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A new survey shows that the cluster of companies working with cryptocurrencies and related technologies in the Swiss Crypto Valley has expanded, despite the onset of what has been dubbed as “crypto winter.” The valley now covers a larger territory in the Alpine confederation and has spilled over into neighboring Liechtenstein. Also read: Xapo Transfers Key Operations to Switzerland 4 Unicorns With Presence in the Crypto Valley The falling prices of digital assets in the past months have affected major crypto and blockchain companies with offices in Switzerland and Liechtenstein. The top 50 saw their valuation drop from $44 billion to $20 billion in the fourth quarter of 2018, according to a report produced by Zug-based investment company Crypto Valley Venture Capital (CVVC), PwC, Strategy&, and the Swiss IT consulting firm Inacta. However, the number of businesses operating in the crypto space that have established presence in the region has increased by around 20 percent – from 629 to 750. That means over 120 new crypto entities have registered there in Q4 2018. The total includes some of the world’s most recognizable names in the industry, four of which are unicorn startups worth billions of dollars. The authors of the study have estimated that the top 50 companies are valued at $400 million each, on average. When the five largest are taken out of the equation, the average figure is still $365 million, which indicates a low concentration. The research shows that there are four entities valued at over $1 billion – Bitmain, Cardano, Dfinity, and Ethereum. At the same time, the average valuation of all 750 companies has been estimated at $27 million. Visualized market capitalization, Crypto Valley‘s top 50. 3,300 People Employed in the Crypto Cluster The 50 largest companies have around 480 people working in their offices in Switzerland and Liechtenstein, while the whole sector employs over 3,300 people. These and other numbers in the report indicate that the current situation is ‘business as usual’ for many entities, despite the drop in the market value of most cryptocurrencies. The researchers have also found that the Crypto Valley is expanding geographically. While over half of the companies (51 percent) are based in Zug, other Swiss cantons are now home to the rest. According to the compiled data, 42 of these businesses are registered in Geneva and 39 in Ticino. Liechtenstein is another hotspot with 38 companies from the sector. CVVC maintains an online map that shows where the crypto startups are located. Companies registered in the Crypto Valley by canton, including Liechtenstein. A comparison with the numbers from the third quarter of 2018 shows that 15 companies have joined the top 50 during the last three months of the previous year. These are 4 Artechnologies, Boscoin, Hdac, Icon, Mt. Pelerin, Odem, Quant Network, Saga, Santiment, Sygnum, Token Pay Swiss, Nexo, WPP Energy, Utopiamusic, and Zulu Republic. Another 10 startups are candidates to do so in the future. Switzerland and Liechtenstein, along with Malta, Gibraltar, Estonia, and the Isle of Man, are part of a group of European jurisdictions making efforts to create a crypto-friendly business environment. The expansion of the Swiss Crypto Valley has been facilitated by the country’s decentralized political system and strong traditions in providing financial privacy. Last month, the government in Bern adopted a comprehensive strategy for the development of the crypto sector. Do you think the Swiss Crypto Valley has become the leading global hub for the crypto industry? Tell us in the comments section below. Images courtesy of Shutterstock, CVVC. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Defying Crypto Winter, Swiss Crypto Valley Grows to 750 Companies appeared first on Bitcoin News. View the full article

China’s Center for Information and Industry Development has released its latest ranking of 34 crypto projects. This is the first update for 2019, but it is the ninth update overall. Bitcoin has been upgraded from the previous ranking while the top two positions remain unchanged. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations First 2019 Ranking The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released its ninth crypto project ranking update on Thursday. The center noted that this is the first update this year and 34 crypto projects were evaluated, unchanged from the number ranked in December. The latest ranking upgrades BTC from the 18th place in the previous month’s ranking to the 15th place. BCH rose from the 30th place to the 28th place. “The evaluation results show that EOS and Ethereum still firmly occupy the top two [positions] of the list,” the center emphasized, adding that the Ethereum Constantinople upgrade is expected to be taken into account in the next evaluation cycle. Ethereum Classic fell from the 15th place to the 19th place in the latest ranking. The center explained that “Ethereum Classic suffered a sustained 51% attack, which caused widespread concern, and the security of the public chain will remain an important issue that plagues future development.” All 34 crypto projects were also ranked in three separate categories: basic technology, applicability, and creativity. According to the CCID, “the average value of the underlying technology index has decreased from the previous period,” but the applicability index remains roughly unchanged. Furthermore, the “average value of the creativity index is significantly lower than the previous period,” the center pointed out. “Due to the influence of Christmas, the code update activity of most public chains has been significantly reduced, resulting in a significant decline in the innovation sub-index compared to the previous period.” How China Started Ranking Crypto Projects The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.” On May 11 last year, shortly before the first ranking was released, the center held a symposium on public blockchain technology assessment in Beijing and unveiled the latest progress of the crypto project assessment work carried out by the CCID (Qingdao) blockchain research institute, an entity established by the CCID. It added that the work was done in collaboration with multiple parties such as the CCID think tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the center clarified. Quartz reported when the first ranking was released to the public, “Today (May 17), the China Center for Information Industry Development (CCID), a research unit under the country’s industrial ministry, officially launched its monthly ratings index on 28 crypto coins and the blockchains behind them.” The publication elaborated: The CCID announced the initiative last week, citing the lack of an independent analysis of crypto and blockchain as a guide for governments, enterprises, and research institutes around the world. What do you think of the latest CCID ranking update? Let us know in the comments section below. Images courtesy of Shutterstock and the CCID. Need to calculate your bitcoin holdings? Check our tools section. The post Bitcoin Climbs up China’s First Crypto Ranking of 2019 appeared first on Bitcoin News. View the full article

Cryptocurrency hardware wallets have become a mainstay within the digital asset economy and over the years these devices have evolved. After designing the first bitcoin hardware wallet on the market, the Prague-based firm Satoshilabs has released a new Trezor product line called the Model T. The following hands-on review details how to get started with the Trezor T cryptocurrency wallet and outlines its primary features. Also read: A Review of the Swiss-Made Digital Bitbox Hardware Wallet Testing the Touchscreen Trezor Model T This week I received a Trezor Model T in the mail and decided to provide a rundown of how to set up the hardware wallet. In this review I also note the differences between the new version and the Trezor One. The box is very well packaged compared to the Trezor One I purchased years ago and comes with various accesories. Inside the box, there’s a Trezor T device, a USB-C cord, two recovery seed cards, a magnetic holder for the device, and a bunch of stickers. The machine itself features a RGB LCD touchscreen display and USB communications are enabled only after authentication. The directions inside the box explain that the owner needs to go to the Trezor website to initiate the wallet. Everything the Trezor Model T comes with and the magnetic wall mount. One thing that is noticeable is the amount of pressure needed to insert the USB-C cable. At first, I had issues initiating the firmware because my computer couldn’t recognize the Trezor through the cable. All shipped Trezors come empty and never have firmware installed for security reasons. However, I learned from the folks at Satoshilabs that you need to push the connector in hard enough until you hear it click. After choosing the T version on the website, it takes you to the beta Trezor browser wallet to initiate the device firmware. The setup can be initialized using the main Trezor wallet instead if you don’t want to use the beta version. The T only took two minutes for the firmware to install and from here I was able to begin the wallet setup and backup process. Initiating the firmware, creating a new wallet, and backing up the seed. Backing up the Seed, Adding a PIN and Naming the Wallet The device screen will warn the user that a backup has not been completed and the wallet browser will initiate the start of this process. From here, after the usual disclaimer about no screenshots and writing the seed down alone, the device screen will reveal a 12-word mnemonic seed phrase. After writing the words down on the seed card supplied in the box, I was prompted to confirm some of the words randomly in order to verify that the seed was written down correctly. Once the device confirms that the owner has written down the phrase, the setup moves on to adding a PIN to the device and a name. Each action needs to be confirmed using the device’s touchscreen. While pondering a name I decided to name my gadget ‘Satoshi’s Trezor’ because, after all, we are all Satoshi. Moving on, the browser wallet asks if you want to add an email and I opted to skip that step. Setting a PIN and naming the device. After the wallet was all set up, I sent a small fraction of bitcoin cash (BCH) to the wallet to make sure everything was working correctly. The Trezor T also supports BTC, BTG, DASH, DGB, DOGE, LTC, NMC, VTC, ZEC, ETH, ETC, XLM, XEM, and ADA. Some of the cryptocurrency wallets like ETH, ADA, and XLM take you to a third party wallet which essentially tethers the account to your device. Just like the Trezor One, the Model T can also act as a U2F device for online accounts like Dropbox and Gmail. Additionally, Satoshilabs has added an exchange feature which lets the hardware wallet interact with a third party trading platform so the user can swap coins without leaving the secure confines of the Trezor software. The Trezor dashboard and all the steps involved with creating a seed backup. A Model One Evolved Overall, the Model T worked well but it took me some time getting used to the USB-C cord insertion, even though I use USB-C hardware regularly. The Keepkey cryptocurrency hardware wallet I recently reviewed also has a noticeably tougher USB insert. After getting used to the plug, it became much easier, but you may want to use a longer cord. The LCD touchscreen display is nice but was not so friendly with my fat fingers. The touchscreen takes some time to get used to as well and the screen is used for the wallet’s PIN entry, instead of the onscreen randomizer PIN pad used with the Trezor One. Sending 15 cents’ worth of bitcoin cash (BCH) to test the wallet. The device works just as well as my first Trezor wallet, but users will find subtle differences between each one. For example, the Model T comes with a micro-SD slot for advanced features that will be added to the operating system at a later date. Even with the T’s touchscreen, prospective buyers may still decide to purchase version One because it’s significantly cheaper than the Model T and just as secure. The T version is roughly $169, but that doesn’t include DHL shipping costs. One thing for certain is that I will continue to use the Model T hardware wallet, unlike some of the devices by other manufacturers I’ve previously reviewed that are now collecting dust. What do you think about the Trezor Model T? Let us know what you think about this hardware wallet in the comments section below. Disclaimer: This editorial should be considered Review or Op-ed material. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the review article. Review 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 considered 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. For good measure always cross-reference guides with other walkthroughs found online. Image credits: Jamie Redman, Trezor, and Satoshilabs. Have you seen our new widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool, and you can customize by size and color. The widgets include price-only, price and graph, price and news, and forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power. The post An In-Depth Look at the Trezor Model T Hardware Wallet appeared first on Bitcoin News. View the full article

Venezuela’s economic crisis is impossible to ignore. President Nicolás Maduro’s attempt to withdraw $1.2 billion of the country’s own gold from the Bank of England (BoE) has been rejected. The notion of a sovereign state being denied access to its own wealth is a concept that’s hard for bitcoiners to countenance. One thing is certain: the case for storing wealth in censorship-resistant cryptocurrency is becoming stronger. Also Read: Venezuelan President Raises Petro’s Value Again in Bid to Create ‘New System’ How the Venezuelan Political Situation Escalated In order to understand the Bank of England’s (BoE) decision to deny Venezuela its gold, a brief history lesson is required. How did one of the most oil-rich nations on earth end up on the brink of collapse? Since 2016, political discontent in Venezuela has been fueled by increasing hyperinflation, power cuts, shortages of food and medicine. Gold is a crucial part of Venezuela’s foreign reserves. One huge turn of events involves the disputed presidency in Venezuela. Maduro was elected in April 2013 after the death of Hugo Chávez. In the meantime, Juan Guaidó has declared himself acting president despite Maduro being re-elected to a second six-year term in May 2018, which most opposition parties boycotted. On Jan. 26, the UK foreign secretary Jeremy Hunt said that the U.K. will also recognise Guaidó as the interim president of Venezuela if fair elections are not announced within eight days. Hunt tweeted: 1/2 After banning opposition candidates, ballot box stuffing and counting irregularities in a deeply flawed election it is clear Nicolas Maduro is not the legitimate leader of Venezuela — Jeremy Hunt (@Jeremy_Hunt) January 26, 2019 2/2 @jguaido is the right person to take Venezuela forward. If there are not fresh & fair elections announced within 8 days UK will recognise him as interim President to take forward the political process towards democracy. Time for a new start for the suffering ppl of Venezuela — Jeremy Hunt (@Jeremy_Hunt) January 26, 2019 Cryptocurrency has already played an important role in this crisis. To counter escalating hyperinflation in February 2018, Maduro announced the launch of a state-backed cryptocurrency, the petro. During the launch, he is quoted as saying: “Venezuela makes history! Today we take a step forward with the launch of petro as a national currency and platform for strengthening our financial sovereignty.” Absurd Issues Around BoE Transferring the Gold The BoE is one of the largest physical gold custodians in the world. Data published by the London Bullion Market Association (LBMA) states that around 7,500 tonnes of gold was held in London in March 2017, the equivalent of 596,000 gold bars. Previously it was reported that the refusal to return the gold was due to insurance related reasons. Now it is evident that the BoE’s decision to withhold the gold is political. In a November article, Reuters quotes an unnamed official as saying: The plan has been held up for nearly two months due to difficulty in obtaining insurance for the shipment, needed to move a large gold cargo. The U.K. has legitimate concerns and reasons for not releasing the gold. According to Bloomberg reports, Ricardo Hausmann, a Harvard economics professor and long-time critic of Maduro, has stressed that the first rule of business is to stop his government from liquidating international assets belonging to the country and stealing them. The Gold Repatriation Trend Gold repatriation occurs when governments choose to bring home their gold stored outside of their country. Over the years, this has become a growing trend which raises questions as to whether something is brewing that might have compelled them to initiate the move. Fears that certain states might confiscate gold bullion, for example, could be a trigger. Prior to Venezuela requesting gold bullion back from the BoE, the German central bank completed the move of 674 metric tonnes from the vaults of the Federal Reserve Bank of New York and the Banque de France three years ahead of schedule. Last year Turkey joined the ranks of Germany and Hungary as the latest country to repatriate gold to its soil, according to reports from the country’s media. The Case for Crypto Increases Bitcoin is backed by mathematics instead of state governments. It is possible that the recent sanctions and fear around physical gold could have been avoided if wealth had been held in the form of digital assets that can’t be censored or frozen by any third party. In a recent interview with news.Bitcoin.com, Kai C. Chng, CEO of Digix, an asset tokenization company, explained how precious metals have always been a historic safe haven in times of economic uncertainty and are largely resilient to the fluctuations of international monetary markets. In times of crisis, this could change as people look for alternatives. “Should a global recession impact the purchasing power of traditional currencies, for those who already understand the benefits presented by cryptocurrency, we would expect to see increased interest in owning bitcoin, while those who are currently ill-acquainted with the cryptocurrency market are likely to show new interest in entering the space,“ said Chng. Today, nearly 90 percent of Venezuelans are living in poverty. It seems Venezuela will remain immersed in a grave political crisis and economic war, with millions of innocent people poised to suffer as governments squander funds. In these desperate times, Bitcoin seems less like a bold experiment and more like a lifeline. Should the Bank of England return the gold bullion to Venezuela? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Bank’s Refusal to Release $1.2B of Venezuelan Gold Strengthens the Case for Bitcoin appeared first on Bitcoin News. View the full article

After obtaining your first bitcoins on an exchange, you’ll want to keep them safe, even if the funds are only sitting there temporarily. One way to keep your crypto secure online is by using two-factor authentication (2FA). Security is of utmost importance when it comes to storing cryptocurrency in an online wallet and 2FA adds another layer of protection over and above a strong password. Also read: Regulations Have Ruined the Physical Bitcoin Industry 2FA Is Essential The cryptocurrency community is all about advocating proper security techniques, and two-factor authentication (2FA) is one method that’s taught first and foremost to newcomers. 2FA is a subset of multi-factor authentication (MFA), a system that requires the use of two different factors to unlock a combination. For example, if 2FA is applied to a cryptocurrency exchange account you would need to log in with your username and password, but you will also need to enter a 2FA authentication PIN. The authenticator is usually on a secondary device like a mobile phone or a USB key. Even if you don’t own cryptocurrencies, using 2FA to secure your online life is good practice. Typically when you sign up for an exchange, you should add 2FA to the account right away for extra security. A great majority of exchanges nowadays also enforce the use of 2FA. However, what’s not usually taught is the fact that nearly every account you own, from social media services to email, should ideally be locked with 2FA, even if you don’t own cryptocurrencies. There are many examples of why you should add 2FA to not just your exchange account, but to your email and other online accounts as well. Mainly because it is possible for hackers to gain access to the exchange account through the email you signed up with. After all, what point is there in locking the front door if you’ve left the back door open? Hackers could gain access to your email account if it is not secured with 2FA and when they gain possession of your email they could change the exchange account password among other malicious acts. Two-factor authentication requires people to use a secondary factor like a phone code plus login credentials as well. A hacker can also change your mobile number to a different phone or a voice over internet protocol (VOIP) line and gain access to your exchange account if you are using SMS style 2FA (a PIN sent by text). When people leave back doors open to social media accounts, hackers can gain access to private information and through social engineering breach cryptocurrency accounts online. Of course, people who hold their private keys or seed phrase offline will be safe, but securing your online life with multi-factor authentication techniques should be a priority. Hackers want your information and are known to scan emails and social media accounts for financial information and details of bitcoin holdings. The following is a list of 2FA services that provide a free secondary form of authentication for people who want to keep their online accounts secure. Most of the well-known cryptocurrency exchanges support the use of the popular 2FA services mentioned and a majority of email providers and social media accounts support these specific authenticators as well. Google Authenticator The application Google Authenticator is a reputable service that’s simple to use. The free platform is available for iOS and Android and you can use the service with online accounts such as Dropbox, Facebook, Gmail and a wide variety of cryptocurrency exchanges. A user can add as many codes as they like by either entering it manually or by using the QR reader. However, Google Authenticator requires you to back up the account’s recovery code. Otherwise, if you lose your phone, you risk being locked out of your account. Microsoft Authenticator Software corporation Microsoft offers its own free authenticator app for its Windows line of phones, iOS, and Android devices. Similarly to Google’s version, it will allow you to manually enter or scan QR codes tethered to online account keys. Microsoft’s version offers 2FA for many of the same services but also has a one-tap push notification that can be used in place of PINs. Backups need to be saved and secured with Microsoft’s 2FA application. If the mobile device is damaged, lost or stolen the codes can be re-applied to a freshly installed app on a new device. Authy Authy is another popular 2FA application that can be applied to multiple devices. You can add as many accounts as you want and the application also has a master backup. For instance, if Authy is used for 10 accounts and the mobile device is damaged then the owner can simply use the master backup to restore all 10 account 2FA codes. Even with the master it’s still a good idea to save the backup codes in order to restore 2FA account settings individually. Authy works for both iOS and Android devices and the application is free. Yubikey and a Few Select Hardware Wallets With some online accounts like Gmail and Dropbox, a hardware-based 2FA solution can be utilized. For instance, the Yubikey is a small USB device that fits into your computer and the user verifies authentication with the press of a button. Certain cryptocurrency hardware wallets like Ledger and Trezor can also act as a 2FA device in a similar manner. Hardware-based 2FA solutions use the FIDO U2F standard which some find superior to other authenticators. Yubikeys and hardware wallets that offer 2FA need to be carried around however and some people find it more convenient to use their phone. 2FA Is Easy to Use and Adds a Layer of Security to Your Online Life Installing a 2FA service like Authy or Google Authenticator on a phone is straightforward. Basically, you install the 2FA software on your mobile and go to your online account’s security section to retrieve a 2FA code. From there the service should provide you with a QR or alphanumeric code so you can add it to the authenticator service. Make sure you back up this code just in case you need to restore the 2FA service at a later date. Usually, you need to enter the PIN in order to turn the online account’s 2FA on or off. After doing it for the first time, it will activate and you will be required to use the 2FA’s PIN and login credentials every time you log in. In practice, the 2FA method is a great security measure that you can use for free to protect your online data by adding an additional layer of security. It is far more difficult for a hacker to obtain access to an account if they have to compromise not only the password, but also breach something you have with you at all times like a mobile phone or U2F key. These days, with hackers and malicious actors trying to take our data and steal our funds on a regular basis, 2FA has cemented itself as vital online tool. Do you use two-factor authentication? What services do you recommend? Let us know what you think about this subject in the comments in the below. Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are 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 this article. 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. Image credits: Shutterstock, Yubikey, Google, Microsoft, Authy, Bitcoin.com, Pixabay. Have you seen our widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool, and you can customize by size and color. The widgets include price-only, price and graph, price and news, and forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power. The post Double Down Your Bitcoin Security by Utilizing 2FA Services appeared first on Bitcoin News. View the full article

“Hi everyone, I just put up a new bitcoin exchange. Please let me know what you think.” With those innocuous words, one of the most notorious sagas in Bitcoin’s early history began. The name of the exchange was Mt. Gox and it was to play a pivotal role in Bitcoin’s rise – for a while, at least. Also read: Bitcoin History Part 8: When 1,500 BTC Cost Less Than $1 Magic and Mayhem Jed McCaleb Mt. Gox wasn’t the first bitcoin exchange to launch, yet it actually predates Bitcoin. Jed McCaleb registered the mtgox.com domain in 2007 and ran it as “Magic: The Gathering Online eXchange” for years until reading about Bitcoin in 2010. The programmer was shrewd enough to recognize that a bitcoin exchange would be a better use for his domain, which by that point had lain dormant for years, after its original business proved to be a flop. When McCaleb announced his newly repurposed platform on the Bitcointalk forum on July 18, 2010, initial reaction was muted. Many forum users who tried the site were unimpressed, and wondered why they might want to use Mt. Gox when they already had Bitcoinmarket.com, the first exchange of its kind. McCaleb had a simple answer to this: Gox was “always online, automated, the site is faster and on dedicated hosting and I think the interface is nicer.” He was to be proven right. ‘Can’t Wait to See Bitcoin Hit $10’ In its early days, Mt. Gox ran into the same problem that had affected Bitcoinmarket.com – Paypal. As one of the few fiat onramps that could be easily integrated, Paypal was a necessary evil for early Bitcoin-based platforms, but it soon began to cause more problems than it solved. “I’m really hoping bitcoin makes a huge dent in [Paypal],” fumed McCaleb. “It annoys me so much that they get 5.9% for running one UPDATE statement in their database.” As McCaleb refined the site, its liquidity grew and traders warmed to Mt. Gox. “I love your exchange. Best I have seen yet,” enthused one. In August 2010, however, one forum user posed a potential problem to McCaleb: “What happens if someone hacks the website and finds a way to send themselves everyone’s BTC balances?” McCaleb laughed the question off at the time, replying: “Not sure. If it is a bug in bitcoin you will probably have to take it up with satoshi :).” After running the exchange for eight months, McCaleb posted an announcement on March 6, 2011, titled “Mtgox is changing owners.” It read: “I created mtgox on a lark after reading about bitcoins last summer. It has been interesting and fun to do. I’m still very confident that bitcoins have a bright future. But to really make mtgox what it has the potential to be would require more time than I have right now. So I’ve decided to pass the torch to someone better able to take the site to the next level.” It continued: MagicalTux has already contributed a lot to the bitcoin community and in many ways he will be better at running the site than I was …. Thanks to everyone that has supported mtgox so far. Can’t wait to see BTC hit $10! At that, McCaleb was gone, off to focus on a cryptocurrency named ripple. In his place came the new steward of Mt. Gox, Magical Tux. Or as he is better known today, Mark Karpeles. Images courtesy of Shutterstock. Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first and finest cryptocurrency. Read part eight here. The post Bitcoin History Part 9: Mt. Gox Is Born appeared first on Bitcoin News. View the full article

In the first weekend edition of The Daily, crypto exchange Kucoin lists Mimblewimble coin Grin, giving it several trading pairs, and Bakkt releases product details about its upcoming futures contracts. Also, a Chinese investor sues a famous Israeli crypto entrepreneur for alleged fraud, while Malta issues a warning about a get-rich-quick “Bitcoin Revolution” scam. Also read: Market Cap Metric Attracts Flak, Trust Wallet Does Desktop Kucoin Lists Trading Pairs With Privacy-Centric Grin Cryptocurrency exchange Kucoin has announced the listing of grin, the recently launched, privacy-focused cryptocurrency which is based on the Mimblewimble protocol. “Grin is now on Kucoin, you can deposit now,” the Singapore-headquartered digital asset platform tweeted, adding that the coin will be tradable with several pairs – bitcoin core (BTC), ethereum (ETH), and the stablecoin tether (USDT). The exchange also said that withdrawals will open at 18:00 (UTC+8) on Saturday, Jan. 26. Grin (GRIN) is now on KuCoin, you can deposit now. Trading pairs include GRIN/BTC, GRIN/ETH and GRIN/USDT. Buying starts Jan 24, 2019, 17:30 (UTC+8), selling starts Jan 24, 2019, 18:00 (UTC+8) and withdrawal opens Jan 26, 2019, 18:00 (UTC+8).@grinMW #KCS #GRIN #BTC #ETH #USDT pic.twitter.com/8IzidvrN6L — KuCoin Updates (@KuCoinUpdates) January 24, 2019 Grin is the second Mimblewimble digital currency launched since the beginning of the year, with Beam being the first. Mimblewimble was originally developed in 2016 to improve the scalability of the Bitcoin network and provide enhanced privacy for its users. Since its launch, the price of grin has seen considerable volatility and a significant decline following the rapid increase in its supply due to its inflationary design and high issuance curve. According to Coingecko, the coin is trading at $8.27 at the time of writing, after doubling in price in a matter of days. Beam’s start was not an easy one either. Its developers found a critical vulnerability in their wallet soon after the launch of the Beam mainnet, and UTXO bug later caused its blockchain to temporarily grind to a halt. Bakkt Publishes Bitcoin Futures Specifications Crypto platform Bakkt, a subsidiary of Intercontinental Exchange (ICE), has released new details about its upcoming Bitcoin futures product. According to the specifications published on ICE’s website, the trading screen product name of the contracts will be “Bakkt BTC (USD) Daily Future” and each contract will be 1 BTC in size. Bakkt will offer one-day, physically delivered futures. There will be no daily price limit and prices will be quoted in U.S. dollars. The minimum price fluctuation will be $2.50 per coin (contract), which can go down $0.01 per 1 BTC for block trades with a minimum of 10 lots. A position limit of 100,000 lots in any contract date will be applied. A $0.50 combined exchange and clearing fee per side will be charged. Bakkt futures were initially expected on Jan. 24, but at the end of December, ICE published a notice stating that the launch date “will be amended pursuant to the CFTC’s process and timeline.” The platform is still waiting for regulatory approval from the U.S. Commodities Futures Trading Commission. Last month Bakkt raised $182.5 million in funding. In mid-January the company announced an agreement to acquire assets from the futures merchant Rosenthal Collins Group. It also recently posted eight vacancies looking to hire blockchain developers among other specialists and executives. Investor Sues Israeli Crypto Entrepreneur Moshe Hogeg A cryptocurrency investor from China has filed a lawsuit in Tel Aviv against the well-known Israeli crypto entrepreneur Moshe Hogeg. Zhewen Hu alleges Hogeg misappropriated millions of dollars invested in his company STX Technologies Ltd (Stox). The Chinese citizen, who invested about $3.8 million worth of ethereum in the prediction market platform, is suing Hogeg and Stox for $4.6 million, saying the company’s promises and commitments never materialized. Stox raised a total of $34 million during its initial coin offering in August 2017 but the lawsuit claims Hogeg invested only $5 million of the ICO funds in the company, The Times of Israel reported. He is accused of using the rest of the money to invest in other ICO projects including Telegram’s token sale. Malta Warns About Crypto Platform ‘Bitcoin Revolution’ The Malta Financial Services Authority (MFSA) has issued an alert about a crypto investment platform called Bitcoin Revolution. According to the regulator, the entity promotes itself by publishing ads on a number of associated sites and posts on social media using the names of prominent personalities without their consent and announcing profits they supposedly made. “Bitcoin Revolution is NOT a Maltese registered company NOR licensed or otherwise authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law,” MFSA stated in the alert notice quoted by The Times of Malta. The financial watchdog describes the platform as an international “get-rich-quick” cryptocurrency scam. What are your thoughts on today’s news tidbits? Tell us in the comments section. Images courtesy of Shutterstock. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post The Daily: Bakkt Shares BTC Futures Details, Kucoin Adds Grin Trading Pairs appeared first on Bitcoin News. View the full article

Tidbits is a roundup of talking points from across the cryptosphere. Today, Jesse Powell and Samson Mow both voice their opinions on the custodial ownership of assets through trusted, third parties. Paul Sztorc shows the Bitcoin community that forks are not as frequent as they think and Simon Dixon breaks down his three problems with the banking system. Also read: Kraken Launches Margin Trading for BCH Pairings Not Your Vault, Not Your Gold Recently, Venezuelan President Nicolas Maduro’s regime was denied the withdrawal of $1.2 billion worth of gold out of the Bank of England. Kraken exchange CEO Jesse Powell quickly pointed out that Maduro’s regime never owned their own gold, because they never stored it in their own vaults. Not your vault, not your gold. https://t.co/ThSkkuXGqO — Jesse Powell (@jespow) January 25, 2019 Similarly, Blockstream CSO Samson Mow took the opportunity to point out the similarities between Maduro regime’s gold and the oil that supposedly backs the Petro cryptocurrency. Both are assets that are held in custody by trusted, third parties that cannot be trusted. And for the people of Venezuela: Not your barrel of oil, not your Petro. https://t.co/T2UiTK5dbQ — Samson Mow (@Excellion) January 25, 2019 Forks Not as Frequent as Bitcoin Community Thinks Director of research at Tierion and Bitcoin developer Paul Sztorc recently assembled all Bitcoin upgrade events into a pivot table. Interestingly, his findings showed forks were significantly less frequent than what the Bitcoin community initially assumed. I was browsing @BitMEXResearch 's page here https://t.co/P2aTB1sZVm , which collated all Bitcoin fork events. They're quite rare. People talk about "forks" often, but they are very infrequent. I collated the upgrades, and placed them into this pivot table: pic.twitter.com/jyMxdv07EY — Paul Sztorc (@Truthcoin) January 25, 2019 Sztorc goes on to explain that 2010 had about as many protocol forks as all other years. Also, the last normal upgrade was in July 2016, and the only upgrade since then was segwit. Simon Dixon’s Three Problems With Banking Banktothefuture CEO Simon Dixon was recently interviewed, and he explained the three increasingly problematic issues with the banking industry. Dixon believes that the banks are both unable and unwilling to solve these three problems. The first problem occurs when clients deposit money into banks, and the banks become the legal owner of their clients’ money. During this period, the banks are able to use their clients’ funds any way they see fit. The next issue is that the banks decide how to inject their clients’ money into the economy via loans. Therefore, banks control the economy. Lastly, the monetary system is structured in a way that encourages debt rather than savings. Thus, there is innovation on the government level, the banking level and the investment banking level, to entice people, corporations and governments deeper into debt to increase the money supply. Eventually, this debt will need to be repaid, recycled into new debt, or bailed out through quantitative easing. In summary, banks are problematic because they earn money through the debt they create. What do you think of custodial ownership of assets? Let us know in the comments below. Images courtesy of Shutterstock. Bitcoin Games is a provably fair gaming site with 99% or better expected returns. Try it out here. The post Tidbits: Jesse Powell Criticizes Custodial Ownership, Simon Dixon Slams the Banking System appeared first on Bitcoin News. View the full article

Central bank warnings about crypto assets may give the impression that cryptocurrency is illegal, especially since these entities often cite reasons as to why they’re uncomfortable with virtual currencies encroaching on their turf. But their assertions are often inaccurate, particularly when it comes to determining the legality of cryptocurrency. Also read: Jamaica Stock Exchange Plans to List Security Tokens A Currency Legitimized by its Owners On Jan. 24, Singapore’s ministry of law, in an apparent reaction to the growing acceptance of virtual currency, cautioned that cryptocurrency is not legal tender and advised businesses to exercise due diligence before accepting it as a form of payment. The ministry’s pronouncement follows the sealing of a partnership between a jewelry chain store called SK Jewellery and Singapore-based point-of-sale systems firm Bizkey Network to operationalize cryptocurrency payments. Elsewhere, the Central Bank of Samoa has previously warned citizens that it does not issue or regulate cryptocurrencies. The central bank maintained that cryptocurrencies are not legal tender in Samoa, warning that digital coins are risky and speculative. In Zambia, where cryptocurrencies have yet to register substantial trade volume, the central bank has issued a similar warning. However, it is important to clarify what “legal tender” means in order to determine the intent of the authorities – who are torn between skepticism and proactive anticipation of crypto disruption – in perspective. Legal tender is a payment method that is sanctioned by law for the settlement of a debt or financial obligation within a particular jurisdiction. Fiat money issued by the central bank of a country is legal tender – a binding medium for the fulfilment of a transaction between parties. However, this does not rule out the legality of other payment methods. For example, individuals may, at their mutual convenience, enter into transactions using currencies issued in other jurisdictions. During Zimbabwe’s hyperinflationary era, particularly between 2006 and 2009, there was widespread trading in U.S dollars, Botswana pula and South African rand. While these were not legal tender in Zimbabwe, they were not illegal and the government blessed their already widespread use in 2009 by officially adopting a multi-currency financial system. Besides foreign currencies, non-fiat mediums such as cheque and credit card are also widely used without being legal tender. Scotland’s Legal Currency Which Isn’t Legal Tender In the U.K., Scottish bank notes are a legal currency approved by the U.K. parliament but they are not legal tender, even in Scotland. “Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for agreement between the parties involved,” a Scottish bank advises. Disclaimers occasionally issued by governments with respect to cryptocurrencies are uniformly applied to other non-legal tender payment methods without making them illegal. Regulatory authorities, perhaps, feel more need to level these designations against cryptocurrency because they are a novel phenomenon most people are still coming to terms with. Crypto, as non-legal tender, is not a legally enforceable payment method, as one party cannot insist upon the other accepting it in a transaction. According to a Library of Congress article on global regulation of cryptocurrencies, government warnings on virtual money are a form of public education. “Such warnings, mostly issued by central banks, are largely designed to educate the citizenry about the difference between actual currencies, which are issued and guaranteed by the state, and cryptocurrencies, which are not,” the article detailed. “Most government warnings note the added risk resulting from the high volatility associated with cryptocurrencies and the fact that many of the organizations that facilitate such transactions are unregulated. Most also note that citizens who invest in cryptocurrencies do so at their own personal risk and that no legal recourse is available to them in the event of loss,” it added. Governments Aren’t Responsible for Cryptocurrency At Davos recently, Bank of England governor Mark Carney accused cryptocurrencies of not going anywhere. He argued that cryptocurrency would not revolutionize the financial sector because they are more assets than currencies. Carney also noted the reluctance of e-commerce giants in UK to transact in cryptocurrency because of the relative expense and lower speed. At any rate, government warnings about trading in cryptocurrency do not infer their illegality. Rather, it means that they are not the institutional responsibility of the governments, something that is actually a fundamental feature of cryptocurrencies. Recently, central banks, with the encouragement of the IMF, have considered the idea of issuing their own digital currencies, faced with the disruptive wave of cryptocurrencies. Central bank digital currencies (CBDCs) will not upstage cryptocurrencies as they will not match the characteristics of cryptocurrencies as an autonomous form of money controlled by its owners, transacted peer-to-peer and insulated from the overbearing whims of governments, legacy financial institutions or corporations. Clarifying its decision to accept crypto, Singapore’s SK Jewellery maintained that there is nothing legally amiss with this payment mechanism. “The acceptance of crypto merely serves as another option of payment for our customers and, other than it being a more unconventional mode of payment now; it’s business as usual,” the company spokesperson said. Government warnings cut both sides. They help citizens and businesses decide how far they can trade in cryptocurrency as an unregulated instrument of trust. On the other hand, they serve to reaffirm cryptocurrencies’ fundamental power as an instrument of financial freedom. What do you think about the legal status of cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Just Because Cryptocurrency Isn’t ‘Legal Tender’ Doesn’t Make It Illegal appeared first on Bitcoin News. View the full article

Cryptocurrency exchange Bitstamp has partnered with a Swiss bank to allow the bank’s customers to fund their dollar-denominated accounts with BTC as well as withdraw funds in the cryptocurrency. Deposited coins are converted to USD. Withdrawals are converted to BTC and transferred to the crypto wallets linked to client accounts. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations The Partnership Bitstamp announced on Friday that it has “partnered with Dukascopy Bank, one of the leading Swiss online banks, to enable crypto funding on their platform.” The exchange elaborated: Dukascopy’s clients can now send bitcoins to their accounts and the crypto will be converted to US dollars, which they can use to trade on the Swiss FX Marketplace. Clients can also withdraw funds back to their cryptocurrency wallets in the form of bitcoins. Geneva-based Dukascopy Bank offers currency and precious metal (forex) trading to retail and institutional clients. Its website explains that the funding and withdrawals of BTC are offered through “crypto-fundable trading accounts,” adding that BTC is currently the only cryptocurrency supported. The bank explained that any BTC sent by clients to it will always be converted to USD. Bitstamp is responsible for exchanging fiat funds to BTC and back for the bank. “The proceeds of the BTC/USD conversion are credited in USD to the crypto-fundable client account,” the bank described, adding: In case of withdrawal, the bank debits an amount of USD from the crypto-fundable client account, converts such amount into BTC at a current rate and transfers the bitcoins to the client wallet linked to his account. “This partnership represents another step towards our goal of bridging the gap between crypto and traditional finance,” Bitstamp wrote. “It is further proof that our efforts in compliance and regulation continue to deliver results at a time of rapid maturation for the cryptocurrency industry.” Dukascopy Bank’s Crypto CFD Offerings This is not Dukascopy Bank’s first foray into the crypto space. It already provides contract for difference (CFD) “trading on price movements of cryptocurrencies, its derivatives or value estimations,” according to its website. Currently, only CFDs on BTC and ETH are available, both with a 33 percent margin requirement and a leverage ratio of 1:3. Dukascopy Bank’s website further details that customers with opened CFD positions do not own the underlying assets and the “price of cryptocurrency CFD varies significantly across different cryptocurrency exchanges.” The bank also noted that its CFD “prices on cryptocurrencies are unique and based on its ability to hedge Dukascopy positions with external counterparties.” What do you think of the partnership between Dukascopy Bank and Bitstamp? Let us know in the comments section below. Images courtesy of Shutterstock, Bitstamp, and Dukascopy Bank. Need to calculate your bitcoin holdings? Check our tools section. The post Swiss Bank Partners With Bitstamp to Enable BTC Funding and Withdrawals appeared first on Bitcoin News. View the full article

JP Morgan has continued to bash bitcoin and cryptocurrencies, saying the value of them is still unproven and that it will be at least another three to five years before blockchain technology makes a difference to the banking sector. Also read: Jamaica Stock Exchange Plans to List Security Tokens ‘A Dystopian Scenario’ America’s largest bank has reaffirmed that it is still skeptical of cryptocurrencies. JP Morgan said that such assets would only be of any value in a “dystopian scenario” where investors lost faith in gold, the dollar and the global payments system, according to Reuters. “Even in extreme scenarios such as a recession or financial crises, there are more liquid and less complicated instruments for transacting, investing and hedging,” the bank was quoted as saying. The Manhattan-based firm said it would still be years until blockchain technology catches on with mainstream financial institutions and added that participation by traditional financial organizations in crypto markets had slipped over the last six months with individuals taking up an increasing share of the market. According to Reuters, pension funds and asset managers have stayed clear so far, although there have been some advances in market infrastructure that have seen safer methods to store digital money emerge. Despite this, people still worry about the volatility of cryptocurrencies, security flaws and digital assets being used for illegal purposes, such as money laundering or buying illicit goods. JP Morgan added in its report that cryptocurrencies being used for payments will stay “challenged” and no major retailers accepted such assets in 2018, though marketplaces where small businesses have control over payment methods would be fruitful in the future for the spread of cryptocurrencies. JP Morgan added that bitcoin core(BTC) could fall below $1,260 if a bear market persists. Analysts at the bank also said that BTC is worth less than the cost to mine it, stating: The drop in bitcoin prices from around $6,500 throughout much of October to below $4,000 now has increasingly pushed margins further and further negative for just about every region except low-cost Chinese miners. Continued Skepticism This isn’t the first time JP Morgan has criticized BTC and cryptocurrencies. A group of analysts at the bank in December said that the prolonged bear market of 2018 was scaring institutional investors away from BTC, adding that financial institutions’ interest in bitcoin trading “appears to be fading” as key metrics like the index of open interest in bitcoin futures have diminished. But a number of experts countered the bank’s skepticism, saying it was likely digital assets would survive. JP Morgan CEO Jamie Dimon made headlines when he said in 2017 that he had “an issue” with non-fiat cryptocurrencies, insisting that people who dealt in them were “stupid” and that “governments will crush it one day.” Do you agree with what JP Morgan has said about BTC and cryptocurrencies? Let us know in the comments section below. Images courtesy of Shutterstock. Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action. The post JP Morgan: Bitcoin Would Only Make Sense in a Dystopian Scenario appeared first on Bitcoin News. View the full article

Over the last few months, there’s been a lot of discussion about the company Ripple Labs and the digital token XRP. A recently published report on the market valuation of XRP, authored by the cryptocurrency data startup Messari, has caused quite a stir among the community. After Messari’s founder Ryan Selkis shared an article concerning the XRP study, he claims someone called his phone and harassed him. Also read: Fork Debate Drops to New Low, Outspoken Developer Lopp’s Home Surrounded by Police High up Ripple Community Members and Executives Asked to Denounce Harassment If you’ve been involved in the cryptocurrency scene on social media or forums, you probably noticed the intense debate between XRP proponents and other digital currency communities. There have been many fierce arguments in regard to Ripple Labs and XRP’s relationship, the billions of tokens held in escrow, and whether or not the network even deserves to be called a “blockchain.” Moreover, XRP has done well, as far as fiat value is concerned and has garnered a lot of attention and supporters over the last two years. More recently, however, there have been talks about a group of proponents the community has dubbed the “XRP army” and if someone makes a negative statement about the token, then a swarm of supporters will rebuke the statement and say very negative things about the individual. On Jan. 24, Messari founder Ryan Selkis shared the story about how the cryptocurrency data startup had contested XRP’s market capitalization and he received a lot of backlash on social media. Many XRP supporters called Messari’s study “FUD” and a Ripple spokesperson said the report had “several inaccurate assumptions.” Selkis says his team sent the entire report to well known Ripple community members and executives in advance and also highlighted things they needed clarity on. Ripple chief executive Brad Garlinghouse also dismissed Messari’s study and asked: “When will media coverage of this industry mature?” However, soon after that, things went from a simple discussion to alleged harassment. According to Selkis, someone called him after the Messari study was published and intimidated him. “Someone just called me from a Nashville number and recited my wife’s birthday to me — Then hung up — [Brad Garlinghouse] these are the type of animals you and your fucking company enable,” explained Selkis on Twitter. After Selkis made the statement, a person responded by saying: “FYI Ryan bro, you took the first shots.” Selkis continued by saying he will be getting the FBI involved if there are a total of three harassment calls. Messari’s founder stated: I want Ripple, [Brad Garlinghouse, Monica Long, Cory Johnson, Joel Katz, and Warren Anderson] to denounce any XRP community threats against my family. I’m going to the FBI and local police after three calls — Ensuring our family doesn’t get swatted. Community Members Discuss Past Memories of Crypto-Harassment and Threats The harassment has brought back memories of other cryptocurrency industry members and developers who have also been harassed in the past. The well known bitcoin developer Jeff Garzik had a similar experience when he was the lead maintainer of the Segwit2x project. “This is what happened to me and my family during Segwit2x brouhaha and local police and the FBI were called then, too — There are some sick parts of this community,” Garzik explained on Twitter in response to the statements Selkis made. In response to Garzik’s tweet, Bitcoin developer Jameson Lopp asked him: “On a scale of 0 to 10 how helpful did you find law enforcement to be?” Lopp was also harassed last year allegedly because of the Segwit2x scaling debate as well. In fact, the developer was “swatted,” an act when someone calls the local swat police to barge down on someone’s home when they haven’t committed a crime. During the early morning hours, Durham, North Carolina police were dispatched to Lopp’s home as they were told there was a hostage situation. So far there’s been a lot of community response on forums and social media in regard to Selkis telling Ripple executives and developers they should denounce this behavior. What do you think about the so-called “XRP army” on forums and social media? What do you think about the experience Selkis has had with Ripple’s most faithful proponents? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, and Twitter. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post ‘XRP Army’ Accused of Harrassment After Intense Debate Over the Token’s Market Cap appeared first on Bitcoin News. 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In Friday’s installment of The Daily, we round up the latest debate over whether market cap should be used to rank cryptocurrencies. Members of the Ripple community are up in arms over new data that suggests their token’s market cap should be billions of dollars lower than currently stated. We also detail the latest update to the Binance-owned Trust Wallet, and take in a dash of drama from crypto Twitter. Also read: Leaked Images Reignite Expectations for Crypto Wallet in Samsung’s Galaxy Market Cap Metric’s Shortcomings Exposed The ranking of cryptocurrencies by market capitalization (i.e number of coins in circulation multiplied by price per coin) is a metric that has long been criticized for its inaccuracy. Theoretically, any altcoin can game the system by issuing billions of tokens or by selling a single token for a ridiculously high price on an exchange to make the network appear more valuable than it really is. The shortcomings of market capitalization were hit home on Jan. 24 in research published by Messari which found that the market cap of ripple (XRP) could have been overstated by as much as 46 percent or $6.1 billion. Should ripple’s market cap be updated to reflect the new data, the token would be relegated to third place in the cryptocurrency rankings, behind ethereum. Ripple Is ‘the Theranos of Crypto’ Holders of ripple were unimpressed with the suggestion to reduce its cap, and the XRP army took to Twitter to voice their displeasure against Messari founder and longtime ripple critic Ryan Selkis. Selkis claimed to have been doxed and threatened by ripple acolytes, and hit back, describing the project as “the Theranos of crypto.” He also called upon Ripple leaders such as CEO Brad Garlinghouse to urge the project’s supporters to show restraint. I’ve been in crypto for six years. Taken shit for 0. I’ve received threatening messages after Mt Gox and Ripple exposes. And I am a man on fucking fire right now. Ripple is the Theranos of crypto.@BenLawsky @genebsperling — Ryan Selkis (@twobitidiot) January 25, 2019 Crypto Twitter Influencers Shaken Out Staying with crypto Twitter (CT), and influencers who shill dubious projects are finding themselves under the spotlight. It’s common practice for popular figures within the cryptosphere to lever their following to promote ICOs and share referral links to platforms such as Bitmex. For followers of these accounts, however, it isn’t always clear what’s being shared as impartial trading advice and what’s a paid promotion. Viacoin developer, trader, and unrepentant troll Romano has taken it upon himself to mercilessly expose the worst elements of CT, waging a one-man campaign against shills. More disses will be propagated over twitter. Fuckin influencer paid shills. Using and manipulating their folllowers. Say no more to these goddamn using influencers. We should start a movement. I'm coming for them. 20k followers fack that. 100k followers, still not scared. — [ Romano ] (@RNR_0) January 14, 2019 “This year we will take Crypto Twitter back from these influencers (normies in crypto clothes) who shill every scam for $250,” he tweeted, and has been as good as his word. This week, he focused his rage on the appropriately named “Crypto Shill Nye,” exposing previous business dealings and CT behavior that Romano deemed unethical. His takedown of Nye inspired other Twitter traders to pile in and share other skeletons from Nye’s closet. Crypto Shill Nye, for his part, hit back, claiming that “I have never scammed anyone and I never will,” adding “I am not asking for any money from my followers.” Trust Wallet Announces Major Upgrade Trust Wallet, which was purchased last year by Binance, has unleashed a slew of updates lately including new features and coin additions. The mobile wallet, which recently added support for bitcoin cash (BCH) is now to be complemented by a desktop counterpart. Trust 2.0 will comprise a new desktop wallet as well as integrated support for Binance coin (BNB) to facilitate trading on the forthcoming Binance DEX. Trust Wallet users will be able to trade on the decentralized exchange while retaining full custody of their funds. The wallet developer will also be launching a hardware wallet, explaining that “with the rise of Bluetooth, NFC and QR capable hardware wallets, we think now it’s the time to finally bring you this feature.” Trust Wallet, which launched as an ETH-only wallet a year ago, now supports a string of cryptocurrencies including BTC, BCH, LTC and ERC20 tokens. What are your thoughts on the stories in today’s news roundup? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post The Daily: Market Cap Metric Attracts Flak, Trust Wallet Does Desktop 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. Fixed fees, hundreds of USD trading pairs, world class security BURLINGTON, Ontario Smartrade announces the launch and growth of their comprehensive trading platform with friendly for the masses ease of use, that also services advanced investors and trading methods. Unique to the industry – a USD pairing on nearly each of the 164 assets with an expansion in offerings to increase throughout 2019. What Smartrade offers is the depth and extensive list of 600 trading pairs and support of an equally thorough list of fiat options. The goal and vision of this platform is to establish a one stop cryptocurrency trading destination, eliminating the reliance on other platforms to wire in and out, or find suitable trading pairs. Smartrade offers easy deposits, fixed fees, transparent trading combined with the peace of mind of painless withdrawal. Casual investors enjoy a simple interface to execute basic trades, and more experienced traders can access familiar tools for complex trading. All within a 100% secure, transparent platform activity with audited reporting. Unique to the industry, Smartrade adds training resources for any investor to educate and enjoy all the features trading crypto assets has to offer. With over a dozen security features, 2FA, offline cold wallet storage, measures that are expected of today and tomorrow’s leading exchanges. Users have access to 24/7 live chat support as this secure and trusted platform looks to expand further into equities and new markets in the coming year. For the next 30 days, at smartrade.com/press new users are offered free trading for 30 days. After that period, low, fixed fees are posted and transparent. Smartrade is a registered trading platform meeting FinCen and Fintrac guidelines. Users in Canada European Nations and Asia supported at this time. Smartrade is an AppLife Digital Solutions Inc. portfolio company. AppLife Digital is an SEC regulated company. Cryptocurrencies and digital tokens are high risk investments that may lose some or all value potentially resulting in financial loss. These instruments are intended for high-risk investors and are not suitable for all investors. Contact Email Address media@smartrade.com Supporting Link https://smartrade.com/press 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 PR: Smartrade Launches Cryptocurrency Exchange appeared first on Bitcoin News. View the full article

It is a premiere expected by many and crypto enthusiasts have become part of the impatient crowd. The long-awaited 10th anniversary edition of Samsung’s flagship smartphone will reportedly come in different versions, including one with 5G connectivity, which will have up to six cameras, front and rear. According to newly leaked images, it will also feature a cryptocurrency wallet. Also read: Review: HTC’s Exodus 1 Is an Impressive Phone With a Basic Crypto Wallet Users to Import or Create Cryptocurrency Wallet Galaxy S10 photos that have appeared on social media this week show that crypto functionality is integrated into the phone’s menu under “Samsung Blockchain Keystore.” The native application has been described by Samsung as “a secure and convenient place for your cryptocurrency.” Users are promised the opportunity to “secure and manage” their “blockchain private key.” Furthermore, the Samsung Pass feature supports biometric authentication for improved security. The app will also allow the owner to either import an existing crypto wallet or create a new one. The interface informs users they can transfer cryptocurrencies from their existing wallets. New #GalaxyS10 live images leak with ‘Samsung Blockchain KeyStore’ (images via @GregiPfister89) pic.twitter.com/g0FipTooe6 — Ben Geskin (@VenyaGeskin1) January 23, 2019 According to the leaked images, the Galaxy S10’s built-in wallet will most likely be able to store multiple digital coins as there is a “Supported Cryptocurrencies” section. The one crypto displayed at the time the photo was taken is ethereum. Samsung’s new flagship lineup will most likely be presented at the upcoming Galaxy Unpacked event which is scheduled for Feb. 20 and will be devoted to the 10th anniversary of the Galaxy S. According to Gizmodo, the phones will be available for preorder from that date and will be released at the beginning of March. Galaxy S10 to Be Offered in 3 Models Three modifications of the new Galaxy phone are expected – the regular S10, a cheaper S10 Lite version and the S10+. It’s been reported that the higher-spec models will come with the ‘Infinity O’ display, which has punch-hole cutouts accommodating the front-facing cameras and an in-display fingerprint scanner. A case manufacturer’s expectations for the Galaxy S10 lineup: pic.twitter.com/lrExjvalcb — Evan Blass (@evleaks) December 8, 2018 The three versions will be different in terms of screen size – 5.8, 6.1, and 6.4 inches respectively. They will also differ in terms of internal storage, which will be up to 1TB, battery capacity reaching 5,000mAh, and pricing. The images of the integrated cryptocurrency wallet that were posted on Twitter show a device with a single front camera. That’s likely to be either the ‘Lite’ model or the mid-range S10, both of which have a single-lens selfie camera. The top S10+ version is likely to have two front-facing cameras. Latest Reports of Crypto Wallet Follow Previous Denial In December, rumors surfaced that Samsung was developing an application featuring both cold storage for digital assets and a hot wallet for crypto transactions. The news outlet Sam Mobile reported that the app was going to support a number of cryptocurrencies and tokens such as bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), and ethereum-based ERC20 tokens. However, Samsung denied the information, describing it as a speculation. Then, at the end of last month, a report came out that the Korean conglomerate had filed a trademark titled “Samsung Crypto Wallet.” The news reignited suggestions that the company is indeed planning to integrate the crypto feature in the upcoming lineup of flagship products. Samsung is not the only smartphone manufacturer with plans for crypto integration. Last spring, Huawei was rumored to be negotiating with Sirin Labs to incorporate a cold storage wallet into its handsets. In November, Sirin Labs launched its own “blockchain smartphone.” This month, HTC started shipping its Exodus 1 model, a device that comes with a built-in hardware wallet. With the Galaxy S series being one of the most popular on the market, Samsung’s new phones are likely to raise awareness about cryptocurrencies and potentially increase adoption. Smartphones are believed to provide a more secure platform to store cryptocurrencies than personal computers. In an article published by Samsung last summer, IT consultant and security expert Joel Snyder argued that mobile devices are more suitable for storing digital assets as they utilize Trusted Execution Environments. TEEs have separate memory and storage, isolated from the rest of the phone and its operating system. Do you think the new Galaxy S10 smartphone will feature a cryptocurrency wallet? Share your expectations in the comments section below. Images courtesy of Shutterstock, Twitter. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Leaked Images Reignite Expectations for Crypto Wallet in Samsung’s Galaxy appeared first on Bitcoin News. View the full article

Robinhood Crypto and Libertyx have been granted licenses by the New York State Department of Financial Services. Robinhood is now authorized to offer the buying, selling and storing of seven cryptocurrencies. Meanwhile, Libertyx has become the first Bitlicensee to allow customers to use debit cards to purchase BTC from traditional ATMs in New York. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Robinhood Crypto The New York State Department of Financial Services (NYDFS) has approved the virtual currency license applications of Robinhood Crypto Llc and Moon Inc., dba Libertyx. Robinhood has also received a money transmission license. To date, the NYDFS has approved 16 companies to offer crypto services in New York. The regulator’s announcement on Thursday reads: [NY]DFS has authorized Robinhood Crypto to offer services for buying, selling, and storing seven virtual currencies, including bitcoin, ether, bitcoin cash, and litecoin. Robinhood subsequently tweeted: “We just received our Bitlicense and money transmitter license for NY. Expect us to roll out crypto there over the coming months.” The platform also supports real-time market data for BTG, DASH, LSK, XMR, NEO, OMG, QTUM, XRP, XLM, and ZEC. While noting a plan to support the buying and selling of additional cryptocurrencies, the company emphasized on its website that “supporting market data for individual cryptocurrencies does not necessarily mean we plan to add buying and selling.” Furthermore, the platform “doesn’t support ICOs at this time,” its website describes. In addition to New York, the service is currently available in Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Wisconsin, Wyoming, and Washington state. Libertyx Libertyx CEO Chris Yim described the review process to obtain a Bitlicense as “extensive,” the NYDFS quoted him as saying. The regulator elaborated: In New York, Libertyx, which will provide consumers the sale of bitcoin through debit terminals, is the first [NY]DFS virtual currency licensee to allow customers to use debit cards to purchase bitcoin from traditional ATMs. The company launched its first bitcoin ATM in 2014 and has been growing its network of stores where people can buy BTC. “Today we have thousands of local stores where you can walk-up and purchase bitcoin instantly,” reads its website. “Our network includes local store cashiers, standalone debit kiosks, and traditional ATMs.” What do you think of Robinhood Crypto and Libertyx obtaining licenses to operate in New York? Let us know in the comments section below. Images courtesy of Shutterstock and the NYDFS. Need to calculate your bitcoin holdings? Check our tools section. The post New York Regulator Grants Licenses to Robinhood Crypto and Libertyx appeared first on Bitcoin News. View the full article

The Jamaica Stock Exchange (JSE) is to list security tokens as tradable assets after completing a 60-day live trading pilot with Canadian blockchain company Blockstation. The JSE joins a growing list of stock exchanges in parts of the world that have started to offer similar services, including trade of common cryptocurrencies like bitcoin core. Also read: Mastercard Fined $650M by EU for Artificially Raising Fees Successful Pilot Paves Way for Security Tokens Listing Marlene Street Forrest, managing director of the JSE, was quoted by the Jamaica Observer newspaper as saying that the pilot, carried out with select broker-dealers, market makers, and the Jamaica Central Securities Depository, had been successful. “The pilot has been very smooth so far and we are quite happy with the results,” Street Forrest said. “We are looking forward to moving to the next stage of the pilot which would eventually include the listing of security tokens.” The trial included quotes, trading, and settlement services. The pilot also aimed to “demonstrate the complete lifecycle of the digital asset ecosystem, including the JSE setting up and managing broker members and market makers on the platform.” The Caribbean country’s securities depository body managed the clearing, settlement, and custody of cash and cryptocurrency while enforcing compliance reporting and reconciliation across all participating companies. Blockstation, the Toronto-based startup, said listing of security tokens on the Jamaican bourse will be key to mainstreaming crypto assets and improving adoption. “We are excited to have successfully implemented the first real end-to-end digital asset trading ecosystem with the JSE within their regulated environment,” Jai Waterman, Blockstation’s co-founder and chief enterprise architect, told the publication. “We are looking forward to onboarding, through the pilot exercise, the next wave of brokers and international investors who can enjoy the benefits of safe digital currency access through trusted financial institutions.” Growing Global Trend The JSE and Blockstation have been working on their digital currency venture since early 2018. The Jamaica Stock Exchange is the latest in an expanding list of stock exchanges around the world that are opening up to investing in digital coins. Last year, the Gibraltar Stock Exchange announced the launch of its digital asset trading platform, which supports BTC, LTC, ETH and ETC against the dollar. The Malta Stock Exchange has also agreed a deal with Binance, Fifth Force, and Okex “for the development and launch of blockchain-powered platforms.” A platform will be developed that allows for listing and trading of digital coins. In Germany, the country’s second-largest stock exchange, Boerse Stuttgart, is also creating a complete crypto asset infrastructure. It will have a mobile-based application for buying and selling virtual currencies called Bison, as well as a specialized platform to handle ICOs and a custody and trading venue for cryptocurrencies. What do you think about traditional stock exchanges listing cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock and JSE. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Jamaica Stock Exchange Plans to List Security Tokens appeared first on Bitcoin News. View the full article

On Jan. 22, blockchain infrastructure firm Bitfury announced during the World Economic Forum in Davos that Satoshi Nakamoto’s Bitcoin whitepaper has been translated into Arabic and Hindi for the first time. The translations of the paper “Bitcoin: A Peer-to-Peer Electronic Cash System” can now be read by the millions of people around the world who speak these languages. Also read: Bitcoin Accessibility From a Blind Person’s Perspective Bitcoin Whitepaper Now Accessible to Hindi and Arabic Speakers Satoshi’s Bitcoin whitepaper has changed the lives of many people and now the document has been translated into two languages for the first time — Hindi and Arabic. Both of these languages are very prevalent in our society and are read and spoken by millions of individuals across the world. For instance, India has 23 recognized official languages, but Hindi is by far the most popular. It is estimated that more than 420 million people speak Arabic in 30 different dialects. The critically examined translations were initiated by Bitfury, Coin Center, the author Saifedean Ammous, the Blockchain Trust Accelerator (BTA), and the Global Blockchain Business Council (GBBC). The Arabic version of Satoshi’s whitepaper. According to Bitfury, the translation project started last summer and is a part of the company’s global education initiative. The plan is to translate Satoshi’s innovative paper into all languages with proper translation vetting. They started with Arabic and Hindi in order to encourage worldwide adoption and acceptance of bitcoin. “Bitcoin is a global currency and groundbreaking invention, but its available educational resources are overwhelmingly aimed at English and European audiences — With these translations, we are making Satoshi’s white paper accessible to regions that are cradles of innovation and growth,” said Vlad Radysh, director of Bitfury’s educational initiative. “We believe that with this project more people will see bitcoin and blockchain’s transformative potential, and I hope they will be inspired to find new ways to harness this technology for good in their communities and countries.” The Hindi version of Satoshi’s whitepaper. Growing the Community Satoshi’s whitepaper has been translated into many languages including Chinese, Spanish, Italian, Russian, French, German, Bahasa Indonesian and Swedish. Bitmain founder Jihan Wu is well known for being the first person to translate Satoshi Nakamoto’s whitepaper into Chinese. Early investor Roger Ver helped facilitate the translation of the whitepaper in Japanese. Satoshi’s whitepaper has even been produced in braille for people with impaired vision. Translations are extremely helpful because it breaks the barrier of entry for millions of people around the world who are interested in learning about this innovative technology. Breaking language barriers can help people engage with each other and facilitate a better understand of how Bitcoin technology works. As Manav Singhal from the Blockchain Foundation of India (BFI) noted during the announcement, “Growing the community of people who appreciate the value of the technology will help us reach those goals.” What do you think about the latest Bitcoin whitepaper translations? Let us know what you think about this project in the comments section below. Images Shutterstock, Bitfury, and Pixabay. Bitcoin is cool, and you know everyone wants in – even the ones who say they don’t. Show the world how cutting-edge you are with a bitcoin T-shirt, hoodie, bag, key-ring, even a Trezor hardware wallet. Shipping all over the world, quality merchandise and, of course, a payment system that makes people say “wow!” The post Satoshi’s Bitcoin Whitepaper Is Now Available in Arabic and Hindi appeared first on Bitcoin News. View the full article

The current market environment has caused several cryptocurrency companies such as exchanges, and miners to cancel growth plans, downsize their operations or even completely shut down. A massive new fund reportedly in the works is designed to help such struggling firms with much-needed finance until the situation improves and they return to profitability. Also Read: UK Regulator: Utility Tokens Are Not Subject to Securities Laws $250 Million Rescue Fund Galaxy Digital is working to raise at least $250 million for a credit fund in order to make USD loans available to crypto firms, Business Insider reports, citing “people familiar with the matter”. According to the report, the fund will be asking for collateral in the form of cryptocurrency assets, properties, and even mining hardware. The first round of fundraising for this new credit fund is expected to close in March. Galaxy Digital is not new to the business of making loans to crypto companies. It is believed to be already doing so using its own balance sheet and also led a $52.5 million investment round for cryptocurrency-backed USD lending platform Blockfi in July of last year. However, it is seeing so much demand for such services now, reportedly, that it has decided to create a new dedicated credit fund. Surviving Crypto Winter Besides many smaller projects, miners and ICOs, more established names such as Shapeshift and Huobi have been forced to downsize to cope with crypto winter. In contrast, companies that make their money by providing loans to companies with crypto holdings, such as Blockfi and Salt Lending, are reportedly growing due to the demand the current economic climate generates for their services. Michael Novogratz, the founder of Galaxy Digital, is a former hedge fund manager who created his merchant bank in the hope it would eventually become the “Goldman Sachs of crypto.” The bear market of 2018 has been hard on the company’s stock, but Novogratz claimed in November he still believes that institutional demand for cryptocurrencies will drive the start of a new bull trend in 2019. The entrepreneur recently reported buying more Galaxy Digital stock, signaling that he is willing to put his money where his mouth is. Is Galaxy Digital doing good for the cryptocurrency ecosystem with this fund? 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Galaxy Digital Reportedly Raising $250M to Help Firms Survive Crypto Winter appeared first on Bitcoin News. View the full article

According to reports from cybersecurity researchers, there’s a new ransomware virus on the loose that’s targeting bitcoin miners. A file locking program called H-Ant has allegedly infected certain Antminer models in China and if the ransom is not paid the software aims to destroy the infected machine. Also Read: Money Transmitter License Not Required for Crypto Businesses in Pennsylvania New Ransomware Called H-Ant Attacks Mining Rig Operators in China Ransomware creators have found a new target to attack in the form of bitcoin mining operations. Unlike most traditional ransom attacks, where victims have to obtain coins in order to pay the ransom, victims of the H-Ant ransomware have cryptocurrencies on hand to pay the malicious attackers. The H-Ant ransomware that specifically targets certain Antminer brand rigs was first discovered by cybersecurity experts back in August 2018 but the malware did not become prevalent until this month. H-Ant can attack an S9 model, T9, and possibly even L3 Antminer brand litecoin miners. There have also been limited reports of Canaan brand Avalon miners that have been infected, explained the regional media outlet Yibenchain. According to reports, H-Ant attacks the S9, T9, and possibly L3 litecoin miners. The virus has also infected Canaan brand Avalon miners. The report also detailed that once a mining rig is infected with the H-Ant virus, the device will seize and stop mining cryptocurrencies. Then, if the owner hooks the device to an LCD screen, a matrix-like screen splash will appear and reveal the H-Ant ransomware note written in both English and Chinese. “I am H-Ant,” the English version of the ransom note explains. “I will continue to attack your Antminer and as long as you spread the infected machine, my server verifies that there are 10 new IPs and the number of Antminers reaches 1,000 — I will then stop attacking you. I can also turn off your Antminer’s fan and overheat protection, which will cause you to burn your machine or can burn down the house.” The ransom note continues by giving the H-Ant victim an odd choice to make: Click the ‘download firmware patch’ button to download the firmware patch with your specific ID and just update it to your normal Antminer firmware to get infected. You can bring the machine that updated the patch to another computer room to complete the infection, or induce others to use the firmware patch in the network group — Or pay 10 BTC and I will stop attacking. The initial H-Ant screen splash. Custom Overclocking Firmware Might Be the Root Cause of the H-Ant Ransomware Yibenchain detailed in its report that a miner using a pseudonym told the publication on Jan. 5 his mining software management interface displayed the H-Ant screen splash. Then he clicked the screen which displayed the ransom note asking for 10 BTC ($35K at press time). Moreover, mining pool Btc.top founder Jiang Zhuo’er told the Chinese news publication 8btc that miners have been monitoring the virus for a while now. The infection is a Linux based virus that can find its way into the mining rigs firmware files quite easily. The H-Ant ransom note in Chinese and English. Jiang has detailed that the virus may have derived from an anonymous creator of an overclocking firmware. Mining pools often “overclock” their machines in order to increase the device’s overall hashrate. For example, with custom overclocking firmware an Antminer S9 that processes at 13.5 terahash per second (TH/s) could produce up to 18TH/s. Overclocking is not encouraged by mining rig manufacturers, but mining pools often download custom firmware that allows this behavior and the H-Ant virus likely derived from this trend. Jiang also told 8btc that the hacker may not be Chinese and “to some extent controls the onset of the virus.” The Btc.top founder believes that H-Ant may have been spread through a popular cloud service provided by Baidu. “It suggests two possibilities – the hacker is deliberately targeting China where bitcoin mines are concentrated; second, Chinese miners inadvertently helped spread the virus before they realized the overclocked firmware was infected,” Jiang emphasized during his interview. When asked if the H-Ant attack could affect large portions of pools mining popular SHA-256 mined networks, the mining pool executive didn’t seem too worried, stating: It’s hard to see that happening. The hash power of bitcoin network is still highly decentralized with numerous mines, it’s quite difficult for hackers to just figure out the network location of these mines. H-Ant allegedly also infected a Chinese miner’s facility in a matter of minutes holding 4,000 of his devices hostage. However, even though the virus does stop a machine from operating it can be fixed. Reports detail that the victim needs time to reflash the mining rig’s SD card and install a clean version of firmware. Of course, while the machine is being updated, the miner has still lost money due to inactivity. What do you think about the H-Ant ransomware attacking Chinese miners? Let us know in the comments section below. Images credits: Shutterstock, and Yibenchain. Bitcoin is cool, and you know everyone wants in – even the ones who say they don’t. Show the world how cutting-edge you are with a bitcoin T-shirt, hoodie, bag, key-ring, even a Trezor hardware wallet. Shipping all over the world, quality merchandise and, of course, a payment system that makes people say “wow!” The post New Malware Attacks Hold ASIC Miners to Ransom By Threat of Overheating appeared first on Bitcoin News. View the full article

Britain’s financial regulator is seeking to clarify which cryptocurrency activities need to be officially authorized. The regulator is specifically cautioning that it may ban the sale of crypto derivatives such as CFDs later this year. It’s also clarified that cryptocurrencies and utility tokens are not securities. Also Read: Blockchain.com Launches New Educational Resource With BCH Report FCA Consults on Cryptoassets Guidance On Jan. 23, the U.K.’s Financial Conduct Authority (FCA) made public its guidlines on crypto assets. Once finalized, the document will set out the scope of activities it regulates in the field. The guidance is meant to help firms understand whether their activities fall under FCA regulation and comes in response to the industry’s request for greater clarity. Christopher Woolard, executive director of Strategy and Competition at the FCA, commented: “This is a small but growing market and we want both industry and consumers to be clear what is regulated, and what isn’t. This is vital if consumers are to know what protections they’ll benefit from and in ensuring we have a market functioning as it should.” Banning the Sale of Crypto Derivatives The regulator notes that while crypto assets “have the potential to bring benefits to markets, firms and consumers, there remains considerable risks to markets and consumers.” So later this year the FCA will consult the public on banning the sale of derivatives linked to certain types of crypto assets to retail investors. The U.K. government is also planning to consult on whether to expand the regulatory perimeter to include further crypto asset activities. Leveraged derivatives based on cryptocurrencies, like Contracts for Differences (CFDs) and futures carry a high risk of loss due to volatility and the impact of fees such as financing costs and spreads, the document explains. They can also be difficult to value due to a lack of transparency in the price formation of the underlying assets, claims the FCA. Differentiating Utility Tokens From Securities Another topic discussed in the guidance paper, of specific importance to projects pursuing Initial Coin Offerings (ICOs), is how the regulator determines which instruments fall under its jurisdiction. The current FCA position on this subject, as expressed in the document, is that unlike security tokens, cryptocurrencies and utility tokens do not constitute regulated securities. Entrance to FCA building The regulator defines security tokens as those that have similar characteristics to traditional instruments like shares, debentures or units in a collective investment scheme. The FCA clarifies: “Security tokens are the type of crypto asset which falls within the regulatory perimeter.” In contrast, utility tokens are defined as those that provide consumers with access to a current or prospective service or product and often grant rights similar to pre-payment vouchers. “As utility tokens do not typically exhibit features that would make them the same as securities, they won’t be captured in the regulatory regime, unless they meet the definition of e-money,” the document clarifies. This means that ICOs that issue just utility tokens and not security tokens will require no further regulation. The FCA is asking for comments on the consultation paper by April 5, 2019, meaning that all of its definitions may be subject to change by that time. Are these clarifications going to help or hinder the British crypto industry? Share your thoughts in the comments section below. Images courtesy of Shutterstock, FCA. 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 Satoshi’s Pulse, another original and free service from Bitcoin.com. The post UK Regulator: Utility Tokens Are Not Subject to Securities Laws appeared first on Bitcoin News. View the full article

Macro trends suggest that a global economic crisis could be looming. Worries about a global recession have been fed by the newly published GDP report showing that China grew at its slowest rate last year since 1990. If a global recession were to happen in the future, many believe that cryptocurrencies, bitcoin primarily, would benefit. Also Read: Davos 2019: Leaders Share Mixed Cryptocurrency Predictions IMF Sees Serious Slowdown There are a number of indicators pointing to a potential economic downturn. In its World Economic Outlook, the International Monetary Fund (IMF) warned a no-deal Brexit could be a severe shock to the British economy. An escalation of Trump’s trade war with China is also another threat. The IMF has shared its financial market sentiment stating: “Escalating trade tensions, together with concerns about Italian fiscal policy, worries regarding several emerging markets, and, toward the end of the year, about a U.S. government shutdown, contributed to equity price declines during the second half of 2018. A range of catalyzing events in key systemic economies could spark a broader deterioration in investor sentiment and a sudden, sharp repricing of assets amid elevated debt burdens.” Statistics released on Jan. 21 show China’s GDP growth slowed to 6.6 percent year on year in 2018, the slowest pace since 1990. Cryptocurrencies Will Be Pushed Higher as an Alternative to the Dollar If we continue to see a significant decline in economic activity what could this mean for cryptocurrencies? Ciaran Hynes, managing partner at Cosimo Ventures, opined: “Depending on when a recession hits and what its causes are, cryptocurrencies could experience several effects. If a recession were to happen in traditional markets in the near future, and the causes are related to excessive contraction of the dollar money supply, which was a big part of the 2008 crisis, then you probably get a rush to scarce cash and decline in relative market value of all assets that are liquid, such as gold.” Hynes explained that all unstable cryptocurrencies could fall hard and there could be a surge to the higher quality dollar-pegged stablecoins. Many crypto holders will not want to cross over into fiat, and we may even see a market premium for these stablecoins. “Weaker dollar-pegged stable coins — ones that are algorithmic only, or don’t have a transparent 100% reserve of actual dollars behind them — may be tested or even shorted until they collapse,” added Hynes. If the next recession happens later or is caused by other factors, such as loss of confidence in the U.S. dollar itself, then we may see very different outcomes from those postulated above. Hynes predicted: Cryptocurrencies would likely be welcomed and pushed higher as an alternative to the U.S. dollar. As a result, all dollar-pegged stablecoins might then be sold off heavily and tested on their ability to store value. Exodus Into Real World Assets Such as Gold If a global recession were to impact the value of government-issued currencies and their purchasing power, we would likely see an exodus into real world assets such as gold, shared Kai C. Chng, CEO of Digix, an asset tokenization company. Chng said: “Precious metals have been a historic safe haven in times of economic uncertainty and are largely resilient to the fluctuations of international monetary markets. Should a global recession impact the purchasing power of traditional currencies, for those who already understand the benefits presented by cryptocurrency, we would expect to see increased interest in owning bitcoin, while those who are currently ill-acquainted with the cryptocurrency market are likely to show new interest in entering the space.“ According to Bitmex Research, bitcoin has traded like a safe heaven asset from 2011 to 2013. After that point it seemed to take on attributes of a “risk on” asset, for instance a very strong performance in 2017 alongside large cap Chinese tech stocks. Bitmex Research states that a flight to safety and liquidity now would prove negative for bitcoin and cryptocurrency prices. If bitcoin was able to shift again and rally as a safe heaven asset in a deleveraging environment, however, that would be very positive news for bitcoin. The research group noted though that it has yet to see any evidence of that yet. Crypto Is a Hedge Against Macroeconomic Insanity Will cryptocurrencies become a hedge against economic meltdown? Robert Viglione, co-founder of Horizen, said: “As much as I want to believe that cryptocurrencies are the ideal disaster asset, we really don’t have enough data to draw that conclusion.” He added: It makes some sense in that bitcoin returns have zero covariance with any other asset class thus far, but we only have about 10 years of data. My hunch is that as crypto markets mature, they’re going to start picking up some general market correlation. For now, however, crypto is at least a decent hedge on all of the macroeconomic insanity. Ned Myers, head of product at Alphapoint, a provider of distributed ledger technology, explained that when we think of the state of digital assets in the context of a potential recession, there are two considerations that come to mind: First, where the intrinsic value of fiat currencies may logically be linked to the credit quality of the underlying sovereignty, de-centralized currencies may not have that same correlation. Second, to the extent that security tokens clearly delineate the payment rules of a security and improve the transparency of holdings through distributed ledgers, accelerated adoption of blockchain technology could improve transparency of securities holdings – a problem that was part of the storyline in 2008. Many crypto advocates will be hoping that the next recession helps push cryptocurrency into the mainstream. During economic turmoil, investors will always flock towards safe haven assets that are largely resilient to fluctuations of international monetary markets. So far bitcoin has shown many characteristics of the ultimate safe haven — gold. How do you think a recession would effect bitcoin? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Why a Global Recession Would Be Good for Bitcoin appeared first on Bitcoin News. View the full article

The infamous Mark Karpeles, former CEO of the now defunct bitcoin exchange Mt Gox, appeared in an exposé interview on Monday and publicly discussed how he tolerated Japanese jail. Karpeles explained how he’s been accused of financial misconduct in a land that has a 99 percent conviction rate and he wouldn’t wish his experience on anyone. Also Read: Peer-to-Peer Trading Platform Bitquick Implements Bitcoin Cash Support Mark Karpeles Speaks of Japan’s “Hostage Justice” in Latest Interview This week, Mark Karpeles spoke in an interview about his experience in a Japanese jail after being charged by the Tokyo court system for embezzlement tethered to the Mt Gox operations. When Karpeles was the chief executive of the Tokyo exchange Mt Gox, the trading platform lost approximately 850,000 bitcoins that belonged to customers. At the time, the loss represented nearly 6 percent of the bitcoins in circulation. Roughly 200,000 coins were eventually “found” and Karpeles and the company filed for bankruptcy on Feb. 28, 2014. Mark Karpeles tells CNN he is a victim of Japan’s “hostage justice” system. A year later, Karpeles was arrested for allegedly changing important data within the Mt Gox computer system and was later arrested again and charged with embezzling $3 million from the company. Karpeles has maintained his innocence the entire time, but did time in jail and was released on bail as long as he doesn’t leave the country. Speaking in his recent interview, the former exchange operator gives his account of some of the injustice he allegedly faced during his jail time and interrogation. Karpeles says he wouldn’t wish the experience on his worst enemy and even “humanity’s worst enemy.” Karpeles must not leave Japan and he faces a verdict this March. “There’s a very big feeling of powerlessness — Whatever you do, there’s nothing you can do,” says Karpeles during his CNN interview. Karpeles took detailed notes of his 12 months in Japanese jail and explained that Japanese police interrogated him for 50 days straight, up to 8 hours a day without his lawyer. Soon Karpeles expects to hear a verdict on his charges in a country where the conviction rate is 99 percent. Karpeles adds: The more you try and deny being guilty the harsher it gets. Karpeles says he has comprehensive notes on how he was treated in a Japanese prison. The notebook in the photo allegedly is his notes on the entire jail experience and interrogation. Bitcoiners Weigh in on the Japanese Conviction Rate The Karpeles interview on CNN appeals to people who believe the Japanese conviction rate is draconian and the broadcast also discusses the former Nissan chairman Carlos Ghosn. Like Karpeles, the Nissan executive is being charged with the same crimes, including a charge called “breach of trust.” Further, Ghosn’s interrogation is also being scrutinized and he has already been rejected one bail request due to being a “flight risk.” Japanese prosecutors say the justice system is fair. “We would never prolong the detention to harass suspects and we believe [suspects] are treated fairly.” Attorney Shuji Yamaguchi from the legal firm Okabe and Yamaguchi emphasized that the legal system in Japan works and the country has one of the lowest crime rates in the world. “Our system supports our society and still crime goes down every year — So I think our system works very well,” Yamaguchi explained in the video. Karpeles current residency in Tokyo. When the interview was posted to cryptocurrency Reddit forums, lots of people discussed how Karpeles looked like he gained some weight. His weight was also a topic of discussion when the former exchange operator was released on bail in July 2016. However, some people did discuss the Japanese justice system and how it applies to one of the most notorious individuals in cryptocurrency. A traditional cell for a single person living inside the Tokyo Detention Center. One Reddit user on the Mt Gox insolvency forum admitted there was “two wrongs” involved with the story. The individual explained that the Japanese justice system was wrong but it doesn’t excuse what Karpeles did. “I feel bad for Mark having to go through this, but I still think Mark is guilty guilty guilty,” explained the response to Karpeles interview. The final verdict for the Karpeles embezzlement trial will be held in March. Image credits: Shutterstock, Tokyo Detention Center Kyodo/via Reuters, CNN, and Pixabay Want to create your own secure cold storage paper wallet? Check our tools section. The post Former Mt Gox CEO Reflects on Incarceration in Japan While Facing More Prison Time appeared first on Bitcoin News. View the full article

Global crypto services provider Xapo is moving major operations from its base in Hong Kong to its office in Switzerland. The company is incorporated in the Asian financial hub but that may also change soon due to the friendlier business environment in the Alpine nation. Also read: Russian Institutions Back Proposal to Let Companies Use Cryptocurrency Wallet Customer Services to Be Based in Zug Xapo is a major player in the cryptocurrency industry offering wallet and cold storage services for digital assets as well as a virtual bitcoin debit card. It’s currently headquartered in Hong Kong but it has maintained a presence in Switzerland since 2015, when the company opened an office in the Canton of Zug. Zug, Switzerland In a move driven by Switzerland’s crypto-friendly regulatory climate, Xapo is now transferring a major portion of its operations to the Swiss Crypto Valley. The decision concerns its non-U.S. bitcoin wallet customer services, while traditional cash accounts will continue to be managed from London. “It was once thought that Hong Kong was the holy grail of crypto regulations. But it has become more opaque,” Xapo president Ted Rogers told Swissinfo during the World Web Forum in Zurich. The executive further elaborated: It’s a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets … Nothing has changed my belief that Switzerland is the right place for a blockchain or crypto project. Xapo is incorporated in Hong Kong but Rogers revealed its status is now “an open question.” He did not go into details about what the restructuring would bring to Switzerland but at the moment his company has around 250 employees around the world, while less than 10 are working in its Zug office. According to a report from last May, Xapo held over 6.25 percent of all BTC in circulation. At the time, when bitcoin core was trading at over $9,000 per coin, the digital cash was worth over $10 billion. It’s believed the cryptocurrency is stored in a former military bunker in the Swiss Alps. Xapo to Offer New Crypto Debit Cards Switzerland has gradually become a leading European destination for crypto and blockchain businesses. It’s one of several crypto-friendly jurisdictions in the region, along with Malta, Gibraltar, Estonia, and the Isle of Man. That’s largely due to its neutrality, political stability, strong data protection laws, and tradition of financial privacy, as the Swiss outlet notes. In December, the Swiss government announced a comprehensive strategy for the sector that describes crypto technologies as an important development and aims to build a legal foundation for their implementation. This month, Switzerland’s finance minister Ueli Maurer, known for his positive attitude toward the industry, took over the office of the country’s presidency for a one-year term. Xapo is among the first companies in the crypto space to recognize the benefits of doing business in the Confederacy. In the interview, its president mentioned Switzerland’s decentralized political system as one of its main advantages. “It’s everything that the U.S. was designed to be, but actually lives up to it,” Ted Rogers said. His company is also one of the first global providers of financial services related to cryptocurrencies. Its crypto debit card was a popular choice for bitcoin enthusiasts before Visa’s decision to terminate all card programs maintained by Wave Crest in January of last year. Rogers now says Xapo has learned its lesson and plans to offer new Visa and Maestro cards in different regions. The executive did not provide a timeframe for the launch of the cards. Xapo’s website shows, however, that since October the platform has offered a virtual Visa debit card which is integrated with the Xapo app and can be loaded with BTC. The card is in beta testing and is available only to verified U.S. users in a limited number of eligible states. Which nation do you consider to be the most crypto-friendly? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Xapo Transfers Key Operations to Switzerland appeared first on Bitcoin News. View the full article

Romania has amended its tax laws, allowing it to start taxing gains from bitcoin investments at a rate of 10 percent. The improved fiscal code legislation categorizes earnings generated from buying and selling cryptocurrencies as “income from other sources” and therefore subject to income tax, local media reports. Also read: Falcon Private Bank Launches Crypto Wallet With Support for Direct BTC and BCH Transfers Only Gains From Crypto Investments to Be Taxed Romanian daily financial newspaper Ziarul Financiar quoted Adrian Benta, a local tax consultant, as saying: “Now, the earnings from bitcoin are taxed and declared in the annual income statement. Only the earnings [or gains, as opposed to revenues] are taxed.” Gains from any single transaction which are below 200 Romanian ron (about $50) will not be taxed, the article said. However, investors will pay the 10 percent income tax on crypto earnings that exceed a cumulative 600 ron in a year. Benta told the Bucharest-based publication that the cryptocurrency tax thresholds, according to the new legislation, were “fair”. He stated: Before this, we had a more cumbersome procedure in which one had to register as freelancer if he was trading repeatedly. It is now treated as an extraordinary income from other sources. It is not clear how government will enforce compliance of the self-declared crypto income tax. Growing Crypto Taxation Trend The east European country’s nascent bitcoin market was recently rocked by news of the arrest and impending extraditiin of Vlad Nistor, founder and chief executive officer of Coinflux, to the U.S. Nistor, who heads one of Romania’s biggest digital asset exchanges, is facing charges of money laundering, allegedly committed through his trading platform. Coinflux has traded the equivalent of $229 million worth of crypto since it was founded in 2015 and reported turnover of $3.4 million last year. Cryptocurrency has become a prime target for governments throughout the world seeking to help themselves to profits from a technology built to resist their control. Romania joins a growing list of governments to roll out crypto tax legislation. Chile announced this week that it will start taxing bitcoin profits in April and that it will monitor individual investors to ensure they are paying the crypto tax at the right level. In Spain, government has drafted a law that seeks to compel investors to declare their crypto asset holdings, partly as a measure to prevent tax evasion. Spain’s Ministry of the Treasury has since identified 15,000 cryptocurrency investors it is monitoring to prevent tax evasion and money laundering. The ministry has vowed to ensure that the investors pay taxes on capital gains from digital currency transactions and that they declare any other benefits accrued from trading. What do you think about the growing trend by world governments to tax cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Romania Imposes 10% Tax on Cryptocurrency Earnings appeared first on Bitcoin News. View the full article