roadrunner

Belgium’s Financial Services and Markets Authority has updated the list of websites it says are cryptocurrency trading platforms showing signs of fraud. Twenty-one websites have been added to the existing list, bringing the total to 99 blacklisted sites. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 21 New Suspect Sites The Belgian Financial Services and Markets Authority (FSMA) made two crypto-related announcements on Friday. In addition to a new warning against cryptocurrency fraud, the regulator revealed: It has also updated the list of cryptocurrency trading platforms for which it has detected indications of fraud, adding 21 new suspect sites. This list now comprises a total of 99 websites. The agency elaborated that “this list is based solely on observations made by the FSMA on the basis of reports received from consumers. It, therefore, does not include all players that may be unlawfully active in this sector.” The list of 99 websites includes the 21 newly added sites: afaeu.com, bk-coin.com, capital-traders.com, cryptoallday.com, cryptonetto.com, cryptosafe.tech, dca-finance.com, elos-patrimoine.com, finances-markets.com, iminage.com, investissement-crypto.com, kryptonexlabs.com, kryptowize.com, london-exchange.net, lacentraledescryptomonnaies.com, parel-invest.com, positiva-ad.com, save-coins.com, tradabank.com, trade-my-bitcoin.net, and vip-brokers.com. The FSMA further emphasized that “there is no current supervision of online platforms active in the cryptocurrency sector.” FSMA’s Latest Warning In its warning against cryptocurrency fraud, the FSMA noted that the form of fraud varies such as involving “[the] purchase of cryptocurrencies, savings accounts based on cryptocurrencies, management agreements, ICOs, etc,” adding: In spite of prior warnings by the FSMA, cryptocurrency fraud continues to trap ever more victims in Belgium. The agency asserted that these fraudulent schemes make similar promises. They often involve “a very high rate of return,” the ease of withdrawing money, and “the funds deposited are guaranteed (often at 100%), which means that even if the market collapses, you will recover at least your initial investment, which makes this a very safe type of investment,” the regulator wrote. “All these promises are worthless, however: if an offer is fraudulent, the promises that accompany it are equally so.” In March, the Brussels Times reported that Belgian tax authorities had started hunting for cryptocurrency investors. “Anyone speculating on the cryptocurrency market must pay tax of 33% on gains made, and declare these within the section ‘miscellaneous income’ on their tax return,” the publication detailed. However, the tax authorities are facing challenges since “the management of cryptocurrency assets happens through impenetrable foreign trading platforms,” the news outlet conveyed. Early this month, news.Bitcoin.com reported that the number of crypto ATMs in Belgium is growing. What do you think of the FSMA’s warning and its list of websites showing signs of crypto-related fraud? Let us know in the comments section below. Images courtesy of Shutterstock and FSMA. Need to calculate your bitcoin holdings? Check our tools section. The post Belgium Adds 21 Websites to List of Fraudulent Cryptocurrency Trading Platforms appeared first on Bitcoin News. View the full article

Hong Kong-based cryptocurrency exchange Okex will delist 42 trading pairs on Oct. 31 for failing to meet its listing requirements. Tokens such as iconomi, read and prochain, all paired with BTC, have been cited as having “weak liquidity and trading volume.” Okex said the move will create “a robust trading environment.” Also Read: Visa CEO Plays Down Cryptocurrency, Indicates Possible Intervention Okex Is Cleaning Out Its Closet “Getting listed is not final. Maintaining good performance is the key to success,” Andy Cheung, head of operations at Okex, said in an email to news.Bitcoin.com on Friday, Oct. 26. “Housekeeping is necessary. Our utmost responsibility is to ensure a robust ecosystem for our projects to grow and the best trading environment for our users to experience.” Cheung stated: “We have to admit that there are projects and projects in the blockchain space, and some are underperforming against our expectations. That’s why we had to take some action to deal with this problem.” Okex is the world’s second largest digital currency platform by daily trade volume, with $470 million worth of coins traded in the last 24 hours, second only to Binance, according to data from Coinmarketcap. Currently, the exchange offers over 400 token and futures trading pairs including index trackers. Crypto Bear Market Fuels Tokens Purge The rout in global cryptocurrency markets this year has left hundreds of altcoins on the brink of collapse. Many are down by 90% or more from their all-time high, making them almost worthless in some cases. The latest purge comes barely a few months after 28 pairs were also delisted from Okex when they reached “delisting thresholds.” “Users should cancel their orders of the affected pairs from our platform. If your order is not canceled in time, the order will be canceled by the system and your asset will be credited to your trading account,” Okex cautioned, in a separate online statement. However, “only the trading pairs with weak liquidity and trading volume, but not the tokens themselves, will be delisted. We will strictly monitor all listed projects and implement the delisting/hiding mechanism for substandard projects when necessary,” added the exchange. Some of the affected tokens include naga, prochain, ipchain, maggie and travel, which are all either paired with BTC, ETH or USDT. Realchain, commerceblock, encrypgen, viuly, monetha, aventus, change and others will also be delisted. Okex indicated that the delisting of read token was voluntary. “Read token team has applied for delisting and we have accepted the application,” it said. “Once the token is delisted, our system will cancel all pending orders.” What do you think about the token purge at Okex? Let us know 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 Okex Cryptocurrency Exchange to Delist 42 Trading Pairs appeared first on Bitcoin News. View the full article

Some tin-foil hat conspiracy theorists believe government devised and built bitcoin as weaponized money to enslave the people. They think Big Brother made the technology to subjugate everyone, and that politicians are somehow benefiting from the technology. In an odd twist of logic, these people believe bitcoin represents a state-sponsored tool for control. Also read: Regulations Roundup: Shenzhen Court Recognizes Bitcoin, Coinbase Lawsuit Dismissed Bitcoin Was Built by Crypto-Anarchists Government did not create bitcoin as weaponized money. The opposite is true. Crypto-anarchists constructed bitcoin to undermine and destabilize governments. The exact creator of bitcoin is unknown. The individual’s pseudonym is Satoshi Nakamoto but it could also be a group of people. No one knows. However, we are intimately acquainted with the people who fleshed out the original blueprint for bitcoin. Cypherpunks like David Chaum, Timothy May, Eric Hughes, and Whitfield Diffie are responsible for declaring the vision for crypto. None of these people cared for governments. They were mainly anarchists who wanted to use dissident tech to uphold freedom, privacy, and anonymity. In A Cypherpunk’s Manifesto, written in 1993, Eric Hughes said, “We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.” Hughes continued: “Cypherpunks write code. We know that someone has to write software to defend privacy, and since we can’t get privacy unless we all do, we’re going to write it. We publish our code so that our fellow Cypherpunks may practice and play with it. Our code is free for all to use, worldwide. We don’t much care if you don’t approve of the software we write. We know that software can’t be destroyed and that a widely dispersed system can’t be shut down.” Characteristics of Bitcoin The characteristics of bitcoin are imbued with the aforesaid cypherpunk features. The fact governments cannot manipulate the circulating supply of bitcoin means they can’t defraud people through arbitrary hyperinflation. The fact bitcoin is peer-to-peer and censorship-resistant implies governments can’t freeze accounts, halt transactions, or steal money. These features attest to the purpose of the tech. Bitcoin’s characteristics are not something governments would purposely build into a currency to control people. Its features are antithetical to control. Why would government make a decentralized currency that does not support its agenda? Governments Could Be Co-Opting Bitcoin However, there is a major caveat. Governments did not build bitcoin or develop its features, but they may be trying to co-opt it. For instance, Bitcoin Core developers have neutered many of bitcoin’s anti-government features. They have striped away bitcoin’s digital signature architecture, and failed to scale the block size of bitcoin, turning it into a milquetoast technology. The Core development team and the company Blockstream initiated this questionable maneuver. Some people believe they are being funded by “globalists” and other big government cronies. One article claimed, “Blockstream is now controlled by the Bilderberg Group – seriously! AXA Strategic Ventures, co-lead investor for Blockstream’s $55 million financing round, is the investment arm of French insurance giant AXA Group – whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.” Jeff Berwick also commented on this issue in an older Dollar Vigilante article called “Bitcoin War Begins – Bitcoin Cash Rises 50% While Bitcoin Drops $1,000 In 24 Hours,” writing: Who owns Blockstream? Well, one of the main shareholders is insurance giant AXA. CEO and Chairman of both the Bilderberg Group and AXA are the same person, Henri de Castries. Yes, essentially, the person most in control of bitcoin development is the Chairman of Bilderberg; the place that I have gone for the last three years to expose from the outside! And, even one time, briefly, from the inside. I am not making any statements regarding the veracity of the above claims, as they hint at conspiracy themselves. What matters is that bitcoin’s cypherpunk features have been eroded for the purpose of control. Fact: central bankers put money into bitcoin. Then the code began to change, making transaction fees soar and confirmation times slow to a snail’s pace in late 2017. Satoshi’s Vision: Bitcoin Cash to the Rescue I still believe freedom-lovers can win. No one can stop the signal. The genie is out of the bottle and there is now a competing market of alternative coins. People can choose the money they love. This means Fedcoin is just another token in a vast market of currencies, and no one will consciously use coins that are inefficient or engender slavery. The more honest version of bitcoin — bitcoin cash — is now widely available for use. It is Satoshi Nakamoto’s original vision. It has expanded block size and super low fees. If cryptocurrency connoisseurs are going to succeed in their mission to thwart government, tools like bitcoin cash are going to be what they use to win. These are the crypto-anarchist tools that the early cypherpunks envisioned. So no. Government certainly did not build bitcoin. But if the community forgets its cypherpunk origins, politicians may subvert the tech and use it against us. Eternal vigilance in this ecosystem is mandatory for the preservation of privacy and freedom. Who do you think created bitcoin? Did the cypherpunks or government build it? Images courtesy of Shutterstock OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. The post Weaponized Money: Thoughts on the Creation and Control of Bitcoin appeared first on Bitcoin News. View the full article

In recent news regarding cryptocurrency exchanges, a member of the British Parliament has quit his role with a cryptocurrency exchange just four days after joining the company, analysts have estimated the daily volume of the over-the-counter (OTC) cryptocurrency markets to be $250 million, and Poloniex’s new terms of use have banned residents of Germany, China, Pakistan, Vietnam, and three U.S. states from accessing its platform. Also Read: Debunking Dr. Doom UK MP Joins Exchange as Adviser, Quits Within a Week Stephen Hammond, the former vice-chairman of the Conservative Party in the United Kingdom and current member of the Treasury Committee, has quit his job with cryptocurrency exchange Ironx after just four days. Hammond has purportedly been hired to “advise on government relations” – a role that would see him remunerated with 50,000 IRX tokens (valued at approximately $0.42 each) as compensation for his “two or three” days of work per “quarter.” Regarding his decision to leave the company so soon after joining it, Hammond stated that he “probably should have given it more thought.” After initially accepting that he would recuse himself of “inquiries into the crypto world,” Hammond claims to have surmised “that crypto is increasingly going to be a major part of the financial world and therefore it may well affect a number of Treasury Select Committee inquiries, and potentially, therefore, that might cause a greater conflict than I had first hoped it might. And therefore I decided, to avoid any conflict of interest and to avoid any embarrassment, that I should stand down from the advisory board.” Industry Insiders Discuss OTC Markets The 2018 bear market resulting in thin order books across major exchanges, many traders look to exchange significant size are believed to be trading via the over-the-counter markets. “The big deals have to go OTC. A lot of the exchanges limit the order size, so you have to break up your orders, and that’s just fatal,” stated Monica Summerville, director of fintech research at Tabb Group. Lucas Nuzzi, director of technology at Digital Asset Research, agrees, arguing that “for a lot of institutional investors, OTC is really the only way they can trade the most liquid assets.” Nuzzi indicated that Digital Asset Research estimates the daily volume on the OTC markets to currently comprise roughly $250M worth of trade. Frank Wagner, the co-founder of Invao, believes that a lack of sophistication in the means available for purchasing large quantities of cryptocurrency may be deterring institutional investors from entering the virtual currency markets. “Currently, some parts of the cryptocurrency industry are organizing six-figure trades over Skype and Telegram – very similar to how old-school Wall Street brokers and traders would call clients to bring buyers and sellers together. Clearly, this can’t be the most secure and effective way to execute these trades and may be a reason that many institutional investors are deterred from getting involved,” Wagner stated. New Poloniex Terms of Use Block Citizens of Several Jurisdictions Poloniex recently revised its terms of use, barring traders from several jurisdictions from accessing the exchange. The new terms of use took effect from the Oct. 18 for new customers and will come into effect one month later for existing accounts. The update states that Poloniex will no longer offer services to “Persons who have their registered office or place of residence” in China, Germany, Pakistan, Vietnam, the U.S. states of New Hampshire, New York or Washington, or “any other Restricted Territories” – which are defined as “Cuba, Iran, North Korea, Sudan, Syria, or any other country to which the United States, the United Kingdom or the European Union embargoes goods or imposes similar sanctions.” What do you make of the estimate that OTC trade produces $250M in volume daily? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia 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 Exchanges Roundup: UK MP Quits Ironx After Four Days, Daily OTC Volume Estimated at $250M appeared first on Bitcoin News. View the full article

Visa chief executive officer Alfred Kelly has said that cryptocurrencies are not a significant threat to his company’s electronic payments hegemony. He nevertheless indicated that the legacy financial intermediary may move into handling cryptocurrency if there is an incentive to do so. Also Read: Japan Approves Self-Regulation of Cryptocurrency Exchanges Kelly: Cryptocurrency More a Commodity Than Payment Instrument Speaking to CNBC Mad Money’s Jam Cramer on Oct. 25, Kelly said cryptocurrency is more of a commodity than a payment instrument as it stands. But, in the event that the technology gains traction as a payment system and becomes more like a fiat currency, Visa is willing to claim its stake. Alfred Kelly “We want to be in the middle … of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle,” Kelly said. The interview was given short shrift by cryptocurrency enthusiasts, sceptical of legacy financial institutions eyeing rewards from an industry they have always resented. To proponents of decentralized currencies, it is untenable that corporations such as Visa should be willing to scuttle the foundational ideas of censorship-resistant cryptocurrency just to get their share. Bitcoin was created to challenge the conventional financial system and return the ownership of money to the people, whereas Visa and Mastercard, essentially the traditional banks of the internet, uphold the status quo and support institutional alliances while earning billions of dollars from punitive fees. Credit and debit card providers generally charge fees that can rise to as much as 3.5 percent of every transaction. That compares with transaction fees of less than $0.10 for most cryptocurrencies, regardless of the amount transacted. Financial Giants Should Not Bring Institutional Baggage to the Cryptosphere Kelly’s indication that his company will move in if cryptocurrency becomes more of a fiat currency implies technological appropriation rather than a progressive vision. By pitching up middlemen in blockchain, the legacy institutions may bloat the cryptocurrency world with unnecessary costs and undermine the original vision of financial freedom and inclusion. Visa’s rival Mastercard has been more proactive in its involvement with the technology. The U.S. company recently acquired patent promises to allegedly reduce the confirmation time for cryptocurrency transactions from the usual ten minutes to nanoseconds through a mechanism that utilizes existing systems for fiat currencies. Such a mechanism is certain to be highly centralized and permissioned however, should it ever see the light of day. Mastercard is also supposedly looking to address security concerns by setting up refund services for cryptocurrency transactions. In spite of his company’s complicity in identical crimes, Mastercard CEO Ajaypal Singh Banga has criticized cryptocurrency for supposedly attracting criminals such as terrorists and money launderers. Like traditional banks, Mastercard and Visa have not shied away from handling money as an instrument of political control and from an overt ideological position. The case of Wikileaks founding editor Julian Assange, who began soliciting donations in bitcoin after his Mastercard and Visa accounts had been frozen, comes to mind. Instead of weaponizing money as an ideological prefect, politically agnostic cryptographic technologies facilitate financial freedom. It is vital that the financial giants such as Visa and Mastercard do not bring their institutional baggage to the blockchain, arriving late to shore up their profits and add further layers. As one bitcoiner tweeted in response to Alfred Kelly’s comments, “Sorry Visa, we’re deprecating the middle.” What do you think about the comments of Visa’s CEO? 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 Visa CEO Plays Down Cryptocurrency Threat, Indicates Possible Intervention appeared first on Bitcoin News. View the full article

In recent regulatory news, a Shenzhen court has ruled in favor of protecting an “equity transfer agreement” involving bitcoin, the judge presiding over a class action lawsuit against Coinbase has granted a motion to dismiss, and an Australian woman has been arrested for stealing 100,000 XRP following a 10-month investigation. Also Read: Regulations Roundup: SEC Considers Crypto Fund Criteria, South Korea Warns Investors Shenzhen Court Purportedly Recognizes Bitcoin “Equity Transfer Agreement” Chinese media has reported that a recent decision by the Shenzhen Court of International Arbitration has ruled in favor of protecting an “equity transfer agreement” involving bitcoin cash, bitcoin core, and bitcoin diamond. Weixin reports that although “China has not clearly defined the concept, legal attributes, and delivery of bitcoin based on blockchain technology at the legal and administrative level … at present … the arbitral tribunal affirmed the property attributes of bitcoin in accordance with the provisions of the General Principles of the Civil Law, the ‘Contract Law’ and the contractual agreement, and the principle of good faith and the arbitration concept of respecting party autonomy.” The court also found that the current lack of legal recognition of bitcoin as a currency in China “does not prevent it from being protected by law as a property.” The ruling has come less than a week after Xinhua News Agency reported that the Futian District People’s Court of Shenzhen had ruled that cryptocurrency investments are not protected by law. Coinbase Granted Motion to Dismiss Insider Trading Case Vince Chhabria, the United States District Judge presiding over a class action lawsuit filed by Jeffrey Berk over allegations of Coinbase insider trading, has granted the exchange’s motion to dismiss the case. The case was brought against Coinbase in March of this year, accusing the exchange of engaging in insider trading by allowing its employees to learn of its intention to support bitcoin cash, having publicly stated that it would be listing BCH in future. Chhabria dismissed the allegations, stating: “A reader of the Complaint is thus left wondering what Coinbase should have done differently, or why the rollout of bitcoin cash would have gone more smoothly had Coinbase done whatever Berk thinks is appropriate.” Australian Woman Arrested for Stealing 100,000 XRP After 10-Month Investigation A 10-month investigation into the theft of 100,000 XRP from a man in his 50s has led to the arrest of a 23-year-old Sydney-based woman. The stolen cryptocurrency, estimated to be valued at roughly $31,930 today, was misappropriated from the man’s account following the hack of his email in December. During mid-January, at the time the XRP was stolen, it was valued at approximately $319,000. Regarding the recently increased prevalence of opportunistic scammers seeking to harness distributed ledger technologies, Kath Anderson of the Australian Taxation Office recently stated: “Unfortunately, it was inevitable that scammers would target cryptocurrency given its current popularity and anonymity.” Do you think a Chinese court ruling in favor of recognizing bitcoin will grant cryptocurrency increased legitimacy in the country? 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 Regulations Roundup: Shenzhen Court Recognizes Bitcoin, Coinbase Lawsuit Dismissed appeared first on Bitcoin News. View the full article

After a slew of new applications released over the last six months, on Oct. 24 the software developer Unwriter published another platform for the BCH ecosystem called Bitsocket; a real-time application program interface (API) for Bitcoin Cash. Essentially Bitsocket compliments Unwriter’s Bitdb ‘pull’ based API with a ‘push’ based infrastructure for transactions on the Bitcoin Cash network. Also read: SEC Suspends Trading in Company Over False Cryptocurrency-Related Claims Unwriter Publishes a Bitcoin Cash Transaction Push API Called Bitsocket The developer Unwriter recently created a new application called Bitsocket, push notification infrastructure that can be integrated with real-time based Bitcoin Cash (BCH) applications. Unwriter explains in a blog post written on Yours.org, that even though Bitcoin has been around for almost 10 years developers couldn’t properly process, filter, and listen to transaction data in real-time. With Bitsocket coupled with Unwriter’s Bitquery, the protocol provides developers with this resource. “Bitsocket lets you subscribe to any pattern of real-time bitcoin transactions through Bitquery to build real-time bitcoin event-driven apps,” Unwriter’s Bitsocket documentation details. The programmer shows an example of a filter that listens to the transactions in real-time and how Bitsocket reconstructs the data into a digestible API format. However, Unwriter explains that a raw stream is “boring” and displays how much more robust the application can become when using Bitquery. Similarly to the raw linear bitcoin transaction format Bitdb 2.0 processes, Bitsocket does the same for incoming transactions in real-time. So instead of storing the data in the Mongo database, the platform runs a real-time in-memory filter and organizes the functions into an application specific event. Unwriter states: Each transformed event from the previous step is pushed to the corresponding application via SSE (Server-Sent Events) — The apps can be anything from a mobile app to a web app to a server-side app to a hardware device. Unwriter listening to a query for all incoming transactions to a specific address, then sending 0.001BCH to the address using Electron Cash, and Bitsocket instantly pushing the filtered transaction in real-time. Applying Bitsocket to Real-Time BCH Applications Following Unwriter’s product release, a developer by the name of ‘Paool’ used the Bitsocket platform to create a program called ‘React,’ a real-time BCH ‘watch address’ notifier. The open source React component is basically for watching transactions tied to a specified address. This allows users who deploy the program the ability to get live notifications for any bitcoin cash address. Paool says that the next thing to do is add callback support to the push notification protocol. Paool’s ‘React’ push notifications is powered by Bitsocket’s API. Unwriter has also used Bitsocket to create an application called ‘Memobutton,’ a platform that allows a user to post to the BCH-based social media platform Memo.cash using the Money Button. The developer says on Twitter that Memobutton can now be used in real-time due to being tethered to Bitsocket. Unwriter tested the Memobutton platform on Safari, Chrome, and Firefox, and the feed updates in real-time within all the browsers. Bitsocket is one of many Unwriter-created protocols as the prolific BCH developer has created a ton of Bitcoin Cash applications over the last few months. What do you think about Unwriter’s Bitsocket application? Let us know what you think about this project in the comments section below. Images via Bitsocket, Twitter, Paool, Github, and Unwriter. Need to calculate your bitcoin holdings? Check our tools section. The post Unwriter Launches ‘Bitsocket’ — A Push API for the Bitcoin Cash Network appeared first on Bitcoin News. View the full article

Sony has announced the development of a new type of cryptocurrency hardware wallet that uses its IC card technology. The Japanese conglomerate also said that it firmly believes in the potential for the commercialization and widespread adoption of blockchain technology. Also read: Blockchain Launches Hardware Wallet Secure Digital Assets Tokyo-based Sony, a household name for decades, is getting into blockchain technology and cryptocurrency solutions. Sony Computer Science Laboratories, a group subsidiary, revealed on Oct. 23 that it has developed a hardware wallet for digital assets. It said the new technology uses its IC card protocol, an application that facilitates high-speed communication with payment readers. The company said the card works in a “contactless” fashion because it uses “mutual authentication/encrypted communication” with the IC protocol. According to the documentation for the wallet, the company has developed and refined the IC protocol over the past few years. “The IC card type hardware wallet is small, portable and useful, unlike typical existing hardware wallets that connect to PCs via USB,” Sony said. “In addition, it is possible to securely generate and store a private key with a highly reliable tamper-proof module within the IC card.” Sony’s hardware wallet specifications Focus on Blockchain Solutions Sony said that the IC-based cards manage private keys for cryptocurrencies, but added that they also have other applications. The company is likely referring to a universal FIDO key (U2F) for platforms such as Google and Dropbox. “It is an infrastructure technology with multiple possible applications,” it stated, indicating that it believes in the future of blockchain technology and hopes to bolster such infrastructure with its own product offerings. Sony concluded by stating: Sony CSL will continue advancing initiatives towards the commercialization of its ‘cryptocurrency hardware wallet technology’ that allows for safe and secure transactions of digital assets including cryptocurrencies with the aim of furthering the widespread adoption of blockchain technology. Sony’s announcement is not the first time the Japanese corporation has expressed an interest in distributed ledger protocols. One week before its hardware wallet announcement, it revealed that it is developing a blockchain solution for digital rights management. And about a year ago, it filed a patent for a blockchain-based education platform with IBM. What do you think about Sony’s efforts to develop a cryptocurrency hardware wallet based on its IC card technology? Let us know what you think about this subject in the comments section below. Images via Shutterstock, Sony, and Sony Computer Science Laboratories. Need to calculate your bitcoin holdings? Check our tools section. The post Sony Develops ‘Contactless’ Hardware Wallet for Digital Assets appeared first on Bitcoin News. View the full article

In this edition of Regulations Roundup, we focus on the U.S. Securities and Exchange Commission’s (SEC) ongoing discussions with companies that are interested in setting up cryptocurrency funds. We also look at a recent warning by the South Korean financial regulator about virtual currency investments, as well as a call by the CEO of U.S. financial giant Circle for G-20 leaders to reach consensus on rules for cryptocurrencies. Also Read: Indian Court Gives Government Two Weeks to Submit Crypto Report SEC ‘Serious’ About Fund Proposals In a recent interview, SEC Commissioner Kara Stein said the regulator has been speaking to a number of undisclosed companies about the possibility of setting up cryptocurrency funds. She added that the regulator has been taking a “serious” approach to such proposals. “We actually released a staff letter not too long ago talking about some of the critical issues we will be looking at, which include valuation, liquidity, custody, and making sure that firms are thinking through how they are going to deal with all of those issues,” Stein said. However, she declined to say whether U.S. investors can expect to see a regulated cryptocurrency exchange-traded fund within the next year. “I don’t know the answer to that,” she said. “It’s all going to be based on facts and circumstances.” Stein explained that the SEC still needs to clarify a number of important regulatory considerations before any significant progress can be made. “Whatever fund presents a concept to us [will] have to show how they can get accurate valuations, despite sometimes volatile price swings, how they can make sure that there is physical custody, when necessary, how they can guarantee that there is adequate liquidity, especially in a 40 Act fund context, so that investors can get their money when they need to get their money,” she said. “So we’ll look at all of those factors and make a decision based on that particular fund and how its actually going to be able to handle those particular requirements.” South Korea’s FSA Urges Caution on Crypto South Korea’s Financial Services Commission (FSC) has published a public note cautioning potential investors who are considering seeking exposure to virtual currency funds. The regulator claimed that many investors are mistaken in believing that cryptocurrency funds are legal and regulated. It pointed to similarities between crypto funds and mutual funds as the reason for confusion among retail investors. The FSA said that in addition to being formally unregulated, cryptocurrency funds do not meet the requirements of the country’s Capital Markets Act. It therefore encourages investors to consult with the relevant authorities before investing. Circle CEO Calls for G-20 Consensus In a recent interview, Jeremy Allaire, the chief executive officer of Circle, has called for international consensus regarding cryptocurrency regulations. In particular, Allaire emphasized the need for agreement among the G-20 nations. “Ultimately there needs to be normalization at the G-20 level of critical crypto-related regulatory matters,” Allaire said. Allaire also urged regulators throughout the world to establish transnational norms regarding initial coin offerings. “When it comes to token offerings, how should they be treated? Which token offerings are securities, which are not?” he asked. “The trading venues — are they like spot commodity markets that need to have rules in place around market manipulation?” Do you think that U.S. investors will have access to a cryptocurrency exchange-traded fund within the next 12 months? 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 Regulations Roundup: SEC Considers Crypto Fund Criteria, South Korea Warns Investors appeared first on Bitcoin News. View the full article

In this edition of The Daily, we cover the U.K. Royal Mint’s decision to freeze a plan to issue digital gold tokens. We also look at a new Australia Post ID verification service, as well as a warning by the Maltese financial regulator about a cryptocurrency investment platform. Also read: AMD Takes a Hit, Johnny Depp and Wu-Tang Clan Enter the Cryptosphere Mint Scraps Virtual Coin Plan The Royal Mint has shelved a plan to issue digital gold tokens similar to so-called stablecoins. The move came after CME Group’s decision to pull out of an agreement to provide a trading platform for the project, as well as the U.K. Treasury’s refusal to approve plans to allow the coins to be traded on an undisclosed cryptocurrency exchange, Reuters reported, quoting multiple sources. The state-owned mint first announced the plan to produce up to $1 billion of digital gold coins in 2016. The intention was to provide investors with an alternative to buying and trading physical gold. The launch of Royal Mint Gold (RMG) was initially expected in the fall of 2017, but the mint later postponed the plan until spring of this year. However, CME — which has invested in fintech startups and recently launched bitcoin futures contracts — decided to walk away from the project, following changes in the U.S. exchange operator’s management team. Earlier this year, the Royal Mint attempted to save the RMG project by securing an agreement with an unnamed cryptocurrency exchange. However, the U.K. government reportedly blocked the proposed partnership on the grounds that it would be too risky. The Royal Mint said in a statement that it would revisit the plan “if and when market conditions are right.” Cryptocurrency Exchanges Adopt Australia Post’s Digital ID Service State-owned Australia Post is now offering a digital identity service that allows users to register with online platforms in minutes and verify their identities without uploading multiple documents. Several cryptocurrency trading businesses have already adopted the Digital ID service. Cameron Gough, general manager of the Digital ID project, said the technology gives people more control over the personal data they are expected to share with companies and other organizations. He said it could also appeal to investors who have thus far been reluctant to undergo certain verification procedures. “Most people hand over their driver’s license to prove they can legally go to a bar, but all that is needed is a name and birth date — not that information plus your full residential address,” Australian news outlet Micky quoted Gough as saying. The Digital ID team is currently working with Australian cryptocurrency trading startups Coinjar and Coin Loft. And Digital Surge, a Brisbane-based bitcoin exchange, has already integrated the technology into its platform. Josh Lehman, director of Digital Surge, said the service has allowed the company to sign up and verify new customers much faster than before. Digital ID is now available on the Apple App Store and Google Play. ‘Dubious Scheme’ The Malta Financial Services Authority (MFSA) has issued a warning about Primetradingbot, a cryptocurrency trading company that claims to legally operate from the crypto-friendly Mediterranean nation. The regulator said the online platform is not licensed on the so-called “Blockchain Island” and described it as a “dubious scheme.” “Although this entity purports to operate from an address in Malta, the MFSA does not believe this to be the case,” it said, as quoted by Malta Today. “The MFSA wishes to alert the public, in Malta and abroad, that Primetradingbot is not licensed or otherwise authorized by the MFSA to provide any investment or other financial services which are required to be licensed or otherwise authorized under Maltese law.” The regulator said that Primetradingbot offers what is advertised as a high-yield, bitcoin-related investment program. It warned about potential financial losses and has advised traders against dealing with the trading platform. What are your thoughts on today’s news tidbits? Tell us in the comments section below. Images courtesy of Shutterstock, Royal Mint. 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: Royal Mint Drops Digital Gold, Malta Issues Warning About Trading Platform appeared first on Bitcoin News. View the full article

Ellipal is one of the lesser-known names in the hardware wallet game. The Hong Kong-based company is on the rise, however, propelled by the success of its flagship device, “The Cold Wallet 2.0.” The smartphone-like device promises all the functionality of a Ledger or Trezor wallet, but without the need to ever connect to the web. Also read: Which Cryptocurrency Hardware Wallet is Best for You? Hot Property Hardware wallets (HW) are the new Walkmans. The pocket-sized devices are becoming ubiquitous, with companies as incongruous as Blockchain and Sony launching their own models. In an era of “de-gadgetification,” in which standalone devices are united into all-encompassing smartphones, hardware wallets buck the trend. They are devices that, unlike MP3 players and voice recorders, are compromised by being incorporated into cellphones. Smartphones can be lost or stolen, while security holes abound, often due to spyware-riddled apps. For the security conscious, physically separating a cryptocurrency wallet from one’s phone is the only safe option. For those who are paranoid about security, however, there’s an extra step that can be taken: separating the wallet from the web altogether. That’s the step that Ellipal have taken with their plainly named “The Cold Wallet 2.0.” The device claims to be “the most secure crypto hardware wallet.” Coming from a company that can’t even SSL its homepage, that’s a claim that should not be taken at face value. An investigation of the facts mercifully support 2.0’s boast to be highly secure, but it is impossible to rank it categorically alongside the likes of Ledger or Trezor. Unboxing the Ellipal The Ellipal, as we’ll refer to the device for the remainder of this review, arrives in packaging similar to that of a Ledger Nano S, complete with the obligatory tamper-proof seal. Inside, however, the device looks nothing like the sort of glorified USB sticks that normally pass as hardware wallets. Instead, it looks like this: That’s right, a cheap smartphone. The Ellipal cold wallet feels as cheap and plasticky as it looks. In fact, it resembles a child’s toy smartphone — the sort you might pick up in the bargain bucket of a Walmart for a couple of dollars. Appearances can be deceptive, however. Inside the device is all the circuitry you need for a cold storage hardware wallet, controlled via a color touchscreen and a single side-button. For all intents and purposes, this is a smartphone without the dumb internet connection. And the cheap feel of the device is actually perfect for what it’s designed to do. If you were to pull the Ellipal from your pocket in bars, boardrooms and coffee shops, there would be cause to take issue with the prominent bezel, thick profile and light weight. As it is, the HW will ideally never leave the sanctum where you’ve decided to stash it. And if it were to come fitted with a Gorilla Glass screen, all it would do is add a couple of hundred dollars to the $149 price tag, without any sort of improvement in security or UX. The cold wallet feels cheap then, but what’s inside is extremely expensive — the means to access your precious cryptocurrency. Getting Started I began by sending a bit of BCH from the Bitcoin.com Wallet to the Ellipal. Getting the device up and running involves a process that lies somewhere between setting up a new smartphone and a new hardware wallet. After popping the battery into the device and powering it up by pressing the side button, you’re prompted to run through a series of onscreen options, starting with language selection, followed by account creation. You can create a new BCH, BTC, ETH, or ERC20 wallet from scratch, or alternatively import an existing one. If you’ve gone for the former option, you’ll be asked to create an account name and password. The password length is capped at 12 characters which, while not a major security concern, seems an odd decision. Next, it’s mnemonic time. The Ellipal displays a 12-word seed and instructs the user to write it down and store it safely. After doing so, you’re forced to input the seed by placing the words displayed on screen in the correct order. I took this opportunity to try and memorize the seed, using the memory palace technique. My daughter and I competed to see who could learn the seed off by heart, and within a few minutes, we had it committed to memory, with the aid of a picture-rich story in which each word was laid down in a particular place along the trail. I also made sure to write down the mnemonic as a fail-safe against the fallibility of human memory. You should, too. The top BCH wallet resides on the Ellipal smartphone app. The second is on the cold storage device. It’s wise to obfuscate some element of this, perhaps by changing a letter in one of the words, or by reversing the order of the last two words. Alter the seed just enough so that any attacker who finds it and tries to input it will be stumped, but not so much that you’ll struggle to recall the correct order yourself when the time comes. Speaking of security, the decorative Ellipal sticker that comes with your HW shouldn’t be applied to your laptop or anywhere else that might alert others to your ownership of cryptocurrency, as with stickers produced by other HW manufacturers. One Box, Two Wallets The Ellipal, up until the point of creating a wallet on the hardware device, functions just like any other HW, albeit with the bonus of a convenient touchscreen. The cool part comes when you go to sign a transaction sent from the cold wallet using your smartphone. How exactly do you bridge the gap between an internet-connected device (smartphone) and a cold storage device? The answer comes in the form of QR codes, which each device can generate and the other can scan. For example, once you’ve installed the Ellipal app on your smartphone, you can connect the cold wallet by scanning a QR code generated by the HW device. This now grants the ability to view the balance of the cold storage wallet on your phone. However, to send a transaction from that wallet without connecting the HW to the web, you’ll need to cue up the transaction in the Ellipal smartphone app, whereupon it will generate an unsigned QR code. You then scan this code using the HW, which in turn generates a signed QR code that you then scan using your smartphone. The process sounds convoluted, but in practice it’s less arduous than it seems. For users who have no desire to scan multiple QR codes, there is the option of simply storing cryptocurrency in the Ellipal wallet within the smartphone app. But that defeats the whole purpose of having a separate cold storage device. All told, the Ellipal HW provides a fair trade-off between security and convenience. While there are hypothetical attack vectors by which an app could be compromised and used to send out a QR code instructing the HW to send cryptocurrency to an attacker’s address, it would require a highly sophisticated and precisely targeted attack to pull off such a feat. To all intents and purposes, the open-source Ellipal wallet scores highly for security. Its UX isn’t as refined as that of the market leaders, but The Cold Wallet 2.0 is a fairly priced addition to a crowded market, and one which stands out on account of its original take on cold storage. What are your thoughts on the Ellipal wallet? Let us know in the comments section below. Images courtesy of Shutterstock. 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 Review: Ellipal’s New Hardware Wallet is Separating From the Web Altogether appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. USDD – The world’s first dollar-backed and interest-bearing stable coin, with interest payments every 24 hours, will be officially released on October 31st by 55 Global Markets. The USDD value is 100% supported by a US dollar reserve, funds are held in trust for the benefit of tokenholders by PrimeTrust as trustee, a third-party trust company that has relationships with major US banks. Cohen & Company, a third-party independent accounting firm will conduct monthly examinations of management’s Trust Holdings Report in accordance with Statements on Standards for Attestation Engagements established by the American Institute of Certified Public Accountants. USDD supports highly efficient purchases and redemptions based on the 55 OTC market and DaoCoin infrastructure. Investors are eager to find a transparent and efficient stable coin, as they expect not only to reduce the risk of market volatility, but also to obtain interest on the hedged investments and maximize the use of funds. Based on this demand, 55 Global Markets has used the DaoCoin (www.daocoin.money) infrastructure to issue a transparent and efficient interest-bearing stable coin, the USDD. USDD has the following characteristics: Automatic payment of interest every 24 hours Once, every 24 hours, USDD interest is calculated and sent to the 55 wallet. 100% transparency with compliance supervision The USDD value is 100% supported by a US dollar reserve. The funds are held in trust for the benefit of tokenholders by PrimeTrust (www.primetrust.com) as trustee, a third-party trust company that has relationships with major US banks. USDD is issued by the European licensee 55 Global Markets, which is strictly regulated. Monthly Audits Cohen & Company (www.cohencpa.com), a third-party independent accounting firm will conduct monthly examinations of management’s Trust Holdings Report, to achieve third-party review of fixed assets. Truthful, effective and with 100% redemption reserves. Real time disclosure The official website, usdd.55.com will disclose the reserve fund’s balance and the number of tokens in circulation in real time. Users can check the balance of the USDD account, total interest, interest already distributed, etc. at any time; all information is 100% transparent. Highly effecient purchase/ redemption With 55 Global Markets, users can choose to quickly convert USDT to USDD with the one-button no-fee feature, or use the fiat currency to obtain or sell USDD from the 55 OTC market. The DaoCoin infrastructure also supports highly efficient redemption. 55 Global Markets measurement stable currency The USDD will be used as a measurement stable coin for 55 Global Markets platforms’ transactions with all tokenized assets and cryptocurrencies (including but not limited to BTC, ETH, FF, etc.) 55 Global Markets is a next-generation asset trading platform driven by blockchain technology. It established 6 sub markets facilitating exchange of various forms of token. 55 Global Markets target of transactions is not limited to crypto assets like BTC or ETH, it also diverts to pools of traditionally meaningful and broader liquidity, such as real estate, private equity, foreign exchange, precious metals and even individuals’time. Based on strength of cooperation with the partners, any third-party business organization or individual can tokenize their assets or interests in the physical world. They can then enter the 55 Global markets Blockchain Token Exchange (B -Site), Local Business Token Exchange (L-Site), Personal Token Exchange (P-Site), Forex Token Exchange (F-Site) , Stock Token Exchange (S-Site), Commodity Token Exchange (C-Site), conducting worldwide round-the-clock trading. Press Contact Email Address: media@55.com Supporting Link: http://usdd.55.com This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Debut of USDD – A Stable Coin That Pays You Interest appeared first on Bitcoin News. View the full article

India’s supreme court has brought up the case against the cryptocurrency banking ban by the Reserve Bank of India after one-and-a-half months of delay. The court has reportedly asked the government to submit a report of the findings from the committee it had set up to understand the crypto space and recommend regulatory measures. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Supreme Court Hearing The Supreme Court of India originally planned to hear the petitions against the cryptocurrency banking ban imposed by the country’s central bank, the Reserve Bank of India (RBI), on Sept. 11. After repeatedly postponing the case, the court finally brought it up on Thursday, Oct. 25. “The matter came up for hearing today briefly. So some progress in the case finally,” Nischal Shetty, the CEO of Indian crypto exchange Wazirx, told news.Bitcoin.com. He described: Supreme court has asked govt. to file an affidavit related to the findings of the crypto committee set up by them. They’re supposed to submit this within 2 weeks. He elaborated, “The government of India had set up a crypto committee previously to understand this space. The supreme court has asked the government to submit the committee report.” “We don’t know what the committee report contains as of now,” Shetty continued, adding that either the government will submit the report in court for all to see or they will “just inform the court about what they will be doing for crypto in India.” “So regardless, what we can expect is much more clarity about crypto from a government point of view. That’s a good step forward,” he concluded. The head of the committee, Subhash Chandra Garg, had previously said that the crypto guidelines would be ready in September. However, subsequent reports suggest that they will not be finalized before the year’s end. Crypto India Marches On The RBI issued its infamous circular on April 16, banning financial institutions under its control from providing services to crypto businesses. Soon after the circular was issued, a number of industry participants filed petitions against the ban, which went into effect in July. Banks subsequently closed the accounts of crypto exchanges. A number of local exchanges have come up with their own solutions to bypass the banking ban including exchange-escrowed peer-to-peer (P2P) services. Several of them claim they are seeing rapid growth in trading volumes on their P2P platforms. Last week, a major crypto exchange in the country, Unocoin, launched its INR deposit and withdrawal kiosk. However, police soon seized the machine and arrested two founders of the company, including the CEO. Meanwhile, Zebpay halted its exchange activities in India due to the banking problem on Sept. 28 and proceeded to set up operations in Malta. On Oct. 18, Silvio Schembri, Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, tweeted in response to the news of Zebpay moving to his country. “Welcome to #Malta. I look forward for the 1st of November for the Maltese regulators to start accepting applications for licensing.” What do you think of the Indian supreme court asking for the government’s crypto findings? Do you think RBI’s banking ban will be lifted soon? 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 Supreme Court Gives Government Two Weeks to Submit Cryptocurrency Report appeared first on Bitcoin News. View the full article

This rebuttal to Dr. Doom, AKA Nouriel Roubini, was written by Thomas Schouten, the Head of Marketing at Lisk. Schouten holds a Bachelor of Science in Business Administration and a Master of Science in Strategic Entrepreneurship from Erasmus University Rotterdam. Nouriel Roubini, a long time skeptic of cryptocurrencies, unleashed another wave of negative rhetoric recently, aiming to undermine the potential of the underlying blockchain technology. In a stunning piece, he referred to blockchain as “the most over-hyped — and least useful — technology in human history.” Also Read: Meet ‘Spedn’ — A Smart Contract Programming Language for Bitcoin Cash Roubini’s Hyperbolic Statements and Blockchain’s Ascendancy Unfortunately, the excessive and borderline hyperbolic statements go far beyond anything imaginable. A respected Professor and Economist, Roubini has let his inflammatory, irrational remarks mask some fair observations about the ever-evolving crypto space. The reality is, we are already witnessing blockchain technology begin to deliver new levels of innovation and efficiency to a host of different industries. But with any groundbreaking technology, development comes in intervals, not sustained surges. It’s easy to point a finger at the current crypto market and paint a picture of a sector in decline. But this is simply ill-informed. We are experiencing a maturing market, one in which quality projects are in the ascendancy, and scam projects being exposed. A Myth Propagated by the “Pseudo-Billionaires” The concept of decentralization, rooted at the core of blockchain technology is not a “myth propagated by the pseudo-billionaires”, as Roubini puts it. This is a movement that has captured the imagination of students across the world, passionate developers, critical thinkers, and a new generation of innovators who believe deeply in the principles of decentralization, transparency, and efficiency. I find it insulting to have my work, and the tireless efforts of my colleagues characterized by greed. Myself, and thousands of others operating in the wider blockchain and crypto ecosystem, have poured our hearts and souls into bringing our visions for a future based on decentralization to fruition. A future where individuals are empowered to bring real change to the world. Roubini Refuses to Debate Buterin Sadly, Mr Roubini has refused to engage in a debate with Vitalik Buterin, Co-Founder of Ethereum. As a seasoned economist who has held the position of senior adviser to the White House council of economic advisers and the U.S. Treasury, his credentials speak for themselves. But for someone who is so assertive in his beliefs about the crypto and blockchain space, it’s a shame to see him shy away from an opportunity for healthy debate, which is crucial to the growth of any sector. In March of this year, Roubini cast doubt on the prospect of major institutions tapping into the power of blockchain, and underlined that belief by recently suggesting the technology had “become the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed.” To the contrary. Many of the above groups, which, according to Roubini, are the enemy of the blockchain movement, are in fact pursuing blockchain innovation; and in turn, accelerating the ascent of the technology into mainstream society. Blockchain Development is Growing, Despite Roubini’s Arguments For example, there has been a prevailing sentiment within the European Commission that blockchain technology can be a mainstream enabler of innovation. In April, European Commission Vice President, Andrus Ansip opened the door for a mainstream blockchain revolution in Europe, identifying the technology as one of “the areas where Europe is best positioned to play a leading role.” That same week, 22 European nations came together to form the European Blockchain Partnership, geared towards promoting blockchain applications across the Digital Single Market and establishing a European Blockchain Services Infrastructure (EBSI) to support the delivery of cross-border digital public services. Legacy Finance Professionals Pivot, but have they all been Duped? The robust health of the space is further illustrated by the growing trend of high profile professionals redirecting their career trajectories towards the booming blockchain space. This trend has been highlighted again recently, following the news that Former White House Economic Advisor Gary Cohn has joined blockchain start-up Spring Labs. This follows similar career transitions, like that of former Head of Commodities at JP Morgan and now CEO of blockchain company Digital Asset Holdings, Blythe Masters. Have these esteemed professionals been duped by the “least useful technology in human history”, as Mr Roubini describes, or do they represent an expanding cohort of professionals inspired to bring the benefits of blockchain to the masses? I’ll let you decide. A recent quarterly index from Upwork identified blockchain development as the most highly coveted skill in the freelance job market, growing more than 6000% since Q1 last year. For too long there has been a chasm between supply and demand for proficient blockchain developers; but thankfully, the groundswell of momentum behind blockchain is now extending to educational institutions. Now, almost half of the top 50 universities in the world provide courses on the subject. Have Educational Institutions also been Tricked into Studying Blockchain Tech, Roubini? The blockchain education landscape in the United States has developed significantly over the past 12 months, with Stanford University offering ten different courses on blockchain technology and cryptocurrencies, while New York University now provides students with the chance to major in blockchain technology. In the UK, blockchain education initiatives are also springing up at a healthy rate. I suppose these elite institutions have also been tricked into exploring a useless technology, Roubini? One needs only examine the wider international blockchain space to gain a measured understanding of its current state, defined by a rapidly expanding jobs market, governmental exploration of the technology, education initiatives, and EU-wide partnerships. This doesn’t sound like a technology that is “collapsing and imploding in every possible dimension.” “Glorified Spreadsheet” or Revolutionary Tech? Roubini’s further description of blockchain as “a glorified spreadsheet” is an embarrassing encapsulation of a revolutionary technology. The space is maturing at a healthy pace, as hardworking and passionate teams around the world are laying the foundations for a sustainable blockchain and crypto ecosystem for the future. What do you think about Roubini’s arguments against technology? Do you have any other rebuttals to Dr. Doom? Let us know in the comments section below. Images courtesy of Revista ProActivo and Shutterstock. OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. The post Debunking Dr. Doom appeared first on Bitcoin News. View the full article

The popular cryptocurrency software provider Blockchain has announced the launch of a custom hardware wallet that is exclusively tethered to the company’s flagship wallet. According to the development team behind the new hardware wallet called Lockbox, the firm collaborated with the wallet manufacturer Ledger in order to create the design. Also read: SEC Suspends Trading in Company Over False Cryptocurrency-Related Claims Blockchain Launches a Hardware Wallet Called Lockbox The cryptocurrency and distributed ledger software provider Blockchain has announced the launch of a new hardware wallet called Lockbox. Launched in August 2011, the company has provided a variety of data services and a non-custodial wallet product that’s seen 29.5 million wallets created over the years. With the Lockbox hardware wallet, the device is fully compatible with the firm’s wallet software and users are able to benefit from both services. The well-known hardware wallet maker Ledger worked with Blockchain in order to create the wallet’s design and custom firmware. Lockbox is not compatible with other Ledger platforms like the Ledger Live application. “We’ve created an elegant software and hardware integration that offers more functionality than previously existed in our space. Peter Smith, CEO, and co-founder of Blockchain stated during the announcement. “We’re thrilled to offer the Lockbox to Blockchain users so they can easily manage their funds online and offline seamlessly.” The President of Ledger, Pascal Gauthier, also explained that these days stories about cryptocurrency hacks “continue to dominate headlines.” “It’s obvious that security must be top of mind for all stakeholders in the crypto space,” Gauthier emphasized. Additionally, being FIDO certified, the Lockbox device can be used as a secondary security key for Dropbox, Google applications, Github, and more. Similar to the Nano But Connects With Existing Blockchain Wallets Blockchain’s Lockbox is $99 and available for pre-order beginning on Oct. 25 and the company is accepting BTC, Paypal, Visa, and Mastercard for purchases. From the looks of it, the Lockbox is almost identical to the Nano. In contrast, the Lockbox is sized at 98mm x 18mm x 9mm but is blue with a Blockchain logo. The Blockchain Lockbox custom firmware is compatible with Windows (7+), Mac (10.9+), Linux or Chrome operating systems. However, just like the Ledger Nano, the application requires the owner to use Google Chrome or Chromium. A glance at the product’s webpage, the language suggests Blockchain believes the new Lockbox is a secure product that can go head-to-head with the competitors like Trezor and Keepkey. “Our dual chip architecture guarantees cryptographic protection so you can store your crypto worry-free. Your private keys stay protected behind your secret PIN,” the website states. Hardware wallet popularity has grown exponentially since last year’s bull run and the thousands of cryptocurrency thefts that took place over the years. 2018 has seen a few new entrants in the hardware wallet space such as the Coolwallet and the latest Ellipal wallet. The new Lockbox comes with all the standard items most of the others come with, including a USB cord, mnemonic phrase card, and instructions. Blockchain also has a Lockbox support web page created for those who want to learn about the setup process. The company says it takes only a few steps to connect an existing Blockchain wallet to the Lockbox device. What do you think about Blockchain launching a hardware wallet with custom firmware that works with Blockchain wallets? Let us know what you think about this subject in the comments section below. Images via Shutterstock, Pixabay, and Blockchain. Need to calculate your bitcoin holdings? Check our tools section. The post Blockchain Launches Hardware Wallet appeared first on Bitcoin News. View the full article

The House of Nakamoto, an Austrian project helping newbies enter the cryptocurrency world, has recently opened a new store in Amsterdam. Residents and guests of one of the most bitcoin-friendly cities in Europe can now learn about electronic money, get a starter kit with a hardware wallet and load it with digital coins. Also read: Robinhood Crypto Expands to Three More States Store Offers Services for Cryptocurrency Beginners The Amsterdam branch of the House of Nakamoto serves as an information center, a retail store for cryptocurrency-related products, and even houses an improvised Bitcoin museum. Visitors can learn the basics of cryptocurrencies and receive advice from qualified consultants, the German outlet BTC Echo reports. They can also buy their first wallet and purchase some cryptocurrency, including bitcoin cash. The offered starter kit includes a booklet with a comprehensive but easy to understand introduction to Bitcoin, a hardware wallet from Ledger and a bitcoin gift card with 15 euros worth of digital cash. The company also sells what it calls “bitcoin securities” that look like paper wallets with a bitcoin address and the corresponding private key. The House of Nakamoto was established in early 2017 in Vienna, another popular European tourist destination. Its main store is located in a busy shopping area of the Austrian capital. It’s advertised as a “retail store for bitcoin,” but the people behind the project say cryptocurrency enthusiasts and experts can use it to meet up and exchange views, ideas and knowledge. Both offices are equipped with cryptocurrency teller machines. The BATM in the store on 2 Führichgasse Street in Vienna is a buy-only device that supports bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), dash (DASH), and litecoin (LTC) with a daily limit of 15,000 euros, 5,000 per transaction. The one on Amsterdam’s 3 Oude Spiegelstraat is a two-way device that offers purchases and sales of the same cryptocurrencies and with the same limits. Amsterdam Expanding Its Cryptocurrency Infrastructure The Dutch capital is a popular destination, not only among tourists but cryptocurrency enthusiasts as well. Holland’s largest city, which is a leading financial center and home of the oldest stock exchange in Europe, is also famous for the Bitcoin Embassy which opened in 2014. It organizes cryptocurrency conferences, various other events and informal meetings of the crypto community. The venue welcomes cryptocurrency enthusiasts and entrepreneurs from around the world. Amsterdam has one of the most developed cryptocurrency infrastructures in the Benelux region. According to a report by Statista, it ranks first among Dutch and Belgian cities in the number of operational bitcoin ATMs, with 12 teller machines supporting a number of digital coins. In comparison, the second largest city in the Netherlands, Rotterdam, has two devices, and The Hague, the administrative capital, has only one. Cryptocurrencies enjoy growing popularity in a country where the fintech industry, including crowdfunding through coin offerings, is not heavily regulated. The Dutch Blockchain Coalition, which unites over 20 organizations, has announced it’s working on proposals for a comprehensive regulatory framework, while the country’s financial markets regulator has called for adopting common European rules. Do you think projects like the House of Nakamoto effectively promote the adoption of cryptocurrencies? Tell us in the comments section. Images courtesy of the House of Nakamoto. 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 House of Nakamoto Opens in Amsterdam appeared first on Bitcoin News. View the full article

On Wednesday, a developer called Tendo Pein announced the launch of a new smart contract programming language for the Bitcoin Cash network. Pein said “Spedn,” a BCH-based language, is designed for explicitness and safety while having a syntax similar to the C programming environment. Also read: BCH Devcon Streamlines Bitcoin Innovation in San Francisco High-Level BCH Smart Contracts Bitcoin Cash proponents have been introduced to a new smart contract programming language specifically designed for the BCH protocol. The developer Tendo Pein has explained in a recent blog post that one of the difficulties of programming smart contracts with Bitcoin is due to the Script language. Pein said Bitcoin’s Script is a stack-oriented language, similar to the Forth programming language and environment. But instead of giving up, Pein’s passion for the Haskell data processing syntax led the developer to start building Spedn. “Today, I’m pleased to announce Spedn — A high-level smart contract language for Bitcoin Cash,” Pein declared in his post. “It is designed for explicitness and safety, statically typed and detects many errors at compile time, explicitly typed with no guessing to what the expression is supposed to return. It is purely functional — free of side effects, the common source of bugs, and it has a familiar C-like syntax.” Spedn specifications. A Syntax Overview and Two Smart Contract Examples Spedn’s documentation is available for BCH developers to review and provide feedback. The specifications give a syntax overview, contract templates, lexical scopes, and more. Additionally, Pein’s work details math functions, hashing functions, cryptographic checks, and the command line interface for compiling. The Spedn documentation further gives developers a quick-start guide and a write-up on understanding Bitcoin Script. The specifications of Pein’s smart contract language also show examples of using it for zero-confirmation forfeits, a contract based on a proposal by BCH developer Awemany to secure zero-confirmation transactions. Another Spedn example is the Chainbet protocol, which was originally created by Jonald Fyookball. Chainbet is a BCH protocol that enables onchain betting in a decentralized manner. In Pein’s example, the developer said, “the flow of the bet consists of several steps that can be expressed in Spedn.” Jonald Fyookball’s Chainbet protocol expressed in the Spedn language Similar to the Ethereum network’s Solidity programming language, the Bitcoin Cash protocol now has a coding language that developers can work with that is specifically designed for BCH-based smart contracts. But the creator of Spedn emphasized that the project is still in its infancy as far as development is concerned. “Many breaking changes may come and it’s far from being an “out of the box” solution for smart contracts developers,” Pein added. The programmer is looking for contributors who can offer syntax ideas, code review, unit tests, and bug reports. What do you think about the Spedn programming language? Let us know your thoughts about this subject in the comments section below. Images via Shutterstock, Spedn, Twitter, and Pixabay. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Meet ‘Spedn’ — A Smart Contract Programming Language for Bitcoin Cash appeared first on Bitcoin News. View the full article

The “Tether Treasury’s” USDT wallet has rapidly risen up the ranks to become the top holder of the stablecoin, suggesting that some market participants may have managed to successfully withdraw their holdings from circulation. The removal of roughly 28.5 percent of the total number of Tether in circulation has coincided with a significant depletion in the amount of USDT held in two wallets separately owned by Binance and Huobi. Also Read: Bitcoin Cash Organizations Start Preparing for the November Hard Fork Largest Holdings Shift to Tether Treasury The Tether Treasury wallet has grown from being the fifth-largest store of the currency as of Oct. 7, when it held nearly 186.7 million USDT, to becoming the largest USDT wallet at present, with almost 916.7 million USDT. The growth of the wallet’s contents appears to have coincided with a 26.6 percent reduction in the contents of the largest of two wallets belonging to Binance. That wallet held the largest Tether balance of 808.7 million USDT as of Oct. 17, but is now ranked second with 593.6 million USDT. A wallet once identified as the largest Tether wallet, owned by Huobi, has also seen a significant reduction in its holdings. On Oct. 7, it was the second-largest store of the currency at 249.3 million USDT. However, as of this writing, the wallet holds just 29.18 million USDT, putting it at 12th place. Another Tether wallet owned by Huobi, currently the exchange’s largest, has not changed in value, with 209.5 million USDT. It has crept up the rankings of the biggest Tether wallets from fourth place to third place at present. USDT/USD Pairing Appears to Stabilize Following Capitulation Kraken’s Tether wallet, which was the seventh-largest on the list with almost 47.8 million USDT as of Oct. 19, now ranks ninth with 43.9 million USDT. Just 12 days prior, on Oct. 7, the wallet was the 22nd-largest holding on the list, with 21.6 million USDT. Recent sizable inflows to the Kraken wallet had sparked theories that a major Tether holder was contemplating a sudden exodus from the USDT markets, with Kraken hosting the strongest USDT/USD pairing by volume. While the wallet has since been depleted by nearly 4 million USDT, the price of Tether has remained relatively stable, ranging between $0.965 and $0.98 over the past week. Despite this, there were $11.25 million worth of unfilled cumulative USDT sell orders priced below $1.00 as of this writing, indicating that many market participants are willing to accept losses to liquidate their holdings. What is your response to the shifting holdings of the largest Tether wallets? 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 Tether Treasury Holds Nearly 30% of Total USDT Supply appeared first on Bitcoin News. View the full article

Tinseltown turns its gaze back to technology in “Trust Machine: The Story of Blockchain,” which opens on Oct. 26 at Cinema Village in New York City. However, unlike most popular media representations of the cryptocurrency revolution, Alex Winter’s new documentary film doesn’t dwell on the price of bitcoin or its frequently alleged ties to criminal activity. Also Read: The Daily: AMD Takes a Hit, Johnny Depp and Wu-Tang Clan Enter the Cryptosphere Political Implications A UNICEF team learning about blockchain technology (Trust Machine) The feature-length documentary, narrated by actress Rosario Dawson, does look at cryptocurrencies and related subjects such as mining. However, it mainly focuses on the political aspects of blockchain technology and why governments and the big banks fear it. It also looks at technological applications with potentially profound socio-economic implications, particularly those that are designed to help improve the lives of “unbanked” refugees, as well as individuals in countries such as Venezuela who might lack access to traditional financial services. The film primarily chronicles the story of Lauri Love, a British activist and computer scientist who was accused of hacking into computers to steal sensitive data from NASA, the U.S. Army and the Missile Defense Agency. He also faced potential extradition to the U.S. for his alleged involvement in a series of online protests that followed the persecution and untimely death of Aaron Swartz. Cypherpunk Roots Winter has built a name for himself as a director in recent years, even though he is still most widely known as the character Bill from the 1989 comedy cult classic “Bill & Ted’s Excellent Adventure.” Among other projects, Winter directed “Deep Web,” a 2015 documentary about Ross Ulbricht and the Silk Road marketplace. He also directed “Downloaded,” a 2013 look at the file-sharing phenomena. “I’m not a mathematician, or a cryptographer or a coder. I’m old enough to have totally come from the analog world, but became very involved and interested in the internet and technology in the ’80s,” Winter said. “I came to know a lot of people in that space like the cypherpunk community going back to the ’60s and ’70s, who had been trying to solve the problem that Satoshi, whoever Satoshi is, solved. I understood what the problem and solution were before I understood it as this thing called blockchain.” Winter said he was motivated to focus on Love because he likes to make films about people, but also about technology. “I think it creates a human face of the technological era we’re in, which is very paradoxical,” he explained. “Love really represents the cypherpunks of today. He’s brilliant, he’s contradictory, he’s contentious, he’s not an easy pill to swallow. You may not like him — it’s a question of how you respond to someone like that.” “Trust Machine: The Story of Blockchain” was co-produced by Singulardtv, Trouper Productions and Futurism Studios. Are you planning to go see this movie? 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 New ‘Trust Machine’ Blockchain Film Tackles Politics of Technology appeared first on Bitcoin News. View the full article

Today’s edition of The Daily showcases the impact of cryptocurrencies on the computer hardware business and the entertainment industry. Weak demand for graphics processing units (GPUs) in the cryptocurrency mining industry has hurt the quarterly performance of Advanced Micro Devices (NASDAQ: AMD), while movie star Johnny Depp and hip-hop legends Wu-Tang Clan have separately become part of the broader crypto-ecosystem. Also Read: Cryptocurrency Roundup App Gets $100,000 Shark Tank Investment AMD’s Stock Plunges on Weak GPU Sales AMD published its third-quarter financial results this week, recording a sharp decline in the sale of GPUs to cryptocurrency miners. The U.S. semiconductor manufacturer said its revenue fell by 6 percent quarter over quarter, sending its stock down as low as 22 percent on Wednesday, before eventually closing down 9.17 percent for the day. “GPU sales came in lower-than-expected based on excess channel inventory levels caused by the decline in blockchain-related demand that was so strong earlier in the year,” Lisa Su, president and chief executive officer of AMD, said in an earnings call with analysts. Devinder Kumar, chief financial officer and treasurer of the California-based chipmaker, noted for comparative purposes that blockchain-related sales of GPUs accounted for a “high-single-digit” percentage of third-quarter revenue in 2017. However, he described blockchain-derived revenue for the same period this year as “negligible” at best. Johnny Depp Partners with Tatatu Eccentric movie star Johnny Depp has signed a deal with a crypto company, according to the Hollywood Reporter. Depp is said to have agreed to develop and produce film and digital content in partnership with Tatatu, a self-described entertainment platform that incentivizes content consumption by offering digital tokens for views. Back in May, news.Bitcoin.com reported that the startup had started working on a biopic about famed Italian industrialist Ferruccio Lamborghini, starring Alec Baldwin. “Johnny has the ability to conceptualize material in a way that few can, and is unburdened of conventional industry formulas that dictate the projects that get made, traditionally,” stated Andrea Iervolino, founder of Tatatu. “As we make strides to embrace disruptiveness, Johnny will be a key collaborator with us and we are tremendously excited to back his visions and instincts on stories to bring to life.” Ol’ Dirty Bastard Coin A lot of eyebrows were raised earlier this year following claims that a token would be launched under the name of Ol’ Dirty Bastard, the late Wu-Tang Clan rapper. But now it seems that an ODB coin is really about to hit the market. The token presale, now listed on Alt Market, promises that supporters will receive free exclusive merchandise, inside information on upcoming events, and exclusive access to promotions and shows. “Crypto is very big. The blockchain is one of the biggest inventions of our time. And I don’t want to be out of the party, I want to come into the party,” said the rapper’s son, Young Dirty Bastard, according to All Hip Hop News. “I have a passion for capital.” What do you think about today’s news tidbits? 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 The Daily: AMD Takes a Hit, Johnny Depp and Wu-Tang Clan Enter the Cryptosphere appeared first on Bitcoin News. View the full article

The U.S. Securities and Exchange Commission (SEC) has suspended trading in a firm for making several false cryptocurrency-related claims. Among them are the firm’s partnership with an SEC qualified custodian, regulated cryptocurrency transactions, and tokens that are fully registered with the commission. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Trading Suspension The SEC announced on Monday that it has temporarily suspended trading in the securities of American Retail Group Inc. (ARGB) “for making false cryptocurrency-related claims about SEC regulation and registration.” Referencing ARGB’s two August press releases, the SEC described: The company [claimed it] had partnered with an SEC qualified custodian for use with cryptocurrency transactions that would be ‘under SEC regulations,’ and that the company was conducting a token offering that was ‘officially registered in accordance (with) SEC requirements.’ Formerly known as Resource Acquisition Group, ARGB is a Nevada corporation with stock quoted on OTC Link, a regulated alternative trading system owned and operated by OTC Markets Group Inc. According to ARGB’s filing with the SEC, “the company’s purpose is to seek, investigate, and … acquire an interest in business opportunities presented to it by persons or firms who or which desire to seek the perceived advantages of an Exchange Act registered corporation.” The firm is now also known as Simex Inc., after it acquired the Nevada-based company on May 16. According to ARGB, Simex has “developed and is commercializing a multi-functional online international digital asset management, investment and trading platform that is capable of buying and selling cryptocurrencies, tokens and conventional currencies.” No SEC Endorsement The SEC issued an investor alert earlier this month, warning about companies making false claims of its endorsements used to promote cryptocurrency investments. Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit, emphasized: The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering. The agency explained that under the federal securities laws it “can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.” Relationship Terminated American Retail Group issued a statement on Tuesday confirming that the SEC has suspended trading in its common stock from Oct. 22 to Nov. 2. The group explained that Prime Trust, the entity in its two August press releases, “stated that it is a ‘qualified custodian.’” ARGB admitted it now understood that the “statement was not intended to imply that Prime Trust was registered with or regulated by the SEC as the company incorrectly stated in its press releases,” noting: The company recognizes that the SEC does not endorse or qualify custodians for cryptocurrency or other forms of currency. The company has terminated its relationship with Prime Trust. Furthermore, ARGB declared that “it had not registered a public offering of any of its securities or a cryptocurrency with the SEC or any state regulatory authority as stated in its press release of August 22, 2018.” Vassili Oxenuk, the company’s president, stated his company still aims to “register an offering of a security convertible into a cryptocurrency for sale” with the SEC. However, he noted that registration is highly unlikely in the foreseeable future. “Given the inherent risk in cryptocurrencies and the uncertainty surrounding the future of cryptocurrencies, particularly in the United States, it would not be appropriate for the company to undertake such an offering,” he clarified. What do you think of American Retail Group’s claims and the SEC’s order? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post SEC Suspends Trading in Company Over False Cryptocurrency-Related Claims appeared first on Bitcoin News. View the full article

One week after Indian cryptocurrency exchange Unocoin announced the launch of its ATM, local police have reportedly seized the machine and arrested two founders of the company, including the CEO. Police say the machine was set up without approvals. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Several Items Seized Indian police have seized a recently-installed kiosk operated by Bengaluru-based cryptocurrency exchange Unocoin, the Times of India reported on Wednesday. The kiosk was reportedly located at Kemp Fort Mall on Old Airport Road in Bengaluru. It was launched on Oct. 15 as an automated teller machine (ATM). According to the police, the machine is “illegal as it had been set up without approvals,” the news outlet detailed, elaborating: Central Crime Branch sleuths seized a teller machine, two laptops, a mobile, three credit cards, five debit cards, a passport, five seals of Unocoin company, a cryptocurrency device and Rs 1.8 lakh [$2,458]. Founders Arrested The company’s 37-year-old co-founder, Harish B.V., was arrested on Tuesday in connection with operating the machine. Harish is being held in police custody for seven days, the publication noted, adding that “Cops said more arrests are likely.” Then, on Thursday, the Times of India reported that another founder, CEO Sathvik Viswanath, was also arrested. “Viswanath, 32, who lives in Tumakuru, was produced before a judge at his residence and remanded in police custody for seven days. Sleuths have seized a laptop and a cellphone from him,” the publication wrote. According to the News Minute, the Cyber Crime department of the Central Crime Branch told the media: The ATM kiosk installed by Unocoin in Bengaluru’s Kempfort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law. The Bangalore Mirror quoted Alok Kumar, a commissioner with the Bengaluru City Police, elaborating, “They did not have any licence from RBI [Reserve Bank of India], Sebi [Securities and Exchange Board of India] or any other agency to carry out the bitcoin transaction.” He added that the machine was also operated without any trade license from the BBMP, a branch of the government in the Greater Bangalore metropolitan area responsible for civic amenities and some infrastructural assets. Negative Media Reporting On Oct. 20, before the police seized its kiosk and arrested its founders, Unocoin tweeted: Our machine didn’t go well with few mainstream media reports who projected it under a negative light. The machine is still under final testing mode and it will be up and running in the upcoming week. The machine has been temporarily moved from its original place of installation. The mall management became apprehensive after seeing negative media reports, a Unocoin founder told the Times of India. “The reason for panic is because of fake videos on Kannada and English channels. Due to this, our kiosk is not operational. We’ve been trying to actively get these videos pulled down,” the news outlet quoted the founder describing. Unocoin’s ATM at launch (left) relabeled as a kiosk (right). Photo credit: Unocoin. The machine was originally labeled as an ATM. However, Unocoin has since changed its description to a kiosk. Cryptocurrency Not Illegal in India Viswanath previously explained that “it’s perfectly legal for Indians to buy, own or sell bitcoins,” the publication conveyed and quoted him saying: We got a lot of bad press after the finance minister announced a ban in February 2018. The minister’s statement was clear: cryptocurrencies are not legal tender in India. He did not say ‘illegal tender’. There’s a huge difference. India’s finance minister Arun Jaitley said in his 2018-19 budget speech, “The government does not consider cryptocurrencies legal tender or coin and will take measures to eliminate [the] use of these cryptoassets in financing illegitimate activities.” What do you think of the police seizing Unocoin’s kiosk and arresting the founders? Let us know in the comments section below. Images courtesy of Shutterstock and Unocoin. Need to calculate your bitcoin holdings? Check our tools section. The post Indian Police Seize Unocoin’s ATM, Arrest Two Founders appeared first on Bitcoin News. View the full article

On Wednesday, Oct. 24, Japan’s Financial Services Agency granted the cryptocurrency industry the authority to self-regulate. The approval means that the Japan Virtual Currency Exchange Association, a coalition of several registered digital currency exchanges, can now set rules for operational requirements, consumer protection, prevention of money laundering and employee ethics. The association will also enforce compliance. Also Read: HTC’s New Blockchain Smartphone Can be Bought With Bitcoin Self-Regulation to Help Regain Trust in a Market Marred by Hacks “With the acquisition of accreditation, we will continue to make further efforts to create an industry that you trust for everyone who uses virtual currency with [its] members,” JVCEA, the Japanese cryptocurrency industry association, said in a statement on its website. Exchanges in the Pacific Island nation are desperate to regain public trust after two major digital currency heists earlier this year. An unnamed senior Financial Services Agency official told Reuters: “It’s a very fast moving industry. It’s better for experts to make rules in a timely manner than bureaucrats.” Last year, Japan became the first country to regulate virtual currency trading platforms, as part of efforts to encourage technological innovation while safeguarding consumer assets. Exchanges must register with the FSA, and 16 have done so to date. But a succession of attacks by hackers has struck at the very heart of the Japanese cryptocurrency industry. In January, thieves made off with $530 million from the Tokyo-based exchange Coincheck, a hack rivaling Mt. Gox’s as one of the largest ever for cryptocurrency. Hackers also stole about $60 million from Zaif in September, an exchange owned by Osaka-based Tech Bureau Corp. The heists have forced the FSA to institute stringent legislative guidelines to help safeguard customer funds while sanctioning exchanges that fail to comply. Stricter Rules Under Industry Association Regulation Yuri Suzuki, senior partner at law firm Atsumi & Sakai, explained that the rules under self-regulation are much tougher compared with existing laws and will help regain public confidence. At the same time, “the self-regulatory body’s workload is likely to be heavy and there is an issue of whether it can secure enough staff with expertise in crypto exchange business,” she told Reuters. In an effort to strengthen the country’s digital currencies industry, where more than 160 companies have expressed interest in operating, the FSA on Wednesday published a set of guidelines for those applying to run cryptocurrency exchanges. According to local Japanese media, JVCEA, which has also proposed a 4x limit on margin trading with cryptocurrencies, is likely to implement measures that will set a ceiling on the amount of digital currencies that can be managed online in hot wallets. That ceiling is likely to be capped at 20 percent of customer deposits in the wake of recent hacks, reports say. What do you think about self-regulation in the cryptocurrency industry? 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 Japan Approves Self-Regulation of Cryptocurrency Exchanges appeared first on Bitcoin News. View the full article

Software developer Paul Sztorc revealed on Sept. 24 the launch of his first iteration of Drivechain, a sidechain concept that enables a cross-chain consensus validation system based on the proxies of miners. Since then, developers have created a faucet, block explorer, a script install, side-shift transfers, transaction replays, and another chain that resembles the Bitcoin Cash network. Also read: BCH Devcon Streamlines Bitcoin Innovation in San Francisco Developers Build Tools to Make Drivechain Projects Easier Over the last few weeks, a team of programmers has been working with the Bitcoin developer Paul Sztorc since he released the first version of Drivechain. The Drivechain model is essentially a sidechain, but unlike the Liquid sidechain that uses a federation of exchange participants for consensus, the Drivechain security model uses a miner-based escrow system. Andreas Brekken has built a lot of extension programs for Drivechain. Brekken tells news.Bitcoin.com there’s still a lot of work to be done, and he is learning a lot himself. Since the Drivechain project launch, the protocol has seen a lot of development, a slew of new features, and extension applications. Developers from all types of blockchain projects have been working with Sztorc on the official Github repository and a Drivechain Telegram channel. For instance, the programmer Andreas Brekken, the infamous guy who once controlled the largest node on the Lightning Network, has developed a toolkit for people getting started with Drivechain. “The toolkit makes getting started with Drivechain Testdrive easier and more fun,” explains Brekken’s repository. The Sideshift.ai platform. The toolkit Brekken created has a faucet which disperses free Drivenet coins so users can test the Drivechain system. Then there’s a protocol called Sideshift.ai which allows Drivenet coins to be swapped between any chains. For a 1 percent fee, Sideshift will convert a specific sidechain coin to Drivechain mainnet coins without waiting. There’s also an auto-installer Brekken created, which automatically installs Drivechain with sidechains on Ubuntu Linux operating systems. Another useful tool is the transaction replayer called ‘Driveby,’ a protocol that replays BTC transactions on to the main chain. Then there’s a set of block explorers for the Drivenet (mainchain), sidechain one, and the payments sidechain. In addition to Brekken’s help, many developers have been contributing and discussing the Drivechain project via the group’s Telegram channel. Andreas Brekken’s Github repository for Drivechain extensions. The ‘Boring’ Chain and the Competitive Chain Speaking with news.Bitcoin.com, Brekken says that at the moment, the Drivechain project is in earliest testing phase and there are a lot of kinks to iron out before mainnet work can begin. Following the toolkit launch on Oct. 22, Sztorc revealed to his Twitter followers that Drivenet now has two sidechains. “Sidechain One, a boring copy of Bitcoin Core, for testing purposes only, and Paychain, a Bitcoin ABC-like chain, to compete with BCH,” Sztorc details. “ABC describes where the BCH are — This sidechain software, ‘Paynet’, describes where its paynet-Bitcoin are — And it does so following [mostly] the same consensus rules as ABC,” Sztorc explains. “Basically, it has some edits to support larger blocks.” Paul Sztorc. Sztorc also spoke with news.Bitcoin.com regarding the recent development and enthusiasm toward Drivechain. The developer explains he’s been pleased with everyone contributing and offering ideas. “It has been really great,” Sztorc details. “I never thought we would have all of this stuff — faucet, block explorer, and the ‘Sideshift’ service — so quickly. This software was produced by basically one guy, working from mid-2016 to mid-2018. In that time we’ve managed to solve the industry’s key problem: consensus disputes. These disputes led to consensus-disabling phenomena such as Altcoins or hard forks. And these disputes are the key driver of the blocksize debate, the extreme polarization and nasty debate, the rise of misguided projects (such as Ethereum and private blockchains).” Sztorc further explains that the software allows for an unlimited number of safe, optional, and ignorable blocksize increases. “It also makes substantial progress on the ‘Bitcoin’s long run hashrate security without inflation’ problem, and it even makes it easier to run a competitive pool,” the Bitcoin developer adds. Sztorc concludes by stating: The only new security assumption is that: what is true of the one popular chain will also be true of a few smaller chains — That’s almost as good as it gets. The influx of Drivechain development also follows the recent launch of Blockstream’s sidechain product, Liquid. However, the sidechain has come under scrutiny for being centralized by quite a few members of the cryptocurrency community. This has sparked a debate over whether or not federated sidechains are better than drivechains that utilize miners for consensus. The Drivechain store. In addition to the group of programmers from both BTC and BCH development camps helping Sztorc with the Drivechain protocol and extensions, there’s also a Drivechain ‘propaganda’ merchandise shop called the Drivechain store. The store is similar to the e-commerce site that sells UASF hats and bottles of water that wield the Liquid logo. The Drivechain store also sells apparel, jewelry, home decor, and accessories for enthusiasts who just might be obsessed with the sidechain protocol. What do you think about all the development surrounding the Drivechain project? Let us know what you think about this protocol in the comments section below. Images via Shutterstock, Twitter, the Drivechain store, and Github. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Drivechain Project Sees an Influx of Development Since Launch appeared first on Bitcoin News. View the full article

On Oct. 24, the community-driven Bitcoin Cash Association announced a new initiative where $1,000 worth of bitcoin cash will be sent to the two Eatbch campaigns in Venezuela and South Sudan every month. According to the nonprofit, the $1,000 will be divided between both organizations in order to help the Eatbch crew provide a solid foundation of generosity. Also read: Circle’s USDC Stablecoin Added to Coinbase The BCA Organization Will Donate $1K per Month in BCH The Bitcoin Cash Association (BCA) has announced the organization will begin funding the Eatbch charities every month. There are two Eatbch-associated groups helping the citizens of Venezuela and South Sudan acquire food by using the proceeds from bitcoin cash donations. Since the project’s inception, the effort has grown from one country to two. Multiple times a week, men, women and children are given nourishment from the Eatbch team. BCA says they are in “close contact” with the Eatbch project and the organization says they are aware of the financial hardships the organizers face. “Starting now the BCA will support the EatBCH initiative with $1,000 per month in funding to go towards helping feed people that are most in need — The $1,000 will be split evenly between the Venezuelan and South Sudanese parts of the project,” the BCA announcement details. The BCA team continues: We hope that this funding can provide a solid foundation that they can rely on. This will also have a direct impact on adoption in these areas, especially as the projects develop further relationships with suppliers that accept BCH as payment, and therefore aligns fully with our goal of global adoption. Eatbch Venezuela. A Financial Records Plugin and Other BCA Initiatives The BCA is also asking other major players within the BCH community to help match this initiative. Alongside the request, the nonprofit details that it will “happily connect” any company with the Eatbch organization. Additionally, the BCA states they are looking into a plugin for the Electron Cash wallet that will help the Eatbch administrators with its financial records. The BCA team states that the plugin will be open source and anyone is free to use the software. Eatbch South Sudan. So far, the BCA team says the organization has been supporting a bunch of other BCH projects as well including helping 110 BCH meetups in over 40 countries. The nonprofit has also funded BCH advertising and has been spreading adoption in countries like Venezuela, Colombia, and Mexico. Funding the Eatbch project in South Sudan and Venezuela for $500 worth of BCH per month apiece goes a long way in these countries suffering from economic hardships. What do you think about the BCA nonprofit funding Eatbch for $1,000 a month in bitcoin cash? Let us know what you think about this effort in the comments section below. Images via Pixabay, Eatbch, and the BCA logo. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Bitcoin Cash Association to Fund Eatbch Charity in $1,000 BCH per Month appeared first on Bitcoin News. View the full article