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Coinopsy, a website that maintains an active catalog of “dead” cryptocurrencies, currently estimates that 264 altcoins failed to survive the 2018 bear market. Of the projects that did not survive to see 2019, more than half were launched in 2017 through an initial coin offering (ICO). Also Read: Last Year’s Altcoin Army Have Become This Year’s Bitcoin Brigade 264 Altcoins Failed to Survive 2018 According to Coinopsy’s catalog of dead coins, 264 cryptocurrencies that were active at the start of 2018 have since failed. The website defines a dead coin as comprising “a token or coin that has been abandoned, scammed, website dead, no nodes, wallet issues, no social updates, low volume or developers have walked away from the project.” Two of the projects that died last year did so for the second time, with both Philosopher Stones and Scorecoin having launched in 2013 and failing the following year, before apparently resurrecting as a response to the 2017 bull market. 55% of 2018’s Failed Projects Were Launched Through ICO in 2017 Coinopsy divides dead coins into four categories determined by whether a failed cryptocurrency comprised an initial coin offering, a joke, a scam, or an abandoned project. Of the 264 cryptocurrencies that failed to survive 2018, 144 comprised ICOs that launched during the preceding year, highlighting the risks associated with investing in initial coin offerings. The list predominantly comprises ICOs that either outright failed or comprised scams, such as Dimoncoin, a project that “had a loophole in the smart contracts that allowed the creator to mint unlimited tokens.” The second largest category of cryptocurrencies that died during 2018 were projects that were abandoned by their developers, comprising 27 percent of the year’s death toll. A total of 73 altcoins were abandoned last year, including Rare Pepe Party, Masternode Community Coin, and India Coin. 20 percent of last year’s failed cryptocurrencies are suspected of comprising scams, with 55 projects accused of fraudulent activity. Do you think that the ICO sector will continue to see widespread failures throughout 2019? Share your thoughts 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 144 ICOs Launched During 2017 Failed Last Year appeared first on Bitcoin News. View the full article

This time last year, altcoiners were jubilant at the soaring value of their respective cryptos, while gloating at BTC’s diminishing dominance. “Penny coins” such as Ripple, Iota, and Verge were rocketing, with fanboys decrying any media outlets that dared to “FUD” them. One year later, and most of those altcoiners have crawled back into the woodwork or returned to their first love – Bitcoin. Also read: Over 900 Retailers Worldwide Now Accept Bitcoin Cash What a Difference a Year Makes 2018 is commonly perceived as having been a bad year for Bitcoin, but a closer examination of the facts shows that isn’t necessarily the case. As Jameson Lopp noted in his ‘Bitcoin By the Numbers: 2018 Recap’: “2018 was the worst year for Bitcoin. Also, 2018 was the best year for Bitcoin. It just depends upon which metrics you’re focused.” One lesser documented way in which 2018 benefited BTC was through the death, to all intents and purposes, of many altcoins, leading their apostate acolytes back to the Church of Bitcoin. In 2018, BTC may have lost the boomers – the mom and pop investors who bought near the top and then ran a mile when the market crashed – but it won over a good proportion of altcoin investors. Those with the perspicacity to recognize the huge difference between an 80 percent and a 95 percent drawdown have sheepishly rediscovered their love of Bitcoin. One year ago, for instance, Twitter user “The Coin Dad” was taking aim at news.Bitcoin.com for publishing a “MAJOR FUD ARTICLE” about verge (XVG), in which the altcoin was described as vaporware. One year on and The Coin Dad’s tweets show that he is firmly back in Casa Bitcoin. While Some Flit Towards the Light, Others Retreat While The Coin Dad has had the good grace to regret his dalliance with Verge in the heady days of early 2018, many of his kind have simply withered away and left the crypto scene altogether. The replies tweeted at news.Bitcoin.com and other media organizations, one year ago, for publishing unflattering coverage of altcoins was littered with expletives and invective. In hindsight, it is safe to assert that these individuals were less concerned with the accuracy of the reporting than with the effect it may have had on their portfolios. Héctor Rodríguez, for example, was fighting “FUD” in the most colorful of terms last January, but by mid August had given up on crypto Twitter. Dog walker and IOTA fan, Steven Fowler, didn’t even last that long; last January he was venomously accusing news.Bitcoin.com of “Spreading more FUD bullshit as usual” but by February had left Twitter. Media outlets that warned investors about the dangers of Bitconnect prior to its collapse were greeted with similar protestations from token-holders. News.Bitcoin.com’s article dating from Nov. 2017, for example, contains 264 comments, many of them defending the ponzi lending scheme. Comments from news.Bitcoin.com’s Nov. 2017 article on Bitconnect Media publications don’t always get things right, and in a community as fractured as that of the crypto space, it is impossible to please everyone. As a retrospective of last year’s altcoin mania shows, however, much of the news decried as FUD was in fact news that readers would have done well to heed rather than hiss at. Those who were savvy enough to return to the relative safety of Bitcoin can look forward to 2019 with confidence. Those who are stubbornly betting on their altcoin to return to its previous all-time high – and then do another 10x – could have a long year ahead. Do you think 2018’s bear market has driven many altcoin investors back to BTC? Let us know in the comments section below. Images courtesy of Shutterstock and Twitter Need to calculate your bitcoin holdings? Check our tools section. The post Last Year’s Altcoin Army Have Become This Year’s Bitcoin Brigade appeared first on Bitcoin News. View the full article

As the Indian government deliberates over cryptocurrency regulation, positive sentiment grows among local crypto exchanges regarding their government’s eventual decision. A number of them have also added new features and improved services such as offering interest on crypto deposits, increased liquidity, and better security. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Interest on Crypto Deposits Indian cryptocurrency exchange Coindcx announced last week that its users can now earn interest on their BTC held at the exchange for 30 days or longer, stating: You can earn interest on bitcoin you hold on Coindcx … Users will earn 1.5% interest on deposits of over 0.5 BTC, compounded monthly. Coindcx CEO Sumit Gupta told news.Bitcoin.com on Friday, “With the current market situation, many traders are simply hodling their funds. This gave us the idea of incentivizing them for their holdings on Coindcx. This would help our users make their money work for them and incentivize them for storing their digital assets on Coindcx.” Another Indian exchange, Wazirx, has a similar offer which was launched in August. The exchange allows users to earn 1 percent interest on their BTC, ETH, XRP, EOS, TRX and LTC deposits after 30 days. More Trading Pairs and Increased Liquidity On Saturday, Coindcx also announced that it has listed 15 more trading pairs in the USDT and USDC stablecoin markets. Gupta explained to news.Bitcoin.com that his exchange currently offers trading in approximately 240 crypto-to-crypto markets from three exchanges, with more to be added soon. “Coindcx brings liquidity from Binance, Hitbtc and Huobi on a single platform,” the exchange detailed. At present, the platform lists 210 pairs from Binance, 10 from Huobi, and 20 from Hitbtc, Gupta revealed. “We choose the most liquid exchange for any particular coin & trading pair and use that exchange,” he described, adding that the platform also allows “open order book trading in INR markets.” The CEO further confirmed that traders are using his exchange for arbitrages, noting: We are adding 10-20 trading pairs every week. Security Upgrades Koinex, another crypto exchange in India, announced on Saturday several account security upgrades. The trading platform now has a protection mode for crypto withdrawal requests that automatically activates for 10 minutes immediately after login. The exchange has also implemented email confirmation for withdrawals. Wazirx also recently added a new security feature. The exchange now offers two-factor authentication for its app, mobile SMS and email. Optimism About Regulation Subhash Chandra Garg. The Indian government is reportedly deliberating over the cryptocurrency regulatory framework recommended by the inter-ministerial panel headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary. Cnbc Tv18 reported earlier this month that an anonymous source said the panel was in favor of a ban on crypto transactions. However, the New Indian Express published an article on Wednesday claiming that there were recommendations of legalizing cryptocurrencies with “strong riders.” Wazirx CEO Nischal Shetty told news.Bitcoin.com on Monday, “I believe in our government, that they’ll listen to our voices. I’ve been running a Twitter campaign and it’s gaining traction amongst Indian crypto users. As the campaign grows it’ll be harder to ignore.” Gupta shared a similar sentiment. “The Indian govt. and the RBI understand that a complete ban on cryptocurrencies would slow the pace of personal financial liberalization and derail the economy from the path of growth and inclusion,” he said. “However, cryptocurrency in India is still in its infant stages and is experiencing a testing period before wider acceptance and legalization.” The CEO of Coindcx concluded: While I am sure positive news will come eventually, we must understand the Indian government will attempt at slowly exposing citizens to digital currencies and their adoption, in a move similar to digital India and demonetization. Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. 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 this article. What do you think of Indian exchanges adding these new features and services? Also, do you think the Indian government will introduce positive crypto regulation? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Indian Exchanges End Year With Improved Services, Optimism About Regulation appeared first on Bitcoin News. View the full article

Cryptocurrency transfers work because of the software developed by programmers like Satoshi Nakamoto and many other innovators along the way. As with all software, however, blockchain protocols are not perfect, and over the last decade black and white hat hackers have revealed many bugs. In 2018, developers earned over $878,000 in blockchain bug bounties by disclosing vulnerabilities. Moreover, two of the world’s largest digital asset networks avoided severe disruption thanks to responsible disclosure programs. Also Read: Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative $878,000 Paid Out to Cryptocurrency Bounty Hunters in 2018 Cryptocurrency bounties and responsible disclosure programs have helped the digital asset economy a great deal in 2018. In the process, bounties have given programmers a way to score some extra cash by finding certain vulnerabilities within blockchain infrastructure. Reports stemming from the firm Hackerone detail that this year white hat hackers have acquired over $878,000 by participating in blockchain bounties. Furthermore, there are hundreds of thousands of dollars worth of cryptocurrency bounties that remain unclaimed. There are hundreds of available bounties started by members of the 2,000+ cryptocurrency projects in existence and it doesn’t seem like the trend is slowing down. Hackerone says bounty hunters received over $878,000 from blockchain-related bounties this year. Hackerone says that the Eos blockchain project accounted for more than 60 percent of settled bounties this year. The San Francisco-based firm Coinbase delivered over $290,000 to programmers for disclosing bounties in 2018. Trailing in third place is the Tron (TRX) platform, which saw developers hand out $76,000 to individuals who revealed software vulnerabilities. Some blockchain bounties are also for building certain things like wallets and other applications that the team’s core developers cannot accomplish because of lack of skills or time restrictions. “Nearly 4 percent of all bounties awarded on Hackerone in 2018 were from blockchain and cryptocurrency companies,” a Hackerone spokesperson explained in a recent interview. The company representative continued by adding: The average bounty for all blockchain companies in 2018 was $1490, that is higher than the Q4 platform average of around $900. One of the top paid crypto hackers earned 7X the median software engineer salary in their country respectively. Responsible Disclosure Helped Two Very Large Blockchain Networks In addition to all the bounties collected in 2018, two of the largest cryptocurrency networks avoided possible disruption thanks to responsible disclosure. In August, Bitcoin Core (BTC) developer Cory Fields disclosed a bug that could have given an attacker the ability to construct a malicious transaction, which could have been accepted by the Bitcoin Cash (BCH) client ABC 0.17.0 and mined into a block. At the time, blockchain developers said the bug could have caused an unintentional chain-split. A similar exploit found on the BCH network was discovered and patched on the BTC network back in March 2013 at block height 225430. Earlier, on Aug. 15, 2010, after block height 74638 was mined, it was discovered that two addresses received 92.2 billion bitcoins each in an event that was dubbed the ‘value overflow incident.’ 2018 also saw another significant bug found in the Bitcoin Core reference client in September. The documented CVE-2018-17144 vulnerability was disclosed by the pseudonymous Bitcoin Cash developer “Awemany.” By risking a block reward (worth $80,000 at the time the bug was found) the attack could have introduced massive inflation, like the bugs found in 2010 and 2013. In a well-documented account of responsible disclosure for the silent inflation bug, Awemany explained he did the right thing because he thinks “fierce” competition is good but it still should be a “civil competition.” Overall, blockchain bounties and disclosure programs have helped the cryptocurrency ecosystem a great deal and programmers are making money disclosing these weaknesses. After finding bugs and vulnerabilities and fixing them, it’s much harder for these networks to be attacked as a blockchain’s codebase becomes more robust with enhanced security over time. However, software bugs can be introduced during every client upgrade and may not be found until years later like CVE-2018-17144, which was introduced in 2016 to shave off some block validation time. What do you think about responsible disclosure and the $878,000 worth of crypto bug bounties captured in 2018? Let us know what you think about this subject in the comments section below. Images via Shutterstock, Pixabay, Star Wars, and Siteground. 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 Bounties and Responsible Disclosure Bolstered Crypto Infrastructure This Year appeared first on Bitcoin News. View the full article

There is a new option on the way for Israeli companies that wish to accept orders from cryptocurrency users while they keep managing their books in fiat. A local bitcoin exchange, Bits of Gold, is launching an API service for regulated crypto payments. Also Read: Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights Activist New Tools for Israeli Businesses Tel Aviv-based cryptocurrency exchange Bits of Gold has developed an application program interface (API) service meant to enable companies to accept payments in crypto and receive the value in Israeli shekels or U.S. dollars. The exchange has also developed a complimentary service that allows businesses to get paid in shekels and receive the value in cryptocurrency. The trading venue expressed hope that the new service will allow more companies to enter the field and thus expand the payment options for Israeli crypto users. The exchange also plans to soon launch cash registers that will enable retailers to accept crypto payments as well. And the company will also begin offering a Bitcoin clearing service for businesses in the second quarter of 2019, Bits of Gold CEO Youval Rouach told the local Globes newspaper. “Crypto transfers are not a complicated matter but the regulatory demands, which include identifying the client, make it complicated,” explained Bits of Gold VP Tomer Niv. “Our service allows to use Bitcoin and comply with the rules of the regulator, without developing a vast payments system for each business.” The Crypto Situation in Israel in 2018 While the number of individual investors who entered the market declined, the number of companies that use Bits of Gold’s services remained quite stable in 2018, according to its CEO. And the exchange also continued to grow during the year, hiring more software developers and costumer service personnel, reaching a total staff of 21 people. However, the company also gave up on plans for buying another bitcoin ATM as well as offering clients an option to trade on a combined basket of top cryptocurrencies. The CEO of the Israeli exchange thinks that the local securities and anti-money laundering authorities are doing a good job with regards to developing rules for the field, even making Israel an international leader in terms of crypto regulation. However, he notes that as long as the Bank of Israel doesn’t make a clear stand on the matter, commercial banks will continue to make it hard on the industry. A recent report revealed that only 5 percent of the people in Israel invested in or used digital coins in 2018. Moreover, a total of 44 percent of Israelis say they either don’t know what Bitcoin is or just don’t understand the concept. In contrast, 42 percent of the people have reported using the direct money transfer apps that the big banks in Israel have been pushing hard over the last year in an attempt to stay relevant in the digital age. Is the crypto industry in Israel going to recover in 2019? 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 Israeli Exchange to Launch Crypto Payments API Service for Local Businesses appeared first on Bitcoin News. View the full article

Shall Law Firm, an American shareholder rights litigation firm, has announced the filing of a class action lawsuit against Nvidia with regards to statements pertaining to the company’s outlook regarding the effect that declining cryptocurrency prices could have on the performance of its shares. Also Read: Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018 Firm Files Class Action Against Nvidia A Los Angeles-based law firm has announced the filing of a class action lawsuit accusing graphics card manufacturer, Nvidia, for “violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.” Nvidia is accused of making “false and misleading statements to the market” regarding assertions that a significant decline in demand for graphics processing units (GPUs) would not negatively impact the company’s operations and performance due to high demand from the gaming sector. Schall Law Firm is currently encouraging investors who purchased Nvidia’s shares between Aug. 10, 2017, and Nov. 15, 2018, to contact the firm before Feb. 19, 2019, especially investors who incurred losses exceeding $100,000. According to Shall, the GPU manufacturer “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary” and made “materially misleading” comments throughout the six-month period. Nvidia Hit Hard by Cryptocurrency Downturn Nvidia appears to have been significantly hit by the cryptocurrency bear trend, with the company having the worst performing stock in the S&P 500 of the fourth quarter of 2018 with a 54 percent loss in value. While a number of chip stocks have performed poorly of late – with the PHLX Semiconductor Sector Index, comprised of 30 companies including Nvidia, dropping 19 percent, and Advanced Micro Devices stock losing 45 percent – many have cited declining demand for mining hardware as a catalyst for Nvidia’s notably poor performance. The recent dumping appears to have been fueled by the reporting of a weaker-than-anticipated quarterly revenue and guidance from Nvidia last month, with the company’s stock falling roughly 19 percent on the trading day following the earnings report. “The crypto hangover has left the industry with excess inventory – excess channel inventory,” Nvidia’s chief executive officer, Jensen Huang, stated on a conference call at the time. Do you see merit in the case being brought against Nvidia? Do you agree with Shall that Nvidia made false and misleading statements? Share your thoughts to 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 Litigation Firm Files Lawsuit Against Nvidia for Statements Regarding Crypto appeared first on Bitcoin News. View the full article

When reporting on cryptocurrency, the mainstream media often focuses on price drops relating to USD. But a human rights activist reminds the general public that Bitcoin is not another commodity or stock on the market, rather, a tool for liberation. Also Read: Iranian Students in the UK Use Bitcoin to Bypass Banks Bitcoin is a Tool for Freedom, Not Speculation Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, has published an article titled ”Why Bitcoin Matters for Freedom” in Time Magazine. In it he explains how cryptocurrency can help people retake control of their lives from oppressive regimes. “Speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention,” writes Gladstein. “For people living under authoritarian governments, Bitcoin can be a valuable financial tool as a censorship-resistant medium of exchange.” The article focuses on the current situation in Venezuela as the prime example of its thesis. It details how Venezuelans are using Bitcoin to evade runaway hyperinflation and harsh capital controls. It also shows how after greatly devaluing citizens’ savings, the Maduro regime is using the banking system to confiscate much of the money sent from abroad by people that want to help their families back home. Taking Bitcoin From 40 Million Users to 4 Billion Beyond Venezuela, the article notes how Bitcoin can help citizens suffering from inflation in Zimbabwe, those who want to avoid mass surveillance in China, NGOs that have their bank accounts frozen in Russia, and refugees without access to basic banking services. It also explains that cash fiat is used without government permission, but can be made virtually useless by hyperinflation and that many countries are moving to become cashless societies – thus strengthening the need for cryptocurrency. “Less than 1% of the world’s population — no more than 40 million people — have ever used Bitcoin. But, according to the Human Rights Foundation, more than 50% of the world’s population lives under an authoritarian regime,” writes Gladstein. “If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can’t trust their rulers or who can’t access the banking system. For them, Bitcoin can be a way out.” When will we see widespread Bitcoin adoption by people living under authoritarian regimes? 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 Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights Activist appeared first on Bitcoin News. View the full article

Cryptocurrencies grew immensely popular in 2017, but throughout the following year, digital asset markets fell sharply in value. However, over-the-counter (OTC) market makers thrived in 2018, with a slew of business models in the industry catering to OTC clients. Also Read: Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative Billions Swapped Using Over-the-Counter Cryptocurrency Services in 2018 Even though digital currency markets dropped considerably in value in 2018, early investors and crypto whales who believe in the future of this asset class stocked up. Long term supporters will cost-average their positions by gaining as many coins as they can because they grasp the idea of digital scarcity. One business model that’s been thriving in 2018 is OTC crypto dealers or brokerage providers. Whales and big investors don’t purchase thousands of coins with traditional exchanges, because the premium for the trading fees would be outrageous. Instead, they use OTC providers like Circle, Itbit, Coincola, and Cumberland Mining. Other buyers will connect with miners and pool operators while other businesses and individuals will deal with Telegram, Wechat, and Skype OTC groups. This past April, reports revealed that cryptocurrency-based OTC desks using Skype have traded billions. This year, many companies that had already provided digital asset exchange services have announced opening OTC desks for institutional clients. In June, Etoro announced opening an OTC platform for institutional buyers, and in May the OTC cryptocurrency service Genesis Global Trading received a Bitlicense to operate in New York. Blockchain.com started OTC operations in September and Coinbase and Hodl Hodl announced the launch of OTC desks in November. After China banned crypto exchanges last year, over-the-counter trading started heating up. Throughout 2018 there were reports of a flourishing and unregulated OTC market in China. Last April, an executive at Overseas Chinese Investment Management, John DeCleene, described how bitcoin mules were making lots of money smuggling the cryptocurrency into the country. “Selling and buying bitcoins on those OTC websites is the same as shopping on Taobao,” explained one of the bitcoin smugglers in an interview with Reuters. Average Joes Don’t Use Crypto-OTC Desks as Bulk Rates and Private Quotes Have a Minimum Membership Requirement Last week, the crypto options market Skew gave an insightful description of how over-the-counter operations work if a customer wants to buy 1,000 BTC from an OTC desk using Telegram or Whatsapp. Tens of thousands of dollars can be saved buying in quantity and most OTC programs have a $50,000 or more minimum to use their services. For instance, those who want to join the onboarding process and trade with Cumberland Mining must understand that the minimum trade size is $100,000 before continuing to fill out the required know-your-customer (KYC) information. Cumberland has been around since 2014 and is owned by the 25-year old Chicago trading firm DRW. “We’re dedicated to delivering professional onboarding and relationship management, timely and efficient settlements, and 24⁄7 access to a unique depth and breadth of crypto-assets,” explains Cumberland Mining’s website. You can save lots of money by utilizing OTC services but some of them have a minimum trade requirement of $50,000 or more. This type of cost averaging to accumulate larger long positions is not ideal for the average Joe investor. OTC desks deal with a large network of mining operations and exchanges in order to serve as market makers and provide liquidity for trades. Even regulated OTC dealers use private chat rooms on Skype, Telegram, Whatsapp, and Wechat for quotes, discussions, and executing trades. Whales trading with established OTC providers use platforms that provide top of the line security like cold storage and multi-signature settlement. Like the neighborhood convenience store, a lot of the OTC desks today are open for trades 24/7. The data stemming from 2018 and the spate of companies announcing new OTC operations indicates there’s a lot of demand for market makers executing huge trades on secondary markets. The growth of these types of businesses also shows how OTC markets have thrived despite a year of bearish cryptocurrency prices. What do you think about the growth of over-the-counter cryptocurrency operations in 2018? Let us know what you think about this subject in the comments section below. Images via Shutterstock, and 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 Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018 appeared first on Bitcoin News. View the full article

Ifinex, the operator of Bitfinex and Ethfinex, is planning to briefly restrict access to the crypto trading platforms on Jan. 7 while migrating data to its new servers in Switzerland. Also in The Daily on Sunday, Indian exchange Koinex has updated its security features and Huobi’s mining subsidiary is preparing to launch a new trading platform dedicated to an altcoin. Also read: Wallet Hacking Debate Heats Up, Bitcoin-Based Patreon Alternative Emerges Ifinex Switches From AWS Cloud to Own Servers Hong Kong-based cryptocurrency exchange Bitfinex and its subsidiary Ethfinex will temporarily halt trading on Monday, Jan. 7, 2019. The two platforms will be offline for three to seven hours, during which time their operator, Ifinex, will complete the migration of all data to new servers. Account holders will not be able to access their wallets and all features will be inaccessible for the duration of the upgrade. In an announcement, Ifinex revealed it’s switching from AWS cloud services to a self-designed infrastructure. The exchanges will now be using its own dedicated servers in a data center located in the Swiss Crypto Valley. The hardware is suitable for high-volume trading and the company tweeted that the move aims to “significantly enhance platform speed, security and performance.” Ifinex further explained: The last stage in this process necessitates taking Ifinex trading platforms offline, meaning that Bitfinex and Ethfinex account holders will be unable to trade or access their wallets during the transition. The operator also noted that the change will bring some benefits to users. For example, the combination between selected hardware and new order submission gateways can potentially double the speed of processing. Ifinex also claims the bare-metal servers are inherently more secure as they are running dedicated custom hardware and are not reliant on a third-party cloud service. Koinex Introduces Security Updates India’s leading crypto exchange Koinex has unveiled new security features for its customers. The trading platform explained on Medium that the additional layers of security applied to the accounts  will provide greater protection for users’ funds and add new functionalities. Koinex also promised to release more security updates in the future. A special “Protection Mode” is now automatically activated after signing in. It prevents any withdrawals of digital assets for the first 10 minutes of each session. During that time, users can lock their account if they suspect it has been compromised. However, clients will be able to start trading immediately after they log in and the mode does not restrict P2P fiat withdrawals of the Indian rupee. Koinex developers have also introduced an additional verification step for cryptocurrency withdrawals. Now each withdrawal request will have to be confirmed over email, which users can do by following a verification link they will receive to their registered email address. The notification email sent to account holders after they sign in now has a “Lock My Account” link that allows them to block any transaction if they suspect fraudulent activity. The link will take users to a security page, where they’ll be able to lock their account and delete any open orders. When an account is locked, all crypto withdrawal requests that have not been confirmed by email are cancelled automatically. Huobi Pool to Launch EOS-Dedicated Exchange Huobi Group announced that its crypto mining subsidiary, Huobi Pool, is preparing to launch a new digital asset exchange in the first quarter of 2019. The platform will be focused on EOS and will allow users to trade the coin against a number of other cryptocurrencies. Commenting on the announcement, Huobi Pool’s chief executive officer Cao Fei stated: As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support. In the past few months, Huobi Pool has been working closely with the EOS community. The company has taken part in the building of an EOS testchain called the Crypto Kylin Testnet, which can be used to evaluate EOS-based projects. Singapore-based Huobi group is a major crypto company that operates the third largest cryptocurrency exchange by daily trading volume, Huobi. It has been expanding its business recently in a number of sectors and markets. Images courtesy of Shutterstock, Koinex. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security Features appeared first on Bitcoin News. View the full article

A residential block of red bricks stretches unambitiously under the freezing sky of Irkutsk, in the Russian province of Siberia. Inside, a series of small bitcoin mining machines are running on cheap electricity, as grandmother Valeriya’s family of domestic miners, a bullish bunch, stack up a potential fortune for the future. Also read: Skeptical Payoneer CEO Dismisses Idea of Single Currency Like Bitcoin as Unrealistic ‘I Want Money, and I Want Lots of It’ The granny, only indentified as Valeriya, has never looked back since receiving a mining rig from her son, Yuri, as a present. “When [BTC] will be worth a million [dollars], then I will leave a very large inheritance to my grandchildren,” Valeriya told the BBC in a recent interview. Valeriya The bespectacled old woman has not been fazed by what she considers a temporary slump in the cryptocurrency market, a downturn that has forced some large commercial bitcoin mining companies to cut back on production. “I want some money that I’ve earned myself. And I want lots of it,” said Valeriya, with the infectious laugh of a very satisfied soul. Siberian bitcoin miners, locally known as babushaks, are extremely bullish about the future of mining despite existing market headwinds, which have seen BTC plunge more than 80 percent from its all-time-high of almost $20,000 in December. Coupled with the price decline, bitcoin mining is becoming less profitable as a result of the network’s rising hashrate. With freezing weather and cheap electricity, Irkutsk is a Russian miners’ paradise. The cooler temperatures help to reduce the need for cooling systems for the mining hardware. Enterprising babushaks eye long-term profits and use the heat emitted from the mining gear to dry their agricultural produce. Yuri, Valeriya’s son, is considered a pioneer in the extraction of bitcoin in the Irkutsk region, according to the BBC report. He took up mining when his karaoke business began struggling. Now he operates the mining farm with his family in a city he claims to be the “crypto-capital of Russia.” Yuri explained: For this business you don’t need to be a great specialist because it’s an easy system. You only put your computers in the electricity and the internet. Market Downturn Takes a Toll on Commercial Miners While the small miners are unfazed by the crypto slowdown of 2018, some large commercial bitcoin operations have scaled down. After posting an extraordinary loss of 24 billion yen ($218 million), Japanese bitcoin mining hardware manufacturer GMO Internet Inc. wound down operations last week, although it will continue to mine in-house. The company also announced that it is moving its mining centre to a region with cleaner and less expensive energy. “Regarding the current mining machine markets, the environment is increasingly competitive because of the decreased demand mainly due to the decline in the cryptocurrency price, the decline in the sales price, etc,” GMO’s announcement read. Other medium-sized miners in China were recently forced to sell their mining rigs as scrap, to curb further losses. Noise-Making Boxes That Bring Money In Siberia, bitcoin enthusiasts tend to be good apostles of the technology. Marina Sergeyevna, whose bitcoin mining straddles the worlds of finance and agriculture, has a friend to thank. She explained her experience with BTC: A friend suggested it. He said: ‘Marina Sergeyevna, buy some miners!’ And I thought ‘Okay.’ He helped me buy it and install it all. I don’t regret it. They made the money back quickly – in around eight to nine months. “There they are, the boxes that make noise and bring in the money,” she said, proudly pointing to the three mining machines lined up in her house. In cold Siberia, the heat emitted by the machines could not be more welcome. “All the hot air is perfect for drying pumpkin, tea and herbs. It dries very quickly. In just one day,” Marina stated, holding a tray of dry yellow leaves. What do you think about domestic bitcoin mining in Russia? Let us know in the comments section below. Images courtesy of Shutterstock and BBC. Need to calculate your bitcoin holdings? Check our tools section. The post Russian Bitcoin Mining Granny Is Bullish on the Industry’s Future appeared first on Bitcoin News. View the full article

The latest rumor circulating in the investment industry is that pension funds are buying crypto. Is a multi-million dollar pension fund finally prepared to give investors exposure to cryptocurrencies? And if so, what will this mean for the burgeoning asset class? Also Read: Morgan Creek Launches Digital Asset Index Fund for Institutional Investors Typical Pension Fund Investment Strategy The largest 300 pension funds collectively hold $6 trillion in assets. It is highly unlikely that a global pension and endowment fund has engaged in crypto investing in 2018. Why? Well one obvious reason is due to the funds being subject to heavier saver or investor protection regulations. Pension funds have large amounts of cash to invest and are the major investors in listed and private companies. Primary asset classes used for the investment of pension funds is equities, property, bonds and cash. Crypto is still too volatile and not regulated enough for the likes of a pension fund. That is all starting to change however. Chuck Lauber, a portfolio manager at First National Fund Advisors, explained that pension funds in the U.S. are public entities, and as such “they’re mired in red tape which results in most of them being ‘late to the game’ in the realm of investment opportunity.” Some pension funds are at the cutting edge of making smart investments in emerging assets classes, and crypto certainly falls into that category. “Most [pension funds] unfortunately, are not. Pro: ‘new’ asset class could help lower overall correlations. Con: lack of knowledge and reach for yield makes PFs the potential bag holders,” said Lauber. Rumors Circulate of Pension Funds Buying Crypto Pensions now buying cryptos — zerohedge (@zerohedge) December 28, 2018 Zerohedge runs a markets-focused blog owned by ABC Media Ltd. It recently tweeted that pension funds are buying crypto, but was unable to back up this claim with a credible source. Pensions Crisis? It’s no secret that the performance and growth of pension funds is slowing down. Thanks to low interest rates, looming inflation, and slow growth, the future of retired populations could be at risk. The economics of retirement funding is at breaking point. Anthony Pompliano, aka Pomp, is the founder of Morgan Creek Digital, an asset management firm backed by multi-billion dollar investment advisor Morgan Creek Capital Management. Pomp recently blogged on why he believes pension funds should buy Bitcoin. “It will take time for pension funds to get comfortable with investing in bitcoin. We need to educate multiple stakeholders and demystify this nascent industry. When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in,” writes Pompliano. Bitcoin Outperform Traditional Assets According to Pompliano, the modern portfolio theory to support investing in bitcoin is strong. He states that BTC has been the best performing asset over the last 10 years. “[Bitcoin] has experienced a 1,300,000x+ increase in value from $0.003 to ~$4,000 today. It has beat the S&P 500 for the last 10 years, the last five years, and the last two years. As a fixed supply asset, I believe bitcoin will continue to outperform traditional assets in the future as demand continues to increase too,” writes Pompliano. If Pomp’s bullish thesis proves true, and Zerohedge’s assertion is correct, we may not have long to wait before the first major pension fund reveals it has acquired a cryptocurrency portfolio. How likely is it that pension funds will turn to cryptocurrency investment in 2019? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Will Pension Funds Be Investing in Crypto? appeared first on Bitcoin News. View the full article

Since Patreon began censoring members and participated in deplatforming, many of its users have been seeking alternatives. One option is the cryptocurrency-infused Bitbacker.io, a Patreon-like application that strongly advocates freedom of speech and censorship-resistant money. Also Read: Many Self-Proclaimed Bitcoin Inventors and Satoshi Clues Were Debunked in 2018 Bitbacker.io: A Patreon Alternative That’s Powered by Cryptocurrencies Over the past 12 months, censorship and deplatforming have become rampant, with abuse across major social media platforms, donation pages, and web forums. This has been particularly true of Patreon, a web portal that provides people with business tools and subscription service opportunities. Many well known crypto luminaries, developers, nonprofits, and Youtubers use Patreon to bolster their products and business models. But Patreon has been accused of purging ‘right-wing’ figures, atheists and religious podcasters, creators like Sargon, and other individuals such as former Rebel Media personality Lauren Southern. Bitbacker.io, like the BTC-powered Tallycoin, aims to deliver a solution to the censorship problem by providing “a crypto-fuelled Patreon alternative.” The Bitbacker.io profile page after registering. Right now, the platform supports BCH, BTC, and Smartcash, while providing a slew of the same features Patreon supplies. For instance, Bitbacker offers a powerchat service and interactive streaming. Visitors can pledge recurring crypto donations to content providers and gain access to exclusive members-only feeds. Additionally, patrons of Bitbacker can donate anonymously to their favorite creator’s page. Bitbacker’s creators say that fiat-based platforms can take upwards of 10-30 percent from content creators’ donations but because they use digital assets like BCH and BTC, the startup is able to charge close to 1 percent. ‘Patreon is Expensive and Funds Regulatory Compliance’ Signing up for Bitbacker is easy as all it takes is a strong password and email address in order to customize your profile. Immediately after joining, the platform reminds you to tether a bitcoin address to your profile in order to receive donations for content. Bitbacker explains on its website that it was designed to help crypto novices and the team opine that they hope the platform can be “a gateway into cryptocurrencies.” There’s a feed people can explore which shows all of Bitbacker’s content creators and also a general chat feed. Speaking with news.Bitcoin.com, the Bitbacker founder explained that he created the platform to provide a cheap crypto-based answer to donation sites like Patreon and Youtube’s Superchat. “There is and has always been a huge ‘tipping culture’ in the crypto community,” the founder of Bitbacker noted. “However, despite the enthusiastic willingness of the community, many creators and builders still resort to using fiat-centered services like Patreon to support their work.” Naomi Brockwell, for example, runs a crypto-focused show, but receives the overwhelming amount of her support through fiat sources like Patreon. This is embarrassingly true among crypto’s most prominent members: Andreas Antonopoulos, whose Youtube channel is practically an advertisement for Patreon. The creator further emphasized that Patreon is “expensive” and takes 10 percent of the donations. He explains that half of those funds go to outsourcing the regulatory compliance of being a money transmitter to an external payment processor. “Youtube takes an even larger 30 percent of the Superchats,” Bitbacker’s creator detailed. “Our organization only takes 1 percent and we do this by leveraging the ability of cryptocurrencies to handle all transactions in the client’s browser — Bitbacker never touches a user’s private key and this provides security against hacks and avoids the large costs of regulatory compliance.” Exploring the site’s content shows a wide variety of vloggers, authors, and other types of content creators. At the moment there is a decent portion of libertarians and cryptocurrency enthusiasts using the platform but the site seems to be gaining a wider audience. Alongside this, the cryptocurrency show host Naomi Brockwell is also using the Bitbacker platform. What do you think about Bitbacker.io? Let us know what you think about this platform in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com and the author 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 this article. This editorial is for informational purposes only. Images via Bitbacker.io, Shutterstock, Twitter, and 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 Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative appeared first on Bitcoin News. View the full article

A survey conducted by Panews has found that 14% of Chinese citizens have invested in cryptocurrencies. The survey also found that 98% of respondents indicated familiarity with the concepts of cryptocurrency and bitcoin – 3% more than those who stated that they had heard of blockchain technology. Also Read: Skeptical Payoneer CEO Dismisses Idea of Single Currency Like Bitcoin as Unrealistic Survey Finds 14% of Chinese Citizens Have Invested in Cryptocurrencies Panews has published the findings of a survey that queried 4,200 Chinese citizens on their familiarity and opinions regarding Bitcoin and cryptocurrencies. The survey found that just 75 respondents had not heard of cryptocurrency or blockchain technology, equating to roughly 2% of the survey’s sample. The survey also found that 40% of respondents expressed a willingness to invest in cryptocurrencies in the future, despite nearly 83% of the sample describing cryptocurrency investment as a new trend. 14% of the sample, or 598 respondents, stated that they have invested in cryptocurrencies, nearly 70% of whom purchased their crypto via an exchange platform. 266 respondents came to possess their crypto through airdrops, followed by mining, with 263. The sample indicated that social media is the dominant means through which Chinese citizens have become exposed to cryptocurrencies, with 38% of respondents claiming familiarity with crypto stating that they became exposed to such through social media, followed by “relatives and friends” with 26%. Panews also noted that the majority of respondents associated cryptocurrencies with investment products primarily, and not as a medium of exchange. Cryptocurrency Moving Towards Becoming Household Concept in China While 4,125 respondents indicated familiarity with the concepts of cryptocurrency, Bitcoin, and blockchain technology, only 372 individuals described themselves as possessing a strong understanding of pertinent topics, amounting to roughly 9% of all respondents. Only 17 respondents claimed not to have heard of cryptocurrency, while 103 stated that they were unfamiliar with Bitcoin. 60% of respondents described common perceptions regarding the complexity of exchanging and storing cryptocurrency as the primary barrier to greater crypto adoption. Overall, the study found that bitcoin and cryptocurrency have made significant strides toward penetrating mainstream economic discourse in China, asserting that “the cryptocurrency industry has made considerable progress in the public’s cognitive level” since “the early days.” How many years do you think it will be until 98% of the world’s population have heard of bitcoin and cryptocurrency? Share your thoughts 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 1 in 7 Chinese Have Invested in Cryptocurrency appeared first on Bitcoin News. View the full article

The recently established Russian subsidiary of global cryptocurrency exchange Huobi and Vnesheconombank, Russia’s state-owned development bank, are now partnering to offer crypto companies legal support and advice. The newly created “legal lab” will also represent blockchain businesses in court. Also read: German Startup Devises Eco-Friendly Energy-Efficient Miners Legal Lab to Assist Crypto Companies in Russian Courts Huobi, which is currently the third largest digital asset trading platform by daily volume, opened its office in Russia on Nov. 12. The branch provides 24-hour online support and has a Russian-language call center. The Huobi Russia online exchange officially launched on Dec. 6. The Singapore-based company also revealed it’s planning to participate in a number of projects including an educational program focused on crypto and blockchain technologies, a startup incubator, and mining hotels. The government-controlled Vnesheconombank (VEB) is Huobi’s main partner in Russia. The exchange cooperates with VEB’s Center for Digital Transformations in more than one field – education and training, legislative initiatives and blockchain research. The latest joint initiative led to the creation of the Huobi Legal Lab, a unit that employs experts who will be providing legal assistance and advice to companies realizing new projects in the nascent crypto industry, Huobi Russia announced in its Telegram channel. It will also support businesses working in other related sectors of the digital economy, helping them to comply with the current Russian laws, Forklog and Bitnovosti reported. Another of its priorities will be to provide legal representation in Russian courts to entities that require such services. The lab’s experts will also develop and assess new legislation concerning the cryptocurrency and blockchain industry in order to create favorable conditions for market participants. The two partners will receive support from the Moscow State Institute of International Relations (MGIMO). The chairperson of the parliamentary group assessing the risks associated with cryptocurrencies, Elina Sidorenko, will head the legal lab. Sidorenko, who is a professor at MGIMO, said the legal experts will make sure that digital assets do not violate the existing legislation and comply with international law. She also commented: In a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for the business. Russian Cryptocurrency Industry Faces Challenges in Legal Vacuum Crypto companies in Russia are finding it hard to comply with Russian law as it does not yet reflect the specifics of their activities. Unfortunately the adoption of the draft legislation that was expected to legalize them was postponed several times this year. In May, Russian lawmakers approved on first reading three drafts but none of them has passed second reading yet. The final adoption of the main bill, the law “On Digital Financial Assets,” has recently been rescheduled for the spring session of the State Duma, the lower house of Russia’s parliament. What’s more, following a number of amendments to the original text, the legal document lost key terms related to the matter it is supposed to regulate. These include “cryptocurrency,” “token,” “mining,” and “smart contract.” The legal lab created by Huobi and VEB is not the first attempt by the Russian society to deal with the challenges stemming from the legal vacuum in the digital space. Recently, the Russian Lawyers Association and an educational organization called Blockchain Lawyers agreed to create a specialized commission of legal experts that will review cases not covered by the current Russian regulations. Two months ago, a leading Russian industry organization announced the establishment of an arbitration body to look into disputes between participants in the digital economy, including the crypto sector. What do you think about the joint initiative between Huobi and Vnesheconombank? Let us know 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 Huobi and Major Russian Bank to Provide Legal Help to the Crypto Industry appeared first on Bitcoin News. View the full article

Italy’s Ministry of Economic Development recently published a list of the 30 individuals that the Italian government has tasked with developing the country’s regulatory strategy with regards to distributed ledger technology (DLT) and cryptocurrencies. Among the individuals are alumni of the United Nations, the European Parliament, the European Commission, and the Italian Chamber of Commerce. Also Read: German Startup Devises Eco-Friendly Energy-Efficient Miners Italy Selects Group Tasked With Developing National DLT Strategy The Italian government has named the 30 individuals it has sought to develop a national strategy pertaining to distributed ledger and related technologies. The individuals include 10 members of the business community with relevant trade associations to DLT, 10 representatives of organizations, think-tanks and academia, and 10 representatives of trade unions and civil society, in addition to several representatives of the Ministry of Economic Development. According to the ministry’s website, the group will be tasked with promoting DLT within the public sector, developing economic, political, and regulatory conditions suitable to fostering innovation in the DLT sector, and promoting the application of smart contracts. The names include Angiolini Giorgio, current member of the United Nations Sustainable Development Group’s “UNINFO Blockchain and distributed management technologies” organization, Bruschi Francesco, “technical consultant for the Florence prosecutor’s office in the context of cryptocurrencies, Atzori Marcella, “Blockchain Expert” for the European Commission and the European Parliament, and Epifani Stefano, president of the Digital Transformation Institute and advisor for the United Nations. DLT Policy Becomes “Fundamental Priority” for Italian Government Italy’s Ministry of Economic Development announced its intention to assemble a group of DLT experts at the end of September. At the time, the ministry published a public notice for expressions of interest for “the development of the national strategy on technologies based on distributed registers and blockchain.” The ministry then stated that it considers a deepening of Italy’s understating of distributed ledger technologies as a “fundamental priority,” in addition to increasing “public and private investments in this direction and technologies closely related to them.” The other individuals named as part of the group are Belardi Tamara, Capaccioli Stefano, Chiriatti Massimo, Cirillo Monica, Comandini Gianluca, Conti Mauro, Damiani Ernesto, Di Nicola Vincenzo, Faini Fernanda, Gabriele Luigi, Giuliano Massimo, Giustozzi Lorenzo, Grottola Renato, Lecca Fabio, Lo Castro Aldo Peter, Mauri Giuseppe, Monaco Marco, Mosco Gian Domenico, Nastri Michele, Nava Gilberto, Pimpinella Martino Maurizio, Ricci Laura Emilia Maria, Sarzana Salvatore Fulvio, Savioli Massimo, Tenga Federico, and Vitale Marco. On Dec. 4, Italy joined France, Spain, Malta, Cyprus, Portugal, and Spain in signing a joint declaration to promote blockchain technology in the southern European region. What is your response to Italy’s assembly of a 30-person group of ‘experts’ to design DLT policy? Share your thoughts 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 Italian Government Selects 30 Representatives to Develop DLT and Crypto Policy appeared first on Bitcoin News. View the full article

Kraken has launched margin trading for Bitcoin Cash pairings, now supporting leveraged trading for BCH/XBT, BCH/USD, and BCH/EUR markets. The exchange has also launched margin trading for XRP, now offering up to 5x leverage on XRP pairings. Also Read: Bitcoin Cash Mining Showcased at the Houston Rockets Game Kraken Launches Leverage Trading for Bitcoin Cash and Ripple Markets Kraken has become the latest cryptocurrency exchange to expand its Bitcoin Cash markets, introducing margin trading for three BCH pairings. Kraken users are now able to trade BCH/XBT using 2x margin, in addition to having access to BCH/USD and BCH/EUR markets with 2x or 3x leverage. The exchange has also announced support for leveraged XRP trading, introducing 2x and 3x margin for XRP/XBT, and 2x, 3x, 4x, or 5x margin for its XRP/USD and XRP/EUR pairings. Despite the introduction of the new markets, BCH and XRP are not supported as collateral currencies on Kraken, meaning that traders will not be able to open leveraged positions against BCH or XRP balances. The introduction of the margin trading for BCH and XRP brings the number of cryptocurrencies that Kraken supports leveraged trading for to eight, alongside XBT (BTC), ETH, ETC, REP, XMR, and USDT. The exchange charges a 0.02 percent fee for the opening of a margin position, and further 0.02 percent rollover fees per every four hours that the position is open. Recent Email From Kraken to Prominent Clients Claims $4 Billion Valuation Earlier this month, Kraken reportedly issued an email to prominent clients informing them that the exchange is considering a private offering and to conduct a survey regarding opportunities to invest in the company. The email seeks to emphasize that Kraken holds “significant reserves” and is not in need of financing, rather, insisting that the company is anticipating opportunities for acquisition. The email also reportedly states that the company is considering listing its shares with a valuation of $4 billion, with minimum investments expected to be set at $100,000. “The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment,” the email stated, adding that recipients would have until Dec. 16 to respond to the survey. Do you like to trade using leverage? Share your favorite trading strategies in the comments section below! Images courtesy of Shutterstock The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page. The post Kraken Launches Margin Trading for BCH Pairings appeared first on Bitcoin News. View the full article

The cryptocurrency economy has seen some improvement over the last 48 hours as many of the top digital assets are seeing gains between 5-15% this Saturday. The entire ecosystem of all the coins in existence has gained about $5 billion since the small correction on Christmas day. Furthermore, global trade volume has also increased indicating that the bulls may be rested after experiencing some exhaustion last week. Also Read: Many Self-Proclaimed Bitcoin Inventors and Satoshi Clues Were Debunked in 2018 This Weekend’s Top Cryptocurrency Markets The weekend is here and a large portion of crypto-assets are doing quite well this Saturday, just a few days before the New Year. At the time of publication, the entire digital asset economy has around $19 billion in global trade volume. BTC, USDT, and ETH are the top three traded cryptocurrencies today but ETH is clearly the forerunner gaining 12% over the last 24 hours. Currently, bitcoin core (BTC) is trading for $3,923 per coin and BTC markets are up 4.2% this Saturday. BTC has an overall market valuation of about $68 billion and has seen 5.7 billion traded in the last 24 hours. Top 10 digital assets on Saturday. Ripple (XRP) is trading for $0.37 per coin and prices are up by 5%. The third highest valued market capitalization is held by ethereum (ETH) as spot markets are swapping ETH for $138 per token. ETH markets are up well over 12% for today and about 22% over the last seven days. Lastly eos (EOS) still holds the fifth market cap today with each coin trading for $2.68. EOS has spiked 9.2% this weekend and is up 3.7% over the last seven days. Bitcoin Cash (BCH) Market Action Bitcoin cash (BCH) markets are doing well today as the last 24 hours has shown a BCH increase of 7%. Although the increase is still less than last week’s losses and BCH is still down over 11.4% for the week. BCH is trading for $169 per coin and has a market valuation of around $2.9 billion this weekend. Bitcoin cash is the seventh most traded cryptocurrency below litecoin (LTC) and above ethereum classic (ETC). BCH/USD daily. Dec. 29, 2018. The top five exchanges trading the most BCH on Dec. 29 includes Lbank, Binance, Huobi, Coinbase, and Hitbtc. The largest currency pair trading against BCH is tether (USDT) which is capturing 44.5% of all trades. This is followed by BTC (20%), ETH (15.8%), USD (9.2%), and JPY (4.5%). The EUR has increased to 2.7% alongside the KRW’s 2.6% which typically is a good sign of markets becoming more bullish. BCH/USD Technical Indicators Looking at the 4-hour BCH/USD chart on Bitstamp shows other positive signs of a possible trend change. The biggest indicator would be the long term 200 Simple Moving Average (SMA) dipping below the short term 100 SMA. Both trendlines have just crossed hairs at the time of writing and this would indicate that the path toward the least resistance will change to the upside. However, the 4-hour BCH/USD Relative Strength Index (RSI) is meandering in the middle at around -51.51 showing some temporary uncertainty. BCH/USD daily. Dec. 29, 2018. Bitstamp. Stochastic and MACd show similar findings confirming there is plenty of room for any type of movement in any direction in the short term. Order books show a different story than the possible trend shift the SMAs are presenting at the moment. Bulls are feeling resistance as we speak and will be feeling it until they surpass $190 per coin. After that, there may be smoother seas for bulls attempting to head northbound. On the backside, bears will find strong foundations between $165 through $145 until sell orders on the books start looking lighter. BCH/USD 4-hour. Dec. 29, 2018. Bitstamp. Crypto-Markets Remain Steady as Traditional Markets ‘Hop Around Like Jumping Beans’ Overall traders seem a bit more optimistic about cryptocurrency markets changing trends, but some are definitely still leery of bigger price drops ahead. Although many are starting to believe that even though there’s still a possibility of dropping lower, they think crypto-markets are very close to the so-called “bottom” at this vantage point. Some investors are seeing an opportunity to begin cost averaging their long-term positions but some sharks are still waiting for for some final blood. Traditional markets have been very volatile over the last two weeks. Traditional markets like stocks and equities were also down last week but after one day of trading the Dow Jones spiked on Wall Street by 1,086 points on Wednesday. Mati Greenspan, senior market analyst at Etoro this week detailed that cryptocurrency spot markets didn’t move much while the stocks and traditional investments have been extremely volatile. “One trading day after US indices officially entered a bear market, the Dow rose 1,086 points — its largest single day gain of all time,” explained Greenspan. “In a strange instance of role reversal, the crypto markets remain calm and collected while the rest of the markets hop around like Mexican jumping beans.” The Friday afternoon spike and prices this Saturday show cryptocurrency bulls are still attempting to press markets forward but also face another holiday in the next few days. Trade volume may be lighter during New Years day but we did see some strong volatility on Christmas. For now the bears have been stopped and continued upwards pressure could still yield another small rally. Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, Bitstamp, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Cryptocurrency Gains Start Lifting Confidence Among Traders appeared first on Bitcoin News. View the full article

Payoneer chief executive officer Scott Galit has dismissed the idea of a single global currency like bitcoin as unrealistic. Galit argued that he doesn’t believe countries like the U.S. will ever allow citizens to pay taxes in bitcoin because of too much volatility in the price of the cryptocurrency. Also read: Former Mt. Gox CEO Says He is Sorry But Maintains His Innocence as Trial Closes U.S. Will Never Allow Tax to Be Paid in Bitcoin, Says Galit As a single global currency, bitcoin is viewed as key to ending willful currency manipulation, eliminating transaction fees and improving transparency in global pricing, among other uses. Scott Galit “Despite the interests of lots of people out there in the Internet world who love the idea of frictionless commerce and frictionless money and avoiding fiat currencies, I don’t see it,” Galit was quoted by television network CNBC as saying. He was responding to questions on whether the idea of a future single global currency was feasible. Galit said the bitcoin price volatility means that government money would be subject to the digital asset’s exchange rate fluctuations – so unstable that if that occurred to fiat money, government would be at risk of defaulting on its financial obligations. For that reason, he argues, a government like the U.S. will draw no tangible benefit from adopting bitcoin in its operations, much less as a tax settlement currency. BTC has lost more than 80 percent of its value since its December 2017 all-time-high of almost $20,000, in a downturn that has shaken the cryptocurrency industry down to its core. “Now you could have a debate whether taxes are fair or unfair or whatever but they are a reality,” said Galit, who heads the New York City-based Payoneer, a global payments startup voted one of CNBC’s most disruptive emerging companies for 2018. “There are going to be taxes because governments need revenues. Countries actually need tax revenue in order to fund services for their residents,” he added. Ohio Defies Payoneer Skepticism Galit will be less impressed that some state governments have already or are looking to transition to bitcoin-enabled tax and bill payments. Ohio has become the first U.S. state to allow citizens to settle their tax obligations and pay some bills in BTC. The crypto payments are made through the ohiocrypto.com platform, which converts the BTC and gives the state government the dollar-equivalent. The states of Arizona, Georgia and Illinois are all reportedly preparing legislation to allow for bitcoin-friendly tax payments. The Payoneer CEO has other reasons for his skepticism – the U.S. Federal Reserve System. Galit said the role of the Fed regarding monetary policy issues, particularly its use of interest rates to dictate economic direction, posed significant challenges. For a central bank to lose control of this key economic tool over to a single universal currency was simply unfathomable, Galit asserted. “Central bankers are there to actually help manage the economies and provide kind of stewardship for those economies,” he stated in the CNBC article. “Part of that is actually managing currency in the interest rates [for lending] and in exchange rates. If you don’t actually have any control over a currency you’ve lost one of the major policy tools that you have, so what do you do?” Payoneer processes payments and transfers from more than 200 countries throughout the world. The company makes its money by levying fees on withdrawals in various currencies, making it a key stakeholder in the currency business. What do you think about the sentiments from the Payoneer chief executive? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Skeptical Payoneer CEO Dismisses Idea of Single Currency as Unrealistic appeared first on Bitcoin News. View the full article

To kickstart the weekend, we’ve curated a handful of short but compelling stories from across the crypto sphere. First up, we’ll revisit the fallout from Wallet Fail’s demonstration of hardware wallet cracking. We’ll then move on to a Patreon alternative that’s powered by cryptocurrency and a viral tweetstorm about everything that’s allegedly wrong with Ethereum. Also read: Blockchain Company Buys Spanish Soccer Club, Cementing Crypto-Sports Connection More Hardware Wallet Manufacturers Respond to Hacking Claims As we reported yesterday, a team known as Wallet Fail have captured attention after demonstrating how to crack several cryptocurrency hardware wallets. Ledger and Trezor, the manufacturers whose devices were exploited at the 35C3 conference, were swift to issue rebuttals and reassurances, emphasizing the impracticality of an attacker implementing one of Wallet Fail’s methods in the wild. Since we reported on the story, a number of other hardware wallet companies have also responded to the presentation. The Coldcard hardware wallet “Keepkey did not have prior knowledge of this vulnerability through our responsible disclosure program,” tweeted the wallet manufacturer, but explained that “The Keepkey dev team is working on a fix.” They then stressed that “all users should make sure their physical device is in a safe place, as the attacker must have physical access to be successful.” Coldcard, meanwhile, pointed out that its own device wasn’t referenced in Wallet Fail’s presentation, and used the opportunity to boast that, unlike the competition, its own wallet doesn’t fail. The Wallet Fail team, for its part, has denied allegations that it didn’t disclose the vulnerabilities it found to manufacturers in advance of its presentation: Just to clarify, we disclosed this “non-vulnerability” to @LedgerHQ 161 days ago. https://t.co/5TqTPeGVfU — WALLET.FAIL (@walletfail) December 28, 2018 Bitcoin-Based Patreon Alternative Tallycoin Takes Off In the wake of widespread controversy over Patreon liberally banning content creators, a bitcoin-based alternative has begun to gain traction. Tallycoin takes the model popularized by Patreon and Gofundme and adapts it for P2P cash in the form of BTC. Unlike Patreon, which charges 5 percent, Tallycoin takes zero fees, with all funding going directly to the creator’s bitcoin wallet. Regular BTC and Lightning Network payments are accepted, and while the user interface is simple, the platform demonstrates the potential for a censorship-resistant Patreon alternative. Tuur Demeester’s Anti-Ethereum Rant Goes Viral On Friday, prominent bitcoiner Tuur Demeester embarked on a 50-strong Twitter rant about everything he deemed to be wrong with Ethereum. From scaling to decentralization and from use cases to monetary supply, he left no stone unturned, describing the project as “at best a science experiment.” “I agree with Ethereum developer Vlad Zamfir that it’s not money, not safe, and not scalable,” he continued. 1/ People often ask me why I’m so “against” Ethereum. Why do I go out of my way to point out flaws or make analogies that put it in a bad light? — Tuur Demeester (@TuurDemeester) December 28, 2018 Demonstrating that there are two sides to every tweetstorm, Bryant Eisenbach issued a point-by-point rebuttal of Demeester’s lengthy indictment on Ethereum. While Adamant Capital founder Tuur Demeester’s rant caught plenty of flak from Ethereum proponents, Bitcoin maximalists such as Jimmy Song were swift to endorse his critique. The thread also prompted intense discussion on the Ethereum subreddit where a few feathers were rustled. Kraken Launches BCH and XRP Margin Trading Finally, margin trading for bitcoin cash and ripple has been enabled on Kraken. The U.S. cryptocurrency exchange now enables retail and institutional clients to obtain leverage on both coins, with the borrowing limit depending on the level of the account in question. Bitcoin cash can be traded with up to 3x leverage and ripple with 5x. We have enabled margin trading for Bitcoin Cash (BCH) and Ripple (XRP)! The addition expands our margin offering to 8 assets. Read more on our blog: https://t.co/DSBaMBdOR7 — Kraken Exchange (@krakenfx) December 29, 2018 What are your thoughts on today’s news tidbits as featured in The Daily? 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: Wallet Hacking Debate Heats Up, Bitcoin-Based Patreon Alternative Emerges appeared first on Bitcoin News. View the full article

Azultec is a company that has been researching current mining solutions as part of its project to create an efficient alternative with high computing power and low energy consumption. Its Cube devices are silent mining rigs that can be installed in living rooms. The miners can also use renewable energy and are designed to reuse over two thirds of the generated heat. Also read: Transnistria Welcomes Crypto Miners, Plans to Expand the Industry Miners Made Suitable for Living Rooms Mining equipment manufacturing has been an industry long dominated by giants such as Bitmain, Ebang, and Canaan. But every once in a while, a smaller business comes up with a less powerful but nevertheless empowering offering. German-based Azultec is less focused on industrial-grade clients, with its devices designed for the domestic market. The mining rigs the company makes are assembled using specially adapted graphics processing units (GPUs). The developers of the all-in-one concept have attempted to avoid issues that have plagued traditional mining hardware and have put forward solutions that make their equipment suitable for a regular living room or server room. Azultec’s devices utilize high-end custom-built water cooling systems designed for personal computers. They can be installed in homes or in warehouses and connected to photovoltaic systems or fuel cells to reduce energy costs. The mining machines are also capable of repurposing up to 72 percent of the heat generated by the hardware. Cube 300, the mid-range configuration, is equipped with eight Nvidia GTX 1070 graphic cards, 2TB HDD memory and 4GB DDR4 of RAM. Its power consumption is about 1450W and the miner is capable of reaching 310 MHash/s. Cube 400, which is Azultec’s high-end consumer-grade miner, comes with 8 Nvidia GTX 1080 cards, 2TB HDD and 4GB DDR4 RAM memory. It has a power rating of less than 2000W and computing performance of 410 MHash/s. The components in both rigs are water-cooled to ensure operation under optimal conditions. The product page doesn’t say what cryptocurrencies these rigs are designed to mine, but in general, video cards are more suitable for altcoins such as ethereum rather than bitcoin, which requires much more computing power and electrical energy. The first generation of the Cubes will be released in the first quarter of 2019. Another of Azultec’s products, Wizard Machine 300, is an entry-level industrial solution for cloud computing and mining. The device is developed for 19-inch server racks and can be used by enterprises that need to utilize excess energy such as windparks. The liquid-cooled server is built to enhance CGI rendering performance and it comes with eight Nvidia GTX 1070 GPUs and 64GB of RAM hosted on a single motherboard to reduce the number of used components. New Mining Rigs to Be Unveiled at CES According to Azultec, its project is backed by three well-known German brands in the IT and high-tech sectors – Alphacool, Aquatuning and Technikpr. They have supported the idea of making the minting of digital coins and the earning of cryptocurrencies as easy as possible and sustainable. The company is not only assembling mining rigs but also exploring options to produce its own graphics cards and mainboards in order to optimize the efficiency of its mining Cubes. Its engineers are working to design an in-house heat-to-cool conversion system that can utilize the heat generated by the mining hardware. According to the startup’s roadmap, the first-generation of the mining rigs from the Cube series will be released onto the market in Q1 of 2019. During the same quarter, Azultec plans to also experiment with fuels cells as a power generating solution for its products. Azultec will be presenting its devices at CES 2019, the annual consumer electronics expo that will take place on Jan. 11-18 in Las Vegas. Expansion in the U.S. and Asia is in its business plans for the coming year as well. The company will also launch its own token and conduct a coin offering in January to raise funds for its projects. What do you think of Azultec’s mining solutions? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Azultec. Disclaimer: Bitcoin.com does not endorse nor support this product/service. Readers should do their own due diligence before taking any actions related to the mentioned 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 this article. The post German Startup Devises Eco-Friendly Energy-Efficient Miners appeared first on Bitcoin News. View the full article

Japan’s top financial regulator has published the final report outlining proposed rules for cryptocurrency service providers to follow. The rules address areas such as hacking incidents, coin listings, financial and price disclosures, margin trading, and crypto custodial services. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Final Report of Proposed Rules Japan’s Financial Services Agency (FSA) has published the final report from last week’s study group meeting on crypto exchanges detailing requirements “as a precondition of the proper principle of self-responsibility.” The agency expects crypto service providers to follow these rules either by themselves or under the guidance of a self-regulatory organization (SRO). Currently, only one SRO — the Japan Virtual Currency Exchange Association — has been approved by the FSA. An FSA spokesperson told news.Bitcoin.com on Wednesday: Based on the discussion of developing systematic approaches towards various issues on crypto-assets … Taking the perspectives indicated by the final report, FSA has been currently conducting comprehensive consideration on the future approaches, including for revising acts. The requirements cover areas such as risks relating to thefts of customers’ cryptocurrencies when hacking incidents occur, price fluctuations and speculation. The lack of internal control systems amid rapid business expansion of service providers was discussed, along with measures for crypto transaction types such as margin trading that are not covered by existing regulations. Rules on Crypto Exchange Operations The report specifies nine areas that need to be addressed relating to the operations of crypto exchanges and service providers. The first proposed rule reads: Where private keys of customers’ deposited virtual currency are managed online … service providers [are required] to maintain net assets and funds for reimbursement at the same or greater amount. The funds must consist of the same types as the deposited virtual currency. Secondly, they must “Develop [a] framework to entitle customers to [a] statutory lien that secures their claim to deposited virtual currency.” They must also disclose their financial statements. In order to ensure proper business operations, crypto service providers need to disclose information relating to trading prices, the report explains. They are also prohibited from advertising, promoting or encouraging speculative trading. Additionally, they must follow the rules set forth by an SRO. The agency noted that registration of non-SRO members that have not established internal rules equivalent to the SRO’s rules can be refused or canceled. Furthermore, crypto service providers are prohibited “from dealing in virtual currencies that could impede user protection or proper and reliable business operations,” the report reads. The last requirement under this category is for them to notify the FSA “each change of a line of virtual currencies in advance.” Rules on Margin Trading The first proposed condition under this category states that a registration requirement for “foreign exchange margin trading (forex trading)” will be imposed on crypto service providers offering margin trading. The same code of conduct “such as the prohibition of unrequested solicitation” will also apply. Secondly, a limit will be imposed on each cryptocurrency’s leverage ratio “based on [the] actual virtual currency price fluctuations.” Service providers will also be required to explain the risks specific to cryptocurrencies and set minimum margin amounts. Lastly, crypto credit will follow similar rules as margin trading since they have similar functions and risks, the report details. Additional Rules The report also outlines rules for crypto custodial services and “unfair acts” in crypto spot trading. All persons and entities are prohibited “from improper conduct, spreading rumors and price manipulation.” Cryptocurrency custodial services will also be regulated. Specifically, the same regulations that currently apply to crypto exchanges will apply to the custody of customers’ cryptocurrencies. Furthermore, the report notes: Virtual currency exchange service providers [are] to monitor transactions and prohibit transactions aimed at profiting based on nonpublic information. What do you think of these proposed rules? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Japanese Regulator Publishes Proposed Rules for Cryptocurrency Service Providers appeared first on Bitcoin News. View the full article

Dutch crypto company Libereum has announced the acquisition of Spanish soccer club Elche CF, who are based in the province of Alicante. The move provides another sign that the crypto world’s interest in sports sponsorship and partnerships is growing. Also Read: Etoro Will Give Dollar Equivalent of BSV to Pre-Fork Bitcoin Cash Holders Libereum and Elche Share Joint Vision Libereum, a company which is “primarily aimed at making cryptocurrency widely accessible to the average person,” has put down an initial payment of €4.3 million ($4.9 million) for the Spanish club. The acquisition marks a trend in the crypto world for bringing cryptocurrency to sports with the hope that P2P cash could be adopted as a means of payment in stadiums, club shops, websites and elsewhere. The acquisition of the club, who play in the Segunda División A (Spain’s second professional association soccer division) is part of Libereum’s plans to bring the club back up to the premier division and make their own cryptocurrency, the liber, an integral part of the club’s financial system. “The purchase of Elche CF, a beautiful football club that shares our vision of a cryptocurrency future and is willing to actively communicate it to its supporters, is fantastic news,” Cem Kumlar, the founder of Libereum, said in a statement. “The team has been working very hard to achieve this and I would like to express my thanks to all those who have contributed to this impressive and intensive process.” Libereum’s main objective is to invest in soccer clubs, with the goal of generating demand for its coin. The company has ambitious goals of overhauling everything from transfer deals and ticket sales to merchandising and stadium catering, aided by cryptocurrency. Growing Relationship Between Crypto and Soccer Libereum is not the only company focusing on football in the hope of re-energizing the game with the aid of crypto. In August, investment platform Etoro launched partnerships with seven English Premier League soccer clubs – Brighton & Hove Albion, Cardiff City, Crystal Palace, Leicester City, Newcastle United, Southampton, and Tottenham Hotspur – paying for the deals in bitcoin core (BTC). The landmark move made the social trading and multi-asset brokerage platform the first company to ever pay for a Premier League partnership in bitcoin. The company has since said its goal is to have the sport fully embrace blockchain technology. U.S. managing director at Etoro, Guy Hirsch, said they were “looking to integrate cryptocurrencies into mainstream football in the near future.” He added: “Educating the masses on crypto assets will ultimately increase public participation in the market, improving the rate of adoption and providing an incentive for merchants and vendors to begin to accept cryptocurrencies as payment.” Earlier this year, Gibraltar United decided to introduce cryptocurrency salary payments for its players, while English Premier League club Wolverhampton Wanderers started its season by announcing sponsorship from cryptocurrency exchange Coin Deal. With the most popular sport in the world being introduced to cryptocurrencies, and NBA basketball teams following suit, it may not be long before crypto is propelled into the big league. What do you think about Liberium’s acquisition and efforts to bring crypto into the sporting world? Let us know in the comments section below. Images courtesy of Shutterstock and Liberium. Need to calculate your bitcoin holdings? Check our tools section. The post Blockchain Company Buys Spanish Soccer Club, Cementing Crypto-Sports Connection appeared first on Bitcoin News. View the full article

On Dec. 27 the Houston Rockets challenged the Boston Celtics. During the game’s intermission, two contestants participated in a contest called the Antpool Red Planet Race. The participants played a game that involved ‘mining’ bitcoin cash (BCH) on the court floor in the hope of winning $300 worth of BCH. Also Read: Many Self-Proclaimed Bitcoin Inventors and Satoshi Clues Were Debunked in 2018 Houston Rockets Fans Get a Taste of Bitcoin Cash Mining Bitcoin technology got some mainstream attention during the Rockets and Celtics match on Thursday. The mining operation Antpool was in attendance and had a booth set up in the arena, which showcases the benefits of blockchain technology and digital assets. Back in September, mining rig manufacturer Bitmain announced the company would be sponsoring the Houston Rockets and pledged they would help invest upwards of $500 million into the Texas economy. At the time, the press release stated that Antpool would be allowed to host its exhibit inside the Toyota Center during the second week of January 2019. However, pictures stemming from Thursday’s Rockets game suggests that Antpool was allowed to at least set up the exhibition early. When the deal was first inked, Antpool’s overseas operations manager, Haijiao Li, explained the exhibit would be used to teach people visiting the Toyota Center about the innovation behind cryptocurrencies. “As far as professional sports teams go, the Houston Rockets are legendary across the globe, and what better way to continue the momentum of our U.S. expansion than partnering with the prolific Houston Rockets basketball club, the No. 1 team in China,” explained Haijiao Li during the announcement. Antpool’s Red Planet Race Bitcoin Cash fans will also be pleasantly surprised by the number of BCH symbols displayed at the Toyota Center. Furthermore, during the intermission at the Rockets vs Celtics game, two contestants helped ‘mine’ bitcoin cash on the court floor in order to win a prize. During the start of the intermission, the audio played the Beastie Boys track “Intergalactic” while showing a large physical bitcoin being mined. Then the announcer explained the rules to the contest, which was dubbed the Antpool Red Planet Race. The two contestants had to receive two deposits while ‘mining’ with Antpool’s mining operation on the BCH chain and then plant ‘red rockets’ flags in the red rocks. The contest lasted less than 45 seconds and one of the ‘space cadets’ took home $300 dollars worth of BCH. Check out Bitcoin Cash (BCH) mining during the @HoustonRockets game with @AntPoolofficial! #RunAsOne #NBA #Bitcoin #BCHPLS pic.twitter.com/jwex5Ksv0h — Bitcoin.com Official (@BitcoinCom) December 28, 2018 Bitcoin Cash fans on social media and on forums like r/btc were pumped to see BCH bolstered at a mainstream sports arena. The news also follows the recent Litecoin Foundation’s UFC sponsorship, which will be used to advertise Litecoin symbols on the arena’s canvas floor at the Ultimate Fighting Championship match on Dec. 29. Cryptocurrency supporters believe sponsorships like these will further progress mainstream awareness over time. What do you think about Bitmain’s Antpool sponsoring the Houston Rockets? Let us know what you think about this subject in the comments section below. Images via Shutterstock, NBA, Houston Rockets, Antpool, and the Toyota Center in Texas. Need to calculate your bitcoin holdings? Check our tools section. The post Bitcoin Cash Mining Showcased at the Houston Rockets Game appeared first on Bitcoin News. View the full article

Electronics manufacturer Samsung has filed a trademark that suggests it may be considering integrating a cryptocurrency wallet into its smartphones. The filing, submitted to the U.K.’s Intellectual Property Office (IPO) on Dec. 27, reinforces reports that emerged earlier this month claiming that cryptocurrency integration was on Samsung’s agenda. Also read: Influential Politicians Are Advocating Crypto Around the Globe South Korean Giant Files UK Trademark Speculation is growing that Samsung may be on the brink of launching a cryptocurrency-equipped smartphone. The filing of a trademark on Dec. 27, following weeks of rumors, has added weight to the notion that Samsung has cryptocurrency on its roadmap, and that a built-in wallet may be the next feature to be added to its flagship phones, which retail for up to $750. Simply titled “Samsung Crypto Wallet,” trademark UK00003363431 doesn’t reveal much by way of detail, but its name is unambiguous enough. The filing category Samsung’s crypto wallet UK trademark was placed in. As a result of the filing, cryptocurrency users will be left with two pressing questions: 1. Is Samsung developing a standalone hardware wallet or an integrated smartphone wallet? 2. Has the trademark been filed defensively or offensively? In other words, does Samsung have any intention of actually developing the device in the near future? It is common practice for corporations to prolifically file patents and register trademarks, even though only a handful of these will result in a product being brought to market. Indeed, on the same say the Samsung Crypto Wallet trademark was approved, another 42 trademarks from the Asian electronics manufacturer were also filed in the U.K. Blockchain Smartphones Are Proliferating The Exodus blockchain phone With each new iteration of smartphones, such as the Samsung Galaxy and Apple’s iPhone, technical improvements become less discernible and new features less frequent. Integrating a cryptocurrency wallet, with its private key stored in a secure enclave separate from the rest of the phone’s core operations, gives manufacturers an opportunity to distinguish their handsets from the competition. It also gives cryptocurrency users a new gadget to lust after. To date, however, so-called blockchain phones have been underwhelming. Sirin’s Finney smartphone has been derided in some quarters for its clunky design and mediocre features when compared to those of high-end phones. The HTC Exodus smartphone, meanwhile, backed by cryptocurrency figures such as Charlie Lee, was meant to ship this month, but has yet to deliver. The bar for blockchain phones, therefore, sits pretty low. Should Samsung throw its hat into the ring and attempt its own crypto-equipped smartphone, it would stand a very good chance of becoming the most popular device of its kind. Do you think Samsung is developing a cryptocurrency-equipped smartphone? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Samsung Files UK Trademark for Smartphone Crypto Wallet appeared first on Bitcoin News. View the full article

On Dec. 27 at the 35th Annual Chaos Communication Congress (35C3) event, three individuals from a startup called Wallet Fail allegedly hacked the most popular hardware wallets and revealed their secrets on stage. According to Trezor, however, the hackers at 35C3 did not follow the standard responsible disclosure protocol and Ledger Wallet developers claim the Wallet Fail team only gave the impression of critical vulnerabilities, emphasizing that this was “not the case.” Also Read: Judge Denies Craig Wright’s Motion to Dismiss Billion-Dollar Bitcoin Lawsuit A Startup Called Wallet Fail Claims to Have Cracked Cryptocurrency Hardware Wallets The European Chaos Computer Club hosts a yearly event called the 35th Annual Chaos Communication Congress, a conference that gathers hackers, computer scientists, and security experts. This year at 35C3, attendees saw an hour-long demonstration from a team called Wallet Fail, a group that believes it can break into any cryptocurrency hardware device including top brands like Trezor and Ledger. Wallet Fail presented vulnerabilities that can be fixed in a firmware upgrade, but they claim to have also found issues with the microcontrollers and the bugs would “require a new hardware revision.” The Wallet Fail developers seemingly cracked multiple hardware wallets manufactured by popular vendors at the 35th Annual Chaos Communication Congress (35C3). Some of the attacks shown on stage included various software attacks. Wallet Fail showed a slideshow of pictures exposing private information when the device was flash booted. Other attacks seemingly showed severe weaknesses within the supply chain, evil maid attacks, side channel assaults, and other types of social engineering techniques. The video demonstrates cracking the hardware wallet’s proprietary bootloader protection, bypassing microcontrollers, and using web interface glitches to interact with the wallet. In one part of the demonstration video, Wallet Fail flashed a Ledger Nano S device and boot-loaded the old school Snake game that was once installed on Nokia feature phones. After the hour-long demo, the developers uploaded the 35C3 video to the startup’s Wallet.fail website. The ‘Trezor Glitcher’ device developed by Wallet Fail programmers can allegedly reveal private data. Trezor and Ledger Wallet Respond to Vulnerability Accusations After the website published the video and the 35C3 event came to an end, two of the most popular hardware wallet manufacturers responded to the claims made by Wallet Fail. The CTO of Satoshi Labs, Pavol Rusnak, told his Twitter followers his company was not informed through Trezor’s responsible disclosure program and learned about the vulnerabilities “from the stage.” “We need to take some time to fix these and we’ll be addressing them via a firmware update at the end of January,” Rusnak emphasized on Twitter. According to the Satoshi Labs CTO, he attended the 35C3 conference this year and saw the demo first-hand. Trezor also responded to the video demo and tweeted: Please keep in mind that this is a physical vulnerability. An attacker would need physical access to your device, specifically to the board — breaking the case. If you have physical control over your Trezor, you can keep on using it, and this vulnerability is not a threat to you. Wallet Fail developer Thomas Roth shows the audience the Ledger security model and bootloads the old Snake game on a Nano S device. The Ledger Wallet team headquartered in France also responded to Wallet Fail’s accusations. According to Ledger, the Wallet Fail team presented a total of three attack vectors which had given the audience the impression of “critical vulnerabilities.” However, the Ledger developers state that “this is not the case” and users should not worry about securing assets on Ledger devices. “In particular they did not succeed to extract any seed nor PIN on a stolen device. Every sensitive assets stored on the Secure Element remain secure,” detailed the Ledger team’s blog post on Friday. Ledger continued: [Our] responsible disclosure is the best practice to follow in order to protect the end users while improving our products’ security. Hardware Wallet Manufacturers’ Uphill Battle This isn’t the first time hardware wallet manufacturers have had to deal with wallet hackers who claim they can compromise any device. Back in the Summer of 2017 at Def Con 25 in Las Vegas, attendees saw an exhibit which allegedly disclosed vulnerabilities in popular cryptocurrency hardware wallets. Last March a teenager told Ars Technica he created code that could find a “backdoor” in Ledger devices. However, again Ledger Wallet told the public that 15-year-old Saleem Rashid’s published post on certain vectors was “not critical” and the attacks “cannot extract the private keys or the seed.” The Wallet Fail team also disclosed simple supply chain vectors. As usual, most of the vulnerabilities have been taken with a grain of salt because a great majority of attacks shown over the years require stealing the physical device itself and remote attacks still seem implausible. The companies who responded to Wallet Fail’s recent demo stressed that people should use a secondary passphrase. A few cryptocurrency veterans also stressed on social media the importance of using a PIN with hardware devices. What do you think about the alleged hardware wallet vulnerabilities presented at the Annual Chaos Communication Congress? Let us know what you think about this subject in the comments section below. Images via Wallet Fail’s slide show, 35C3, Shutterstock, and Pixabay. Need to calculate your bitcoin holdings? Check our tools section. The post These Developers Claim They Can Crack Any Hardware Wallet appeared first on Bitcoin News. View the full article