roadrunner

TNABC and Miami Blockchain Week return to kick off 2020. On the 16th and 17th of January, 2020, pioneers of the global Bitcoin and blockchain community will converge in Miami for a historical conference, continuing to propel cryptocurrency from niche to mainstream. Now in its seventh year, The North American Bitcoin Conference is the longest-running and most attended finance conference for the Bitcoin, blockchain and cryptocurrency industries with over 20,000 attendees since 2013. Additionally, a key focus of the 2020 conference will be a focus on enterprise, unpacking the new and exciting world of business adoption and commercial blockchain potential. (The 7th Annual North American Bitcoin Conference), as a part of the World Blockchain Forum, will return to sunny Miami with a lineup of over 60 world-class presenters, including technology veterans, and founders of companies transforming finance and innovation across the globe. Past events have been featured in the Wall Street Journal, The New York Times, Forbes, Fortune.com, Bloomberg, and other mainstream media outlets. The two-day conference has announced first partnerships for 2020 with The Bitcoin Center, Tradestation and Bitcoin.com. As well as curated networking, speaker Q&A sessions and a focus on Miami as the historical LATAM-US hub of crypto, TNABC will maintain themes of investment, blockchain enterprise, legal implications and regulation, and how decentralization is disrupting international supply chains. In addition to the two day conference, The North American Bitcoin Conference celebrates the return of Miami Blockchain Week with multiple satellite events before and after the conference, including hackathons, additional networking events, education days, and after-parties. The first 2020 speakers have been announced and include: Nick Spanos, Crypto pioneer Veronica McGregor, Head of Legal at Shapeshift.io Matthew Roszak, Co-Founder, Bloq Charlie Shrem, Bitcoin pioneer Maja Vujinovic, CEO at OGroup Marco Santori, President of Blockchain.com Alexia Hefti, Blockchain Tax Lead at Deloitte Keynote’s founder Moe Levin says, “This conference comes at a pivotal time as innovation forces us all to make wise investing decisions. With an influx of new opportunities and new applications of the blockchain, Keynote wants to give our attendees the opportunity to meet the people and product they’ll be investing in and get a better understanding of the fast-expanding blockchain ecosystem. We’re also excited for our attendees to meet and interact with our sponsors and exhibitors, who are the greatest blockchain companies active at the moment.” Tickets are available now at (btcmiami.com/tickets) For Sponsorship and Exhibiting information please email amy@keynote.ae About Keynote Keynote was launched in 2012 by blockchain strategist Moe Levin. Further information and details about Keynote can be found at keynote.ae Supporting Link https://www.btcmiami.com The post The North American Bitcoin Conference Returns appeared first on Bitcoin News. View the full article

The digital assets market has been on an upward trend recently, with top cryptocurrencies such as BTC and BCH maintaining higher price levels. Unfortunately, this comes too late for some ventures in the field. The latest to cease operations is DX Exchange, which is now looking for a way to exit the market. Also Read: Cred Merchant Solutions to Help Unbanked Business Sectors DX Exchange Is Looking for a Buyer Estonia-based digital assets trading venue DX Exchange has announced that as of Sunday, November 3, the platform is not allowing any more deposits from clients, trading is suspended and all open orders have been canceled. This is done to close the exchange until a new buyer can be found for the company. Alternatively, DX may merge with another exchange to reduce the high cost of running the business. The company also reassured clients that all their funds are safe and need to be returned to allow a merger or a sale to proceed. Tallinn, Estonia “We must inform the community that the board of directors of DX.Exchange has decided to temporarily close the exchange as we pursue a merger or outright sell of the company,” the team wrote in a blog post. “The cost of providing the required level of security, support and technology is not economically feasible on our own. The board believes this is the best opportunity for DX.Exchange to achieve success for its shareholders and compete in this challenging market. In the event a merger or sell is not completed in a timely manner then the exchange may not resume operations and take appropriate action.” Smaller crypto exchanges find it difficult to survive in the current market as they have to spend a lot of money to comply with new regulations and compete with giants such as Binance. However, many other types of ventures in the digital assets industry are suffering too. Just recently we reported that Platin, a secure Proof of Location protocol which incentivizes nodes at scale by means of its own blockchain-based token, shut down on Nov. 1, 2019, despite all the recognition it got over the last two years. Tokenized Stocks, ETFs and Crypto DX Exchange was only launched on Jan. 7, 2019. It accepted deposits in BCH, BTC, ETH, USDT, DASH, LTC, XRP, and a few other cryptocurrencies as well as traditional fiat payment options. It initially offered trading on the tokenized stocks of some of the biggest public companies in the world, such as Google, Facebook and Amazon. This had been achieved through an agreement with MPS Marketplace Securities Ltd., which issued tokens that represent stocks via smart contracts and held the real world stocks according to demand on the platform. The “digital stocks” were said to be backed 1:1 with the real-world stocks traded on conventional stock exchanges, like stablecoins backed by equities rather than fiat. Unlike traditional stock exchanges, this arrangement allowed the platform to offer its users the ability to trade on stocks 24/7. DX Exchange holds operating licenses from the Estonian Financial Intelligence Unit and reportedly employed over 70 developers in an R&D center in Israel. It is backed by NFX, a seed and series A focused venture capital firm based in San Francisco. The regulated platform operated in full compliance with Mifid II (the latest EU financial regulations), which means it featured a robust AML/KYC process. Its partner, MPS Marketplace Securities Ltd. is a Cyprus-licensed financial company which provides liquidity solutions for the online trading market. The technology powering DX Exchange is built on Nasdaq’s Financial Information exchange (FIX), a vendor-neutral standard message protocol that defines an electronic message exchange for communicating securities transactions between two parties. The platform also supported trading via an API, which means it can be easily integrated with market makers, liquidity providers, algo traders, and hedge funds. In early March, it was reported that DX Exchange began offering trading on tokenized exchange-traded funds (ETFs), including Nasdaq-mirrored QQQ, S&Ps and SPY. Later that month, it was also revealed that the platform was starting to list security token offerings (STOs). Any security token could submit an application to be listed and needed to meet eligibility requirements for listing on the exchange. The potential issuers were evaluated according to their achievements, transparency, fundraising method, and management team. DX also required a legal opinion which supports the STO’s legitimacy and performed background checks on the management team and directors. For each security token which was offered, a whitepaper explaining the conditions, economic benefits and risks was required. What do you think about DX Exchange closing down? 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 Crypto Winter Claims Another Victim as DX Exchange Closes appeared first on Bitcoin News. View the full article

Shaken by the never-ending saga around Brexit and the global slowdown, the British economy is now showing signs that point to an upcoming crisis. The U.K.’s biggest banks have been dealing with a growing number of loans companies are struggling to pay off. At the same time, low interest rates on mortgages are limiting opportunities for revenue growth. Also read: Another Chinese Lender Bailed Out After Bank Run Largest Lenders Write Off More Debt Than a Year Ago The United Kingdom’s largest lenders have been writing off more loans than they were last year, another indication that many businesses are hurting in a deteriorating economic environment. In Q3 of 2019, writedowns on bad debt at four major British banks increased 51% from the same quarter of 2018, the Daily Mail reported quoting corporate figures. The amount of nonperforming loans that have been written off by RBS, Lloyds, HSBC, and Barclays between July and September reached £1.76 billion (approx. $2.27 billion). During the same period last year it was around £1.17 billion ($1.51 billion), an analysis conducted by U.K.-based financial services company AJ Bell shows. The difference of almost £600 billion has been attributed to the worsening economic conditions that are negatively affecting more and more companies operating in the country. One such example is the British global travel group Thomas Cook which collapsed in September. A total of 4,355 businesses were unable to pay their debts in the third quarter, according to official data from the U.K. government’s Insolvency Service. That’s the highest number in five years recorded by the London-headquartered executive agency of the Department for Business, Energy and Industrial Strategy. Low Interest Rates to Further Squeeze Bank Revenues Bad loans are not the only challenge the United Kingdom’s top lenders are currently facing. According to the publication, the banks have also warned they expect their revenues to be negatively affected by the low mortgage rates which are nearing their record lows at the moment. Source: Statista According to a study published by market data provider Statista, interest rates on mortgages in Britain have been continuously declining for the past five years. In June 2019, two-year fixed rate mortgages were at 1.65%, down from 2.60% in the summer of 2014. The two-year variable interest rate has dropped from 2.71% to 1.99. The 10-year fixed rate has decreased from 4.06% in September 2014 to 2.63% this past June. Credit institutions can hardly raise rates on mortgages right now as the base interest rate set by the Bank of England is only 0.75%. It has remained below 1% ever since the central bank’s Monetary Policy Committee cut it in 2009 to 0.5% where it stayed for around seven years. The average variable mortgage rate at the time was 2.5%. The rate was dropped to its lowest ever mark of 0.25% in August 2016. Although the cost of borrowing was raised in August 2018 to 0.75%, its highest level since early 2009, serious concerns remain regarding the state of the British economy and its perspectives. After another unsuccessful attempt to leave the European Union, the U.K. is now heading towards its third general election in five years, which is creating more uncertainty for its economy already weakened by the global economic slowdown. Against this backdrop, things have been developing differently in the nascent crypto banking sector where loans backed with digital assets and cryptocurrency deposits are enjoying growing popularity. Platforms such as Cred offer clients an opportunity to earn up to 10% interest on their holdings in BTC and BCH and borrow using their crypto as collateral. Cred also provides solutions to unbanked business sectors. Do you think the growing amount of bad loans in Britain is a sign of an upcoming economic crisis? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, Statista. 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 Bad Loans at Big British Banks Jump Over 50% in a Year appeared first on Bitcoin News. View the full article

A hollow steel cylinder despatched with 800 lettered tiles, the Cryptosteel Capsule is what it sounds like and nothing more. Assemble the letters to form your wallet’s seed phrase, thread them onto the metal dipstick and screw the capsule shut, safely entombing the key to your crown jewels inside an unassuming piece of hardware. Stash it in a toolbox alongside some masonry and no one would be the wiser. Also read: Billion Dollar Bitcoin Lawsuit Continues as Craig Wright Breaks Settlement The Re-Gadgetification of Things 80s kids mourning the loss of the gadget-based society they were raised in are naturally drawn to crypto cold storage. For every device (portable radio; spirit level; tape measure) that was subsumed into the iPhone, there’s another that hardware wallet (HW) manufacturers have seen fit to develop and isolate from the smartphone in the name of opsec. There is a logic in wanting to keep your hot assets – i.e anything connected to the web – separate from your cold – typically those you cherish the most and have no intention of liquidating in a hurry. That said, it’s sometimes hard to tell how much of these aftermarket HW accessories are actually helping, and how much of it is just cold storage theater. That there are benefits to keeping your crypto assets safely stashed where hackers, phishers, and SIM-swappers can’t operate is clear. What’s less evident is whether entombing your hardware wallet in a hermetically sealed vault kept at absolute zero with a pack of rottweilers guarding it and anti-tank guns watching the skies is absolutely necessary. Until we see empirical studies on the success rates of extreme opsec compared with, say, scrawling your seed phrase on a scrap of paper and stashing it in a drawer, it’s really hard to say. The Cryptosteel Capsule comes with 800 character tiles The Mother of All Backups Delivered in a smart tray that evokes a luxury chocolate box, the Cryptosteel is described as “the mother of all backups.” Not the daddy, not the son, and certainly not the creepy half-cousin: the ‘steel is all momma. The device, available singly or in packs of up to five, is described as being “compatible with most secret sharing and key generation algorithms.” By that, its manufacturers mean there’s enough numbers and letters in the box to cover most 12-word seed permutations. You can cram 123 characters onto the stick before it’s maxed out. Unfortunately, the stick isn’t quite accommodating enough for a 24-word seed: in testing, I managed 21 words before running out of space. Given that the capsules retail for $100, it seems a little excessive to require multiple capsules to store a single seed. That said, 12 words should suffice for most wallet seeds, and you might even fit on 24 words if they happen to be short and you remove the word separators that are meant to be inserted. My capsule with 21 of 24 seed words squeezed on. Better Than a Steel Punch in the Face I like the Cryptosteel Capsule, despite its limitations. It’s not as alpha as using a steel punch, but it’s a lot easier to create your wallet seed with, and feels almost as permanent. Just be careful when the time comes to unthread it, as one slip and your painstakingly assembled seed will be alphabet soup. It’s hard to say whether sitting in bed threading steel beads onto a metal stick is the financial sovereignty Satoshi dreamed of, or simply a regression to making macaroni art in kindergarten, but it sure is fun. More importantly, it’s a secure way of recording your seed provided you can keep the innocuous looking capsule in a safe place away from prying eyes. What are your thoughts on cold storage capsules – do you think they can help enhance offline security? Let us know in the comments section below. Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as 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 Bitcoin.com 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 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 Cryptosteel Capsule Will Keep Your Wallet Seed Safe and Out of Sight appeared first on Bitcoin News. View the full article

A commissioner of the Ontario Securities Commission (OSC) has debunked the arguments against bitcoin used to deny the public offering of The Bitcoin Fund. Among others, the commissioner rules that bitcoin is neither illiquid nor more susceptible to manipulation than other commodities, real volume and real trading in bitcoin exist, and it is not the role of securities regulators to approve or disapprove of the merits of bitcoin. Also read: 23 Central Banks Divulge Their Digital Currency Requirements Director’s Refusal Axed, Fund Green-Lighted The Ontario Securities Commission (OSC) published a document Wednesday detailing Commissioner Lawrence P. Haber’s reasons to overturn the commission’s previous decision regarding 3IQ Corp and The Bitcoin Fund. A preliminary prospectus for the public offering of this fund was filed with the OSC’s Investment Funds & Structured Products branch (IFSP) in October last year. However, in February, the IFSP refused to issue a receipt of The Bitcoin Fund’s prospectus after its staff raised a number of concerns. 3IQ Corp and The Bitcoin Fund subsequently applied for a hearing and a review of this decision. After multiple hearings, Commissioner Haber ruled on Tuesday that the staff’s concerns “do not warrant denying a receipt for The Bitcoin Fund’s prospectus” and ordered the IFSP director’s decision to be set aside and a receipt for a final prospectus of The Bitcoin Fund issued. Unless the staff can find new grounds for refusal, the final prospectus can be used to offer securities to the public. Canadian investment fund manager 3IQ Corp. confirmed Wednesday that “it has received a favorable ruling” from its public hearing before an OSC panel regarding The Bitcoin Fund. The fund will be a public, non-redeemable investment fund that will invest all of its assets in bitcoin. 3IQ, which also manages a private crypto investment fund, will be The Bitcoin Fund’s investment and portfolio manager. Not Our Job to Decide the Merits of Bitcoin In the document, Commissioner Haber addressed every concern raised by the IFSP staff. He began by stating that this case “is not about the merits of bitcoin as an investment” because “It is not the role of securities regulators to approve or disapprove of the merits of securities being offered to the public.” He pointed out that all prospectuses filed in Canada even say on the cover page that “No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.” The commissioner remarked: It is also outside the scope of the authority of securities regulators to immunize investors against risk or against loss. And, it is not the job of securities regulators to ban speculation or risk-taking. The document further explains that while bitcoin is “a novel asset in an emerging and evolving market,” it can later mature and change significantly, adding that although some assets in this class fail and become tulip bulbs, others can become gold and the next generation of technology. “Securities regulators are not mandated to try to pick winners and losers,” the document details. Bitcoin Is Not Illiquid As a key reason for rejection, the IFSP staff submits that “Bitcoin is an illiquid asset … Therefore, by holding bitcoin, the fund would not comply with the restriction against holding illiquid assets set out in section 2.4 of NI 81-102.” Commissioner Haber disagreed. He said: “I do not agree with Staff’s submission … I find that Staff has not shown that bitcoin is an illiquid asset, as defined in NI 81-102,” emphasizing: I find that there is sufficient evidence of real volume and real trading in bitcoin on registered exchanges in large dollar size, both in absolute terms and compared to other markets for commodities and equities, which constitutes a liquid market. The commissioner referenced some existing investment products providing exposure to bitcoin such as Grayscale Bitcoin Trust (GBTC) which is available to Canadians. Price Manipulation The IFSP staff also decided that it is not in the public interest to issue a receipt for the fund’s prospectus due to concerns about its “ability to value its assets for investors given the significant market integrity concerns regarding the trading of bitcoin,” “the security and safekeeping of the fund’s bitcoin,” and “the fund’s ability to file audited financial statements, as required.” Regarding price manipulation associated with crypto assets, Haber concluded that the staff “has not established that the fund will be unable to arrive at a net asset value that satisfies the requirements of NI 81-106.” While acknowledging the existence of fake volumes and unregistered market trading, the commissioner said the “Staff has not proven that true price discovery in the bitcoin market is prevented by insufficient ‘true trading’ or price manipulation, at least on the regulated exchanges.” He added that the evidence presented to him suggests that wash trading and fake volume are used primarily to attract more traders and issuers, and “did not establish systemic and sustained manipulation of the price of bitcoin.” The commissioner also placed weights on the steps taken by the company to mitigate the risks of manipulation such as its selection of MVIBTC as the index and the fund’s non-redeemable structure. He also noted that other bitcoin holdings, such as GBTC, have been successfully valued, adding: It is worth noting that bitcoin is a commodity, not an equity or other security … The risk of market manipulation exists in all commodity markets. Many of Staff’s stated concerns could apply equally to other commodities, such as precious metals or foreign currencies. Staff did not persuade me that bitcoin is more susceptible to manipulation than other commodity products. Regarding custodian and security risk, the commissioner said, “Like any valuable commodity, I accept that bitcoin can be stolen or lost.” He conveyed that the staff did not establish that the fund’s custodians do not follow sufficient practices for safeguarding bitcoin. Commenting on New York-based Gemini Trust Company which will act as a custodian of the fund’s bitcoin, Haber opined, “I am not persuaded that there was sufficient evidence that professional, regulated crypto-asset custodians, like Gemini, have suffered losses of customer assets.” Staff’s Lack of Authority Commissioner Haber also disagreed with the staff’s submission that investor protection extends to the assets the fund proposes to hold or the markets in which they trade. He explained that if the staff’s analysis were to apply to The Bitcoin Fund, then “it would amount to a ban on any funds holding bitcoin, regardless of their structure or management.” Furthermore, he pointed out that “the length of Staff’s proposed ban would be uncertain,” emphasizing that the ban would effectively remain in place until the staff’s concerns have diminished, elaborating: Staff has not provided any authority for imposing such an indeterminate ban. Investor Protection Since investors have other means of acquiring bitcoin, the commissioner questioned how the staff’s proposed ban would protect them from “unfair, improper or fraudulent practices.” On the contrary, he expects it will ensure that investors could not invest in bitcoin through a public fund, reiterating: Denying investors the opportunity to invest in bitcoin through a public fund would not promote fair and efficient capital markets and confidence in capital markets. “Instead, it would suggest that investors should acquire bitcoin through unregulated vehicles, and capital market participants should be encouraged to create those vehicles,” the commissioner opined. He believes that “The issuance of a receipt for the final prospectus of the fund would promote efficient capital markets by creating an alternative to GBTC,” which he noted is available to Canadian retail investors but trades at a significant premium to its net asset value. It would also “promote efficient capital markets by giving retail investors a means of diversifying their investment portfolios through access to an additional uncorrelated asset class,” the commissioner concluded. What do you think of Commissioner Haber’s reasonings and his decision to overturn the staff’s rejection? 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 OSC Commissioner Debunks Arguments Against Bitcoin, Green-Lights Bitcoin Fund appeared first on Bitcoin News. View the full article

In early September, the high-profile court case Kleiman v. Wright looked as though it was coming to an end as the two parties reached a non-binding settlement. Then on October 30, without much notice, Wright explained that he couldn’t finance the settlement and the agreement was broken. Now the trial will start again and the Kleiman estate hopes to depose Wright’s former chief financial officer, James Wilson on November 8. Also Read: Satoshi ‘Nakamolto’ Emerges With Great Hair and Questionable Claims Wright Breaks the Non-Binding Settlement as the Billion Dollar Bitcoin Lawsuit Continues Australian native Craig Wright, the man who claims to be Bitcoin’s inventor, will be seeing more court proceedings in the near future as the notorious Kleiman v. Wright case is back on. Craig Wright is being sued by Ira Kleiman, the brother of the now-deceased David Kleiman, for allegedly interfering with David’s bitcoin assets and intellectual property after he died. Last September, news.Bitcoin.com reported on how the two parties were seemingly headed toward a settlement as both legal teams came to a non-binding settlement. This happened after the judge ruled the Kleimans were to be awarded 50% of Wright’s alleged BTC holdings and 50% of his blockchain intellectual property (IP). However, the Kleiman estate has filed a new court document which details that “Craig could no longer finance the settlement and was “breaking” the non-binding settlement agreement.” So Roche Freedman LLP wrote in the filing that after a lot of “lost time” the team will be “shifting back into preparing for trial.” Following the broken settlement, the law firm explained it was in contact with James Wilson, the chief financial officer (CFO) of Craig’s companies in 2012-2013. This period of time is when Dave Kleiman was still alive and Wright alleged that he sold Dave interest in his businesses in exchange for BTC. Although Wright’s legal team, Rivero Mestre LLP, came back five hours after the Kleiman estate requested permission to depose Wilson and informed the plaintiffs they would not consent to the deposition on November 8. Wright’s council said the team would need to consent to a video deposition at a later date. Craig Wright. “Due to the unexpected failure of settlement negotiations, and the soon approaching discovery cutoff, the parties are short on time,” Roche Freedman’s filing notes. “Mr. Wilson’s presence in the United States next week obviates the need for the parties to go through the legal, logistical, and expensive steps of securing a deposition in Australia. And while Craig won’t have been afforded a full 14-days notice, he has received 7-days notice.” The Kleiman estate’s court filing adds: Importantly the fact that Craig doesn’t have 14-days notice of this deposition is a product of his own conduct. He asked the parties to pause the litigation process and concentrate on amicably resolving this dispute, only to pull his consent with no advance notice, without good cause, and at a time when it simply wasn’t possible to give him the full 14-days notice. James Wilson and Cryptoloc Technology According to the Twitter handle ‘Seeking Satoshi,’ James Wilson is a former business associate of Wright’s and co-patent holder. “So the court in Florida would like to have a chat with Jamie Wilson, one time CFO for one of Craig’s dodgy companies and co-patent holder for Cryptoloc. But what does the court want from Jamie?” Seeking Satoshi asked on Twitter. “Do they think Jamie can shed some light on Craig’s financial dealings with Dave? Or do they suspect that Dave was involved in the development of Jamie’s ‘Cryptoloc’ and may be owed some money for his hand in the IP behind it?” The researcher continued: I doubt the court will uncover much from speaking with Jamie and I don’t think any IP, bitcoin or money will be found that belongs to Dave. At some point, the court will realise there is no Tulip trust and no bitcoin and that Craig has led everyone on a goose chase. Wilson is also mentioned in a blog post called “From the Bygone Days of Yore — Part 1,” written by Wright in June. Wright stated at the time that he had video link meetings with “Jamie Wilson, Robert Urquhart, and Dave Kleiman” with lawyers present in 2012. Roche Freedman’s motion requests that the court allows them to depose Wilson on November 8 with the defense team present via video-link. According to the court documents, a trial is scheduled to start on March 30, 2020, depending on the proceedings. What do you think about the Kleiman v. Wright lawsuit involving billions of dollars worth of bitcoin? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, 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 Billion Dollar Bitcoin Lawsuit Continues as Craig Wright Breaks Settlement appeared first on Bitcoin News. View the full article

According to the CEO of the Maker Foundation, Rune Christensen, Multi-Collateral Dai (MCD) will launch on November 18. On October 28, Maker’s stability fee was reduced by a ‘whale’ with roughly 94% of the voting power. Also Read: French Ministry of Education Publishes Bitcoin Resource Guide for Educators Maker’s Multi-Collateral Dai Will Launch November 18 Decentralized finance project Makerdao is responsible for creating the cryptocurrency-backed stablecoin called dai. Initially, the project used ETH as a form of collateral in order to issue dai but the project revealed that in the future a variety of other digital assets could be used. Announced at the Devcon 5 conference in Osaka, MCD will bring new features like the dai savings rate (DSR) and a collateralized debt position (CDP) will be known as a “vault.” Collateral types first evaluated include coins like augur (REP), digixdao (DGD), golem (GNT), omisego (OMG), ether (ETH), and 0x (ZRX). This means that there will be two types of coins produced by the community: single collateral dai (what dai is today) will be called ‘sai,’ while MCD created coins will be called dai. In March, news.Bitcoin.com took an in-depth look at the Ethereum-based Makerdao and dai stablecoin. The report explained that a CDP now known as a vault required 150% of the loan amount in dai that’s paid for with ETH. Moreover, there’s a stability fee (interest rate) that accrues during the life of dai loans. Since the project’s launch, the coin has maintained a fairly stable existence despite a few hiccups along the way. In mid-April, the Makerdao community voted multiple times to raise the stability fee because dai tokens were struggling to hold the $1 peg. The issues upset dai borrowers when the stability fee skyrocketed from 0.5% to 19.5%. The interest rate increases had also made dai’s price jump above the $1 peg and many exchanges saw dai sold for more than $1.05 per coin. Natural Centralization? On October 28, Daniel Onggunhao, a software engineer at Binance, revealed that the dai stability fee was reduced to 5.5%. “A single whale (with 97% of voting power) made the decision — Went from 2,489 votes a few hours ago, to 44,539 votes,” Onggunhao tweeted. “I say this normatively, as neither good nor bad. In a perfect world, it’d be great if we had a distributed voter pool for a move this big.” Onggunhao added: The pragmatic reality is that as an early stage, hard-to-understand technology, decision making tends to naturally centralize. (Left) The voting addresses which show the top supporters and the 94% vote. Daniel Onggunhao did make a mistake in his original tweet by saying 97% when it was actually 94%. (Right) The new visual identity of the dai stablecoin. A number of cryptocurrency community members discussed the whale vote after Onggunhao’s tweet. Binance founder Changpeng Zhao (CZ) was quick to quip: “Welcome to ‘decentralization,’ where anything is possible, and not under anyone’s control, even some re-centralization.” Not everyone thought the ‘re-centralization’ concept was a good idea for Makerdao’s claimed ‘decentralized’ governance system. “Stake-based systems [Proof-of-Stake (PoS)] centralise much faster than alternatives because there’s no maintenance cost, and in the early stages, bulk stake acquisition is always going to be easier than buying hardware in any real quantity,” Monero’s Riccardo Spagni replied during the conversation. CDPs have rebranded to vaults. One person disagreed with Onggunhao’s initial tweet and said that he didn’t think there was a “single ‘whale’ with 97% voting power.” “There could be a voter that represents 97% of this particular vote — This is still an issue, but it’s about governance not control.” Onggunhao agreed and further stressed: That’s true, I apologize for dashing off the tweet. I also made an error in the amount (94.7% instead of 97%). Collateralized Multi-Coin Options and a Fee Reduction Will Likely Add More Growth to the Makerdao System The Makerdao project has been a favorite among the cryptocurrency community because the stablecoin dais are backed by digital currency and a decentralized autonomous organization. The stablecoin is not without its critics, and the Maker protocol is still a very young network. However, with added coins stemming from the MCD launch and Maker’s stability fee reduction, it’s likely the dai ecosystem will grow much larger. At present, roughly 2.2% of all the ETH in existence is locked into the Maker system. What do you think about the Makerdao project’s latest MCD announcement and the recent vote to drop the stability fee? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Makerdao, Dai, Medium, Daniel Onggunhao, and Pixabay. 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 Maker’s Stability Fee Drops to 5.5% After Multi-Collateral Dai Announcement appeared first on Bitcoin News. View the full article

A viral video taken at a Las Vegas event has put self-claimed “Bitcoin co-founder” Jörg Molt in the spotlight this past week. A Twitter user in the space known for hair trigger accusations calls Molt a scammer in the video, and Molt proceeds to knock off the guy’s baseball cap. Amusing as the sophomoric dumpster fires of crypto Twitter may be, Molt’s story is illustrative of all-too-common behavior in crypto worthy of focused caution. Before forking over fees for Molt’s Satoshi School courses or bitcoin branded champagne, be sure to know the real story beneath the great head of hair. Also Read: Satoshi’s Final Messages Leave Tantalizing Clues to His Disappearance The ‘Co-Founder’ of Bitcoin While Molt’s reported past of sordid scams, numerous aliases, and life as a DJ in Germany is the source of all kinds of speculation and internet sleuthing, one thing that is immediately verifiable is that he continues to make larger-than-life claims. Molt sells himself (and by extension his courses and BTC-branded bubbly) as “Co-founder of BitCoin” and “one of the few experts in blockchain technology and cryptocurrencies.” He also created something called the Satoshi School, with a website that states: The Satoshi School is the only school in the world that teaches exclusively about BitCoin and BitCoin blockchain technology in a location that suits you. It was founded in 2016 by BitCoin co-founder Jörg Molt – who has been working on global digital cash projects since 1995. To see what Molt really means when he says “co-founder,” a Youtube interview with Steven Melnik sheds some light on the slippery language. “It is the magic about that people from all over the world had the same idea at this time,” Molt states of the pre-bitcoin era, affirming in the video that even people who were simply working toward the creation of digital money in general, are all “co-founders.” The interviewer aptly notes that just because some folks thought about ride sharing before Uber, they are not magically co-founders of the company. “Nakamolto” and his Disney prince hair were a source of entertainment for Twitter users. Decried by the Boy Who Cried Wolf Many in the space aren’t having Molt’s conveniently vague language and loud claims of owning 250,000 bitcoins, of course. At the recent WCC Vegas Blockchain Week event, Twitter user @KennethBosak, known in part for his 2018 video where he accosts two unsuspecting booth workers with all the charm of a botched root canal, pointed to Molt, filming and saying: This guy right here, He’s not Satoshi. He’s telling people he’s [expletive] Satoshi … You don’t belong in the space. Get out. Bosak claims “Nakamolto” was telling conference attendees he was Satoshi, but this has not been verified. Molt’s reaction to the challenge was to return verbal fire and then sneakily knock off Bosak’s hat. The exchange is childish and of the caliber one would expect from internet sensation seeking. The incident and ensuing attention were apparently enough to send Molt running from Twitter, though, as his account has since been deactivated. Jörg ”Nakamolto” Molt on his ”Satoshi School”. The Satoshi LARP Parade Continues The last “Satoshi” gave his big reveal back in August to quickly fizzled attention. Like Molt, like Craig Wright, and like so many other attention-seekers in the space, claims were made that Bitcoin had somehow lost its way and been corrupted by greed and lack of leadership. And of course, only the newly revealed Satoshi could fix this. Proof isn’t provided, however, and critique of this lack of evidence is often met with scandalized shouting and gaslighting. After all, what’s the fun of live-action role play if no one believes you? The crypto space is difficult to navigate for dazzled newbies. Thanks to long strings of priming buzzwords like “blockchain” and purposefully vague language, understanding fundamentals becomes a challenge. Much like the televangelist’s insatiable need to talk about his private jet and gold-threaded suit — while making the congregation all too aware they might miss out on theirs — crypto cons similarly give themselves away. After all, nobody wants to miss out on bitcoin paradise, and a messiah complex goes a long way in selling the story. As for Molt, the veracity of his co-founder status claim, and how many will ultimately become disciples, remains to be seen. What are your thoughts on Molt’s claims? Let us know in the comments section below. Images courtesy of Shutterstock, Fair Use. 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 Satoshi ‘Nakamolto’ Emerges With Great Hair and Questionable Claims appeared first on Bitcoin News. View the full article

Cred Merchant Solutions has been unveiled in Emeryville during San Francisco Blockchain Week in an event hosting several California elected officials. The new point-of-sale system will help unbanked business sectors, such as California’s cannabis industry, accept crypto payments from customers and pay taxes. Also Read: Video: Will Bitcoin Crash or Double in Price After the Halving? Miners Have Their Say Cred Merchant Solutions Debut The Universal Protocol Alliance (UPA) and Cred have held a private event at the Ohana Cannabis Dispensary in Emeryville, California, on Wednesday, October 30 to celebrate San Francisco Blockchain Week. Dan Schatt, Cred CEO and co-founder, unveiled during the event the new Cred Merchant Solutions, a point-of-sale handheld terminal that supports the unbanked, underbanked and poorly banked around the world. The Android-based terminal will be deployed to businesses at cost and help them quickly pay taxes, dramatically lower transaction fees and reinvest money back into the business. Cred Merchant Solutions converts a customer’s payment in crypto that is then loaned out to businesses around the world, while merchants instantly get the cash sales equivalent and governments get their share of the taxes, Schatt explained to an audience of about 100 attendees at the event. The new system is said to be faster than Square, fairer than Visa and friendlier than Chase. With it, customers are able to pay the way they want, merchants can use it to earn, borrow and save, and local governments will receive real-time tax revenue. San Francisco Bay Area Based in the San Francisco Bay Area, Cred is a decentralized banking platform serving customers in 179 countries with over $300 million in lending capital. It offers interest rates on more than 30 crypto and fiat currencies through its partner network. Cred was founded by former Paypal veterans with the mission of allowing everyone to benefit from low-cost credit products. The Universal Protocol Alliance is a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. The alliance members include Bittrex, Brave, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. The group has issued the Universal Dollar (UPUSD), the first stablecoin to be listed on Uphold. Every UPUSD is backed by the U.S. dollar and coins are minted on-chain with every transaction written to Ethereum. California to Lead US in Crypto Payments Cred’s Taking Crypto to a New High event drew in local elected representatives, such as Emeryville Mayor Ally Medina, Berkeley Mayor Jesse Arreguín, and Berkeley Council member Ben Bartlett. This is because Cred Merchant Solutions will help support business sectors underserved by banks, like the $2 billion+ a year California cannabis industry. U.S. federal banking regulations currently deem cannabis sales as illegal activities, which causes dispensaries to lack access to traditional banking and leaves them exposed to extra security risks. Despite this, the industry has continued to grow steadily and local companies need dependable access to financial services. In fact, sales in California represented about 34% of legal sales in the United States last year. California Marijuana Dispensary Cannabis stores in California sold about $2.5 billion worth of products in 2018 alone. This is compared to just $1.5 billion in Colorado’s cannabis market, $1 billion in Washington, and $0.6 billion in Oregon. The authorities have enjoyed the growth in the sector too as the first quarter of 2018 brought in $60.9 million of tax revenues, the second $80.2 million, the third $100.8, and the fourth $111.9 million. This tax revenue is only expected to increase as the cannabis market in California is projected to jump to $7.7 billion by 2022 due to the opening of the recreational market. Berkeley’s Bartlett also announced that he’s sponsoring a city plan to let businesses deploy Cred Merchant Solutions for tax collections and that he will work to enact similar legislation statewide so that California serves as a harbinger for others on tackling the problem of cash-intensive businesses. “What’s missing is money. When 70% of these operators are unbanked, we’re missing the money,” Bartlett said. “One way we can ease the burden amongst these companies is to alleviate their burden, achieve safety, and receive tax revenue for the city.” California is home to innovative startups, technology companies and many entrepreneurs in Silicon Valley and beyond. As such it should not be surprising that it will lead the adoption of cryptocurrency payments in the U.S. In September we reported that Bartlett became the first elected official to purchase cannabis using a digital asset. He utilized bitcoin cash (BCH) and Cred’s LBA token to facilitate the transaction at the Ohana Cannabis dispensary in Emeryville. What do you think about using crypto to pay for legal cannabis in California? 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 Cred Merchant Solutions to Help Unbanked Business Sectors appeared first on Bitcoin News. View the full article

Yichuan Rural Commercial Bank, a lender operating in the central Henan province, has become the latest Chinese bank to be bailed out by the government this year. The small financial institution, which has around 30 branches only in the Yichuan county, experienced a bank run sparked by rumors that its top management was in trouble with the law and mounting speculations the bank was on the brink of insolvency. Also read: Is China’s New Fascination With Blockchain Really Good for Bitcoin? Bank Run Highlights Increasing Depositor Anxiety Hundreds of depositors gathered at Yichuan Bank’s offices this week to retrieve their savings before the feared collapse and found they were unable to withdraw their money. Meanwhile, authorities confirmed on Wednesday they are investigating the former chairman of the bank and its biggest stakeholder, Kang Fengli, for suspected corruption, Reuters reported. Police also arrested a woman, a local resident, for allegedly spreading false information about the bank’s financial state. In an effort to avoid the bank run, the lender issued a notice assuring depositors of its financial health. The bank also urged them to ignore the rumors and tried to dissuade them from withdrawing their funds. Security at bank branches was heightened. Bank employees stacked wads of large denomination yuan bills before clients’ eyes and reporters’ cameras to calm the situation and prove Yichuan had enough cash to continue to operate normally. Despite the small size of Yichuan Rural Commercial Bank, the commotion around the events did not go unnoticed by financial authorities on the regional and national level. The increasing depositor anxiety, exacerbated by the noticeable economic slowdown in the country and the brewing liquidity crisis in China’s banking sector, had to be addressed with a decisive intervention by the state to prevent the spread of dangerous uncertainty. The online edition of the local Communist Party newspaper reported that the Yichuan bank has received 30 billion yuan (over $4.26 billion) in the form of urgent funding from the Henan Province Rural Credit Cooperatives Union. Another 5 billion yuan were provided by the local branch of the People’s Bank of China and 1.5 billion yuan came from the Henan Rural Commercial Bank, Yichuan News detailed on Wednesday. It also revealed that the Party committee of Yichuan county held a special meeting to resolve the situation. ‘Small’ Crisis Elicits Strong Reaction From the State Yichuan Bank has only around 62 billion yuan in assets (approximately $8.9 billion), according to a report by the Wall Street Journal. At the same time, data from the China Chengxin International Rating Agency shows that the lender accounted for 71% of deposits and 82% of loans in its county, as of September 2018. Clearly a small bank with local significance, yet the vigorous actions of the Chinese authorities betray their strong concerns the case may lead to loss of confidence in bank deposits beyond the region. Whether the government’s aggressive measures will be sufficient to calm down farmers and savers in Henan province remains to be seen. What’s worrying, though, is that this is not the first time a Chinese bank has needed a bailout recently. At least three other regional lenders had to be saved by Beijing earlier this year. Baoshang Bank, based in the Inner Mongolia Autonomous Region, collapsed in May and was seized by the People’s Bank of China. A couple of months later Bank of Jinzhou, which operates in the Liaoning province, was bailed out by three state-controlled asset managers. Then in August, Heng Feng Bank failed and was nationalized. A list published by Zerohedge contains almost 20 small to medium-sized Chinese banks that have been late with their annual reports. The latest available data from Barclays Research shows they controlled almost 4.5 trillion yuan ($650 billion) in assets in 2017. Heng Feng, which is the largest financial institution in the list, had over 1.4 trillion yuan in assets, Bank of Jinzhou is second with 723 billion, and Baoshang Bank is fourth with 576 billion in assets. The news of the bank run at Yichuan Rural Commercial Bank comes after Chinese President Xi Jinping put blockchain development in the focus of government efforts during a Politburo meeting. And while crypto markets reacted positively to his bullish speech, the People’s Republic doesn’t seem to be planning to invest in developing crypto banking, for example, only a digital version of its fiat yuan. Do you think the Chinese government can cope with the growing banking crisis? Share your opinion on the subject in the comments section below. Images courtesy of Shutterstock. 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 Another Chinese Lender Bailed Out After Bank Run appeared first on Bitcoin News. View the full article

In mid-September, the foreign exchange company CME Group announced the launch of options on its bitcoin futures contracts in Q1 2020, pending regulatory review. CME Group executive Tim McCourt said there was “increasing client demand” for the firm’s bitcoin derivatives and now the company has published specifications for the options products. Also Read: French Ministry of Education Publishes Bitcoin Resource Guide for Educators CME Group’s Bitcoin Options The global markets company CME Group has provided clients with the ability to hedge or trade benchmark options on futures across nearly every asset class. The firm has an average daily volume of $4.3 million this year and aims to offer options on bitcoin futures so investors can have a variety of different methods to trade the asset. When CME announced the launch of bitcoin options, McCourt detailed that the new product will provide “clients with additional flexibility to trade and hedge their bitcoin price risk.” This week, following Bakkt’s recent volume surges, CME published the preliminary contract specifications for the options. Price values will be based on the CME CF Bitcoin Reference Rate (BRR) which is determined by a variety of major crypto exchanges. CME’s bitcoin futures volume and open interest on 10/28/19. The contract unit will consist of one bitcoin futures contract, which is approximately five BTC quoted in USD. There’s a minimum price fluctuation and the listing cycle will mirror the firm’s bitcoin futures exposure. CME’s bitcoin options on futures will be traded between Sunday through Friday on Globex and Clearport. The company notes that the BTC options product is subject to revision and review by financial regulators. “We’re working to launch options on those futures,” McCourt said to crypto analyst Benjamin Pirus in a recent interview. “The option on the bitcoin future will give the holder of that option, either a put or a call, the right — but not necessarily the obligation, to either purchase or sell the underlying futures contracts at maturity.” McCourt further stressed: It’s very similar to the way other options in the marketplace work. The difference here is the underlying, or the deliverable, of the options contract, is a CME Group bitcoin future. CME Group’s bitcoin futures volume at 11 a.m. EST on 11/2/19 Is Bitcoin Being ‘Tamed’ Like a Traditional Investment? Bakkt’s physically-delivered bitcoin futures product has been getting a lot of fanfare lately after the exchange topped a few new records and CEO Kelly Loeffler announced Bakkt will be offering options on bitcoin futures as well. Despite the all-time highs at the Bakkt warehouse, CME Group’s BTC derivatives have seen much more volume. CME’s Globex saw 7,242 bitcoin futures contracts on October 28 and 3,284 in open interest. The following days on Globex through November 1, contracts were between 2,200 and 3,687. November’s CME bitcoin futures contracts today stand at 2,641 contracts and December positions are starting to pile up as well. The crypto derivatives markets and products have matured a great deal since they launched and it’s been a touch less than two years since CME launched its BTC-based futures. At the time, the company’s chairman emeritus Leo Melamed told Reuters in an interview that adding BTC futures was a “very important step for bitcoin’s history.” Melamed added that he believed institutional investors would be very interested in the new asset class. “We will regulate, make bitcoin not wild, nor wilder. We’ll tame it into a regular type instrument of trade with rules.” Since then a slew of different companies have offered bitcoin-based derivatives products and futures are coming to other cryptocurrencies like ETH and BCH as well. Reports detail that BCH futures are expected to debut on a CFTC-regulated exchange in Q1 2020. What do you think about CME’s bitcoin options specifications? How do you feel about the overall growth of crypto-based derivatives? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, CME Group, Bitcoin Futures Volume Globex, 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 CME Group Publishes Bitcoin Options Specifications appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. To what was considered as the “dot-com bubble” in the year 2000, Blockchain technology has become as sensationalised and disruptive as the internet was in the late 1990s. Even though the technology is still in its infancy stage, individuals and corporate bodies are already leveraging on it to expand their business and shift their paradigm. People are more eager to embrace the changes that the future holds, which has given birth to many groundbreaking innovations. While many industry giants were at first skeptical and others were indifferent about the disruptive power of Blockchain, the fear of being left behind seems to be a compelling force to join the Blockchain wave at the moment. This has seen the likes of JP Morgan, Facebook and Twitter looking in this direction. Needless to say, many countries are already exploring possible ways that Blockchain can aid healthcare, education and finance, whilst also improving the supply chain across various other industries. As these sectors gain further recognition and with the elimination of other 3rd parties involved in this process, P2P networks have grown stronger than before. For efficiency, decentralisation and reduced risks, many Blockchain financial corporations have already utilised the P2P distribution networks due to its numerous benefits. Peer-to-Peer (P2P) networks became known during the 1990s. Adopted by sites such as Napster, Gnutella, Limewire and Kazaa, P2P made many music-loving teens happy because they could share and download their digitised music files. Today, the same concept has been replicated on Blockchain, but in a much more improved way. Many big players are already exploring a better way to efficiently leverage Blockchain technology for an efficient and reliable P2P distribution system. One such notable mention comes from the Kuverit Blockchain project. Kuverit is a modern, next-generation P2P blockchain project. It offers its users a Guarantee Platform built on top of Blockchain technology. The uniqueness of the“Multi-Trader Marketplace” is how it’s designed to protect its users from the potential of a financial loss in any form of two-way transaction.The platform’s technology and inner systems provides more than one way for its users to protect themselves against financial loss. By leveraging the essence of P2P distribution networks and Blockchain to solve the problem of theft and various losses associated with day to day monetary transactions, Kuverit has created a unique market differentiation among its contemporary players. Some recognise Kuverit as the biggest mainstream blockchain project of our generation while others appreciate it as a project with the highest potential for global impact. With a target audience of over 780 Million people, no platform to-date seems to have sparked as much interest in the Crypto-space. The prospects are huge! Kuverit aims to solve a $3 Trillion, mainstream problem with a global, mainstream solution! Within this P2P platform, optimal security of end user funds is a top priority. To this end, the platform infrastructure has been constructed to ensure a viable and secure environment that will protect users against financial loss as a result of fraudulent activities. This concept is made possible through its “Guarantee Trading Platform”. According to Kuverit’s Whitepaper, the feature is available to both individual and corporate entities who need a Guarantee on a two-way transaction. How the guarantee process works is simple. The risk is taken by a Guarantor (in exchange for a small fee) who will provide a cast iron assurance that should your transaction end badly and you sustain a financial loss, then you will be “Kuvered”. Reputation is a very important aspect of the Kuverit platform. Just like eBay, which allows users to check the reputation of the other party in the transaction before the transaction takes place, the same reputational scoring system will be replicated on the Kuverit platform. Lack of basic technical knowledge or ease of access has been identified as one major setback to newcomers joining or utilising the Blockchain ecosystem. Most Blockchain platforms are thought to be generally complex, which may not be entirely wrong. However, Kuverit solves this challenge by providing a seamless, user-friendly platform to improve the onboarding and navigating through the platform. According to critics, it is currently on track to become one of the top 15 crypto asset holdings globally. In the near future, the Kuverit Business Development team aims to negotiate with established platforms such as eBay, Amazon, Gumtree and AirBnB (to name a few) for an integrated partnership and collaboration. In doing so will allow these established platforms to offer a new layer of protection to their users and aid in the exponential growth of the Kuverit user-base in the mainstream market. This is why Kuverit refer to themselves as building the “Amazon of Guarantees”. It will not take long for Kuverit to become a household brand! The emergence of the P2P networking and the central role it plays within Blockchain technology in particular could be seen as welcoming a new system of communication, which offers optimal trust and security to both participating entities be it individuals or business organisations. Supporting Link https://www.kuverit.io/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Kuverit Launches Multi Trader Marketplace appeared first on Bitcoin News. View the full article

Twenty-three leading central banks participated in an in-depth survey on their digital currency developments and requirements, including fungibility, convertibility, and availability. They also discussed the timeframe for issuing consumer-ready central bank digital currencies and divulged their greatest concerns about implementing them. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain The First CBDC: When and Where The OMFIF, the Official Monetary and Financial Institutions Forum, is an independent think tank for central banking, with a focus on economic and monetary policy, asset management and financial supervision and regulation. The organization published a 36-page report this week on retail central bank digital currencies (CBDCs), commissioned by IBM. Entitled “Retail CBDCs: The next payments frontier,” the report encompasses an “in-depth survey of officials from 23 central banks in advanced and emerging economies,” the OMFIF explained. The central bank survey, which was conducted between July and September, “projects that the first CBDC will be produced within five years in a small economy and respond to a specific policy objective with a well-defined use. The OMFIF added that a number of central banks worldwide are seriously considering developing and issuing a consumer-ready CBDC, which is likely to require some form of public-private partnership. The report elaborates: We are likely to witness the introduction of a central bank – that is fiat – retail digital currency within the next five years, either as a complement to or as a substitute for notes and coins. As for which country will be the first to issue a central bank digital currency, the OMFIF asserted that “It is improbable that the first such issuance will come from a G20 central bank; it is considerably more likely to be launched in a smaller and less complex economy in response to a specific policy objective and use case.” A number of G20 countries are exploring how they can issue CBDCs, with some closer to doing so than others. Some people believe that China will be the first country to issue one since the head of the PBOC’s digital currency research institute said in August that it was “almost ready.” However, PBOC Governor Yi Gang clarified in September that there was no timetable for its rollout, emphasizing the need for further research. Moreover, a cryptography bill was recently passed in China after President Xi Jinping made a bullish speech about blockchain technology. 23 Central Banks Talk CBDCs The OMFIF surveyed 13 central banks from advanced economies and 10 from emerging markets. Among respondents, 69% revealed that “providing an alternative to cash and other payment instruments” was their main motivation for exploring the development of a central bank digital currency. 62% believe that CBDCs could improve cross-border payments which are currently still cumbersome, expensive, and slow, unlike domestic retail payments which have become fast and efficient. The report details: CBDCs should be available offline and function wherever cash is currently used, with 73% of respondents requiring CBDCs to be available under all circumstances. More than 20% prefer decentralised systems to improve resilience. Among the central banks surveyed, 69% “identified CBDCs’ ability to foster trust in monetary authorities and the financial system as their key strength,” the report describes, noting that they are not explicitly concerned about private sector digital challengers. Respondents also believe that “CBDCs must be fully fungible and convertible to and from fiat currency to solve frictions in end-to-end payments and remittance networks” and should “have a disaster recovery plan, especially in jurisdictions where there is a higher frequency of weather-related power outages or network connection issues.” Meanwhile, 29% are concerned about the potential impact of implementing CBDCs on financial stability, with almost 45% suggesting that “there would be a risk of reduction in commercial bank money and functions in the monetary system.” However, 83% felt their role would not change significantly. The report further reveals: 82% said their greatest financial stability concern from CBDC implementation was the risk of digital bank runs happening at a higher speed than before. In addition, 50% of respondents “expressed distinct concern about the possibility that a material change could occur in the market structure and stakeholder profile,” emphasizing that “This may result in the widespread use of decentralized, private digital currencies as an alternative to public money.” 64% of respondents said that “outsourceable ‘intermediation’ functions, such as customer onboarding, would be important for CBDC implementation.” The OMFIF also noted that, based on the survey results, they “do not envisage privately-issued digital currencies gaining significant traction or acceptance in a universal context, although there may be closed private networks in which they operate.” Do you think central banks should issue digital currencies? Do you think China will be the first to issue one? Let us know in the comments section below. Images courtesy of Shutterstock and the OMFIF. 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 23 Central Banks Divulge Their Digital Currency Requirements appeared first on Bitcoin News. View the full article

Andrew Yang has taken to Twitter in dynamic fashion as of late, advertising his universal basic income (UBI) proposal known as the “Freedom Dividend.” While throwing money at people out of pocket always generates a buzz, there’s a mathematically and ethically broken side to the plan few are talking about. Also Read: Do You Know the Newspeak of the Looming ‘NIRP’ Economic Meltdown? A Real-Life Political Cartoon Not so long ago people used to joke about the typical shyster politician and their larger than life campaign promises. Wisecracks about the next White House wannabe centered around grease-ball politicians literally throwing money at voters to buy their support. Well now, under the guise of a hip new presidential campaign, the money throwing is actually happening. To critique Andrew Yang is no easy task, given the understandable and dynamic support he’s received against the backdrop of a totally corrupt and greedy political and financial system. It stands to ask, though: Is he really set to change things? Upon closer examination, UBI is little more than an inept and unethical ploy for socioeconomic power. If it feels this good to give 10 Americans $1,000 a month imagine how it will feel to do the same for hundreds of millions of us. It will be one of the greatest days in human history. — Andrew Yang🧢 (@AndrewYang) November 1, 2019 Generous (With Other People’s Money) Math. It’s a discipline unlike others for its exact answers and lack of room for debate. One plus one is two. There’s not much dissent possible here, outside of the occasional stoner drum circle or deep metaphysical fireside discussion. Nothing wrong with either, of course, but this is just to lay the groundwork for an argument. Namely, that one cannot give away value one doesn’t have. While Yang is currently giving a “Freedom Dividend of $1,000 a month for an entire year to 10 American families” out of his own pocket, once in office that money set to “do the same for hundreds of millions of us” will come from your pockets. UBI: something doesn’t add up. Mixed Up Math Yang’s campaign website lays out the groundwork for his proposed “Freedom Dividend.” While a dividend is usually defined as a share of profits paid out to shareholders, Yang’s “dividend” will be made possible “by consolidating some welfare programs and implementing a Value Added Tax of 10 percent.” Not exactly a share of profits as much as money pulled from the pockets of Americans, but for the sake of argument, that will do for now. In assuaging fears of inflation, negative economic impact and even incoming communism, Yang maintains on the site: The federal government recently printed $4 trillion for bank bailouts in its quantitative easing program with no inflation. This assessment is massively dishonest, and if not, massively ignorant of basic economic realities. It ignores math, in other words. There are many types of inflation and some of the most pernicious hide beneath the surface of popular reference. While consumer price index inflation (CPI) may appear almost unaffected during some periods of quantitative easing (QE) due to a mix of market factors (including the psychological aspect of consumer confidence), asset price inflation is the real trigger for more serious problems. In other words, even as the debt racket of modern government paper spirals out of control, if the people are confident in their money and the state’s reassurance of its value, CPI may stay relatively stable, and businesses will be unable to increase prices due to this psychology and other factors such as healthy, corrective deflation. Source: St. Louis Fed, realinvestmentadvice.com While Yang claims the printing of $4 trillion for bailouts caused “no inflation” the housing and asset market is calling BS in unprecedented and truly frightening fashion. If a house was worth $200,000 five years ago, and now is worth $300,000, this doesn’t necessarily mean the house changed, or that the property became legitimately more valuable. What it often means is that the dollar became significantly weaker against the asset. As these asset prices are thus inflated, banks are able to give out bigger and bigger loans against the asset collateral. Once the jig is up, the bubble bursts and the tumble down is severe, with collateral value no longer covering loans. The graph above shows just how dramatically this buildup is happening currently, with asset inflation signaled by U.S. household net worth against GDP at an all-time-high since 1952 of 535%. Stolen Generosity Not only is Yang’s proposition economically unsound, it’s also morally objectionable. This is a hard pill to swallow for many hopeful millennials and Yang gang supporters of all ages, tired of scraping by and struggling in the current corrupt, Keynesian paradigm. That notwithstanding, Yang’s “Forward” is no different from the vague and vapid “Hope,” Change,” or “I’m a better man” of previous candidates. To pay the Freedom Dividend, Yang proposes you be robbed. Business owners not wishing to apply his suggested VAT would be punished for refusal. Consumers not wishing to pay it, as well. It’s an unpleasant reality, but there’s no way to put it more accurately. Yang explains: A Value Added Tax (VAT) is a tax on the production of goods or services a business produces. It is a fair tax and it makes it much harder for large corporations, who are experts at hiding profits and income, to avoid paying their fair share. Many are unsure of what Andrew Yang’s fair share of their income should be. If I similarly were forced to pay every neighbor I have a portion of my paycheck because 15 or 20 of them said I must, or be put in a cage, people would be understandably scandalized by the sociopathic suggestion. But if the theft is euphemized as a “Freedom Dividend” it’s suddenly made much more palatable to the masses. While some maintain taxation is a necessary evil for preserving civilization, this position is illogical. There’s nothing civil about stealing from anyone under threat of violence, and a social need doesn’t justify criminal activity, anyway. If it did, the folks in the U.S. during the plantation slavery era would have been correct in their protests against abolition: “But who will pick the cotton!?” Bitcoin’s Fix Leaving Andrew Yang’s universe for a moment, it seems important to address crypto as a potential solution for the current political corruption he supposedly stands against. A recent opinion piece in the Washington Post proclaims: “Facebook’s cryptocurrency won’t help the poor access banks. Here’s what would.” The piece goes on to detail the impossibility of Facebook’s upcoming Libra cryptocurrency actually helping the unbanked of the world, due to government regulations. The article un-ironically closes by suggesting that the very same overbearing government is the solution, stating: “It’s true that financial inclusion would help millions of Americans and benefit the economy. But it can be achieved through time-tested and democratic institutions. In fact, the United States already has a public payments system: the Federal Reserve.” What so few in the space seem to realize about crypto is that the potential for banking the unbanked, pulling people out of poverty, and enabling savings and the building of wealth for the average individual is already here. The state stands in the way with endless surveillance, KYC/AML requirements, taxes and capital controls, so it happens in the regulatory cracks, at present. Instead of a $1,000 monthly paycheck in trash money, why not drop all restrictions on trade and allow people to grow their wealth and businesses independently? If we’re worried that criminal warlords and kingpins would take over, just look around — they already have. It is precisely because of the illogical centralization of power and lack of a logical, level playing field that a candidate like Yang can gain any prominence at all. In a free society — and no offense here to Yang personally — he’d likely be known as just a common con artist. What are your thoughts on Yang’s proposed UBI? Let us know in the comments section below. OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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. Images courtesy of Shutterstock, Eric Glenn, Fair Use. 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 Andrew Yang’s ‘Freedom Dividend’ Is Not Only Unnecessary, It’s Unethical appeared first on Bitcoin News. View the full article

A firm called Vault12 launched its new passkey security solution for cryptocurrency assets. Vault12 is an application that allows people to enlist their trusted friends and family members to help safeguard their assets. According to the project’s creators, the new application leverages the cryptographic algorithm Shamir’s Secret Sharing which allows keys to be split in a distributed fashion. Also Read: French Ministry of Education Publishes Bitcoin Resource Guide for Educators Distributing Digital Asset Seeds Using Vault12 and Shamir’s Secret Sharing Vault12 believes there’s a dire need to safeguard crypto assets as the onset of blockchain-powered innovation continues to grow exponentially. Since the birth of Bitcoin and a slew of other digital currencies, various applications and devices like hardware wallets have been created to protect cryptos. Vault12’s new product allows individuals to take advantage of trusted family members and friends who are willing to help them secure digital currencies. Moreover, guardians are rewarded with ethereum (ETH) to protect the assets as well, giving the trusted network of friends incentive to be a safe keeper. The project officially launched at the San Francisco Blockchain Week and the company is backed by investors like Naval Ravikant, True Ventures, Data Collective, and Winklevoss Capital. The Vault12 white paper explains when it comes to precious digital assets, there is an “unprecedented threat level” looming for people in need of a strong security solution. “To protect these assets, we need a new cryptographic security platform – one that does not leave security centralized in a single place, with a single person, on a single device or in a single organization,” the research paper details. In order to bolster the security of digital currencies even more, the firm created a decentralized storage system for digital assets via a hierarchical Shamir’s Secret Sharing (SSS) system. The SSS infrastructure is a well known algorithm in cryptography designed by the cryptographer and mathematician Adi Shamir. Essentially the secret (passkey) is shared in the distributed Vault12 system between 3-5 trusted contacts giving each participant its own unique part. Vault12 Hopes to Fill the Gap Between the Digital Currency Economy and Unresolved Security Challenges Vault12 allows any owner to set up a vault with friends and family. Custodians can always be recruited from the owner’s personal network at any time. But high-net-worth individuals who need added security can opt for a professional custodian service (PCS). However, the registration for this service requires far more effort and additional safeguards like verifying the owners’ identity with a government-issued ID. “One of the unresolved challenges for the mass adoption of cryptocurrency and the blockchain economy is the continued challenge and burden associated with securing crypto assets,” said Max Skibinksy, cofounder and CEO of Vault12. Skibinksy further added: Previously, to keep our digital money safe, we had to keep our extremely valuable cryptographic backups on pieces of paper and store them in traditional banks. It was ironic. We built Vault12 to be an innovative, convenient solution that replaced this cumbersome process. Vault12 Setup Setting up the Vault12 application is a fairly simple process, but you need to decide on 3-5 trusted individuals to help secure your assets. That part of the process may take longer, but setting up the vault after this decision is made doesn’t take too long. The app works for Android and iOS devices and when opened, it immediately asks you if you want to set up a vault and then asks permission to access your phone’s contacts. The company claims the information is not held on the company’s server and you can skip this part and manually add each contact individually as well. After deciding on sharing your contacts with the application, the platform asks you for your name so you can be identified by your guardians helping you protect your vault. The platform then requires you to choose the number of guardians between 3-5 contacts and the more custodians you use, the more secure the vault will be. Once you save the security level (number of guardians), you cannot change it unless you start a whole new vault. If you opted to manually add contacts, you can send them an invitation or scan their device if they already have Vault12 installed. To add digital assets to the vault you simply upload a picture of the seed phrase or use a file containing the seed. The application will inform you of how many people are guarding the seed held within the Vault12 system. Overall the Vault12 method is an interesting, novel method of safekeeping digital assets but people may have a hard time with a few requirements such as sharing their name, phone number, and contacts. People also may not trust the upload part where the user is required to upload a file or an image that contains a seed phrase protecting digital assets. However, the project’s key elements are open source and Vault12 users can take a look at the ZAX relay network infrastructure and the distribution of how the shards work. “In the future, other elements of the platform will be released as open-source libraries,” Vault12’s website notes. What do you think about the Vault12 digital currency storage system? Would you use an application like this or are there concepts about the security approach that you don’t like? Let us know what you think about this subject in the comments section below. Disclaimer: Walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. This editorial is not a recommendation or endorsement by Bitcoin.com or the author of any products, applications, software, services, or companies mentioned in this article. Image credits: Shutterstock, Vault12, 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 Trusted Friends Can Become Crypto Custodians With the Vault12 Platform appeared first on Bitcoin News. View the full article

On January 16-17, The North American Bitcoin Conference (TNABC) and Miami Blockchain Week are returning to the sunshine state as 2020 sets in motion. TNABC, celebrating its seventh year running, will feature prominent speakers, crypto developers, and blockchain executives during the event hosted in the financial district located on the gorgeous Miami coastline. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain TNABC Returns to the Sunshine State The longest-running and one of the largest crypto and blockchain conferences worldwide is coming back to Miami in 2020. The North American Bitcoin Conference has been a huge success since it started in 2013 and has seen crowds upwards of 20,000 attend the two-day event. The conference will return for its seventh year to Miami on January 16-17 to kick off the new year in 2020. The conference organizer and Keynote founder, Moe Levin, told news.Bitcoin.com that the Miami event will host a lineup of more than 60 world-class presenters that are deeply immersed in the Bitcoin, blockchain and cryptocurrency economy. Levin stressed that the speakers will be well-seasoned technology veterans who produce transformative blockchain software and work with these innovative concepts and ideas every day. The first set of 2020 speakers announced for TNABC 2020 include crypto pioneer Nick Spanos, Shapeshift.io’s Veronica McGregor, Blockchain Tax Lead at Deloitte Alexia Hefti, Bitcoin pioneer Charlie Shrem, Bloq cofounder Matthew Roszak, and Marco Santori, President of Blockchain.com. TNABC has partnered with well known industry firms that are sponsoring the conference in Miami such as Bitcoin.com, Tradestation, and The Bitcoin Center. A Pivotal Time for Crypto and Blockchain The two-day conference will also showcase Q&A sessions, networking, investment themes, discussions about crypto regulation, taxation, and how blockchain is revolutionizing not only the financial industry, but a large swathe of public and private sectors worldwide. In the last seven years since the first TNABC, the ecosystem has seen crypto and blockchain infrastructure mushroom into a robust industry. TNABC is meant to keep everyone attending up to date in regards to the latest technologies being developed today. Additionally, the Keynote founder detailed that the TNABC event will have a variety of satellite events like after parties, networking events, and hackathons. “This conference comes at a pivotal time as innovation forces us all to make wise investing decisions,” Levin said during the TNABC announcement. “With an influx of new opportunities and new applications of the blockchain, Keynote wants to give our attendees the opportunity to meet the people and product they’ll be investing in and get a better understanding of the fast-expanding blockchain ecosystem.” Levin added: We’re also excited for our attendees to meet and interact with our sponsors and exhibitors, who are the greatest blockchain companies active at the moment. The conference plans to be another premiere event that melds the biggest names in traditional finance, banking, and multinational corporations with developers, executives, and influencers from the blockchain space. Tickets for the seventh annual TNABC event at the James L. Knight Center in Miami can be purchased today. The TNABC website highlights: On both days of our highly curated agenda, attendees will attend stand-alone sessions, panel discussions and Q&A by leading experts and decision-makers, while also having the opportunity to learn about new and exciting projects. Will you be attending The North American Bitcoin Conference 2020 in Miami? Let us know what you think about this subject in the comments section below. Images credits: Shutterstock, Bitcoin.com, TNABC, Keynote Events, and Moe Levin. You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here. The post Blockchain Conference TNABC Returns to Miami appeared first on Bitcoin News. View the full article

As digital currencies transform the world, concepts like Bitcoin continue to percolate into academic courses and higher education worldwide. The French Ministry of National Education’s recently published economics and social sciences resource guide for teachers discusses cryptographic money like Bitcoin. Also Read: ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’ A Bitcoin Resource Guide for Economics and Social Sciences Teachers in France Economics and social sciences teachers from France may opt to teach students about cryptocurrencies in the near future. The French Ministry of National Education has issued a resource guide that touches on a wide variety of economic subjects. The eight-page guide discusses Bitcoin with a pedagogical activity card that teaches the different functions of money. The “educational activity two” lessons are comprised of classifying particular examples of money functions specifically with a cryptocurrency. The purpose is for educators to give the example of Bitcoin in order to show students the relationship between traditional money systems and trust as well as other properties. The Ministry of Education also provides resources and proposed activities which include four videos hosted by Dessine-Moi l’éco. The videos are called “Do you have to trust your currency?”, “Can Bitcoin replace the euro?”, “Is Bitcoin a currency like any other?” and “Is Bitcoin the currency of the future?” The teachers’ resource guide of proposed activities explains that instructors can have students list the functions of currency and show how they apply to Bitcoin. Further, students can separate the euro and cryptocurrencies from a trust point of view. Prior to the Bitcoin section, the resource guide also discusses how central banks mobilize the instruments of monetary policy. According to the Ministry of Education, central banks “create sufficient money to support global demand, but also ensure the preservation of the purchasing power of the currency.” The activity card for French educators says that central banks such as the ECB and Federal Reserve must “react” if there is a risk of accelerated inflation. Cryptocurrency and Blockchain Education in High Schools and Universities Continues to Grow The four videos about cryptocurrencies and bitcoin on the Dessine-Moi l’éco website are a few years old as they were published in 2017. Despite the age, they are very informative and the transcript from the video “Is Bitcoin a currency like any other?” explains that Bitcoin is “a virtual currency that circulates on the internet.” The video also notes that cryptocurrencies allow people to measure the value of goods and services in a digital sense and the network transactions serve as a medium of exchange. The film further says that the cryptocurrency can be stored for future use, but also emphasizes that users should “be aware that the euro and bitcoins have different characteristics.” “The euro is a legal tender, this means that it is recognized by the public authorities and that everyone in the Eurozone is obliged to accept to be paid in euros,” the video’s transcript reads. “Even if more and more e-commerce sites and even some physical shops accept the Bitcoin as a means of payment, nothing obliges a merchant to accept them and no one guarantees that they will be accepted in the future,” the video hosted on Dessine-Moi l’éco adds. Academic institutionsaround the world have embraced spreading blockchain and digital currency knowledge for years now. For instance, the University of Luxembourg provides crypto security courses, Columbia University and IBM offer a slew of educational resources, and the University of Tokyo offers a blockchain innovation course as well. Coinbase recently published findings that disclosed more than 40% of the top universities around the world offer a course in cryptocurrency or blockchain. The study also found that 25% of the students surveyed were interested in taking a course on cryptographic technology. A high school in Brisbane, Australia had a lot of interest in Bitcoin so it prompted Brisbane students to create a cryptocurrency information night. Students at Union Catholic High School in Scotch Plains, New Jersey were also curious about digital currencies and the school’s Business and Personal Finance class added a cryptocurrencies course during the second semester in 2018. Last year, news.Bitcoin.com reported on a Dutch high school exam that featured Bitcoin-themed questions. The French Ministry of Education teaching educators how to address current cryptocurrency trends indicates that academic institutions take the technology very seriously. What do you think about the French Ministry of Education’s teacher resource guide that discusses Bitcoin and cryptocurrencies compared to the euro? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, French Ministry of Education, Dessine-Moi l’éco, 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 French Ministry of Education Publishes Bitcoin Resource Guide for Educators appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. ACIF, Asia Crypto Investment Forum hosted by Hashcube, will hold its first meetup on 28th November at The InterContinental Bangkok, as part of Blockchain Thailand Week, to discuss the future of crypto investments. The Forum will feature Global crypto-industry players such as Bitmain, Bitkub, BTC.com, Carboneum, Coinloan, CoolBitx, Six Network, and many more companies who are shaping the world of cryptocurrency today. Large stakeholders in the crypto industry will also be speaking and sharing their inside knowledge into building a profitable crypto investment portfolio in today’s constantly evolving crypto landscape. In addition to company exhibits, you will also have the opportunity to speak and network with top individuals within the industry who will answer your questions and help you with your very own crypto investment portfolio. ACIF will cover various crypto investment topics including: The current landscape of cryptocurrency and where it’s headed Investment opportunities in cryptocurrency today How to start investing in cryptocurrency How to build a high return crypto portfolio Crypto Exchange and how you can invest and benefit through it Mining your own cryptocurrency Technologies to help you in crypto investment today With an audience of crypto enthusiasts and top crypto visionaries all gathered together at the InterContinental Bangkok, you will build knowledge and network that will help you be successful in cryptocurrency investment. We hope to see you there! Buy Ticket Here — Asia Crypto Investment Forum, Bangkok, 28th Nov’18 Contact Email Address info@hashcube.co Supporting Link https://www.asiacryptoinvest.com/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post ACIF – Asia Crypto Investment Forum Joins Thailand Blockchain Week appeared first on Bitcoin News. View the full article

The world’s largest crypto derivatives exchange Bitmex has accidentally doxed tens of thousands of its users. An email newsletter concerning forthcoming updates to Bitmex indices CC’d a large proportion of the company’s mailing list, exposing the addresses of its users to the public. In a second embarrassment, Bitmex had its Twitter account hacked shortly afterward. Also read: ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’ Bitmex Suffers a Day of Reckoning It’s been a rough 24 hours for derivatives exchanges. Shortly before Bitmex CC’d in its mailing list, Deribit was forced to reimburse traders who were liquidated due to an error in its price index. Bitmex users are now being urged to change their details, with hackers and phishers certain to try and crack the leaked email addresses, many of which are likely to be tied to accounts on different crypto exchanges. The leaked and then aggregated Bitmex database is now up for sale on the darknet. Deribit will reimburse over $1.3 million in losses from the BTC index calculation data issue around 21:00:00 UTC on October 31, 2019. The Deribit Insurance fund will not be used to cover these losses, but compensation will be covered by Deribit. — Deribit (@DeribitExchange) October 31, 2019 Exchanges such as Binance have already advised their users to modify email addresses if they were also linked to Bitmex. The blunder is a stark reminder to traders to use a unique email address and password for each platform, utilizing a password manager if needed. The PR disaster was compounded when Bitmex’s official Twitter handle was briefly compromised, with tweets reading “Hacked” and “Take your BTC and run. Last day for withdrawals.” In a statement, Bitmex cited a software error as the cause of the email breach, and stressed that, beyond email addresses, “no other personal data or account information have been disclosed and no further emails have been sent.” The statement also urged users to add official Bitmex email addresses to their contact lists and ensure Two-Factor Authentication (2FA) for all their accounts. ⚠️We are aware of a large-scale user email leak from another exchange.⚠️ If you are one of the affected users and you also have a Binance account under the same email address, we recommend changing your email immediately using the below steps:https://t.co/sgEr5sqleg — Binance (@binance) November 1, 2019 Tens of Thousands of Addresses Exposed Bitmex deputy COO Vivien Khoo said that while the email was sent to the majority of Bitmex users, not all were affected. According to skew.com, the exchange – which operates out of Seychelles – has 22,000 average daily users. Larry Cermak said on Twitter that “30,000 unique emails in total” were jeopardized. In the aftermath of the leak, Twitter was aflame with panicked users, some enquiring how to delete their Bitmex account and others claiming to have already received crypto spam emails. There was further anger when it emerged that Bitmex requires users to undergo full KYC, including a selfie with their ID and the word “Bitmex,” in order to change their email address. Well not a good day for @BitMEXdotcom pic.twitter.com/WmZTpRkr3d — WhalePanda (@WhalePanda) November 1, 2019 The email breach does not come at a good time for Bitmex, which is reportedly being probed by the U.S. Commodity Futures Trading Commission (CFTC) over whether it permits U.S. traders to use its platform. Armed with thousands of user email addresses, the CFTC may well step up its investigation. The reputational and regulatory cost of the blunder is still to be counted. In the interim, neglecting to use blind copy on a mass email has given Bitmex and its normally ebullient CEO Arthur Hayes pause for thought. We would like to reassure our users that while the trolls may target our Twitter account, you may rest assured that all funds are safe. — BitMEX (@BitMEXdotcom) November 1, 2019 Do you think the email leak will permanently damage Bitmex’s reputation? 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 Crypto Traders Rush to Revamp Their Security After Bitmex Dox appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. After the devastating news of the removal of offline cash trades and the new vigorous and intrusive KYC policy from popular P2P Exchange Platform (Localbitcoins) the community needed an alternative. We’re happy to announce the arrival of GlobalBitcoinsPro.com which has been created to revive the community. Created by a group of OTC traders that grew from trading on Localbitcoins and noticed a decline in the community they were used to, they simply “Wanted to bring back the glory days”. GlobalBitcoinsPro.com is a peer-to-peer (p2p) cryptocurrency exchange platform, it is the newest and most reliable platform allowing users to safely perform both online and offline trades. Their main attraction is the familiar, popular and easy to use interface that many traders already know how to use making it easier to just make an account and start creating ads and trading. They also added new and exciting features that serve two communities by offering the choice of trading between BTC (Bitcoin Core) & BCH (Bitcoin Cash). One of their primary objectives is to facilitate the efficient trade of cryptocurrencies on a global scale, which will ultimately result in a digital community coming together. GlobalBitcoinsPro.com has a very convenient, easy to use functionality making the usage of this platform smooth and hassle-free. This platform is available worldwide with active users in multiple countries. They have also competitively slashed fees in half by charging only half a percent as opposed to the competition that charges 1% fees on all trades. Filling the gap in the market of p2p cryptocurrency trading platforms After recognising a gap in the market, when the market leaders took down their offline trading features, they decided to fill that gap by recreating a similar platform with added features allowing users to trade with physical cash once again. A popular platform ‘LocalBitcoins’ took down offline trades early June resulting in numerous complaints and loyal users having no support. GlobalBitcoinsPro.com swiftly filled this and brought offline trades back therefore allowing users to still have an option for either offline and online trades. Enabling more access to Crypto Currencies in developing countries where banks cannot reach GlobalBitcoinsPro.com has worked on bringing the world of Crypto Currencies to every city and they are constantly expanding. This allows the access to Crypto Currencies to stretch globally to developing countries that would usually be ignored by the traditional banking world. This is evidently not only a platform just for trading, but they are also looking to advance the community and introducing Crypto to the world economy. Contact Email Address arthur@globalbitcoinspro.com Supporting Link https://globalbitcoinspro.com/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post GlobalBitcoinsPro.com Enables Offline BCH Cash Trades appeared first on Bitcoin News. View the full article

Newly installed European Central Bank President Christine Lagarde made controversial remarks in a recent statement prior to assuming her new role. The former IMF Managing Director implored: “isn’t it true that ultimately we have done the right thing to act in favour of jobs and of growth rather than the protection of savers?” Regarding former president Mario Draghi and the ECB’s negative interest rate policy, she went on to imply that people should be grateful for the job policies, savings protected or not. Also Read: Low Interest Rates Are Crushing Young People and Fueling Global Riots Easy for You to Say, Lagarde Some commentators were taken aback by the bold remarks reported Wednesday, with one Twitter user remarking: “translation: You should be happy to be slaves.” Another felt Lagarde’s words embodied “The old mantra to make the tax slaves think they would be jobless without the government protecting them. Propaganda doesn’t work when you’re enlightened by Bitcoin.” In her address, the new ECB leader chided the German and Dutch governments for not investing their budget surpluses in causes she deems worthy, such as infrastructure, education and innovation to “allow for a better rebalancing.” As far as the common folk go, the bigwig of financial policy noted in blatantly direct fashion: We should be happier to have a job than to have our savings protected … I think that it is in this spirit that monetary policy has been decided by my predecessors and I think they made quite a beneficial choice. Who Is ‘We’? – Poverty In the EU When Lagarde says “we” one is inclined to wonder who exactly she is talking about. According to statistics, 16.9% of EU residents are living at risk of poverty even after welfare and social transfer factors are accounted for as of 2017. Many Europeans may be currently “employed,” but the nice sounding stats are often bolstered by extremely lax measures of what constitutes said employment. Spotty and unreliable jobs such as someone working only one hour a week still officially serve to make Draghi and Lagarde’s rhetoric appear sound. According to the August, 2018 study “Measuring employment and unemployment” by Bank of Italy researchers Andrea Brandolini and Eliana Viviano: The employment rate is the proportion of the working-age population with a paid job: it is a headcount measure that disregards how working time and contract duration differ across the employed. While the multimillion-dollar-net-worth Lagarde sips champagne in designer clothes and “power scarves,” the common plebs living paycheck-to-paycheck governed by ECB policy must remain grateful that although their savings are being eaten alive, at least they can work, maybe. Those taking issue with the new negative rate defender at the ECB are not necessarily opposed to high fashion and the good life, as much as the hypocrisy and arrogance required to utter such nonsense in a position like Lagarde’s. Savings Are Essential to Healthy Economies As American economist Murray Rothbard once wrote, “Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other.” Without the ability to save, there is no ability to invest. No chance to build for a future, or to create space by leveraging finance for personal time for innovation, exploration and rest. Lagarde’s proclamation that those nations with surplus should invest, while calling for everyday individuals to essentially quiet down about retaining value, betrays an important disconnect and telling, underlying worldview: money and savings are for us, working is for you. Ironic that the socialist lawyer from France would take such a position. Looping back around to Bitcoin, the statements also betray something else. The very reason most governments stand opposed to permissionless, decentralized finance and cryptocurrencies may be that Bitcoin enables saving and spending freely, regardless of what any disconnected third party might think about what should be done with your money. What are your thoughts on Lagarde’s remarks? Let us know in the comments section below. Image credits: 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 ECB President: ’We Should Be Happier to Have a Job Than to Have Our Savings Protected’ appeared first on Bitcoin News. View the full article

Will the price of bitcoin double or crash during the upcoming halving next year? And how will the mining industry adapt to their revenue stream being cut in half over night? See what professional miners from around the world have to say on the matter. Also Read: US, EU and UK Companies Can Now Pay Workers in Bitcoin Cash via Bitwage Miners Talk Bitcoin Halving 2020 The Bitcoin.com team has recently talked with ten prominent people from the crypto mining industry about the upcoming halving at the World Digital Mining Summit 2019 in Frankfurt. Some think that it might cause miners’ revenues to crash, others think prices will quickly rise to compensate for the diminished rewards, all agree it will be a pivotal event for the industry. The full list of mining experts interviewed in the video includes: Marco Streng, CEO of Genesis Mining; Thomas Heller, F2Pool Global Business Director; Sean M. Walsh, CEO & Chairman of the Board, Hyperblock Inc; Dr. Mervyn G. Maistry, Board Member Cyberian Mine; Carson Blake, CEO of SBI Crypto; Alexander Levin, CEO of Asicseer.com; Eric P. Yingling, an independent miner; Nick Damico, CTO at BitPatagonia; Hugh Tian, Co-founder of Antpool; and Åsmund Myhre, CEO of Oslofjord Datacenter. In terms of the professional mining industry it seems we should expect to see a major concentration of the business as the halving will take place. Those with larger hashing power and access to cheaper sources of energy will squeeze out from the market operations that need higher margins to survive and make a profit. “The halving is a brutal wipe-out event,” explained Marco Streng. “It knocks out immediately the miners who are not efficient enough and shows no mercy.” We might also see fluctuations and changes in global hash power distribution during the few weeks that are expected to pass between the BCH halving and the BTC halving, as SHA-256 miners will switch to the most profitable chain to mine at the time. With regards to the effect the halving will have on prices opinions are more split. We could see prices double as miners will need to keep their current revenue streams, or even take off not long after as has happened in the past. “If you look at six months before the halving and six month after the halving in both previous instances you see massive upward surge in the price of bitcoin,” commented Sean Walsh. “It is a bit scary being a miner and knowing that your revenue stream is gonna get cut in half over night but the exchange rate will more than compensate for the reduction in our bitcoin denominated revenue.” Watch the whole video on the official Bitcoin.com Youtube channel for the full remarks from all the mining professionals, subscribe and make sure to leave a comment to join the discussion. What and When Is the Next Halving? Every time a new block is mined, those who facilitated it are rewarded with a set amount of coins. But once every 210,000 blocks this set reward amount is programmed to decrease by half, hence the name halving. This mechanism was created by Satoshi Nakamoto to ensure current supply is limited, making coins more scarce as there will never be more than 21 million in circulation. It can also create upward pressure on the price in contrast to most fiat currencies that only lose value over time due to inflation. The first ever halving took place in 2012 when the block reward initially set to 50 coins fell to just 25. The second and last halving so far took place in 2016 when the block reward dropped from 25 to just 12.5 coins. The upcoming bitcoin cash halving event is expected to be during April 2020. After this happens, BCH miners will lose half the current block reward (12.5 BCH) and receive just 6.25 BCH and fees per block mined. The BTC halving is expected not far after that in May 2020. A German bank recently predicted a tenfold increase in the BTC price when the upcoming block reward halving takes place. If you want to enter the crypto market before next year’s halving occurs, you can safely and securely purchase bitcoin cash (BCH) and bitcoin core (BTC) with a credit or debit card at buy.Bitcoin.com. You can also trade digital assets for cash in person privately on our noncustodial, peer-to-peer marketplace, local.Bitcoin.com, or try our recently launched premier trading platform, exchange.Bitcoin.com. What do you think will happen to cryptocurrency prices after the 2020 halving? 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 Video: Will Bitcoin Crash or Double in Price After the Halving? Miners Have Their Say appeared first on Bitcoin News. View the full article

Negative and zero interest rate policy (NIRP and ZIRP) are becoming a new global norm. Endless printing of paper money is said to make economies stronger, while everyday individuals are seeing their savings worth less and less. These policies were traditionally viewed as last ditch, temporary measures to save economies, but are now increasingly being praised with smooth talk from central banks and policymakers as the answer to the world’s problems, paving the way for the next global downturn–possibly even a major economic meltdown. Also Read: More Filthy Fiat: Two Dozen Central Banks Ramp up the Printing Presses Sticks and Stones May Break My Bones But Words Make It Less Painful In George Orwell’s classic dystopian novel 1984, the political language called Newspeak existed “not only to provide a medium of expression for the world-view and mental habits proper to the devotees of Ingsoc [the novel’s dystopian political system], but to make all other modes of thought impossible.” Politicians today employ the same techniques. Euphemism is designed to make unpalatable realities sound inoffensive or even pleasant. Economic terms like “quantitative easing” and “NIRP” don’t sound particularly threatening or bad. The underlying realities successfully obfuscated, however, and central bankers are able to proceed with impunity in economic activity extremely damaging to the finances of the hardworking individuals they govern. NIRP and ZIRP NIRP and ZIRP are acronyms for “negative interest rate policy” and “zero interest rate policy” respectively. The acronyms themselves take some of the punch away from the not-so-wonderful meanings, but the expanded terminologies are also misleading. A negative interest rate is commonly known in the real world as a “fee.” If interest is a payment one receives for lending money to another person, business, or financial institution, negative interest would be a charge for doing so. With politicians and global financial advisory groups saying things like “Over in Europe and Japan they have NEGATIVE RATES. They get paid to borrow money” (Donald Trump), or “Without cash, depositors would have to pay the negative interest rate to keep their money with the bank, making consumption and investment more attractive” (the IMF), the reality of what is being advocated is hidden. How Does NIRP Work? Negative interest rates are set by a country’s central bank. They spur spending and discourage saving. Banks cannot afford to leave excess reserves being eaten away in the central bank at these rates, and are thus incentivized to provide more affordable loans. Some retail banks absorb this cost to keep their depositors from moving savings into cash; other banks charge their customers. The low rates and increased loans mean that more people borrow and spend, and the now stimulated economy is thus viewed as “strong” (more newspeak), juiced up on the speed-like drug of increased easy lending. The printing of more money can then justified under this pretext. At some point, however, the chickens of these policies come home to roost, as sound assets and resources are limited, no matter how much paper money a government prints. ZIRP is the only slightly more conservative cousin of stimulus-addicted NIRP, and is a zero interest rate policy set by a country’s central bank. Unlike NIRP, zero is the limit as to how low nominal rates can be set, and so other measures such as quantitative easing are often implemented. Quantitative Easing When zero interest rate policy fails to stimulate an economy adequately, QE, or quantitative easing, may be employed in conjunction. QE is the creation of more money by a central bank, temporarily easing the stress on a given economy. In QE, central banks create more reserves to buy debt and securities from their governments and sometimes even private entities. As finance website thebalance.com notes: No funds change hands but the central bank issues a credit to the banks’ reserves as it buys the securities. QE has the same effect as increasing the money supply. With the domestic money supply increased, economic activity is expected to be stimulated. Like the NIRP and ZIRP policies detailed above, however, it’s akin to taking an aspirin for a serious disease, or buying more credit cards to pay off the pile of old, already maxed-out plastic in one’s wallet. St. Louis Federal Reserve An increased money supply means higher inflation and the resultant loss of purchasing power. In case QE fails to provide a shot in the arm to a given economy, a phenomenon known as stagflation can also occur where inflation continues in the absence of economic growth. It may seem surprising to consider many world leaders, central banks and financial planners are now praising and implementing policies designed to make money weaker in the name of progress, but that’s the reality. “Over in Europe and Japan they have NEGATIVE RATES. They get paid to borrow money. Don’t we have to follow our competitors?” @Varneyco Yes we do. The Fed doesn’t have a clue! We have unlimited potential, only held back by the Federal Reserve. But we are winning anyway! — Donald J. Trump (@realDonaldTrump) October 29, 2019 The NIRP Zeitgeist In its Global Banking Annual Review 2019, management consulting firm McKinsey & Company claimed that “60 percent of banks destroy value” as they are not economically viable. From 2009 to 2018, most banks studied showed a return on equity (ROE) less than their cost of equity (COE). In other words, they are not making ends meet and in the case of another crisis like the global downturn sparked in the late 2000s, may not survive. Global trends toward negative rates and easing are nevertheless touted by policy makers as necessary. According to research by the Federal Reserve Bank of San Francisco, “Central banks that have yet to introduce negative rates may take some comfort from this evidence as there appears to be room below zero for additional economic stimulus.” The media is complicit in being the megaphone for these concepts of endless easing and low rates as well, with even respected financial publications praising such moves. None of the pretty language, of course, changes the stark reality underneath. Rearranging Deck Chairs on the Titanic To see where all this is potentially heading, one only needs to look back at the long list of countries where inflation has already spiraled out of control, and the current talk from global monetary policymakers and central banks. While many countries have suffered independently before, the timing now suggests a broader, more global financial meltdown could be on the horizon. Leadership at the European Central Bank continue to praise and advocate for the extension of NIRP and ZIRP policy. Japan, Sweden, Switzerland and Denmark don’t look like they’ll be escaping their deepening, respective NIRP sloughs anytime soon. The U.S., Australia and New Zealand’s rates are all rapidly approaching zero, and New Zealand’s central bank is even considering taxing cash to force people to spend and discourage saving. The International Monetary Fund (IMF) maintained in February 2019: Severe recessions have historically required 3–6 percentage points cut in policy rates. If another crisis happens, few countries would have that kind of room for monetary policy to respond. As rates are already so low globally, another recession could spell real disaster. One of the IMF’s proposed solutions was to even eliminate cash, another emergent global theme. At the end of the day, central bankers appear to be playing a board game. When the colorful strips of play money run out, the banker just writes some numbers on blank pieces paper and the game goes on. In Monopoly, this is all for the sake of fun and leisure. In reality, it’s a game being played with people’s very livelihoods, by saccharine-tongued politicians and central bank governors who have nothing to lose by gambling your money away. What are your thoughts on NIRP and QE in the context of the global economy? Let us know in the comments section below. Image credits: 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 Do You Know the Newspeak of the Looming ‘NIRP’ Economic Meltdown? appeared first on Bitcoin News. View the full article

On October 31, 2008, on the eve of Halloween, Satoshi Nakamoto published the Bitcoin whitepaper. Since then the revolutionary design of the network has changed the lives of many and has transformed how we look at money today. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain The 11th Anniversary of the Bitcoin Whitepaper 11 years ago today, at 2:10 p.m. Eastern Standard, Satoshi Nakamoto published the Bitcoin whitepaper to the Cryptography Mailing List. The service used was a pipermail message service hosted on metzdowd.com run by a group of cypherpunks. The mailing list message title was called “Bitcoin P2P e-cash paper” and Nakamoto explained that he had been “working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” The anonymous creator also revealed that the paper was hosted on the website bitcoin.org. The first group of people Satoshi showed his project to were the cypherpunks using the Cryptography Mailing List hosted on metzdowd.com. Nakamoto emphasized in his email that the main property of the protocol was that “double-spending is prevented with a peer-to-peer network.” He highlighted that there was no mint or trusted third parties and “participants can be anonymous” if they choose to be. The first email detailed that “new coins are made from Hashcash style proof-of-work and the proof-of-work for new coin generation also powers the network to prevent double-spending.” On the eve of Halloween on October 31, 2008, Satoshi Nakamoto published the Bitcoin whitepaper for the first time. More than a decade later there are 3,000+ digital currencies in existence following Bitcoin’s initial launch. The Bitcoin whitepaper announcement wasn’t a huge deal at the time and really only a small number of people witnessed the message and replied. So three days later on November 3, 2008, he decided to write the mailing list again pitching the newly published paper. The Bitcoin inventor mentioned some of the same things that were said in the previous message published on Halloween. A few people had replied to Satoshi at the time and one individual seemed to like the idea, but he didn’t think Bitcoin could scale. Nakamoto dismissed the scaling issue casually and said: “Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes.” Nakamoto continued: At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node. ‘P2P Networks Seem to Be Holding Their Own’ Nakamoto also mentioned concepts like Moore’s Law and told the person that it would take several years for the network to grow extremely massive and “by then, sending 2 HD movies over the internet would probably not seem like a big deal.” The same day, Nakamoto replied again in regard to a few attack theories that could be associated with dishonest nodes. Again being the master of his craft, Nakamoto quickly replied and explained that if a “bad guy does overpower the network” the miner would have to outpace the system and it would be much like “bouncing a check.” “To exploit it, he would have to buy something from a merchant, wait till it ships, then overpower the network and try to take his money back. I don’t think he could make as much money trying to pull a carding scheme like that as he could by generating bitcoins,” Nakamoto stressed. If you haven’t read the Bitcoin whitepaper you can read it here. More than a decade later, the Bitcoin network and the cryptocurrency ecosystem have grown massive. There are more than 3,000 digital currencies listed on market capitalization websites and there’s roughly a quarter of a trillion dollars in digital currency value being held by people worldwide. Satoshi Nakamoto’s paper and the network that went online the following January created a system of wealth that transcends borders, governments, and corporate control. Nakamoto highlighted two days after his third email that Bitcoin was merely an efficient tool and it wasn’t the cure-all against the monopolistic system of force that still exists in society today. “You will not find a solution to political problems in cryptography,” Nakamoto remarked on November 6. “But we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.” So far his forecast has been true and Bitcoin has ushered in a new form of money and a taste of true laissez-faire. People have been able to use bitcoin and many other cryptocurrencies to bypass state laws, sanctions, capital controls, and help people who need funds without restrictions. Since the birth of cryptographic currency, many other ideas have stemmed from the technological innovation and people are focused on building platforms like decentralized exchanges and concepts that utilize zero-knowledge proofs. The 11th anniversary of the Bitcoin whitepaper reminds people how powerful Nakamoto’s invention still is to this day and how it continues to transform the world of finance as we know it. If you haven’t read the Bitcoin whitepaper you can read it in its entirety here and if you’d like to learn more about the digital currency revolution you can get started here. What do you think about Satoshi Nakamoto publishing the Bitcoin white paper 11 years ago today? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, the Bitcoin white paper, the Cryptography Mailing List, and Pixabay. You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here. The post How Bitcoin’s Peer-to-Peer Cash System Was Revealed 11 Years Ago appeared first on Bitcoin News. View the full article

A South Korean presidential committee is pushing for the government to establish legal status for cryptocurrency to stay competitive globally. So far, the government’s policies have been risk-focused to curb speculation, which the committee says must change. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain Presidential Committee Pushes for Crypto Legalization The South Korean Presidential Committee on the Fourth Industrial Revolution (PCFIR), directly under the president, has made several recommendations regarding the country’s cryptocurrency regulation. The PCFIR coordinates policies and reviews matters pertaining to the national master plans and strategies related to the “fourth industrial revolution,” which refers to a highly connected economy supported by advances in areas such as blockchain, 5G, artificial intelligence, big data, and the internet of things. At the committee’s global policy conference in Seoul on Oct. 25, PCFIR Chairman Chang Byung-gyu said “the government needs to establish the legal status of crypto assets,” several local media outlets quoted him as saying. The Presidential Committee on the Fourth Industrial Revolution at its Oct. 25 global policy conference. Emphasizing that the country’s regulations and administrative procedures must be improved to foster innovative startups, Chang stressed: The legal status of crypto assets should be established as soon as possible, and tax and accounting measures should be taken. Call for Changes Under New FSC Chairman The committee also urged the government to promote innovation and the institutionalization of crypto assets in order to stay competitive globally. However, so far, the government has opposed the idea due to concerns of possible side effects raised by the Ministry of Finance, the Ministry of Justice, and the Ministry of Information, an industry stakeholder told MSN news outlet. The PCFIR criticized the government’s current crypto policies of focusing primarily on curbing speculation and reducing the kimchi premium, stating: The government’s deterrence policy, which is indispensable to the cryptocurrency speculation fever, is reducing our global competitiveness in the blockchain and crypto-asset industries … We need to set policy goals to preempt future opportunities. Led by former chairman Choi Jong-ku, South Korea’s top financial regulator, the Financial Services Commission (FSC) implemented emergency cryptocurrency measures in December 2017 in order to curb the kimchi premium. Several follow-up measures were introduced over the next few months, including the real-name system in January last year. However, only the country’s top four crypto exchanges have been able to use the system so far. New FSC Chairman Eun Sung-soo Choi is no longer the chairman of the FSC. He was succeeded by Eun Sung-soo on Sept. 9. Prior to his appointment, Eun served as the president and chairman of the Export-Import Bank of Korea and led the Korea Investment Corporation, Korea’s sovereign wealth fund, from January 2016 to September 2017. After the PCFIR announced its crypto recommendations, Lee Kong-joo, Advisor to the President for Science and Technology, thanked the committee for its efforts, the Bchain publication detailed, quoting him as saying, “I will actively consider ways to make these [recommendations] possible.” Furthermore, the Hankyoreh reported on Oct. 27 that the Korea Financial Intelligence Unit, under the FSC’s supervision, said that it will beef up crypto regulations in compliance with the standards set by the Financial Action Task Force (FATF). The announcement followed a recent FATF plenary meeting. The FATF issued guidance on crypto assets and related service providers in June and is currently evaluating how well its member countries are applying the guidelines. What do you think of this South Korean presidential committee pushing for the legalization of cryptocurrency? 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 Korean Presidential Committee Pushes to Legalize Crypto appeared first on Bitcoin News. View the full article