roadrunner

The Robinhood Crypto app now supports bitcoin cash (BCH) and litecoin (LTC) trading. Thanks to adding the cryptocurrency service, the app has achieved rapid growth and is now boasting a user base of 5 million people, up from just 3 million before. Also Read: Bitcoin in Brief Thursday: Crypto Phones, Spy Games, Binance CEO vs Vitalik BCH and LTC on Robinhood Robinhood Financial LLC, the Palo Alto-headquartered US stocks brokerage app, has announced today that it added support for trading two new cryptocurrencies to its trading app. bitcoin cash (BCH) and litecoin (LTC), which were previously just tracked. The two cryptocurrencies are now available for live trading on Robinhood Crypto alongside the previous two options, BTC and ETH. The company stated that: “Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum. We’re happy to share that starting today, you can buy and sell Litecoin and Bitcoin Cash, commission-free.” From Three to Five Million Users Robinhood Crypto is currently available in seventeen states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI. And the company revealed that it plans to further expand its cryptocurrency offerings and also add support for coin transfers. Besides the four coins that the company’s cryptocurrency trading service now supports, Robinhood also offers market data on a total of sixteen cryptocurrencies including bitcoin core, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk, and dogecoin. The addition of Crypto seems to have really paid off for the company in terms of growth. Before it’s digital currency services were announced in January, Robinhood had an estimated user base of only about 3 million people and now it gained 2 million more. The company said: “Thank you for all of your enthusiasm and product feedback, especially over the past several months. Together, we’ve reached over 5 million people across the entire Robinhood platform, and we look forward to sharing Robinhood with millions more so everyone can participate in the financial system.” Are you looking forward to trading BCH and LTC with the Robinhood Crypto app? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Robinhood. 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 Robinhood Crypto App Adds Bitcoin Cash and Litecoin Trading appeared first on Bitcoin News. View the full article

On the last week of June, the cryptocurrency company, Purse.io, announced the platform’s bitcoin cash (BCH) integration, alongside a ‘cashback’ promotion. The Bitcoin.com team has always been fans of Purse because it allows bitcoin users to save 20 percent or more shopping on Amazon. So we’ve collaborated with the Purse team and now Bitcoin.com Wallet users and Bitcoin.com Store customers can get $10 bucks worth of BCH for registering through our referral links. Also read: Meet Bitcoin.com’s Cryptocurrency Market Cap Aggregator — Satoshi Pulse Purse.io and Bitcoin.com Partner to Save People Even More Peer-to-Peer Cash The firm Purse.io is a cryptocurrency fueled platform that provides significant discounts for virtually any product sold on the giant marketplace Amazon. Essentially Purse users simply choose any product they want to purchase and then select a discount of say 5 percent or they can shoot for a deeper discount between 15-20 percent. Purse helps bridge the gap between two markets; those who have Amazon cards but would prefer money, and those who want bitcoin cash but are willing to pay with a discounted gift card, or reversible credit card payment for a small premium. In essence, because of the collaboration between these two markets Purse users facilitate Amazon discounts in a peer-to-peer fashion and leverage the benefits of cryptocurrencies at the same time. Sign Up for Purse.io Today and Get $10 After Your First Purchase Now that Purse has built bitcoin cash (BCH) support that enables users to save a lot more money on transaction fees, we’ve decided to celebrate the BCH addition with a collaborative partnership. Click here to get $10 at Purse.io after your first purchase. Bitcoin.com Store and our wallet users will notice a Purse.io banner that they can use to register at Purse and through our referral link registrants will be given $10 after completing their first purchase. This means an individual could shoot for a 20 percent discount on something they really want, alongside saving even more money with the BCH network fee and then, on top of that, they’ll get an additional $10. So if you are shopping around on the Bitcoin.com Store, looking for some cool crypto-infused swag, and you see the Purse banner — Give it a click and head on over to register at Purse so you can get a big discount shopping at Amazon and $10 cash. Moreover, the 2.4 million Bitcoin.com Wallet users will be offered the same Purse promotion when using our lightning fast wallet for Android and iOS. Have you tried Purse.io yet? Let us know your Purse.io experience in the comment section below. We’d love to hear about it. Images via Purse.io, Bitcoin.com, and Shutterstock. Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action! The post Bitcoin.com and Purse.io Bolster BCH Spending Giving New Shoppers $10 appeared first on Bitcoin News. View the full article

KYC for crowdsales was meant to add oversight and legitimacy to a largely unregulated space. Instead it’s left investors susceptible to data breaches, identity theft and blackmail. Given the hazards, it’s understandable that some ICO investors have resorted to buying fake ID. Also read: A BCH Fueled Version of Patreon is Coming This August KYC Has Created a Thriving Black Market for Fake IDs Buying fake ID is a rite of passage for teenagers desiring to be sold alcohol. But a new market for fake ID has sprung up on the web, whose buyers crave nothing more illicit than admittance to the latest crowdsale. Know Your Customer (KYC) requirements, which are now widespread, were designed to screen out US and Chinese investors, and to dispel the notion that ICOs are unregulated. But rather than bolstering the industry’s reputation, they’ve created an unholy mess. A typical Telegram message offering fake ID Dedicated Telegram channels specialize in the buying and selling of fake IDs, complete with all the tools an investor needs to pass crowdsale KYC: passport scan, selfie, scanned bank statement; the works. Usually sourced from Russia, these can be bought for as little $50 – and it’s not just Americans and Chinese who are buying them. Investors who reside in countries that permit ICOs have also been snapping up fake IDs as a means of protecting their own identity. Blackmail, Data Loss and Doxxing With 80% of this year’s ICOs trading below their public sale price, investing in crowdsales is a risky businesses. Throw in mandatory KYC, and those risks are significantly heightened. A number of projects have been compromised through the hacking of the third party handling their KYC, while others have had their mailing list leaked. In each instance, investors have been susceptible to being doxxed, and there have been reports of blackmail. Once hackers have obtained the email addresses of investors, they will either attempt to socially engineer them; sell the addresses on the black market; or claim to have filmed the victim watching online porn, threatening to send the video to their friends and family if they don’t pay a ransom. Given these hazards, purchasing a fake ID to pass KYC seems like the lesser of two evils. Tezos forcing KYC on its community one year after they’d invested, essentially holding their tokens to ransom, has further fueled the demand for fake IDs. Most cryptocurrency investors accept, albeit reluctantly, that KYC is a requisite for trading on centralized exchanges. The case for forcing KYC on crowdsales is harder to justify. Given the hassle and hazards involved, it’s no wonder many investors prefer to wait and pick up tokens on IDEX, where there’s no verification and coins can often be bought at half the price. Do you think KYC makes crowdsales safer or riskier? Let us know in the comments section below. Images courtesy of Shutterstock, and Telegram. Need to calculate your bitcoin holdings? Check our tools section. The post Crowdsale KYC is Fueling a Black Market for Fake ID appeared first on Bitcoin News. View the full article

In today’s edition of Bitcoin in Brief we cover the development of two upcoming crypto phones, the involvement of cryptocurrency in cyber spy games, and why the Binance CEO came out against Etherum-founder Vitalik Buterin. We also cover the latest case of cryptojacking, this time inside a popular video game client. Also Read: Malta-Based Company Launches New Euro Backed Stablecoin, EURS Crypto Phones New details about two upcoming blockchain phones have come out in recent days. HTC, the Taiwanese company which is developing Exodus, has announced it is partnering with Cryptokitties to incorporate the game in its mobile devices. “This is a significant first step in creating a platform and distribution channel for creatives who make unique digital goods,” the company stated. “Mobile is the most prevalent device in the history of humankind and for digital assets and dapps to reach their potential, mobile will need to be the main point of distribution. The partnership with Cryptokitties is the beginning of a non fungible, collectible marketplace and crypto gaming app store.” Sirin Labs, which is designing the Finny in Israel, has revealed that the final design of the device contains a “Safe Screen”. The standalone screen that functions on dedicated firmware is meant to independently verify that wallet transactions are being sent to the correct addresses, allowing users to verify they’re not being tricked by malware or hackers. Zvika Landau, Co-CEO, said: “We’ve been working around-the-clock to provide our users with a multi-layer cyber protection suite to guard them against network attacks, host attacks, and malware fishing. The secured layers, combined with our revolutionary “Safe Screen” and the ultra-sleek design, enable us to offer our users comprehensive levels of cyber protection. This truly remarkable combination of protection, software, and the design of the phone, cohesively transforms the mobile environment into one that is secure enough for cryptocurrency transactions.” Spy Games And in other news from Israel, authorities have revealed the arrest of a 38-year-old man who tried to sell stolen software code for $50 million in cryptocurrency on the dark web. The man was an employee of the cyber espionage firm NSO Group and allegedly decided to steal the highly sensitive material after he was called for a hearing, which is a preliminary step before getting fired. The company, which officially provides “authorized governments with technology that helps them combat terror and crime,” is mostly known for developing the Pegasus iPhone spyware which was called the “most sophisticated” smartphone hack ever when it was publicly discovered. State Attorney’s Office stated that “the accused committed these crimes out of greed, despite knowing, even if he shut his eyes from seeing it, that his crimes might damage state security and lead to the collapse of a firm employing 500 workers.” CZ Defends Centralized Exchanges After Vitalik Slam A few days ago we reported that Vitalik Buterin has expressed a deep hatred for the particular business model at the heart of the current crypto trading ecosystem. “I definitely hope centralized exchanges go burn in hell as much as possible,” he said. A particular issue the Ethereum founder raised was how the centralized platforms can extract up to $15 million from projects that want to list their ICO tokens. Now, Binance CEO Changpeng Zhao (CZ) has responded to publicly defend his industry. CZ core argument is that without centralized exchanges the field will develop ten times slower and will be ten times smaller. He additionally attacks the claim that decentralization is always better. Got asked a few times, re: “Vitalik’s burn in hell”. Let’s not wish others to “burn in hell”. Let’s have a bigger heart, and appreciate the fact that we are part of an eco-system… pic.twitter.com/4QYGKus0Gk — CZ (not giving crypto away) (@cz_binance) July 10, 2018 League of Legends Cryptojacking Garena, an Asian consumer Internet platform which distributes the game League of Legends among others, has acknowledged that its client in the Philippines has been infected with the Coinhive crypto miner after gamers exposed the matter on Reddit. The company stated that: “there was an unauthorized modification of the League of Legends PH client lobby where a certain javascript code was inserted. This code performs blockchain mining on affected computers, which consumes CPU resources from these computers. Apart from increased CPU usage, extensive analysis from our security engineers has determined that there is no other impact on affected computers. Our security engineers have removed this javascript code and ensure that all users, including those who were previously affected, will no longer encounter this issue. We treat security matters with utmost priority and sincerely apologize for this incident, and for the inconvenience you have experienced.” 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 Bitcoin in Brief Thursday: Crypto Phones, Spy Games, Binance CEO vs Vitalik appeared first on Bitcoin News. View the full article

Just recently a team of programmers announced the creation of a ‘Bitreon.cash,’ a platform that aims to be similar to the popular membership application, Patreon. This particular platform, however, will be censorship resistant and powered by bitcoin cash (BCH) payments. In order to fund the protocol, two developers have raised 47 BCH so far out of their 100 BCH goal; the funds will be used for marketing Bitreon. Also Read: Akari Launches BCH-Powered Micro-Site Builder for Crowdfunding Bitreon.cash Aims to Launch a Patreon-Like Platform Powered by Bitcoin Cash Patreon is a platform designed by Jack Conte and Sam Yam in 2013, and the membership service provides users with business tools so creators can design a subscription content service. Over the years the service has become very popular and is used by podcasters, Youtubers, artists, musicians, and cryptocurrency luminaries like Andreas Antonopoulos use the service. However, Patreon has its downfalls because it’s a centralized service and the web portal has censored things like adult content. Moreover, the protocol does not allow bitcoin payments for reasons tied to filing with the IRS, the Patreon Zendesk details. So, two developers Jimmy Birer the creator of Cashflow.fm and the React wallet, alongside a front-end engineer named, Maciej Bowkorski, plan to launch a functional Bitreon.cash on August 1. The development team plans to deliver the complete Bitreon application on September 1. Bitreon.cash has also released the project white paper which details how the platform will function in a decentralized fashion and utilize BCH. “With Patreon disabling cryptocurrency payments, we see an opportunity to create a Bitcoin Cash membership platform that brings complete freedom and control to content creators and their subscribers,” explain the developers of Bitreon. “The security of payments (no fear of chargebacks) alongside the anonymity and the privacy offered by bitcoin cash and the Bitreon platform will make it possible for creators to reach their maximum creative potential and the subscribers to enjoy the best their favorite creators can offer.” We’re aiming to make Bitreon.cash the most popular content membership platform on the Internet, making bitcoin cash adoption skyrocket and enable people to earn all over the world. Zero Censorship, Smart Contracts, Bitcoin Cash Payments and Free Speech The Bitreon developers say there will be many benefits to using the decentralized application over a centralized service like Patreon. For instance, there will be an Electron Cash plugin so people can get recurring payments. Bitreon will also be smart contract based by utilizing Nchain’s new SDK Nakasendo. Additionally, people can register anonymously and be paid without sharing identification. “We impose zero censorship and terms for the content you share and will always defend your right to free speech,” explains the Bitreon developers. With 47 BCH ($34,515 USD) the Bitreon team is well on its way to raising the 100 BCH ($72,922 USD) for marketing the project to new users. Once the functional Bitreon application is released into the wild this August, news.Bitcoin.com plans to review the platform after launch. What do you think about the Bitreon.cash concept coming to the Bitcoin Cash network? Let us know in the comment section below. Images via Shutterstock, and Bitreon.cash. Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action! The post A BCH Fueled Version of Patreon is Coming This August appeared first on Bitcoin News. View the full article

Canadian cryptocurrency exchange Coinsquare has announced its plan to enter the Japanese market pending approval by the country’s financial regulator. The new exchange will be launched under the Dlta21x brand. It will focus on Japan initially but has plans to expand into other Asian markets. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Coinsquare Launching in Japan Coinsquare made two announcements on Tuesday. One is the official launch of Coinsquare Licensing to “enable domestic and international businesses to offer a digital currency trading solution powered by Coinsquare’s technology.” The company also revealed that it has already partnered with some businesses in the EU and Canada to launch white-labeled platforms. The other announcement is its plan to enter the Japanese market using Coinsquare Licensing. The launch will be in collaboration with Dlta 21 Blockchain Corp (Dlta21), formerly Protos Blockchain Corp. According to the companies: The new trading platform is to be launched under the Dlta21x brand name after receiving all required regulatory approvals in Japan. Founded in 2014, Coinsquare offers the trading of BTC, BCH, ETH, LTC, DOGE, and DASH. The exchange claims to be “Canada’s most secure digital currency trading platform,” with a “95% cold storage policy on all digital currency.” The company also owns Coinsquare Mining with operations in Québec. Dlta21 is a venture capital firm focused on blockchain startups. The company invests in “early-stage distributed ledger technology startups” and manages “a cryptocurrency trading operation backed by advanced quantitative algorithms,” its website describes. International Expansion The two companies say, “while customers in Japan will be the initial focus of the Dlta21x cryptocurrency exchange, based on applicable laws, regulations and restrictions, going forward Dlta21x plans to expand to other Asian markets as well.” Earlier this year, Coinsquare unveiled its plan for an initial public offering in September “to help finance an overseas expansion.” For its expansion into the U.S. and the U.K., CEO Cole Diamond was quoted by the Financial Post saying: We believe that we will be a strong competitor to Coinbase and other exchanges in the U.S. by the end of the year. The Japanese Crypto Market Currently, Japan has 16 government-approved cryptocurrency exchanges and a number of “deemed dealers” that have been allowed to operate crypto platforms while their applications are being reviewed by the country’s top financial regulator, the Financial Services Agency (FSA). However, since the hack of Coincheck in January, the FSA has drastically tightened its oversight of the industry. It has already sanctioned a number of deemed dealers and recently ordered six licensed exchanges to improve their businesses, including the country’s largest crypto exchange by volume, Bitflyer. Despite the increased oversight and stricter exchange approval process, the FSA confirmed to news.Bitcoin.com: More than 100 [crypto] operators have expressed their intention of enter the market. Among major companies seeking to enter the Japanese market is Line Corp, the operator of the country’s most popular chat app, Line. The company recently announced that it is launching a crypto exchange, Bitbox. However, since its application with the FSA is still pending, Line will not offer services in Japan initially. What do you think of Coinsquare expanding into Japan and other Asian markets? Let us know in the comments section below. Images courtesy of Shutterstock, Dlta21, and Coinsquare. Need to calculate your bitcoin holdings? Check our tools section. The post Canadian Crypto Exchange Coinsquare to Launch in Japan appeared first on Bitcoin News. View the full article

Tokenpay Swiss AG has officially confirmed that it has acquired a 9.9 percent stake in WEG Bank AG in partnership with the Litecoin Foundation. The terms of the agreement will also include options to purchase approximately 90% overall of the bank, pending the customary regulatory approval. Also Read: Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion” Litecoin Foundation and Tokenpay Acquire 10% of German Bank Tokenpay has revealed that a strategic partnership between it and the Litecoin Foundation has seen the entities acquire an approximately 10% stake in the German financial institution WEG Bank. According to a press release published by Tokenpay, the deal will see WEG Bank “Provide its world-class technology and marketing expertise to Tokenpay and its several blockchain initiatives,” specifically citing Tpay Cryptocurrency, Efin Decentralized Exchange, Tokensuisse Asset Management, WEG Bank Fintech Platform, and Multisignature Transaction Engine. The managing director of the Litecoin Foundation, Charlie Lee, praised the partnership, stating: “This partnership is a huge win-win for both Litecoin and Tokenpay. I’m looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin. I’m also excited about Litecoin’s support in Tokenpay’s Efin decentralized exchange.” Mr. Jorg E. Wilhelm, the head of the supervisory board of Tokenpay Swiss AG., stated: “We are elated to be in the process of acquiring a large stake in a successful business bank based in Germany such as WEG. Our ecosystem consisting of the Tpay blockchain, WEG Bank, Tokensuisse and Litecoin Foundation provides us with a tremendous opportunity regarding merchant solutions, along with a strong and diverse customer base for our crypto debit card business. The tangible reality of bridging the gap between the old and new world is electrifying.” Deal May See Acquisition of 90% of WEG The terms of the agreement will also include “options to purchase approximately 90% overall of the bank pending the customary regulatory approval.” The release adds that “under German banking law no entity can own more than 9.9% of a bank without regulatory approval.” Tokenpay “plans to exercise its options to acquire the remaining shares of WEG Bank it is entitled to purchase” should approval for such be granted. Matthias von Hauff, founder, and CEO of WEG Bank AG stated: “The partnership with innovative institutions such as Tokenpay and Litecoin might at first come unexpectedly for a very conservative institution like us. But we have thoroughly and diligently examined the prospects of a common future, and we became convinced that the future of banking will make adoption of such modern payment methods inevitable. We are therefore proud to have teamed up with the best in the field.” What is your reaction to the acquisition of 9.9% of WEG Bank by the Litecoin Foundation and Tokenpay? Join the discussion in the comments section below! Images courtesy of Shutterstock, Tokenpay, www.weg-bank.de 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 Litecoin Foundation and Tokenpay Acquire Stake in German Bank appeared first on Bitcoin News. View the full article

India’s central bank has responded to a representation about its crypto banking ban. The Supreme Court gave the central bank seven days to reply following a hearing last week of the petition by the Internet & Mobile Association of India against the ban. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space RBI’s Response India’s central bank, the Reserve Bank of India (RBI), has responded to a representation submitted by the Internet & Mobile Association of India (IAMAI), as directed by the country’s Supreme Court. Nischal Shetty, the CEO of crypto exchange Wazirx, told news.Bitcoin.com that the representation is “a detailed document explaining blockchain, cryptos and how they function,” noting that it was “made with the belief that if the RBI gets a deep understanding of blockchain and crypto then they may go easy on the ban and think about regulations.” This representation was sent to the central bank on July 3 during the IAMAI petition hearing. The Court ordered the central bank to reply within seven days. On July 11, RBI finally sent its response to the association. According to Sohail Merchant, the CEO of Indian crypto exchange Pocketbits, RBI’s reply is a “2 page generic response.” While stating that “as of now the response cannot be made public” but there is “not much to read though,” he commented: IAMAI received the response from RBI as directed by SC [Supreme Court], the response is generic with the same language as the public circulars. They have not even given deliberate thought to the points made by us, all the basis of their arguments is ‘Investor Protection.’ Shetty reiterated, “RBI has responded to IAMAI…They aren’t changing their stand.” Until Next Hearing on July 20 The central bank issued a circular on April 6 banning all financial institutions under its control from providing services to companies dealing in cryptocurrencies, including crypto exchanges. RBI gave banks three months to sever their relationships with crypto businesses. As the ban went into effect on July 5, banks began closing accounts of crypto exchanges. One by one, the exchanges stopped supporting fiat deposits and withdrawals. To bypass banking restrictions, a number of exchanges are launching peer-to-peer (P2P) trading services. Koinex and Coindelta are reportedly launching their P2P services on July 15. Wazirx, on the other hand, already launched its P2P service. The company wrote, “Wazirx P2P goes live today, 10th July at 3PM. With Wazirx P2P, a buyer and seller can buy and sell cryptos for INR directly with each other.” Meanwhile, industry participants and stakeholders are trying to get the RBI ban lifted by filing petitions with the Supreme Court, which will all be heard on July 20. Do you think RBI will soon lift the banking ban on crypto? Let us know in the comments section below. Images courtesy of Shutterstock, IAMAI, and the RBI. Need to calculate your bitcoin holdings? Check our tools section. The post Indian Central Bank Responds About Crypto Restrictions appeared first on Bitcoin News. View the full article

This week Andrew Stone, the lead developer of Bitcoin Unlimited (BU), published a 42-page paper that details the evolution of the original OP_Group proposal. OP_Group is a single OP_Code that could be added to the Bitcoin Cash (BCH) network’s scripting language in order to effectively create colored coins. However, unlike other representative token protocols like Omni or Counterparty, if the OP_Group protocol was used it would require a protocol change, and miners would validate colored coins within the confirmation of normal transactions. Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline Bitcoin Unlimited’s Andrew Stone Publishes the Evolution of the OP_Group Proposal Earlier this week, news.Bitcoin.com reported on the upcoming Bitcoin Cash (BCH) network upgrade that will take place in November. The Bitcoin ABC development team revealed a timeline of certain goals like building and polishing the 0.18 ABC software and launching the client by October 15. However, the developers didn’t detail exactly what will be included in the next upgrade. A few days later, Bitcoin Unlimited’s Andrew Stone published the evolution of the OP_Group proposal which is an implementation that could effectively add a plethora of features like representative tokens. Although, the proposal does not have broad consensus just yet as other developers have alternative ideas for colored coin creation and some think the OP_Group may be risky. OP_Group Could Extend the BCH Script Language to Allow a Plethora of Features Bitcoin Unlimited’s lead developer Andrew Stone believes the community should listen and participate in the colored coin discussion. Alongside publishing the 42-page document, Stone has also left a video of the discussion that features the BCH ‘Token Work Group.’ The group consists of developers such as BU’s Stone, and Andrea Suisani, Bitcoin.com’s Emil Oldenburg, Bitcoin ABC’s Amaury Sechet, Shammah Chancellor, Jason Cox, Nchain’s Steve Shadders, Daniel Connolly, and the Electron Cash developer Jonald Fyookball. “This is the evolution of the original OP_Group proposal — It’s no longer an opcode, so name change,” Stone explains. “The document is a bit long but that’s because it lays out a roadmap to extending the BCH script language to allow some pretty awesome features but at the same time preserving bitcoin script’s efficiency. For example, in the end, I show how you could create a bet with OP_Datasigverify, and then tokenize the outcome of that bet to create a prediction market.” I strongly urge people to listen carefully to this discussion, even if you are not that interested in tokens, as it shows pretty clear philosophical differences that will likely influence BCH development for years to come. Some Proponents Disagree With OP_Group and They Believe Tokenization Can Happen Without Making BCH Consensus Changes Basically, Bitcoin Cash proponents who disagree with Stone’s OP_Group proposal favor tokenization ideas that don’t require a change to the BCH codebase. Further, some people believe it would be safer to use protocols that work outside the main chain and operate like a sidechain or something similar. Another idea being discussed is ‘Tokeda,’ a token-driven metadata proposal written by Joannes Vermorel. The 31-page Tokeda proposal is also an early draft last updated, March 30, 2018, that is incomplete, explains Vermorel. Tokeda addresses both the challenge of viably preserving an unbounded amount of metadata without endangering Bitcoin itself and the challenge of introducing tokens within Bitcoin by weaving the two problems through aligned economic incentives,” explains Vermorel’s paper. Tokeda is compatible with stateless wallets (which include SPV wallets) and requires no consensus change. As a token scheme, Tokeda relies on a trust-but-verify security model centered around the issuer. Vermorel believes the BCH community needs to learn from the scaling issues the Ethereum network faces by making tokenization simpler. “Since, it is now clear that tokenization does not require a change of the base protocol, it’s up to the market to deliver solutions, based on Tokeda, or anything deemed superior,” Vermorel details. “If there is one lesson to be learned from ETH it’s violating the locality principle in your design kills the scalability.” A Matter of Opinion and the Benefits of a Universal Method that Creates Permissionless Tokens Many others have stated their opinions concerning Stone’s OP_Group proposal and Vermorel’s Tokeda. Following Stone’s published paper, Jonald Fyookball revealed some of his subjective valuations in a paper called ‘Thoughts on Tokens for BCH.’ “Whether or not we should change the BCH protocol to add GROUP is a risk/reward question and a matter of opinion,” Fyookball states. “Part of what made ERC20 so successful is how easy it is for anyone to create and issue a token, and for the ecosystem to support it. The BCH protocol already allows colored coins but no one uses it because the ecosystem doesn’t support it.” In any case, I believe BCH would greatly benefit from a universal method for doing SPV-friendly, permissionless tokens. What do you think about the OP_Group proposal described by BU’s Andrew Stone? What do you think about other ideas like Joannes Vermorel’s Tokeda? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, Pixabay, and Youtube. Want to create your own secure cold storage paper wallet? Check our tools section. The post OP_Group or Tokeda? A Look at the BCH Color Coin Debate appeared first on Bitcoin News. View the full article

With all the controversy and mistrust surrounding Tether (USDT) it’s no surprise that a multitude of new alternatives have popped up recently. The latest example is from Malta where a company seeking a local crypto license has launched a Euro-backed stablecoin, EURS. Also Read: Opera Browser Introduces a Built-in Cryptocurrency Wallet Stasis Launches EURS Stasis, a financial tokenization platform, has launched EURS, a new stablecoin built on Ethereum’s EIP-20 standard and claimed to be backed 1-for-1 by the Euro. The EURS has begun trading on one exchange already, London-based DSX, and the company says that the order volume is projected to reach $500 million by year’s end. The company adds that EURS was specifically developed to satisfy growing demand for cryptocurrencies from European institutional investors. “EURS bridges the gap between traditional finance and the cryptoeconomy,” commented Gregory Klumov, Stasis CEO. “While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark.” Working Towards a Maltese License Stasis is also revealed to be working towards obtaining a license under Malta’s recently approved regulatory framework. Last week, the EU member country enacted three bills into law that are meant to encourage the establishment of cryptocurrency businesses on the island. These include a prohibition on insider trading, market manipulation and misleading ads or ICO whitepapers. “The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated”, said Silvio Schembri, the Maltese minister responsible for Financial Services, Digital Economy and Innovation. “We therefore welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a licence under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field.” Should crypto traders welcome the new alternatives for Tether such as EURS? 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 Pulse, another original and free service from Bitcoin.com. The post Malta-Based Company Launches New Euro Backed Stablecoin, EURS appeared first on Bitcoin News. View the full article

Joseph Stiglitz, the former chief economist of the World Bank and Nobel laureate, has predicted that cryptocurrencies will be “regulated into oblivion” in future, with Mr. Stiglitz saying that BTC may be “worth just $100 in 10 years.” Also Read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses Nobel Laureate Predicts Future Regulatory Onslaught Targeting Crypto In a recent interview with Financial News, Mr. Stiglitz predicted that bitcoin and alternative cryptocurrencies will become the subject of a major regulatory crackdown in future. “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system,” the Nobel Laureate said. “If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.” The Columbia University professor theorized that law enforcement across the globe are yet to adopt prohibitive policies regarding cryptocurrencies due to the underdevelopment of the virtual currency ecosystem, stating “Once it becomes significant they will use the hammer.” “Bitcoin could easily be worth just $100 in 10 years,” said Mr. Stiglitz. “People in power will move to regulate anonymous transactions. That you can be sure of.” Stiglitz Persistently Calls for BTC to Be Banned Mr. Stiglitz’ comments are of a similar vein to those made by the professor regarding cryptocurrency in recent years. In September, 2016, Mr. Stiglitz stated that “The main use of Bitcoin has been to circumvent tax authorities and regulation. I think the US government did the right thing by shutting or trying to shut it down.” In an interview with Bloomberg during December of last year, Mr. Stiglitz echoed virtually identical sentiment, asserting that “bitcoin is successful only because of its potential for circumvention.” The Nobel laureate continued: “it seems to me [bitcoin] ought to be outlawed. It doesn’t serve any socially useful function. We ought to just go back to what we always have had […] This is just a bubble … It’s a bubble that is going to give a lot of people a lot of exciting times as it rides up and then goes down.” What is your response to Joseph Stiglitz’ comments? 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 Stiglitz Predicts Cryptocurrencies Will Be “Regulated Into Oblivion” appeared first on Bitcoin News. View the full article

A special investigations unit has been set up in the Indian state of Maharashtra where there is a rise in bitcoin-related scams. The unit will take over the investigation of all cases relating to cryptocurrency in the state that are currently handled by various police departments. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Special Unit Formed for Crypto Minister Deepak Vasant Kesarkar, a member of the 13th Maharashtra Legislative Assembly, made a statement regarding cryptocurrency cases in his state on Tuesday. The Pune Mirror quoted him replying to a Calling Attention motion tabled by the opposition leader in the Legislative Council: A special investigative team (SIT) will be formed to investigate all cases related to cryptocurrency, including bitcoin, in Maharashtra…The SIT will take over investigations currently being done by various units of the state police. He explained that the new unit will be headed “by an official of the rank of additional director-general of police,” adding that it has been given three months to research all of the companies “that have cheated investors in the name of cryptocurrency.” Panel to Probe Scams The Maharashtra government has also decided to conduct an inquiry using “a panel headed by additional director general of Economic Offence (EO) Prabhat Kumar,” DNA publication detailed. “The panel will be entitled to coordinate with central agencies including Enforcement Directorate (ED) for probe in such scams.” Kesarkar told the news outlet: Already such cases were reported in Thane, Pune, Nanded and Kolhapur where members of public have been allegedly cheated through cryptocurrency. The Pune Mirror elaborated, “It is estimated that investors from the state were cheated to the tune of around Rs. 2,000 crore [~US$2,906,400] in cryptocurrency trade,” adding that “the most common method of cheating was offering high returns under the multi-level marketing (MLM) scheme.” Other Recent Crypto Fraud Cases Last week, the Indian Congress party alleged that some of the top BJP party leaders are involved in a bitcoin scam in Gujarat. The Financial Express quoted a Congress spokesperson saying there were “reports of the state police blackmailing some businessmen in Surat for extortion and named a former BJP legislator as one of the kingpins.” On Monday, a city sessions court refused bail to seven police officers who were arrested in connection with a bitcoin extortion case in June, according to the Times of India. They were accused of being part of the police team that allegedly abducted and detained Surat-based builder Shailesh Bhatt and forced him and his business partner Kirit Paladiya to transfer 200 BTC. The move by the Maharashtra government came just four days after the crypto banking ban by the Reserve Bank of India (RBI) went into effect. What do you think of the special unit set up to investigate crypto cases? Let us know in the comments section below. Images courtesy of Shutterstock and Wikipedia. Need to calculate your bitcoin holdings? Check our tools section. The post Special Unit Formed to Investigate Crypto Cases in India appeared first on Bitcoin News. View the full article

In today’s edition of Bitcoin in Brief we cover why Google founder Sergey Brin has become a crypto miner, and why Elon Musk is impressed by crypto scambots on Twitter. Additionally covered are a new response from Fcoin regarding recent allegations and a $100 million venture capital fund for blockchain startups in Israel. Also Read: Opera Browser Introduces a Built-in Cryptocurrency Wallet Google Founder Is a Crypto Miner Sergey Brin, one of the two founders of Google and current president of its parent company Alphabet, took part in a blockchain conference in Morocco a few days ago and revealed that he is a crypto miner. With a net worth of over $50 billion, Brin has no need for an extra income, but he started mining to further his son’s knowledge about the technology and got hooked himself. “A year or two ago my son insisted that we needed to get a gaming PC,” Brin said. “I told him If we get a gaming PC we have to mine cryptocurrency. So we got an ethereum miner on there and we’ve been making a few pennies and dollars since.” He added: “That definitely got me interested and I started to study the technology behind it and found it to be fascinating.” Elon Musk Impressed by Scambots The founder of Tesla and Spacex, Elon Musk, knows how to recognize great tech when he sees it. Twitter is infested by scams that automatically reply to messages by high profile accounts with promises of giveaways while mimicking them in every possible way. This phenomena has spread from just crypto influencers to even people such as the original Captain Kirk, William Shatner. Musk has taken note of this and he seems to be very impressed with the scammers. He said: “I want to know who is running the Etherium (sic) scambots! Mad skillz …” The geniuses behind these might want to reach out to Musk to seek work on getting humans to Mars, developing a self-driving car, or even preventing an AI takeover of the Earth. Sounds more challenging than taking money away from fools, no? I want to know who is running the Etherium scambots! Mad skillz … — Elon Musk (@elonmusk) July 8, 2018 Fcoin Denies Fake Volume Bots Speaking of bots, Fcoin, which was previously pilloried for slowing the ethereum network, has came under fire from critics with new accusations of employing bots to drive up its exchange volume. The team denied this to us, saying: “Just like Bitcoin cannot control miners’ activity, FCoin cannot control the mining activity of the community. With that said, FCoin doesn’t encourage bot-trading on the platform. The ‘Trans-Fee Mining’ model is designed in a way that it eliminates such possibilities…FCoin doesn’t hire or own bots to increase the trading volume. As far as fake volume is concerned, FCoin cannot indulge in such practices. It simply doesn’t make any sense to create fake volume and use our own funds to reimburse the 100% transaction fee.” $100 Million for Blockchain Startups in Israel Israel might not be the most welcoming of cryptocurrency environments, but its specialized tech and cryptographic talent continues to attract venture capital. Benson Oak, an investment bank which raised over $5 billion for young technology companies such as AVG, has announced it has already secured $25 million in commitments for a new $100 million fund. Benson Oak Ventures is said to be focused on Israeli startups, with an emphasis on blockchain technologies. Managing partner Robert Cohen said: “I believe that there are great entrepreneurs in Israel who are leading the platforms of the future, with creating and disruptive use of blockchain technologies. I moved to Israel six years ago, and with a passion to build companies, I have established Benson Oak Ventures as a new platform to provide financial and operational capital to the best entrepreneurs in Israel and around the world.” 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: Google Founder Is a Crypto Miner, Elon Musk Impressed by Scambots appeared first on Bitcoin News. View the full article

The Philippines Cagayan Economic Zone Authority (CEZA) announced it granted three cryptocurrency exchanges provisional license to operate. All three are foreign-based, including two from Hong Kong and one from Thailand. To gain annual approval, companies made substantial financial and employment investments in the country. Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation Philippines Grants Three Licenses to Crypto Exchanges “These are offshore companies, and they have committed investments of $1 million each,” stated Raymundo T. Roquero, deputy administrator of the Cagayan Economic Zone Authority (CEZA) in the Philippines. He was speaking specifically of the conditions under which three licenses have been issued to crypto exchanges, such as the first to Hong Kong’s Golden Millennial Quickplay Inc. Ltd. (GMQ), and how the newly licensed company “intends to build infrastructure in Sta. Ana, Cagayan,” he told Anna Leah E. Gonzales of The Manila Times, “and will have an incubation period of two years, so they are already allowed to operate here in Manila.” With three exchanges being licensed, that means $3,000,000 will be added to the coffers of the government-owned and controlled corporation formed in the Ramos era. The CEZA encapsulates the city of Sta. Ana. The area is considered prime development, and is positioned in an attempt to exploit the Trans-Pacific sea lanes. The hope is to capitalize on trade with APEC while also remaining accessible to international trade. Hoops, Probity All three exchanges are from outside the country. Each licensed exchange must be renewed annually. The news is most welcome for the crypto community, for only two weeks ago, CEZA claimed it would put budding exchanges hoping to do business in the country through extraordinary paces. The $1,000,000 is to deter such exchanges and the zone from becoming initial coin offering meccas. CEZA, Mr. Roquero on far left. “When they apply, they will pay an application fee of $100,000,” he teased. “Then you go into probity checks, then application programming integration (API), which costs an additional $100,000. Three other applicants have fully paid these obligations, but are still undergoing probity checks,” he added. Some 70 companies have applied for CEZA acceptance. The fees are “all non-refundable. If you fail in the probity check, you cannot get these [back]. We will sign licensing agreements with these companies,” Mr. Roquero explained. “Companies want to invest here because we are the first to provide rules and regulations for cryptocurrencies.” Will crypto continue to expand in Southeast Asia? Let us know in the comments section below. Images via Pixabay, CEZA 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 Pulse, another original and free service from Bitcoin.com. The post Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses appeared first on Bitcoin News. View the full article

The latest version of the Opera for Android, currently available in a private beta, introduces an easy-to-use and built-in cryptocurrency wallet functionality to the browser. This means that a significant part of Opera’s 322 million user base across all platforms would no longer need to install separate extensions to handle supported crypto payments on mobile devices. Also Read: London School of Economics Launches “Cryptocurrency Investment and Disruption” Course Opera for Android With Crypto Wallet The developers, which last year implemented an anti-mining security feature, explain that Opera with Crypto Wallet for Android’s user interface is designed to be simpler than most current crypto wallets. And Opera relies on the Android operating system’s secure system lock to sign transactions from the Crypto Wallet, so users don’t need to create new PIN codes or passwords to start using the wallet. “Having a Crypto Wallet in the browser brings the cash experience to the world of online payments,” said Charles Hamel, Product Lead of Opera Crypto. “Paying with the Crypto Wallet is like sending digital cash straight from your phone, and we’ve just made it easier. This opens up new possibilities for merchants and content creators alike.” Accelerating the Transition to Actual Payments The beta version of the app only currently supports ETH, ERC-20 tokens and ERC-721 collectibles (which it automatically presents to the user). However, the developers plan to add support for additional cryptocurrencies in the future after just testing the waters now and seeing how the community reacts. Opera’s Crypto Wallet also comes with built-in support for the Ethereum Web3 API, which the Norwegian browser maker hopes will incentivize the creation of decentralized apps (dapps). “We believe the web of today will be the interface to the decentralized web of tomorrow,” added Hamel.“By becoming the first major browser to open up to Web 3.0, we would like to contribute to making the internet of the future more accessible. Our hope is that this will accelerate the transition of cryptocurrencies from speculation and investment to being used for actual payments and transactions in our users’ daily lives.” How long will we have to wait until all browsers will support crypto payments as default? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Opera. 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 Pulse, another original and free service from Bitcoin.com. The post Opera Browser Introduces a Built-in Cryptocurrency Wallet appeared first on Bitcoin News. View the full article

A Southern Californian Localbitcoins trader has been sentenced to prison for a year for unlicensed money transmitting and money laundering. The trader, Bitcoin Maven, reportedly exchanged between $6 and $9.5 million for customers across the country, according to the notice by the U.S. Department of Justice. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space One Year in Prison for Localbitcoins Trader The U.S. Department of Justice (DOJ) announced on Monday that Theresa Lynn Tetley, also known as Bitcoin Maven, has been sentenced to one year in federal prison. The announcement reads: ‘Bitcoin Maven,’ who admitted to operating an unlicensed bitcoin-for-cash exchange business and laundering bitcoin that was represented to be proceeds of narcotics activity, was sentenced today to 12 months and one day in federal prison, three years of supervised release, and a fine of $20,000. Former stockbroker and real estate investor, the 50-year-old Southern Californian was sentenced by U.S. District Judge Manuel L. Real “for conducting an illegal business and engaging in unlawful monetary transactions involving bitcoins,” the DOJ wrote. She “pleaded guilty to one count of operating an unlicensed money transmitting business and one count of money laundering.” The Justice Department further revealed that “Tetley was also ordered to forfeit 40 bitcoin, $292,264.00 in cash, and 25 assorted gold bars that were the proceeds of her illegal activity.” News.Bitcoin.com first reported on this case last month when the persecutors asked the judge to sentence Tetley to 30 months in federal prison. Selling BTC Without License The Drug Enforcement Administration and IRS Criminal Investigation unit investigated this case. The DOJ explained that Tetley offered bitcoin exchange services without registering with the Financial Crimes Enforcement Network (Fincen) as a money services business. She also did not establish “anti-money laundering mechanisms such as customer due diligence and reporting certain transactions required for these types of businesses,” the Justice department divulged, adding: Tetley advertised on localbitcoins.com and exchanged, in total, between $6 and $9.5 million for customers across the country, charging rates higher than institutions that were registered with Fincen. The authority concluded that by operating this unregistered business, “Tetley facilitated laundering for one individual who is suspected of receiving bitcoin from unlawful activity, such as sales of drugs on the dark web.” Moreover, she “also conducted an exchange of bitcoin-for-cash for an undercover agent who represented that his bitcoins were the proceeds of narcotics trafficking.” Crackdown on Illicit Use of Crypto In the sentencing documents, the government claimed that Tetley’s business “fueled a black-market financial system,” citing “the growth of the dark web and the use of digital currency, unlicensed exchangers provide an avenue of laundering for those who use digital currency for illicit purposes.” The U.S. Government has been actively trying to crack down on the illicit use of cryptocurrencies. Last month, a high-ranking official of the U.S. Secret Service gave a testimony before the House of Representatives. He urged Congress to consider additional legislation to address anonymity-enhanced cryptocurrencies and services intended to obscure transactions on blockchains. Also last month, the House unanimously passed Bill H.R. 6069 to help prevent the illicit use of cryptocurrencies, including bitcoin, dash, zcash, and monero. What do you think of the sentencing for Bitcoin Maven? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Localbitcoins Trader Sentenced to One Year in Prison appeared first on Bitcoin News. View the full article

New academic research has concluded that more than 50 percent of crypto projects raising capital through ICOs do not make it through to the fifth month after the token sale. The study also suggests that investors get the best return on their money if they sell the coins within the first month of trading, while the safest strategy would be to part with the tokens on the very first day. Also read: Decentralized Exchanges – New and Hacked, and Some Lost Coins Majority of ICOs Live Less Than 120 Days Despite data from two recent studies suggesting that investors are still bullish on ICOs (Initial Coin Offerings), a research conducted by Boston College academics reveals that most crypto startups relying on crowdfunding have a pretty short lifespan. According to the authors – Hugo Benedetti, assistant professor at the Carroll School of Management and finance PhD student Leonard Kostovetsky – less than half of all new ICOs survive more than four months after launch. The two researchers based their study on analysis of the Twitter accounts maintained by the projects, taking into account the intensity of tweets after the coin offering. They estimated that the survival rate of the startups, 120 days after the end of the sale, was only 44.2%. The assumption is that companies that are inactive on social media in the fifth month most probably did not survive. The report covers almost 2,400 ICOs completed before May this year, and examines over 1,000 Twitter accounts. The survival rate has been calculated as an average figure for three categories of ICOs, Business Insider reports. The first group consists of projects that have not reported raising any money and are not listed on exchanges. Startups that reported raising capital but didn’t list fell in the second category. And the third includes the ICOs that list their coins on trading platforms. The statistics show the following survival rates – 17%, 48%, and 83% for these groups, respectively. The share of the projects that become inactive right after their token sales, or the potential scams, is about 11%. Listing Increases Chances of Survival Based on these findings, the study concludes that the sustainability of an ICO depends on whether the company behind it is able to list its coin on a crypto exchange. Investors who have supported a project during the coin offering enjoy greatest returns when the coin is listed. The researchers gathered data for over 4,000 ICOs, which raised $12 billion since January, 2017, and found that the projects generated an average return of 179%, accrued over an average holding period of 16 days from the last day of the ICO. According to Kostovetsky, selling the acquired coins on the first day of trading is the safest investment strategy, when it comes to ICOs. In any case, investors should sell their holdings within six months, he added. “What we find is that once you go beyond three months, at most six months, they don’t outperform other cryptocurrencies,” Kostovetsky told Bloomberg. “The strongest return is actually in the first month,” he emphasized. Benedetti and Kostovetsky explain the spike in the prices of many tokens after their listing with the underpricing during the ICO, as often they are sold to investors at significantly discounted prices compared to the open market rates. Despite that, the researchers also found that the returns are declining over time as companies have started analyzing prior sales by similar platforms to better determine the expected demand and the price of their coins. What do you think about the short life of ICO projects? Let us know in the comments section below. Images courtesy of Shutterstock. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post Less Than Half of ICOs Survive Four Months After Sale, Study Finds appeared first on Bitcoin News. View the full article

On Monday, wallet manufacturer Ledger released its eagerly anticipated new desktop software. Ledger Live is meant to be a more reliable and user-friendly version of the Chrome app, which has come in for criticism, not least from this reviewer. To determine whether Ledger Live is an improvement on its predecessor, I put the French firm’s flagship new software to the test. Also read: Review: Ledger Nano S Put to the Test Can Ledger Live Software Live Up to the Hype? My Pizza Day Nano S Ledger has been teasing the release of its proprietary desktop software for weeks. Its hardware devices are the most popular cryptocurrency wallets of their kind, but not everyone has been as convinced by the software they ship with. I’m one of them. After reviewing the Ledger Nano S a few weeks ago and raging hard at its capricious Chrome app, I concluded: “If I’m to be honest, I intend to lob the Nano S in a drawer and never use it again. It simply wasn’t worth the hassle.” Up until today, I kept my pledge, but with the release of Ledger Live, it only seemed fair to give the setup another shot. Ledger have a good reputation within the industry, and their attention to detail and customer service are highly regarded. I wanted to love my Nano S just as I wanted to love the new Ledger Live software. All Your Ledger Accounts in One Place Ledger Live promises to serve as a universal hub for all the Ledger devices a trader may own. I downloaded the Mac build, which came in at around 70 MB. While Ledger will still maintain its Chrome apps, its desktop software is clearly intended to be the primary means of accessing its ecosystem from now on. Upon firing up the software for the first time, you’re given the option of setting a password for accessing the desktop client. It’s not essential, since your hardware wallet will already be password protected, but it provides an added layer of protection, preventing your addresses and transactions from being seen. Something Old, Something New When I install Ledger Live on my 2015 Macbook Pro, I’m greeted by this screen: No amount of coaxing will fix the error, but it’s possible my laptop is to blame. Thankfully, my 2017 Macbook Pro makes it past first base and I’m soon scrutinizing the Ledger dashboard. Visually, Ledger Live is a significant improvement over its Chrome predecessor, with a layout that’s clean and intuitive. Everything is where you’d expect it to be and everything works as expected. Well sort of. Almost. Okay, not really. When I previously used my Nano S, for the first and last time, I succeeded in creating a bitcoin cash wallet and sending a few dollars’ worth of crypto over to it. When I try to re-access my BCH wallet via the Ledger Live dashboard, I run into a bunch of issues due to some basic UX flaws in the software’s design. Along the way I’m greeted by screens such as this: If at First You Don’t Succeed, Give Up Eventually, I successfully retrieve my BCH account, but it takes a lot of trial and error to get there. I’ll skip the convoluted process for the sake of brevity, and will cut Ledger some slack since their fledgling software is bound to improve with each subsequent iteration. What happens next – or rather doesn’t happen next – when I try to create a new cryptocurrency wallet is harder to fathom. To finish the review I decide to create an ethereum wallet and send some crypto over to it. Try as I might, I cannot get a wallet to create and the ethereum app to launch. After trying everything I can think of without any joy, I revert to the Chrome app instead to install an ethereum wallet that way. My quest proves to be equally fruitless. So many Ledger apps. If only one of them would work I’m not the most technically gifted person in the world, but I’m not a noob. I’ve survived Mt Gox and Btc-e. I’ve downloaded the entire blockchain to run the original bitcoin core wallet. I can trade on Etherdelta, run a virtual machine and handle web design. But I cannot for the life of me get Ledger’s damn software to work. I’ll update this review should Ledger update their software and reach out to me, but until such a time, the verdict from my original review still stands: I intend to lob the Nano S in a drawer and never use it again. Have you tried Ledger Live and if so what were your thoughts on it? Let us know in the comments section below. Images courtesy of Shutterstock, and Ledger. Need to calculate your bitcoin holdings? Check our tools section. The post Ledger Live Desktop Wallet Manager Reviewed appeared first on Bitcoin News. View the full article

During the second week of May, news.Bitcoin.com reported on the Akari Global Foundation, a group that aims to bolster bitcoin cash (BCH) adoption through its services. The organization launched Akari-Pay, a one file BCH payment and donate page for BCH merchants and non-profits. This week Akari has launched a free bitcoin cash powered pages builder that allows users to build BCH fundraiser micro-sites. Also Read: Decentralized Crowdfunding Platform Lighthouse.cash Launches Akari-Pages Allows Users to Create Micro-Sites for BCH-Fueled Fundraising There’s been a lot of infrastructure development surrounding the Bitcoin Cash (BCH) network over the past few weeks. On July 7, 2018, the Akari Global Foundation announced the launch of a new service called, Akari-Pages, a free self-hosted bitcoin cash fundraiser micro-site creator. The pages are simple to set up and customize and they allow micro-funding using BCH, open-ended campaigns, goal levels, and progress percentages. Furthermore, Akari emphasizes the service is free, has zero fees, and the protocol is open source. “Now it is even easier to begin a Bitcoin Cash micro-crowd-fundraiser thanks to the Akari-Pages Builder (APB), a new tool that makes editing the microsite configuration files a snap,” Akari states. Akari-Pages BCH-Powered Micro-Sites for Fundraising. Enhancements to Akari-Pay The organization says there are many benefits to the Akari-Pages system which includes a fundraising platform with no middlemen, payments, and donations are direct, and everything is customizable. Akari has released a video that details how users can create a custom mini-site for fundraising and people can see all the APB fundraisers at bitfund.cash, which updates every time someone adds a page. The Akari team has also modified their Akari-Pay service with more features that aim to enhance Akari-Pages. After pushing the green “Clone or Download” button at https://github.com/AKARI-B3/akaripages and download the .ZIP file. Unzip the folder to your device. Simply replace the bitcoin cash (BCH) address in the filename of the .html file in the ‘donate’ folder with the one you generated earlier by setting up Electron Cash, (or one of your new bitcoin cash wallets). “We’ve made some enhancements to Akari-Pay too included in the bundle, now you can set all the details of your fundraising page, change the colors, add logos and banners, include links, add extra Imgur links, set goal-levels and set goal amounts, see live progress bars, set your bitcoin cash wallet receiving address,” explains Akari. Akari-Pages Goes Head to Head With the Decentralized Fundraising Project Lighthouse.cash The Akari-Pages project has launched after the first release of a similar application called Lighthouse.cash. The Lighthouse project was first created by Mike Hearn who stopped developing the idea so an anonymous developer has resurrected Lighthouse and ported it over from BTC to work with bitcoin cash. Lighthouse.cash is also a decentralized fundraising platform that also utilizes simplified smart contracts. Like Akari-Pages the Lighthouse project is also a free service. What do you think about the Akari-Pages project? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, Github, and Akari. Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action! The post Akari Launches BCH-Powered Micro-Site Builder for Crowdfunding appeared first on Bitcoin News. View the full article

The South Korean government has been criticized for not doing enough to help prevent hacking at cryptocurrency exchanges. Data obtained by the regulators show that three crypto exchanges were hacked, with damage of almost $1 billion, after having gone through an inspection by the government. Meanwhile, one of the nation’s largest crypto exchanges, Upbit, has denied the rumor that it was also hacked. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Crypto Hacking Incidents The South Korean Ministry of Science and Technology, the Ministry of Information and Communication, the Korea Communications Commission (KCC), and the National Police Agency have submitted data on hacking incidents of cryptocurrency exchanges to the National Assembly, local media reported on Monday. Min Kyung-wook. Min Kyung-wook, a member of the National Assembly’s Science and Technology Information and Communications Commission, revealed that the data shows seven hacking incidents. They resulted in the loss of 128.8 billion won (~US$115 million) in cryptocurrencies, the Korea Daily reported. The government has conducted a security check on 31 crypto exchanges, the news outlet detailed, adding that 10 of them were inspected between September and December last year while the other 21 from January to March this year. The regulators advised the exchanges to take immediate action to improve a number of areas such as the “lack of information security system such as firewall, lack of system access control, [and] insufficient malicious code prevention.” Government Criticized Out of the total damage of 128.8 billion won, 110 billion won (~$98.5 million) in cryptocurrencies were stolen from three crypto exchanges. These three “were hacked even after receiving government security checks,” the publication noted. “The government has been criticized for not being able to take effective measures against the exchange security problem.” The first of the three is Youbit. The platform was inspected by the government on October 26 and 27 last year but was subsequently hacked less than two months later, on December 19. The security breach resulted in the loss of about 25.9 billion won (~$23.2 million). Coinrail was inspected on February 8 and 9 and was hacked on June 10, with damage of about 53 billion won (~$47.5 million), the publication quoted the government’s findings. One of the country’s largest crypto exchanges, Bithumb, was inspected twice by the government, on November 29 and 30 last year and again on February 22 and 23, the news outlet detailed. However, on June 19, it suffered a security breach and lost about 35 billion won (~$31.4 million). The exchange, however, lowered its loss estimate to about 19 billion won (~$17 million) days later. Lawmaker Min criticized the government, pointing out: The hacking incidents occurred even at the places where the government directly conducted security checks. Citing that “the government has not yet made clear rules for cryptocurrencies,” Professor Lim Jong-in of Korea University’s Information Security Graduate School asserted that “as Bithumb and other exchanges act as financial institutions in reality, the government should set up a regulatory system based on this.” He believes that if the regulators let them remain as they are, “the damage will be exponential.” Upbit Denies Hack Rumor With news of multiple security breaches at various crypto exchanges, all eyes are one of the nation’s leading crypto exchanges by volume, Upbit. There have been various rumors that the Kakao-backed exchange has been hacked even though Upbit has consistently denied them. On July 8, the exchange issued a statement in response to one particular rumor which it said had surfaced “in many communities” on Sunday. Citing that the rumor is false, the exchange wrote: Your assets held at Upbit are kept secure…The large amount of coins movement found through communities is part of [us] upgrading the wallet management system, and the work is done under the tightly managed security environment of Upbit…We hope that your investment will not be harmed due to false rumors. Do you think the Korean government could do more to prevent the hacks? Let us know in the comments section below. Images courtesy of Shutterstock, Upbit, and Joongang Ilbo. Need to calculate your bitcoin holdings? Check our tools section. The post Korean Government Criticized for Crypto Exchange Hacks, Upbit Denies Hack Rumor 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. The high growth rates seen in the crypto space over the first half of 2018 have been exceeded in June, a month that saw a spike and tremendous rise in investor interest towards ICO that could offer real potential value to investors. DECOIN—an emerging blockchain-based trading and exchange platform offering redistributed revenues to coin holders—has successfully reached its soft cap fundraising goal. “We are excited about reaching the soft cap of $4,000,000” says Shay Perry, CEO of DECOIN. “The support of the community has been fantastic and we will soon announce further developments in the project.” Company Overview DECOIN is making waves in the blockchain space by developing an exchange that offers practical utility to its users. The company’s blockchain—which is based on a proof-of-stake (PoS) algorithm, incentivizes user loyalty by enabling him a 6.2% Staking rewards. The company will comprise a global operation—with multi-lingual support offered across international offices. . DTEP platform to launch within 6 months In addition to achieving its soft cap milestone, the company will be swiftly moving forward with the development of the DECOIN Trading and Exchange Platform (“DTEP”) in the next stage of its roadmap. DTEP is expected to launch in about 6 months, coinciding with the company’s receipt of licensing from the Monetarian Authority of Singapore. This important step will allow DTEP to operate under a regulated license. Increasing Interest in DECOIN’S Crypto Indexes Additionally, DECOIN is making significant headway in the development of the DECOIN Crypto Index (“DCI”). The teams analysts are analyzing and researching new projects to potentially be included in the indexes; all projects will be thoroughly vetted before making a final decision on which ones to include in the DCI. DECOIN has accomplished some impressive early results, and—from the perspective of the company’s leadership— this is only a great beginning to the project’s future success record. “We reached the funding goals in the first stage, from the number of users we were hoping to see contribute to the project at this stage,” says Perry. “There are international global funds that are interested in investing in DECOIN. We are thrilled about this first successful step and enthusiastic and confident about the roadmap still ahead of us.” More information on the ICO and the company itself, including whitepapers and vision, can be found on https://www.decoin.io Follow us on our social media channels: Telegram : https://t.me/xDECOIN Twitter : https://twitter.com/@decoin_io Facebook : https://www.facebook.com/DECOIN.io Bitcointalk ANN : https://bitcointalk.org/index.php?topic=3311450.0 Contact Email Address sydney@ifergan.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: DECOIN.IO Crosses Soft Cap with Exciting Developments on the Horizon appeared first on Bitcoin News. View the full article

Digital asset markets have failed to surpass heavy resistance over the weekend, and during the early morning trading sessions on Tuesday, July 10, as well. The top cryptocurrencies have slid in value once again as Bitcoin Core (BTC) has tumbled to $6,377 after touching the $6,830 region. Meanwhile, Bitcoin Cash (BCH) prices hovered around $785 per coin a few days ago but the price has dropped to $696 since that vantage point. Overall the leading digital currencies are down between 4-15 percent in value over the past 24-hours. Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline More Than $16 Billion Shaved Off Cryptocurrency Valuations Since Friday A thick veil of bearish sentiment has once again encapsulated cryptocurrency traders as the bullish price momentum from last week reversed. Cryptocurrency bulls attempted to surpass the rallies that took place on 6/18, and several attempts to overcome resistance has seemingly failed. At $254 billion USD the entire market capitalization of all 1,600+ digital currencies has lost around $16Bn since the weekend. At the current vantage point, some traders believe cryptocurrency prices could take a major leg down again. BTC Market Action Since our last markets update, Bitcoin Core (BTC) trade volume has decreased a hair from $5.2Bn in daily trades to $4.18Bn over the last 24-hours. The top five exchanges today swapping the most BTC includes Bitflyer, Bigone, Fcoin, Binance, and Bitfinex. BTC markets are down 6.1 percent over the last 24-hours and 3 percent over the course of the week. The Japanese yen is still dominating BTC pairs by 44.7 percent on July 10. This is followed by tether (USDT 38.9%), USD (11.3%), EUR (1.8%), and KRW (1.6%). At the number one spot, as far as market valuation, BTC’s capitalization is around $109Bn USD which dominates all 1,600+ other markets by 43.1 percent. BTC/USD Technical indicators Looking at the daily and 4-hour BTC/USD charts on Coinbase and Bitfinex show bears have managed to capitalize on the current downturn. The Relative Strength Index (RSI) undervalued or oversold at 27 right now which indicates bears will see some exhaustion. Bulls had failed to surpass key resistance zones above the $6,800 range and the two Simple Moving Averages (SMA) show the long-term 200 SMA is above the 100 trendline. That means the path of least resistance will be towards the downside with the MACd rising on occasion but weakening over time. Currently, if bears manage to tug prices below the current vantage point and the Displaced Moving Average of $6,200 then we will see a break down below sub-$6K support. Order books show nice resistance now above the $6,600 mark and again it deepens at $6,800. On the backside, there are solid foundations from here to the sub-$6K range but then even bigger support at the $5,700-5,400 territories. BCH Market Action Bitcoin Cash (BCH) market action today is showing trade volume of around $407Bn USD worth of swaps over the past 24-hours. The top BCH market makers today includes Fcoin, Okex, Hitbtc, Coinex, and Bitfinex. Bitcoin cash is the sixth most traded cryptocurrency on July 10 and holds a market valuation of around $12Bn. Tether is playing a large role today with BCH pairs as the currency captures 65 percent of today’s trades. This is followed by BTC (20%), USD (7.4%), KRW (2.1%), and ETH (1.9%). BCH is down 6.9 percent over the last 24 hours and 10.1 percent over the past week. BCH/USD Technical Indicators Looking at the BCH/USD daily and 4-hour charts on Bitfinex and Bitstamp show BCH has taken some steeper dips than BTC. RSI levels at 26 show conditions are definitely oversold and some upswing could be in the cards today. SMA indicators show similar findings with the 200 SMA well above the 100 SMA on the 4-hour chart. In the charts, we saw a rising wedge with big resistance above the $800 region, and prices managed to sink below the wedge today. Looking at order books shows some solid foundational support at the current vantage point, but, if a sell trigger appears, bears will again attempt to lock in profits by shorting. Below the $690s support is very strong at $610 and lower. If BCH bulls managed to gain some momentum then they must surpass $715 and heavier resistance at $770 once again. The Top Cryptocurrency Markets See Losses Today, the second highest capitalization held by ethereum (ETH) is down 9.5 percent and 6.4 percent over the last week. One ETH is priced around $440 per coin and the market is valued at around $44.2Bn USD. Ripple (XRP) has lost 5.9 percent over the last 24-hours, and 9 percent over the last seven days. XRP is trading at $0.44 cents a token with a $17.6Bn market capitalization. Lastly, the fifth highest valued market, EOS, is down 15 percent today and 18 percent over the week. An EOS currently trades for $7.35 per token and the market captures $6.5Bn on July 10, 2018. The Verdict: Crypto-Market Cynicism and Pessimism Overtake Last Week’s Positivity Overall market sentiment has moved back towards the bearish side as bullish attempts were squashed this weekend. Traders are again guessing that newer lows will follow and skepticism and doubt has filled the air. This week’s market verdict is different than last Friday’s analysis by far, and it’s safe to say lots of traders are pessimistic. Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Crypto-Prices Drop a Leg Down as Bulls Lose Momentum appeared first on Bitcoin News. View the full article

The London School of Economics, one of the leading academic institutions for higher learning in the world, is the latest university to offer a course on cryptocurrency. For just £1,800, and about sixty hours of learning, you too can be a certified crypto academic. Also Read: The Pirate Bay Is Again Using Users’ CPUs to Mine Crypto Certificate Crypto Course The London School of Economics and Political Science (LSE) has launched a new online certificate course titled “Cryptocurrency Investment and Disruption” headed by Dr Carsten Sørensen, Associate Professor of Information Systems and Innovation. LSE has thus joined the growing list of top notch institutions offering crypto classes such as Cambridge, NYU, Northwestern, Stanford, Wharton and Georgetown, as well as others. The new LSE crypto educational option seems to be quite accessible as there are no prerequisites for the course and its cost is also not unreasonable at just £1,800. It starts on 14 August 2018, and will take six weeks to complete (excluding orientation) with an estimated commitment of about seven to ten hours per week. This course is also certified by the United Kingdom CPD Certification Service, if that is relevant for you. “Understand the Causes of Things” Explaining the rational behind the course, the institution states that, “For over one hundred years, LSE’s motto has been to ‘understand the causes of things’. This online certificate course pairs practical cryptoasset knowledge with the theoretical thought leadership for which LSE is renowned.” In practice, the classes listed seem to offer rather practical investment skills, like how to interact with cryptocurrency exchanges, how to use wallets, and how to evaluate the analytics of an ICO (Initial Coin Offering). In a more broad perspective, students will also explore how cryptocurrencies will shape the future of money, markets and industries. And the course is meant to provide the information, knowledge and frameworks of blockchain technologies and cryptocurrencies – needed to understand how they operate and the implications for business and the economy. And just to be on the safe side, the institution adds that, “You will not be given cryptocurrency investing advice, or investment or financial advice of any nature.” Are you interested in attending an academic cryptocurrency course? 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 London School of Economics Launches “Cryptocurrency Investment and Disruption” Course appeared first on Bitcoin News. View the full article

The Deputy Governor of the Bank of France, Jean-Pierre Landau, also named “Mister Bitcoin” by the French government, submitted a report to Bruno Lemaire, the French Minister of Finance and Economy. The report said cryptocurrencies are in a phase of technological and economic experiment. Their future is still uncertain, however, there are few possible scenarios. One would be “a total collapse and extinction, or marginalization of all existing currencies,” which is very likely, he wrote, or “a ‘darwinian’ natural selection would see one or two dominant currencies emerge.” Also read: France Appoints a Cryptocurrency ‘Mission Leader’ “Regulating Crypto Would Freeze an Evolving Technology” Another possible scenario would be the birth of new actors from the digital world, social networks, or from e-commerce, who would develop their own payment systems or their own internal currencies. “In this particular phase, three principles should guide the public policies: (1) not to directly regulate the cryptocurrencies; (2) create a favorable environment for the development of the technology; (3) instead, carefully circumscribe the risks, which imposes to strictly limit exposure of the cryptocurrencies to the financial sector. Jean-Pierre Landau In January 2018, Jean-Pierre Landau was assigned on a mission by the French Minister of Economy and Finance to investigate and propose some orientations on the evolution of cryptocurrencies’ regulations. One of the main targets for this mission was also to fight against utilization of cryptocurrencies such as Bitcoin for tax evasion, money laundering or funding of criminal and terrorists’ activities. The Frenchman says too many regulations imposed on cryptocurrencies could bring innovators to avoid regulations and freezing a technology in evolution into legislation. Recommendation to the French Government In his report, submitted to the French government on July 5th, Landau described the ambition of cryptocurrency as “beautiful, however hard to satisfy.” Nine years after Bitcoin was launched, cryptocurrency payments are still not mainstream, he argued. “Bitcoin payments represent only 0.2 percent transaction volume in the Eurozone,” the report said. “The profound cause of this inefficiency resides in the decentralized management of the [crypto] money. The said [decentralized management] of cryptocurrencies imposes a very heavy, long and costly validation procedure – often deliberately costly, like it is the case with Bitcoin. The handicap is lasting, perhaps permanent: it is impossible for a monetary system to conciliate the three requirements of security, decentralization, and efficiency,” Landau wrote. The Bank of France OB also criticized the open source nature of cryptocurrencies’ governance, which he described as “very badly adapted” to the requirements of a stable currency, on the long-term as fundamental decisions are taken informally by the developers’ community. “Regulating Crypto is Unnecessary and Unwanted” It is both unwanted and unnecessary to directly regulate cryptocurrencies, Landau wrote. “A direct regulation is unwanted because it would force to define, classify and therefore to rigidify objects that are essentially evolving and still unidentified”. Landau also identified three main dangers in regulating cryptocurrencies. The first danger would be to congeal in text an evolving technology. The second would be the risk of misunderstanding the true nature of the object to be regulated, then orienting innovation towards regulatory evasion. “On the contrary, regulation must be technologically neutral, thus should be addressed to the actors, not to the product itself,” the report said. Jean-Pierre Landau is known for being a crypto skeptic. In 2014, he warned the public against the folly of cryptocurrencies in a column published by the Financial Times under the headline “Beware the mania for Bitcoin, the tulip of the 21st century,” in reference to the 16th century’s infatuation for tulip trading, in the former Netherlands. What do you think about Jean-Pierre Landau’s findings submitted to the French Finance Ministry? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock and SciencePo Department of Economics 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 Pulse, another original and free service from Bitcoin.com. The post Government Investigator Says “Darwinian” Selection Led to Dominant Cryptocurrencies appeared first on Bitcoin News. View the full article

In today’s edition of Bitcoin in Brief, we cover two decentralized exchanges – an Irish team that’s launching its Local Token Exchange and the already operating Bancor that has reported a security breach and admitted the loss of $12.5 million worth of coins. Also, hackers in China have mined cryptos worth $2 million using malware installed on 1 million computers, and in the US, digital forensics firm Chainalysis claims a fifth of all bitcoin is missing. Also read: Bitmain Valued at $12 Billion, New US Crypto Exchange Opens for Business New Decentralized Exchange Launches Next Month Two Irish entrepreneurs are behind a project to set up a new decentralized crypto exchange in Europe. Joe Haslam and Conor O’Connor plan to launch Local Token Exchange (LTE) in August, according to the Irish Independent. The platform aims to enable trading in over 100 cryptocurrencies by the end of the year. It has already gathered a team of nine employees and six advisors. O’Connor notes that most crypto transactions currently take place on centralized exchanges while there are very few decentralized trading platforms operating at the moment. “Our approach is peer-to-peer and it democratizes the process. Our transactions take place using smart contracts and escrow,” the cofounder explains. His partner, who lectures in entrepreneurship at the IE Business School in Madrid, says: “When my students look at what’s happening in Venezuela, say, or the fact that the Turkish lira lost 20pc of its value against the dollar this year, I lose their interest very quickly talking about the traditional worlds of finance and accounting when crypto allows a 21-year-old to raise $25m in 15 minutes, as Reuters reported last year.” Hacked Decentralized Exchange Freezes Coins While the Irish team is still raising the funds to complete their project, another crypto exchange branded as decentralized proves that maintaining an operating platform of this kind comes with challenges. On Monday, Bancor reported it had experienced a “security breach”. In a tweet, the company assured its customers that “No user wallets were compromised” and informed them that the platform is currently under maintenance. Updating users on the situation, the exchange later said the details of the breach are still being investigated but released some of the findings. According to the tweeted statement, a wallet used to upgrade some smart contracts has been compromised and used to withdraw ethereum from the BNT (Bancor’s native token) smart contract. The stolen amount, 29,984 ETH, is worth approximately $12.5 million. Here is the latest update on the recent security breach: pic.twitter.com/JroypFvBri — Bancor (@Bancor) July 9, 2018 The post details that “The same wallet also stole: 229,356,645 NPXS (~$1M) [and] 3,200,000 BNT (~$10M).” Bancor claims that “once the theft was identified, we were able to freeze the stolen BNT”, explaining that the ability to do so was built into the Bancor protocol to be used in an “extreme situation.” However, the exchange notes that it’s not possible to freeze the ether or any other stolen coins. The heist and Bancor’s countermeasures prompted comments on social media questioning the decentralized status of the hacked crypto exchange which doesn’t square with the centralized freezing of tokens and shutting down the network. Chinese Hackers Mine Over $2M in Two Years Police in the Chinese Da Lian city have arrested 20 suspects, employees of a computer tech company, who allegedly infected over 1 million computers with mining malware. According to the local news outlet Legal Daily, they reportedly mined more than $2.2 million USD worth of digital coins over a period of two years. The publication details that the hackers developed and embedded the malware in plugins promising faster browsing speeds and other “improvements”. It has been estimated that the ads have reached 5 million computers in the People’s Republic. The hackers also employed a network of more than 100 agents to spread their malicious software. According to the Chinese investigators, more than a million users have installed the plugins so far. The hackers have mined a total of 26 million units of digibyte, decred and siacoin worth around 15 million yuan. These altcoins do not require a lot of computing power and background mining is harder to detect, the article notes. $20 Billion Worth of Cryptocurrency Lost According to a research conducted by New York based company Chainalysis, about a fifth of all bitcoin is missing. The total amount of lost cryptocurrency, mostly bitcoin (BTC), is worth $20 billion dollars, The Wall Street Journal reported. The blockchain-analysis firm says the main reason is the loss of access to the funds as a result of users failing to securely store their wallets or remember their passwords and secret phrases. Chainalysis does not help people find their lost bitcoin, its senior economist Kim Grauer said. The digital forensics firm noted, however, that it can point out “at least one counterparty for 80 percent of all bitcoin transactions.” It has been reported as well that the US Federal Bureau of Investigation (FBI) has successfully tracked down almost $1 billion in lost cryptocurrency revenue in the last two years. At the end of 2017, Chainalysis published a similar report claiming that access to almost 3.8 million bitcoins might be permanently lost. Wallet Recovery Services, a company that helps users remember passwords to their crypto wallets, claims it has about a 30 percent success rate. What are your thoughts on today’s news tidbits? Tell is in the comments section below. Images courtesy of Shutterstock. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post The Daily: Decentralized Exchanges – New and Hacked, and Some Lost Coins appeared first on Bitcoin News. View the full article