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As the Indian government deliberates on the country’s crypto policy, there has been some confusion in media reports regarding crypto regulation in India. A group of local crypto enthusiasts and community members have gathered in an effort to ensure that the crypto situation in India is accurately portrayed. Also read: Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’ Problem With Misinformation While the Indian government has not decided on the direction of the country’s crypto policy, a number of media reports have painted an inaccurate picture of the actual situation. The banking restriction by the Reserve Bank of India (RBI) and the draft bill to ban cryptocurrencies have contributed to misleading reports such as India banning cryptocurrency or crypto exchanges and prohibiting crypto trading or owning cryptocurrencies. To prevent misinformation from spreading, a number of Indian crypto industry stakeholders and community members gathered on Dec. 14 for an event in New Delhi called “Unwind 2.0.” It was co-organized by Indian crypto exchange Coindcx and blockchain startup Inblox Network. Coindcx CEO Sumit Gupta explained to news.Bitcoin.com on Tuesday: There is still a huge misrepresentation that crypto is banned in India but the fact is crypto companies and exchanges are not allowed relationships with RBI-regulated entities like banks. However crypto companies are free to operate on their own. Attendees at the Unwind 2.0 event. He added that “Due to the misrepresentation of many such facts and information, the true picture does not emerge to people outside the crypto space, accounting for 99% of the total Indian population.” The CEO additionally described: Currently, mainstream media reports all the negative news, and gives little notice to positive ones. There are many positive news but [they] go uncovered. Getting Mainstream Journalists on Board The event stressed the importance of ensuring that crypto-related regulatory and industry developments are portrayed accurately. This is the second Unwind event. The first one, which took place in November, focused on bringing the crypto community and business leaders together. Journalists attending the event on Saturday were from a number of Indian mainstream news outlets such as the Indian Express, Inshorts, Business Standard, and Inc42. “The major reason why journalists attended Unwind 2.0 [was] because there were a number of uncertainties in the cryptocurrencies and blockchain community, which included the state of regulations in the country,” Coindcx noted. Business Standard journalist Vireshwar Tomar suggested during the event that crypto exchanges could work on educating young journalism graduates so that the next generation is equipped with crypto knowledge. The journalists at the event participated in an exercise that tests their knowledge of crypto news. They were asked if a few crypto-related statements were true or false such as “cryptocurrencies are banned in India,” “There are 5 bitcoin ATMs in India,” “Due to lack of regulations, blockchain projects have stopped investing in India,” and “Reliance Jio is building its own blockchain, dubbing it to be the world’s largest blockchain.” Coindcx revealed to news.Bitcoin.com: The journalists present at the event answered true to most of the statements which were actually not true. “The point of the game was proved which highlighted the fact that mainstream media journalists have very little idea about the reality of the cryptocurrency industry,” the exchange noted, adding that this will help them “understand that every morsel of information out there, pertaining to crypto and blockchain, needs thorough research.” The organizer conveyed that many journalists at the event expressed their willingness “to go the distance and report accurately,” but “they would definitely like to be more educated on the topic and that would perhaps make mainstream media pick up these stories.” The Truth About Crypto Regulation in India While India currently has no crypto regulation, a number of existing laws could apply to crypto businesses. A draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” was submitted to the government in February but it is not on the agenda to be introduced in Parliament this year. Gupta further shared with news.Bitcoin.com: The truth about Indian crypto regulation is that it will be a long-drawn process. While ideally, it would be wonderful if there was a faster resolution, but there are many factors to be taken into account. He continued: “The Indian government is taking a cautionary approach toward regulation. They are actively studying the benefits of blockchain technology and more importantly monitoring the steps of various developed countries like the USA, China, Japan, and UAE in terms of how they are approaching cryptocurrency regulation. So, we believe when the regulation does come, the government will take all facts into consideration before passing an act.” Meanwhile, the banking restriction imposed by the central bank is still in effect. The RBI issued a circular in April last year prohibiting regulated financial institutions from providing services to customers dealing in cryptocurrencies, including exchanges. This ban has been challenged in India’s supreme court, which is scheduled to resume hearing the case next month. “We expect the government to closely follow the court case that is currently scheduled to be heard on January 14. We want them to hear both sides. We have presented a strong case and have provided adequate information,” Gupta opined, concluding: Before taking any final decision, we believe the government will consult with all the key stakeholders in the crypto community. Furthermore, the crypto community has been actively campaigning for positive crypto regulation. The “India Wants Crypto” social media campaign has entered its 412th day. The community strongly believes that the draft bill is flawed and no one in the crypto industry was consulted prior to the drafting of this bill. A member of the upper house of India’s parliament, Rajeev Chandrasekhar, has indicated that he will help the crypto community convey the message to the government. Moreover, another member of the upper house of parliament, Dr. Subramanian Swamy, said last week that “Cryptocurrency is inevitable.” What do you think about the community’s efforts to stop misinformation concerning India’s crypto policy? Let us know in the comments section below. Images courtesy of Shutterstock and Coindcx. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Indian Crypto Community Gathers to Dispel Confusion About Regulation appeared first on Bitcoin News. View the full article

The crypto community has had a rough relationship with traditional financial institutions with limited solutions available. Around the world, both early and recent crypto users have had bank accounts closed, transactions rejected, unnecessary delays in receiving their funds, or worse. To add to this dilemma, the availability of trustworthy and regulated solutions where both your crypto and fiat are safe and spendable has been non-existent… Until Now. A better alternative to banking is now available around the world- it is tested, proven, and it delivers. Get enrolled here: https://clubswan.com/?rc=JVGOEJ23 Club Swan, an innovative membership program, is delivering the most reliable and secure solution, bridging the Fiat and Crypto worlds, that we have ever seen. With almost $1 Billion ($1,000,000,000.00) in crypto to fiat liquidations and counting, ClubSwan has made crypto a viable transaction medium once again as it provides seamless on and off ramps between the fiat and crypto worlds. This global membership solution is a robust crypto utility providing value to all aspects of its members’ everyday needs. While BCH and other digital currencies are evolving, ClubSwan bridges the liquidity of crypto to the fiat world. With unique lifestyle services, a fully-secure financial services platform and the ability to seamlessly convert Crypto to Fiat, Club Swan is sure to make some waves in the industry. Club Swan offers several membership tiers based on the individual member’s needs, with each tier focused on elevating every aspect of life. – Members receive a globally accepted debit card… atms, in-store, and online acceptance. Delivered via DHL within days of membership enrollment – Easily load, manage or transfer multiple currencies instantly or near instant – Take advantage of discounted travel through the 24/7 Concierge team- up to 40% off major travel site prices. – Start transacting almost immediately after membership activation is completed. It takes only 5 minutes to enroll and complete the KYC process. Once completed, you instantly receive 3 multi-currency wallet fiat accounts (GBP, EUR, USD) and the ability to have up to 8 crypto wallets with private keys (BCH, BTC, ETH, LTC, and more). You can send funds globally via wire transfer or from the crypto wallets you control on this platform. Join with thousands of others and experience the next phase of the crypto evolution. This solution is robust and works globally. Also, ClubSwan is now offering a 40% commission for all referrals. Now is the time to experience a truly better alternative to banking and elevate your life. Here is a link to ClubSwan.com that you can easily access to explore and enroll in this much-needed global solution. Enroll now! https://clubswan.com/?rc=JVGOEJ23 About: Club Swan is a technology-based organization providing lifestyle memberships with a flexible and secure financial services platform. Club Swan has partnered with Nvayo, a UK-based and regulated financial services institution, authorised to hold fiat currency balances, make payments and issue payment cards. Nvayo nor Coinx provide any crypto services. Club Swan offers additional services and support through its customer support and technology platform incorporating digital asset/currency transactions and liquidations. Contact Email Address glenniss.richards@aucorp.com Supporting Link https://clubswan.com/?rc=JVGOEJ23 The post A Better Alternative to Banking – Club Swan appeared first on Bitcoin News. View the full article

Fidelity Investments is expanding its crypto services to European clients after seeing increasing potential in this market. The expansion builds upon the company’s U.S. crypto business. “We’ve seen significant interest and engagement by the institutional community, which show no signs of slowing,” the company revealed. Also read: Regulatory Roundup – Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines Policy Entering European Crypto Market Fidelity Investments announced on Tuesday the establishment of its new entity to serve European clients investing in crypto assets. Fidelity Digital Assets Ltd. will offer digital asset custody and trade execution services to investors such as hedge funds, family offices, and market intermediaries. The custody service consists of a cold storage vault and “multi-level physical, operational and cyber controls,” the announcement details, adding that the trade execution service will provide clients access to multiple sources of liquidity. Tom Jessop, head of Corporate Business Development for Fidelity Investments and president of the U.S. digital asset subsidiary, explained that the group is “encouraged by continued corporate and venture investment in market infrastructure companies as well as the entry of traditional exchanges into the digital assets ecosystem,” elaborating: These and other market indicators, alongside interest expressed from U.K. and European client prospects, indicate a market with increasing potential which gives us the confidence to expand the digital assets business geographically. According to Financial News publication, the new entity was incorporated in the U.K. on Dec. 16, but does not currently hold any regulatory permissions. Michael O’Reilly, COO of the U.S. digital asset subsidiary, clarified to the publication: “Obviously we’ll make sure that we’re compliant with any U.K. or any other licences that are required, but at this point our understanding is that we do not require any additional licensing to do this in the U.K.” Building Upon U.S. Crypto Business One of the world’s largest financial services providers, Fidelity Investments claims to have more than $7 trillion in client assets under administration and over 1.3 million trades processed each day, according to its website. The company began exploring cryptocurrency and blockchain technology in 2014. In 2018, it launched Fidelity Digital Assets, a subsidiary for providing crypto services to U.S.-based institutional investors. Jessop remarked: Since launching Fidelity Digital Assets in the U.S. over a year ago, we’ve seen significant interest and engagement by the institutional community, which show no signs of slowing. The U.S. digital asset subsidiary gained approval from the New York State Department of Financial Services (DFS) in November, allowing it to start operating as a limited liability trust company in the state of New York. The Bitlicense regulator detailed at the time that it had authorized the company “to provide a virtual currency custody and execution platform, on which institutional investors and individuals can securely store, purchase, sell, and transfer bitcoin.” Moreover, O’Reilly told Financial News that London is the right base for Fidelity’s European arm for digital asset services despite the uncertainty of Brexit. “Both the fintech and crypto communities in London are strong and that’s evident from what we’ve seen from client demand or client requests,” he said. While Fidelity only supports bitcoin currently, it hopes to add other digital assets in 2020, the COO revealed, noting that the company will also monitor expansion opportunities in Asia. What do you think of Fidelity expanding its crypto services to Europe? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article. Images courtesy of Shutterstock and Fidelity Investments. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Fidelity Launching Crypto Services in Europe, Citing ‘Significant Interest’ appeared first on Bitcoin News. View the full article

Beijing’s sudden rush into blockchain development and digital currency hasn’t gone unnoticed. From America to Europe and back to Asia, governments have started thinking about this new racetrack in more serious terms. India has a history of tensions with China, although the countries have a lot in common as well. The two regional rivals share a hostile attitude toward decentralized cryptocurrencies, for example, but they may find a new field of competition in the advancement of technologies developed around their underlying architecture. Also read: Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’ From Border Disputes to Blockchain Race China and India have a very long history of relations that date back to ancient times and have involved a tremendous amount of cultural and commercial exchange through the ages. But in the past century they have been marked by border disputes and economic competition. After three military conflicts in several decades, tensions between the two nations rose again recently in the troubled region of Kashmir, parts of which are controlled by India, Pakistan, and the People’s Republic. The Indian decision to revoke the autonomy of its northern state of Jammu and Kashmir and split it into two federal territories ruled directly by Delhi sparked a diplomatic exchange of fire, mere days after Prime Minister Narendra Modi and President Xi Jinping vowed to improve political and economic ties. The two statesmen met informally in the seaside town of Mamallapuram, in the southern Indian state of Tamil Nadu, Reuters reported, to discuss among other issues India’s huge trade deficit with China, exceeding $50 billion in the past couple of years. India has to catch up with China on a lot of fronts and Beijing may have just opened another one with its new focus on blockchain development. Despite cryptocurrencies having a hard time in both countries, industries built around the implementation of crypto-related technologies may soon experience rapid expansion in the region. Acknowledging that prospect, another southern Indian state, Kerala, has just set a new goal for itself – to prepare thousands of blockchain specialists. During the Blockhash Live 2019 conference, the state’s Information Technology Secretary Shri. M Sivasankar declared: The coming two years are crucial for us as we plan to produce 20,000 blockchain experts. The emphasis is on enhancing the quality of manpower steered by young startup companies. Kerala Builds Expertise in Next Gen Tech Quoted by the English news channel Republic TV, the local government official also stressed that the plan provides Kerala with an opportunity to build expertise in next-generation technology and knowledge sharing. “Blockchain technology, first pioneered by cryptocurrency Bitcoin, is a promising, new-age cutting edge technological innovation,” Sivasankar added, highlighting its potential to disrupt various business sectors such as banking, insurance, trade finance and retail. The event, organized by Kerala Blockchain Academy, gathered civil servants and representatives of the industry who spoke about positioning Kerala as the blockchain hub of India. Shri. M Sivasankar There are some who believe Kerala is already a leader among Indian states in blockchain expertise. According to Marta Piekarska-Geater, director of ecosystem at Hyperledger, future employment prospects for such professionals are “incredible.” Quoted by the Times of India daily on the weekend, she pointed to the many foreign companies that outsource blockchain development to India because of its better schooling system compared to other countries. Speaking on the sidelines of the Kochi Design Week festival, Marta noted: Two days ago, LinkedIn published a report saying that India will have the biggest market for blockchain and AI developers in 2020. This is a space which is massively important for young people in India. According to Linkedin’s latest Emerging Jobs Report, blockchain developer, artificial intelligence specialist, and Javascript developer are the leading emerging jobs in India, with blockchain quickly rising to the top after it didn’t even figure in last year’s edition, the publication remarked. New hires in the industry have seen significant growth which indicates strong demand can be expected during next year. In that, India is no exception as the number of jobs related to crypto and blockchain technology has been growing in other parts of the world too, as news.Bitcoin.com reported in November. Not only blockchain, which is basically a database technology, but the whole crypto space in general has the potential to grow and give India an edge over China, where authorities have been cracking down on crypto companies. That could happen if the Indian government and judicial authorities change their generally hostile attitude towards decentralized digital money, resolve a Supreme Court case that’s been dragging on for some time, and finally adopt a friendly regulatory framework. Considering the case of Kerala again, its economy has been quite dependent on emigrants who send back billions of dollars each year. In 2012, remittances formed almost a third of the state’s GDP. The fees these families pay in cross-border transfers are substantial, when a transaction on the BCH network often costs less than a penny. Besides, a thriving crypto and blockchain industry can keep more of Kerala’s young in gainful employment in their homeland. Do you think India will prioritize blockchain development like China and ultimately adopt crypto friendly regulations? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, Blockhash Live 2019. Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card. The post Indian State of Kerala to Produce 20,000 Blockchain Specialists in 2 Years appeared first on Bitcoin News. View the full article

On December 16, new court filings from the Kleiman v. Wright case show the plaintiffs have responded to Wright’s objections against the magistrate’s court order. Kleiman’s lawyer Velvel Freedman explained that Craig’s statements in court “lacked credibility,” his constant change of stories “demonstrates falsity” and Freedman claims Wright’s “trust documents are forgeries.” Also read: Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report Wright’s Conduct Antithetical to the Administration of Justice, Says Kleiman Attorney Since Valentine’s Day 2018, the self-proclaimed Bitcoin inventor Craig Wright has been defending himself in court against the Kleiman family. The lawsuit started because the Kleiman estate believes Wright manipulated the now deceased David Kleiman’s bitcoin assets and intellectual property. The lawsuit has been one of the most high profile cases in the U.S. because it involves billions of dollars in BTC that was ostensibly stored in a blind trust. After months of discovery hearings, objections, and court orders, the Kleiman estate filed a new motion against Wright’s objection towards Judge Reinhart’s recent court order. On August 26, Wright was ordered by Southern District Court of Florida to distribute half of his bitcoin holdings and intellectual property assets from prior to 2014. At first, Wright and his legal team came to a non-binding settlement, but the deal eventually fell through. After the settlement was broken, Wright attempted to object to Judge Reinhart’s order, claiming a lack of jurisdiction. In the filing on submitted on Tuesday, Velvel Freedman noted that Wright believes he’s been treated unfairly, but Freedman stressed that Wright’s issues in court stem from “his own conduct.” “Craig is not the victim here. On the contrary, as Judge Reinhart found, Craig’s conduct in this litigation has been ‘antithetical to the administration of justice’ and ‘no lesser sanction would suffice,’” Freedman wrote. Freedman asserted that the record supports Judge Reinhart’s findings and remedy entirely while the order is “absolutely justified given the gravity of Craig’s offenses.” Kleiman’s lawyer added: Indeed, Craig’s Objection to the order, far from calling into question its correctness, demonstrates that he is recalcitrant, and – given the opportunity – would engage in the same conduct that led to the order in the first place. In fact, mere hours after Judge Reinhart read the order into the record, Craig walked out of court and into an interview where he admitted that he lied to the court. The next day he gave an interview calling Judge Reinhart a ‘silly judge.’ Kleiman’s lawyer Velvel Freedman noted that after the court order, Wright did an interview with Modern Consensus columnist Brendan Sullivan. Exhibit 3 filed on December 16, 2019. A Fanciful and Self-Conflicting Story Freedman then said that the plaintiffs attempted to use the discovery process to identify the bitcoin mined as part of the partnership between Wright and Kleiman. Wright, of course, objected and the objection was subsequently overruled by Judge Reinhart. On June 11, 2019, Craig told the court for the first time that providing plaintiffs with a list of his bitcoin holdings was “impossible” because he did not possess the information necessary to access it. Reinhart then gave Wright the opportunity to explain why he couldn’t access the funds. “To carry that burden, Craig told (under oath) a fanciful story about a mysterious ‘encrypted file’ held in a trust — Not only did this story conflict with his previous sworn testimony and his motion papers, as explained below, the story itself was self-conflicting,” the plaintiffs’ filing revealed. “In support of his story, Craig put forward documents which he swore were ‘authentic’ to prove that the ‘encrypted file’ and the trust exist. Plaintiffs exposed these documents as forgeries.” Freedman’s filing continued: Instead of being ashamed, or trying to hide behind some procedural or legal technicality, Craig brazenly opened his objection to Judge Reinhart’s order by asserting that ‘there is absolutely no basis for imposing any sanctions’ on him because ‘the uncontroverted evidence shows that he is unable to access a listing of’ his bitcoin. The only thing ‘uncontroverted’ about Craig is that he’s a perjurer and a forger. Craig’s claim that his ‘testimony stands unrebutted by plaintiffs’ is simply blind to reality. Excerpt from Exhibit 3 filed on December 16, 2019. The motion against Wright’s recent objection highlights the time when Wright was confronted with evidence indicating that certain documents had been fabricated or altered and he “became extremely defensive.” Wright tried to “sidestep questioning” and made “vague comments about his systems being hacked and others having access to his computers.” None of these excuses have been corroborated by other evidence, Freedman’s filing insisted. Moreover, the Kleiman attorney also noted that Wright vehemently claimed “there are no public addresses in the Bitcoin system” and further stated that “public addresses don’t exist.” Freedman says that this absurdity is akin to saying: How do unicorns relate to this Court? The Plaintiffs Assert That Wright’s Objections Should Be Overruled in Their Entirety Following 29 pages of arguments, Freedman concluded that the court is faced with a man who “has no respect for the authority of the court, or for the fair administration of justice.” The plaintiffs wholeheartedly believe Wright has lied throughout the entire lawsuit and is now attempting to hide behind a “blanket of due process.” Freedman concluded by underlining that Judge Reinhart gave Wright the opportunity to show that his admitted violation of the court’s order was due to the impossibility of compliance. “Craig was sanctioned harshly, but fairly — Craig’s objections should be overruled in their entirety,” Freedman added. According to the court docket, a discovery hearing conference will be held on December 18 in West Palm Beach court. Lawsuit participants are allowed to attend the discovery via telephone by using the court’s conference call system. What do you think about Kleiman’s latest filing against Wright’s objection? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bitcoin.com, Twitter, Wiki Commons, Fair Use, and Pixabay. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Kleiman Estate Asks Judge to Overrule Craig Wright’s Objections appeared first on Bitcoin News. View the full article

On Monday, the blockchain surveillance company Chainalysis published an excerpt from the firm’s upcoming crime report that will publish in January. According to the Chainalysis research, the Ponzi scheme called Plustoken not only defrauded investors out of $3 billion but the scam “may also be driving down the price of bitcoin.” Also read: Mystery Surrounds DDoS Attacks That Have Downed the Darknet Are Ponzi Schemes Behind the BTC Price Suppression? Over the last few weeks, a lot of speculators have assumed that the Plustoken and Cloudtoken scams are the primary reason BTC prices have been suppressed. Plustoken is a Ponzi scheme that started in South Korea where essentially the creators promised huge returns if people kept their funds in the Plustoken platform. The Plustoken admins said that the rewards stemmed from “exchange profit, mining income, and referral benefits.” While we were worried about Craig Wright threatening to sell his Bitcoins, PlusToken has quietly dumped this market into oblivion. What should we be even more concerned about? The amount of ETH they've yet to sell, which is staggering. — Omar Bham (Crypt0) (@crypt0snews) December 17, 2019 On the Plustoken website, the team said the platform was like a traditional crypto wallet but with a profit-sharing concept. “Our super wallet will let you earn interest of around 6-18% monthly profit allocated to your wallet,” the Plustoken wallet site details. In June, global law enforcement busted six members who allegedly ran the Plustoken Ponzi operation. Then in August, the blockchain analysis firm Ciphertrace published its Q2 cryptocurrency anti-money laundering report and the research discussed the Plustoken scheme. “Ciphertrace has not definitively confirmed this apparent fraud or exit scam and [$2.9 billion in deposits] appear to have been lost when Chinese police broke up an alleged Ponzi scheme involving the purportedly South Korea-based crypto wallet and exchange, Plustoken,” the report disclosed. Ciphertrace also noted that the Plustoken scheme attracted “between 2.4 and 3 million users/investors.” Another report published the same month by the blockchain analytics firm Elementus shows that the Plustoken Ponzi was able to absorb 10 million ETH from over 800,000 participants. Elementus stressed that capital outflow from Plustoken-associated addresses appeared to be sent to exchanges like Huobi, Upbit, Okex, Gate.io, and ZB.com. At the time, Elementus recorded 820,000 ETH that remained onchain and the funds saw no movement after the initial deposit. PlusToken. CloudToken. OneCoin. We will likely look back on this period for BTC, when number didn’t go up while the macro backdrop was so exceedingly bullish, & realize with hindsight that it was bc of *billions* of dollars of selling pressure from exit scams. Its that simple. — Travis Kling (@Travis_Kling) December 9, 2019 Chainalysis: ‘Plustoken May Also Be Driving Down the Price of Bitcoin’ For several months now, many observers have insisted that the Pluscoin scam and other large crypto Ponzis like Onecoin and Cloudtoken have been suppressing crypto markets. On December 16, Chainalysis explained that the company has been monitoring the scam and believes Pluscoin scammers may be behind the bearish markets. “We decided to run our own study of Bitcoin’s price in relation to Plustoken cashouts via Huobi OTC brokers to try and answer that question,” Chainalysis said. The blockchain surveillance company analyzed 180,000 BTC, 6,400,000 ETH, 111,000 USDT, and 53 OMG (Omisego) that was involved with the Plustoken scheme. The staggering figures made Chainalysis assume that Plustoken was “one of the largest Ponzi schemes ever.” Chainalysis also disclosed that while six individuals tied to the Plustoken scam were arrested in June, stolen funds on the move indicate that at least one or a few other Plustoken scammers are still on the run. The Plustoken sales have been conducted using independent over-the-counter (OTC) brokers who utilized the Huobi platform. “As we hypothesized, spikes in on-chain flow to OTC brokers correlate with drops in Bitcoin’s price,” the Chainalysis emphasized. Chainalysis also noted that 790,000 ETH has been sitting untouched for months. The BTC movements were more complicated, the surveillance firm underlined, because the scammers transferred the BTC 24,000 times to 71,000 unique addresses. The Chainalysis report added: Many of those transactions were conducted through mixers like Wasabi Wallet, which utilizes the Coinjoin protocol to make it more difficult to trace the path of funds. Illicit Cash-Outs Can Cause Price Volatility Beyond mixers, the Plustoken scammers leveraged a method called peel chains which are strings of transactions sent to several wallets very quickly and then small amounts of funds drop off the string of payments. From here, the funds made their way to OTC brokers and Chainalysis said that nearly all of the funds get directed toward OTC dealers. “Some OTC brokers have significantly lower KYC requirements than most exchanges, which can make them attractive for criminals like the Plustoken scammers,” the report’s author opined. Despite the correlation with price drops and OTC sales, Chainalysis stressed that the researchers are not 100% sure Plustoken cash-outs made BTC prices sink. The Chainalysis report further articulated: Unfortunately, because it’s not possible to distinguish between trades made by OTC brokers in possession of Plustoken funds and all other trades made on Huobi, we can’t say for sure that Plustoken cashouts caused Bitcoin’s price to drop. However, we can say that those cashouts cause increased volatility in Bitcoin’s price, and that they correlate significantly with Bitcoin price drops. For now, millions of dollars worth of BTC and other cryptocurrencies associated with Plustoken sit idle and have yet to be cashed out. The Chainalysis report published on Monday explained in great detail that scams like Plustoken always lead to large liquidations. Eventually cashing out funds from a Ponzi of that magnitude will be “likely to drive down the price of cryptocurrencies,” the report concluded. What do you think about Plustoken scammers possibly keeping the price of BTC suppressed by cashing out large sums of coin? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Pixabay, Wiki Commons, Fair Use, and the Chainalysis blog. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report appeared first on Bitcoin News. View the full article

Like crypto payments provider Bottle Pay, mining pool Simplecoin and interactive bitcoin faucet Chopcoin are shutting down in light of restrictions imposed by EU anti-money laundering legislation, AMLD5. Simplecoin co-founder Marvin Janssen addressed Telegram users last month saying “We believe in the power of cryptocurrency and its potential. Mining should to be available to anyone and we refuse to jeopardise our users’ privacy.” Also Read: European AML Directive Pushes Crypto Startup Bottle Pay Out of Business AMLD5 Goes Into Effect January 2020 AMLD5, the EU’s 5th anti-money laundering directive which entered into force in 2018, will take practical effect January 2020, as member states are obliged to make new policies law by the 10th. The Simplecoin mining pool will be closed as of Jan. 1. The EU directive is already causing other crypto services to shut down as well, due to its restrictive and privacy-invasive nature. Among the changes AMLD5 brings about are an expanded scope for regulation regarding crypto platforms and wallets, centrally determined obligations for performing AML due diligence, stricter identification requirements for pre-paid card purchases, and the end of anonymity and privacy for bank accounts and safe deposit boxes. This not to mention increased powers for information exchange between authorities. EU Cracks Down on Crypto, Small Business As news.Bitcoin.com recently reported, crypto payments provider Bottle Pay has similarly announced a shutdown date for the end of this month. Like Simplecoin and Chopcoin, Bottle Pay maintained that the new regulations are simply too privacy-invasive to bear, stating: “The amount and type of extra personal information we would be required to collect from our users would alter the current user experience so radically, and so negatively, that we are not willing to force this onto our community.” Dutch-based Simplecoin, a social mining platform which allowed users to save mined hashes and cash them out for a variety of supported cryptocurrencies, cites not only lack of privacy but also bureaucratic licensing fees resultant of AMLD5, as too painful to suffer. The announcement on the Simplecoin website reads: Simplecoin will become subject to a large range of AML/KYC requirements. It is because under the new Directive, we would be considered a “custodial wallet provider”, a broad definition that will apply to many cryptocurrency operations … We have been searching for solutions for a while, but it has become apparent that there is no way around it. Co-founder Marvin Janssen related via the Simplecoin official Telegram channel that “It is a very tough situation. Even if we would require KYC, we still need to get a license from the Dutch National Bank or BaFin. It makes everything very painful and expensive … It is sad because we were in the middle of developing a new one-click miner that runs on MacOS, Linux, Windows. No install & zero configuration.” Janssen told news.Bitcoin.com via Telegram that many Simplecoin users were surprisingly willing to undergo the KYC, which meant a lot to the company, but that the situation is nonetheless too difficult. When asked whether Simplecoin might relocate to a more permissive jurisdiction he noted: I wish it were that ‘simple’. The Directive mandates that any service considered a ‘custodial wallet provider’, that provides services in the EU complies with these regulations. We are still looking at options but it would require restructuring a lot of our application … Nonetheless, we definitely plan to come back at some point. Simplecoin users — which Janssen estimates to be about 50,000 — have until Dec. 20 to withdraw remaining balances. The co-founder notes that it’s not only Simplecoin sticking to their principles when it comes to AMLD5, however. “Many have done so already and I think others will follow suit. The first one that comes to mind for me is Faucet Hub. They are also shutting down citing the same fundamental issues. Furthermore, it is not easy to conform to these regulations even if you wanted to.” We regret to have to inform you that https://t.co/6g2K935K80 will suspend it’s services. Regulatory concerns and force KYC on our users force us to close chop. We will have a grace period of 4 (until 16.12.19) weeks and kindly request you to withdraw any remaining balances. — Chopcoin.io (@chopcoin) November 17, 2019 Christian Grieger, co-founder of Simplecoin with Janssen and also co-founder of Chopcoin, an interactive bitcoin faucet, reiterated the sad nature of the situation, which forced users and fans of the faucet to be left high and dry after a November shutdown announcement. Grieger says Chopcoin has over 300,000 users but just two employees. He noted further that both Simplecoin and Chopcoin came into success without help from investors, crypto news outlet the Block reported. The case of AMLD5, as with most blanket regulation of crypto, seems to be hitting the ‘little guy’ the hardest. Thanks to the permissionless nature of cryptocurrencies, however, alternatives are always possible and Grieger has other business plans in mind, though he declined to comment on these. What are your thoughts on AMLD5 and its effects on the industry in the EU? Let us know in the comments section below. Images courtesy of Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Mining Pool Simplecoin and Interactive Faucet Chopcoin Shut Down Due to EU Regulations appeared first on Bitcoin News. View the full article

According to the blockchain analysis firm Ciphertrace, major U.S. banks process roughly $2 billion in digital currency transactions that go undetected every year. Ciphertrace disclosed a slew of financial institutions have not deployed the right KYC/AML infrastructure to detect unregistered cryptocurrency transfers. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines All Top 10 US Banks Have Unwittingly Processed Crypto Transactions Ciphertace offers cryptocurrency intelligence solutions for more than 87% of the virtual assets in existence. It monitors blockchains and transactions in order to detect non-compliant behavior and money laundering. On December 16, the firm revealed that out of the top 10 banks in the U.S., every financial institution has processed digital currency transactions unknowingly. Ciphertrace claims that banks are processing around $2 billion in undetected crypto transactions per year. The blockchain analysis firm says that the funds stem from money service businesses (MSBs) that deal with cryptocurrencies like exchanges and brokerage services. According to Ciphertrace, the financial institutions that unknowingly process these crypto transactions are not equipped with the latest technology to detect such transfers. Typically banks must identify MSB-derived transactions and report the transfers to the Financial Action Task Force (FATF). However, in the near future, Ciphertrace believes banks will need to comply with the identification and compliance requirements that deal with cryptocurrencies according to the latest FATF regulatory policy. In November, the U.S. regulator reaffirmed digital currencies like bitcoin apply to to the agency’s “Travel” rule. “Financial institutions are exposed to cryptocurrency-related risks because they have no way to detect underlying threats,” said Dave Jevans, CEO of Ciphertrace. Ciphertrace claims that the top U.S. banks process $2 billion per year in crypto transactions unknowingly. Anticipating the New FATF AML Regulations The Ciphertrace report follows the firm’s latest research that detailed two-thirds of the top crypto exchanges have “weak [know-your-customer] KYC” procedures. An exchange that has “weak KYC” allowed Ciphertrace researchers to withdraw roughly 0.25 BTC per day with no questions asked. In the study, Ciphertrace highlights that “a majority of exchanges are not equipped to handle basic KYC, let alone comply with the stringent new funds ‘Travel Rule’ included in the updated FATF guidance.” Ciphertrace’s research does underline the fact there’s been a significant reduction in cryptocurrency crime this year. However, 2019 still had a host of exchange casualties and hacks costing investors more than $4.4 billion to date. Ciphertrace also notes that many exchanges have removed privacy-centric cryptocurrencies in order to prepare for the latest FATF guidance. The research states: In anticipation of the new FATF AML regulations, many cryptocurrency exchanges have preemptively jettisoned their privacy coins; yet, 32 percent of exchanges, including those determined to have weak KYC, still have privacy coins listed. Statistics from Ciphertrace’s Q3 Cryptocurrency Anti-Money Laundering Report. Over the last two years, regulations tied to cryptocurrencies have increased dramatically and blockchain analysis startups are monitoring most of the popular public blockchain networks. The decline in cryptocurrency crime was skewed by the Quadrigacx loss and Plustoken frauds but overall Ciphertrace believes regulation is curbing nefarious crypto activities. “Ciphertrace had previously speculated that the shift from outright thefts to exit scams and other frauds perpetrated by insiders indicated that crypto exchanges had begun to adequately invest in hardening their IT infrastructures,” the study concludes. What do you think about Ciphertrace disclosing that $2 billion crypto transactions per year are processed by banks unknowingly? Let us know in the comments section below. Image credits: Shutterstock, Ciphertrace, Wiki Commons, Fair Use, and Pixabay. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Ciphertrace Says Banks Unknowingly Process $2 Billion in Crypto per Year appeared first on Bitcoin News. View the full article

If you’ve been struggling to access your favorite darknet market lately, you’re not alone. Ongoing DDoS attacks have rendered marketplaces, forums and other onion sites inaccessible for weeks. Speculation surrounds the attacks, with some blaming law enforcement and others attributing a DDoS war between rival markets. Also read: The Darknet Just Had One of Its Wildest Months Yet The Darknet Has a DDoS Problem If November was a rip-roaring rollercoaster ride on the darknet, December has been a snore-fest. The drama has been curtailed due to an access problem that has rendered large chunks of the darknet inaccessible. The reason is DDoS attacks, but the culprit remains a mystery, despite finger-pointing at the usual suspects – law enforcement (LE) and rival darknet markets (DNMs). Dark.fail, which tracks the online status of dozens of DNMs and darknet forums, is normally a sea of green dots. This month, the lights have been extinguished on most sites, denoting that they are offline, with DDoS attacks usually to blame. Darknet DDoSings are as old as DNMs themselves, and in the past, months have elapsed in which scores of sites were unavailable. The latest wave of attacks has comprised the most intensive onslaught of the year, and it’s left DNM users frustrated, albeit not entirely out of options. At press time, Dread, Darknet Live, The Hub Forum, Hydra, Monopoly, and Cannazon are among those showing up as offline, while Empire, despite having more mirrors than any other DNM, has repeatedly been down in December. Image loading issues, however, are impairing the visibility of Empire’s captcha and vendor listings, and many pages, including order and message sections, are failing to load. Who Is Behind the Darknet’s Spate of DDoSings? Some darknet users have blamed LE for the attacks, be it to disrupt DNM services altogether, or to funnel users to a specific marketplace that they have compromised. “You can bet that the one market that isn’t being DDOSed is the one that LE have a mirror of, so they can herd everybody in,” speculated one user on r/Darknet. By process of elimination, that market would likely be Empire, but there is no firm evidence to support this theory. Moreover, even if LE have infiltrated Empire or another DNM, buyers who encrypt their communications and maintain good opsec should be safe. Another r/Darknet user ventured that law enforcement don’t need to directly down a DNM to score a victory, writing “By DDOSing you remove faith in the markets … it’s a war of attrition, for every time they do this they are knocking another few thousand drug distributors offline, and they don’t even need to make a real arrest.” A related theory holds that LE are DDOSing specific Tor exit nodes, with the goal of steering traffic through LE-controlled exit nodes to de-anonymize users. Malicious relays on the Tor network is a problem that is starting to gain awareness, despite having been prevalent since 2017, with one researcher claiming that up to 10% of all Tor nodes may be malicious. Finally, there is speculation that rival DNMs may be engaged in a DDoS war, which has been known to occur as sites vie for supremacy of the darknet’s lucrative trade in contraband. As Russian DNM Hydra’s ICO prospectus shows, there’s major money to be made from running a darknet market. The greatest casualty of the DDoS war has been Tochka, which has been offline since late November. While a DDoS attack was initially responsible for downing it, the site’s admin has since gone awol, leaving users in the dark as to the site’s status. “Please consider finding an alternative source for your future shopping,” recommended a Tochka moderator in a signed PGP message. DNM users are having to pick their moments, rushing to place orders on sites in the intervals when they’re fleetingly online. With the holidays rapidly approaching, partygoers will be praying for respite from the wave of DDoS attacks. Do you think law enforcement could be responsible for the darknet’s DDoS attacks? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Mystery Surrounds DDoS Attacks That Have Downed the Darknet appeared first on Bitcoin News. View the full article

Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish tax administration recently clarified. The matter has been discussed on European level as well. Also read: European AML Directive Pushes Crypto Startup Bottle Pay Out of Business PCC Tax Applies to Crypto Transactions In Poland, the PCC tax (Podatek od czynności cywilnoprawnych) is a 1 or 2% tax levied on sales of assets outside the scope of Europe’s widely implemented value added tax (VAT). The transfer tax on civil law transactions is usually due when the seller is not a business entity or the sale is of a movable property, real estate or various rights. The tax is payable by the buyer and is calculated on the value of the purchased asset. According to an interpretation of the tax code issued in April last year, a 1% PCC tax should in principle apply to cryptocurrency transactions after digital coins were recognized as property rights. Following protests from the country’s crypto community and an online petition, however, the Ministry of Finance imposed a temporary hold on its collection in the summer of 2018, which was extended in July this year until June 30, 2020. Since then, the issue has been hanging in the air, with the government in Warsaw taking time to consider its long-term policy regarding crypto taxation while also hoping for а pan-European solution. Polish media reported that the matter has been discussed during the Dec. 5 meeting of EU’s Economic and Financial Affairs Council (Ecofin). A decision on that level will certainly influence the taxation of cryptocurrencies in all member states, including Poland. Controversial and Irrational Taxation “In July, it seemed the case would be resolved once and for all and cryptocurrencies would be permanently exempted from this tax,” the Kryptowaluty news outlet noted in a recent post. However, the regulation adopted by Ministerstwo Finansów was only an interim measure. What’s more, a new clarification issued by the Polish National Tax Administration (KAS) states that persons who carried out cryptocurrency trading transactions before July 13, 2018 are liable for PCC. The agency’s information service emphasized that last year’s regulation does not mean crypto trading from previous periods is not taxable. The clarification is bad news for Polish taxpayers who have carried out such transactions. First of all, reporting hundreds or thousands of transfers would be extremely complicated. Besides, the amount of the accumulated PCC can potentially exceed the profits from trading. The “irrational effect of the PCC tax on cryptocurrencies” was acknowledged by Poland’s deputy finance minister Pawel Gruza in an interview published last year. Applied to crypto trades, the civil law transactions tax also creates a certain controversy. Transactions that are VAT-exempt, as is the case with buying and selling cryptocurrencies in the EU, are usually exempt from PCC as well. On the other hand, there are exceptions, as the professional services network KPMG explains on its website. In Poland, the tax is due on transfers of land and buildings, for example. In the case of crypto sales, the tax should be levied on each transaction over 1,000 Polish zloty, which is less than €235. What do you think about the rationale behind the PCC tax? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Poles Hit With Backdated Tax on Crypto Trades appeared first on Bitcoin News. View the full article

In this regulatory roundup, we cover a positive crypto story in India, China’s year-end rankings, and the European Central Bank entering the stablecoin race. We also cover the New York regulator’s proposed Bitlicense revision — the first in five years — and several other notable regulatory developments in the crypto space. Also read: Regulatory Roundup – Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency Crypto Is ‘Inevitable’ in India As the Indian government is deliberating on the country’s crypto policy, a prominent member of India’s parliament, Dr. Subramanian Swamy, said that “cryptocurrency is inevitable.” His remark followed the statements made by the governor of the Reserve Bank of India (RBI) last week regarding cryptocurrencies and digital rupees. Dr. Swamy further said: “I advocate that India as an established super power in software should accept to make the transition to cryptocurrency.” He will chair a conference that will take place at UN India’s headquarters on Dec. 18 where cryptocurrency will be discussed. Dr. Subramanian Swamy NY Proposes New Rules, IRS Still Undecided In the U.S., the New York State Department of Financial Services (DFS) has proposed new Bitlicense rules to streamline the requirements for licensees seeking to list new coins. This is the first review of the regulation in five years. The DFS proposes creating a pre-approved list of coins for all licensees to list without having to obtain approval. The coins being considered for the pre-approved list are BTC, BCH, ETH, ETC, LTC, XRP, PAX, and GUSD. Licensees can also obtain approval for their firm-specific listing policy. Once this policy is approved, the licensee will be able to self-certify the coins they want to list in the future without having to obtain prior approval; they only need to notify the DFS of the intention to list those coins. The regulator added: All VC [virtual currency] licensees are required to keep DFS informed, no later than at the time of their next quarterly filing, of all coins to be used or offered in connection with their virtual currency business activities. As for how crypto transactions are taxed in the U.S., the Internal Revenue Service (IRS) has not made up its mind regarding the tax treatment of promotional airdrops, one of several unclear areas from its new tax guidance issued in October. The IRS, however, has started using the new Schedule 1 tax form requiring all tax filers in the country to disclose crypto activities. ECB Entering Stablecoin Race The new president of the European Central Bank (ECB), Christine Lagarde, held her first press conference as head of the ECB last week. The former International Monetary Fund (IMF) chief said “there is clearly a demand” for stablecoins and proceeded to outline her plans to lead the ECB “ahead of the curve.” She believes that her plans will be realized by mid-2020. However, Lagarde said she only knows of one stablecoin at the moment, without specifying which one. A recent EBC report, however, discusses a number of stablecoins including Facebook’s libra, tether, and nubits. China’s Digital Yuan and Crypto Project Rankings Chinese news outlet Caijing reported on Dec. 9 that China’s central bank, the People’s Bank of China (PBOC), is preparing to test its digital currency in two cities: Shenzhen and Suzhou. There has been much speculation about when China will release its digital yuan, but the PBOC has not given a timeframe for the launch, noting that more tests and research need to be conducted. Meanwhile, China’s Center for Information and Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, has released the 15th update of its crypto project rankings — the last one this year. 35 crypto projects were evaluated and ranked for the center’s Global Public Blockchain Technology Assessment Index. EOS still tops the overall ranking, followed by Ethereum and Tron. Bitcoin and Bitcoin Cash have climbed up from the previous rankings. Denmark’s 20,000 Tax Letters, Sweden’s Approval Denmark’s tax authority, Danish Skattestyrelsen, has sent out warning letters to about 20,000 cryptocurrency owners, asking for a full breakdown of their transactions and for them to file amended returns if needed. The tax agency obtained information on these traders and all their purchases and sales made between Jan. 1, 2016, and Dec. 31, 2018, from three local crypto exchanges. Over in Sweden, the Swedish Financial Supervisory Authority has approved the base prospectus filed by Amun AG for an exchange-traded product. Sweden was also in the news last week for its plan to create a central bank digital currency pilot platform. The country’s central bank, the Riksbank, explained that “The primary objective of the e-krona pilot project is to broaden the bank’s understanding of the technological possibilities for the e-krona.” What do you think of the regulatory developments in this roundup? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines Policy appeared first on Bitcoin News. View the full article

Talk of bitcoin passwords being encoded and stored in synthetic DNA is not new, but in a recent development scientists have announced that DNA-encoded information can now be stored in everyday objects such as eye glasses or a shirt button, instead of a vial or test tube. Also Read: Cryptosteel Capsule Will Keep Your Wallet Seed Safe and Out of Sight From Test Tube to Silica Beads Bitcoin seed phrases and other private information can now be stored in the clothes you wear, or any number of other inconspicuous, everyday objects. While previous reports have detailed the process for encoding data via synthetic DNA, and storage in a test tube, a new study entitled “A DNA-of-things storage architecture to create materials with embedded memory” claims that the code can now be embedded within everyday objects. The authors state: We devised a ‘DNA-of-things’ (DoT) storage architecture to produce materials with immutable memory … DNA molecules record the data, and these molecules are then encapsulated in nanometer silica beads, which are fused into various materials that are used to print or cast objects in any shape. The process conceptually is straightforward. As DNA consists of four bases, adenine (A), guanine (G), cytosine (C) and thymine (T), an algorithm can be used to convert digital information of ones and zeroes into sequences of these DNA bases called oligos. The researchers first detail how they were able to encode a “Stanford Bunny” with information needed to reproduce itself, loosely mimicking biology. The ‘bunny’ is a common 3D test model used in computer graphics. “First we compressed the binary stereolithography (stl) file of the bunny from 100kB to 45kB. Next, we used DNA Fountain [encoding protocol] to encode the file in 12,000 DNA oligo-nucleotides (oligos),” the paper states. Overview of the encoding and decoding process. Source: https://www.nature.com. The oligos are encapsulated in microscopic beads and then placed in a filament, which is used as material for the 3D printing of an object. After the object is created, the data can be extracted and decoded. Due to the high redundancy of the information contained in the object, the researchers note that “we can tolerate a dropout of even 80% of the DNA oligos and still correctly decode the file.” What This Could Mean for Bitcoin “Let’s say that someone is thinking that you’re trying to take information out from a facility or from a border, and they capture you and screen all your electronic devices,” the head author of the study, Yang Erlich, recently related to vice.com. The report suggests that steganography might be a useful application of the technology. If this process can be made affordable for the average person, current discussion and debate about data encryption could be taken to a whole new level. The report emphasizes: The DoT architecture … enables a wide range of everyday objects, from a keychain to a bottle lid, to be turned into concealed storage devices that can secretly carry data. Perhaps even more compelling for privacy advocates is the difficulty bad actors would face in attempting to extract embedded info. As the report notes, not only would an invasive party first have to confirm which, if any, physical objects on one’s person contained embedded data (there’s no visible way to know), but they would then have to extract that data using the same technology and protocols which encoded it. Just imagine the lines at customs. Embedding data for a Youtube video in eyeglasses. Source: https://www.nature.com. Still Too Expensive The DNA-of-things study finally details how the scientists embedded a Youtube video into a pair of glasses. Erlich noted to Vice that beyond international espionage, the tech could have applications in security and medicine, and “Good people need to hide information, so why not give them more options?” As it stands, the process is still very expensive, with just the production of the rabbit’s DNA sequence alone setting the team back $2,500. That notwithstanding, at the rate tech is moving, cryptocurrency lovers might find themselves wearing crypto specs and drinking their morning coffee from a seed-phrase-infused mug before they can say ‘oligo.’ What are your thoughts on ‘DNA-of-things’ and its potential applications for crypto? Let us know in the comments section below. Images courtesy of Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post ‘DNA-of-Things’ Technology Can Store Bitcoin Passwords in Everyday Objects appeared first on Bitcoin News. View the full article

A growing number of banks in Germany are charging retail customers negative interest rates, starting with the very first euro deposited into their accounts. At least three German banks are reportedly doing so, with more expected to follow suit in the near future. As the European Central Bank maintains a negative rate policy, more banks say they are finding it necessary to pass on the negative rate burden to their customers. Also read: Regulatory Roundup – Germany to Let Banks Sell and Store Crypto, Laws Changing in Asia More Banks Charge Negative Rates From First Euro German banks are increasingly passing on the burden of negative interest rates to their retail clients from the very first euro deposited into their accounts. While it is not uncommon for banks in Germany to levy negative interest rates on their customers, most of them have refrained from charging retail clients, largely due to concerns of reputational damage. However, a regional bank close to Munich, Volksbank Raiffeisenbank Fuerstenfeldbruck, made headlines recently when it began charging all new clients -0.5% on their deposits from the first euro deposited. Since then, at least two more banks have followed suit. Another bank, Kreissparkasse Stendal, has a similar policy for clients who have no other relationship with the bank. The bank explains on its website that it is charging a “deposit fee” on balances of 0.01 euro or more. Both Volksbank Raiffeisenbank Fuerstenfeldbruck and Kreissparkasse Stendal “levy the charges on new customers who open a type of savings account that allows for daily, unlimited withdrawals, a popular instrument among German savers,” Bloomberg detailed. Furthermore, VR Bank Westmünsterland, has reportedly been charging some new customers -0.5% from the first euro since the beginning of the month. According to local media, the bank has become the first financial institution in Germany’s North Rhine-Westphalia state to charge a negative interest rate. The bank said that it is trying to ward off interested parties who have exhausted their options at other banks and just want to park their money cheaply. CEO Wolfgang Baecker opined: We expect that numerous banks will follow in the near future. One of the country’s largest cooperative banks, Frankfurter Volksbank, is also reportedly considering charging new customers -0.55% for all deposit amounts, according to news outlet Frankfurter Allgemeine Zeitung. However, this bank has not made a formal announcement about it. Chain Reaction Led by ECB The prolonged negative interest rate environment imposed by the European Central Bank (ECB) has forced a number of lenders in Germany to pass on the burden of negative interest rates to their clients. The ECB has kept its deposit rate at -0.5%, making it expensive for banks to park their excess cash there. Last month, Germany’s central bank, the Deutsche Bundesbank, published the results of a survey it conducted on the widespread practice of banks charging negative interest rates throughout the country. The central bank found that “58% of the banks said they were levying negative rates on some corporate deposits and 23% said they were doing the same for retail depositors.” Isabel Schnabel, a professor at the University of Bonn who was nominated by Germany to join the ECB’s Executive Board, was quoted by Bloomberg as saying: “For now, negative rates are probably a signal to new clients that a bank doesn’t need any additional deposits. I would assume that banks are a lot more cautious with existing customers.” More German banks are charging accounts with deposits of 100,000 euros ($111,000) or more. Deutsche Bank, Commerzbank, and Berliner Volksbank, one of the largest cooperative banks, are among those already charging wealthy and corporate clients or are in the process of doing so. Deutsche Bank CFO James von Moltke recently revealed that his bank had stepped up its attempts to pass on the negative rate burden to corporate clients. Similarly, Commerzbank CFO Stephan Engels said that his bank had already been approaching wealthy retail customers holding deposits of more than 1 million euros. “The floodgates are open,” commented Friedrich Heinemann, who heads the department on Corporate Taxation and Public Finance at the ZEW economic research institute in Mannheim. He was quoted by Bloomberg as saying: We will soon see a chain reaction. Banks that do not follow with negative interest rates would be flooded with liquidity. “For a long time, wealthy private customers in particular were affected by negative interest rates. But this trend has been broken,” said Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. “Over the next few weeks and months, we expect more banks to introduce negative interest rates. It will be harder for banks to evade the trend towards negative interest rates, at least when customers start to move deposits on a large scale.” Meanwhile, a bill has been passed in Germany to allow banks to sell and store cryptocurrency. What do you think of more German banks charging all customers negative interest rates? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article. Images courtesy of Shutterstock. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post German Banks Increasingly Charging Retail Clients Negative Interest Rates appeared first on Bitcoin News. View the full article

Uphold users have gained access to loans from Salt Lending using crypto holdings such as bitcoin cash (BCH) as collateral. The digital money platform has more than 1.5 million users globally and has powered over $5 billion in transactions. Also Read: Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines Uphold Partners With Salt Lending Digital money platform Uphold has announced a partnership with Salt Lending to provide its users with cash or stablecoin loans using cryptocurrencies as collateral. Uphold users can now secure loans through Salt against their holdings in BCH, BTC, ETH, DASH and XRP. In addition to bringing leading credit solutions to Uphold users, Salt has integrated Uphold wallets into its own platform, allowing the company’s growing user base to access Uphold’s products through their dashboard. The integration is aimed at streamlining the lending experience for shared users through seamless collateral transfers and loan proceed payouts. “Salt has given its users the flexibility to access loans using their cryptocurrency holdings. Our integration with the Salt platform allows us to grow our service offering and provides another real-world use case for Uphold members,” said Robin O’Connell, Chief Revenue Officer at Uphold. With a crypto-backed loan from Salt, Uphold users can unlock liquidity from their crypto assets without having to sell them. Unlike traditional financial institutions, Salt allows customers to use their crypto assets as collateral to secure a cash (USD) or stablecoin loan in as little as 24 hours. The company explained that when applying for a loan through Salt, Uphold users can customize their loan by choosing their preferred loan type, loan amount, duration, and Loan-to-Value (LTV) ratio with options ranging from 30% to 70%. There are no credit or income checks required and no origination or prepayment fees. Large Global Customer Base Uphold is a digital money platform offering investments and payments services based on blockchain technology. With more than 1.5 million users globally, Uphold has powered $5.3 billion in transactions as of September 2019. The San Francisco based firm provides both retail customers and businesses worldwide with access to fiat and digital currencies, as well as precious metals. The company has offices in New York, Portugal and London. Uphold is also a major member of the Universal Protocol Alliance, a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. Bitcoin.com Exchange recently listed the Alliance’s Universal Protocol Token (UPT), a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading. “Uphold has built an impressive platform that provides a seamless on-ramp into the digital economy and a simple method to transact across diverse asset classes. We’re excited to bring our leading crypto-credit products to Uphold’s global customer base and enhance our borrower experience through a direct integration with Uphold wallets on our platform,” commented Jarrett Abraham, Director of Corporate Development at Salt. “Together, we’ll provide ultimate flexibility for crypto holders who need access to liquidity across a range of crypto assets and fiat currencies. This is an exciting strategic partnership for us that helps further our mission to accelerate the world’s ability to embrace crypto assets and participate in the token economy.” What do you think about Uphold users gaining access to crypto-backed loans? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Uphold Users Gain Access to Salt’s Crypto-Backed Loans appeared first on Bitcoin News. View the full article

Do you remember receiving your first bitcoin? Seeing those satoshis arrive in your wallet is a magical, almost spiritual, experience. In that moment, the most beautiful thing about bitcoin is not its censorship resistance or pseudonymity: it’s that it works at the first time of asking. No pending account verification, no weekend processing delays, and no questions. What about Lightning bitcoin? Could it too work at the first time of asking? As Lightning Network approaches its second anniversary, I decided to find out. Also read: Maduro Plans to Airdrop Petro to Municipal Leaders and Eligible Citizens Bitcoin Core Needs Lightning – But Is Lightning Ready? Multicoin Capital caused a stir last week when it predicted onchain BTC fees to hit $100 in 2020. This will be “a positive development” according to the firm’s Spencer Bogart as it will force “scaling up the stack” to Lightning Network (LN). Even if that prophecy doesn’t come to pass, and fees “only” reach $10, Lightning will be sorely needed, not least to the 3.4 billion people who earn less than $5.50 a day. The question is, two years into its lifespan, is Lightning ready to pick up the slack? To find out, I downloaded two bitcoin maximalist-recommended LN wallets and got to work. First though, a preface: news.Bitcoin.com is known for its support of Bitcoin Cash and its onchain approach to scaling. We nevertheless cover BTC extensively, albeit with less focus on Lightning Network, since it is experimental technology that has scarcely been used in the wild up until now. That said, with Bitfinex announcing support for LN deposits and withdrawals earlier this month, there are signs that the tide is turning. The next few months will be critical for Lightning: either it starts working, all the time for all the people, or there’s a risk of LN being written off as a failed experiment. If Lightning isn’t ready for mass adoption the next time onchain fees pass $50, either the public will go elsewhere – be it to BCH, EOS, or any other network that can pick up the strain – or they’ll give up on crypto for good. If that happens, bitcoin will effectively exist as a custodial asset only, suitable for investing but never transacting. And if that happens, it won’t just be Lightning that’s deemed a failed experiment – it will be Bitcoin itself. There’s a lot riding on Lightning Network’s performance over the next few months then. Can LN step up and prove that it’s production ready? Putting Phoenix Wallet to the Test Billed as “the bitcoin wallet from the future,” Phoenix’s architects aren’t afraid to sing the praises of their new LN wallet. After seeing well-known bitcoiner Matt Odell tweeting his support for Phoenix, I decided it would be an ideal jumping off point for my debut Lightning experience. Last month, I helped a friend buy his first BTC, showing him how to install the Exodus wallet and transfer his newly acquired coins to it. It worked at the first time of asking, the same way it has with everyone I’ve introduced to bitcoin over the years. Could I, with seven years of bitcoin experience, get a Lightning wallet to work at the first attempt? After installing and opening the Phoenix Android app, I’m prompted to backup my wallet and set a PIN, as is standard with any noncustodial crypto wallet. I’m then presented with the following screen: What I’m aiming to do is send onchain BTC to Lightning, in whatever way the app will allow me to. After pressing “Receive,” I tap the QR code to copy the address and then paste it into the “Send” field of one of my BTC wallets. Upon pasting the QR code, however, it turns out that it contains the following: lnbc1pwlva5epp5z77fkphh….scq6zw5hu That’s not a BTC address – it’s a Lightning one, which only works for transactions on the Lightning Network. But all is not lost, for below the QR code in Phoenix is a button that reads “Show a bitcoin address,” which displays the following prompt: I’d prefer not to pay a 0.5% fee: if I was sending 1 BTC, that means I’d be charged £35. Still, this is Lightning, which isn’t yet ready for receiving transactions of that size, so the 0.5% fee can be forgiven for now. What can’t be forgiven is what happens next: the infinite spinning wheel of death, as I’m instructed to “Please hold.” Two days later, and I’m still no further along. Goodbye Phoenix, it was nice knowing you. Putting Nayuta Wallet to the Test The next LN wallet I try is Nayuta, a hybrid full-node/SPV Lightning mobile wallet that was brought to my attention by Nomics. The wallet is still in beta, and comes liberally coated in disclaimers to that effect: That being the case, I’m prepared to cut Nayuta some slack. It’s not like I’m trying to open dozens of Lightning channels, add a watchtower, or run a local node: I just want to get some onchain BTC to LN. That shouldn’t be too hard, right? There’s a button marked ‘Lightning’ across the bottom of the Nayuta app and another marked ‘Onchain.’ I press the latter, select ‘Receive’ and am shown a BTC address. Despite being in beta, Nayuta’s already gotten me further than Phoenix. I paste the BTC address into the bitcoin wallet I intend to send funds from and run into my first problem: the address format is bech32, and the wallet I’m sending funds from, like most custodial and noncustodial BTC wallets, isn’t compatible. This isn’t a Lightning problem – it’s a bitcoin one – but it’s nevertheless another hurdle in my quest to get funds onto LN. I log into an exchange account instead and try withdrawing funds from there which, to my pleasant surprise, work with bech32 addresses. Two hours later, however, and there’s still nothing shown up in the Nayuta app. I’d only sent $70 of BTC, but am nevertheless miffed by its failure to appear. After three hours have elapsed, I log into Nayuta again, and this time my funds have magically appeared, but I can’t access them: they’re now being sent from my Nayuta BTC address to my Nayuta Lightning address, minus the 0.5% fee, and the transaction is showing up as unconfirmed. It will require six confirmations before the funds will clear, which means I need to wait another hour. My understanding of LN is limited (this is my first time after all), but here’s what I’d like to see: a wallet service that will instantly send funds to my LN wallet after a 1-confirmation onchain transaction. In other words, I send BTC onchain from my wallet to theirs, whereupon they immediately send a corresponding amount from their already funded LN channel to me. That’s a service I’d happily pay a 0.5% fee for. But having to wait four hours and counting to get going isn’t going to impress the nocoiners. Two Years on and Lightning Network Still Isn’t Ready for Mass Adoption My first experience with Lightning has been interesting, to put it charitably, and maddening to put it more accurately. It feels like there’s a whole world of instant confirmations and low sat transactions waiting for me, if only I could get some damn funds onto the Lightning Network. Then it occurs to me: why am I killing myself trying to break into the promised land of fast, cheap transactions when they’re already at my fingertips with bitcoin cash, litecoin, and doge? It’s possible that I’ve made some noob mistake in trying to get connected to Lightning Network, but since there’s zero guidance in either of the LN wallets I tried, I’ve no way of knowing. And that’s the whole point: if LN can befuddle a bitcoiner of seven years, we’re still years away from it being ready for mainstream adoption. I check my Nayuta wallet one last time. The transaction from my onchain wallet to my LN wallet was initiated two hours ago. Current status: unconfirmed. What are your thoughts on Lightning Network? Have you tried using it? Let us know in the comments section below. Images credits: Shutterstock and Phoenix Wallet. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Here’s What Happens When You Use Lightning Network for the First Time appeared first on Bitcoin News. View the full article

I imagine long ago there was a time when neither verbal nor written language existed for humans. Hand gestures and other physical cues were as good as our ancestors had it. Perhaps the sign for thirsty meant pinching one’s own tongue. Or the sign for hungry meant stuffing one’s hand in one’s own mouth. **The following article is an opinion piece published on July 2, 2013, and written by Seth King. “Protocol, Networks, Law, and Anarchism” first appeared on the Daily Anarchist and is reprinted here for historical preservation. Bitcoin.com is not responsible for or liable for any opinions, content, accuracy or quality within the Op-ed article.** Misunderstanding was rampant. Quality communication was scarce. And productivity was low. But since the beginning, mankind has been slowly improving its communication skills. Along came verbal and written languages and with it increased understanding. With increased understanding, so too came increased productivity. Protocol When two or more individuals come together and speak a common language it can be said they are obeying a certain protocol. So long as none of the individuals pervert the pre-defined meanings of words there is understanding. If another person attempts to ascribe false meanings to the English language, or perhaps even speaks a foreign language to a group of English only speakers, that person can be said to be disobeying protocol. The protocol, in this case, is the English language. Networks When many individuals obey the same protocol while communicating it can be called a network. There are networks of English, German, French, and Spanish speakers, and so on. You might say that large groups of individuals within a geographic region all speaking the same language is a local area network. Generally speaking, it is in an individual’s own self-interest to have his protocol as widely adopted as possible. If one’s native language is too small relative to the rest of the world, the individual will likely need to become multilingual. In order to increase maximum communication and understanding, eventually all individuals will likely obey the same language protocol. Assuming you’ve followed me so far, the question I then have for you is which language should be the global protocol? Should it be English, Spanish, or Chinese? Perhaps something else? The truth is there are two answers to this question. The first answer is that it is totally arbitrary. There is no right or wrong language. Assuming everyone in the world can obey the same protocol, it doesn’t matter one iota whether it’s Spanish or English being spoken. The second answer is that billions of people have their preference and are vying for ubiquity, but only one is likely to come out on top. Which language should “win” is totally a matter of preference to each individual. Morality is simply devoid from this debate. Now, this isn’t to say that every person on the planet will be forced to stop speaking the language of their local area network. It merely means that in order to easily communicate with everyone else on the planet, one protocol will have to be obeyed. To refuse to do so would mean certain isolation and disadvantage. Law Now let’s talk about law. There are many types of law in the world. There is Amish law, Sharia law, United States law, Chinese law, you name it. Law, just like language, is a protocol. When two or more people obey the same law, there is harmony between those two or more people. It doesn’t matter how ridiculous others may find that law, just like it doesn’t matter how many other people like Arabic. For the people obeying the Arabic protocol there is harmony. Legal protocol also encompasses geographical locations. They are generally called governments or states and they are local area networks. As with languages, individuals are genuinely vying for ubiquity of their own law. If one’s own law is too little accepted relative to the rest of the world they will likely adopt the law of another. It follows that one type of law will likely “win” out globally in the long run. Which then, should it be? Again, there are two answers. The first being that it is completely arbitrary. It doesn’t matter. If everybody in the world agreed upon one law there would be harmony. The second answer is that it’s totally a matter of preference to the individual. Just as one person may prefer English over German, so too may that individual prefer United States law over European Union law. When one law eventually achieves ubiquity it is not to say that others cannot obey a completely different law of their own choosing within and amongst themselves. For example, Halakha may be fully obeyed and practiced by individuals within the Jewish network despite living simultaneously under United States law. Those individuals unwilling to obey the legal protocol of the United States, however, may find themselves in certain isolation and disadvantage. Anarchism So, where does this put anarchists? Anarchists also have their own protocol. In fact, there are even different protocols amongst anarchists of varying stripes. Each flavor of anarchism is vying for ubiquity just like other legal protocols. And the truth is there is no right or wrong protocol. There is only preference. When two or more individuals cannot agree on protocol, be it language, legal, cultural, or other, there is conflict and isolation. That is an indisputable fact of life. There is no point in moralizing or lamenting it. Anarcho-capitalists may have the hardest time swallowing this pill as they are generally very concerned with the subject of ethics. It is our values that are the building blocks of our market-anarchist/voluntaryist protocol. But if there is one thing we should have learned from our Austrian economic background, it is that all value is subjective. Even how individuals value ethics, law, and human relations is subjective. How anarcho-capitalists value their protocol has absolutely no bearing on how others will value their protocol. It is merely preference. So, if we market-anarchists want our protocol to be the one that “wins” globally we will have to take measures that help to ensure our victory. A few quick ideas come to mind. Predicting that English will eventually become the global language protocol, it seems that it would behoove market-anarchists to emulate some of the tendencies of English speakers. First, as English speakers are almost universally monolingual and unwilling or uninterested in learning second languages, in order to share language protocol others are required to learn English. Second, as England was strategically isolated on an island, the English language provided a geographical defense from foreign language protocol creep. Third, as arguably the majority of the last century’s innovations and cultural media came from English speaking countries, non-native English speakers were forced to learn English in order to reap the rewards of these advancements. Therefore market-anarchists should seek to unlearn, take no interest in, become completely ignorant of, and disobey statist legal protocol. Let the rest of the world conform to our protocol, not the other way around. Second, market-anarchists may need to have at least one large, isolated geographical area fully populated by market-anarchists. Surely, there must be some way to procure a large oceanic landmass, possibly the size of Hong Kong Island. Let’s also not forget the Free State Project. A market-anarchist that doesn’t live near any other market-anarchists is as good as a computer not connected to the internet. There’s simply no network until there are two or more people obeying the same protocol. Third, market-anarchists must offer goods and services on our terms. For example, when doing business refuse to accept statist financial protocols like bank transfer or central bank notes, and instead, demand bitcoin. Also, many voluntaryists are computer programmers. Perhaps it would be beneficial to only write free and open-source software and not cater to nonfree operating systems like Windows or OSX. In conclusion, market-anarchism is a protocol. It is not special. It is merely our preference. We should seek to codify its laws to help others conform with ease, much like a dictionary defines the rules of language. Market-anarchists may also need to take a very hard-line and seemingly arrogant approach to non-voluntaryists. What do you think about Seth King’s “Protocol, Networks, Law, and Anarchism?” Let us know what you think about this subject in the comments section below. **The article above is an opinion piece published on July 2, 2013, and written by Seth King. “Protocol, Networks, Law, and Anarchism” first appeared on the Daily Anarchist and is reprinted here for historical preservation. Bitcoin.com is not responsible for or liable for any opinions, content, accuracy or quality within the Op-ed article.** Op-ed Disclaimer: The opinions expressed in this article are the author’s own. 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 information in this Op-ed article. Image credits: Shutterstock, Wiki Commons, Fair Use, and Pixabay. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Protocol, Networks, Law, and Anarchism appeared first on Bitcoin News. View the full article

The president of Venezuela, Nicolás Maduro wants the nation state-issued cryptocurrency, petro (PTR) to have the same usability properties as a physical currency. On December 13, Maduro explained on national television that the Superintendence of Crypto-Assets and Related Activities (Sunacrip) will be airdropping 0.5 PTR ($30) next week to eligible citizens who register with the Petro App. Also read: North Korea Plans to Launch Cryptocurrency to Bypass Economic Sanctions Venezuelan President Aggressively Pushes for Petro Adoption The United Socialist Party leader and Venezuelan president Nicolás Maduro has been marketing the country’s cryptocurrency, the petro (PTR), aggressively recently. In November, Maduro told the public that PTR needs to be just as usable as physical currencies. “The usability is very important, so we can distribute the petro,” Maduro explained at the time. The Venezuelan head of state noted that there are citizens who don’t have a phone, but emphasized that “usability can be done with a card.” Maduro continued by saying that just like the 18 million Venezuelans with the Carnet de la Patria (Homeland card), a card for PTR can be created. The Homeland card is a Venezuelan identity card that leverages a QR code and a digital wallet. Maduro’s announcement further stressed: We can give debit cards with petro, that is, build a solid monetary system and boost the usability of the Venezuelan cryptocurrency. Sunacrip Notice 19 and 20 discuss Maduro’s push for petro (PTR) usability and adoption, while the notices also notify the public of the approval of 30 million barrels of crude oil to back the cryptocurrency. The Venezuelan leader went on to say that the state’s electronic payment system will help the country “seek a definitive exit to the economic war.” Maduro remarked that thousands of Venezuelan merchants will be onboarded by next year and the state’s digital currency system is “taking the right steps to consolidate the economy.” The usability news from the president followed his decision to approve a total of 30 million barrels of crude oil and petroleum products to Sunacrip. The 30 million barrels of oil backing the PTR is much smaller than the promised five billion barrels of oil the Venezuelan government initially pledged to leverage. Initially, the United Socialist Party leader promised to back the petro (PTR) by 5 billion barrels of crude oil, but Maduro has since dropped the backing to only 30 million barrels. Venezuelan Pensioners, Government Personnel, and Retirees to Get a Petro Airdrop Next Week On Friday, regional reports detailed that Maduro told the public on a state television broadcast that Sunacrip would be using the state’s new digital currency payment system the Petro App to airdrop 0.5 PTR ($30) to eligible citizens. Pensioners, government personnel, and retirees can obtain the PTR bonus next week and other citizens can apply for the Petro App to find out if they are a beneficiary. Maduro explained during the television broadcast that the airdrop will be a “test mechanism” in order to drive petro adoption. Additionally, Maduro approved the disbursement of 500 thousand petros and 10 billion bolivars to Venezuelan mayors and governors. The Venezuelan highlighted that the disbursement would be pertinent to cover expenses needed to operate the 335 municipalities in the country. The Petro App home page where eligible citizens can register for the PTR airdrop. Registering for the Petro App requires Carnet de la Patria (Homeland card) identification alongside other personal information. The airdrop of PTR given to pensioners, retirees, and municipal leaders will be the first of its kind when it comes to a nation state doling out its own cryptocurrency to citizens. The latest announcements show the United Socialist Party, Sunacrip, and other Venezuelan state agencies are pushing the petro hard throughout the country. Moreover, skeptics believe the petro network is only used by bureaucrats and their friends to skip international sanctions initiated by the U.S. Similar to North Korea, Maduro’s quest to exit to the economic war may be fueled by crypto. What do you think of the details provided on the petro (PTR) airdrop so far? What do you think about Maduro’s quest? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is 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 this article. Image credits: Shutterstock, Petro Logo, Wiki Commons, Fair Use, Sunacrip Notices, and the Petro App home page. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Maduro Plans to Airdrop Petro to Municipal Leaders and Eligible Citizens appeared first on Bitcoin News. View the full article

Not everyone is lucky enough to have access to the stock market and the ability to buy shares in successful corporations like Apple or Coca-Cola. Many impoverished and politically restricted areas make such participation impossible for those who live there. However, thanks to the ability to tokenize virtually anything via SLPs (Simple Ledger Protocol tokens) and also to pay dividends on these same assets, myriad new possibilities have emerged. One of which being tokenization of traditional stocks, so people with nothing more than a $20-dollar smartphone and an internet connection can participate. Also Read: SLP Token Market Cap Surpasses $50 Million How SLP Tokens Work SLP tokens are built on the Bitcoin Cash blockchain and function similar to Ethereum’s ERC-20 protocol. Anyone can have fun making their own SLP for just a few cents in BCH, and through the new dividends tool, issue payments to holders of these tokens at any time, in whatever amount they would like. This creates an opportunity for a business to become its own mint on the BCH chain, without going through all kinds of hassle or paying high fees. Once a new SLP token is minted, it can be held, used for special offers and unique functions, or as stated, issued to shareholders for the payment of dividends. For those interested in creating their own SLP token, it can be done easily via memo.cash or the Electron Cash SLP wallet. Sending SLP Dividends to Anonymous Bearer Share Holders Once an SLP is created it can be sent to effective shareholders who will receive payouts via the token when the issuer decides to send them. Each SLP has a unique token ID. Using Bitcoin.com’s SLP Dividend Calculator, a token creator can enter this ID and then enter the customizable payment settings such as amount and block height at which the payment should be broadcast. The tool will automatically calculate how much BCH each SLP token holder should receive proportionate to their token holdings. The calculator tool also allows tokens to be airdropped to users. Back in August, news.Bitcoin.com’s Jamie Redman posted a detailed tutorial for issuing SLP dividends using the calculator tool. A video tutorial posted by Bitcoin.com Executive Chairman Roger Ver is also available, and goes into some potentially revolutionary uses for SLP dividends like making the traditional stock market accessible even to residents of third world countries. Describing a scenario where a traditional company stock like Coca-Cola is held by a financial custodian and then tokenized and sold, Ver states: Right now the only people that can buy Coca-Cola stock are whatever institutions or somebody in a first world country … But if you tokenize the Coca-Cola stock now anybody, anywhere in the world with a $20-dollar cell phone can now own tokenized Coca-Cola shares. Of course, it’s not just impoverished or geopolitically embattled parties that could make use of this opportunity. Anyone could. Further, if such SLP tokenized stock is sold at a premium due to the convenient service being provided, issuers might be incentivized to buy even more tokens — whatever crypto or token they are using — and then issue even more tokenized stock. This could theoretically lead to a largely tokenized, parallel stock system. Darknet Markets, Bonds, and IPOs Other possible applications for dividend tokens could be found in darknet marketplaces, bonds, and IPOs. With correct privacy protocols in place, darknet marketplaces might offer shares and rewards to their clients. Businesses can issue the tokens as bonds and pay interest on chain via the dividend. IPOs could be facilitated for anyone and everyone with the will to start a business, not just big corporations. Thanks to technology, striving for financial freedom and the ability to work for one’s own sustenance and happiness isn’t just limited to those with a Charles Schwab account anymore. Crypto and SLP dividends pave the way for true financial inclusion — not just more Wall Street special interests. What are your thoughts on SLPs and tokenizing the stock market? Let us know in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is 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 this article. Images courtesy of Shutterstock, fongleon356, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post How SLP Dividends Can Tokenize Anything, Including the Stock Market appeared first on Bitcoin News. View the full article

Bitcoin.com Exchange was launched in early September 2019 as an easy-to-use platform with world-class security and a powerful trading engine. The venue has rapidly expanded its roster and now offers 27 different digital tokens for users to trade. Two of the latest additions to the exchange are ACD and HEX. Also Read: Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange ACD Token Added to Trading Platform Bitcoin.com Exchange recently added to the trading platform the ACD tokens created by a Tokyo-based company of the same initials. Alliance Cargo Direct is a technology company aiming to improve international e-commerce and logistics processes. In particular, they are focused on helping overseas customers to buy authentic Japanese products directly from Japanese suppliers. In 2017 Alliance Cargo Direct developed the ANA mall app targeted at the Chinese market, which enabled Chinese customers to purchase Japanese goods conveniently and without any language barriers. As a subsidiary of ANA Holdings, Alliance Cargo Direct leverages ANA’s logistics network to deliver goods to customers quickly and cost-effectively. Alongside their e-commerce solution for Chinese customers, the technology company also offers a multilingual chat-service and a system which allows users to clear customs prior to sending goods. This is meant to enable up to 30% savings in tax expenses. In 2018 Alliance Cargo Direct announced they would start using blockchain technology and issue their own token to address challenges in the e-commerce market, such as long transaction times and high costs for any merchant wanting to sell Japanese goods to the international market. By implementation of blockchain technology, they will provide customers with more transparency and speed during the payment process when purchasing Japanese goods. When Alliance Cargo Direct first launched their token, the ACD, it was built on the Ethereum blockchain. However, in March 2019, it was instead integrated into the SLP ecosystem in collaboration with Bitcoin.com. The high transaction speed and low-cost transactions of SLP has made it possible for ACD to be accepted by more than 1,000 stores across Japan. Just a few weeks later, Alliance Cargo Direct announced their first buy-back program in partnership with Bitcoin.com. During this time, for every dollar that customers spent in ACD or bitcoin cash in any of the affiliate retail stores, a certain percentage of that purchase would be used to buy-back tokens. This initiative is aimed at increasing liquidity as well as adding value to ACD. On November 26, 2019, Alchemy Global Payment Solutions Limited, an international cryptocurrency payment provider that powers businesses with hybrid cryptocurrency and fiat payment solutions, partnered with ACD to enable its tokens at both online and offline merchant networks of ACD and QFPay in Japan and across Asia. Alchemy will provide their Hybrid Payment Solution to ACD e-commerce servicing platforms and retail merchants, enabling them to accept payments from customers paying with ACD tokens and other popular cryptocurrencies such as BCH, BTC, ETH as well as their digital wallet of choice like Rakuten Pay, Alipay and Wechat Pay. Alchemy’s hybrid crypto and fiat payment system has been deployed at over 2000 merchant sales points in Hong Kong and Singapore since July 2019. Richard Heart’s HEX Token Now on Bitcoin.com Exchange HEX is a smart-contract on Ethereum that pays out interest in HEX tokens to any user who is staking their token. It is promoted by crypto influencer Richard Heart who says he has identified several flaws in other blockchains and is aiming to correct those with the launch of the token. The idea is based on rewarding token holders instead of miners as well as eliminating the need for a centralized party as anyone can simply send their token to the smart contract to earn interest on it in a trustless manner. “HEX improves crypto by paying people to take possession of their Bitcoin private keys,” Richard Heart twitted over the weekend. “HEX starves scams of attention and referrers by using the same and better sales tactics they do.” Staking rewards vary depending on the supply of HEX that stakes. Estimates on the HEX official website show that if only 1% of the existing HEX supply engages in staking, investors could earn up to 369% in interest. In the case 10% of the total supply is staking, the interest would drop to 36.9%. Unlike other tokens, HEX did not conduct a typical ICO but allows bitcoin holders to claim tokens for free. To claim HEX, anyone with bitcoin in their wallet can use the HEX claim tool to receive HEX for free. The earlier someone claims, the more HEX they can potentially be rewarded. Just keep in mind that, if you are thinking about claiming HEX with your bitcoin holdings and don’t want anyone to possibly be able to know your transaction history, it is always recommended to use privacy tools to obfuscate your transaction history before taking any action that can possibly lead back to you. Anyone who doesn’t own bitcoin can buy HEX by sending ETH to the HEX smart contract, much like any other ICO. The platform is incentivizing early adopters by rewarding them a higher amount of HEX than people who join later. According to the project’s website every feature in HEX is “designed to increase … price and adoption. It’s a positive Feedback loop.” In summary, the final goal of HEX is to replace all existing banks and payments providers in the future. Trading for HEX started on Bitcoin.com Exchange December 13, 2019. The platform was launched by Bitcoin.com following a re-branding to represent the vision of an inclusive crypto ecosystem, where anyone can gain economic freedom. The exchange, as an addition to the existing financial services, offers new as well as advanced traders a secure space to trade their cryptocurrencies since September this year. The platform employs institutional-grade encryption, two-factor authentication (2FA) and IP whitelisting to keep user accounts secure at all times. Available digital assets include: ADA, ATOM, BCH, BTC, EOS, ETC, ETH, LTC, ONT, TRX, USDT, WAVES, XLM and XRP. What do you think about Bitcoin.com Exchange’s continued growth? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Bitcoin.com Exchange Lists More Tokens for Trading appeared first on Bitcoin News. View the full article

Indian Parliament member Dr. Subramanian Swamy has shared his view on cryptocurrency. Advocating for India to make the transition to crypto, he reportedly said, “cryptocurrency is inevitable.” The lawmaker will chair a conference at the UN India’s headquarters next week where issues surrounding cryptocurrency in the country will be discussed. Also read: Regulatory Roundup – Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency ‘Cryptocurrency Is Inevitable’ Indian Member of Parliament (MP) Dr. Subramanian Swamy has reportedly spoken about cryptocurrency following the statements made last week on digital currency by the governor of the Reserve Bank of India (RBI). The Bharatiya Janata Party (BJP) MP was nominated to Rajya Sabha, the upper house of India’s parliament, by the President of India. According to Sarkaritel news portal, Dr. Swamy supports cryptocurrency adoption. He was quoted on Wednesday as saying: Cryptocurrency is inevitable. Last week, RBI Governor Shaktikanta Das revealed that the central bank had examined internally the prospect of issuing an RBI-backed digital rupee. “I think it is an area where the Reserve Bank will certainly look at seriously at an appropriate time,” he confirmed. The RBI, however, has not warmed up to cryptocurrencies such as bitcoin. Its banking restriction, enforced on the Indian cryptocurrency industry in July last year, is still in effect. The supreme court is expected to resume hearing the arguments against this ban in January. Crypto Conference at UN India Dr. Swamy will chair a closed-door conference at UN India’s headquarters in New Delhi on Dec. 18. The event is co-organized by United Nations Technology Innovation Lab – UNTIL India and BEGIN India Think Tank. The aim of the conference is to deliberate on methods, technology and delivery mechanisms of digital currency that make nations, particularly law enforcement, “vulnerable in monitoring/ controlling/ stopping the invisible vaporization of fiat currency towards terror financing,” the UN’s website described. “The scheduled conference on cryptocurrency organized by Mr. Deepak is most timely,” Dr. Swamy was quoted by the news outlet as saying. “China is today even ahead of U.S. in its decision to begin a trial run in two cities for digital transactions.” Deepak Kapoor is the founder of BEGIN India Think Tank. The MP elaborated: I advocate that India as an established super power in software should accept to make the transition to cryptocurrency. The conference will be attended by leaders from key Indian investigative agencies, law enforcement agencies, as well as state and central government IT departments. BEGIN India Think Tank focuses on addressing issues surrounding blockchain technology and cryptocurrency. The organization helps investigative agencies, law enforcement agencies, and banking institutions understand cryptocurrency and blockchain technology. Kapoor affirmed: We are committed to addressing a range of issues around cryptocurrency, globally, starting in India. “From its damaging negative aspects that contribute to undermining [the] dominance of central banks in a nation’s economy to the overwhelmingly positive aspects of how policy should be formulated around the most secure technology till date which was essentially built to decimate the control of governments and central banks,” he continued. “We must work to retain the safeguards.” Among topics that will be discussed at the conference is how to fight crypto-related crimes. “For this purpose, such conferences are necessary in a democracy that India is, and move to digital, orderly and tamper-proof transaction just as in the past, the world had moved from barter to precious metals to paper currency for transaction,” Dr. Swamy detailed. “The banking system is unable to track any financial transactions and law enforcement agencies are helplessly unable to deal with high-end cryptocurrency technology,” Kapoor remarked. “Investigators have not yet even understood how to ascertain/ calculate the total value of siphoned off funds, leave alone locating and seizing it,” he further asserted. Despite various efforts by the Indian government and law enforcement agencies, BEGIN India’s founder claims that “not a single case of cryptocurrency has yet been successfully solved, nor a fraction of the money recovered so far.” He noted that “Alarmingly, with each passing day, larger amounts keep getting converted to cryptocurrency and vanishing into the thin-air invisible economy, thus weakening India’s economy and hurting its GDP.” Meanwhile, the Sardar Vallabhbhai Patel National Police Academy has introduced a few courses teaching high ranking police officers about cryptocurrency. What do you think of Dr. Swamy’s view on cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock and Moneycontrol. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’ appeared first on Bitcoin News. View the full article

Bottle Pay, a cryptocurrency payments provider from the U.K., has announced its decision to cease operations by the end of the year. Despite attracting some serious funding and expanding its user base significantly in the past few months, the company has found it unacceptable to continue to work under the upcoming EU regulations. AMLD5, the latest update of the EU’s anti-money laundering policy, introduces stringent requirements for crypto businesses. Also read: Almost 70 Crypto Funds Close This Year, Twice as Many Launch Bottle Pay Shuts Down Because of New KYC Rules As a custodial crypto wallet provider based in the United Kingdom, Bottle Pay will be obliged to comply with stricter regulations to be introduced with the Fifth Anti-Money Laundering Directive of the European Union. AMLD5 comes into effect January 2020 and has to be transposed into national law by all EU member states. It expands the coverage of the relevant legislation to include the crypto space imposing extensive KYC and AML practices. “After having built a fantastic community around our service, and seeing huge growth in user numbers over the last few months,” the British company remarked in a blog post published on Friday, “it is with heavy hearts that we announce Bottle Pay will cease operating on Tuesday 31st December 2019 at 13:00 GMT,” the announcement details. Bottle Pay shuts down after raising $2 million in seed funding this past September. The startup, which was launched in June, developed a tipping service that allowed users to send small amounts of cryptocurrency on social media networks and messengers through its browser extension for Chrome, Firefox and Brave. A recipient’s social media account or a handle was all the sender needed to transfer the digital cash. Bottle Pay was available on multiple platforms including Telegram, Twitter, Instagram, Github, Discord, and Reddit. Money sent to users of these networks will now be returned to the sender within a week. Active users have to withdraw their funds by Dec. 31 and new subscriptions will not be accepted as signups and deposits went offline this week. In the blog post, Bottle Pay further emphasizes that “the amount and type of extra personal information we would be required to collect from our users would alter the current user experience so radically, and so negatively, that we are not willing to force this onto our community.” The company wants to maintain its integrity as a service provider and protect the interests of its team, investors and users. “We have taken the painful decision to shut Bottle Pay down completely rather than become subject to these new regulations,” the startup concludes. What’s Special About AMLD5 The European Union regularly updates its anti-money laundering and counter-terrorist financing framework. AMLD5 is its latest edition. The directive was adopted and published in 2018 and will come into force on Jan. 10, 2020. One of its key features is the expansion of its scope to encompass crypto activities within the EU. AMLD5 addresses regulatory challenges related to high value goods, prepaid cards, high-risk countries, and politically exposed persons as well as the legal treatment of virtual currencies. It introduces a legal definition of cryptocurrency which has been described as “a digital representation of value that can be digitally transferred, stored or traded and is accepted as a medium of exchange.” Providers of crypto-related services, such as exchanges and custodial wallets, are considered “obliged entities” and will have to comply with the union’s AML regulations in the future. That means abiding by the rules applicable to other financial institutions including the obligation to perform customer due diligence and submit suspicious activity reports. That also applies to investment firms, tax advisors, accountants, notaries, and lawyers who transfer or receive payments equivalent to €10,000 and more. Crypto companies will have to register with the respective authorities in their jurisdictions such as Bafin in Germany or Britain’s FCA. What’s more, the financial intelligence units of member states have been authorized to obtain the private data of virtual currency owners and users, including their identities and addresses. The information will be kept in central registries and will allow the identification of both private individuals and corporate entities holding accounts with crypto platforms. Brussels’ main goal is to reduce anonymity associated with crypto transactions and use. Do you expect more crypto businesses to close down due to AMLD5? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post European AML Directive Pushes Crypto Startup Bottle Pay Out of Business appeared first on Bitcoin News. View the full article

On December 3, the crypto software firm Bloxroute’s cofounder, Eyal Markovich, announced the launch of the startup’s Blockchain Distribution Network (BDN) Version 1. Markovich explained that the BDN V1 release is a milestone for the company and the scalability service aims to enable exponential blockchain scaling by propagating blocks and transactions faster. Also Read: 23 Days Until a Bonded Courier Supposedly Delivers Keys to $8 Billion in BTC The Blockchain Distribution Network Version 1 The startup Bloxroute, a firm dedicated to blockchain propagation software, recently revealed the launch of BDN V1. The protocol is a “Layer-0 blockchain scalability solution” and Bloxroute’s Markovich detailed that developers have been working “tirelessly” toward the effort. News.Bitcoin.com first reported on Bloxroute back in November 2018, after the Bitcoin Cash blockchain split. After BSV split off from the BCH network, both communities heavily debated how miners and nodes would handle massive sized blocks in the future. At the time, Bloxroute was brought up in these debates quite a bit, because the startup claims the BDN can provide more efficient block propagation for blockchains. “In particular, Bloxroute propagates blocks without knowledge of the transactions they contain, their number, and the ‘wallets’ or addresses involved. Miners are free to include arbitrary transactions in a block,” the Bloxroute whitepaper explains. Since then Bloxroute has been experimenting with multiple blockchains and recent tests include the ETH Mining Test, Bitcoin Cash Miner Test, and the Akomba Labs Test. The results from the Bitcoin Cash Miner Test, in particular, had shown that “BDN propagates large blocks (32MB) between 2-18 seconds compared to up to 193 seconds without Bloxroute.” In July, Bloxroute published the results of the Bitcoin Cash Miner Test. “Block compression technology, such as Compact blocks, improved with the BDN as transaction propagation allowed mempools to be more in sync,” the report highlights. Additionally, China saw the “largest improvement” in propagation times and BDN “sped up fork recoveries,” like missed transactions from compact blocks. Bloxroute has been working with mining pools as well and news.Bitcoin.com reported about one partnership last January when the firm partnered with the mining operation Rawpool. Mining operations that helped Bloxroute during the Bitcoin Cash Miner Test. ‘Any Blockchain Project Can Integrate With Bloxroute’ For the latest BDN V1 Gateway software, Markovich details that the protocol is available via Github, Dockerhub, and Pypi. Markovich also notes that Bloxroute expects to see exchanges, decentralized apps, and mining pools adopt BDN V1. People can get a comprehensive overview of the architecture, components, and installation walkthroughs by visiting Bloxroute’s documentation page. On December 3, 2019, Bloxroute cofounder Eyal Markovich announced the launch of BDN V1. “Later this year, we will publish a more technical post on the content of V1 and on the BDN roadmap for 2020,” Markovich said. Additionally, Bloxroute’s website shows a list of blockchain partners who plan to leverage the BDN software. Bloxroute is also backed by investment firms such as Pantera, Coinbase Ventures, Fenbushi, and well known individuals like Fred Ehrsam, and Jack Herrick. In addition to detailing that a technical post and BDN roadmap was in the works, Markovich’s blog post emphasized that “any blockchain project can integrate with Bloxroute.” “While the first version of the Blockchain Distribution Network (BDN) supports Ethereum and Bitcoin Cash, we are also working to integrate the BDN with a number of new blockchain projects including Ontology, Quorum, Conflux, and Metadium,” Markovich added. What do you think about Bloxroute’s Blockchain Distribution Network (BDN) Version 1? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is 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 this article. Image credits: Shutterstock, Bloxroute, Fair Use, and Pixabay. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Bloxroute Releases Blockchain Distribution Network for Ethereum and Bitcoin Cash appeared first on Bitcoin News. View the full article

According to regional reports, the Russian darknet market Hydra is planning an initial coin offering (ICO) in order to expand the marketplace internationally. The sale is set to start on December 16 and Hydra administrators hope to raise $146 million from the token sale. Also read: Regulatory Roundup – Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency Hydra ICO Plans to Raise $146 Million The top darknet market (DNM) famous among Russian speaking users is hosting a token sale in a few days. The Hydra marketplace has been around since 2015 and the DNM claims to have 2.5 million active users with 100,000 daily transactions. The columnist Anna Baydakova discovered Hydra’s investment memorandum, which can only be accessed with an anonymized browser like Tor. Baydakova details that the Hydra ICO will sell tokens for $100 each and users can purchase them with BTC. Moreover, Baydakova’s report highlights that investors who purchase 100 tokens will get a 0.00333333 percent share from Hydra’s profits. The regional publication Forklog is warning people about Hydra’s ICO and the news outlet has cautioned readers by saying the Hydra crowdsale “may be an exit-scam attempt by project management.” Hydra is a Russian DNM that launched in 2015. Forklog notes that Hydra is the largest DNM in Russia selling narcotic substances but counterfeit money and other prohibited goods are not allowed. The report also suggests that Hydra has an issue with the Lenta.ru news publication, which launched a large-scale investigation into Hydra and the RAMP marketplace. Forklog discloses that according to available data, 49% of the tokens will be sold and Baydakova’s report also confirms the public sale number. The rest of the funds will be kept by Hydra admins and the DNM’s representatives said they will be funding an investigation into the Lenta.ru news publication. Hydra doesn’t like the Lenta.ru news publication’s investigative journalism and plans to use some ICO funds to investigate Lenta.ru. The news outlet’s inquiry into the Russian DNM has a lot of evidence against Hydra’s operations. The investigative report explains how Hydra’s shadow market has a turnover of billions of rubles. Despite the fact that Hydra’s revenue outpaces sales in Russia for oil and gas, Lenta.ru news says “no newspapers write about it.” Moreover, the creation of Hydra started a “brutal war” in Russia for the drug trade on the internet and Lenta.ru suggests that Hydra became a “monopolist in the multi-billion-dollar market.” Global law enforcement has recently been following and tracking Hydra’s operations and on January 15, 2019, investigators fell upon several hundred tons of bananas and each container of fruit contained 50-kilogram briquettes of cocaine. The banana shipment had 500 million rubles worth of cocaine and it was suspected that the drugs stemmed from Hydra operations. The following June, DNM investigators seized even more banana containers that held 400 kilograms of cocaine from the Alava cartel at the St. Petersburg seaport. Trusting an ICO That Could Literally Be Gone Tomorrow As far as Hydra’s ICO is concerned, the 49% issued to the public will represent 1,470,000 tokens. Not only will funding help the investigation into Lenta.ru, Hydra admins are also allegedly planning to use the money to fund a project called Eternos. Reports detail that Eternos will be another DNM but will also host a digital asset exchange, encrypted messenger services, and it will supposedly run on a native anonymous browser. The 100-token package buyers will ostensibly get “$500 monthly dividends” and Hydra admins have estimated these numbers from “Hydra’s [prior] growth metrics.” Forklog says that Vladimir Todorov, the editor-in-chief of Lenta.ru news, disclosed that messages from Hydra admins “do not contain a single word of truth.” The Hydra ICO being discussed on Reddit. After the news about Hydra’s ICO went viral, DNM participants discussed the subject on social media and forums. “LOL — yeah right — Imagine trusting a websites ICO that could literally be gone tomorrow,” one person commented on the Reddit forum r/darknet. Others wrote things like “Bitconnnneeeeeeect” and a few commentators explained that DNMs have done ICO-like shares in the past. “A few months before Evolution market exit scammed, I remember they made a shares system a little similar to this — Very profitable system for Evolution admins I guess,” the person recollected. What do you think about Hydra hosting an initial coin offering (ICO)? Let us know what you think about this subject in the comments section below. Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is 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 this article. Images courtesy of Shutterstock, Wiki Commons, Fair Use, Pixabay, and Lenta.ru news. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Russia’s Hydra Darknet Marketplace Plans $146M Token Sale appeared first on Bitcoin News. View the full article

This Week in Bitcoin is your roundup of the prime talking points from across the cryptosphere. From the major news to the minor debates that erupted into huge arguments, we’ve captured the flavor of the frenetic soup that is Bitcoin and all that simmers in it. In this edition, the deadline for the $8 billion Tulip Trust looms closer and bitcoin maximalists are caught behaving badly. Also read: Accused Onecoin Co-Conspirators Fight Criminal Charges in the US Monday: $8 Billion BTC and Post-Fork Fixes On Monday, September 9, we led with the story of the Tulip Trust, which is due to deliver $8 billion in BTC to Craig Wright in less than three weeks. Supposedly. We also covered the SEC approving a bitcoin futures fund, and the new IRS tax form targeting crypto owners in Monday’s regulatory round-up. Also on Monday, in the wake of Ethereum’s Constantinople hard fork, researcher Antoine Le Calvez showed how thousands of dapps failed due to the changes made to smart contracts, which caused them to run out of gas. He noted how even crypto exchanges were affected, with Gemini unable to “sweep user deposits into its hot wallet after the fork, each attempt resulting in an out-of-gas error.” The Ethereum ecosystem suffered another blow on December 9 when a different researcher explained how a well-funded attacker could “turn $20M into $340M in 15 seconds” by exploiting the Makerdao contract. On crypto Twitter, a debate broke out over Bitcoin’s lack of privacy. Business-owner Jason Smith explained his reservations with paying overseas staff in BTC, confessing: “I became frustrated with how open Bitcoin is. It exposes way more than one wants to the staff. That lead me to consider the improbability of the world adopting a financial tool that doesn’t afford business decent levels of privacy.” Ironically, Smith was formerly opposed to privacy coins, before undergoing a volte-face and paying his overseas employees in zcash. Tuesday: Blockstream Alienates Everyone On December 10, Blockstream caught flak after its plans to raise $50M by issuing a BTSE exchange token were leaked. The revelation that Blockstream was projecting an increase in revenue of 3,700% for 2020 to justify the token sale forced Samson Mow onto the defensive, a position he’s occupied on crypto Twitter for weeks, as the company’s beleaguered CSO has poured fuel on fires that were of his own making. As Cobra Bitcoin put it, “Liquid is just Blockstream’s platform for scam token issuance as a service. And how exactly does an exchange forecast going from $2M in revenue in 2019 to $100M+ in 2020?” The BTSE row was to rumble on all week, with Samson Mow and Adam Back digging themselves deeper into the hole they had constructed. Elsewhere, in The War on Cash, Marty Bent highlighted tough new laws in Greece and Italy effectively criminalizing the use of cash, opining: “The governments of these countries are herding their citizens into the digital panopticon that is the current global financial system so that they can milk them for all of that sweet sweet tax money.” In related news, we covered Italians’ love of cash and growing appreciation for crypto. And in unrelated news, Ross Ulbricht had a stab at predicting when bitcoin’s next all-time high will occur. Wednesday: Jack Tries Some Blue Sky Thinking On December 11, Twitter CEO Jack Dorsey got the cryptosphere all of a stir when he revealed Blue Sky, a “small independent team of up to five open source architects, engineers, and designers to develop an open and decentralized standard for social media,” funded by Twitter. “It would be incredible for the future of free speech and censor-resistant information to see a decentralized twitter protocol with various clients and front-ends built atop that standard,” enthused Messari’s Ryan Selkis. Jack Dorsey “A tech CEO that understands Bitcoin and decentralized social networks,” tweeted Blockstack’s Muneeb. “Facebook is trying to start Libra. My guess is Jack will prefer to extend existing open crypto networks instead.” Thursday: Bitcoin Maximalists Bust out the Banhammer Crypto is full of contradictions, with one of the greatest being the glee with which certain proponents of censorship-resistant money will censor their opponents’ opinions. We’re looking at you, bitcoin maxis, with your high follower count and low tolerance for dissenting voices. The loss of Crypto Deleted, a Twitter account that screenshotted the foolish tweets hastily purged by members of the cryptorati, was led by Jameson Lopp. Imagine calling yourself a “#Bitcoin cypherpunk” and spending your free time coding censorship bots. pic.twitter.com/c9BkNV1rvM — SmileyGnome (@SmileyGnome) December 11, 2019 Critics of the circle-jerking maximalists, including Romano, were quick to point out their hypocrisy. “Imagine writing a blog post that ultimately led to mass reporting and suspending an account that you didn’t agree with. And then imagine celebrating it – as a cypherpunk nonetheless,” chipped in Larry Cermak. Friday: Tether Time Friday 13th was to prove unlucky for Tether, which found itself on the receiving end of yet another legal brief from the New York Attorney General. “If these allegations are true Bitfinex/Tether’s chances in this case should be toast,” tweeted ‘lex node’ who broke down the filing for those who couldn’t face trawling through the full document. Others demurred, however, asserting that the NYAG’s latest doc contained nothing new. Friday was a bad day for crypto regulatory news: BTC payments platform Bottle Pay revealed it was shutting down due to impending KYC/AML regulations, writing: To maintain our integrity as service providers, and to protect the interests of our team, investors and users, we have taken the painful decision to shut Bottle Pay down completely rather than become subject to these new regulations. Meanwhile, over on crypto Twitter, bitcoin maximalists finished the week the way they’d started it: by acting hypocritically and getting called out for it. This time it was Peter McCormack’s turn to get grief for his double standards and general sycophancy. > be a horrible investor and trader > give investment advice anyways > transform into parasitic leech to leech off of successful people with “podcast” > encourage and engage in negativity, toxicity, and tribalism > complain people are being mean to you Just delete your account pic.twitter.com/IwCHMCvZ1A — moon (@MoonOverlord) December 13, 2019 Finally, in real news, Dutch banking giant ING declared it was developing a crypto custody service, and the European Central Bank’s Christine Lagarde outlined her plans to keep the ECB “ahead of the curve” when it comes to digital currency and stablecoins. Popular on News.Bitcoin.com This Week Deutsche Bank Strategist Predicts Crypto Could Replace Fiat Money China Releases Year-End Crypto Rankings Accused Onecoin Co-Conspirators Fight Criminal Charges in the US What stories caught your attention this week? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post This Week in Bitcoin: $8 Billion BTC Trust and Maximalists Misbehaving appeared first on Bitcoin News. View the full article

It has been a year since the founder of now-defunct crypto exchange Quadrigacx supposedly died in India. However, some 76,000 victims are still out of millions of dollars. A court-appointed lawyer representing them has now requested an exhumation and post-mortem autopsy in Canada of the dead body, highlighting the need to know if Gerald Cotten is in fact deceased. Also read: Regulatory Roundup – Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency Exhumation and Post-Mortem Autopsy Law firm Miller Thomson has sent a letter to the Royal Canadian Mounted Police regarding Gerald Cotten, the late founder and CEO of bankrupt Quadrigacx crypto exchange. The firm was appointed by the Supreme Court of Nova Scotia as representative counsel on behalf of users affected by the shutdown of the exchange. In its letter dated Dec. 13, the law firm wrote: The purpose of this letter is to request, on behalf of the affected users, that the Royal Canadian Mounted Police (the ‘RCMP’), conduct an exhumation and post-mortem autopsy on the body of Gerald Cotten. The letter explains that the aim of the request is “to confirm both its identity and the cause of death given the questionable circumstances surrounding Mr. Cotten’s death and the significant losses of affected users.” Along with the letter, the law firm sent some background material to the police consisting of publicly available information on the history of the exchange, the supposedly dead founder, and other related materials. The firm emphasized: In our view, further highlight the need for certainty around the question of whether Mr. Cotten is in fact deceased … Representative counsel respectfully requests that this process be completed by Spring of 2020, given decomposition concerns. Suspicious Circumstances Since the reported death of Cotten in December 2018 due to complications relating to Crohn’s disease while on honeymoon with his wife in Jaipur, India, there has been much speculation about what actually happened. Many people believe that the 30-year-old is not dead as circumstantial evidence continues to rack up against him. A Vanity Fair article published on Nov. 22 points out a number of theories and evidence surrounding the case, including the exchange’s co-founder, Michael Patryn, turning out to be a convicted fraudster. Gerald Cotten, supposedly dead founder of bankrupt Quadrigacx crypto exchange Cotten’s death was announced a month after he presumably died while his exchange continued to accept customer funds. The private hospital in India misspelled his name and the doctor later said that they were not sure about the diagnosis. By the time his death was made public, about 76,000 individuals could not access their funds totaling approximately $190 million. Cotten was also supposedly the only person with the private keys to the exchange’s cold wallets. However, court-appointed monitor Ernst & Young and several blockchain investigators found that the exchange’s crypto wallets were empty, and some funds were transferred to Cotten’s personal accounts or other exchanges. The company began bankruptcy proceedings in Nova Scotia in April, which were moved to Toronto earlier this year. Both Canada’s tax authorities and the U.S. Federal Bureau of Investigation (FBI) are investigating Quadrigacx. On June 2, the FBI posted a notice on its website seeking victims in the investigation. Some people interviewed by the RCMP and the FBI said they got the impression that the agencies believe that Cotten might not be dead, explained the Vanity Fair article. One of the witnesses questioned by both agencies said: They asked me about 20 times if he was alive … They always end our conversations with that question. Do you think Gerald Cotten is alive? What do you think happened with Quadrigacx? Let us know in the comments section below. Images courtesy of Shutterstock and Global News. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Quadrigacx Founder Dead or Alive? Request for Exhumation and Autopsy Filed appeared first on Bitcoin News. View the full article