proposed, is at the same blow to show the validity of the claims of Anarchism. Archism once denied, only Anarchism can be affirmed. That is a matter of logic. But evidently the present demand upon me is not to be met satisfactorily in this way. The error and puerility of State Socialism and all the despotisms to which it is akin have been repeatedly and effectively shown in many ways and in many places. There is no reason why I should traverse this ground with the readers of the Twentieth Century, even though it is all sufficient for proof of Anarchism. Something positive is wanted, I suppose. Well, then, to start with the broadest generalization. I am an Anarchist because Anarchism and the philosophy of Anarchism are conducive to my own happiness. “Oh, yes, if that were the case, of course, we should all be Anarchists,” the Archists will shout with one voice – at least all that is emancipated from religious and ethical superstitions – “but you beg the question; we deny that Anarchism is conducive to our happiness.” Do you, my friends? Really, I don’t believe you when you say so; or, to put it more courteously, I don’t believe you will say so when you once understand Anarchism. For what are the conditions of happiness? Of perfect happiness, many. But the primal and main conditions are few and simple. Are they not liberty and material prosperity? Is it not essential to the happiness of every developed being that he and those around him should be free, and that he and those around him should know no anxiety regarding the satisfaction of their material needs? It seems idle to deny it, and, in the event of denial, it would seem equally idle to argue it. No amount of evidence that human happiness has increased with human liberty would convince a man incapable of appreciating the value of liberty without reinforcement by induction. And to all but such a man it is also self-evident that of these two conditions – liberty and wealth – the former takes precedence as a factor in the production of happiness. It would be but a poor apology for happiness that either factor alone could give, if it could not produce nor be accompanied by the other; but, on the whole, much liberty and little wealth would be preferable to much wealth and little liberty. The complaint of Archistic Socialists that the Anarchists are bourgeois is true to this extent and no further – that, great as is their detestation for a bourgeois society, they prefer its partial liberty to the complete slavery of State Socialism. For one, I certainly can look with more pleasure – no, less pain – upon the present seething, surging struggle, in which some are up and some are down, some falling and some rising, some rich and many poor, but none completely fettered or altogether hopeless of as better future, than I could upon Mr. Thaddeus Wakeman’s ideal, uniform, and miserable community of teamy, placid, and slavish oxen To repeat, then, I do not believe that many of the Archists can be brought to say in so many words that liberty is not the prime condition of happiness, and in that case, they cannot deny that Anarchism, which is but another name for liberty, is conducive to happiness. This being true, I have not begged the question and I have already established my case. Nothing is more needed to justify my Anarchistic creed. Even if some form of Archism could be devised that would create infinite wealth, and distribute it with perfect equity (pardon the absurd hypothesis of a distribution of the infinite), still the fact that in itself it is a denial of the prime condition of happiness, would compel its rejection and the acceptance of its sole alternative, Anarchism. But, though this is enough, it is not all. It is enough for justification, but not enough for inspiration. The happiness possible in any society that does not improve upon the present in the matter of the distribution of wealth, can hardly be described as beatific. No prospect can be positively alluring that does not promise both requisites of happiness – liberty and wealth. Now, Anarchism does promise both. In fact, it promises the second as the result of the first, and happiness as the result of both. This brings us into the sphere of economics. Will liberty abundantly produce and equitably distribute wealth? That is the remaining question to consider. And certainly it cannot be adequately treated in a single article in the Twentieth Century. A few generalizations are permissable [sic] at most. What causes the inequitable distribution of wealth? “Competition,” cry the State Socialists. And if they are right, then, indeed, we are in a bad box, for we shall, in that case, never be able to get wealth without sacrificing liberty, and liberty we must have, whether or no. But, luckily, they are not right. It is not competition, but monopoly, that deprives labor of its product. Wages, inheritance, gifts, and gambling aside, every process by which me acquire wealth, rests upon a monopoly, a prohibition, a denial of liberty. Interest and rent of buildings rest on the banking monopoly, the prohibition of competition in finance, the denial of the liberty to issue currency; ground rent rests on the land monopoly, the denial of the liberty to use vacant land; profits in excess of wages rest upon the tariff and patent monopolies, the prohibition or limitation of competition in the industries and arts. There is but one exception, and that a comparatively trivial one; I refer to economic rent as distinguished from monopolistic rent. This does not rest upon a denial of liberty; it is one of nature’s inequalities. It probably will remain with us always. Complete liberty will very much lessen it; of that, I have no doubt. But I do not ever expect it to ever reach the vanishing point to which Mr. M’Cready looks forward so confidently. At the worst, however, it will be a small matter, no more worth consideration in comparison with liberty than the slight disparity that will always exist in consequence of inequalities of skill. If, then, all these methods of extortion from labor rest upon denials of liberty, plainly the remedy consists in the realization of liberty. Destroy the banking monopoly, establish freedom in finance, and down will go interest on money through the beneficent influence of competition. Capital will be set free, business will flourish, new enterprises will start, labor will be in demand, and gradually the wages of labor will rise to a level with its product. And it is the same as the other monopolies. Abolish the tariffs, issue no patents[,] take down the bars from unoccupied land, and labor will straightway rush in and take possession of its own. Then mankind will live in freedom and in comfort. That is what I want to see; that is what I love to think of. And because anarchism will give this state of things, I am an Anarchist. To assert that it will is not to prove it; that I know. But neither can it be disproved by mere denial. I am waiting for someone to show me by history, fact, or logic that men have social wants superior to liberty and wealth or that any form of Archism will secure them these wants. Until then the foundations of my political and economic creed will remain as I have outlined them in this brief article. What do you think about Benjamin Tucker’s essay on anarchism? Let us know in the comments below. The post Benjamin R. Tucker: Why I Am An Anarchist appeared first on Bitcoin News. View the full article

Akon City, a “futuristic cryptocurrency themed city” founded by famous singer Akon, is ready to begin construction, with a plan to use the akoin cryptocurrency exclusively. Phase one of Akon City’s construction will include roads, a hospital, a mall, hotels, and a school. There will also be parks, universities, a stadium, and an industrial complex. Akon City Unveils Construction Plans The $6 billion city in Senegal billed a “futuristic cryptocurrency themed city,” founded by Senegalese-American star and philanthropist Akon, has awarded its building contract to KE International, a U.S.-based engineering firm. Akon City announced earlier this month: Akon City’s phase 1 is expected to complete by end of 2023, and will see the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant. Akon, whose full name is Aliaume Damala Badara Akon Thiam, is a famous singer, songwriter, actor, and record producer. He has sold over 35 million albums worldwide and received 5 Grammy nominations for The Sweet Escape, Bartender, Konvicted, I Wanna Love You, and Smack That. “Akoin is a cryptocurrency powered by a marketplace of tools and services fueling the dreams of entrepreneurs, business owners, and social activists as they connect and engage across the rising economies of Africa and beyond,” the project’s website details. According to Thursday’s announcement: Akon City phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency city running exclusively on akoin cryptocurrency. For Akon City’s first and second phases of building, KE International has secured $4 billion from investors. Dubai based Bakri & Associates Development Consultants will lead the architectural designs of Akon City under KE International’s guidance. About Akon City and Akoin Crypto Akon City will be located near Mbodième, a small coastal village in the west of Senegal, West Africa, less than an hour’s drive south of the new Blaise Diagne International airport in Dakar. Aimed to be a tourist city with a cryptocurrency-based economy, Akon City plans to have parks, universities, schools, a stadium, hotels, and an industrial complex fully completed by 2030. Akon first announced his plan to build Akon City in 2018, stating at the time that he was working with the Senegalese government on the project. The city plans to exclusively use the akoin cryptocurrency, which has been described as a stablecoin built on the Stellar payment network. The akoin cryptocurrency is also to be used in Mwale Medical and Technology City (MMTC), a green city based in Western Kenya, which KE International is also building. Commenced in 2014, the construction project is 85% done and expected to complete in December this year. Recently, it partnered with the Akoin platform for its blockchain-based digital transactions. Akon hopes his akoin crypto will be used all over Africa where a significant portion of the population remains unbanked but smartphones are widely used. What do you think about Akon City exclusively using the akoin cryptocurrency? Let us know in the comments section below. The post Akon City: $6 Billion Cryptocurrency City Set to Begin Construction appeared first on Bitcoin News. View the full article

China’s Center for Information and Industry Development has revised its cryptocurrency project rankings. Thirty-seven crypto projects were evaluated overall and in three sub-categories. Bitcoin has risen while the top three spots remained occupied by EOS, Tron, and Ethereum. CCID’s 18th Ranking Released The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, published its 18th update of crypto project rankings on Thursday. The last update was in April when the review was affected by the coronavirus pandemic. This month, the same 37 crypto projects were ranked overall as well as in three sub-categories: basic technology, applicability, and creativity. In the 18th ranking, BTC improved slightly from the April revision overall, rising from the 14th position to the 12th position. BCH fell slightly from the 31st position to the 34th spot. Meanwhile, EOS, Tron, and ETH continue to top the overall ranking. The 18th CCID’s Global Public Blockchain Technology Assessment Index places BTC number 13th overall. EOS, TRON, and ETH remain the center’s favorites crypto projects out of all 37 projects ranked. The CCID explained in its Thursday announcement that its evaluation methodology has not changed from the previous period. The basic technology subindex accounts for 65% of the total score. The innovation subindex accounts for 20% of the total, whereas the creativity subindex accounts for 15%. The rankings are compiled every two months by the CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID. Several organizations participate in the evaluation work, including the CCID think tank and the China Software Evaluation Center. The center previously said that “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers.” According to blockchain data firm Longhash, there are currently 83,199 registered blockchain companies in China, 29,053 of which are still in operation while 59,339 companies have had their legal status or license revoked. As for cryptocurrencies, several Chinese courts have ruled that bitcoin and ethereum are legal property, protected by Chinese law. In May, China’s top legislature passed the civil code that protects crypto inheritance. What do you think about this CCID crypto ranking? Let us know in the comments section below. The post Bitcoin Rises in New Crypto Rankings by Chinese Government-Backed Institute appeared first on Bitcoin News. View the full article

Bityard is a digital assets trading platform focused on offering fast, easy and safe contracts trading. The Singapore-headquartered exchange is regulated and licensed in multiple leading markets around the world. An emphasis on simplicity and accessibility makes Bityard ideal for anyone looking to enter the derivatives market. Complex Trading Made Simple Contracts trading is hugely popular among cryptocurrency enthusiasts but can be a very confusing task for newcomers and experts a like. Experienced traders will tell you that the high leverage enabled by contracts trading offers incredible opportunities to make a profit, even when the cryptocurrency market is going down, but this power also requires you won’t make any unnecessary mistakes due to messy interfaces. Bityard is an exchange launched in April 2020 to help new traders with this by offering a powerful but simplified trading experience. Open a demo or a live Bityard account with as little as 5 USDT at this link (www.Bityard.com) to try it out for yourself and see how simple complex trading can be. Unlike most contracts exchanges that have hard to navigate systems that requires users to be familiar with so many different little features, Bityard’s online interface and mobile apps were designed to be friendly to everyone. This can also be seen in the way it handles registration, taking only about 30 seconds to open a new account using just an email or a phone number. A side by side comparison to Bitmex shows how simplified trading on Bityard really is. No need to navigate complicated drop down menus full of complex jargon or click on any tiny boxes on your phone screen. Depositing your first funds is also made much easier as Bityard accepts 7 types of digital assets, more than any other mainstream contracts exchange, and even fiat currencies including the Chinese Renminbi and the Vietnamese Dong. Bityard Offers Many More Advantages In addition to its focus on simplicity of trading, Bityard offers many other advantages for new contracts traders. First and foremost Bityard is a name you can trust. The company is headquartered in Singapore, one of the top regulated global financial centers, and from there it offers services in more than 150 countries. Bityard is also regulated and licensed under different government agencies in Singapore, USA, Europe and Australia. And it takes the security of your funds seriously, employing multiple safety measures such as 2 factor authentication, anonymous trades, multiple offline signatures, cold storage, real-time risk audits, full refund warranty and more. Bityard also offers additional ways for you to profit from the platform, on top of trading. Using an affiliate system you can become a business partner of the exchange, earning up to 60% of commissions on all trading fees generated by people you helped introduce to Bityard. The affiliate system is easy to use and transparent, and you can make your affiliate links stand out to your friends with images from Bityard’s brand ambassador Buakaw Banchamek, the Muai Thai kickboxing champion. An extra way to make money on the platform is receiving BYD, an exchange coin issued by Bityard which plays an important role in the ecosystem. BYD will be listed on mainstream exchanges in the future, and has the potential to grow in value the same as BNB has done in the past. To learn more or open an account go to www.Bityard.com. The post Bityard Cryptocurrency Exchange Makes Trading Complex Contracts Simple appeared first on Bitcoin News. View the full article

Ernst & Young (EY) has introduced a new application that helps U.S. cryptocurrency traders calculate and file their taxes with ease. The EY Cryptoprep app, a Software as a Service (SaaS) web-based crypto tax engine, helps users calculate crypto-related gains and losses that have to be reported on Form 8949, a form used to report sales and exchanges of capital assets. According to a June 18 statement from EY, one of the four largest accounting companies in the world, the engine offers step-by-step guidance through the crypto tax process. Users of the application, which supports major digital assets, can connect it to various exchanges to collect data about all their transactions. EY Cryptoprep will then aggregate and reconcile the data before applying the relevant tax rules to produce an account of crypto capital gains or losses. Afterward, a completed Form 8949 for all applicable years is issued. The app also enables users to submit amended returns for past tax liabilities, not only the current year. Ernst & Young vice-chairperson for tax services Marna Ricker claimed the firm is responding to increasing demand. “Our clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes. The EY Foundry, our internal corporate venturing unit, created EY Cryptoprep to modernize the crypto tax accounting process,” said Ricker. This is not the first offering from EY targeting digital financial assets. The firm unveiled an auditing software for cryptocurrencies called EY Blockchain in April 2018. EY Crypto-Asset Accounting and Tax, a tool that facilitates accounting and tax calculations for crypto transactions, targeted at both institutional and retail investors, was launched last year. “EY Cryptoprep expands our innovative portfolio of successful new digital businesses,” said Chirag Patel, Ernst & Young foundry leader, in the statement. The Internal Revenue Service deadline for tax returns is July 15, 2020. What do you think about the EY crypto tax calculation tool? Let us know in the comments section below. The post Ernst & Young Launches Application to Help US Crypto Investors With Tax Filings appeared first on Bitcoin News. View the full article

Market data from Glassnode shows that bitcoin holders have increased their positions by 233,000 BTC since January 1, 2020. However, when it comes to holders making money at the current price, bitcoin cash and bitcoinsv have performed better and the concentration of large holders is larger too. As far as “holders’ composition by time held” statistics bitcoin cash outshines BTC by 27% for the last twelve months. Just a few days ago, news.Bitcoin.com’s Jeffrey Gogo reported on a Glassnode report that detailed the “number of whales with 1,000 bitcoin or more has climbed to 1,882 from around 1,650 in January.” In addition to the increase in bitcoin whales with over 1,000 coins, Glassnode has also detailed that throughout 2020, the “Hodler net position change” chart indicates that holders scraped up 233,000 bitcoins this year. “Despite a drop in bitcoin’s price and onchain fundamentals in week 24, the overall health of the network remains strong,” the report notes. Back in May, it was noted that 12 months of onchain data had shown bitcoin whales obtained hundreds of BTC from small fish (new traders). However, data from the 100 richest bitcoin address list shows that whales have sold a small fraction of those coins. On May 1, 2020, mega bitcoin whales with addresses holding 10,000 to 100,000 coins or more was around 106 addresses. Today there are only 102 addresses who represent the mega whale category. Similarly, massively gigantic BTC whales who have 100,000 to 1,000,000 BTC were only three addresses and today it is down to two. Whales with 1,000 to 10,000 BTC on May 1, were counted at approximately 2,002 addresses and today there are 2,056. Bitcoin (BTC) onchain stats powered by Intotheblock on June 19, 2020. The stats show holders making money at the current price, concentration of large holders, and holders’ composition by time held. Despite all the talk of holders within the bitcoin (BTC) community, bitcoin cash (BCH) and bitcoinsv (BSV) community members are also holding. For instance, data powered by Intotheblock, which can be found on markets.Bitcoin.com, show some interesting data for all three bitcoin branches. Bitcoin cash (BCH) onchain stats powered by Intotheblock on June 19, 2020. The stats show holders making money at the current price, concentration of large holders, and holders’ composition by time held. One example is that BTC holders making money at the current price is around 73%. Meanwhile for bitcoin cash (BCH) using the same metric is around 84% and bitcoinsv (BSV) is 94%. The concentration by large holders for BTC is also lighter at 11% as BCH statistics show the concentration is 30%. Bitcoinsv (BSV) onchain stats powered by Intotheblock on June 19, 2020. The stats show holders making money at the current price, concentration of large holders, and holders’ composition by time held. In this field, BCH is the top dog, as bitcoinsv (BSV) is 2% lower than BCH at 28%. Bitcoin cash also takes the cake when it comes to “holders’ composition by time held” according to Intotheblock stats. “Holders’ composition by time held” today for BTC is only 65% for a whole year while BCH is 92%. Bitcoinsv also has a better holder composition metric as well with 90% for 12 months. What do you think about the holding composition data for all three Bitcoin branches? Let us know in the comments section below. The post Holders Gather 233K BTC This Year, While Bitcoin Cash Savers Outshine Composition by Time Held appeared first on Bitcoin News. View the full article

The cryptocurrency bitcoin is trading at an all-time high relative to its social activity, explains the crypto research firm Tie. The analysts at Tie believe the ratio indicates that bitcoin is being driven by institutional trading. Meanwhile, statistics from Google Trends shows the terms “bitcoin” and “buy bitcoin” dropped from the 100 point highs to 65 on June 14, 2020. Tie Research: ‘Market Cap Increasing More Than Social Media Activity May Suggest Bitcoin Is Now More Driven by Institutional Trading’ This week the research firm the Tie tweeted about bitcoin’s (BTC) social activity to the company’s 6,300 Twitter followers. The company thinks that institutional interest and trading is a driving force right now. “Bitcoin is trading at an all-time high (ATH) relative to its social activity,” the Tie tweeted on Thursday. “Increasing NVTweet Ratio may suggest BTC is now more driven by institutional trading as market cap is increasing faster than social volume. NVTweet Ratio = Market Cap / 1M / 30Day Average Tweet Volume,” the researchers added. The Tie researchers data on “Increasing NVTweet Ratio.” A number of speculators believe that institutional interest has been involved with the cryptocurrency market ecosystem for quite some time now. On Friday, one of the top banking firms in Japan, Nomura launched it’s highly anticipated custody service for the company’s institutional clientele. The service called “Komainu” is a partnership between Nomura and Coinshares and Ledger. Moreover, the research team at Fidelity Digital Assets revealed in a recent report that out of 800 institutional investors worldwide, 36% have invested in crypto assets. Billionaire Investor and Galaxy Digital Founder Mike Novogratz: ‘This Is the Time for Bitcoin’ Discussing the subject of institutional interest toward bitcoin (BTC) with the fintech journalist Paddy Baker, Galaxy Digital founder Mike Novogratz said his company would “suck” if institutional investors don’t come around. Galaxy Digital founder Mike Novogratz. “Bitcoin specifically is a story about adoption,” the billionaire Novogratz told Baker. “And the next big group that’s going to adopt bitcoin as a store of value, as a digital gold, are the financial advisers.” On June 12, Novogratz also appeared in an AIM Summit video broadcast sponsored by Invictus Capital and said: This is the time for bitcoin. Google Trends Shows Retail Interest Sees a Lull It may have something to do with the coronavirus economy, but retail investor-based interest in digital assets seems to be lacking these days. Google Trends data shows that the searched term “bitcoin” is lower than it was on the week of May 10 through the 16th. At that time, the term “bitcoin” had a score of 80 out of 100 points. Today, Google Trends (GT) shows the number tied to the term has dipped to 44 points. The phrase “buy bitcoin” used to be at the highest level of 100 on that same May 10-16 week, but today “buy bitcoin” is around 66 points for GT data. Google Trends (GT) data for Friday, June 19, 2020, is 66 points. On the week of May 10-16, the “buy bitcoin” phrase touched 100 points. On Thursday, news.Bitcoin.com covered a number of economists and macro traders on Twitter who are extremely optimistic toward bitcoin’s future performance. The “bitcoin price target is set at five times the prior high,” explains a Finsmes crypto market analysis on June 18. “Finally, bitcoin is no longer an asset that exists solely in the digital universe. Instead, bitcoin futures trade alongside other commodities on the Chicago Mercantile Exchange. Institutional investors are taking a bigger interest in bitcoin and the broader cryptocurrency industry,” the Finsmes bitcoin price analysis further noted on Thursday. What do you think about institutional trading driving bitcoin’s rise? Let us know in the comments section below. The post Bitcoin’s Rise Driven by Institutional Trading, Says Research and Investor Sentiment appeared first on Bitcoin News. View the full article

Bitcoin.com Exchange is thrilled to announce the upcoming listing of a new digital asset on the 20th of August 2020 at 10:00 UTC. BUY by Burency is a new cryptocurrency that aims to increase cryptocurrency and blockchain adoption in the Middle East. BUY will be listed with BTC and BCH trading pairs. The listing will make the token for the first time tradeable against other major cryptocurrencies. Danish Chaudhry, Head of the Bitcoin.com Exchange said “We see a lot of potential for Blockchain and Cryptocurrencies in the Middle East region. Therefore, we’re very excited to list BUY from Burency and support them in their mission to bring Blockchain to the masses”. Mohammad Mazen, Founder and CEO of Burency added : “As Bitcoin.com is a historical player in the Cryptocurrency ecosystem, the listing on their exchange is a very important step for us that will additionally allow us to promote and offer the BUY token to their large and committed community.” The Burency ecosystem consists of a fully-insured crypto exchange, a Blockchain Development Center and the Burency Mining farm. Each one of them addresses one of the previously mentioned challenges. The Burency exchange is built for transparency and convenience. It is fully regulated and allows anyone to easily get started with cryptocurrency trading. It is also one of the first exchanges that is fully insured by one of the top insurance providers: Lloyds of London. The exchange will offer traders fiat to crypto gateway as well as a live profit/loss dashboard making it easy to keep track of your trading performance. Most exchanges store a part of the funds they hold in cold storage and just keep a small portion in hot wallets to ensure liquidity. Burency is aiming to achieve storage in cold wallets and easy access. If they succeed, insured users could store crypto in DMCC storage vault – a third party insured blockchain managed physical vault. Additionally, Burency is planning to set up their mining operations in relatively cold countries while using renewable energy, mainly hydro-power, to run their operations with a lower ecological footprint. Anyone who is looking for computational power will be able to buy time-slots in the mining facility. To ensure fairness and transparency, the transaction will be conducted via smart contracts. The third and last element in the Burency ecosystem is the Blockchain Development centre which tackles the current lack of understanding when it comes to Blockchain technology. The Burency Blockchain Development Center will become a research hub in the UAE region and will support businesses in understanding and implementing DLT. What ties all these elements together is the native token of the Burency ecosystem: BUY. Buy is an ERC-20 token and allows users to trade, request services or bid on mining slots. In total 700 Million BUY tokens have been created. In the future, Burency is considering to buy-back and burn tokens with the revenue generated. Notes Three streams of business: Regulated exchange Sustainable mining operation Blockchain research center Burency BUY token ERC-20 -> allows users to trade, request services or bid on mining slots Safety, robustness, transparency and security Target audience: Investors, crypto enthusiasts, casual traders Miners, enthusiasts and enterprises wanting computing power Government departments, enterprises, SMEs, start-ups and e-commerce platforms Burency Blockchain Development center Research and Development hub in UAE Helps enterprises and startups to implement blockchain to address challenges Smart contracts to facilitate cross-border trades Idea to position burency as global brand for trust Burency Mining Farm Streamlined platform for mining via purchased timeshare slots in mining facilities -> interested parties can purchase computational power with BUY token Can build entire mining farms for interested enterprises Regular audits Purchased slots can also be used to fulfil other computational; tasks Goal: one of the world’s main blockchain data centers within next decade, hub of computing power to facilitate blockchain and dApps Tokenomics ERC 20 Token to facilitate trading Primary transfer medium for trading Enable users to buy services and facilities within burency ecosystem 700 Mio. Buy tokens Plans to burn tokens with revenue of mining farm, blockchain center and based on trading vol. Reduced trading fees: 50% in the first 2 years, then 25% This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Bitcoin.com Exchange Announces Listing of New Digital Asset BUY by Burency appeared first on Bitcoin News. View the full article

Whale alert reports that a so-called whale has transferred the equivalent of $2.24 billion in bitcoin for less than $7. In a series of tweets on Friday, the crypto tracking tool said the bitcoin (BTC) whale sent a total of 241,500 BTC in seven successive transactions within one hour. Each transaction, made separately to unknown wallets, contained between 27,000 and 40,000 BTC. Some of the sending and receiving wallet addresses were used more than once. Altogether, six wallets were involved in the transaction. According to the transaction data, each transfer cost around 0.0001 BTC or just $0.93, giving a total of about $6.51 for the seven transfers. By contrast, banks would charge an arm and a leg to send a huge amount of money like that. Big money transfers through banks may attract fees of up to 1% or more of the amount being sent, per transaction. “This (referring to the last 27,635 bitcoin transaction) and other recent large #BTC transactions are likely the change of the transactions,” Whale Alert explained. “Change occurs when the output of a transaction is used as the input of another transaction. This output “must be spent in its entirety. Sometimes the coin value of the output is higher than what the user wishes to pay. In this case, the client generates a new bitcoin address, and sends the difference back to this address.” The $2.24 billion comes as the price of BTC fell 0.97% over the past 24 hours to $9,374, according to data from markets.bitcoin.com. The top cryptocurrency has seen a tumultuous week, in which it sniffed the key $10,000 level before a rapid decline to $8,900 and then back up to above the $9,000 zone again. Also, the number of whales with 1,000 bitcoin or more in their wallets has climbed to 1,882 from around 1,650 in January. It is the highest the numbers have reached in nearly three years, Glassnode reported in a new analysis on June 15. What do you think of the Bitcoin network transfer fees? Let us know in the comments section below. The post Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7 appeared first on Bitcoin News. View the full article

Robust and effective compliance programs for virtual asset exchanges such as Bitcoin of America, which owns and operates a crypto exchange platform as well as a nationwide network of bitcoin ATM locations, isn’t simply a matter of operating a system for CIP, KYC, and AML procedures. An interview with Bitcoin of America’s attorney William Suriano It’s about ensuring processes are followed and having the ability to identify and report suspicious activity by gathering information, and indicators for potential crimes related to virtual assets, by working with law enforcement to ensure issues like fraud are monitored and reported swiftly. So as part of Bitcoin of America’s monitoring program in September 2019, when a new Bitcoin of America customer placed several online orders totaling $500,000 worth of bitcoin, because of the volume of the transactions, compliance officer/department due diligence requirements increased accordingly. As Bitcoin of America’s attorney William Suriano explained, the fact this was both a new customer and due to the velocity and volume of the transaction, this raised a red flag for Bitcoin of America’s compliance department: “Fortunately, through hard work which was done very quickly, the company was able to confirm that this transaction was originated by a user who was subject to a restitution judgement of over $2m in California.” Within the time period in which Bitcoin of America was required to deliver bitcoin to the customer, Bitcoin of America personnel identified the FBI office responsible for the prosecution of the customer and contacted the FBI office in Seattle, Washington to alert them of the pending transaction. Bitcoin of America expressed its concern that the pending transaction was being used to circumvent the outstanding restitution judgment, thereby depriving victims of their due. The FBI acted immediately by obtaining a seizure warrant requiring the forfeiture of the funds, so the funds could be made available to victims. “Through the whole process, I was very impressed with how professional the FBI was, the state of California, and our bank handled it well,” said Surinao. He added that the experience strengthened Bitcoin of America’s relationship with their bank, reassuring the bank that Bitcoin of America’s anti money laundering program, policies and procedures in place are truly enforced, that implementation even having to say to our bank, you know, you’re holding half a million dollars, it’s going to go back. “Because you have to tell your bank ‘Hey, you know that $496,000 we have on deposit there, you’re going to get an order from a court obtained by the FBI saying those funds are subject to restitution’. So it certainly helps to have a bank that understands and is involved. Overall, it was a great process and there is an emotional payoff at the end, where you think we’ve scored one for the good guys here,” and protected consumers Suriano said. The case highlights the fact that as most larger transactions are in the form of wire transfers for purchase on the online exchange, this is where the majority of issues and effort is focused rather than with the network of bitcoin exchanges run by Bitcoin of America across the US. And as a new market, quickly evolving, there is sometimes a steep learning curve involved and companies such as Bitcoin of America that desire to promote a healthy growth of the industry must implement and enforce a robust compliance program to ensure consumers safety as well as company reputation. Suriano cites an example one time early on in the business when there wasn’t the understanding, that despite a customer sending in a wire transfer, which had cleared, that such clearance could be revoked. “So we issued the bitcoin promptly after the wire transfer hit our account. And then the wire transfer was revoked but we’d already issued the bitcoin. I mean, you learn from your mistakes, right? Yeah, I hate to learn that way, but sometimes you do.” The Bitcoin ATM Business While the level of compliance due to the size of transaction is a key differentiator with the Bitcoin of America’s bitcoin ATM business, it has not been without its own learning curves for the business. In 2018 there were estimated to be under 2,500 such machines in the US, with new ones being installed at a rate of about five a day. Now in 2020 there are close to 6,000 bitcoin ATM machines, according to Coin ATM Radar. It hasn’t always been plain sailing for Bitcoin of America in this booming market for bitcoin ATM machines, or ‘BTMs’ as they’re often called. One particularly unpleasant experience for Bitcoin of America came in the form of “approximately 70 bitcoin ATMs” having been smashed, including “nearly 20” operated by Bitcoin of America, highlighted in a lawsuit against criminal triumvirate Andrew Konja, Alvin Konja and Odai Mabroukare in late 2016. As reported by Coindesk at the time, their goal was to put other operators at a disadvantage through extortion and destruction of property, and as a result the defendants stood accused of violating the Racketeer Influenced and Corrupt Organizations (RICO) Act. “I was surprised that people would do this. I mean, I live in Chicago, it seemed like the 1920s in Chicago that people would run around and smash competitors’ bitcoin machines just to pay in some kind of competitive advantage and get into a location across the street. So we really felt an obligation to do something because we didn’t want to be a competitor in the Wild West. We want this whole industry to be a very professional, and well-run industry,” said Suriano. The story of smashed bitcoin ATMs does appear to have a relatively happy ending, with a successful $196,000 court judgement against Andrew Konja, which Bitcoin of America is in the process of enforcing. “It’s a case of letting people know we are not going to stand for this. And it’s also created a pathway for others in the business who know if it were to happen to them that there is a way they can do something about this,” he added. Red flags for bitcoin ATM regulation, as outlined by FinCEN ‘Advisory on Illicit Activity Involving Convertible Virtual Currency’ (May, 2019) While the case did receive unwelcome publicity from Bloomberg in 2018, depicting bitcoin ATMs as a serious risk for potential money laundering, it’s clear Bitcoin of America does have a robust system to ensure their safety. Each machine comes with a built-in camera within the machine so Bitcoin of America staff can see exactly what’s going on, and who’s at the machine. “There are a number of things that we can do at the machine that actually can ensure the security of a particular transaction, so it’s not possible for someone to steal somebody’s ID and use that ID to buy from a bitcoin machine. Plus the fact that it’s safer as we don’t do two way transactions. We only work one way where you put cash in and you get out bitcoin, sent to your wallet. So that takes away a level of security concerns,” added Suriano. The Great American Story The fraud victims’ restitution case and the successful action against Kanja is not just good news for Suriona, but also testament to the hard work of Bitcoin of America’s President and founder, Sonny Meraban who started the business from scratch. Coming from the high end automobile business, this meant learning the nuts and bolts of cryptocurrency, exchanges and bitcoin ATMs from start to finish. Suriona explained: “That’s the thing that impresses me most about Bitcoin of America; it’s really what we in America would call the great American story, right? It’s somebody deciding I can do this. It’s going to take a lot of work. I mean, it’s not something that many people would look at. I mean, the guy on the street, you know, is he gonna walk down the street and have this idea in his head? But for whatever reason, Sonny Meraban decided, I’m going to do this, but I’m going to do it right and I’m going to build a business. And he’s done a remarkable job at doing that”. “Now with 300 Bitcoin ATMs in 2020 starting with zero in 2015, and with the exchange software, and compliance in place, we have all of these pieces that are working pretty well, right now. And to put all of that together in the amount of time that he did and build this business, I’m proud of the guy for doing it,” he added. This is a sponsored post. Learn more on how to reach our audience here. Read dislaimer below. The post How Bitcoin of America’s Robust Compliance Program Made Possible the Restitution of Half a Million Dollars to Fraud Victims appeared first on Bitcoin News. View the full article

BitGo, a market leader and a multi-sig technology pioneer, will now offer its business hot wallet services to HaruBank. Users of HaruBank will have their assets secured by BitGo, ensuring peace of mind. HaruBank was established in 2019. It operates a crypto depository service, which experienced rapid growth. With the annual interest rates of up to 15%, the service supports deposits in ETH, BTC, USDT, and Terra KRT. The service currently has a presence in Asia, Africa, and Latin America. Block Crafters, a trusted digital asset service provider with a solid track record, launched HaruBank. The core services offered by Block Crafters include financial service for a digital asset. Additionally, they built their reputation as a blockchain media service, an accelerator for crypto and blockchain startups, and an integrating marketing service provider for businesses in the crypto sector. HaruBank comprises of professionals in the blockchain industry. The team is passionate about the potential that is offered by digital assets. Block Crafter Capital, a crypto-based investment firm incorporated in Singapore, is known to be the primary asset management partner of HaruBank. BitGo has an impressive track record when it comes to securing its clients’ assets. The platform has implemented the Cryptocurrency Security Standard (CCSS) Level 3, an open standard for the secure storage of crypto. It is currently the gold standard for any information system, which deals with crypto wallets as part of its business model. BitGo’s customer base includes some of the largest crypto exchanges in the world, such as Upbit, Pantera Capital, CME Group, and Kraken. BitGo’s multi-sig wallet function, combined with the data cross-check process helps boost the security at HaruBank. It also has a robust set of rules for co-signing such as address whitelists, rate limits, secondary approvals, and webhooks to help boost the security of the client’s assets. Contact for HaruBank service inquiry: hello@harubank.com Supporting Link HaruBank.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post HaruBank Collaborates with BitGo to Ensure Security of Its Clients’ Crypto Asset appeared first on Bitcoin News. View the full article

The premier cryptocurrency gaming portal, Bitcoin Games has announced the launch of a Midsummer promotion that promises Free Spins and loads of entertainment. For well over, five years now Bitcoin Games has been the go-to destination for all your gaming needs and our brand new promotion – ‘Glad Midsommar!‘ is sure to excite. The Summer Solstice will soon be upon us and the midsummer celebrations will begin all over the Kingdom of Sweden. When daylight stretches itself across the midsummer day, the sun will wrap its arms around the globe to create the longest day of the year. Midsummer in Sweden is a feastful delight with families coming together to dance around the Maypole, singing songs such as ‘Små Grodorna’, frolicking around in a circle like little froggies. The feting of the summer solstice is an ancient Viking celebration that sprawls the Nordic land with never-ending lunch parties and a remembrance that elucidates the culture and heritage of the pre-Christian era. Glad Midsommar! In the spirit of this ancient Nordic tradition, Bitcoin Games is launching a brand new promotion – ‘Glad Midsommar!’, that promises Free Spins on one of it’s most entertaining slots – Brave Viking. The promotion invites players to participate by playing any of the games available on the casino to be eligible for Free Spins. Brave Viking is the perfect slot for the occasion of midsummer as it embodies the visual history of the Nordic subregion of Europe. Sweden has swiftly evolved into a promising cryptocurrency market, and the Swedish government is also said to be propelling its own CBDC (Central Bank Digital Currency) deemed E-krona. While Sweden could be the next major cryptocurrency market, Bitcoin Games is an online gaming platform where players can engage in ever-popular casino games without worrying about KYC or upper limits on deposits. Withdrawals are always done in a safe and secure digital environment. The bitcoin casino regularly offers bonuses, cashback, and free spins as a part of new and exciting promotions. Bitcoin Games also offers a Live Casino where users can play with real players on interactive games such as Baccarat, Andar Bahar & many more. The platform features include instant withdrawals, provably fair exclusive games, and 24/7 customer support – all without ever needing to register. Partake in the midsummer celebration with Bitcoin Games in the smashing new promo – Glad Midsommar! What do you think about the Glad Midsommar! promotion by Bitcoin Games? Let us know what you think in the comments section below. The post Bitcoin Games Launches Midsummer Promotion as Sweden Looks Toward Launching its Own Digital Currency appeared first on Bitcoin News. View the full article

About 1.9 billion euros ($2.13 billion) worth of cash is missing from one of Wirecard’s trust accounts and the crypto debit card provider cannot as yet account for the money, the company reported on Thursday. In a statement, the major German payment processor blamed “spurious” cash balances provided by a third party with the aim of deceiving the auditor, Ernst and Young, which discovered the scandal during a routine audit. “There are indications that spurious balance confirmations had been provided from the side of the trustee … in order to deceive the auditor and create a wrong perception of the existence of such cash balances or the holding of the accounts for to the benefit of Wirecard group companies,” said the firm. Wirecard, which issues cards that support crypto payments to platforms such as Crypto.com and Wirex, said it is investigating the matter in close cooperation with the auditor. The amount missing equals 25% of the funds on the company’s balance sheet. As a result of the issue, Wirecard has now delayed publishing its annual report and financial statements for 2019, initially scheduled for Aug. 4. “If certified annual and consolidated financial statements cannot be made available until June 19, 2020, loans made to Wirecard AG amounting to approximately EUR 2 billion can be terminated,” it said. Shares of Wirecard fell as much as 62% or 65 euros to 40 euros in Frankfurt trading on Thursday after news of the missing billions broke out. In the last 52 weeks, the stock price has reached a high of 159 euros and a low of 30 euros. What do you think about Wirecard’s missing billions? Let us know in the comments section below. The post Crypto Card Issuer Wirecard Missing $2.1 Billion Cash, Company Shares Plunge 62% appeared first on Bitcoin News. View the full article

A number of venture capitalists and macro investors believe bitcoin’s price will break out soon following suit with gold’s recent climactic rise. Dan Tapeiro, cofounder of Gold Bullion International, thinks that $4.6 trillion in cash sitting on the sidelines right now, could very well flow into precious metals and crypto-asset markets. Moreover, other investors have noted that bitcoin is following the same trend silver did in 12 years ago. Close to $5T in Market Money Accounts Could Flow Into Bitcoin Markets Everyone has been watching digital currency markets rough the storm caused by the Covid-19 outbreak, and government-induced business shutdowns. At press time, the entire market valuation of all 5,000+ digital assets is still well over a quarter of a trillion U.S. dollars. Just recently, the cofounder of Gold Bullion International, Dan Tapeiro, discussed a study published by the research firm Refinitiv Lipper. According to the study, there is close to $5 trillion ($4.6T) in money market accounts otherwise known as liquid cash. Tapeiro thinks that cashflow, which is at an all-time high, could easily flow into gold and bitcoin markets. Traditionally, when stocks, equities, and common commodities are plummeting, the liquid cash in money markets flow into safe-haven assets. Tapeiro tweeted on Wednesday: Record— Almost $5 trillion dollars sitting in cash. Dash to cash most surprising because it all yields near [zero]. Huge opportunity cost vs equity, gold, bitcoin— Such great negativity/fear not usually present at equity [market] tops. Wall of worry growing taller by the day. Roughly $4.6T is sitting in money market accounts on June 17, 2020. Photo via Twitter, Dan Tapeiro. Tapeiro has been talking about bitcoin and gold for quite some time now, and he can be seen bolstering the subject in many videos. A number of others agreed with Tapeiro’s statements on Twitter, as one person said: “If the dollar does crash at some point, it only makes sense that people will start exploring alternative and more superior forms of money and stores of value.” Bitcoin’s Silver Lining In addition to the Gold Bullion International cofounder’s opinion, another analyst believes BTC is currently suppressed, much like silver was in 2008 all the way until the price of silver spiked in 2012. Photo via Twitter, Macnbtc. The popular crypto trader Macnbtc told his 33,000 Twitter followers that “someone said [to] ‘check how [the] price of Silver was suppressed’” in a recent tweet. Macnbtc stressed: Macro this looks bullish AF, no denying that. But for now, let’s just chill. Give me a monthly or even a weekly close over $10,100 and I will be a bull. Photo via Twitter, Macnbtc. The trader John Morgan also told his 15,000 Twitter followers that he believes BTC is on a relentless path toward the $10K zone, despite the number of attempts so far. “BTC price analysis: despite downside crack, BTC/USD is relentless on it’s $10,000 journey [and] bitcoin whales spike nearly 10%,” Morgan explained in a recent tweet. At the time of publication, most of the $265 billion market cap belongs to the top five coins; BTC, ETH, XRP, USDT, and BCH. There’s around $13.55 billion today in global swaps (volume is down -11%), and bitcoin (BTC) is trading between $9,300 to $9,450 per coin. Ethereum is trading for $234, XRP is $0.18, and bitcoin cash (BCH) is $238 per unit. What do you think about Dan Tapeiro, Macnbtc, and John Morgan’s analysis? Let us know what you think in the comments below. The post Analysts Say Bitcoin Breakout Imminent: Silver-like Suppression, $5 Trillion in Cash Could Flow Into BTC appeared first on Bitcoin News. View the full article

Wisdomtree has filed for a commodity fund with 5% exposure to bitcoin, in a fresh attempt to bring an exchange-traded fund (ETF) backed by the benchmark cryptocurrency to the market. According to a filing with the U.S. Securities and Exchange Commission (SEC), the fund is targeting to invest mainly in energy, industrial metals, precious metals, and agriculture commodities primarily through futures contracts. If approved, the Wisdomtree Enhanced Commodity Strategy Fund will also put up to 5% of its net assets in cash-settled bitcoin (BTC) futures traded on the Chicago Mercantile Exchange (CME), the world’s third-largest regulated BTC futures market. While that makes BTC a small fraction of the fund’s total investment portfolio, it can still make a significant impact within a market desperate for a product that helps retail investors gain bitcoin exposure, without actually owning any coins. “The fund will not invest in bitcoin directly,” notes the filing of June 16. Wisdomtree is an asset management company operating out of New York. It manages more than $60 billion worth of assets. The firm’s new hybrid application will once again test the SEC’s appetite for a bitcoin-backed exchange-traded fund. Until now, the regulator has repeatedly rejected pure bitcoin ETF proposals from Bitwise, Gemini and Wilshire Phoenix citing possible manipulation of the bitcoin market, custody issues and a lack of central control among other factors. Meanwhile, institutional interest in BTC continues to grow, with demand for CME bitcoin futures and the open interest reaching a record high of nearly $500 million in May. Billionaire fund manager Paul Tudor Jones last month also expressed interest in bitcoin futures, claiming to have 2% of his assets in the cryptocurrency. What do you think about the Wisdomtree ETF? Let us know in the comments section below. The post Wisdomtree Files ETF With 5% Bitcoin Exposure Amid SEC Resistance appeared first on Bitcoin News. View the full article

It’s been approximately 37 days since the notorious Bitcoin reward halving that took place on Monday, May 11, 2020. On June 16, the Bitcoin network saw a large upwards difficulty adjustment making it much harder to mine bitcoins and slowing down the issuance rate because block generation has slowed down. Furthermore, a recent research report predicts the SHA256 ASIC mining industry will grow more consolidated in the future. Bitcoin Network Difficulty Jumps to 15.7 Trillion One of the most lucrative but also one of the most competitive operations in the crypto industry is bitcoin mining. Thousands of individuals and organizations worldwide leverage application-specific integrated circuit (ASIC) or custom chips to mine bitcoins using the SHA256 consensus algorithm. When more people join in on mining, the overall hashrate rises but every two weeks, the difficulty adjustment algorithm (DAA) makes it harder to mine. On the opposite side of the spectrum, if miners capitulate and leave the Bitcoin network, then the DAA will adjust downward making it easier to mine bitcoins. On June 16, 2020, the Bitcoin (BTC) network saw a large upward difficulty adjustment to a height of 15.784T at block height 635,040. This makes the block generation slow down if even more miners leave the network before the next difficulty adjustment. At the time of writing, there are 15 mining pools hashing away at the BTC network and F2pool is still the most dominant pool with 21.3% of the network’s hash rate. F2pool is followed by Poolin, Btc.com, Antpool, 58coin, Huobi, Binance, Slush, Lubian, Viabtc, Okex, Btc.top, Novablock, Spiderpool, and a few unknown pools. The number of pools since the halving has diminished by at least 40% since the May 11 Bitcoin halving. A report published on June 16, by Bitmex Research discusses the topic of “ASIC supremacy.” ASIC Supremacy and Consolidation The Bitmex researcher’s findings suggest the mining industry will consolidate even more so than today. “Further industry consolidation is likely in both the ASIC manufacturing sector and mining farm operating sector,” Bitmex Research wrote. The analysts also “ “think it is likely that only 2 to 3 players will survive into the longer term,” as far as mining operations are concerned. The researchers also discuss the top four China-based mining rig manufacturers — Bitmain, Microbt, Canaan, and Ebang. “Today competition is increasing, with strong products from new players like Microbt gaining traction and eating into Bitmain’s lead,” the report highlights. “Microbt’s 2019 share is believed to have been around 35%. However, Bitmain remains the number one player and a force to be reckoned with.” Based on the Bitmex Research study, the findings note five predictions which include: Competition has tightened within the ASIC manufacturing industry and Bitmain’s dominance has been significantly reduced in the last 18 months or so. The ASIC manufacturing industry will continue to consolidate. We think it is likely that only 2 to 3 players will survive into the longer term. The mining farm operating industry is also becoming increasingly consolidated post halving. With new investments coming from an increasingly small number of well-financed entities. The lifespan of ASIC mining machines is likely to extend considerably and the current generation of products may remain in operation for several years. While China is still dominant with respect to ASIC manufacturing, geographically China is losing share in the mining farm operator business to Europe and North America. ‘More and More Mining Operations Moving Out of China’ On June 17, Bitcoin (BTC) network hashrate has jumped to 120 exahash per second despite the upward difficultly adjustment. The regional reporter from China, Vincent He, explained on Wednesday that miners in the region are mining bitcoins as a side operation rather than a full-scale venture these days. The 8btc columnist interviewed a small mining farm operator Mr. Huang who said that mining side ventures are more of a hassle than a “relaxing choice.” “For a small miner like me, just invest in to pay the electricity bill, and wait for the profits, even for large miners in the future,” Mr. Huang disclosed. Essentially, the higher difficulty will hurt smaller operations which makes it so miners have a thin profit margin and need to sell bitcoins as soon as they acquire them. Moreover, mining operations are seemingly moving west and leaving concentrated areas like China. In the report published on Tuesday, Microbt marketing manager Elsa Zhao, said that shipments are moving out of the region at an exponential pace. “[Our] customer base is moving more and more out of China,” Elsa Zhao stressed. “Since the halving, the return on investment period is growing, it is now much longer than six months, based on the current difficulty and price. At the same time, the average customer size is now growing considerably, customers are now larger funds, and no longer small businesses or individuals,” she added. What do you think about the Bitcoin network’s higher difficulty adjustment and the predicted consolidation of mining operations? Let us know in the comments below. The post Bitcoin Mining Heats Up: High Difficulty Adjustment, Pool Consolidation, Less Concentration in China appeared first on Bitcoin News. View the full article

The Internal Revenue Service (IRS) has won a case in which it demanded that a Maryland couple liquidate their bitcoin to pay-off a $1.1 million tax debt. Alexander and Laura Strashny proposed to the IRS to pay their 2017 tax liability, generated from non-crypto activities, in installments over a six-year period. But after seeing the Strashny’s $7 million cryptocurrency fortune, the tax collector rejected the proposal, insisting that the couple sell a part of their bitcoin and immediately settle the debt in full. The case was heard in a tax court in the state of Maryland on June 11. More taxes await the couple in the likely event it sells crypto to pay-off the debt. Bitcoin investors in the U.S. are taxed on profits generated from buying and selling of digital financial assets. The ruling “shows how your cryptocurrency holdings could work against you in applying for an installment plan with the IRS and how – contrary to popular belief – regulators have oversight over your cryptocurrency portfolio,” said Shehan Chandrasekera, tax expert at Cointracker. According to court papers, the Strashnys filed a 2017 tax return on time, but did not pay the $1.1 million tax charge, inclusive of penalties. In July 2018, the couple proposed to the IRS to pay-off their huge tax bill over six years. To qualify for the installment plan, a taxpayer must also furnish the IRS with details about their source of income, personal assets, including cryptocurrency, as well as monthly expenses. So, the Strashnys filed a Collection Information Statement, also known as Form 433-A, for this purpose. It is on this Form that the couple revealed its $7 million crypto cache. In addition to annual wages of $200,000, the Strashnys were also pocketing $19,000 each month from their digital assets investment. Now the IRS hit the family with a formal threat of seizure of wages and properties, as it waited for a response on the installment proposal The tax collector demanded full payment on time. Eventually, the Strashnys requested a hearing. The tax court ruled that the couple was in a good financial position to pay off the $1.1 million tax debt by liquidating the crypto stash or borrowing U.S. dollars against the virtual currency. “The outcome of this court case shows how cryptocurrency is not immune from regulatory oversight,” explained Chandrasekera. “One might question why the cryptocurrency holdings were reported on Form 433-A in the first place. This IRS form is signed by the taxpayer under penalty and perjury. If the large holding of cryptocurrency were omitted from the form, this would have been a fraudulent filing and the consequences could have been much harsher,” he added. What do you think about the IRS crypto liquidation tax demand? Let us know in the comments section below. The post IRS Tells Couple With $7 Million in Bitcoin to Liquidate Crypto Assets and Pay off Tax Debt appeared first on Bitcoin News. View the full article

In his testimony before the Senate banking committee, Federal Reserve Chairman Jerome Powell warned Congress that the U.S. federal budget has been on an unsustainable path for years. He added that the U.S. economy is facing a deep downturn with “significant uncertainty.” ‘Unsustainable Path’ The Federal Reserve chairman testified before the Senate banking committee on Tuesday. While acknowledging that the federal spending is giving the economy a short-term boost during the coronavirus pandemic, he warned Congress that the U.S. economy faces a deep downturn with “significant uncertainty” about the timing and strength of a recovery. “The levels of output and employment remain far below their pre-pandemic levels, and significant uncertainty remains about the timing and strength of the recovery,” Powell was quoted as saying. He suggested that investors should not overreact to surprisingly good economic data, such as the May retail sales report. The chairman elaborated: The United States federal budget has been on an unsustainable path for years now … the debt is growing faster than the economy, so debt-to-GDP is rising. That is, by definition, unsustainable. The Congressional Budget Office said that the U.S. deficit soared to $1.9 trillion for the first eight months of the fiscal year, and is expected to hit a record $3.7 trillion this year. The current record for a fiscal year deficit is $1.41 trillion; it was set in 2009. “Every generation is entitled to spend what it wants to spend on the things it thinks it needs, but it really ought to pay for them, in some sense, rather than passing the bills onto the kids,” Powell continued. “Over time, future generations – our kids and our grandkids – their tax dollars will be going to servicing the debt that we incurred to buy the stuff we wanted when we were in charge.” While emphasizing that the U.S. has a lot of borrowing capacity, he said: “we need to get back on a sustainable path.” He added that until the public is confident the [covid-19] disease has been contained, “a full recovery is unlikely.” Congress has recently authorized approximately $3 trillion in spending to respond to the covid-19 pandemic, which includes the $2.2 trillion CARES Act President Trump signed into law in March. Meanwhile, the U.S. national debt also recently surpassed the $26 trillion mark. What do you think about Jerome Powell’s warning? Let us know in the comments section below. The post Fed Chair Powell Warns of ‘Unsustainable’ Budget as US National Debt Crosses $26 Trillion appeared first on Bitcoin News. View the full article

For quite some time now, a number of libertarians, bitcoin evangelists, and blockchain entrepreneurs have been promoting the idea of charter cities and seasteading concepts. One such project, Pronomos Capital, has raised $9 million from heavyweight investors like venture capitalist Peter Thiel. Pronomos was incorporated in August by Patri Friedman, as the project is attempting to start sovereign charter cities in developing countries. Bitcoiners and Libertarians Embrace Charter Cities In Order to Create Semi-Autonomous Zones Worldwide In April 2019, the seasteaders and bitcoin entrepreneurs Chad Elwartowski and Supranee Thepdet, had their floating two-story home removed by the Thai navy. The floating seastead off the coast of Phuket lasted for some time but eventually, Elwartowski and Thepdet were coerced and threatened for living out at sea near the Thai borders. The concept of seasteading is similar to homesteading except the permanent dwellings exist at seas and outside a government territory. Another sect of seasteading and homesteading is the formation of Charter Cities. Seasteading and charter city concepts are growing far more popular during the Covid-19 pandemic. Pronomos Capital and Seasteading Institute founder Patri Friedman explained on June 15, 2020, that he has been inundated with requests in regard to learning more about charter cities during the last month. Charter cities have existed for quite some time in the U.S., the U.K., and other regions around the world. The characterization of a charter city is defined by a charter document and the city’s rules are not necessarily defined by general law. A project called Pronomos Capital aims to take this concept to a more enlightened level by creating charter cities that leverage voluntary governance. The Pronomos project comes from the mind of Patri Friedman, the well known libertarian and Seasteading Institute founder. Patri Friedman is also the grandchild of Nobel Prize-winning economist Milton Friedman. Essentially, Pronomos is starting charter cities on vacant land parcels in a number of developing countries. Sources say Pronomos Capital is seeking out regions in Panama, Ghana, Nigeria, and the Marshall Islands. The project will allow international firms to set up shop in the semi-autonomous zones and the project is maintained much like a venture fund. So far, Pronomos has raised $9 million in venture capital and a large chunk of the investment stemmed from Peter Theil. Other investors include Bitcoin.com’s Roger Ver, venture capitalist Marc Andreessen, and the entrepreneur Balaji Srinivasan. Pronomos Capital has a very impressive team of Silicon Valley entrepreneurs who have made names for themselves through various ventures. Pronomos also has a number of well known advisors like the former vice president of the Theil Foundation, Michael Gibson, angel investor Balaji Srinivasan, Naval Ravikant the founder of Angellist, the executive chairman at Thumbtack Jonathan Swanson, Prime Movers Lab founder Dakin Sloss, Proudengineers CEO Taavi Kotka, and the academic director of the Institute for Competitive Governance Tom W. Bell. Other charter city proponents include Ryan Rzepecki who recently sold his electric scooter startup to Uber for $200 million, and the cofounder of Flutterwave, Iyinoluwa Aboyeji. Pronomos Capital executive and Seasteading Institute founder Patri Friedman. The coronavirus outbreak and economic calamity worldwide, has caused a lot of demand for defunding existing corrupt systems, seasteading concepts, and charter city ideas like Pronomos Capital. During the last month, Friedman told the media that there is “a lot of interest” from people emailing him about charter cities and how to get started. “People in tech hubs like Silicon Valley are looking at other places to live that are cheaper, safer and handled better,” Friedman stressed on June 15, 2020. “Whether that is a single-family seastead, or moving to one of the tax-friendly countries and working on building charter cities for founders around the world,” the founder of the Seasteading Institute and Pronomos project added. During times of massive cultural change, the creation of new cities paved the way for exponential economic and social growth. The Hanseatic league connected over 200 city states who used their political independence to improve on governance.https://t.co/TkfwGkvWQe — Pronomos Capital (@PronomosVC) May 15, 2020 Talent City and Panama’s Seabnbs Iyinoluwa Aboyeji and his team of colleagues have dedicated their efforts to a place called “Talent City” in Calabar, Nigeria. The organization aims to leverage the country’s free trade zones so it can “unlock Africa’s digital economy.” Just recently on June 1, Aboyeji discussed Talent City on the Charter Cities Podcast episode 5. By July, Aboyeji hopes that they will have an online showroom that will give people an idea of what life would look like if they lived in Talent City. Pronomos Capital team member and the cofounder of Flutterwave, Iyinoluwa Aboyeji. “The idea is to build anticipation and then you admit a bunch of people at the same time,” Aboyeji highlighted. “A minimum number is about 100 people and we would post all these things that make provisions for them and then selectively start to add newer and newer and newer groups of people as we go along.” As far as the first residents moving to Talent City, Aboyeji hopes it will be around November “before the carnival season” in Nigeria. Aboyeji thinks there’s a large role for a technology hub and manufacturing in the city, as the team has put a lot of effort into a gas power plant. “We spent considerable amount of money building a gas power plant,” the cofounder of Flutterwave said. “We know how to do it and we can power the area. I’m more confident about manufacturing and all that also coming into the zone, given its natural advantages, including the fact that it has a port right next to it.” The 32MW power plant that supplies electricity to the Calabar industrial technology hub officially launched last year. The bitcoin entrepreneurs Elwartowski and Thepdet have left the Thailand region and are now located near Linton Bay, Panama near an uninhabited island. Elwartowski details that he and Thepdet “never wanted to ‘create a nation’ as Thailand accused us of.” For now, they are simply building a region of collective seasteading pods they call “Seabnbs.” Elwartowski explained on Monday that he and Thepdet are planning to create 30 seapods and sell them on the open market. What do you think about all the libertarians and bitcoin evangelists creating seasteads and charter city concepts? Let us know in the comment section below. The post Demand for Charter Cities During Covid-19 Pandemic Grows Exponential – People Desire Semi-Autonomous Zones appeared first on Bitcoin News. View the full article

The chairman of the Commodity Futures Trading Commission (CFTC) has called on other regulators to establish a framework for sound crypto regulation. He believes that the U.S. must lead in the crypto field and “applying overly prescriptive rules could stunt the development of this important market.” CFTC Chairman Heath P. Tarbert has called on other U.S. regulators to take a tailored approach to regulating cryptocurrency. In an article published by Harvard Business Law Review, entitled “Rules for Principles and Principles for Rules: Tools for Crafting Sound Financial Regulation,” Tarbert outlined a “framework for sound regulation,” the CFTC conveyed on Monday. Discussing the developments in financial technology, including crypto assets, the chairman opined: It is my view that the United States must lead the world in this technology, and applying overly prescriptive rules could stunt the development of this important market. CFTC Chairman Heath Tarbert wants other regulators to use a principles-based approach or a tailored approach for cryptocurrency regulation. He believes that it will be especially “important as retail participation in the digital assets markets increases.” “Every major financial regulator in the world employs, to varying degrees, two primary methods of regulation: principles-based and rules-based,” the chairman explained. He noted that his commission has generally been more of a principles-based regulator than other U.S. regulators. “Loosely stated, this means that the CFTC relies more on clearly stated principles to achieve regulatory objectives than it does on compliance with detailed, prescriptive rules,” he detailed. Tarbert became chief of the derivatives watchdog on July 15 last year, succeeding J. Christopher Giancarlo. Tarbert described that the prime areas for using the principles-based regulatory approach are emerging technologies and related market developments in order “to permit a period of development and observation.” While stating that this approach is also appropriate for crypto assets, he also acknowledged the risks involved. Suggesting that “Detailed sales practice and disclosure obligation rules may be appropriate for these markets, as well as rules regarding the custody of customer assets,” the chairman asserted: More tailored and targeted rules may be appropriate. This will be particularly important as retail participation in the digital assets markets increases. Moreover, Tarbert believes that the CFTC “should not confront this endeavor alone.” He hopes that his commission’s framework will encourage other regulators to examine appropriate situations to use principles-based regulation. “The goal is not to create light-touch regulation or to engage in de-regulation. Rather, the goal is sound regulation,” the chairman concluded. In March, the CFTC issued final interpretive guidance on actual cryptocurrency delivery. Recently, the top banking regulator for the Trump administration, Brian Brooks, unveiled his plans for revamping the country’s antiquated banking system with decentralized networks. What do you think about the CFTC chairman calling for less restrictive regulation? Let us know in the comments section below. The post CFTC Chairman: US Must Lead the World in Crypto With Less Restrictive Rules appeared first on Bitcoin News. View the full article