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Porn sites have been experiencing increased traffic as the number of people under lockdown or quarantine rises due to the coronavirus pandemic. Many of these sites accept cryptocurrencies, including Pornhub. The popular porn site currently offers residents of some countries free premium membership for a limited time to help them stay home during the covid-19 outbreak. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It Porn Site Sees Surge in Traffic Amid Coronavirus Lockdown Lockdown and social distancing have increased traffic to adult websites, many of which accept cryptocurrencies. Recently, one of the largest free porn sites, Pornhub, began offering free premium membership to users in countries currently undergoing a coronavirus lockdown or quarantine, including France, Spain, and Italy. Premium membership offers benefits such as exclusive content, no ads, faster streaming, and high-speed downloads. Since last week, users could sign up using the site’s special “stay home” page and enjoy free content for a month. Immediately after the company announced this offer, its site’s traffic spiked. According to the company, more than 120 million people visit its website daily before the spike. Major free porn website Pornhub has seen increased traffic since it began offering countries under lockdown free premium membership. Moreover, the platform recently revealed that about 10% of its performers on Modelhub have opted to be paid in cryptocurrencies. Pornhub began heavily exploring accepting cryptocurrencies after Paypal stopped payouts to thousands of models last year. In January, the company announced that it had added USDT as a payout option. Users can also pay for premium membership with horizen, tron, or verge. Alternatively, they can pay via Pumapay, a crypto payment solution provider. The number of porn sites accepting cryptocurrencies is increasing, some of which accept a wide range of coins via a payment solution provider, such as Coingate. Cryptocurrency-Friendly Adult Sites Besides Pornhub, several other large porn sites also accept cryptocurrencies. Among them is Sexlikereal (SLR) which focuses on virtual reality experiences. Subscription to this platform can be paid in over 50 cryptocurrencies through Coingate, including bitcoin, bitcoin cash, litecoin, XRP, ether, nano, and tron. Similarly, Livejasmin and Manyvids also accept a wide range of cryptocurrencies. Livejasmin specializes in live streaming and webcam shows. Manyvids is a Canadian adult entertainment video hosting, live streaming, and e-commerce company. Other porn sites that accept cryptocurrencies include Naughty America, Chaturbate, and Camsoda. Meanwhile, some adult film stars are openly pro-cryptocurrencies. Brenna Sparks, for example, has been relentlessly promoting cryptocurrencies to her co-workers and peers throughout the industry. What do you think of crypto-friendly adult sites? Let us know in the comments section below. The post Porn Industry Thrives During Lockdown — These Sites Are Cryptocurrency-Friendly appeared first on Bitcoin News. View the full article

Crypto traders and analysts have always looked to the halvings for some kind of clues in order to predict the future price of bitcoin. A number of traders also think that BTC price movements shift every four years and speculators often use the halvings as milestone markers. On March 28, crypto Youtube host and digital currency analyst Benjamin Cowen explained bitcoin’s price doesn’t move in four-year cycles and stressed that the asset is still following the lengthy market phase of accumulation. Also read: ‘Bull Run May Not Come Immediately After Bitcoin Halving,’ Says Bitmain’s Jihan Wu The Problem With 4-Year Interval Price Theories On Saturday, Into the Cryptoverse host, Benjamin Cowen discussed the crypto asset BTC’s long term chart. Cowen says there’s a number of people who still believe that the price of BTC follows a four-year cycle in between each bull run. Additionally, there are speculators who use the halvings as markers as well and there’s a number of crypto supporters who believe BTC’s price will spike either just before, or immediately after the bitcoin halving. “If you are still under the four-year cycle theory we’re waiting for you to potentially change your mind at some point,” Cowen said. “Most of the evidence suggests — It’s not a four-year cycle and I don’t think there is anything that suggests it is,” Cowen added. The Into the Cryptoverse analysts stressed that four years ago, the price was far more bullish than it is today. Cowen believes it’s going to be “a lot longer” for the next bull run to come to fruition. “The reason we talk about this, is because lengthening cycles are the name of the game,” the analyst said. “Welcome to the show — welcome to bitcoin, as there’s really nothing that suggests there are four-year cycles,” he added. Essentially a lengthening cycle means that after every price top and the subsequent correction, the time frame until the next bull market lengthens every time. According to Cowen, we are in the midst of an accumulation phase and he also talked about how some people think that BTC’s price will rise after the halving. “Some people think that the halvings mean that we have to peak at some certain amount of time after and before the next halving — We’ve talked about how this is not true,” Cowen remarked. The analysts proved his point by showing different peak formations in 2011, the one before the 2013 bull run, and 2017’s run-up as well. The trader said that expecting a four-year cycle “doesn’t even make sense” and measuring from valley to valley it also doesn’t equate to a four-year cycle either. “What we have said is likely 2020 and 2019 will be accumulation years — It means for the next several months — it is going to be an accumulation time.” Cowen thinks that besides a few rare wicks below the 200-MA, the 200-week moving average has held pretty well. The analyst stated: So bitcoin is still on course, nothing has changed. Lengthening Cycles and Missing the 6-Figure Paradigm Cowen’s video shows that BTC prices could touch six figures at some point and he seems to be more optimistic about the last quarter of 2021. The point of the video Cowen noted was to inform people who seem to be hung up on the four-year cycle theories and halving speculation. The researcher also told people how they can read his prior blog post about the subject in more detail. “You’ll find countless graphs that talk about the four-year cycle theory and how its likely wrong and how lengthening cycles is probably ultimately what we are going to see,” the analyst highlighted. Cowen also thinks that if everyone could fast forward 4-5 years from now, it will be “obvious to everyone and by that point there will be a lot of people who missed out.” Cowen thinks they will miss out on the lengthening cycle and accumulation phase knowledge because they are too focused on the four-year cycle theories. The trader’s report follows the recent statements from Bitmain cofounder, Jihan Wu, who also said that the bull run may not come right after the bitcoin halving. “I think the bull this time around may not come immediately after the halving [and] there likely will be a delay in time,” Wu said in a recent interview. Bitmain’s CEO noted that BTC’s price will have a top, become more stable, and the crypto’s value will also show slower growth over time. Wu’s theory aligns with Cowen’s lengthening cycle opinion and Wu also stressed that “we may not see abrupt spikes in [BTC’s] price.” What do you think about Cowen’s four-year cycle hypothesis? Let us know in the comments below. The post In-Between Bitcoin Halvings: Analyst Proves Bitcoin’s Price Not Bound to 4-Year Cycles appeared first on Bitcoin News. View the full article

Microsoft has patented a cryptocurrency mining system that leverages human activities, including brain waves and body heat, when performing online tasks such as using search engines, chatbots, and reading ads. “A user can solve the computationally difficult problem unconsciously,” the patent reads. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It Crypto System Leveraging Body Activity Data Microsoft Technology Licensing, the licensing arm of Microsoft Corp., has been granted an international patent for a “cryptocurrency system using body activity data.” The patent was published by the World Intellectual Property Organization (WIPO) on March 26. The application was filed on June 20 last year. “Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system,” the patent reads, adding as an example: A brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing advertisement or using certain internet services, can be used in the mining process. Microsoft has patented a “cryptocurrency system using body activity data” with the World Intellectual Property Organization (WIPO), the agency of the United Nations responsible for treaties involving copyright, patent, and trademark laws. Noting that the method described may “reduce computational energy for the mining process as well as make the mining process faster,” the patent details: For example, instead of massive computation work required by some conventional cryptocurrency systems, data generated based on the body activity of the user can be a proof-of-work, and therefore, a user can solve the computationally difficult problem unconsciously. Patent Suggests Alternative Way to Mine Cryptocurrencies The patent describes a system where a device can verify whether “the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.” Microsoft patents a cryptocurrency system leveraging different types of sensors to “measure or sense body activity or scan human body,” such as heart rate monitors, thermal sensors, and optical sensors. Different types of sensors can be used to “measure or sense body activity or scan human body,” the patent explains. They include “functional magnetic resonance imaging (fMRI) scanners or sensors, electroencephalography (EEG) sensors, near infrared spectroscopy (NIRS) sensors, heart rate monitors, thermal sensors, optical sensors, radio frequency (RF) sensors, ultrasonic sensors, cameras, or any other sensor or scanner” that will do the same job. The system may reward cryptocurrency to an owner or a task operator “for providing services, such as, search engines, chatbots, applications or websites, offering users access for free to paid contents (e.g. video and audio streaming or electric books), or sharing information or data with users,” the patent details. The idea of mining cryptocurrencies using human body heat has previously been explored by other organizations. For example, Manuel Beltrán, founder of the Dutch Institute of Human Obsolescence, set up an experiment in 2018 to mine cryptocurrencies with a special bodysuit that harvested the human body heat into a sustainable energy source. The electricity generated was then fed to a computer to mine cryptocurrencies. What do you think of Microsoft’s new cryptocurrency mining system? Let us know in the comments section below. The post Microsoft Patents New Cryptocurrency System Using Body Activity Data appeared first on Bitcoin News. View the full article

San Francisco-based exchange Kraken conducted a poll that stems from the responses of 400 “VIP” cryptocurrency traders. Despite the current economic climate, surveyed participants indicate they still believe the cryptoconomy is in a “bull market.” Moreover, Kraken’s survey respondents think BTC prices will touch a new all-time high at $22,866 per coin. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It 400 VIP Kraken Traders Are Still Bullish – Survey Respondents Expect BTC’s Price to Touch $22K in 2020 On March 27, Kraken published a survey called the “2020 Sentiment Survey: Where We Are & What’s To Come.” The poll was conducted with 400 “VIP” traders and 41% said they were “investors,” 40% noted they were “traders” and 15% said they were “institutions.” A small percentage of the respondents were payment firms, crypto exchanges, and miners. “Kraken Intelligence, our team of in-house research experts, surveyed 400 clients from around the world this January to gauge their sentiments and expectations for crypto in 2020,” explains the VIP client letter sent on Friday. According to the report, 44% of participants think the cryptoconomy is still in the midst of a “bull market.” Roughly 34% of those surveyed said they were “unsure” at the moment. Further, 22% of the Kraken survey respondents think that the cryptoconomy is facing at “bear market” right now. Interestingly, surveyed individuals and organizations envision BTC touching a new all-time high (ATH) in 2020. The survey notes that respondents expect the price of BTC to jump to $22,866 per coin at some point during the year. The VIP traders also predict that the price of ETH will reach $810, but ether will not surpass it’s ATH in 2020. ‘Despite Uncertain Times, the Crypto Industry Remains Optimistic’ The respondents also indicated that some of them manage massive amounts of funds as 84% of participants said they manage less than $10 million. But 11% of surveyed individuals disclosed that they manage around $10 million and $50 million according to Kraken’s statistics. 6% said they managed funds between $50 million to $100 million. “Nearly 50% of respondents anticipate that the U.S. SEC will approve a bitcoin ETF this year,” Kraken’s blog post stresses. “Tether (USDT) was the overwhelming favorite (60.4%) among stablecoin users,” the report also notes. Kraken’s report adds: Despite these uncertain times, it is clear from the survey that the crypto industry still has many advances and catalysts to be optimistic about. What do you think about Kraken’s recent survey? Let us know in the comments below. The post Trader Survey Respondents Predict Bitcoin Price Will Surpass $22K in 2020 appeared first on Bitcoin News. View the full article

On Friday, U.S. bureaucrats passed the 2020 stimulus bill, which has become the largest cash injection package ever created by the federal government. However, following the bill making it through the Senate and House, Republican representative Thomas Massie told the public the stimulus bill bolsters a shroud of secrecy surrounding the Federal Reserve. Moreover, within the depths of the bill’s 880 pages, there’s a $454 billion slush fund available for Wall Street among many other types of pork-barrel funding. Also read: Trump Signs Largest Relief Bill in US History: When Will Americans Get Stimulus Checks Kentucky Lawmaker Claims CARES Act Vote Was a ‘Cover Up’ and the Bill Allows the Fed to Print Funds for Wall Street Under a Shroud of Secrecy While Americans wait for their $1,200 checks for economic support from the U.S. federal government, American politicians have once again shown an enormous amount of greed and manipulation. While polarizing Democrats claim to be for the average citizen and main street, bureaucrats like Bernie Sanders, Sherrod Brown, Alexandria Ocasio-Cortez (AOC), Jeff Merkley, and Elizabeth Warren just gave the U.S. central bank and Wall Street unlimited powers. A great majority of bi-partisan leaders approved the new bill that lets the Federal Reserve create Special Purpose Vehicles (SPVs) for risky schemes (similar to Enron) and a $484 billion slush fund for U.S.-based financial incumbents. Although, one representative from Kentucky told the press after the stimulus bill passed that the whole “Coronavirus Aid, Relief & Economic Security Act” (CARES Act) passing was a blatant “cover up.” .@RepThomasMassie: "There's a big cover up in there." pic.twitter.com/eWv0MuSNSx — Breaking911 (@Breaking911) March 27, 2020 Representative Thomas Massie told reporters that U.S. representatives and senators tried to cover up the voting process during the bill’s passing. Massie said that unnamed politicians are trying to protect themselves from future “political ramifications.” “The truth,” Massie said. “If you are willing to report it is that [representatives] don’t want a recorded vote. They don’t want to be on record for making the biggest mistake in history.” The Kentucky lawmaker also took to Twitter and told the public that he “swore an oath to uphold the constitution, and I take that oath seriously.” According to Massie, the CARES Act’s official vote had a number of discrepancies and it should not have passed. Massie noted that democratic House speaker Nancy Pelosi also got to add $25 million to fund the Kennedy Center and for the National Endowment for the Humanities and Arts. Massie believes this money could’ve been spent on current healthcare costs like covid-19 test kits and medical equipment. Not only did American leaders ‘pork’ the bill with unneeded funding, Massie also highlighted that the CARES Act takes good care of the Fed. Massie tweeted: This bill creates even more secrecy around a Federal Reserve that still refuses to be audited. It allows the Federal Reserve to make decisions about who gets what, how much money we’ll print. With no transparency. The US Cares Act gives the Fed a shroud of secrecy and it can secretly meet with Wall Street incumbents and help them with liquidity funding and never be audited. Kentucky lawmaker Thomas Massie says the bill passing was a “cover-up” and the “biggest mistake in American history.” Unnecessary Spending, Pork Barrel Funding, and Secret Monetary Policy Americans May Never Learn About Unless They Read the Bill In addition to the vote discrepancies, the CARES Act’s pages indicate that Massie’s arguments are correct. The act contains massive amounts of money that go toward unnecessary spending and the section that gives $1,200 to taxpayers, is the smallest section within the entire bill. The bill shows that the CARES Act allows a special central bank fund for $484 billion that “shall be available to make loans and loan guarantees.” There is zero oversight for this new slush fund and it provides the Fed with the ability to facilitate investments for the purpose of “providing liquidity to the financial system” under a shroud of secrecy. Columnists Pam Martens and Russ Martens disclosed that the bill allows the Fed to fund Wall Street in secret and create Special Purpose Vehicles (SPVs). SPVs are entities built to curb extremely risky investments (like buying Bear Stearns stocks in 2007) and White House Economic Adviser Larry Kudlow noted that SPVs will add “$4 trillion in Federal Reserve lending power.” Americans grew tired of the Wall Street bailouts and protested the cash injections in 2007-2008. Furthermore, two years later, after the financial meltdown in 2008, Occupy Wall Street protestors took to the streets in 2012 to fight against the same financial manipulation. Essentially, with taxpayers’ funds, the Fed can use the SPV to take a 10% stake in a number of Wall Street bailouts. Martens’ report highlights the central bank can “simply keep these dark pools off its balance sheet while levering them up 10-fold.” The researchers report also adds: This could mean that the American taxpayer may never learn why it went into debt to the tune of $454 billion if no records are being maintained. Unfortunately, news publications like the Wall Street Journal, CNN, New York Times and Bloomberg are not reporting on the secrecy that has been tacked onto the CARES Act. They have reported on the $1,200 checks to appease the angry citizenry, but have failed to report on the mysterious ‘pork funds’ slipped into the stimulus bill. The Fed already created an SPV called the Commercial Paper Funding Facility (CPFF) and this move provides the Fed with the ability to provide $10 billion of credit protection to banks. Unfortunately, most Americans won’t read the 2020 Cares Act. The bill which became law on Friday contains massive amounts of ‘pork-barrel’ funding like $1 billion for the airlines recycling program, $9 million for “miscellaneous Senate expenses,” a $484 billion Wall Street slush fund, and $25 million to fund the Kennedy Center and for the National Endowment for the Humanities and Arts. If Americans actually read the CARES Act, they would notice that there’s $25 million set aside for the capitol building’s cleaning supplies, $25 million extra for the House of Representative’s salaries, and $315 million for diplomatic programs as well. There’s $1 billion being kept for the airlines’ recycling program, $9 million for “miscellaneous Senate expenses,” $25 million goes to the FAA, the Inspector General Office gets $5 million for salaries, $1 billion will be used for the free phone program, and $30 million will be fed to OSHA for increased regulations. Representative Thomas Massie was not lying when he said the vote on Friday was unjust and mysterious. There’s a lot of hidden treasures in the CARES Act for the Fed, Wall Street, and the precious salaries for the American bureaucracy. The Martens stress that the CARES Act strengthens the powers of the central bank and Wall Street incumbents and “ together they are an unparalleled and unprecedented threat” to the nation. Politicians are acting like heroes with this $1,200 check program, but in reality “the public deserves an honest explanation from each of them,” Martens’ report concludes. What do you think about the Cares Act’s secret funds for Wall Street and pork-barrel funding? Let us know in the comments below. The post US Lawmaker Claims Stimulus Bill Bolsters Fed Secrecy, Pork Funds, and Wall Street Bailouts appeared first on Bitcoin News. View the full article

U.S. President Donald Trump has signed into law what he calls the largest single economic relief bill in history. “At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses,” Trump said. Americans are expected to receive stimulus checks of up to $1,200 if they qualify. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It Single Biggest Economic Relief Bill in American History The president of the United States, Donald Trump, has signed the Coronavirus Aid, Relief & Economic Security (CARES) Act into law. He tweeted on Friday: I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses. U.S. President Donald Trump has signed “the single biggest economic relief package in American history,” he described. The Trump administration claims that the new law will provide direct payments to Americans, help small businesses stay open, help workers keep their jobs, provide relief for distressed industries, and provide support for health care providers. However, some people have voiced their concerns on social media, questioning how much the stimulus package will actually help them. The coronavirus crisis has caused many job losses and businesses to shut down. Last week, unemployment claims skyrocketed to a record 3.3 million. Some also blame Trump for not taking action against the coronavirus outbreak early on, downplaying the crisis, and overpromising the cure. Coronavirus Stimulus Checks — How Much and When The Coronavirus Aid, Relief & Economic Security Act gives money to individuals and families as well as financial aid for American businesses and industries suffering as a result of the coronavirus outbreak. Some of the most heavily-asked questions regarding the stimulus bill concern when the relief checks will arrive. Americans want to know how and when they will get their stimulus checks. “This legislation provides tax free payments — treated as a refundable tax credit,” explained The White House. The plan is expected to benefit all U.S. residents or citizens, regardless of their employment status. How much they will receive depends on their tax filing. The total amount of their stimulus checks will be based on the adjusted gross income shown on their 2019 federal tax returns or the previous year if they have not filed their taxes this year. The Trump administration claims that the new law will provide direct payments to Americans, help small businesses stay open, help workers keep their jobs, provide relief for distressed industries, and provide support for health care providers. “$300 billion in direct cash payments will be available to every American citizen earning less than $99,000 per year,” The White House explained. Individual U.S. tax filers with a social security number and an adjusted gross income (AGI) of less than $75,000 will receive the full amount of $1,200. The amount received will decrease as their AGI increases. Heads of households will also receive the full amount of $1,200 if their AGI is less than $112,500. Married couples filing jointly will receive the full amount of $2,400 if their AGI is below $150,000. All filers with children 16 years old or younger will receive an additional $500 per child. For example, a family of four may be eligible to receive a $3,400 check. High-income earners do not qualify to receive stimulus checks, as the amount is completely phased-out for single filers with incomes exceeding $99,000, $146,500 for head of household filers with one child, and $198,000 for joint filers with no children. The law will also extend jobless benefits to those not normally covered, such as freelancers and workers in the gig economy. It also intends to provide loans and tax breaks to companies impacted by covid-19. As for when the stimulus checks will arrive, Treasury Secretary Steven Mnuchin said that he expects Americans to receive direct payments within three weeks if they have a direct deposit set up with the Internal Revenue Service (IRS). If not, the government will mail them a check. According to the IRS, the government will automatically send the money to any tax filers who qualify. Meanwhile, the IRS has extended the tax filing deadline this year from April 15 to July 15. What do you think of this economic relief bill? Let us know in the comments section below. The post Trump Signs Largest Relief Bill in US History: When Will Americans Get Stimulus Checks appeared first on Bitcoin News. View the full article

Bitmain cofounder Jihan Wu’s recent interview discusses some of his predictions concerning the future of bitcoin, mining, the bitcoin halving, and the cryptoconomy. Despite the coronavirus outbreak and its effect on the global economy, Wu is optimistic and he believes the modern central banks’ loose monetary policy infecting the world will bolster the value of financial technologies. Also read: Market Update: Slew of Unknown Coins Has Seen Considerable Gains Since ‘Black Thursday’ Slow Growth and Bitcoin’s Price Top The cofounder of Bitmain, one of the largest ASIC mining rig manufacturers worldwide, believes that cryptocurrencies show great promise in the midst of the current economic storm. According to a recent interview published on Friday, Bitmain’s Jihan Wu had said he was positive about the future of digital currencies like bitcoin. Wu explained that the recent bailouts and central planners’ stimulus injections could make digital currencies more valuable. During the discussion, Wu noted that the price of bitcoin also has a top and at times growth will be slower. Bitmain’s CEO Jihan Wu discussed his thoughts about the future of the cryptoconomy, bitcoin mining, and the bitcoin halving. Wu also discussed cryptocurrencies like ethereum (ETH) and bitcoin cash (BCH) as well. “As bitcoin’s market cap grows, its volatility decreases and becomes more stable,” Wu detailed. “That means we may not see abrupt spikes in its price. No matter how high bitcoin goes, one day it will reach a top. Before that, it will see prices [with] flatline growth with some twists in the next few years.” Wu also said: I think the bull this time around may not come immediately after the halving. There likely will be a delay in time. In 46 days on or around May 13, 2020, the BTC blockchain will experience the third reward halving. Many crypto proponents believe the halving will push the price of BTC up either right before the event or after. Next-Gen Miners, Safehaven Status, Bitcoin Cash, and Ethereum Wu then detailed that he doesn’t think bitcoin can act as a “safe haven in a volatile world.” “However, bitcoin and the financial markets, in my eyes, are a bit like the relationship between a surfboard and wave. How well you can surf depends on your skills,” Wu remarked. Further, Wu discussed the latest round of next-generation miners Bitmain recently revealed. Bitmain unveiled two bitcoin miners with max speeds up to 110TH/s per unit on February 27. The mining manufacturers cofounder believes these next-generation miners will serve the market for at least 3-4 years. Bitmain’s CEO also said that bitcoin cash (BCH) is a promising project and he is of the opinion that “overly ambitious goals should be put on hold.” “Keep the technical architecture simple and the community united,” he added. As far as ethereum (ETH), Wu also was positive about the crypto’s outlook, but said developers should put less concern in removing proof-of-work and focus more on progressing the technology forward. What do you think about Bitmain cofounder Jihan Wu’s recent interview? Let us know in the comments section below. The post ‘Bull Run May Not Come Immediately After Bitcoin Halving,’ Says Bitmain’s Jihan Wu appeared first on Bitcoin News. View the full article

Following the approval of a regulatory framework for cryptocurrencies by the South Korean government, one of the largest banks in the country is preparing to launch a range of crypto services. KB Kookmin Bank has applied for trademark registration, reportedly listing over 20 crypto services on its application. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It KB Kookmin Bank Registers Trademark for a Wide Range of Crypto Services One of the largest banks in South Korea, KB Kookmin Bank has filed a registration application to trademark “KBDAC.” Local news outlet Digital Today reported on Friday that the bank listed over 20 crypto services on its application, adding that trademark registration can take between six months and two years in South Korea. The bank’s filing with the Korean Intellectual Property Office dated Jan. 31 details a number of crypto services, including trading, financial reporting, asset management, consulting, advisory, over-the-counter brokerage, and custody. KB Kookmin Bank, one of the largest banks in South Korea, has filed a trademark registration application for crypto businesses. The bank has reportedly listed in its application over 20 areas of crypto services. A KB Kookmin Bank official explained that KBDAC is related to the bank’s collaboration with blockchain company Atomrigs Lab Inc., announced in June last year, the publication conveyed. However, the official did not reveal the service launch date. Meanwhile, the bank has also been actively exploring various use cases of blockchain technology. South Korea Approves Crypto Regulation KB Kookmin Bank’s move coincides with the passing of a revision to the Act on Reporting and Using Specified Financial Transaction Information. This bill, introduced in November last year, passed the National Assembly on March 5 and the South Korean government approved its revision on March 17. The bill to regulate cryptocurrencies in South Korea passed the National Assembly on March 5 and its revision was approved by the government on March 17. Under the new law, South Korean cryptocurrency exchanges must use the real-name system by partnering with a financial institution that can provide this service. Banks will be obligated to conduct customer due diligence on the crypto businesses they deal with, ensuring proper reporting to the Korea Financial Intelligence Unit (KOFIU). “The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be given a six-month transition period to report to the KOFIU,” South Korea’s top financial regulator, the Financial Services Agency, explained. “This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.” Do you think many South Korean banks will start offering crypto services? Let us know in the comments section below. The post Major South Korean Bank Prepares to Launch Crypto Services as Government Green-Lights Regulation appeared first on Bitcoin News. View the full article

The Monetary Authority of Singapore has granted an exemption from holding a license to a number of cryptocurrency companies operating in the country under the new Payment Services Act. Among the companies benefiting from this six-month grace period are Binance, Coinbase, Gemini, Bitstamp, Luno, Upbit, and Wirex. Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About It License Exemption Under Payment Services Act Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), published this week a list of companies that have been granted an exemption from holding a license under the Payment Services Act (PS Act) 2019 for a specified period of time. The Act went into effect on Jan. 28; it regulates crypto service providers in Singapore. Crypto companies that were already in business prior to the commencement of the Payment Services Act were required to notify the MAS of their businesses and have been granted a license exemption. The authority emphasized: These entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services. The Monetary Authority of Singapore has granted a license exemption to hundreds of companies, including cryptocurrency firms that were in business prior to the commencement of the Payment Services Act. Companies that failed to notify the central bank are in breach of the notification requirements under the new regulation, the MAS noted. These entities are neither licensed nor exempt from holding a license to provide specific payment services, including crypto services, the regulator confirmed. 6-Month Grace Period The Payment Services Act classifies “specific payment services” into six types. They are account issuance service, domestic money transfer service, inward cross-border money transfer service, merchant acquisition service, e-money issuance service “where the total float held by the e-money issuer does not exceed $30,” and “digital payment token service.” Cryptocurrency services fall under the digital payment token service category. Cryptocurrency service providers are among the 192 companies offering “digital payment token service” that have been granted the license exemption. Among them are Binance, Coinbase, Upbit, Bitgo, Gemini, Wirex, and Ledgerx. Companies providing digital payment token services are exempt from needing a license to operate for six months from the commencement of the Act, a period which ends on July 28, the MAS confirmed. Companies providing other types of services defined in the Act can keep operating without a license for 12 months from the Act’s commencement or until Jan. 28, 2021. Among cryptocurrency companies that must comply with the new Payment Services Act by July 28 are Binance Asia Services, Bitcoin Exchange, Bitcross, Bitstamp, Coinbase, Coincola Singapore, Kryptos-x, Luno, Payward, Quoine, Ripple Labs Singapore, Upbit Singapore, and Zipmex. Crypto companies that are able to provide other services in addition to crypto ones include Bitgo Singapore, Gemini Trust Company, Ledgerx, Paxos Global, and Wirex. The complete list can be found here. The MAS clarified: The exemption will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant. What do you think of the MAS’ six-month exemption? Let us know in the comments section below. The post Singapore Allows Crypto Companies to Operate Without a License for 6 Months appeared first on Bitcoin News. View the full article

Plaintiffs in the class action lawsuit against Ripple Labs have filed another litigation complaint against Ripple CEO Brad Garlinghouse. The news follows the recent court judgment that denied Ripple Lab’s attempt to get the case dismissed. Also read: Market Update: Slew of Unknown Coins Has Seen Considerable Gains Since ‘Black Thursday’ Plaintiffs Accuse Ripple Labs CEO of Selling XRP After Telling the Public He Was ‘Long XRP’ On March 25, the plaintiffs suing Ripple Labs filed an amended complaint with the court against the company’s CEO Brad Garlinghouse. According to the court filing, Garlinghouse told the public a few statements during interviews and on Twitter that ostensibly favor the plaintiff’s side of the argument. The document notes that the CEO told people on Twitter and in the media that he was holding and “long XRP,” but the plaintiffs believe Garlinghouse was selling the token regularly. The complaint filed on Wednesday reads: Ripple’s CEO, Brad Garlinghouse, has also been a vocal advocate for investing in XRP. In a December 14, 2017 interview with BNN, when asked if he is personally invested in XRP, the CEO stated ‘I’m long XRP, I’m very, very long XRP as a percentage of my personal balance sheet. However, despite Garlinghouse explicitly saying that in public, the plaintiffs believe the CEO was instead dumping lots of XRP on the open market for USD and other assets. They believe retail investors were damaged by these alleged actions and Ripple Labs employees had knowledge of these instances, the plaintiffs further claimed. “Rather,[Garlinghouse] was dumping XRP on retail investors in exchange for dollars and other cryptocurrencies,” the complaint adds. “Defendants had exclusive or superior knowledge of material information regarding Garlinghouse’s XRP sales but omitted it from their representations to investors…Accordingly, Garlinghouse’s statement was a misrepresentation and omission of material fact to investors.” Lawsuit Claims XRP Is Centralized and a Security Essentially, the plaintiffs suing Ripple Labs also believe that the firm advertised XRP as a utility token for the network but the company is accused of simply using XRP for revenue. Other than making revenue, the plaintiffs say that XRP is basically a security token and other products like Ripplenet and Xvia are simply smoke and mirrors with no real value. Ripple Labs and Garlinghouse have denied all of these accusations against them and have tried to get the case dismissed. In addition to the plaintiff’s attempt to get a jury trial, the case questions whether or not XRP is a security. The plaintiffs wholeheartedly believe that XRP is a security and the entire project is centralized. For instance, the plaintiffs further highlight that the Ripple Labs XRP product manager, Warren Paul Anderson, tweeted frequently about XRP’s centralization issues. “On January 9, 2018, Anderson tacitly admits that the XRP Ledger remains centralized, tweeting that the ‘[N]ew XRP Ledger (rippled) 0.81.0 release gets us one step closer to executing on our aforementioned decentralization strategy,’” the complaint notes. What do you think about the class-action lawsuit against Ripple Labs? Let us know in the comments below. The post Ripple CEO’s Public Statements About XRP Token Under Fire in Class-Action Lawsuit appeared first on Bitcoin News. View the full article

Southern Vermont-based hip-hop artist, Krypto Man, has released a new single called “#Freeross” in hopes to get Ross Ulbricht released from prison. Krypto Man is a well known rapper on the east coast and revenue from the song will be donated to the nonprofit Freeross.org. Ross Ulbricht has also gathered more than 279,000 signatures so far for his clemency petition hosted on the website Change.org. Also read: While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs Vermont Hip Hop Artist Krypto Man Drops a New Single Called #Freeross The well known Vermont rap artist, Krypto Man, has released a new song about Ross Ulbricht’s prison sentence and how he would like to see Ulbricht set free. The track is called “#Freeross” and the song’s lyrics demonstrate how Krypto Man believes Ulbricht’s double life sentence is extremely harsh. Ross Ulbricht was sentenced to double-life without the chance of parole for his participation with the Silk Road marketplace. Krypto Man, whose real name is Tyler Colford, believes vices are not crimes and he thinks that Ulbricht is the victim here. Vermont rapper Krypto Man has released a new single called “#Freeross” in hopes to shine a light on Ulbricht’s situation. “If there is no victim then there is no crime,” commented Krypto Man. “Check out more about Ross’s fight at Freeross.org,” he told his followers. The hip hop recording artist is well known in southern Vermont for his contributions with the rap group Jynxinc as well. But since Krypto Man stepped out on his own, he believes it’s time to show his feelings about what has happened to Ulbricht. The track that discusses pardoning Ulbricht was released by the independent record label Machete Ish Records. Revenue from Krypto Man’s Single Will be Donated to Freeross.org – Ulbricht Gathers 279K Signatures A Machete Ish spokesperson explained that the record label is focused on grassroots movements and a “local tight-knit community.” “The response to the early releases from Machete Ish, featuring Krypto Man, have been passionate so far and this single “#Freeross” is expected to be no exception,” the record label detailed. Meanwhile, the clemency for Ross petition is nearing 300K signatures, as signatures gathered so far add up to around 279,000+. The petition asks the President of the United States, Donald Trump to commute Ross Ulbricht’s unjust sentence. The latest hip hop single released by Krypto Man intends to shine more light toward Ulbricht’s situation and get more people to fight for his freedom. “All funds raised by the new song, which has an information-packed introduction about the situation, a pounding beat, and showcases Krypto Man’s unique, conscious word-flow, will be going towards the non-profit Free Ross Foundation,” the announcement added. What do you think about the rap song “#Freeross” by Krypto Man? Let us know in the comments below. The post Vermont Rapper Releases Hip Hop Track ‘#Freeross,’ Ulbricht Petition Nears 300K Signatures appeared first on Bitcoin News. View the full article

According to data sites and a number of observers, bitcoin miners are selling coins faster than they can produce them. Ever since the market downturn on March 12 and the week of falling prices that followed, bitcoin miners have been struggling. Also read: Bitcoin Hashrate Down 45% – Miners Witness Second-Largest Difficulty Drop in History Miners Sell More Bitcoin Than They Generate On March 26, news.Bitcoin.com reported on how miners witnessed 45% of the overall hashrate shaved since Feb. 29 and miners also dealt with the second largest difficulty drop in history. Now according data from the analytical crypto website bytetree.com’s generation vs. first spend chart shows that bitcoin miners are selling a lot more than they are generating. There’s been a big shift since 3-6 months ago, when miners looked as though they were hoarding in preparation for the upcoming reward halving. Those hoards saved six months ago maybe keeping mining operations afloat, while they sell fresh coinbase rewards today. Question: Who on Earth is crazy enough to be selling #bitcoin now? Answer: Miners. Relax, they're making money and spreading bitcoin to the world. Soon they'll have half as much to sell each day. 4 years later, they'll have half as much again — Arman The Parman (Bitcoin Moses) (@parman_the) March 25, 2020 Since then, however, statistics show that BTC prices jumped from $3,800 per coin to $6,700 on March 26. During more than 80% of that time period, miners sold way more coins than what they are producing at today’s issuance rate. Some bitcoiners think the shift is a “bullish” signal, while others think this belief is pure “hopium.” Bytetree.com’s data reveals when the coins were first generated and the period of time that follows from when those same bitcoins are spent. Even though the price is one of the largest factors within the mining industry, most people don’t understand that there’s a great number of operations that used leveraged borrowing to mine bitcoins last year. Some mining operations that borrowed to fund their operations were probably liquidated and likely contributed to the 45% hashrate loss. Bytetree.com’s generation vs. first spend chart. A great example of miners losing out is how the mining operation Digital Farms shut down indefinitely due to the economic carnage caused by the covid-19 outbreak. “Digital Farms’ cryptocurrency mining operations have been suspended indefinitely, primarily due to the sharp decline in the market price for bitcoin,” the announcement reads. A Few Observers Believe Miner Sell-Off Is a Bullish Sign Since ‘Black Thursday’ began and up until today, a large swathe of smaller mining operations shut down. This is because, during the last two years, financial services have appeared that allow mining operations to borrow capital and mining rigs in an attempt to profit later. Instead of helping miners curb risk and profit, lenders liquidated these miners who could not pay their loans after the big price dip. Charlie Morris, bytetree.com’s founder believes that the situation is bullish for bitcoin and tweeted about the current events on Wednesday. Morris tweeted: Bitcoin miners today sold 2,788 against 1,588 mined. Slamming the market, yet the market takes it. That is bullish. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. “47 days until selling pressure from miners cuts in half,” another individual tweeted observing the miners sell-off. “This is the primary source of sell pressure on the price of bitcoin — Time to drop some ballast and see how high we fly,” he added. Further, not too long ago the crypto firm Tradeblock published a research report that estimates BTC prices need to be at least $12,500 by the time the network halves. Otherwise, miners will suffer a whole lot more than they are today, because revenues will be chopped in half instantly. What do you think about miners selling bitcoins faster than they can create them? Let us know in the comments below. The post Bitcoin Miners Are Selling Coins Faster Than They Can Generate Them appeared first on Bitcoin News. View the full article

Due to the advancement of cryptocurrency and the widespread of gift cards in the Nigerian market, Prestmit, a Nigerian platform, now provides the absolute solution that gift cards and bitcoin enthusiasts within and outside the country have been looking forward to. Talking to the CEO of Prestmit, the firm ensures that customers get credited in less than 5 minutes as the payment system is automated, adding that such feat has seen the two-year-old company boast of over a thousand daily transactions. “We have observed that the best way to grow the business is in one word — trust. And over time, we have created trust in our existing and potential customers and given them assurance. As a matter of fact, we have built a large customer base over the past two years on Whatsapp and Telegram. Now we have set up an automated platform, it can only get better.” he says. Users can now sell gift cards on Prestmit within 5 minutes, not limited to that, the innovative service also allows users to buy gift cards and pay in local currency or bitcoins. At the same time, users can exchange bitcoins, buy airtime and pay cable bills, all in one platform. Best of all, the payment process on the platform is instant as it has partnered with financial institutions to send payments automatically, immediately as it is requested. This gives users a level of guarantee that they get to trade at any time and also receive payment instantly, without hassle. Speaking at the launch of the new service in Lagos, the CEO said they would continue to do things differently, question the norms, come up with innovations tailored to make life easier for bitcoin and gift card traders in Nigeria. Conclusively, this is a great development from the Prestmit team, judging by the arrangement of things, no one will be surprised if they take over the gift cards and bitcoin market in Nigeria soon. Prestmit Contact Info Whatsapp/Telegram – 07026290389 Contact Email Address Support@prestmit.com Supporting Link https://prestmit.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 Prestmit, A Platform For Nigerians To Buy & Sell Gift Cards And Bitcoins appeared first on Bitcoin News. View the full article

The cryptocurrency economy has been slowly rising toward a $200 billion market capitalization again following the grueling global market carnage that started on March 12. Most of the top ten cryptos are closer to the prices they held before ‘Black Thursday’ and there’s also a slew of unknown coins that have seen considerable gains so far. Also read: While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs Unknown Crypto Coins Shine During the Last 30 Days The entire market valuation of all 5,000+ digital assets has been hovering between $180-195 billion as a number of cryptocurrencies have been consolidating. Not too long ago digital currencies took an extreme hit as global markets worldwide shuddered on March 12, 2020, otherwise known as ‘Black Thursday.’ 15 days later, crypto prices have regained some strength and roughly $25-30 billion has been added to the entire cryptoconomy. The top ten coins have done well but there’s a ton of unknown digital currencies moving up the ladder with great speed. In fact, a considerable number of cryptos have gained 50-1,520% in the last 30 days. After March 11, 2020, $50 billion was shaved off of the cryptoconomy. The overall valuation of all 5,000+ coins in existence has been steadily moving up toward the $200 billion level. Ti-value (TV) has gained a massive 1,520% in the last 30 days and the coin has gathered over 2,000% against BTC. The fork monero classic (XMC) is up 546% in 30 days. Streamr (DATA) is up 191%, mir coin (MIR) 190%, datum (DAT) 185%, cybervein (CVT) 139%, Numeraire (NMR) 119%, mktcoin (MLM) 94%, cloudbbric (CLB) 63%, and aditus (ADI) gained 62% in the last 30 days. All ten of those coins are Friday’s biggest gainers as all of them have gained far more value than the top ten contenders. A list of 10 gainers and losers on March 27, 2020. Markets.Bitcoin.com has a comprehensive section dedicated to the biggest gainers and losers in crypto. 30-Day Biggest Losers and the Top Ten Standouts Friday’s biggest 30-day losers include coins like super bitcoin (SBTC) which lost 94% in 30 days. Other big losers include kicktoken (KICK) 85%, bolt (BOLT) 80%, vouchforme (IPL) 77%, sophiatx (SPHTX) 75%, hydro protocol (HOT) 75%, and the mercury protocol (MER) 75%. Other notable losers are coins like 0xert (ZXC) 73%, 1world (1WO) 70%, and robotina (ROX) which is down 70% for the month. The top ten cryptocurrency market cap according to markets.Bitcoin.com. As far as the top ten is concerned, since ‘Black Thursday’ most coins still trade around 15-35% lower compared to before the carnage started. The biggest winner out of the top ten is bitcoinsv (SV) which is only down 15% since the market downturn started. BTC is down 16%, ETH 32%, XRP 19%, BCH 16%, LTC 20%, EOS 25%, BNB 23%, and XTZ has lost 35% since March 11. What do you think of the recent crypto winners and losers? Let us know in the comments below. The post Market Update: Slew of Unknown Coins Has Seen Considerable Gains Since ‘Black Thursday’ appeared first on Bitcoin News. View the full article

Cryptocurrencies are being used to help fight the global coronavirus pandemic. Crypto companies are doing their part to provide coronavirus aid to countries, hospitals, and people suffering from covid-19. A coronavirus relief campaign, a Red Cross bitcoin fundraiser, and an investment fund are some coronavirus relief initiatives involving cryptocurrencies. Also read: 2x Bitcoin – Wanna Double Your BTC to the Moon? Forget About It Coronavirus Relief Campaign by Binance The coronavirus pandemic has caused a worldwide panic. Many countries are struggling to come up with an appropriate aid package or a coronavirus relief bill as the number of covid-19 cases spikes. Not sitting on the sideline, crypto companies are doing their part to help. Blockchain-powered donation platform Binance Charity initiated a $5 million coronavirus relief campaign on Wednesday. At press time, its “Crypto Against Covid” campaign has received 24 donations, amounting to a total of 160.6306 BTC, its website details. A wallet has been set up for public donations, which can be made in BNB, BTC, BUSD, and XRP. Binance explained that it will make an upfront donation of $1 million in BUSD, which will be converted to fiat and used to purchase supplies to send to hospitals in affected countries. Binance Charity has launched a coronavirus relief campaign called “Crypto Against Covid” with an initial upfront donation of $1 million in BUSD. Binance is also matching donations up to $1 million. “Your $10 donation becomes $20,” the company tweeted. “Help fight coronavirus worldwide, starting with Italy, the USA, Spain and Germany.” Furthermore, the company will donate $1 for every retweet of its #CryptoAgainstCovid posting, and will donate an additional $1 million if the number of retweets reaches 1 million within seven days. According to its website, as of March 20, Binance Charity has delivered a number of coronavirus aid products to over 300 hospitals and medical teams in multiple provinces and cities, including Hubei, Sichuan, Guangxi and Shanghai. The items delivered include 366,000 pairs of gloves, 56,800 masks, 9 sterilizers, 173 barrels of disinfectant, 5,280 bottles of hand sanitizers, 20,000 testing kits, 7,850 protective suits, 20,000 pairs of goggles, 388 oxygen concentrators, and 1000 germicidal lamps. Italian Red Cross Bitcoin Fundraiser One of the countries heavily hit by the coronavirus outbreak is Italy, where the rapid rise in covid-19 cases has created a national health emergency. Helperbit, a P2P national disaster aid provider, announced on March 12 that the Italian Red Cross’ Colli Albani Committee had launched a bitcoin fundraiser to handle coronavirus emergencies. The funds raised will be used to “purchase and set-up a second level Advanced Medical Post [AMP] for pre-triage of covid-19 cases,” the announcement details. “The target of €10.000 [$10,972] will be used to purchase the core infrastructure and medical equipment for the project. Any surplus will be used to provide medical staff with the personal protection they need.” At press time, this Italian Red Cross bitcoin fundraising campaign has received a total of 77 donations, surpassing its original goal of €10,000. On March 15, the project reached its goal of €10,000. “We don’t stop here, we reopen the fundraising campaign with a new goal: to complete the AMP core structure with the accessories necessary for emergency operations, such as a defimonitor (a defibrillator with vital signs monitor),” the campaign page describes. “Regarding the second level Advanced Medical Post for covid-19 pre-triage, we are proceeding with the purchase of the material to be ready for its deployment in the local area.” “We need to ease the pressure in hospitalizations, as the number of infected people is increasing and there is a reduced number of available places within hospital facilities,” said Bruno Pietrosanti, president of Italian Red Cross’ Colli Albani Committee. He elaborated: We believe that an innovative fundraising tool like bitcoin can help us find the necessary economic resources, that are very difficult to obtain in this historical moment. Corona Fund Index Cryptocurrency Another example of a coronavirus relief initiative involving cryptocurrency is the Corona Fund Index Cryptocurrency (CFIX) launched by global software company Hashcash Consultants. “Inversely backed by the S&P500 market index, CFIX allows traders to profit even on a bear market,” Hashcash claims, adding that 90% of the CFIX trading fees will go to the company’s Corona Relief Fund. “The proceeds are then donated to nonprofits actively battling the covid-19 crisis.” Hashcash Consultants has launched the Corona Fund Index Cryptocurrency (CFIX) to raise funds to help people and organizations affected by the covid-19 outbreak. The cryptocurrency will be listed on Hashcash’s U.S.-based crypto exchange, Paybito. It is scheduled to start trading against tether (USDT) on April 2. Emphasizing its goal “to prevent the depletion of resources required for the development of advanced treatments, vaccines, and drugs,” the company elaborated: Hashcash is raising funds to help all those affected by the novel coronavirus across geographies and provide financial aid to nonprofits and research organizations. Recently, Hashcash Consultants announced that it plans to invest $10 million in the recently revived Indian crypto industry this year. According to its website, the company has a presence in 26 countries and more than 100 enterprises use its products, such as for retail remittances, corporate payments, trade finance and payment processing. What do you think of these coronavirus relief efforts? Let us know in the comments section below. The post Coronavirus Relief: Cryptocurrency Aid Programs Launched to Combat Covid-19 Outbreak appeared first on Bitcoin News. View the full article

The U.S. has charged 14 high-ranking officials of the Venezuelan government, including President Nicolas Maduro, with “narco-terrorism, corruption, drug trafficking and other criminal charges.” The U.S. government is offering rewards of up to $15 million for any information leading to the arrest or conviction of Maduro. Also read: 2x Bitcoin: Wanna Double Your BTC to the Moon? Forget About It US Charges Maduro and Other Top Venezuelan Government Officials The U.S. Department of Justice (DOJ) announced on Thursday that 14 high-ranking Venezuelan officials, including President Nicolas Maduro Moros, have been charged with “narco-terrorism, corruption, drug trafficking and other criminal charges.” They allegedly partnered with the Fuerzas Armadas Revolucionarias de Colombia (FARC), Colombia’s largest rebel group, to “flood” the U.S. with cocaine, according to the Justice Department. The 14 top officials charged include Venezuela’s Vice President for the Economy Tareck El Aissami, Minister of Defense Vladimir Padrino Lopez, and Chief Supreme Court Justice Maikel Moreno. Noting that the Venezuelan regime “remains plagued by criminality and corruption,” U.S. Attorney General William P. Barr said: For more than 20 years, Maduro and a number of high-ranking colleagues allegedly conspired with the FARC, causing tons of cocaine to enter and devastate American communities. The notice published by the U.S. Department of Justice listing the 14 top Venezuelan officials charged, including President Nicolas Maduro. According to the allegations shown in the indictment, other court filings, and statements made during court proceedings, Maduro and several other officials have acted as leaders and managers of the Cártel de Los Soles since at least 1999. They allegedly facilitated the importation of tons of cocaine into the United States. Claiming that “Maduro very deliberately deployed cocaine as a weapon,” Attorney Geoffrey S. Berman affirmed that the government “will not allow these corrupt Venezuelan officials to use the U.S. banking system to move their illicit proceeds from South America nor further their criminal schemes.” U.S. Attorney Ariana Fajardo Orshan claims that “Over the last decade, corrupt Venezuelan government officials have systematically looted Venezuela of billions of dollars.” They often used South Florida banks and real estate to conceal and perpetuate their illegal activity, she described. “As the recent charges show, Venezuelan corruption and money laundering in South Florida extends to even the highest levels of Venezuela’s judicial system,” the attorney elaborated. The Justice Department alleges that, for more than 20 years, Maduro and a number of high-ranking colleagues conspired with the FARC, causing tons of cocaine to enter the U.S. Venezuelan Superintendent of Cryptocurrency Also Charged A separate indictment unsealed on Thursday charges 33-year-old Joselit Ramirez Camacho, Venezuela’s Superintendent of Cryptocurrency (Sunacrip), with a series of crimes relating to efforts to evade sanctions. The indictment alleges that from February 2017 to March 2019, the superintendent worked with U.S. persons and U.S.-based entities to provide private flight services for the benefit of Maduro’s 2018 presidential campaign, in violation of the sanctions targeting Maduro. Sunacrip is Venezuela’s main regulator of cryptocurrencies, including the petro, the country’s national digital currency. The DEA’s Special Operations Division Bilateral Investigations Unit, New York Strike Force, and Miami Field Division conducted the investigation. Alysa D. Erichs of the Homeland Security Investigations (HSI), an investigative arm of the U.S. Department of Homeland Security, commented: Today’s announcement highlights HSI’s global reach and commitment to aggressively identify, target and investigate individuals who violate U.S. laws, exploit financial systems, and hide behind cryptocurrency to further their illicit criminal activity. The Department of Justice’s reward notice for Maduro (left) and a wanted notice for Tareck El Aissami. Nicolas Maduro has been charged by the U.S. along with a number of other high-ranking officials of the Venezuelan government. The U.S. Department of State is offering rewards of up to $15 million for information leading to the arrest or conviction of Maduro. $15 Million Bounty for Maduro According to Thursday’s announcement by the Department of Justice: The U.S. Department of State, through its Narcotics Rewards Program, is offering rewards of up to $15 million for information leading to the arrest and/or conviction of Maduro Moros. The Department of State also offers up to $10 million for information leading to the arrest and/or conviction of Tareck El Aissami, Cliver Alcala, Diosdado Cabello, and Hugo Carvajal, and up to $5 million for information leading to the arrest and/or conviction of Luciano Marín Arango aka “Ivan Marquez,” a member of the FARC’s Secretariat. Maduro has been charged with participating in a narco-terrorism conspiracy and conspiring to import cocaine into the U.S. The former carries a 20-year mandatory minimum sentence, while the latter carries a 10-year mandatory minimum sentence. The Venezuelan president is also charged with using, carrying, and conspiring to use and carry “machine guns and destructive devices during and in relation to, and possessing machine guns and destructive devices in furtherance of, the narco-terrorism and cocaine-importation conspiracies.” It carries a 30-year mandatory minimum sentence. All charges carry a maximum sentence of life in prison. What do you think of the U.S. indicting Maduro for drug trafficking? Let us know in the comments section below. The post $15 Million Bounty on Maduro: US Charges Venezuelan President With Narco-Terrorism and Drug Trafficking appeared first on Bitcoin News. View the full article

Bitcoin’s hashrate has plummeted 45% since the record-breaking levels it saw on Feb. 29. The hashrate touched an all-time high of 136 exahash per second (EH/s) but has since dropped to 75 EH/s. Moreover, the crypto network has seen the second-largest difficulty drop since October 2011. Also read: While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs Bitcoin Hashrate Declines 45% Since All-Time High The latest cryptoconomy price shift has capitulated a number of small mining operations and BTC’s overall hashrate has dropped 45% in 30 days. The price drop stemmed from the looming economic crisis scaring the entire world and BTC is hovering between $6,600-6,850 per coin. On Feb. 29, the network’s hashrate spiked to the highest level ever captured, reaching 136 EH/s. But during the last 30 days and especially since the infamous “Black Thursday” on March 12, BTC’s hashrate dropped to a low of 75 EH/s. Statistics show that miners paying above $0.05 per kilowatt-hour (kWh) are not seeing the best profits. Naturally, this has caused some operations to shut off miners, as they hope to re-enter when the price gets better. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. Second-Largest BTC Difficulty Drop Miners leaving the system and the hashrate dropping 45% have caused the second largest BTC network difficulty drop since 2011. Basically, the network’s difficulty is a measure of how hard it is to find the hash beneath a specified target. The drop was around 15.5% after the difficulty went from 16.5 trillion to 13.9 trillion on Thursday. BTC’s difficulty is based on a two-week interval or 2,016 blocks, but it’s also affected a great deal when a large number of mining operations stop mining. The last times BTC saw such a drastic difficulty dip were in December 2018 (15%) and October 2011 (around 18%). The price drop BTC experienced last week was the worst in years and it wasn’t nice for miners hoping for a bull run. Meanwhile, with the difficulty so low, a few crypto observers have noticed a lot more miners bouncing back and forth between the BCH and BTC networks. Both blockchains will see a block reward reduction during the next month and a half, as BCH will halve in 12 days on or around April 8. BTC will see its block subsidy chopped in half around 48 days from now on or around May 13. What do you think about BTC’s hashrate dip and the plummeting network difficulty? Let us know in the comments section below. The post Bitcoin Hashrate Down 45% – Miners Witness Second-Largest Difficulty Drop in History appeared first on Bitcoin News. View the full article

While Onecoin’s crypto queen Ruja Ignatova remains at large, U.S. resident Mark Scott is trying to get his verdict acquitted after being accused of helping Onecoin leaders, including Ignatova, launder money and commit fraud. Also read: ‘What Bitcoin Did’ – Scanning the Hottest Cryptocurrency Keywords and Google Searches NYSD prosecutors Cite Strong Evidence Against Lawyer Mark Scott Filings from the New York Southern District Court (NYSD) reveal that the federal government’s prosecutors are not buying former attorney Mark Scott’s story. Scott used to work for the law firm Locke Lord but has recently been tried for allegedly helping Onecoin leaders launder $400 million in the British Virgin Islands. Ostensibly Scott worked with Ruja Ignatova otherwise known as the crypto queen and NYSD prosecutors allege he’s helped Onecoin associates since 2016. Last December Scott extended his motion to appeal while being on house arrest and recently filed for an acquittal. U.S. resident and former Locke Lord LLP attorney Mark Scott is fighting charges against him that claim he helped Onecoin associates launder $400 million in the British Virgin Islands. NYSD prosecutors responded to Scott’s recent motion and they have asked the judge to dismiss the case due to “overwhelming” evidence against him. Scott faces 50-years in prison for the charges and he will be stripped of his attorney license as well. Federal prosecutors believe Scott knew all about the fraud. The first charge will hand down 20 years for conspiracy to commit money laundering and Scott could get up to 30 years in prison for the conspiracy to commit bank fraud. NYSD’s arguments against Scott’s acquittal indicate they are confident Scott understood the funds he managed came from the Onecoin Ponzi scheme. Crypto Queen Remains On the Run Both of Ruja Ignatova’s main partners have been arrested and are facing trial. Her brother Konstantin Ignatov was recently taken into custody in Los Angeles at LAX airport and the Sweden-based Sebastian Greenwood has been arrested as well. Mark Scott, Konstantin Ignatov, Sebastian Greenwood, and many others are being charged with defrauding millions of Onecoin investors. Meanwhile, the infamous crypto queen has been on the run for well over a year and a half now and no one’s quite sure how long Ignatova can remain on the lam. What do you think about the attorney Mark Scott and how NYSD prosecutors say the evidence against him is “overwhelming”? Let us know in the comments below. The post ‘Overwhelming Evidence’ – Prosecutors File Motion to Dismiss Alleged Onecoin Lawyer’s Appeal appeared first on Bitcoin News. View the full article

Unless you have your head in the sand, you’ve probably realized that governments and central banks can print money out of thin air and in unlimited amounts. The United States and the Federal Reserve have been creating money from nothing for years because they had exhausted all their monetary policies. Despite the fact that many Americans will be happy to get a $1,200 check from the Treasury, the move will essentially debase the U.S. dollar, reduce it’s purchasing power, and make every citizen poorer. Also read: US Real Estate in Jeopardy – Analysts Predict Housing Market Crash to 29-Year Lows The Multi Trillion-Dollar Stimulus Package The big stimulus package has been approved and the Federal Reserve and the U.S. Treasury have already funneled trillions into the hands of financial incumbents. Further, these entities plan to send direct payments to each American as well. News.Bitcoin.com reported yesterday that a 2 trillion-dollar stimulus plan was in the making and some estimates say the package could end up being upwards of $6 trillion. Essentially, there’s certain criteria Americans have to fit financially and people making $75K or less annually will get a check for $1,200. People with children will also be eligible for $500 per child under the plan. The Great Depression was made great by Hoover and Roosevelt's attempts to rescue the economy. Politicians could not resist the temptation to "help", even though their programs unnecessarily prolonged and exacerbated the Depression. Today's #stimulusbill will do far more damage. — Peter Schiff (@PeterSchiff) March 26, 2020 Unfortunately, people who are excited about this money do not understand how destructive it will be to their purchasing power. All the U.S. government is doing is copying the tactics of currency debasement used by every fallen empire before it, like the Byzantines and Romans. Moreover, a number of central banks worldwide are discussing giving checks to citizens. Financial institutions like the Bank of Canada has also promised to give Canadians $2K per resident. Canada’s biggest banks announced last week that they are offering relief to homeowners by allowing deferred payments on mortgages. However, the Canadian banks plan to just tack the deferred payment onto the back-end of the loans and profit with extra interest. U.S. banks are also planning to profit from people who can’t pay their mortgage loans on time as well by simply racking up the loan’s interest. When central banks buy a security, they pay it with money they create out of thin air. There is more money in circulation, BUT NOT MORE GOODS AND SERVICES. That’s how they debase the currency, lower its purchasing power, and make you poorer.https://t.co/JXEzHSvrS2 — Maxime Bernier (@MaximeBernier) March 25, 2020 Central banks have several methods when it comes to tweaking the monetary system like increasing the amount available for loans and removing the deposit requirement banks have to hold to remain solvent. The Fed also issues Treasury bonds so private banks and foreign investors can purchase them but this tends to increase interest rates. So instead of having to pay more money back to the lenders, the Fed buys the Treasury bonds itself in order to drop the rate. When the Fed does this scheme (quantitative easing or QE) with securities, Treasuries, bonds, and equities, the Fed is essentially creating money out of thin air to bolster the economy in the short term. This move, in turn, reduces the value of USD because there is more money than the number of products and services. To-date the U.S. government’s deficit is around $23 trillion and the interest owed plus the trillions more created essentially creates an everlasting debt vacuum. How the Money Printing Debases Currency, Causes Inflation, and Reduces Your Wealth Basic economics clearly shows that the increase of any money supply causes inflation and reduces purchasing power. The reason for this is because a spike in demand exceeds supply causing the prices for everything to jump higher. Every fallen empire and every modern government today has always inflated the money supply and the ‘just print more’ attitude has been infectious. Unfortunately, scholars and economists understand that today’s financial incumbents and U.S. politicians are addicted to selling debt to generations who are not even born yet. The last 30 years of so-called progress in America has stemmed from the revolving debt machine. Back in 2010, a group of well known economists wrote to former Fed Chair Ben Bernanke and told him how dangerous it was to continue the large-scale asset purchases (QE). “We believe the Federal Reserve’s large-scale asset purchase plan (so-called “quantitative easing”) should be reconsidered and discontinued,” the economists warned. “We do not believe such a plan is necessary or advisable under current circumstances. The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed’s objective of promoting employment.” Raising Taxes, Austerity Measures and the ‘Biggest Budget Liability’ Politicians think they can cure the disease by just raising taxes on nearly everyone under the sun, but they claim they will take from the rich and corporations. To combat the rising inflation the common solution is higher taxes and increased austerity measures. When people ask why they can’t just print as much money as they want and just remove taxes, the question will not be answered. This is because bureaucrats expect you and future generations to pay for all of the debt with interest. A recent tweet from Coinshares executive, Meltem Demirors, notes how taxation is all part of the plan. “The U.S. expects to collect close to $4 trillion in taxes in 2021. Over 75% of it comes out of our paychecks – as individual income tax and payroll tax,” Demirors tweeted on Wednesday. “Now like many people, the U.S. government spends more than it makes,” Demirors added. “Before the recent turmoil, the U.S. government’s 2021 budget was expected to have a $966 billion deficit. Since we’ve been doing this for a while, the total national deficit is $23 trillion. It’s more than the entire GDP of the US in any given year (the sum of everything produced). If you add in unfunded liabilities, the number is closer to $120 trillion. $120T = $798k per taxpayer.” The Coinshares executive added: 35% of the U.S. workforce, boomers, are set to retire in the next decade. They also account for the biggest budget liability – relying on pensions, social security, medicare – money that simply ISN’T THERE. After understanding that U.S. politicians and all governments simply print money out of thin air, many bitcoiners have opted out of the insane monetary system. This is because crypto advocates understand the importance of not only censorship-resistant money, but also a predictable, mathematical system that cannot be inflated on a whim. Central banks and the Fed like to keep the inflation rate around 2% but after the whole world just created trillions out of thin air that number is going to be much harder to control. BTC’s inflation rate, on the other hand, will be dropping to 1.8% after the halving in May. What do you think about the Fed creating trillions of dollars out of thin air causing inflation, debasing the USD, and robbing taxpayers? Let us know what you think in the comments section below. The post Printing Money from Thin Air – How the Fed Reduces Purchasing Power and Makes You Poorer appeared first on Bitcoin News. View the full article

On March 24, the Mt Gox creditors’ trustee from Tokyo, Nobuaki Kobayashi, disclosed a newly written rehabilitation plan for claimants looking to access some of the funds they lost in 2013. According to the new plan, Mt Gox claimants will get BTC and BCH assets alongside the possibility of receiving fiat currencies as well. Kobayashi’s latest document notes that other crypto assets will be “liquidated into cash,” but the draft does not disclose what types of digital currencies will be sold. Also read: Can’t Lock Down Bitcoin: Trump Ponders Halting Stock Trading, Grounding US Passenger Flights Mt Gox Claimants May See Distribution Soon At the end of 2013, digital currency proponents knew something was fishy with the crypto trading platform Mt Gox. The bitcoin community later found out that the exchange was hacked and 850,000 BTC was stolen. Later, Mt Gox CEO Mark Karpeles found 200,000 BTC ($1.3 billion using current exchange rates) in cold storage and these specific funds will be distributed to creditors. Since 2014, Mt Gox claimants have tried to get their remaining funds from the court-appointed trustee. After years of court battles and firms holding up the process, the Japan-based trustee Nobuaki Kobayashi has decided the funds will be dispersed soon. The documentation notes that the plan will follow liquidation-type proceedings and claimants will receive three types of currencies: BTC, BCH and the Japanese yen. “In this regards, the Trustee is of the view that yen currency holdings, Bitcoin (“BTC”) and Bitcoin Cash (“BCH”) holdings will be the source for distribution while all other assets such as cryptocurrencies other than BTC and BCH will be liquidated into cash to the extent possible,” Kobayashi’s document discloses. The filing notes that during the rehabilitation plan’s distribution period a “new asset might be added to the source for distribution, including the possibility of lost BTC being returned.” Kobayashi’s rehabilitation plan draft further states: However, because the Trustee cannot wait indefinitely until an acquisition of any new asset after all disputed rehabilitation claims have been determined, the Trustee’s policy will be, unless there is a high probability that new assets can be acquired within a reasonable period of time, to promptly make a final distribution and conclude the rehabilitation proceedings. Forks for Sale? It’s currently unknown which cryptocurrencies Kobayashi is speaking about when he refers to cryptos other than BTC or BCH that will be liquidated into cash. It’s possible that the trustee could be talking about the long list of smaller cap BTC forks like bitcoinsv, bitcoin private, bitcoin candy, bitcoin gold, and bitcoin atom. Kobayashi stressed the court would not “purchase additional BTC/BCH” which means what’s currently held in reserves may not be able to cover all the claims. It’s uncertain which cryptocurrencies Kobayashi might be selling for yen, but it could be a variety of forks that stem from the BTC protocol that have smaller caps than BCH and BTC but still have value. Coins like bitcoinsv, bitcoin private, bitcoin candy, bitcoin gold, bitcoin 2x, bitcore, and bitcoin atom could be sold on the open market or through an over-the-counter broker. The news follows the recent attempt by the New York-based private equity firm Fortress to buy Mt Gox claims for $755 per coin last December. In February, however, Fortress upped the ante 71% more to $1,293 per coin. Last October, the Tokyo Court and Kobayashi extended the distribution deadline to March 31, 2020. At the time of publication, the deadline is only six days away and the rehabilitation plan could be postponed again. What do you think about Nobuaki Kobayashi planning to distribute coins to Mt Gox claimants soon? Let us know in the comments below. The post Mt Gox Bitcoins: Trustee Plans to Distribute BTC and BCH, Liquidate Forks Into Cash appeared first on Bitcoin News. View the full article

On Wednesday, U.S. Congressional leaders had seemingly come up with a stimulus deal at around 1 a.m. EST. The package will cost upwards of $2 trillion and politicians are promising direct payments of $1,200 per American if they make $75,000 or less. The dollar injection will be the largest financial measure ever enacted by Congress in an effort to boost the faltering U.S. economy during one of its most challenging periods in history. Also read: US Real Estate in Jeopardy – Analysts Predict Housing Market Crash to 29-Year Lows US Lawmakers Promise $1,200 Payments to Citizens During the last week, the U.S. has been dealing with the coronavirus outbreak and the effects on the American economy. Since the virus touched American soil, politicians have been enacting executive orders like closing borders, shutting down major U.S. industries, and ordering regular citizens to stay at home. The bureaucracy’s measures have stunted the American economy and sent shockwaves through the stock market, the real estate industry, and pushed unemployment levels through the roof. Meanwhile, for a few days now, Republicans and Democrats have hashed out a stimulus plan to help businesses and citizens deal with the financial hardships they have been facing. During the early morning hours of March 25, White House legislative affairs director Eric Ueland told the media “We have a deal.” At 1 a.m. EST members of Congress supposedly penned a stimulus package that will cost around $2 trillion USD. U.S. politicians have promised American citizens a cut of that money and Wall Street will get some funds as well. Small- and medium-sized American businesses can expect their stimulus in the form of Federal loans of around $300 billion. One part of the stimulus plan includes sending money to individuals and families with an adjusted gross income of $75K or less. People within this income bracket are being promised $1,200 checks based on their 2018 income tax filings. People with children will be eligible for $500 per child and singles without children who make $99K will be ineligible. Couples without children who have an adjusted gross income of $198,000 or more will also be removed from the stimulus plan. On Tuesday, March 24, the Dow Jones Industrial Average was up 6.46% or 1,201.54, to 19,793 and the S&P 500 Index was up 5.77%, or 129.10, to 2,366.50. The Nasdaq Composite Index was up 5.38%, or 368.91, to 7,229.58 on Tuesday as well. On Wednesday, futures and the opening bell numbers indicate today’s gains are flat and the Nasdaq Composite Index is down at press time. Meanwhile, a large sum of the cash injections will be sent to bolster the airline industry and Wall Street in order to get corporations on their feet again. Financial incumbents will get “unlimited bond-buying” and three separate credit facilities from the Fed. The Fed has already been pumping trillions into the hands of private banks but the stimulus package for small- and medium-sized American businesses will come in the form of loans. The 2020 package ostensibly will create a new “main street lending program” that will offer $300 billion in financing for smaller companies in need. $4 trillion more to go. https://t.co/ZDIOlMz4zm — Sven Henrich (@NorthmanTrader) March 25, 2020 ‘Digital Dollars’ and ‘Surveillance Capitalism’ No one truly knows how all of this money will be dispersed especially when it comes to American citizens. Wall Street, U.S. hedge funds, and financiers have already had access to trillions during the last two weeks. Speculators believe the cash handout will cause major disruption in the U.S. by inciting class warfare and even more liquidity issues. Moreover, politicians are talking about introducing a “digital dollar” and privacy advocates are afraid the U.S. bureaucracy will kill physical cash in the near future. There is speculation about a Fed-based CBDC (central bank digital currency) or a stablecoin token similar to tether (USDT). During the last few two decades, the concept of “surveillance capitalism” has increased a great deal according to Shoshana Zuboff’s latest novel. Free services and cash injections from governments are responsible for the creation of surveillance capitalism and many believe the covid-19 crisis is the perfect catalyst to push the idea to new levels. Cryptocurrency advocates are not impressed by such talk as most of them understand these digital currency concepts will be nothing like the network Satoshi Nakamoto created. If a “digital dollar” is headed to a theater near you, it’s guaranteed to be privacy-invasive, crammed with KYC/AML protocols, and extremely centralized. Bitcoin, on the other hand, is the very opposite of the concepts being pushed by politicians and central bank governors. Nakamoto created a peer-to-peer electronic cash system that is permissionless by nature and was fundamentally designed to invoke economic freedom. The modern U.S. monetary system is fundamentally designed to stunt growth, pillage people’s wallets with hidden inflation, and track everyone’s financial transactions. Bitcoin.com has numerous resources available for anyone to get started learning about and using cryptocurrencies like BCH, BTC, and ETH. Our comprehensive website has a local peer-to-peer marketplace, an exchange, a fantastic gaming platform, a mining pool, cloud contracts and so much more. Check out our guides, resources, and services today. The possibility of the U.S. government changing the monetary game for parasitic ends is quite probable, especially in times of crisis. For instance, Shoshana Zuboff’s latest novel “Surveillance Capitalism” describes how free services and cash injections are the perfect onramps to monitor people’s behaviors and financial transactions without consent. “Surveillance capitalism,” she writes, “unilaterally claims human experience as free raw material for translation into behavioral data. Although some of these data are applied to service improvement, the rest are declared as a proprietary behavioral surplus, fed into advanced manufacturing processes.” Zuboff’s book further notes: Surveillance capitalists have grown immensely wealthy from these trading operations, for many companies are willing to lay bets on our future behavior. The $2 trillion 2020 stimulus package is still not set in stone as far as official approval is concerned. It very well could be stopped by certain leaders and nobody knows how Congress plans to execute the delivery of these funds, as settlement is still up in the air. What do you think about the $2 trillion stimulus plan agreed upon by certain U.S. lawmakers today? Let us know in the comments section below. The post $2 Trillion for Surveillance Capitalism – US Government Promises $1,200 to Every American appeared first on Bitcoin News. View the full article

The spreading coronavirus infection is taking a toll on the global economy and traditional financial institutions are already hurting. The world’s largest banks have seen their stocks losing value over the past weeks and months while facing cash withdrawal pressure and preparing to deal with a shrinking asset base. Also read: US Cash Crisis: Withdrawal Limits Spark Bank Run Fear China’s ‘Big Four’ See Their Stocks Tumble No one has a clear idea where this is going or what comes next for the planet’s financial system. What’s obvious, however, is that some of its elements are already under stress. Reports of banks imposing withdrawal limits in parts of the U.S. indicate a cash crisis is brewing. New interest rate cuts, more money printing and the flight of capital towards assets they don’t manage, such as cryptocurrencies, are going to limit the value banks have under their control. China, where the covid-19 outbreak started, is home to the world’s largest banking sector in terms of assets. In mid-2019, the official figure stood at over $40 trillion, despite liquidity problems with some small regional banks and a credit crunch on the interbank market that required intervention from the People’s Bank of China. The big four state-owned commercial banks, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, are topping the 100 largest banks list, according to the latest edition of the S&P Global Market Intelligence report. With over $4 trillion in assets, Industrial and Commercial Bank of China is one of the world’s largest banks. These financial behemoths have been watching the prices of their stocks drop over the last few months. From this year’s high of 6.01 yuan (approx. $0.85) in early January, ICBC shares are now trading at a little over 5.10 yuan ($0.72), and CCB stocks dropped from 7.49 yuan ($1.06) on Nov. 7 to a low of 6.17 yuan ($0.87) this past Monday, before bouncing back to 6.37 yuan ($0.90) on March 25. The shares of the other two major Chinese banks also lost value, especially during the last month as authorities were struggling to contain the spread of the deadly coronavirus and deal with the economic fallout of the epidemic. Japan’s Mitsubishi UFJ Financial Group, another Asian banking giant, saw a steep decline in the value of its shares, from 566 yen ($5.08) on Feb. 21 to 384 yen ($3.45) on March 19. Its shares are currently trading for around 450 yen ($4.04). Western Banks Affected by the Spreading Virus The last several weeks brought similar results for the leading banking institutions in the United States, which now has over 50,000 confirmed covid-19 cases. JP Morgan’s stock fell to $79.03 from $137.49 per share on Feb. 20. Bank of America shares dropped from a monthly high of close to $33 to around $18 on the first day of the week before rising back to around $20 on Tuesday, when stock markets reacted to the Federal Reserve’s latest announcement. The Fed pledged to an open-ended quantitative easing in response to the economic challenges posed by the epidemic. BNP Paribas stocks lost almost half of their value in a month. Source: Google. Other banks that have been hurt by the crisis which led to a slowdown in economic activity around the world include the European HSBC and BNP Paribas. The shares of the London-based investment bank and financial services holding company, which were selling for over $35 about a month ago, started this week at a little over $28. Paris-headquartered BNP Paribas saw its stocks plunge by almost 50% to €25.43 ($27.40), from €48.70 ($52.69) on Feb. 25. Deutsche Bank’s shares registered similar losses, dropping from close to €9 ($9.74) in late February to a monthly low of under €5 ($5.39) in mid-March. What do you think of the world’s leading banks losing stock value? Tell us in the comments section below. The post World’s Largest Banks Losing Stock Value During Weeks Marked by Pandemic appeared first on Bitcoin News. View the full article

The embattled Telegram Open Network (TON) blockchain and its native gram cryptocurrency have seen plans for launch stifled once again, with a preliminary injunction granted by Southern District of New York Judge P. Kevin Castel. The March 24 injunction sides with the U.S. Securities and Exchange Commission (SEC), concluding that the messaging giant’s plans “amount to the distribution of securities, thereby requiring compliance with section 5.” Also read: Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures More Delays for TON “The Court finds that the SEC has shown a substantial likelihood of success in proving that the Gram Purchase Agreements, Telegram’s implied undertakings, and its understandings with the Initial Purchasers … amount to the distribution of securities, thereby requiring compliance with section 5,” the March 24 injunction reads. The ruling is the latest blow to the project, which has been struggling to prove grams are not securities under U.S. law since October, when the regulator obtained a temporary restraining order against Telegram. The SEC filed a complaint at the time alleging that “defendants failed to register their offers and sales of Grams, which are securities, in violation of the registration provisions of the Securities Act of 1933.” Telegram addressed the issue by bumping back the launch date to April 30 after consulting with investors, but now that plan is also halted for the time being. Court Says Grams Are More Than Just Cryptocurrency The judge found that grams met criteria of the Howey Test, stating: “The Court rejects Telegram’s characterization of the purported security in this case. While helpful as a shorthand reference, the security in this case is not simply the Gram, which is little more than alphanumeric cryptographic sequence,” elaborating: This case presents a ‘scheme’ to be evaluated under Howey that consists of the full set of contracts, expectations, and understandings centered on the sales and distribution of the Gram. According to the Opinion & Appeal, the court “finds that Telegram did not intend for the Grams to come to rest with the Initial Purchasers” and that “Telegram’s goal of establishing Grams as ‘the first mass market cryptocurrency’ required that the 58% of all Grams sold in the 2018 Sales reach a much wider pool than the 175 Initial Purchasers.” As such, the judge maintains in his ruling that Telegram sought out buyers and firms with investment intent, who were looking to make profit on the offering. Telegram, for its part, has notified potential TON participants that they shouldn’t expect profits, and that grams are meant as a medium of exchange. Telegram Says It Will Have ‘No Control’ Over TON, Judge Not Swayed In a February hearing, Telegram’s legal counsel has argued the tokens would not be accompanied by managerial oversight to increase their value after launch, so they don’t qualify as securities. Though the group maintains they are “like an architect who designed a skyscraper [but] can’t control what happens with the building after it’s finished,” Castel was not convinced. “An injunction, prohibiting the delivery of Grams to the Initial Purchasers and thereby preventing the culmination of this ongoing violation, is appropriate and will be granted,” the order reads. The repeated challenges presented by the SEC have understandably left many investors frustrated, and likely the messaging service itself, who hasn’t bent over backwards to please the regulator. Amidst all the legal chaos, in January, the group reportedly refused to turn over TON bank records detailing how it spent $1.7 billion raised from investors. Telegram has reportedly filed notice of interlocutory appeal since the new Opinion & Order was issued. However, appellate review at this juncture is generally viewed as unlikely, and a permanent injunction is expected by observers. What do you think about the judge’s decision in this case? Let us know in the comments section below. The post Judge Grants Injunction Halting Telegram’s TON Release Again, Notice of Appeal Reportedly Filed appeared first on Bitcoin News. View the full article

Privacy-oriented Brave has launched cryptocurrency trading within its browser. The company announced on Tuesday that over 12 million active monthly users of the privacy browser can now buy and sell cryptocurrencies, view their crypto balances, and obtain deposit addresses without leaving the browser. Also read: 2x Bitcoin: Wanna Double Your BTC to the Moon? Forget About It Brave Launches In-Browser Crypto Trading Through Binance Users of the privacy-oriented Brave browser now have the ability to trade cryptocurrencies directly within the software interface, thanks to a partnership between its maker, Brave Software, and cryptocurrency exchange Binance. Announcing the partnership on Tuesday, Brave Software detailed: The new Binance widget in the new tab page of the Brave desktop browser makes Brave the only browser that offers integrated functionality for buying and trading cryptocurrency. Privacy browser Brave has added a Binance widget for cryptocurrency trading. An early version of this new feature is available in Brave’s Nightly desktop version now and will be fully released for desktops in April. “With the Binance widget, Brave users can access the Binance.com and Binance.us (for US-based users) sites, buy and sell crypto assets, view asset balances, and obtain deposit addresses all without leaving the browser,” the announcement continued. “The Binance widget will give Brave users various options to manage cryptocurrencies, including buying, depositing, trading, and viewing summaries. Users will be able to trade cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and many others supported by Binance.” Bitcoin cash (BCH) is also included. An early version of this new feature is available in Brave’s Nightly desktop version now; it will be fully released for desktops in April, and mobile platform availability will be announced at a later date. “The new tab page Binance widget will be enabled by default, but users can turn it off and hide it directly from the new tab page or by managing their settings if they wish,” Brave explained. About Brave and Basic Attention Tokens Brave Software, the company behind the privacy browser, was founded by Brendan Eich and Brian Bondy. Eich created Javascript and co-founded Mozilla while Bondy used to work for Khan Academy and Mozilla. Brave is available on desktop as well as for iOS and Android devices. The number of Brave users has steadily grown over the years. With only 1 million monthly active users at the beginning of 2018, the privacy browser is now used by more than 12 million monthly active users and over 500,000 verified publishers, the company said on Tuesday. “The Brave browser combines privacy with a blockchain-based digital advertising platform, and offers 3-6x faster browsing than other browsers,” Brave claims. Brave claims that it has more than 12 million active monthly users. They can now buy and sell major cryptocurrencies through global cryptocurrency exchange Binance without leaving the browser. The browser allows its users to “opt into privacy-respecting ads that reward them with Basic Attention Tokens they can redeem or use to tip or contribute to publishers and other content creators.” The Privacy Browser With Tor Integration An increasing number of people are looking for the best privacy browser or the most secure browser to protect their activities online. Brave is one of several browsers that aim to deliver privacy when browsing the internet. For added privacy, the Onion Routing network Tor has been integrated into the Brave browser. “Private Tabs with Tor help protect Brave users from ISPs (Internet Service Providers), guest Wi-Fi providers, and visited sites that may be watching their Internet connection or even tracking and collecting IP addresses, a device’s Internet identifier,” Brave detailed. As for the newly added cryptocurrency trading functionality, Brave explained in its Tuesday announcement: The Binance widget is built into Brave and is not a loaded iframe (remotely embedded document), which preserves the user’s privacy. API calls will only be made into Binance if the user authenticates via OAuth and interacts with the widget. What do you think of the privacy browser Brave adding cryptocurrency trading? Let us know in the comments section below. The post Privacy Browser Brave Integrates Cryptocurrency Trading Through Binance appeared first on Bitcoin News. View the full article

The Bitcoin SV network has been a topic of conversation recently as stealth miners currently command more than 55% of the chain’s overall hashrate during the last seven days. Last year analysts noticed a large amount of the hashrate on all three SHA256 networks (BTC, BCH, and BSV) was being processed by mystery miners. Since then both BTC and BCH only have a small percentage of stealth miners hashing away at each network. Meanwhile, BSV and the coin’s community of participants currently face a block reward reduction 16 days from now. Also read: Crypto Mining Crunch Time – Bitcoin Halving Less Than 50 Days Away While Global Economy Shudders Mystery Miners Control Over 58% of the Bitcoin SV Network There’s a whole lot of secret mining happening on the BSV blockchain and no one’s quite sure where the hashrate stems from. At press time, the stealth miners hashing the BSV chain right now represent 55% of the overall hash during the last seven days and 58% of the hashrate today. Most bitcoiners understand that if a single entity controls more than 51% of the network then it’s possible to execute double spends and chain reorganizations. No one’s quite sure where all the hash is stemming from and whether or not it comes from multiple mining entities. What we do know is that since January 2019 and during the course of the year BTC, BSV, and BCH saw a bunch of mystery miners allocating a piece of the pie from the global hashrate. News.Bitcoin.com reported on BTC having around 22% of stealth hash on the network while BCH had 17% on January 28, 2019. More recently BCH had a brief period where more than 68% of the chain was stealth mined. However, that event did not last very long and BSV is stretching a whole week’s worth of being over the 51% threshold limit. What’s even more interesting is that both BTC and BCH have very little unknown hash processing the networks as BTC has a hair over 5% and BCH has between 2-5%. To add to the large percentage of hashrate being stealth mined on BSV, the network faces a block reward reduction in 16 days. Just like BCH and BTC, every 210,000 blocks BSV miners see a reward reduction and BSV miner rewards will drop from 12.5 coins to 6.25 per block. At press time the miners processing the remainder of BSV’s hashrate include Taal, Coingeek, Viabtc, Prohashing, Mining-dutch, Mempool, Svpool, Sigmapool, and Poolin. Despite the Constant Controversy, Bitcoin SV Gained Over 178% in the Last Year BSV has always been surrounded by controversy and known for its association with Craig Wright who claims to be Satoshi Nakamoto. Since forking, most of the chain’s transaction data has stemmed from a Twitter-like application called Twetch and a weather platform that records weather data. Coin Metrics reported last July that 96% of BSV transactions derived from the chain’s weather application. In the last 24 hours, the BSV chain has processed 599,851 transactions with an average block size around 1.795 MB. There’s 2.9 exahash per second hashing away at the BSV network and the BSV hashrate has been fluctuating between +3 and -3% every 24 hours this week. At the time of publication, BSV is behind BCH, capturing the sixth-largest market cap position and trading for $178 per coin. BSV price on March 24, 2020. In the last 90 days, BSV has gained 107% against the U.S. dollar and 178% in the last 12 months. Furthermore, when competing against BTC during the last year, BSV has gained around 62% against the digital asset. What do you think about the mystery miners hashing away at more than 51% of the BSV network hashrate? Let us know in the comments below. The post Anonymous Bitcoin SV Miners Capture 55% of the Network Hashrate appeared first on Bitcoin News. View the full article