roadrunner

The Japanese Police have been cracking down on users of remote mining software apps, such as Coinhive, without their website visitors’ consent. After being investigated and having their property impounded, users are speaking up about the unfairness of the investigation. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Problems with the Investigations and Arrests The Japanese police have been actively investigating website owners using programs such as Coinhive to mine cryptocurrencies without their site visitors’ consent. Recently, the police from 10 prefectures reportedly caught 16 people using such programs; three were arrested while the others had their information sent to the prosecutors. However, some experts are voicing concerns about how the police handle these cases. Famous Japanese security researcher Dr. Takagi Hiromitsu recently pointed out a few key problems. Firstly, he noted that the police only started investigating Coinhive after antivirus software companies declared Coinhive to be a virus. In addition, most articles about Coinhive in Japan are based on interviews with a major anti-virus firm, Trend Micro. Dr. Takagi explained (loosely translated): It’s a simple story, antivirus software dealers are profitable enough to threaten people. In this way, it encourages everything as a cyber crime and advertises its own products. Another problem is that the police in many prefectures are not accustomed to dealing with cybercrime, unlike the Tokyo police. A recent notice posted by the Metropolitan police department warns website operators considering installing mining tools that: Even in the case of installing on a website operated by himself / herself, there is a possibility of [it] becoming a crime when installing a mining tool without clearly indicating to the viewers that the mining tool is installed. With just a “possibility” of it being a crime, the police started investigating and making arrests, a Coinhive user who claims to be under investigation told news.Bitcoin.com, emphasizing that the police made arrests based solely on their opinion with no clarity of the law. He elaborated, “People currently being investigated or arrested are primarily those who began using Coinhive since last September” and some have already stopped using the program long before the police started the investigations. “The possibility of Coinhive being a crime wasn’t pointed out until a Nikkei article of Dec 10,” he said. Furthermore, he explained that the Japanese media coverage is often one-sided, painting a picture of Coinhive based on the police’s interpretation. “Some Japanese television and newspapers don’t understand what the problem is.” The Story of Moro-san A Japanese freelance designer who previously used Coinhive on his website, Moro-san, recently shared his story and experience in dealing with the Kanagawa prefectural police. Kanagawa is a coastal prefecture south of Tokyo; its capital city is Yokohama. Moro-san wrote: It’s embarrassing. It was the first time in my life to be taken in by the police. He started using Coinhive in late September last year but removed it from his website in early November. Three months later, in early February, he received a call from the police while at work in Shibuya. They immediately headed to his workplace, brought him back to his house, showed him a search warrant and started searching his house. Other than the charge of violating a law that bans the deployment of computer viruses, they did not offer any other explanations, Moro-san described. The police proceeded to question him about his website. “After several hours of interrogation I realized that Coinhive seemed to be the cause,” Moro-san detailed, adding that the police then “checked [his] server information and each account information, etc.” After about 10 hours of interrogation and searches, “One desktop PC, one laptop, [and] one smartphone were confiscated.” The police left at about 9 p.m., saying they will contact him back “at a later date.” In early March, Moro-san was interrogated again at the Kanagawa prefecture police station. The police asked him about his usage of Coinhive, took his fingerprints and measurements. The interrogation began in the morning and continued through the afternoon. After it was over, Moro-san was released around 5 p.m. with seized items returned to him except his desktop PC, which was returned at a later date with all data including the OS deleted. In late March, Moro-san was briefly interrogated at the Public Prosecutors Office and was fined 100,000 yen (~US$909). “I’m exhausted both mentally and physically at this point, I let myself go with the flow,” he described. He also shared: The final profit obtained from Coinhive was less than 1,000 yen [~$9]. (Since the minimum withdrawal was from about 5,000 yen [~$45], real profit is 0). What do you think of how the police handle the Coinhive cases? Let us know in the comments section below. Images courtesy of Shutterstock and Coinhive. Editor’s Note: Some statements have been translated from Japanese. Translation help by “VHGad3WzZolyYx”. Need to calculate your bitcoin holdings? Check our tools section. The post Coinhive Users Speak Up After Being Investigated by Japanese Police appeared first on Bitcoin News. View the full article

The team of a young Ukrainian crypto company has made an effort to collect some interesting data about what happened with their tokens after the sale. It turns out investors from developing countries are inclined to sell the coins within months after their listing, while buyers from developed nations tend to hold them longer. Also read: No License Needed to Mine Cryptocurrencies in Ukraine Ukrainian Startup Tracks Its Coins What happens with your tokens after they are sold and listed on exchanges? That’s a question any decent ICO project should be interested in finding an answer to. Not all teams are so curious, once the coins are dumped on the market, but there are examples of the opposite. REMME is a Ukrainian startup building an open source distributed Public Key Infrastructure protocol with a set of Dapps enabling passwordless authentication for users and devices. The company conducted its Initial Coin Offering (ICO) earlier this year and has already raised ~19,343 ETH. During the first two days of the public sale in February only whitelisted candidates were allowed to participate, which helped in gathering the quoted statistics. Investors not registered on the Telegram community whitelist were allowed to join from day three of the offering. Several months down the road, researchers at REMME have been able to come up with some interesting data regarding the fate of their tokens. Don’t sell to the Russians, is one of the conclusions that can be drawn from their numbers. US, UK Investors Buy Long, Russians, Nigerians Sell Fast One of the company’s founders, CEO Alexander Momot, has published on social media some of the tables. It turns out many buyers from developing countries like Brazil, Nigeria, Pakistan, Turkey, and the Philippines, are inclined to sell the acquired tokens within just four months of their listing. Countries like Russia and Ireland are also in the “flipping” group. On the other hand, investors from developed nations such as the US, the UK, Australia, Hong Kong, Switzerland, and Sweden tend to keep the coins for much longer. The data puts Ukraine in the club of the rich hodlers, which is not surprising given that REMME is a Ukrainian company. Commenting on the findings, the startup’s chief executive said on Facebook: Since we collected almost the entire amount from the whitelist, we can now monitor the general trends, for example, which countries’ residents are inclined to hold the tokens longer rather than sell them within 4 months after the listing. Alexander Momot added that “we had all countries open and the country’s indication was mandatory, we can say that such statistics are relevant […] As you have noticed, [investors from] the more developed countries, in general, are more inclined to make long-term investments than [those from] the poorer states.” Despite expectations that ICOs would lose steam this year, recently published data suggests it may be too early for that. Although the average sum raised by coin offerings has declined, the total sum of funds collected through ICOs in 2018 has already reached more than 82% of the estimated ~$6.1 billion raised in 2017, as news.Bitcoin.com reported. By the end of May, the mean total raised by almost 800 token sales conducted this year reached almost $6.5 million, compared to $7 million, the mean total raised by close to 900 ICOs last year. Why do you think investors from developed countries tend to hodl, while those from developing nations prefer flipping? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock, REMME, Alex Momot (Facebook). 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 Poor Flip, the Rich Hodl, Startup Finds Out Tracing Its Tokens appeared first on Bitcoin News. View the full article

2018 might not be the best year for crypto investors so far, but a lot of wealth is still in the hands of long-term holders. The latest example of this comes from Silicon Valley where some people are using bitcoin to buy millions worth of expensive timepieces, diamonds and other luxury items. Also Read: This Week in Bitcoin: McAfee Backs Off, Crypto World Cup and the Mystery of 21e8 Crypto Surpasses Credit Cards Stephen Silver Fine Jewelry, a Silicon Valley-based ultra-high-end watches and jewelry boutique which implemented cryptocurrency payments back in 2014, reports that crypto transactions have grown to 20% of sales in the past year, helping the company close expensive sales. The company accepts payments in cryptocurrencies such as BTC, BCH and XMR, but only from authorized and approved Bitpay wallets. It started doing so as an easier and more secure alternative to wire transfers, providing much faster transfer times than the old legacy systems. “Cryptocurrency has surpassed the volume of retail credit-card purchases in the company in a very short time period,” CEO Stephen Silver said. “We’ve created revenue that the company would not even enjoy without being able to accept cryptocurrency…. Large sums of money are where we are finding cryptocurrency to be a huge advantage.” Indispensable Tool at Cradle of Innovation The company has been monitoring the development of cryptocurrency for years, “Given that Stephen Silver Fine Jewelry is based in Silicon Valley, the cradle of innovation,” president Jared Silver told diamonds industry publication Rapaport News. “In 2014, we felt it had matured to the point that we could bring the technology into our store.” The company also pays its willing suppliers with cryptocurrency, however “this would be contingent on the supply chain adopting the technology,” he added. At the bottom line, accepting cryptocurrencies is now an “indispensable” payment method according to the jeweler. The average crypto deal is close to seven figures, and the company can offer no limit on the amount it will accept per sale, since bitcoin transactions are irreversible unlike credit cards. The president also revealed that the company recently received a million-dollar cryptocurrency payment. Is bitcoin a perfect match for buying expensive luxury items? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Stephen Silver Fine Jewelry. 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 Silicon Valley Whales Buy Diamonds in the Millions With Bitcoin appeared first on Bitcoin News. View the full article

Cryptocurrency bears are still clawing away at digital asset prices on Sunday, June 24 as most of the digital currency market values are down between 3-12 percent over the last 24-hours. The top cryptocurrency market held by bitcoin core (BTC) has touched a triple bottom at $5,832 during the early morning June 24 trading sessions. The last two times BTC dropped to these price ranges was in November 2017, and last February. Some traders believe a third bottom indicates significant support and cryptocurrency prices could capitulate after breaking through resistance levels. Also read: The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More Triple Bottom Achieved: What’s Next for Crypto-Markets? When will the 2018 cryptocurrency bear market end? Will digital currency markets experience a bear run every four years? These are the questions many traders and speculators are asking as some are in desperate search for that ever elusive ‘bottom.’ Cryptocurrency market prices are pretty low today on June 24 as the entire market capitalization of all 1600+ digital assets is around $242Bn at the time of publication. As we mentioned above the last time prices were this low was back in February of this year and November 2017. However, even though 2018 has been a rough year so far there has been a lot of new infrastructure announcements, a wide variety of investment vehicles and trading platforms, new applications, and innovation taking place on the sidelines as everyone is hypnotized by the falling prices. Bitcoin Cash (BCH) Market Action At the moment bitcoin cash (BCH) markets are seeing extremely low prices not seen since last February as the price per BCH is around $683. The overall BCH market valuation has dropped to $11.8Bn losing $1.4Bn since last Friday. BCH markets are down 8.5 percent over the last 24-hours and 19 percent over the last week. BCH trade volume, although way lower than Q4 2017, is still holding steady at $458Mn or more for 24-hour volumes. The top exchanges swapping most of the bitcoin cash trading volume today include Okex, ZB.com, Bitfinex, Huobi, and EXX. The top currency traded with BCH today is BTC by 46.2 percent which is followed by tether (USDT 23.8%), USD (18.7%), KRW (4.4%), and the EUR (1.5%). BCH/USD Technical Indicators Looking at the 30-minute and 4-hour charts for BCH/USD on Bitfinex and Bitstamp shows a small recovery is taking place since the initial drop this morning. The two Simple Moving Averages to watch (100 SMA & 200 SMA) still have a decent gap with the long-term 200 SMA above the short term 100 trendline. This indicates a move to the downside could take place again in the near future. MACd and RSI levels (44) are heading northbound after showing oversold conditions which also shows BCH bulls are trying to fight back. Despite the fact that a psychological price barrier was broken the market is showing strong foundations. Looking above at sell walls BCH bulls need to break through $750 and $800 to show some comeback strength. Below that, if bears remain in charge they will be stopped by significant buy walls at the current vantage point until just before $600. Bitcoin Core (BTC) Market Action Bitcoin core (BTC) markets are seeing an average spot price of around $5,858 at press time with $3.6Bn in 24-hour trade volume. BTC volume is lower than last Friday as trade volume has dipped around $625Mn since before the weekend. Even though BTC prices have been dropping, market dominance amongst all the other cryptocurrency markets is increasing slowly and hovers at 41 percent today. The top trading platforms exchanging the most BTC today are Binance, Bitfinex, Okex, Coinbene, and Huobi. The Japanese yen according to the data site Crypto Compare is grasping over 69 percent of today’s BTC trades. This is followed by the USD (13.4%), tether (USDT 12.8%), EUR (1.8%), and the KRW (1.3%) BTC/USD Technical Indicators Looking at charts for BTC/USD on Coinbase and Bitstamp shows some triangular action and some deep consolidation. Bollinger bands are extremely tight as we enter the triple bottom region. The two SMA trendlines are similar to BCH/USD charts with the long-term 200 SMA above the short term 100 SMA. This means the bearish sentiment is not over and could likely continue after a small price reprisal in the short term. MACd and RSI levels (26) are also starting to move northbound after signs of oversold conditions. BTC bulls need to muster up the strength to surpass hefty resistance levels from the current vantage point up until $6300 to make better progress. On the backside, bears will see strong foundations between now and $5100 which could last a for some time. The Top Cryptocurrency Markets Are Feeling the Pain Especially EOS Overall most digital assets today are hurting and are nurturing wounds as bears have scarred markets pretty badly since the beginning of the year. The second largest market capitalization belonging to ethereum (ETH) markets is down 7.4 percent this Sunday. Over the last seven days, ETH has lost 13.2 percent and the price per ETH is around $435 per coin. Ripple (XRP) markets are hovering around $0.45 cents per XRP as markets have lost 6 percent over the last 24-hours. Lastly, the fifth highest valued cryptocurrency market commanded by EOS has lost 12.9 percent over the last 24-hours and a harsh 31 percent during the last seven days. One EOS is trading for $7.22 per coin when last Friday it traded for $8.60 per EOS. The Verdict: Triple Bottom Tea Leaves Add Some Positivity, but Skepticism Remains Strong As we stated above many are in search of the elusive bottom when it comes to this crypto-bear market in 2018. Skepticism and mass speculation is taking place amongst traders as the triple bottom has everyone wondering if we will now see a trend reversal. We don’t know if a reversal will take place even if the triple bottom was achieved as some traders believe we still have more drops ahead. The verdict today remains the same as our last markets update which stated “skepticism remains strong,” and in fact, there may be even more skeptical people after this weekend’s significant dip. 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: Triple Bottom Confirmed, but Where Will It Lead? appeared first on Bitcoin News. View the full article

Bitcoin cash (BCH) is being called out, essentially asked if its blockchain and algorithmic infrastructure can hang while bombarded with millions of transactions thrown its way. It’s an effort by enthusiasts to demonstrate BCH resilience in the face of massive adoption and usage, and they’re inviting even haters to participate. Also read: Supremes Uphold Cell Privacy, Hope for Ross Ulbricht Bitcoin Cash is Going to Get Pounded with Millions of Transactions “The Bitcoin Cash Stress Test is a community driven stress test of the Bitcoin Cash network and its services,” reads the aptly named site, BCH Stress Test Day. “We aim to create millions of minimum fee transactions within a 24-hour period. Such volume of minimum fee transactions will prove to merchants and businesses worldwide, and also to ourselves, that the BCH main network is capable of scaling on chain and is capable of handling such volume of transactions today.” It’s a bold, original way to let go of theory and enter the real, empirical world. Prior to and even after 2017’s most successful fork, creating Bitcoin Cash (BCH), some pretty weighty hitters within the ecosystem openly warned about the consequences of such a move. Instability. Susceptible to attacks. And on the worrying, discouragement went. For the last ten months and change, BCH has defied all critics and soldiered on without so much as a hiccup, proving those who wished to maintain the integrity of Satoshi Nakamoto’s vision were at least onto something. “The data collected will be of great use to developers and businesses providing services on the BCH network,” enthusiasts claim, [and] it also gives them a chance to stress test their services. Everyone is welcome to participate in the stress test, with the cost spread across the community. The cost per user is tiny.” Indeed, notorious haters such as the anonymous handle @bitpico has repeatedly tried something along these lines, although in malicious manner (BCH Stress Test Day has noted the attempts). The handle’s current dustup includes a blurry, scrolling screen and appeals for help. Supposedly this person was a Segwit2x developer, who might’ve worked with the BTC1 team, and then threatened to continue the initial fork through November of last year, insisting only one miner was needed to be successful. Nothing came of it, however, and that will inevitably be the case this time around. The BCH Stress Testers are inviting such folks to help on the upcoming date as well. You Can Participate with Very Little Effort September 1st, 2018, 12:00 UTC, is the testing date for anyone interested. It’s purposefully scheduled prior to the planned BCH November upgrade, and proponents hope to “make this an annual event.” The hope is “to process over 5 million minimum fee transactions within a 24 hour period on the main BCH chain. However, this does not need to be the only aim, as we also want people to stress test apps, wallets and services, so everyone can get useful data they can use to move forward.” The sheer number of transactions processed “will showcase the Bitcoin BCH network capacity today, and will be a positive signal for merchants, businesses and investors, giving them confidence in the Bitcoin BCH network and its ability to scale on-chain,” the testers assure. Organizers are hoping to attract a great many participants in a number of areas. With the “most optimal way to participate will be to run a script that will flood the network with low fee transactions,” as “the most cost effective method, as funds will be recycled until they are exhausted on fees.” But that’s not the only way to test the BCH network. “Other methods will be just to make as many transactions as possible on any platform or wallet you choose,” which include spamming all your friends a penny, copy and pasting an entire book onto the chain, maybe even post favorited gangta rap lyrics onto Memo.cash and Blockpress. “You can also just like every comment on Memo.cash with 546 satoshi tip, or make lots of 546 satoshi donations to eatBCH.” Heck, chat up some buddies on the Kepyport app while you’re going about all the above, betting on “Satoshi Dice, Satoshi Bones or any other BCH online games.” The cost of participation is really up to participants on September 1st. Choosing to run a script might mean “it will only cost 0.01 BCH to create roughly 5,000 transactions before funds are exhausted,” which, at the moment, would be around $8. For those who consider tipping, “it will cost just under $4.20 to send 1000 tips of 546 satoshi’s to people (0.00546 BCH)” on Memo.cash, for example. Do you think the BCH Stress Test is a good idea? Let us know in the comments. Images via the Pixabay. 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 Can Bitcoin Cash Live Up to Its Hype? Real World Stress Test Is Coming appeared first on Bitcoin News. View the full article

One of the most maddening things about lookalike Twitter scammers has been Twitter’s unwillingness to do anything about them. It’s not a complex problem to solve, and yet for months the micro-blogging service has prevaricated while the gullible public has given their ether away to flagrant scammers. A couple of third party services have now sprung up promising to solve the problem. If Twitter can’t stop crypto scammers, they will. Also read: Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios Developers Are Taking Matters Into Their Own Hands Crypto scams have been plaguing Twitter all year. They usually involve the scammer mimicking the account of a crypto influencer and then replying to their tweets promising free ETH for anyone who sends a small amount initially. Why any benefactor should require cryptocurrency in order to send out more cryptocurrency to the donor is a mystery, but the nonsensical nature of the scam hasn’t prevented naive Twitter users from being defrauded of cryptocurrency. Metacert Protocol and Scam Clerk are two recently launched services that promise to weed out scammers and make Twitter a better place for everyone. The former of these two solutions – Metacert – is a general anti-fraud project that’s making the leap to blockchain. Its Twitter scammer software is still in beta, but appears to be effective at warning the followers of a high profile account that the reply they’re viewing is that of a copycat and not the original poster. The tool then blocks the scam account. Metacert’s Cryptonite tool (not to be confused with the hashing algorithm of the same name) also alerts crypto holders to phishing websites via a green shield symbol that appears in the toolbar. Scam Clerk Goes to Town on Twitter Impersonators Scam Clerk, another new tool to have launched, bills itself as being “like a virus scan for Twitter”. It features a dashboard that reveals how many impersonators it has blocked, and retains a SCUM (Scam Clerk Universal Master) list of all Twitter scammers, not just impersonators. Thanks to the likes of Scam Clerk and the developing Metacert Protocol, clamping down on Twitter scammers is getting easier. In truth though, it shouldn’t fall to third party developers to conceive such solutions: this ought to be the job of Twitter, as it’s the reputation of their service that scammers are ruining. For all his bullishness on bitcoin, Twitter CEO Jack Dorsey has been slow to act on crypto scammers. Even those who believe that scam victims deserve everything they get would agree that scammers spoil the discourse on crypto Twitter. Due to the prevalence of impostor accounts, which fill the replies to tweets with their incessant spam, Twitter is no longer suited to cryptocurrency discourse. If the bear market can’t kill off Twitter’s crypto scammers, perhaps third party solutions can. Why do you think Twitter hasn’t bothered to stamp out scammers? Let us know in the comments section below. Images courtesy of Shutterstock, and Twitter. Disclaimer: Bitcoin.com does not endorse nor support this product/service. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. The post Since Twitter Won’t Stop Crypto Scammers, These Services Will appeared first on Bitcoin News. View the full article

In this week’s daily Bitcoin in Brief editions we reported about McAfee’s decision to stop shilling ICOs, crypto businesses’ involvement in the 2018 FIFA World Cup and much more. We also explored, in this week’s most commented-on article, a secret mathematical code that tantalizes the imagination of many bitcoiners. Also Read: Exchanges, Payment and Wallet Firms Join EU Police to Fight Privacy New York to Istanbul On Monday, we reported that Xapo, the company providing wallet, cold storage, and bitcoin-based debit card services, has received a New York Bitlicense. The NY regulator said it has conducted a comprehensive review of Xapo’s operations, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. With the license, Xapo will be authorized to offer a digital wallet and a vault service, and be subject to ongoing supervision. Additionally covered was a currency exchange shop in Istanbul that placed a bitcoin sign to attract the many shoppers and tourists that visit the Grand Bazaar every day. All Because of Football The 2018 FIFA World Cup and the involvement of crypto companies in the event were the main focus on Tuesday. Cryptocup is a blockchain-based game that allows football fans to make predictions and even bet on the matches. Gamers can create their own tokens, or golden tickets, used to make predictions for the 64 games of the championship. And gaming businesses are not the only ones trying to exploit the football fever. The web is full of sites with malicious content related to the huge event, including hidden crypto miners, according to a study by the antivirus developer ESET. Day of Reckoning for ICOs John McAfee’s decision to stop shilling ICOs was the top headline on Wednesday. The antivirus pioneer said he is no longer working with ICOs nor is he going to keep recommending them. The reasons McAfee gave for the move are “SEC threats” and that “those doing ICOs can all look forward to arrest. Additional stories included Bittorrent trying to reassure users it won’t cryptojack them to mine tron following the $120 million takeover over by Justin Sun, Binance’s latest venture in collaboration with the Malta Stock Exchange, a tether replacement getting VC backing, and Paris Hilton’s dad getting into crypto by selling a multi-million Mansion in Rome. Akon Launches Akoin Akon captured the headlines around the world on Thursday after he revealed the launch of his own cryptocurrency token called Akoin. The stated purpose of the project is to build a “real-life Wakanda.” The singer proclaimed: “I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people and brings the security back into the currency system. It also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down.” According to the project’s website, the “100% crypto-based” Akon Crypto City is being built on 2,000 acres of land gifted to Akon from the President of Senegal. It’s within 5 minutes of the new international airport, close to the coast and a short drive from Dakar, the capital city of Senegal. Additional stories included an ICO mogul who bought land worth $19 million with bitcoin, and a massive trove of Coinbase customers’ complaints. Oh No Nano! On Friday we reported that a big problem was detected soon after the release of the Android wallet for free transactions altcoin Nano. *ATTENTION* ANYONE WHO GENERATED A SEED USING THE ANDROID WALLET, IMMEDIATELY MOVE YOUR FUNDS TO ANOTHER WALLET DERIVED FROM A DIFFERENT SEED. *ATTENTION* — Nano (@nano) June 21, 2018 Additionally covered was an ICO report that claiming that 17% of all funds are tokenized, 42% of all funds are based in the US, and the number of funds being founded has declined since 2017. Most crypto funds don’t publish their ROI, but of the 8% ICOrating could find numbers for, the median ROI this year is just 14% versus 600% in 2017. Bottom Line: Bitcoin Will Recover On Saturday we featured a few analysts predicting the price of bitcoin is about to recover. Govcoins, on the other hand, seem destined to die before they are even born. A high ranking representative of the Swiss National Bank’s management revealed that central banks around the world have become skeptical of introducing state-backed digital currencies. And according to local media in Venezuela, the country’s Superintendent of Cryptocurrency, has been fired by President Maduro after he failed to deliver on the promises to raise billions through the initial coin offering of the national oil-backed cryptocurrency, the Petro. Mind Bender Code The most commented-on article during the week covered the mystery behind the hash 00000000000000000021e800 – a series of numbers and letters has sent the cryptosphere into overdrive, sparking talk of quantum computing breakthroughs, time travel, Satoshi’s return, and the hidden meaning of bitcoin. To some, the appearance of so many zeros followed by 21 (a number synonymous with bitcoin’s total supply), is a near-impossible feat that signals intervention from another world. Light one up and join the mind blowing discussion. This Week in Bitcoin Podcast Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron. What other stories in the Bitcoin world caught your attention this week? 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 This Week in Bitcoin: McAfee Backs Off, Crypto World Cup and the Mystery of 21e8 appeared first on Bitcoin News. View the full article

Companies mining cryptocurrencies are not required to obtain a license, the Ukrainian state agency responsible for licensing regimes said this week. The annual revenue generated by the Ukrainian crypto mining industry amounts to over $100 million, according to recently published data. The country remains attractive to miners while mining costs in many other corners of Europe are simply prohibitive, at the current price of bitcoin. Also read: Crypto Markets, Weak Demand from Miners Hurt GPU Producers No Plans to Introduce Licensing for Miners Cryptocurrencies can be mined in Ukraine without a license, according to the State Service of Special Communication and Information Protection, the regulator that oversees activities requiring licensing. The agency is not planning to introduce such an obligation in the sector in the near future, it said in a response to an enquiry filed by the Better Regulation Delivery Office organization (BRDO). According to BRDO, however, not recognizing mining as an economic activity that needs licensing and as a service providing “cryptographic protection of information” is one of the main issues in the local crypto industry. “Market participants have been threatened with a tangible sanctions – fines and confiscation of equipment and cryptocurrency,” said Igor Samodhodsky, an expert at BRDO, quoted by Forklog. Samodhodsky also noted that entrepreneurs and companies operating in the sector usually try to avoid official registration because of the uncertain legal status of cryptocurrencies and crypto transactions. “The unpredictability of the actions of their counterparties and authorities creates a number of obstacles to their activities,” the BRDO representative emphasized. Ukrainian Miners Make $100 Million Annually Crypto mining is just one of the segments of the country’s crypto industry awaiting comprehensive regulation. Ukrainian authorities have so far failed to meet these expectations. Three draft laws have been filed in the Rada since October but deputies have not made any significant progress towards their adoption. These are the bill “On the Circulation of Cryptocurrency in Ukraine”, the law “On Stimulating the Market of Cryptocurrencies and Their Derivatives”, and a supplementary draft covering taxation of crypto incomes and profits. Moreover, the recently adopted Currency Law did not even mention cryptocurrencies. In March, the Ukrainian government supported an initiative by the Economy Ministry to add mining to the national register of economic activities. Several ministries, agencies and the National Bank are engaged in the preparation of the necessary documents. No time frame was given for the completion of the procedure, which amounts to legalization. Last month, BRDO announced that Ukrainian crypto mining companies generate more than $100 million of revenue annually. And while Ukraine is offering miners decent conditions, including low electricity rates going down to ~$0.04 per kWh depending on the category of users and no restrictive regulations, in some other European countries mining bitcoin is far from profitable. The situation for miners on the continent is further aggravated by the persistent bearish trend on crypto markets that brought the price of BTC below the psychological threshold of $6,000 per coin. Prohibitive Expenses, Low Bitcoin Prices Payment provider and crypto exchange Wordcore has recently conducted a study to determine the profitability of mining in different countries. According to their calculations, quoted by Forbes Kazakhstan, using Bitmain’s Antminer S9 at an energy consumption of 1.5 kWh earns about 0.0008 BTC in 24 hours. This means mining a single bitcoin requires approximately 45 MW of electricity. For example, mining 1 BTC in the Czech Republic, where electricity for industrial usage is priced at €0.06 per kWh (~$0.07), costs around €3,000 (~$3,500). Germany and Italy are among the European nations maintaining some of the highest electricity rates for businesses on the continent – around €0.15 (~$0.17) per kWh. According to the report, mining one bitcoin there costs between €6,835 and €6,646 respectively (~$7,964 and $7,746), which is much more than what the cryptocurrency currently costs. Besides, these are only production costs, not including investments in equipment, its delivery and installation, the maintenance costs and other expenses like rent and so on. Mining in some countries becomes prohibitively expensive and experts advise investors to start with searching for a destination which offers competitive electricity rates, in the first place. Among these regions are the Russian oblasts of Tyumen and Murmansk, the states of Washington and Louisiana in the US, and the Canadian province of Quebec. Do you think cryptocurrency mining needs a licensing regime? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post No License Needed to Mine Cryptocurrencies in Ukraine appeared first on Bitcoin News. View the full article

Last December news.Bitcoin.com reported on the theatrical version of people using the deep web in a play called the “Silk Road: How to Buy Drugs Online.” Since then the play got rave reviews after appearing at the world-famous Edinburgh Fringe and the Vault festival. Now due to the show’s popularity, the performance is hosting the production at the well-known theatre London’s Trafalgar Studios for a twenty-day residency. Also read: The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More The Silk Road Theatre Production Written by Alex Oates Receives Rave Reviews Just before the end of the phenomenal 2017 cryptocurrency run news.Bitcoin.com reported on a play that appeared in the UK called the “Silk Road: How to Buy Drugs Online.” The performance has been funded entirely in BTC when an anonymous person donated funds towards the production. The play, written by the well known English playwright Alex Oates, is about a 19-year old man named Bruce Blakemore who learns about the deep web and darknet markets. Moreover, the play is loosely based on the tales of the Dread Pirate Roberts (DPR) alongside interviews with real Silk Road vendors. Since the play took place at the notorious Edinburgh Fringe and at the Vault Festival the production has received rave reviews. “Like a hybrid of ‘Snatch’ and ‘Starter for Ten’, this is both an adolescent adventure and a grotesque, criminal caper. Gritty and very well written by Old Vic New Voices playwright Alex Oates, ‘Silk Road’ is the best thing to come from its namesake,” explained a Three Weeks review. A Twenty Day Residency at London’s Trafalgar Studios The shows at Edinburgh and the Vault Festival, and the great reviews have helped the cryptocurrency-funded performance achieve a residency at London’s famous Trafalgar Studios from August 7 through September 1, 2018. According to an interview with the regional publication, the Evening Standard, Oates details in an interview that cryptocurrency’s trend within our culture is here to stay. “Back in 2014, Bitcoin was a bit of a novelty so I couldn’t be more thrilled that Silk Road (How to Buy Drugs Online), which was initially made possible through an anonymous donation of Bitcoin, is back with a run at Trafalgar Studios this summer,” Oates details. It seems clear that Bitcoin is here to stay and it was a great honour to be the first play funded by cryptocurrency — It undoubtedly won’t be the last. The West End London theatre Trafalgar Studios is a prestigious auditorium that once was called the ‘Whitehall Theatre,’ and the Oates play is also directed by Dominic Shaw. No one knows how much funding the writer got from the anonymous donor, but reports detail that Oates has amassed a portfolio of “multiple cryptocurrencies,” since 2014. What do you think about the Silk Road play getting a residency stay at London’s Trafalgar Studios? Let us know what you think about this subject in the comment section below. Images via the Silk Road: How to Buy Drugs Online Playbill, Evening Standard, and Pixabay. 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 Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios appeared first on Bitcoin News. View the full article

As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading. Zebpay plans to continue crypto-INR trading pairs even after the ban. Unocoin has launched a weighted basket order tool to simplify crypto investing. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space No Fiat Withdrawals But Trading to Continue The date for India’s crypto banking ban imposed by the Reserve Bank of India (RBI) is drawing near. All regulated banks and financial institutions must stop servicing cryptocurrency exchanges by July 5. Zebpay, a leading cryptocurrency exchange in India, warned its customers this week that their “rupee withdrawals could stop,” citing RBI’s order. The exchange wrote: If Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible…[However] Crypto deposits and withdrawals are continuing as usual. The RBI circular only talks to banks, and other regulated entities about shutting accounts. This doesn’t affect BTC and other cryptos. Having launched a crypto-to-crypto trading service in April, Zebpay announced Thursday its intention “to continue offering crypto-to-crypto trading.” The exchange also clarified, “Our present intention is to allow crypto-INR pairs to trade even after our bank accounts shut [down].” Nonetheless, it warned, “we are unable to fathom all the consequences of the bank account shutting [down] and hence cannot guarantee that we will continue the crypto-INR trade pairs forever.” Soon after Zebpay’s announcement, the trading volumes of all cryptocurrencies on the exchange spiked while their prices dropped. The price of BTC fell sharply by about 20%, from ₹458,879 to ₹367,733, before leveling off around ₹405,000. Some media outlets have suggested that Zebpay manipulated crypto prices with its announcement. However, the exchange insists that it “does not buy, sell, or trade in crypto. It is just an exchange platform that match-makes buy-and-sell orders of its customers.” Crypto Asset Allocation Tool Another major Indian exchange, Unocoin, announced the launch of an asset allocation tool this week. This weighted basket order tool, called Crypto Basket, allows investors to buy “cryptoassets based on market cap” and “according to exchange volume.” It also allows specific customizations by letting investors “uncheck cryptoassets” which they do not want to buy, the exchange detailed. This tool is available on Unodax, the multi-crypto exchange platform which Unocoin recently launched. The company described: The basket order helps you to place orders for multiple cryptoassets with a fund distribution model of your choice. You can let Unodax set the distribution for you, or choose your custom distribution model. Supreme Court Hearing After the RBI Ban On April 6, RBI issued Circular DBR.No.BP.BC.104 /08.13.102/2017-18, banning all banks and financial institutions under its control from providing services to cryptocurrency companies. The central bank, however, recently admitted that it issued the ban without doing enough research. Crypto industry participants have engaged with the central bank to offer alternatives; some are asking for the deadline to be extended. The country’s Supreme Court said it will hear all petitions against the ban on July 20, which is two weeks after the ban commences. How much do you think the RBI ban will affect the Indian crypto industry and exchanges? Let us know in the comments section below. Images courtesy of Shutterstock, Unocoin, Zebpay, and RBI. Need to calculate your bitcoin holdings? Check our tools section. The post Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat appeared first on Bitcoin News. View the full article

Over the past year and a half bitcoin and cryptocurrencies have caused a serious hype that’s stretched a bit into the mainstream. These days people hear about digital currencies more often and one reason is due to all the fantastic crypto-infused products that have invaded pop culture. Cryptocurrency clothing, knitted sweaters, socks, coffee mugs, and backpacks sporting digital currency symbols, has grown quite extensive. Also read: Bitcoin in Brief: Plagiary, Numerology, and Nano Does a No-No The Crypto-Pop Culture Invasion: The Amount of Cryptocurrency Branded Products Out There Invading Our Mainstream Culture Would Make Andy Warhol Smile Today we’re gonna talk about the massive amounts of goods available these days that show off everyone’s favorite cryptocurrencies in a fashionable sense. Back in the early days, you’d be lucky to get a bitcoin embroidered hat or a silk screened t-shirt sporting the Silk Road logo. But nowadays things are a whole lot different since the ‘crypto-craze’ took off in 2017, as there are tons of products out there now that display the cryptocurrency logos and names that will make any trademark or patent holder squeal. Crypto-Themed Kimchi Socks There’s a company called Kimchi Socks that has been creating quality cryptocurrency branded socks for quite some time now. The Kimchi manufacturers sell socks in a few crypto-flavors such as BTC, BCH, ETH, and Dogecoin. The products are tall crew socks that show off the digital asset’s symbols and they come in a variety of colors. The socks vary in price between $10.99 – $12.99 USD and you can pay for the colorful socks in BCH, ETH, BTC, Doge, and Dash. Kimchi BCH socks. Other Kimchi socks also brand the BTC, Doge, and ETH logos. Hodlmoon’s Ugly Cryptocurrency Sweaters Have you ever been to an ugly sweater party? Well, now you can go to a sweater-shindig sporting an ethereum knitted sweater made by the Hodlmoon team. The Hodlmoon sweaters come in multiple flavors like monero, neo, ethereum, and litecoin. Other cryptocurrency proponents can also use Hodlmoon’s sweater template to create a sweater for their favorite coin as well. The sweaters are not cheap and run at $59.99 but you can pay for your sweater with cryptocurrencies using Shapeshift, alongside other payment methods. Hodlmoon’s ugly crypto-sweaters come in six flavors and you can make your own custom coin design. Burning the Midnight Oil With Cryptocandles Another unique product on the market will also help you when the power goes out during a storm, and maybe even add to your wealth. The Cryptocandle is a soy wax candle that has 60 hours of burn time. According to the creators, the candle gives off a peppery scent with notes of oakmoss, sandalwood, and amber-patchouli. But at the end of each candle is a token that can be obtained when the wick has burned to the end. The token is redeemable on the website and owners have a chance to win some loot. Cryptocandle has added BTC redeemable tokens in 53 of the 5000 candles manufactured. One candle has 1 BTC, two candles have 0.5 BTC, and fifty candles have 0.01 BTC. Not a bad find during a power outage. Cryptocandles are $45 and have a hefty price tag when compared to traditional products sold at Yankee Candle. When you burn a Cryptocandle down to the end you might find a surprise inside with some BTC. Brighten Your Day With a Cup of Joe Poured Into a Bitmug Drinking coffee is a favorite pastime for lots of folks all over the world, and if you want to spark up some coffee talk conversation, then a bright orange bitcoin mug might just help push the envelope. Bitmugs are microwave safe bright orange mugs made of stoneware with the bitcoin logo in black on the front. Furthermore, the Bitmugs business is operated by a young man who can be often seen at events and conferences within the blockchain and cryptocurrency space. Each orange mug sold on Bitmugs costs $17.45 USD per cup and you can pay in either BTC or BCH via Bitpay. The Bitmugs creator showing off his mugs to well-known cryptocurrency luminaries. BCH Gang Members Unite Are you a big fan of bitcoin cash these days since the scaling debate that erupted just a few years ago? Well, bitcoin cash fans can find a whole collection of goods dedicated to the ‘BCH Gang’ of crypto-enthusiasts who love big blocks. While visiting the ‘swag’ section at the Bitcoin.com Store people can find a ton of BCH gear including shirts that say, “BCH PLS,” “BCH Magnet,” “BCH Gang,” and “Year of the BCH,” printed on quality shirts. Further, there are BCH PLS snapback hats, hoodies, and pullover sweaters. The Bitcoin.com Store accepts bitcoin cash and completing an order including the BCH network transaction time is faster than lightning. Bitcoin cash fans can sport the hottest BCH gear and buy the goods faster than lighting using BCH. The Lynx Collection: Reflective LCD-Like Cryptocurrency Images Etched Into Metal Sheets Another set of cool cryptocurrency-themed items that can be displayed on a large wall in your home stems from the Lynx Art Collection. The artist sells limited edition prints and canvases that present the artwork for BTC, ETH, LTC, XMR, and several others. The prints are very cool, but Lynx also sells really interesting metal panel collectibles that are 20×30 inches and weigh about four pounds. Lynx Art Collection sells limited edition metal panels and glass panels that display various cryptocurrency logos. These metal panels can be viewed by looking at them from multiple angles and the images are reflective and look very similar to an LCD screen. The artist says, “it’s almost as if you can see through the art.” Some of the metal panel artwork costs $899.95 but they are limited and panels are hand signed and numbered on the back. Lynx also sells beveled glass artwork too featuring BTC, XMR, ETH, and EOS. Beveled glass artwork created by Lynx. The Bitcoin Genesis Block Backpack Could Be the Perfect Bug Out Bag to Get Out of That Keynesian Economics Class Have you ever wanted to have the Genesis Block hash on a fancy backpack for all your friends to see? Now you can by visiting the Bitcoinshirt.co store, which also offers a wide array of interesting cryptocurrency gear. The Bitcoin Genesis Block backpack in particular costs $49.99 and the pack is specially crafted for cypherpunks, explains the store. The pack displays the genesis block hash which says the infamous line, “The Times 03/Jan/2009 Chancellor on Brink of Second Bailout for Banks.” According to the creators, the backpack is water resistant and can hold a 15” laptop. Furthermore, the pack’s inside pocket has the Bitcoin whitepapers’ abstract paragraph written on it as well. The Genesis Block Backpack displays the original genesis block hash with Satoshi’s famous quote from the UK Times newspaper. Cryptocurrency Gear is a Great Conversation Piece and May Initiate Some Education on Bitcoin and Central Banking When it comes to cryptocurrency gear invading pop culture and all the products out there today, we just scratched the surface. There are so many things to choose from, a digital asset enthusiast is sure to find something that fits their individual needs. Moreover, these goods are great conversation starters to get your friends and family members talking about bitcoin. Your uncle may ask you what all that gibberish is on your backpack. This means you probably will get a chance to explain to him about the revolutionary aspects of cryptocurrencies, while also detailing how the central banks and the fiat system is destroying the world’s economy. What do you think about all the goods available that show off bitcoin and cryptocurrency brands? Let us know what you think about this subject in the comment section below. Images via Shutterstock, Bitmugs, Hodlmoon, Kimchi Socks, Cryptocandles, Bitcoinshirt.co, store.bitcoin.com, and Lynx Art Collection. 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 The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More appeared first on Bitcoin News. View the full article

The US Secret Service is worried about the illicit use of cryptocurrencies. A high-ranking official of the agency has urged Congress to consider additional legislation to address anonymity-enhanced cryptocurrencies and services intended to obscure transactions on blockchains such as tumblers or mixers. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Undermining US Laws Deputy Assistant Director of the US Secret Service’s Office of Investigations, Robert Novy, gave a testimony before the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance on June 20. Novy explained that his agency is primarily concerned with the use of cryptocurrencies “in criminal schemes that undermine the integrity of financial and payment systems, their use in cases of fraud, and their general use as a means of money laundering,” stating: While some digital currencies have operated lawfully, others have been used extensively for illicit activity…The growing illicit use of digital currencies risks undermining the effectiveness of existing U.S. laws and regulations, especially those intended to limit the ability of criminals to profit from their illicit activities. Asking Congress for Help In his testimony, Novy asked “Congress for help in preventing cryptocurrencies like monero and zcash, which provide users with enhanced privacy and anonymity features, from being used for illicit purposes,” Forbes elaborated. Referencing “the global nature of the Internet and modern communications,” Novy claimed that “digital currencies are particularly well-suited for supporting crimes that are transnational in nature.” He proceeded to tell Congress: We should also consider additional legislative or regulatory actions to address potential challenges related to anonymity-enhanced cryptocurrencies, services intended to obscure transactions on blockchains (i.e. cryptocurrency tumblers or mixers) and cryptocurrency mining pools. According to Forbes, Greg Nevano, an official in the investigations division of the Immigration and Customs Enforcement, agreed with Novy. “These new anonymity-enhanced cryptocurrencies are clearly ripe for illicit use in an effort to subvert legitimate law enforcement inquiries,” he was quoted, adding the claim that “although it is more difficult to trace the movement of illicit proceeds using these newer anonymity-enhanced cryptocurrencies, it is not impossible.” Novy further suggested that law enforcement must adapt his agency’s “investigative tools and techniques to dismantle criminal groups that use these instruments for fraudulent activity or money laundering.” What Criminals Prefer Novy also claimed that “in recent years, criminals have increasingly used digital currencies to facilitate illicit activities on the Internet.” He elaborated, “some digital currencies are primarily used to purchase illicit goods and services,” while others “are primarily used for money laundering—particularly transnational transfers.” In his testimony, Novy described the characteristics of digital currencies preferred by criminals based on the agency’s investigations. Firstly, they have “widespread adoption as a medium of exchange for intended criminal activities,” in addition to “the greatest degree of anonymity.” Their ability for “protection against theft, fraud, and lawful seizure” is also important, as is the ability to “be readily exchanged to and from their preferred currency.” The last characteristic mentioned is “the ability to quickly and confidently transfer value transnationally.” Citing that “the Secret Service has been at the forefront of investigating the illicit use of digital currencies,” Novy detailed the agency’s prior work in shutting down “two major centralized digital currencies that supported extensive criminal activity: E-gold Ltd. (in 2007) and Liberty Reserve (in 2013).” In addition, the agency also recently shut down a number of crypto exchanges including Western Express and Btc-e, he conveyed. Zcash Company’s Response Zcash, a cryptocurrency with strong privacy features, was created to protect the privacy rights of everyday citizens. The Zcash company, led by the famed computer scientist Zooko Wilcox, exists to support the privacy coin, but claims that it does not control Zcash or have special access to the cryptocurrency’s transactions. The company responded to the Secret Service’s recommendations in an official blog post on Friday: We believe it is in the best interest of the citizens of the United States, the US Secret Service, and other governmental organizations to advocate for privacy rights and protect its citizens and businesses from harm. What do you think of the US Secret Service’s recommendations to Congress? Let us know in the comments section below. Images courtesy of Shutterstock, Twitter, and Zcash Company. Need to calculate your bitcoin holdings? Check our tools section. The post US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy Coins appeared first on Bitcoin News. View the full article

The Satoshi Revolution: A Revolution of Rising Expectations Section 4: State Versus Society Chapter 9, Part 1 Crypto as Class Warfare “Antagonism between the classes will be removed. I do not envisage a dead and artificial level among the people. There will be a variety among them as there is among the leaves of a tree. There will certainly be no have-nots, no unemployment, and no disparity between classes and masses such as we see to-day. I have no doubt whatsoever that if non-violence in its full measure becomes the policy of the State, we shall reach essential equality without strife.” -Mahatma Gandhi Cryptocurrency is the realization of an anarchist dream that dates back centuries: a free currency and a free banking system. Crypto is in its infancy, which means its future applications are electrifyingly unpredictable, except in one regard: any successful application will fill a human need. No human needs are as acute as food and shelter, which require money and exchange. To control the flow of money and exchange, therefore, is to control life itself. And the financial flow is often captured by one word: banking. In their quest for free banking, social reformers of the past made a distinction that is often lost today. Namely, banking is at the core of class warfare. The ramifications of that insight rests upon the definition of “class” being used: capitalist v. worker, nobles v. peasants, the political v. the productive. Crypto departs sharply from the meaning imposed by socialists centuries ago–capitalists v. workers–and expresses a 21st century form of financial class warfare: the political v. the productive. The extraordinary crypto network is not a banking system, as traditionally conceived, but it can replace most banking functions. And future evolution within crypto applications may wipe out any remaining need for central banks. Past Banking Experiments 19th century anarchists knew that freedom hinged upon what French radical Pierre Joseph Proudhon called a Bank of the People—a bank that served the financial interests of workers, not of the elite. Proudhon’s vision was a cooperative bank that provided low-interest credit and which issued notes based on labor instead of money based on gold. The many attempts at free banking usually had a theme in common; they failed. Three factors played a significant role. Ideology. Early anarchists accepted the socialist concept of a “Labor Theory of Value.” That is, the just economic price of a good or service is determined by the labor needed to produce it. The theory forms the linchpin of socialism’s condemnation of “the capitalist,” who steals the wealth earned by “the worker” when he charges and pockets more than the cost of production for a good. In short, socialists believe embedded labor, not subjective value or supply and demand, determine a just price. Banking experiments of the past tended to stumble and fall over this deeply flawed economic model. Not until Murray Rothbard fused individualist anarchism with Austrian economics, and popularized them both, did free-market anarchism emerge. Structure. Many alternate institutions depended on the system against which they rebelled. Proudhon’s proposed Exchange Bank, which was intended to be an umbrella structure for smaller Banks of the People, is an example. The Exchange was meant to replace France’s central bank and to obsolete the financiers who preyed on workers. In his periodical Liberty, the iconic 19th century American anarchist Benjamin Tucker explained, “The Bank of Exchange was to be simply the Bank of France transformed on the mutual principle.” Thus, it was a vision of reform—radical reform, to be sure—but not a vision of revolution. The alternate institutions that fared better tended to be part of a broader support system for a specific community, such as the social agencies operated by early labor organizations in America for their members. Those organizations exemplified the class awareness; for example, the Knights of Labor refused membership only to bankers, lawyers, gamblers, and saloon-keepers, who were viewed as the bane of working people. Legal Opposition. Two circumstances that invited a backlash from authorities were intersection and visibility. Intersection: In 1848, Proudhon approached Louis Blanc, a minister in the French Provisional Government, for assistance in transforming the Bank of France into an Exchange Bank. Proudhon was unsuccessful. But because his bank was partially based on government approval, it floundered. Today, so-called alternative financial institutions apply for licenses or otherwise comply with regulations. In doing so, they either go out of business or cease to be alternatives; they become part of the problem. Visibility: When an alternative financial institution threatens the status quo, and is seen to do so, it is dismantled. Transparency is not its friend. A case on point is the massive network of voluntary labor unions in 19th century North America, which provided millions of workers with everything from credit to life insurance. The voluntary labor unions were also hotbeds of political dissent. President Franklin D. Roosevelt all but eliminated them by establishing a monolithic Big Union that enjoyed government privileges through legislation such the Wagner Act (1935); the fact that modern unions were backed by Big Business should have been a red flag. An article entitled “The Great Lie of the Modern Union,” explained, “The modern union that arose…” was “the opposite of what it claimed to be. It did not voice workers’ rights. It silenced them.” The decline of voluntary labor unions meant their financial safety nets evaporated. Revolutionizing Class Definition Cryptocurrency is not “new under the sun” in providing an alternative to government banking. It is not even new in providing a free-market one. But the dynamics of crypto are stunningly unique. The algorithms and blockchain are able to blow past three of the main pitfalls of previous alternatives—ideology, structure, and legal opposition. Satoshi Nakamoto designed bitcoin and the blockchain to bypass a central banking system that served the status quo, not the individual. Given that the central banking system is not capitalistic but exists in communist societies, as well, the capitalist v. worker class analysis does not apply to crypto. Another form of class analysis fits perfectly. Before discussing class analysis, however, it is necessary to define the word “class.” A class is a group of people or things with common characteristics. The grouping occurs because it is useful to whoever is defining the category. A researcher of financial habits might break his subjects into credit card users and non. A doctor studying drug addiction might split his patients into cocaine users and meth addicts. A classification can be defined by almost any shared characteristic: hair color, sexual orientation, preference in deodorant… But if capitalists v. workers does not work well with crypto, what is the basis of crypto class analysis? It is the state v. society. In his classic work, The State, the German sociologist Franz Oppenheimer spearheaded an analysis of these key terms. Oppenheimer defined the state as “that summation of privileges and dominating positions which are brought into being by extra-economic power [force].” As well as the visible structure of politicians and bureaucrats, the state includes all agents (such as the military and law enforcement), affiliates (such as banks), and cronies (such as corporations and the mainstream media). Rothbard expounded on the concept. “I define the state as that institution which possesses one or both (almost always both) of the following properties: (1) it acquires its income by the physical coercion known as ‘taxation’; and (2) it asserts and usually obtains a coerced monopoly of the provision of defense service (police and courts) over a given territorial area.” Oppenheimer defined society as “the totality of concepts of all purely natural relations and institutions between man and man.” Rothbard explained that a free society was “one where there is no legal possibility for coercive aggression against the person or property of an individual.” Society was the total of human interaction that occurred in the absence of institutionalized force. Force and the threat of force are necessary to the state because it produces nothing. Its only source of “income” is the wealth it grabs from others, including through taxation, confiscation, fines, fees, tariffs, inflation, bribes… To exist, the state must steal. By contrast, society consists of voluntary exchanges that produce wealth, whether in terms of money, culture, family, spirituality, and other human values. An exchange occurs only when all parties to a transaction agree to its terms, which means all parties benefit. occur. Rothbard highlighted the difference between state and society. “If I cease or refrain from purchasing Wheaties on the market, the Wheaties producers do not come after me with a gun or the threat of imprisonment to force me to purchase; if I fail to join the American Philosophical Association, the association may not force me to join or prevent me from giving up my membership. Only the state can do so; only the state can confiscate my property or put me in jail if I do not pay its tax tribute.” Individuals who interact through force and privilege—“extra-economic power”– are the political class. Individuals who interact voluntarily are the productive class. The dynamic is political v. productive. The two are antagonistic because the political class is a parasite on the productive class, and it cannot exist otherwise. Before crypto, even people who saw this class divide clearly were forced to use the state because so much of modern life was monopolized by it. Banking and the issuance of currency are fine examples. This essential realm of human interaction became a state monopoly. Little could be done about it; a bank account was almost a requirement of daily life, and it was extremely difficult to send money overseas without involving banks or other authorized institutions. No more. Crypto upends the state’s monopoly. As with ideology, crypto is also able to answer the issues of structure and legal opposition that plagued prior financial alternatives to the state. [To be continued next week.] Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first. The post Wendy McElroy: Crypto as Class Warfare appeared first on Bitcoin News. View the full article

The United States Supreme Court, in a 5-to-4 decision for the case Carpenter v. United States, ruled cops cannot access cell phone tracking information without a warrant. Around the country, privacy advocates and the mainstream media are hailing it as a “landmark” case. We’re told it has implications, “significance” for not only Fourth Amendment searches and seizures, but also for First Amendment expressions of speech. While better than the alternative, Friday’s decision is far from a satisfying answer. Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation Supreme Court Issues Narrow Cell Phone Privacy Victory For the cryptocurrency community, cell phones, smart phones, mobile phones are a vital part of life. The misnomer is that they’re referred to as “phones.” They’re of course much more. They are computers, hot hard drives many of us use as wallets, storing, at times, hundreds and thousands of dollars worth of decentralized coins. “Given the unique nature of cell phone location information,” wrote Chief Justice John Roberts for the slim majority, “the fact that the Government obtained the information from a third party does not overcome Carpenter’s claim to Fourth Amendment protection. The Government’s acquisition of the cell-site records was a search within the meaning of the Fourth Amendment.” In the US Constitution, almost as an afterthought, rest Amendments. Twenty seven, in fact, help in large measure to clarify issues later deemed important. In nearly 230 years since its first ratification, the document has only been amended a little better than two dozen times, and its initial ten came as a package. Known as the Bill of Rights, its Fourth Amendment reads, “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.” The Fourth is often used as a barrier between ordinary persons and government employees of the martial variety, such as local, state, and national law enforcement. While it’s no panacea, it can be used after the fact to render an arrest or even a conviction moot. Timothy Carpenter’s prosecution was aided by cops using tracking information collected as a matter of course by providers. Essentially, police reverse-engineered Mr. Carpenter’s whereabouts relative to reported crime through his cell phone tower pings. Together with other evidence, Mr. Carpenter was convicted and sentenced to 116 years. He appealed, zeroing in on how key cell tower evidence was obtained unconstitutionally, without a warrant as required by the Fourth. The Court agreed, and the Chief Justice was joined by Justices Kagan, Sotomayor, Ginsburg, and Breyer. Ross Ulbricht Implications? To be perfectly honest, Constitutional arguments leave me cold. Superstitious reverence for a document I never signed, and on which my rights were smuggled by virtue of mere circumstance, the DNA lottery, is, to my way of thinking, very queer. Nevertheless, it is the real world system I live under, and so when nine persons chartered with interpreting what that ancient document means as it ultimately relates to my life, I do well to pay attention. Carpenter doesn’t pretend to be more than narrowly requiring police, in cases involving cell phone tracking, to seek a warrant. Those are easy enough to obtain, as judges in many instances act as law enforcement’s rubber stamp. It’s a speed bump on the way toward a false faith in government’s ability to restrict itself. Probably a great revelation for most Americans is the substance of the case’s facts rather than more abstract principles. It turns out your every move is being tracked by law enforcement, and it’s possible due to a kind of time machine … a default feature and bug necessary to the function of cell technology. Turn off GPS, and you’re still going to need towers to make your phone work as a phone. So long as that is the case, years later police, with mere permission from a judge, are able to charge you with a crime based on your previous whereabouts. Again, Mr. Carpenter’s case is effectively overturned due to an administrative error, allowing law enforcement to poison the fruit of evidence against him. Had they won a warrant, Mr. Carpenter would have no standing at the Supreme Court. Carpenter might be a victory in a more important limited sense. Ross Ulbricht’s “legal team believes the outcome of the Fourth Amendment Carpenter case will affect Ross’s petition conference,” these pages reported. Lyn Ulbricht, Mr. Ulbricht’s tireless mother, explained to Reason the Ulbricht appeal to the Supreme Court is being considered, seemingly “pending another important Fourth Amendment case, Carpenter v. U.S. […] Ross’ case is still before the courts.” Now that the Court has reversed Carpenter, Ms. Ulbricht hopes “they would remand [our case] and return it to the appellate courts. Ross would be back in New York in front of the 2nd Circuit, but with guidance from the Supreme Court […] Then I would hope that they would say we’d have a retrial. At the least, I would hope and pray for a resentencing.” Ross Ulbricht is serving double life. Do you think the SCOTUS decision is good for the crypto community? Let us know in the comments. This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images via the Pixabay. 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 Supremes Uphold Cell Privacy, Hope for Ross Ulbricht appeared first on Bitcoin News. View the full article

In today’s Bitcoin in Brief we mention some optimistic mid to long term predictions for crypto markets. And while decentralized currencies are hurting in a bearish month, the prospects for state-issued virtual money look even dimmer. Another senior Swiss central banker has noted the diminishing enthusiasm of governments to mint digital coins. Venezuela gives an example – Caracas has recently fired the nation’s crypto superintendent, reportedly for failing to raise billions through Maduro’s favorite El Petro. Also read: Bitcoin in Brief: Plagiary, Numerology, and Nano Does a No-No Bottom Line: Bitcoin Will Recover It takes a lot of optimism to make bullish predictions at a moment like this, but if it’s a relatively long term prognosis for growth, preceded by a short term one for further drop, then it does sound like a safe bet. Todd Gordon, founder of Tradinganalysis.com, is one of those analysts who believe the bottom line is that Bitcoin will eventually recover, by early 2019 to be precise. “I did expect Bitcoin to drop, I thought for a long time we’re going to drop below $5,000,” Gordon told CNBC. He actually expects BTC prices to decrease a little more than that but he is also positive that the market will turn somewhere in the $3,000 to $4,000 range. “I think by the time this contest is over in February, we’ll be well back above $10,000 and in a pretty good shape,” he added. According to Todd Gordon, the correction we have seen from $19,000 down, in terms of percentage drop, is “inconsequential,” and “very much expected,” compared to the gains since 2015, when Bitcoin took about a 78 percent hit in the aftermath of the Mt. Gox hack. “Right now we are about two thirds of the way through that equal correction,” he said. Gordon noted that his prediction is based on a “beautiful uptrend” on a percent change chart. “You can’t look on bitcoin on a traditional, linear, arithmetic chart,” he warned. The expert emphasized that the current 17 percent average weekly high-to-low range is the “lowest bitcoin is ever seen,” as the movement has reached 30-40 percent at times in the past. “If I am down 30 percent on bitcoin in this contest, that’s nothing – it can make that up in two weeks,” the analyst added. Others Like the $10,000 Mark Too Other members of the crypto space have made similar predictions about the mid-term prospects for bitcoin. At the end of May, blockchain venture capitalist Spencer Bogart said he expected the price of BTC to rise again above $10,000 per coin by the end of 2018, noting that the cryptocurrency is still worth buying, despite its continued losses. “In the past, when the value of BTC dropped by 50 or 60 percent, a cloud of fear used to develop and people seriously questioned if bitcoin was over,” Bogart told CNBC. However, he highlighted a key difference between today and the crashes of the past – the exponential amount of development and adoption we have seen since those times. Bogart, a partner ат Blockchain Capital, also noted that most coins are overvalued in comparison with bitcoin. He advised investors to sell cryptos like cardano, tron, IOTA and NEO, but stressed they should hold cryptocurrencies like bitcoin cash (BCH), ethereum, ripple, and EOS. Most cryptocurrencies saw losses of up to 20 percent over a 24-hour period yesterday. Many observes attributed the latest dump to the recent measures taken by Japan’s financial regulator. The Financial Services Agency issued six new business improvement orders to crypto exchanges Bitflyer, Tech Bureau, Bitpoint Japan, Btcbox, Bitbank, and Quoine. In recent weeks markets have been also reacting to a number of negative events such as the hacks of Korean exchanges Coinrail and Bithumb, as well as the exposure of scams and suspected market manipulations. Enthusiasm for State-Backed Cryptos Dying Out Countries are unlikely to issue national cryptocurrencies any time soon, according to a high ranking representative of the Swiss National Bank’s management. Central banks around the world have become skeptical of introducing state-backed digital currencies, Thomas Moser, an alternate member of the governing board of SBN, told Business Insider. “In the beginning, there was a lot of interest and enthusiasm about issuing their own national cryptocurrency but I think, in the meantime, that enthusiasm has slowed again because of the implications it would have for financial stability,” Moser explained. Nevertheless, he said he would not be surprised if national cryptocurrencies emerged in the longer term but noted that currently everyone is waiting for someone else to do it first. Thomas Moser thinks that to some extent it makes sense to have an electronic version of the banknote but warned the implications are substantial. “The advantages are relatively small but the unknown risks are potentially large so I think the balance is to be cautious.” Moser’s comments reflect the position of another senior representative of Schweizerische Nationalbank. In April, Andrea Maechler, member of its governing board, stated that “private-sector digital currencies” are better and less risky than any version offered by a central bank. A government-backed coin “would deliver scarcely any advantages, but would give rise to incalculable risks,” she warned, noting that it would make it easier for people to withdraw money if they felt a bank was in trouble. Venezuela’s Crypto Superintendent Reportedly Fired Carlos Vargas, Venezuela’s Superintendent of Cryptocurrency, has recently left his post. Some local media reported that actually he has been fired by President Maduro after his team failed to deliver on the promises to raise billions through the initial coin offering of the national oil-backed cryptocurrency, the Petro. According to a publication by Caracas Chronicles, only 2,266 petros have been transferred so far on the distributed ledger that tracks their movement. Even if all of them were sold at $60 per coin, the outlet speculates, the government has raised no more than $136,000. That’s way below the once promised $5 billion. Very little is known about the new superintendent, Jocelit Ramírez, and his team. He is believed to be very close to Vice President Tareck El Aissami. Despite threats by officials to restrict decentralized cryptocurrencies and crack down on exchanges, Venezuelan bitcoin trade on platforms like Localbitcoins has spiked in recent months, largely due to the unattractiveness of the hyperinflated national fiat, the bolivar. The socialist government in Caracas has had hard time convincing its partners to accept the petro in bilateral trade. Several weeks ago, India rejected Maduro’s proposal to buy Venezuelan oil at discounted petro prices. What are your expectations for the future of decentralized cryptocurrencies and state-issued digital coins? Let us know in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post The Daily: Analysts Predict Bitcoin Will Rebound, Enthusiasm for State Coins Lost 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. Global property store with a decentralized registry Propy in collaboration with Hilton & Hyland Real Estate, a leading luxury brokerage are selling ownership for Rome’s architectural Masterpiece el Palazzetto Mansion in a historical blockchain auction. Set to begin on June 28th, 2018 at noon PST, the event will accept offers both in USD and in cryptocurrency. The Palazzetto Mansion was built by geniuses of the Italian Renaissance and it is located in the center of Rome’s historic Palazzo Albertoni Spinola declared World Heritage site by Unesco. This prestigious area and its richness of prominent archaeological sites and museums make it one of most desired places to live in Rome. The luxurious four-floor mansion  is currently valued at €35 million including a redevelopment plan. According to a blog post by Propy, this is a notable confirmation that the new technology is entering our everyday lives. “We’re about to make history with the first blockchain-powered real estate auction taking place in the real estate industry”, said Alex Voloshyn CTO of Propy who will be overseeing the IT systems during the live auction. “This is the result of hard work, and we’re excited to inaugurate our first transaction within the European Union, with an innovative bidding process. We know this is not your everyday single-family house deal, however, through such ambitious projects we challenge ourselves to reinvent the real estate industry.” The Blockchain technology automates the auction and offering mechanisms. It allows to hold temper-proof, publicly verifiable auctions and has the potential to make them accessible worldwide at a very low transaction cost. Propy created an online portal to expedite the process and facilitate the access to more participants around the globe. Bidders need to follow these easy steps to take part in the auction: – Create an account, review and sign the “BIDDER TERMS AND CONDITIONS” via Docusign – Deposit funds of $100,000 USD or its Cryptocurrency equivalent, to be able to bid. – Place an opening and max bid or make an offer up to June 27th at noon PST. – June 28th at noon PST, sign in and participate in the live streaming auction. For more information about the historical auction or to register as a bidder, visit https://auction.propy.com Press Contact: Market Waves Contact email: hello@marketwaves.co 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: Propy to Hold First Ever Real Estate Auction on Blockchain appeared first on Bitcoin News. View the full article

The Canadian province of Quebec has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that requires crypto firms to bid for power. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Price Hike for Crypto Miners Quebec, a province in eastern Canada, offers one of the lowest power rates in North America. Its electricity is generated, transmitted, and distributed by the country’s largest electric utility, Hydro-Quebec, which was formed by the government in 1944, and currently has over 4 million customers. The utility has been courting cryptocurrency miners for months to use its surplus electricity. However, due to an overwhelming number of requests for crypto mining operations, the province has decided that it “will make electricity prohibitively expensive for cryptocurrency miners until it figures out how to deal with a surge in demand from the energy-hungry industry,” Bloomberg reported this week, adding: Provincial regulator Regie de l’energie authorized utility Hydro-Quebec to charge 15 cents per kilowatt hour to blockchain companies, about three times the price they have enjoyed up to now. The temporary pricing doesn’t apply to existing clients and their operations, which total about 120 megawatts. “Blockchain companies will be required to bid for power and spell out the jobs and investment per megawatt that they will generate,” the utility further proposed. “The starting bid is 1 Canadian cent ($0.0075) per kilowatt hour above the rate the industry had previously enjoyed — roughly a 20 percent increase.” Furthermore, Hydro-Quebec unveiled a plan Thursday, which requires approval from the regulator, “to allocate as much as 550 megawatts” for crypto mining on top of the 120 megawatts that are already in operation or approved, the publication detailed. A selection process will also be proposed which “will enable Hydro-Quebec to survey the industry on what it considers a fair price and to gauge what investment and jobs the applicants will generate,” a spokesman for the utility, Jonathan Cote, explained. Overwhelming Demand from Crypto Miners According to the publication, crypto miners flooded Hydro-Quebec with “requests that it says exceed its short- and medium-term capacity.” Cote told the news outlet on Thursday: We don’t want to send a message to the market that this is the price for cryptocurrencies in Quebec…It’s more that requests are suspended until we have the proper framework determining conditions for that market. “The temporary price is expected to be in place for several weeks until the regulator sets a tariff that will then be applicable to all,” the news outlet explained. Quebec has been trying to attract crypto miners with its inexpensive electricity and cold winters, as news.Bitcoin.com previously reported. However, Hydro-Quebec indicated in January that it will not be able to meet the scale of power demanded by crypto miners. Prior to the rate hike decision, it started turning down new applications for crypto mining operations and considered halting mining operations during winter. What do you think of Quebec hiking the electricity price for crypto miners? Let us know in the comments section below. Images courtesy of Shutterstock and Hydro-Quebec. Need to calculate your bitcoin holdings? Check our tools section. The post Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate appeared first on Bitcoin News. View the full article

Dipping cryptocurrency markets are hurting not only crypto holders but also a number of related businesses and sectors. Manufacturers of hardware that can be used in mining applications, like GPU makers Nvidia, AMD and their OEM partners, are also hit by weak demand in the sector which is pushing inventories up. Also read: Bitcoin Businesses Denied Banking Services in Ireland Excess Inventory Due to Weak Sales in the Crypto Segment Recent tech media reports suggest that the leading video card maker, Nvidia, is experiencing excess inventory issues in the GPU channel. The surplus is most likely the main reason for the delay in the launch of Nvidia’s new gaming card based on the Volta architecture, which was expected to replace the Pascal generation. The postponement was confirmed in comments made by Nvidia CEO Jen-Hsun Huang during Computex 2018. He said the company is not planning to release new graphics processors in the near future. With crypto markets reacting to a number of negative events in recent weeks, like the hacks of Korean exchanges Coinrail and Bithumb, regulatory actions in Japan, and the exposure of scams and suspected market manipulations, the rumors of a technical issue with the new consumer lineup have been replaced by another explanation – inventory buildup. Observers say it is probably due to overestimated demand in the gaming sector and the underestimated impact of the declining demand in the market for mining equipment. These suspicions have been increased by rumors that a major Taiwanese OEM partner of Nvidia, ASUS, MSI or Gigabyte, has reportedly returned 300,000 graphics cards to the company. According to reports by Seeking Alpha and Semiaccurate, the giant has been also aggressively buying GDDR5 memory, which indicates an excess stock of lower-end GPUs that need to be made into boards. Quoted sources from the industry claim the return of the chips is related to the decreasing demand from cryptocurrency miners. Nvidia has previously shared its expectations that the crypto fever would last until at least the third quarter of 2018, but obviously GPU sales have already started to go down. The prices of many altcoins that are mined with video cards decreased along with that of bitcoin. BTC is trading well below $7,000 and experts believe the downturn in the demand for graphics processors is largely due to the prices under this threshold. AMD Price Chart, Ycharts The crypto market ups and downs and the weak demand from miners have also affected Advanced Micro Devices, Nvidia’s main competitor. According to Investopedia, AMD’s shares rose by 25% in February before plunging by 30% in April, then soaring by 50% in May, until reaching around $17 on June 18. At the time of writing, their price is $15.69, according to data provided by Ycharts. A Shift Towards Modest Expectations, Results In April, AMD announced revenues of $1.65 billion dollars for the first quarter of 2018, with net income reaching $81 million, a 40% year-over-year growth. The company benefited substantially from the increased sales to crypto miners, which allowed it to reduce the gap between its results and those of Nvidia. In the last quarter of 2017, AMD’s share of the GPU market rose from 27.2% to 33.7%. AMD products remain cheaper while offering similar productivity, when it comes to crypto mining. In May, Nvidia announced its revenues for Q1, noting that the total has increased by 66% year-over-year, and 10% sequentially, to a record $3.21 billion. For the first time, its quarterly report mentioned separately the amount generated from sales to the crypto market. The total GPU business revenue was $2.77 billion, up 77% from a year earlier and up 12% sequentially. $289 million of it is related to sales of GPUs for mining. The two leading producers of video cards reacted differently to the increased demand for hardware for mining applications. In February, AMD said it was planning to increase production. Nvidia initially took steps to limit GPU sales to crypto miners. Then it was rumored that the company might launch a dedicated mining card called “Turing.” Later reports suggested its launch has been postponed to until at least July. If the current trends persist, however, both companies are likely to announce more modest plans and results in the coming months. According to sources quoted by Digitimes, Taiwanese suppliers of graphics processing units are also expected to experience dropping shipments and profits in the second half of this year. Companies like Asustek Computer, Gigabyte Technology, Micro-Star International, and TUL have seen their inventories increase significantly, mostly in result of shrinking demand from the mining sector. Observers expect a shift in the focus towards the gaming and datacenter segments. What are your expectations for the future of the GPU market and the crypto mining sector? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post Crypto Markets, Weak Demand from Miners Hurt GPU Producers appeared first on Bitcoin News. View the full article

South Korean exchange Bithumb has lowered its theft estimate from the original amount after undergoing some of the recovery process. The exchange promises to fully repay customers using its own fund even though its insurance is unlikely to cover the loss. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Theft Amount Reduced South Korea’s second largest crypto exchange, Bithumb, has clarified its situation after reporting a theft on Wednesday, June 20. Citing that it “quickly followed the procedure to immediately report the incident to KISA [Korea Internet & Security Agency] announcing that about 35 billion Korean won [~US$31.5 million] worth amount of cryptocurrency was stolen,” the exchange wrote: However, as we undergo a recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence we expect that the overall damage will be less than the amount we initially expected. The exchange is currently collaborating with the authorities investigating the theft. “We are working hand in hand with governmental institutions as well as security professionals including KISA, National Police Agency, and Ahnlab to find out the exact cause and make an improvement,” Bithumb confirmed. Bithumb to Fully Compensate Customers The exchange assured customers that all cryptocurrencies and the Korean won “are safely stored in cold wallet and bank respectively.” Bithumb says it “currently has about 500 billion KRW worth in a company fund,” citing the firm’s audit report as of December 31 last year on the website of the Financial Supervisory Service (FSS) showing 558 billion won (~$502 million) in the fund. The exchange emphasized: The amount of damage that occurred this time will be fully covered by Bithumb’s own company fund, hence all our customers’ assets are intact and fully secured. The exchange continued to explain that it is “currently undergoing a total change in our wallet system in order to prevent any similar cyber-attacks as well as for our customers to trade securely and safely.” Furthermore, without giving specific dates, Bithumb revealed that its KRW withdrawal services are also being reviewed. Insurance Unlikely to Cover Bithumb’s Loss Bithumb maintains insurance of up to 6 billion won (~$5.4 million), according to local media. Its policy is with Heungkuk Fire & Marine Insurance Co. Ltd. for “cyber insurance and personal information lease liability insurance,” Inews24 described on Friday. According to the media outlet, both policies cover “system loss or interruption of business due to hacking, but they do not protect the property value of cryptocurrencies.” “The cryptocurrency loss due to hacking is not covered by insurance coverage,” the publication noted. “The cyber-hacking products of the non-life insurers have focused on leakage of personal information caused by hacking, system damage, and business interruption. If the system of the exchanges is damaged by an attack or if the customers’ personal information is leaked, compensation should be paid.” An insurance industry official explained: The fact that the criteria for damages compensation is unclear is that the range of disclaimers that insurance companies can cover is wide…It will take a long time for an insurance company to guarantee the loss [of cryptocurrencies]. What do you think of Bithumb’s theft and repayment plan? Do you think insurance policies should cover cryptocurrencies? Let us know in the comments section below. Images courtesy of Shutterstock and Bithumb. Need to calculate your bitcoin holdings? Check our tools section. The post Bithumb Lowers Theft Estimate – Will Fully Repay Customers Despite Deficient Insurance appeared first on Bitcoin News. View the full article

On Friday, June 22 a new bitcoin cash tipping application has been announced called Gitcash.io. The new platform allows registered Github users to tip each other with BCH using the web-based hosting service tethered to the Gitcash.io service. Also Read: Bitcoin Cash Football: Multiplayer World Cup App Powered By BCH Gitcash.io Allows Github Users to Tip Each Other On-Chain Using Bitcoin Cash Bitcoin Cash (BCH) developers are at it again with a new tipping application that works with the hosting service Github. The website Github is an extremely popular service that hosts open source codebase and gives developers access control, bug tracking abilities, and task management. With an open source project, the developer community can collaborate in order to make codebase integrity more secure for many software projects. Now developers can tip each other in bitcoin cash using the Gitcash.io platform. For instance, if someone helped find an issue, a bug, or helped code a few things for your project, you may want to tip them a few bucks for their assistance. “GitCash.io is an on-chain Bitcoin Cash tipping platform for Github, allowing users to directly support the developers who are writing the open source code that powers our planet,” explains the Gitcash programmers. GitCash supports custom user profiles, complete tipping histories, and full-featured HD wallets capable of generating and sweeping custom password protected paper wallets. Our platform is now and will forever be completely free and not-for-profit. Also, we accept zero-confirmations so your transactions are faster than lightning. Directions on how to use Gitcash.io tipping app. Bitcoin Cash: A Powerful Tool Capable of Bettering the World Furthermore, the unofficial nonprofit marketing team the Bitcoin Cash Fund has given the Gitcash.io team $1,000 worth of funding per month for the next two months. The money will be used for tips, advertisements and bounties, explains the Gitcash.io team. Moreover, the Gitcash.io project was produced with help from the Chaintip team and the organization’s bounties will be the first to appear on the website. Additionally, the Gitcash application was built using the Bitbox platform. Gitcash.io bounties. “We built Gitcash on Bitcoin Cash because it is truly censorship resistant and sound money that has the potential to benefit every person in the world equally, including those living on less than two dollars per day,” explains the organization’s founder. We’re super happy for Gitcash to be a part of that. The Gitcash project is supported solely by donations and is completely free to use. The platform was built by a small team of passionate developers who believe that Bitcoin Cash is not only the future of money, but a powerful tool capable of bettering the world. The Gitcash founder also has thanked everyone in the BCH community for staying positive during the “monumental disinformation and censorship campaign” that’s being spread about bitcoin cash. “This is exactly the type of thing Bitcoin was created to fight — The battle is far from over but I can already tell the tides are turning,” the Gitcash founder concludes. What do you think about the Gitcash.io tipping application for Github? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, and Githash.io At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up 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 Introducing Gitcash.io the Bitcoin Cash Powered Github Tipping App appeared first on Bitcoin News. View the full article

Cryptocurrency markets are slumping today as most digital asset markets are seeing losses between 8-20 percent over the past 24-hours. Lots of speculators are attributing the dump to the recent measures taken by Japan’s Financial Services Agency (FSA), asking cryptocurrency exchanges like Bitflyer to make improvements to the Japanese trading platforms’ anti-money laundering practices. Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It The Crypto-Bears Are Back Just a few days ago digital currency market prices were reversing northbound after the extremely bearish first two weeks of June. Now markets are once again being attacked by bears, and most of the top cryptocurrencies are seeing deep losses over the past day. Bitcoin Core (BTC) values have tumbled 8.5 percent over the last 24-hours and the currency is down 6.3 percent over the last week. Bitcoin Cash (BCH) markets are also down 12.5 percent during the past day, and over the last seven days BCH is down 11.7 percent. The decline in prices started after Japan’s FSA began telling exchanges they need to upgrade their systems and anti-money laundering procedures. We don’t really know whether or not this announcement is the true reason behind the dump, but traders and speculators have tethered the two together. Bitcoin Cash Market Action Bitcoin Cash market prices are hovering around $759 USD per BCH at the time of publication. BCH is the fifth most traded cryptocurrency today as far as volume is concerned as the market has traded roughly $496Mn over the past day. At the moment the BCH market capitalization is 13.2Bn. The top exchanges swapping the most BCH today are Okex, Bitfinex, Huobi, Hitbtc, and EXX. The top currency traded with bitcoin cash today is BTC holding an average of around 42 percent of trades. This is followed by tether (USDT 22.8%), USD (21.2%), ETH (3.7%), and KRW (3.4%). BCH/USD Technical Indicators Looking at the charts show things are uglier today than our last markets update. The two Simple Moving Averages (100 & 200 SMA) have a deep gap between each other looking at the 4-hour BCH/USD chart on Bitfinex. The short-term 100 SMA is well below the longer term 200 SMA which indicates the path of least resistance will likely be towards the downside. However, MACd is steadily heading southbound and could reverse and show improvement in the next few hours. The Relative Strength Index (RSI) levels are showing oversold conditions around -29 at the time of publication. This also reveals we could see a small trend reversal soon for a short period of time and volume indicates this as well. Looking at order books towards the upside bulls need to muster up strength and push past strong resistance at $800. There’s another upside pitstop at $875 if bulls really push it to the limit before getting exhausted. On the backside, bears will see some stops between the current vantage point and $680 as there are some strong foundations there for the time being. Bitcoin Core Market Action Bitcoin Core (BTC) market prices are around $6,135 on Friday, June 22, 2018. The currency is the largest traded cryptocurrency as far as volume and BTC has traded $4.3Bn over the last day. The digital assets total market valuation today is 106Bn and BTC market dominance is 40.7 percent a slight increase since last week. The top exchanges trading the most BTC today include Binance, Bitfinex, Okex, Huobi, and Bitflyer. The Japanese yen accounts for over 60 percent of trades on June 22 as yen volume has decreased. This is followed by the USD (31%) USDT (7%), EUR (1.9%), and KRW (1.1%). BTC/USD Technical Indicators Looking at the 4-hour BTC/USD chart on Coinbase and Bitstamp shows similar action taking place compared to the BCH/USD analysis. The 100 SMA is below the 200 moving average which shows again that bears may continue holding the reigns. MACd just saw a small push up but is now heading southbound once again. RSI levels are around -21 indicating oversold conditions as well. BTC bulls need to jump past the $6,400 range again and will see more resistance around $6,700 where the price hovered for a few days prior. On the backside, bears will need to crunch through buy orders between now and $5,400 which are mountainous walls, at least for now. The Top Crypto-Markets Tumble — EOS Suffers Overall most of the top currencies are seeing losses, and the second highest capitalization belonging to ethereum (ETH) is down 10.7 percent today. One ETH is priced at $474 per coin, and the currency is down 5.2 percent over the last week. The second highest market, ripple (XRP), is down 7 percent today and one XRP is $0.49 cents per token. Lastly, the fifth largest valuation still belongs to EOS but the token is down 16.8 percent today. One EOS is priced at around $8.63, and markets have shaved 20.3 percent over the last week. The Verdict: Skepticism Remains Strong The verdict today is far less positive then our last markets update as things are starting to look gloomy again as the weekend approaches. Traders are all calling newer and lower bottoms, and many are skeptical of brighter skies in the short term. Of course most are optimistic about the long-term but for now, no one is sure how long this bear run will last. With the naysayers saying 2018 is nothing like 2014 (including myself), it just may be that we are going through similar circumstances that may last just as long. 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, Coinlib.io, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Cryptocurrency Prices Tumble Before the Weekend appeared first on Bitcoin News. View the full article

This week as the world watches the 2018 FIFA World Cup, a new online game called Bitcoin Cash Football has been launched where users can play as managers or players within a season of matches. Players earn fractions of bitcoin cash (BCH) by playing the game, but Bitcoin Cash Football is also having a World Cup tournament where teams can play for jackpots of BCH. Also Read: “I Am the Real Satoshi” Claims Hawaiian Man After Filing Bitcoin Cash Trademark The Bitcoin Cash Football App Allows Players to Win BCH and Compete Against Teams Right now, until the final match on July 15, 2018, the FIFA World Cup is taking place in Russia, and the whole world is watching. During this time a team of developers called Mobtwo released a new app on Google Play called Bitcoin Cash Football. The game is multiplayer, where you can play real players all across the world. Moreover, the game is infused with the decentralized cryptocurrency BCH throughout the season. Bitcoin cash is the official in-game currency for the football app and players can buy/sell star athletes, upgrade stadium facilities, training grounds, and a team system all by using BCH. Just like any other games with specialty upgrades, the modifications continue to make improvements to players and stadiums for more competitive gameplay. In addition to this, there will be BCH prices that allow Clubs to compete against each other during the week ending cup competitions and leagues. “When they are tired of it, they can withdraw their bitcoin cash into their outside wallet,” explains Mobtwo. This means free players can play the game and earn bitcoin cash (grooming/selling players, winning cups or leagues), if they are willing to put in the effort. Player and Manager Modes Give Unique Features The Bitcoin Cash Football game has a player mode and a manager mode that offer players different features. For instance, using the player mode players can make different choices during their career like buy apartments, planes, maids, and purchase virtual stocks and bonds. Besides recreational activities, the players also compete within the Club matches. Manager mode allows users to buy/sell players with other multiplayer users. Furthermore, managers can recruit star players and upgrade stadiums to help you compete for the World Cup. “You can play 10 defenders if you want to, a super flexible realistic match engine that usually means you’re going to lose the game even with 10-star defenders,” details Mobtwo. “If you’re late, then you have to wait for another week to be included in the competitions.” The Bitcoin Cash Football creators spread the news about the new app on Reddit and explained that competitions start Monday. When asked if the developers would be creating an iOS version of the game Mobtwo added: iOS is not friendly to cryptocurrencies so that’s why we chose Android. If there is sufficient demand, then we may consider developing a web version for it. What do you think about the Bitcoin Cash Football app? Let us know what you think about this subject in the comment section below. Images via Shutterstock, and Bitcoin Cash Football. 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 Bitcoin Cash Football: Multiplayer World Cup App Powered By BCH appeared first on Bitcoin News. View the full article

This week the Federal Reserve Bank of St. Louis added cryptocurrency to their Federal Reserve Economic Data (FRED) database. It’s a seemingly small gesture, but one that signals to most observers crypto’s maturation, at least in the eyes of arguably the most important central banking institution in the world. Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation Federal Reserve Bank of St. Louis Adds Four Cryptos to its FRED Database “FRED has added four series on the prices of different cryptocurrencies,” the St. Louis Federal Reserve posted without much fanfare this week, including “Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The price data are updated daily and span from as early as 2014 to the present. All data were obtained from Coinbase, a cryptocurrency exchange company, whose overall digital asset performance is depicted in the above graph (Coinbase Index).” The St. Louis Fed is one of 12 regional banks within the system, collectively constituting the most powerful central bank on the globe. Known to be part of the 8th District, which includes midwestern Fed banks, it is also considered an economic research powerhouse. It maintains its FRED database at its famed research division. The bank uses more than half of a million data points, derived from 81 sources. Exchange rates, GDP, interest rates, consumer indexes, banking, producer price indexes, among other sectors, comprise its focus. FRED-published statistics carry massive weight in the professional financial world. That some government agency creates yet another index isn’t particularly newsworthy. However, that both proponents and opponents frequently set cryptocurrencies such as bitcoin cash (BCH) as distinctly operating in defiance of central banks, and how the Fed appeals to crypto bank Coinbase for its metric, means decentralized currencies have come of age. Out Ahead Going forward, it would also appear as Coinbase adds more currencies perhaps FRED would be compelled to monitor them as well. Whatever the case, the St. Louis Fed has been consistently out ahead of most central banks and economists when it comes to crypto. That’s a marked contrast to its brethren. Atlanta’s Fed bank openly chastised younger investors to steer clear of crypto. The San Francisco branch pegged bitcoin core’s (BTC) price considerably lower than its near $6,000 present figure, insisting one BTC is probably worth around the cost of mining, slightly under $2,000 per coin. Even the Minneapolis Fed, in trying to be charitable, urged ignoring the currency aspect altogether and instead look toward ‘blockchain technology.’ Again, the St. Louis Fed thinks differently. Just a few months ago it caused a stir within the ecosystem by publishing a meditation on BTC, putting forth the idea it can be considered alongside the dollar. Its Governor James Bullard, however, is much more cautious. Acknowledging crypto as being a real future of money, he explained, “Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.” Is the arrival of a FRED crypto index important? Let us know in the comments. Images via the Pixabay, FRED. 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 US Federal Reserve Launches Cryptocurrency Index appeared first on Bitcoin News. View the full article

The Mt. Gox Creditor (mtgoxcreditor) posted Commencement of Civil Rehabilitation Proceedings of Mt. Gox today, indicating a victory for creditors long wondering if an attempt would be made at making them financially whole. The Tokyo District Court ordered commencement of civil rehabilitation proceedings, and as such “enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors.” Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation Gox Creditors Score Victory in Hunt for Recovering Massive Losses “This is the first time in Japan legal history,” noted attorney Daniel Kelman, “that a liquidation has ever converted into a rehabilitation —it’s always the other way around after a rehab fails. This sort of also made legal history as well.” Mr. Kelman is referring to a post today, detailing how the Tokyo District Court, charged with overseeing bankruptcy proceedings in the notorious Mt. Gox crypto scandal of nearly four years ago, seemingly changed how “enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will [now] be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors’ victory,” the blog detailed. This might have been made possible, ironically, by bitcoin core’s (BTC) appreciating price since losses first surfaced. As Mr. Kelman explains, “That’s the main reason. At the initial creditor meetings at Tokyo District Court, the creditors demanded the trustee return bitcoins as bitcoins. Until then he was intent on selling them, but he agreed to look into it. The Coinlab case stalled everything for a couple years and creditors ended up in the 2017 bull market as a massive hodler, until the trustee started market selling in January this year, greatly contributing to the current bear market.” Might Be a Chance for Those Who Have Yet to File Claim The victory post was careful to emphasize how “this victory has not been realized yet. The victory will come to creditors when Mt. Gox makes payment to creditors and creditors actually receive such payment.” It will take at least three additional steps, today’s post insists, to get there: “promptly realize creditors’ rights […], [approval] at the creditors’ meeting, and [finally approval] by the court.” For those who lost BTC in the Gox affair but haven’t yet filed a claim, Mr. Kelman muses “there might be another chance to file in rehab. Stay tuned. We are trying to avoid having to redo the whole claims process, which will cost money, take time and be at the expense of the creditors who timely filed. But things will still take a while as there is the Coinlab case to grapple with still.” One possible side benefit might be the market fluctuations caused by the Gox Trustee dumping coins. Mr. Kelman noted in a Tweet, “Trustee won’t be market selling again any time soon. Our motion worked.” What are your thoughts on Mt. Gox? Let us know in the comments. Images via the Pixabay and Mtgoxprotest.com. Daniel Kelman first brought this to our attention. 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 Mt. Gox Creditors’ Legal Victory: “Enormous Assets” to be Returned appeared first on Bitcoin News. View the full article

The Financial Supervisory Commission of Taiwan has indicated its intentions to maintain only a limited oversight of cryptocurrencies. The regulator said it’s going to focus mainly on the enforcement of anti-money laundering policies, while remaining open towards innovations like those coming from the crypto sector. Also read: Bitcoin Businesses Denied Banking Services in Ireland Not Stifling Innovation With the executive power in Taipei still mulling over new regulations for cryptocurrencies and initial coin offerings (ICOs), representatives of Taiwan’s financial regulator indicated their unwillingness to slow down progress in the fintech industry. The Financial Supervisory Commission (FSC) will mainly focus on one of its core duties – overseeing the enforcement of anti-money laundering policies, and will continue to welcome innovations that come with digital currencies. During a press conference on Thursday, Banking Bureau Deputy Director Sherri Chuang said the FSC prefers to monitor developments and avoid stifling early-stage growth. Quoted by The Taipei Times, she emphasized: The commission maintains an open stance and welcomes all industry innovations. Chuang also noted that cryptocurrencies, and the tokens issued through ICOs, which are classified as commodities at this stage, do not currently fall under the commission’s jurisdiction. The regulator is only involved in preventing money laundering through virtual assets, the official reiterated before the media. Sherri Chuang compared the situation with that of the lease finance companies, where the involvement of the regulator is also limited to money laundering prevention. According to another representative of the commission, Securities and Futures Bureau Chief Secretary Chien Hung-ming, ICOs do not cross any regulatory red lines in Taiwan. He explained that each coin offering would be assessed on a case-by-case basis, noting that regulators are primarily concerned with examining the fundraising prospects of the respective token sale. The FSC will assess each issuance to determine if the digital coin should be classified as a security or a virtual commodity, Chien added. “It is very difficult to define broadly, as each case is different,” the FSC official pointed out. Not Following China The Executive Yuan, or the Taiwanese government, has yet to develop and adopt comprehensive regulations for cryptocurrencies and initial coin offerings. In April, high-ranking officials indicated that the respective legislative framework should be developed and introduced by November, 2018, as news.Bitcoin.com reported. According to a statement by Taiwan’s Justice Minister, Qiu Taisan, the government intends to task the FSC with developing the regulatory system for digital currencies. The Ministry of the Interior, the Investigation Bureau, and the Central Bank of the Republic of China (Taiwan) are expected to assist the commission. Although cryptocurrencies like bitcoin have been increasingly mentioned as a subject of concern, mainly in the light of money laundering, Taiwan is not likely to severely restrict them. Last year the chairman of the FSC, Wellington Koo, confirmed that the country would not adopt a prohibitive regulatory framework like the one implemented in China. Earlier in April, Taiwan’s Central Bank signaled it would favor regulating cryptocurrencies under the country’s existing anti-money laundering laws. Its new governor, Yang Chin-long, suggested that the Ministry of Justice should include bitcoin in the scope of ROC’s Money Laundering Control Act. Do you expect Taiwan to eventually adopt crypto-friendly regulations? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post Taiwan’s Financial Regulator to Conduct Limited Oversight of Cryptocurrencies appeared first on Bitcoin News. View the full article