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Lithuania’s Ministry of Finance has published comprehensive guidelines for cryptocurrency and initial coin offerings, covering four areas including regulations, accounting, and taxation. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Ministry of Finance’s Guidelines The Ministry of Finance of the Republic of Lithuania has published guidelines for cryptocurrency and initial coin offerings (ICOs). They are divided into four areas – regulation, taxation, accounting, and Anti-Money Laundering/ Combating the Financing of Terrorism (AML/CFT). Lithuanian Minister of Finance. Although the guideline document is entitled “ICO Guidelines,” three of the four sections focus on cryptocurrency. The Lithuanian Minister of Finance, Vilius Šapoka, clarified that the guidelines “describe only part of the aspects examined by relevant institutions, in case of discrepancy between guidelines and positions of institutions, the latter shall prevail,” adding: We acknowledge that the brave new crypto economy world is here to stay, this is why we encourage and invite its participants to innovate and create in Lithuania. ICO Regulation “Organizing ICO is not regulated by specific legislation,” the finance ministry explains in the Regulatory section, adding that “taking into account different ICO models and different characteristics of tokens, in some cases, such activity may be subject to the requirements of the legislation of the Republic of Lithuania and supervision of the Bank of Lithuania.” Furthermore, the ministry notes that “If funds collected during ICO are intended for the formation of the capital of a newly established FMP [Financial Market Participants] – the capital formation requirements applicable to a specific form of financial institution shall apply.” Šapoka commented: We are one of the first ones in Europe who prepared comprehensive guidelines on the legal framework for ICO projects covering regulatory as well as taxation and accounting. Tax Treatment of Cryptocurrency The taxation section outlines the treatment of cryptocurrency for different tax purposes, as well as tax exemptions and deductions. For corporate and personal income taxes, “virtual currency is recognized as current assets that can be used as a settlement instrument for goods and services or stored for sale.” For VAT, it is “considered as the same currency as euros, dollars etc.” For other tax purposes, “other types of instrument, e.g. certain types of tokens, may be recognized as a virtual currency as well.” The document details: Income received from individual purchases and sales of virtual currencies will be taxed standard 15% fixed income tax rate. As for crypto mining, the finance ministry states that “When virtual currency is mined, no goods/services are usually supplied for consideration, therefore, the mining of virtual currency is not subject to VAT,” emphasizing that “the sale of such [crypto] currency in Lithuania is VAT exempt.” Accounting and AML/CFT The accounting section provides guidelines such as when tokens should be recorded as costs in profits and loss statements, in off-balance accounts, or accounted at fair value. “Accounting of tokens circulated by the token promoter depends on whether they are attributed to payment, utility and securities tokens,” the finance ministry noted, adding that “Accounting of acquired tokens also depends on the type of tokens.” The document also highlights the accounting and “evaluation of cryptocurrencies used as payment means according to Business Accounting Standards (Lithuania GAAP).” For AML/CFT, the relevant ministries are working on the amendments to the 5th AML Directive. The finance ministry describes: First round of amendments will concentrate on provisions relevant to virtual currency exchanges and wallet services operators, aiming at increasing transparency and clarity of regulation together with stability and security of the financial market. What do you think of Lithuania’s guidelines for cryptocurrencies and ICOs? Let us know in the comments section below. Images courtesy of Shutterstock and the government of Lithuania. Need to calculate your bitcoin holdings? Check our tools section. The post Lithuania Unveils Detailed Cryptocurrency and ICO Guidelines appeared first on Bitcoin News. View the full article

Tezos, a blockchain best known for its off-chain drama rather than its on-chain utility, is set to fork. Internecine conflict has riven the Tezos community for months, spilling over into the courtroom and leading to the dismissal of foundation members. On the eve of its mainnet launch, another twist will see nTezos created as a spin-off. In the process, it will make Tezos the first blockchain to have been forked before it’s launched. Also read: Number of Japanese Bitcoin Spenders Slowly but Steadily Increasing Says Bic Camera And Then There Were Two For armchair addicts, the cryptocurrency space is never short of popcorn moments, ranging from ICO scams to in-fighting, FUD, FOMO, and all the other acronyms for which the sector is renowned. Tezos its very own soap opera however, a twilight zone in which every week offers something macabre or unexpected. The news that Tezos looks likely to fork before it has so much as launched isn’t entirely unexpected, but it’s certainly an odd turn of events. There are many reasons that could have triggered an acrimonious fork of the Tezos code, splitting the project in two, but in the end it appears to have been the enforced KYC that was the final straw. nTezos, should it launch as promised, will share the same open source code as Tezos minus the KYC and without the founders’ rewards. It will also come with an auditable genesis block and will not be affiliated with the controversial Tezos foundation. This means that Tezos token-holders will have a choice of blockchains to adopt straight out the gate – or they can simply hedge their bets and claim their tokens on both chains. For token-holders to preserve their anonymity, however, they will presumably have to refrain from claiming their tokens on the parent chain, whose enforced KYC will leave them easily identifiable on the nTezos chain. The nTezos Twitter account KYC Is So 2018 Back in the summer of 2017, when ICOs could do no wrong, KYC was optional. Many crowdsales didn’t bother with it and Tezos was one of them. A lot has happened since then and in an email sent out on Sunday, the project explained: We value and respect the privacy of our contributors, and along with countless others around the world, we personally oppose the unnecessary collection of personal information that has become pervasive on the Internet. However, it is important to comply with a rapidly evolving regulatory landscape. To that end, performing a KYC/AML check — as has become the norm for blockchain projects — is the best way forward. Without completing KYC, investors can’t claim their tokens. Given that this stipulation wasn’t in place at the time of the ICO one year ago, participants are understandably irked. And it’s not just investors who are frustrated by this development – so is Tezos founder Arthur Breitman. On the Tezos Reddit page, Breitman, under the username “murbard” wrote that KYC was “not my call”. Paying Penance for the Sins of the Past In its understandable desperation to launch, Tezos has been trying its utmost to atone for the sins of the past. Around the time of its ICO, the Breitmans – Arthur and Kathleen – naively thought there would be no repercussions for admitting US investors, and famously referred to crowdsale investments as “donations”. In fairness to the pair, the entire ICO space was then working under the assumption that tokens were unlikely to be classified as securities, but a spate of SEC pronouncements and subpoenas has put paid to that. It’s too early to tell whether nTezos, the KYC-less clone, will gain traction, or even go on to become the dominant chain. What is certain is that a fully KYC’d Tezos is a blockchain that will struggle to gain new adherents wooed by cryptocurrency’s promise of privacy and economic freedom. All investors ever wanted was a quick flip of some tezzies for more bitcoin. Instead they got KYC, courtroom battles and tote bags. Do you think nTezos will launch and if so is it likely to gain support? Let us know in the comments section below. Images courtesy of Shutterstock, Twitter and Tezos. Need to calculate your bitcoin holdings? Check our tools section. The post Tezos Will Fork Before It’s Even Launched appeared first on Bitcoin News. View the full article

A serious Russian investment in a new mining facility in Norway has sparked questions – why here, why now? Russians are throwing a billion kroner into a project to install thousands of powerful computers mere kilometers from the scene of a large NATO exercise. The construction of the farm is expected to begin this summer, and Norwegian counterintelligence is already interested to know what’s in the arriving containers. Also read: Russian Railways Eyes Crypto for Tickets, Blockchain for Cargo Russian Mining Farm in the Forests of Norway The Russian New Mining Company, a well-known business offering industrial scale crypto mining solutions and opportunities, is working on a serious investment in Norway. It wants to install thousands of mining units in a new farm. Local companies are also participating in the project worth a billion Norwegian kroner (~$125 million USD). Construction will start in August but eight containers of equipment have already been delivered to the site in the municipality of Alvdal. The region has already attracted crypto companies from Israel, China, Japan, Kazakhstan, and the US, offering low electricity rates and developed communications infrastructure. However, some have asked the question why Russians are so interested in Norway, when Russia offers good conditions for miners. Trident Juncture 2018, the largest NATO-led military exercise in the history of the Nordic member-state, is set to begin on October 5, in the neighboring municipality of Tynset, mere kilometers from the planned concentration of Russian computing power. 40,000 troopers and 130 aircraft will be deployed south of Røros, a municipality in the Trøndelag county. According to a publication by the Norwegian daily Aftenposten, the proximity of the Russian crypto mining facility to the theater of the planned maneuvers of the Alliance has attracted the attention of the Norwegian special services. Locals are also wondering – why the Russians have so suddenly chosen their area and why exactly now. Some Say Computers Can Be Tweaked The mining farm will be set up about 5 km northwest of Alvdal, on the edge of a dense forest. High capacity power and optical cables are already stretching there, and according to the Norwegian newspaper, the entire area looks like quarry. Representatives of Nordanvind, the company that oversees the construction, have already met with Norwegian authorities to provide details about the project. “We believe that the arrival of the Russians [and the NATO exercise] here is a pure coincidence. It is easy to find out what kind of equipment they’ve brought in the containers. I don’t think that it can be used for anything else but mining bitcoins,” said Arund Løvik, a Nordandvind official. The company has been founded by seven municipalities and three companies from the Hedmark county with the initial goal to attract to its facilities giants like Facebook, Microsoft, Google, and Amazon. However, these efforts have been unsuccessful so far. Jonny Andersen, a New Mining Company representative in Norway, also tried to defuse the situation: “As far as I know, the Russian owners are serious guys. They understand that Norwegian special services are closely interested in their activities. They are expecting the checks and they are not afraid of anything,” he said. Andersen is also managing the local firm Fjell-IT, Inosmi quotes the Norwegian publication. Others are not so sure about the purpose of the project. Torgeir Waterhouse, director of the Internet and New Media Department of the Norwegian IT Industry Association (IKT-Norge), emphasized that only those with direct access to the hardware can tell exactly what the computers are intended for. He believes that it’s possible to use the equipment for a powerful cyber attack, although only a limited scale one. The whole point in such attacks, he noted, is that they are carried out in secret and from a good distance. The Norwegian Police Security Service (PST) has confirmed it is informed of the imminent arrival of the Russians. “We are aware of the construction and the Russian plans but we prefer not to comment on these events,” said Martin Bernsen, a senior adviser with the PST. “NATO exercises, without a doubt, wake up the interest of foreign intelligence services,” he added. The Norwegian military intelligence admitted it has received reports about the Russian project, too. However, the press secretary of the Norwegian Commander-in-Chief, Per-Thomas Bøe, stressed that the PST is authorized to speak on the issue on behalf of all Norwegian authorities. The National Security Agency (NSM) also commented laconically: “We are familiar with the situation and we refrain from further comment,” said Hans Christian Pretorius, Director of Cybersecurity at NSM. Do you believe that the Russian mining farm in Norway can be used for anything else but crypto mining? Tell us in the comments section below. Images courtesy of Shutterstock. Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin. The post Russians To Mine Bitcoin Close to a NATO Exercise in Norway appeared first on Bitcoin News. View the full article

A major South Korean exchange, Upbit, has paid six people for reporting fraudulent crypto-related schemes. Ten cases were reported to the exchange and six of them were selected. Upbit also recently partnered with Thomson Reuters to operate a system to support transparent crypto transactions. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Upbit Paid Users for Reporting Fraud One of South Korea’s largest cryptocurrency exchanges, the Kakao Corp-backed Upbit, has paid six individuals for reporting fraudulent crypto-related schemes. The exchange implemented a bounty system in March to reward users for identifying fraudulent schemes related to cryptocurrencies. The system is focused on identifying multi-level, illegal scams posing as cryptocurrencies or initial coin offering (ICO) tokens. “To the original complainant, Upbit pays a reward of 1 million won [~USD$931],” the exchange’s operator Dunamu Inc announced at the time. Upbit said last week: Since the implementation of the system, a total of 10 cases have been received and 6 of them have been selected. On June 6, we sent a reward of KRW 1 million with appreciation to the applicants. Lee Seok-woo, the representative of Dunamu Inc (middle), and four out of the six winners. “We provide reward money to users who have reported fraudulent acts that impersonate [an] ICO to the investigating agency (police, prosecutors) and submit the necessary evidence documents to prove the declaration,” the exchange clarified. While Upbit indicated that proper reporting procedures were not followed “such as the lack of evidence of investigation agency reports,” it decided to pay out regardless, to reward users for participating in the system and “to create a sound cryptocurrency ecosystem.” The Kakao Corp-backed Upbit used to command the number one spot in the South Korean market in terms of overall trading volume. However, at the time of this writing, Upbit is the world’s eighth largest crypto exchange with a 24-hour trading volume of $201,594,215, according to Coinmaketcap. It is the second largest exchange in South Korea, after allowing Bithumb to retake the number one spot with $239,054,683 of trading volume over the same time period. Last month, news.Bitcoin.com wrote about the Korean authorities launching an investigation into Upbit. World-Check in Partnership with Thomson Reuters In addition to the aforementioned fraud notification system, Upbit has also recently created a system called World-Check. The system is part of a collaboration with Thomson Reuters, a multinational mass media and information firm. The system is meant to support transparent cryptocurrency transactions and strengthen the company’s KYC (Know-Your-Customer) program. It aims to be “the trusted and accurate source of risk intelligence made available to help you meet your regulatory obligations, make informed decisions, and help prevent your business from inadvertently being used to launder the proceeds of crime or association with corrupt business practices,” the company described. When a user joins Upbit, their membership information is checked against the World Check data. If the security risk is determined to be high in relation to crime and terrorism, the registration process is immediately terminated. The system also checks daily for criminal records of members against the World-Check database. The company believes that this will help prevent money laundering and terrorism financing activities using cryptocurrencies. In an unrelated event, a small South Korean crypto exchange, Coinrail, claimed it was hacked over the weekend. The police are now investigating the case. What do you think of Upbit paying users for reporting fraudulent crypto schemes? Let us know in the comments section below. Images courtesy of Shutterstock and Upbit. Need to calculate your bitcoin holdings? Check our tools section. The post Korean Exchange Upbit Paid Six People for Reporting Fraudulent Crypto Schemes appeared first on Bitcoin News. View the full article

This week in Southern California a Los Angeles woman who called herself the ‘Bitcoin Maven’ will be sentenced this Monday after pleading guilty for illegal money transmission. According to law enforcement, the woman made close to $300,000 USD annually by selling BTC on the peer-to-peer exchange Localbitcoins. Also read: Bitcoin Cash Innovation Continues with the First On-Chain Atomic Bet LA Woman Called the ‘Bitcoin Maven’ Convicted for Selling Bitcoins Without a License U.S. law enforcement has arrested and convicted another Localbitcoins seller who reportedly made $300K per year selling digital assets. The 50-year-old Theresa Tetley used the alias ‘Bitcoin Maven’ and sold bitcoins without registering with the financial authorities. Prosecutors say Tetley’s operations were “fueled a black-market financial system in the Central District of California that purposely and deliberately existed outside of the regulated bank industry.” The U.S. Attorney’s Office claims that Tetley processed around $6-9.5 million USD worth of bitcoins throughout her tenure. Operating as the ‘Bitcoin Maven’ Tetley sold BTC between 2014 and 2017 using the online trading platform. Tetley has pleaded guilty and her defense is asking for 1 year in prison for her wrong doings but prosecutors have asked the U.S. District Judge Manuel Real to sentence Tetley to 30 months in federal prison. Last year US law enforcement officials began arresting Localbitcoins traders who dealt with large amounts of BTC. US Law Enforcement Continues to Arrest Localbitcoins Sellers for Selling Large Quantities of Digital Assets Without Permission Tetley is one of many instances where US Localbitcoins traders have been taken into custody for illegal money transmission. In Missouri, a trader named Jason R. Klein pleaded guilty for trading BTC for fiat without registering with the financial authorities. Thomas Constanzo, (aka ‘Morpheus’) was arrested by Homeland Security in Arizona for the same crime. An Ohio man named Daniel Mercede was arrested in May of last year for selling large quantities of BTC overseas. Further, Richard Petix from New York was another trader who was found guilty for selling BTC and charged with “illegal money transmitting business” and “making false statements.” Then this past February there was another instance where the U.S. Immigration and Customs Enforcement (ICE) team and Homeland Security arrested Morgan Rockcoons (aka ‘Morgan Rockwell’) in Las Vegas Nevada for a BTC transaction from November 2016. That month Rockcoons was charged with unlicensed money transmitting business and money laundering. In Theresa Tetley’s (aka ‘Bitcoin Maven’) case, the U.S. Attorney’s Office is asking for a forfeiture of 40 BTC confiscated during her arrest, and 25 gold bars. What do you think about the LA woman charged with illegal money transmission for selling BTC on the platform Localbitcoins? Let us know what you think about this subject in the comment section below. Images via Shutterstock, 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’s Pulse, another original and free service from Bitcoin.com. The post Another US Bitcoin Trader Faces Prison for Illegal Money Transmission appeared first on Bitcoin News. View the full article

Canadian bitcoin investors and cryptocurrency traders are going to be subjected to an increased level of market surveillance soon if the government has its way. Once the proposed regulations are implemented, every transaction above $10,000 CAD will have to be reported. Also Read: Bitcoin in Brief Monday: Korean Exchange Hack Takes a Toll on Crypto Markets Crypto Exchanges to Report as MSBs The Department of Finance Canada has issued a Regulatory Impact Analysis Statement regarding proposed amendments to the country’s AML/ATF regime. The statement suggests that Canadian crypto exchanges will be treated as money service businesses (MSBs) and will have to report trades over a certain amount. According to the proposed amendments published in the Canada Gazette, “Persons and entities that are ‘dealing in virtual currency’ would be financial entities or other entities deemed domestic or foreign MSBs, as the case may be. These ‘dealing in’ activities include virtual currency exchange services and value transfer services. As required of all MSBs, persons and entities dealing in virtual currencies would need to implement a full compliance program and register with FINTRAC. In addition, all reporting entities that receive $10,000 or more in virtual currency (e.g. deposits, any form of payment) would have record-keeping and reporting obligations.” FATF Standards The part about registering with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) should not be too much of a hassle for the exchanges. Several Canadian exchanges have already taken it upon themselves to voluntarily do so in an effort to remedy regulatory uncertainty, as we recently reported. And the government concluded that compliance with the proposed rules should cost just $270,112 over a ten-year period. According to the statement, the changes will not be implemented to provide greater clarity to traders and the exchanges who asked for it. Instead they will be to “close loopholes” and address deficiencies in compliance with the standards set by the Financial Action Task Force (FATF), the inter-governmental body that sets international benchmarks on combating money laundering and terrorist financing. How should Canadians bitcoin traders respond to this increased level of government market surveillance? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Canadian Exchanges to Report Transactions Over $10k per Proposed Regulations appeared first on Bitcoin News. View the full article

A year after the Japanese government recognized cryptocurrency as a legal form of money, bitcoin payments are steadily going mainstream. Bic Camera is one of the most profitable electronic, cosmetic and duty-free goods stores in Japan. It has now revealed that even though less than 1% of payments have been made in BTC since it started accepting bitcoin last year, the number of Japanese bitcoin spenders is slowly and steadily increasing, it observed. Also read: Media Frenzy in Japan as Bic Camera Starts Accepting Bitcoin Bic Camera’s Year-Long Relationship with BTC Bic Camera started taking bitcoin in a limited capacity shortly after the Japanese government came up with new regulations around digital currencies and the exchanges that are handling them in April 2017. In an interview with news.Bitcoin.com, Masanari Matsumoto, Bic Camera’s PR and IR Chief, revealed that the average bitcoin spenders were younger Japanese males. “When Bic Camera first installed the Bitcoin payment system in its stores, we expected that the customers paying in Bitcoin would mostly be foreigners,” he said. But it turned out to be quite different. “We noticed that Bitcoin was becoming very popular. Then the government announced that Bitcoin was officially legal, so we finally felt more comfortable introducing Bitcoin as a method of payment in our stores,” Matsumoto explained. “Bic Camera always aims at responding to its customers’ demands, and there was a huge demand at the time.” When Bic Camera started taking BTC in April of 2017 at two of its largest stores in central Tokyo, they noticed an increase in demand from customers. They later expanded the option in their entire 40 stores nationwide and conducted a test overall to study who was using bitcoin. The results of this research showed that the Japanese sales were higher than foreign customers’ tax-free sales, Matsumoto explained. “We also asked our cashier staff to look out when they processed a Bitcoin payment, and we found out that the majority of Bitcoin users were Japanese males in their 30s.” They mostly bought computer tablets, digital cameras, small items, and alcohol, he added. Bic Camera Yurakucho store Bitcoin Payments Less Than 1% Compared to Fiat But Spenders Are Increasing Over Time In 2017, Bic Camera made a profit of JPY 790 billion (USD 7,200,000,000). The percentage of bitcoin payments was less than 1% compared to payment in fiat, but the research also showed that the amount of bitcoin spenders is steadily increasing over time. Back in 2014, people in Japan and worldwide holding accounts in bitcoin exchanges were mostly non-Japanese. Reportedly less than 1% of Mt. Gox creditors were Japanese nationals. “Back then, [when Mt. Gox’s scandal hit the news in February 2014] I think the average Japanese people’s opinion on Bitcoin was that it was something suspicious and shady, because it was associated with the darknet and crime,” Seiji Tashima (67), a retired computer engineer, extrapolated. “Bitcoin circulated a bad image in Japan and mostly, people simply didn’t know what it was. But now it’s different, probably because it made bad news at first then the government recognized it as a legal form of currency later.” The Japanese crypto community even offers training to seniors on how to invest in the industry. Bic Camera says they are not concerned about security issues, as they partnered with Bitflyer, one of the largest cryptocurrency exchange and bitcoin payment processors in Japan. “Bitflyer stands between our company and our customers. We have faith in Bitflyer and we are confident. Furthermore, they are a cryptocurrency platform approved by the Financial Service Agency,” the Bic Camera PR and IR chief added. Although the recent Coincheck heist poured a cold shower on the general excitement, as JPY 58 billion (USD 530 million) in NEM cryptocurrency vanished, companies are still jumping into the industry. More than 100 companies have expressed an interest in running cryptocurrency exchanges, according to the government. At the time Coincheck was hacked, it wasn’t a government approved cryptocurrency exchange. Bic Camera will not be introducing any other cryptocurrency than BTC at the moment. What do you think about Bic and the store’s experience with accepting BTC for over a year? Let us know what you think about this subject in the comment section below. Images via Bic Camera, and Nathalie Stucky Why not keep track of the price with one of Bitcoin.com’s widget services? The post Number of Japanese Bitcoin Spenders Slowly but Steadily Increasing Says Bic Camera appeared first on Bitcoin News. View the full article

Just recently news.Bitcoin.com wrote about a trustless betting protocol designed by Jonald Fyookball called Chainbet, a protocol that enables simple coin flip wagers using the Bitcoin Cash (BCH) blockchain. Since then the Openbazaar developer Chris Pacia performed the first atomic bet utilizing the BCH network’s re-enabled OP_Codes and Fyookball’s Chainbet concept. Also read: Chainbet Protocol Proposes a Trustless Bitcoin Cash Betting Mechanism The First Trustless Atomic Wager Utilizes Bitcoin Cash OP_Codes Openbazaar’s Chris Pacia. This weekend the Openbazaar developer Chris Pacia has performed the first atomic bet using the BCH network’s OP_Codes in order to demonstrate a trustless wager. Pacia said he tried the idea using bitcoin cash after seeing Fyookball’s new protocol concept, and notes that this method of trustless betting is not possible using the Bitcoin Core (BTC) network. The reason for this is due to the re-enabled OP_Codes added to the BCH protocol this past May. “The way the scheme works from a high level is that Alice and Bob are going to generate secret random numbers and commit the hashes of those numbers to the bet’s output script,” explain’s Pacia’s demonstration post. “To determine the winner they will both reveal their random numbers and the script will add them together. If the sum is even, Alice wins — Otherwise, Bob wins.” 256-bit Random Numbers Converted to 32-bit Integers Using the New OP_SPLIT and OP_BIN2NUM Codes. Pacia details the challenge of this operation is doing it securely, and adds that Bitcoin arithmetic operations only accept signed 32-bit integers. This means that the process wouldn’t work if Alice and Bob commit to 32-bit random numbers. Pacia’s demo commits to the hash of 256-bit random numbers and then converted into signed 32-bit integers using the new OP_SPLIT and OP_BIN2NUM codes. The Openbazaar developer notes that the OP_MOD directive is used to determine odd and even. Chris Pacia’s trustless bet demo. “To make the scheme atomic, Alice first funds a special output with a redeem script of: OP_HASH160 <aliceCommitment> OP_EQUALVERIFY <alicePubkey> OP_CHECKSIG,” Pacia explains. “Alice and Bob then jointly build a transaction with two inputs ― Alice’s special output and a normal output from Bob’s wallet [edit: this will need to be a 2of2 to prevent bob from double spending].” Bob signs the transaction first and sends his signature to Alice. Alice then signs her input and broadcasts the transaction to the blockchain. By signing the transaction Alice is revealing her secret number to Bob who can then use that number to determine if he won or lost the bet. If he won, Bob can immediately claim his winnings. If Alice won, Bob cannot do anything but Alice can claim the funds after a timelock (6 blocks) expires. BCH Supporters Thrilled to See the Trustless Scheme in Action, and Some Are Quite Amused the Procedure Can’t be Done Using BTC Many bitcoin cash supporters were thrilled to see that Pacia accomplished this procedure and shared his demonstration. The creator of Chainbet, Jonald Fyookball, thanked Pacia for bringing his skills and adding life to his concept. “Looking forward to working with you and others to create a usable implementation soon,” Fyookball notes. “That’s pretty amusing that this scheme can’t be done on BTC.” What do you think about the trustless betting demo performed by Chris Pacia? Let us know what you think in the comment section below. Images via Shutterstock, Twitter, Pixabay, and Yours.org. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com. The post Bitcoin Cash Innovation Continues with the First On-Chain Atomic Bet 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. trade.io has announced the upcoming launch of an unprecedented ongoing airdrop campaign, which will enrich the portfolio of existing Trade Token (TIO) holders with potentially hundreds of different Alt Coins. With this campaign, any TIO holder is automatically qualified to benefit from ongoing token airdrops from high potential ICOs. Such ICOs have undergone an extensive vetting process by the experienced trade.io consulting team for AML processes, technical viability and longevity, and as a result have been verified as high potential projects by the company. trade.io targets to airdrop as many as 2 million tokens (sometimes more) per verified ICO, specifically to its TIO holders and to its loyal community. Clients who have already passed the strict trade.io vetting processes and who are in line to distribute their Alt Coins to the trade.io network include: TV-TWO, ICO Watchdog, INGOT Coin, DarcMatter, ZeroEdge. Another 50 ICOs are already in discussions to join the trade.io ICO consulting pipeline. This could potentially make 100 million coins available for airdrop to TIO holders within the coming months. How does the airdrop work*: Community members who join in trade.io’s telegram groups plus the ICO client’s telegram group will automatically be airdropped a pre-set percentage of tokens. Existing TIO Holders who actively participate into the ICO of the client via the upcoming trade.io airdrop web page will be eligible to receive a significant number of additional Alt Coins. The top raffle allocation is USD 100,000. trade.io will take a snapshot of all wallets holding TIO – anybody holding over 2,500 TIOs will be eligible to receive an additional airdrop. This will be an ongoing process for any ICO launched on the trade.io platform. TIO holders who participate in the ICO via the trade.io link will be eligible to receive additional bonuses over and above what the client ICO is offering. To register to be informed about upcoming airdrops, visit https://airdrops.trade.io CEO of trade.io Jim Preissler commented: “We are constantly looking for ways to add value to the experience of our loyal community and TIO holders. We feel that an ongoing airdrop of this enormity is the perfect way to both thank our community for their loyalty plus to assist new high potential ICOs in accessing our informed and ambitious community.” The Company’s vision is to continually onboard quality ICOs, which will bring a stream of high potential Alt Coins to TIO holders on an ongoing basis. With this, any hodler of the TIO token will automatically inherit high quality coins. This will help TIO holders to diversify – as well as to increase – the size of their portfolio. He continued “This airdrop is a win-win situation for all company stakeholders. The Alt Coins from our upcoming ICOs will also be airdropped into our liquidity pool, which will benefit all of its participants.” The Trade Token is currently available to purchase on the following exchanges: OKEX, Bancor, GateIO, TIDEX, KuCOIN, HitBTC, IDEX. The trade.io exchange is scheduled to launch within the coming weeks. * Any percentages stipulated and / or airdrop terms & conditions will be issued by the company upon final launch of the airdrop program in due course. All announcements will be made on our official telegram channel https://t.me/TradeToken About trade.io trade.io is a next generation financial institution based on blockchain technology, and providing the ultimate in security and transparency via its flagship product the trade.io exchange as well as its highly sought after ICO Consulting Services and Angel Investment Program. trade.io successfully completed its ICO in January 2018 and raised over 31 million USD from loyal participants and community members who want greater transparency in the financial markets. Read more: https://trade.io Contact: marketing@trade.io Contact Email Address marketing@trade.io Supporting Link htpps://airdrops.trade.io 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: trade.io Announces Massive Airdrop Campaign appeared first on Bitcoin News. View the full article

Two major passenger bus companies in Brazil have started accepting cryptocurrency payments for ticket sales. The companies say they are the first in the sector to accept crypto payments in the country. One of them has more than 800 buses; the other claims to have the newest and most modern fleet in Brazil. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Three Cryptocurrencies Two public transportation companies of the GBS Group have decided to accept payments in cryptocurrencies. Brasil Sul and Viação Garcia both started accepting BTC payments for online ticket sales on June 6. The crypto payment option has already been added to their websites. The companies wrote, “In the country, it is the first group of passenger transports to accept” crypto payments, adding that: The group opted, initially, to use bitcoin (BTC), the most popular virtual currency on the market today…[and] by July, two other cryptocurrencies will be accepted: bitcoin cash and litecoin. Viação Garcia was founded in 1934. Today, the company is one of Brazil’s five largest companies in the sector, its website claims. “The modern fleet of more than 800 buses runs 5.5 million kilometers per month.” Meanwhile, Brasil Sul’s website claims that the company “has the newest and most modern fleet in Brazil.” A Brasil Sul bus. Buy Tickets With Crypto The two companies both explained on their websites that “when choosing the bitcoin [payment] option, the client should open their wallet and scan the code that appears on the site screen.” The purchase is completed after the customer confirms the order. The voucher will be forwarded to the customer’s email address to confirm the payment and the shipment, both firms similarly noted. GBS vice president Estefano Boiko Junior indicated that the rest of company’s operations can also be carried out with cryptocurrencies, emphasizing that “the transport sector could not be left behind,” Cripto Tendencias conveyed and quoted him saying: Cryptocurrencies represent changes in financial relationships. They facilitate purchases online. Many of the economic and commercial operations are migrating to the digital world and the segment of passenger transport by road could not be different. What do you think of the two companies accepting crypto payments? Let us know in the comments section below. Images courtesy of Shutterstock and GBS Group. Need to calculate your bitcoin holdings? Check our tools section. The post Large Passenger Bus Companies in Brazil Start Accepting Three Cryptocurrencies appeared first on Bitcoin News. View the full article

Science fiction writer Ken Liu has written an important short story, Bizantine Empathy, weaving as central to the narrative cryptocurrency and distributed ledger technology. Finally, crypto breaks out of its ghettoization in popular fiction, where it has been the plaything of terrorists and drug dealers, and instead has been used as an elegant background to a larger point. We caught up with Mr. Liu to ask him more about his motivations for bringing such a technical topic into the science fiction community. Also read: Fidelity Investments Hints at Entering Cryptocurrency Exchange Space Author Ken Liu Has Coding Street Cred No less a personage than Bitcoin core (BTC) developer and ecosystem rockstar Jimmy Song praised science fiction writer Ken Liu as “one of the best coders” he’s ever worked with. Mr. Liu describes his career as “bizarre and strange” leading up to his foray into professional fiction writing. He’s coded for Microsoft and various startups, and then decided to earn a Juris Doctorate and try his hand at corporate tax law. He’s also an award-winning Chinese language translator, bringing leading science fiction from the East to the English speaking world. All of these pursuits led him to his recent short story, Byzantine Empathy. It’s at the sweet spot of Mr. Liu’s many forms of mastery: code, law, language. It’s also a literate take on cryptocurrency and distributed ledger technology, which are integral to the story as essential parts. Twelve Tomorrows is in its fifth edition with Wade Roush, futurist host of the Soonish podcast, as its editor. He tapped Mr. Liu for two tasks. He wanted a short story, and Mr. Liu delivered Byzantine Empathy as part of the anthology. Mr. Roush also asked Ken Liu to employ his considerable skill in translating Fields of Gold by Liu Cixin (Ken Liu’s translation of The Three-Body Problem won the Hugo Award for Best Novel). Published in conjunction with MIT Technology Review and MIT Press, the anthology is sure to draw eyes from the cryptocurrency community. News.Bitcoin.com: Of all the rabbit hole aspects of crypto and bitcoin, why did you focus in on the Byzantine Generals’ problem? Ken Liu: In a short story, there’s only enough room to focus on one aspect of the many interesting aspects of cryptocurrencies, and the idea of consensus, of authority in the system, felt to me to be the most compelling subject and the one that dovetailed the best with the human story I wanted to tell. In my line of work, as you can imagine, I come across fictional adaptations of crypto, either as part or integral to an arc, and inevitably they involve international terrorism or drugs. You’ve gone in an entirely different direction. Was that a conscious decision? I don’t think I was writing consciously “against” some dominant narrative, exactly. I find the mathematics, the algorithms, the history and ideas behind cryptocurrencies beautiful and interesting, and I wanted to tell a story that tries to engage with these ideas in a serious, empathetic way. Too often, coverage of complex ideas in the mainstream media is simplified to the point of nonsense or forced to fit into existing narratives, and I think sometimes the fiction we read is influenced by this kind of coverage. I wanted to go back to the fundamental papers, the source code, the people who devote their time and energy to crypto, and to tell a story that respects the reader as well as the crypto practitioner, and doesn’t shy away from the complexities of the ideas themselves. How did you end up being published in Twelve Tomorrows? The editor, Wade Roush, invited me to contribute. The idea was to write a story centered around some of the technology areas covered by the MIT Tech Review extensively. I thought VR and blockchain, two areas where I have some experience and expertise, would be perfect. The story then came to me essentially overnight. How did you create the fictional cryptocurrency, empathium? I’ve studied the problems of disaster relief and NGOs for some time, and there are many institutional issues related to the way we direct and harness people’s natural empathy for victims of natural and man-made disasters. I wondered how blockchain and VR could perhaps be used to help ameliorate/complicate these issues, and those thoughts became the basis for empathium. You chose two very hot topics as your muse, cryptocurrency and virtual reality for this short story. Why? I think blockchain, besides being a really interesting bit of applied math, also represents a new development in the general history of the technology of consensus building and collective decision making. (Other notable entries in this history include things like elections, juries, courts, absolute monarchies, etc.) VR, on the other hand, is a new emerging medium, and every new medium (writing, film, TV, the Internet) has profoundly altered the way we empathize with others and construct individual and group identities. How can a scifi writer resist playing with two technologies with such profound implications for the present and the future? Symbolic Systems Beg to be Hacked Does having worked extensively in the corporate law field informed your fictional writing? I think having looked at the way legal structures constrain and guide corporate decision making, competition, and collaboration, and how such constraints and guides can be bypassed and thwarted, I tend to view system hacking as a fundamental part of any society, including fictional ones. At first glance, your professional pursuits seem all over the place. What is the connection between science fiction writing and having a background in programming and law? Ken Liu My background is in technology and law (I was a programmer and a lawyer), so I tend to view everything through the lens of symbol systems. There is a great deal of commonality in the way programmers and lawyers think about their respective symbol systems: fundamentally, both are hackers trying to construct symbolic machines that will accomplish a certain effect by following the rules of the systems in which they operate. It turns out that writing fiction is quite similar. Readers have been trained to respond emotionally to various literary and narrative techniques, and a writer builds emotional machines out of these tricks no different from the way lawyers put together contracts or corporate structures, or the way programmers craft apps and utilities. Here’s where the analogy becomes interesting though. In fiction, programming, or law, practitioners who love their work are always seeking to go beyond mere technical competence. We’ve all seen snippets of source code or legal arguments that give us a feeling of transcendence, that rises to the realm of art, elegance, beauty. It is the same in fiction. To build an emotional machine that does the job is easy; to build a beautiful and true emotional machine, on the other hand, takes skill, luck, and a glimpse of that transcendence that unites all creative endeavors. Do you think cryptocurrency lends well to science fiction? Let us know in the comments. Images via the Pixabay, MIT Press. 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 Crypto and Virtual Reality Meet in Ken Liu’s Science Fiction appeared first on Bitcoin News. View the full article

The news of another hacked South Korean crypto exchange, widely blamed for the drops across the markets, is the main story in today’s edition of Bitcoin in Brief. Other subjects covered include a hospital where you can pay with tokens and a “blockchain” based cultural center established by a gangster. Also Read: Women’s Interest in Crypto Trading Has Doubled, UK Exchange Reveals $40 Million Coinrail Hack Coinrail, a lesser known Korean trading venue, has reportedly been the victim of a hack – costing the clients of the exchange over $40 million worth of ICO tokens. The hacker stole $19.5 million in NPXS (Pundi X’s ICO tokens), $13.8 million of Aston X, $5.8 million in tokens of Dent, over $1.1 million of Tron, and at least five other tokens, all just from exchange users not the projects themselves. In response to the event, Coinrail has announced it suspended trading and moved the remaining 70% of its client assets to cold storage, as well as notified the police. While the figures involved are much smaller than past events, many link this incident to the markets bleeding red over the weekend. Doctor Satoshi Will See You Now In much more positive news from South Korea, a hospital in the country’s capital is now accepting tokens as payment. KMP Health Care Seoul, which offers outpatient treatment, health check-ups, stem cell treatments and cosmetic surgeries for locals and foreigners, has begun accepting cryptocurrency according to Business Korea. “With the aim of introducing medical services to patients of various classes and overseas patients by utilizing the latest blockchain technology, KMP Health Care Seoul has built a system to take LCGCs (Life Care Global Coins issued by GCM) instead of cash,” the hospital staff said. “We plan to continue expanding our services and technology platform to enable many people in Korea to enjoy excellent medical services and help overseas patients easily access Korean medical services,” they added. Over $10 Million Stolen in Wallet Hack in Japan Shopin, a universal shopper profile ICO project, has released a statement that the police in Japan has been made aware that a “significant token distributor” was hacked, resulting in a loss of more than $10 million in tokens. According to the statement, this incident took place on June 1st and involved a “Japanese syndicate” that had gathered participants for Shopin’s Token Generation Event using a hot Myetherwallet containing a large amount of various tokens, including Ethereum, Level Up, Orbs, and 61 million Shopin Tokens. Shortly after receiving the allotment of participant tokens, the wallet was hacked by what authorities believe was “someone with credentialed access.” “We are deeply saddened by this news and send our empathy to all of the Japanese members of our Shopin community who have been affected by this stressful news,” said Eran Eyal, CEO and Co-Founder of Shopin. “We were recently informed that the syndicate lead was not storing our tokens in a cold storage or hardware wallet and that it was clearly vulnerable to an attack. We have taken all immediate measures to have the incident investigated, and we remain hopeful that the informed authorities will be able to trace the trail of the hack.” Chinese Triad Cultural Center Wan Kuok-koi, who is described as “a famous gangster in Macau” and commonly known by the nickname ‘Broken Tooth’, has a new venture in the crypto space. According to reports from China, he is planning to “leverage blockchain technology” in order to “build a Chinese cultural town in Cambodia”. This center will serve as headquarters from which the plan is to spread Chinese culture to communities of ethnic Chinese in the diaspora. The triad boss was previously linked by the New York Times to Dragon Coin, the casino gamblers’ ICO token. Central Bank of Zimbabwe Defends Crypto Ban The Reserve Bank of Zimbabwe (RBZ) has defended its ban on crypto business in the case of the Golix exchange before the court on Friday. The claim by the RBZ is that it has the authority to order banks to refuse services to the exchange. According to a report from the country, the central bank told the court that: “The Banking Act gives the Bank the powers to supervise banks and prescribes a variety of supervisory actions that the Bank may take as a measure to correct any conduct that may be a threat to the smooth operation of the banking and financial sectors. It is as a result that the Bank directed banks not to deal with the applicant (Bitfinance (Pvt) Ltd) as the latter’s activities were not only unregulated and illegal, but presented all kinds of risks, including but not limited to fraud, money-laundering, evasion of the country’s exchange, terrorism financing” [regulations]. What do you think about today’s news? Were there other reasons for the market drop? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post Bitcoin in Brief Monday: Korean Exchange Hack Takes a Toll on Crypto Markets 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. SINGAPORE – Viola.AI, the blockchain-powered dating and relationships AI has announced its strategic partnership with AI Singapore, a Singapore government initiative to catalyse, synergise and boost the nation’s AI capabilities, and Singapore Management University (SMU) to provide dating and relationship solution for singles, couples and married couples with quality matches, date arrangements, helpful relationship advice and recommendation of goods and services. Viola.AI is the latest product by Singapore’s home-grown 14-year-old dating company Lunch Actually Group. Co-founders Violet Lim and Jamie Lee are leveraging on blockchain technology to employ a verification system that helps singles have the confidence that they are meeting genuine singles through real-time face scan, photo and social media checks. The Viola. AI team is also creating an evolving smart Love AI based on the user’s relationship status to help singles find their match and help couples nurture and grow their current relationships. In 2017, Singapore’s total fertility rate dropped to 1.16, the second lowest ever recorded. According to the General Household Survey, the proportion of singles in the age group of 25–29 age group has sharply increase from 51.7% in 2000 to 71.4% in 2015 in the country. And despite most of them indicated that they wanted to get married in the future, nearly half of singles in Singapore have not dated seriously before, based on the latest study by National Population and Talent Division (NPTD). The top reason for not dating was not being able to find a partner. “When we first heard of AI Singapore, we approached them immediately and was one of the first company to showcase our proposal to them. We are glad that they understood our BHAG (big hairy audacious goal) of creating one million happy marriages and they have been extremely supportive of our project. AI Singapore has since connected us to SMU and facilitated the collaboration. We’re very excited for the impact that this strategic partnership will have for Viola.AI to make it the smartest AI Love Advisor,” said Violet Lim, CEO & Co-Founder of Viola.AI. Viola.AI is set to revolutionize the industry and solve these current problems by creating a robust and holistic AI matching and recommendation engine that leverages on Lunch Actually Group’s existing matching model, database of more than 1.4 million users and their domain knowledge in the matchmaking service for the past 14 years. Lim added, “Our goal is to develop a powerful, more effective matching model which is not just key in giving singles better matches, but also serves as the strong foundation for developing robust advisory engine that can understand the complex relationship issues and provide appropriate relationship advice to singles, couples or married couples.” As part of this collaboration, SMU will conduct a research project to feed data to the personality match engine model that incorporates thorough review on spouse selection and family formation and lead the various focus groups and surveys on the sociology and technical aspects on matching. The team at SMU will benefit from Lunch Actually Group’s 14 years of industry experience, and their in-house personality-matching algorithm for their existing online and offline hybrid dating service, esync. Viola.AI will also receive tremendous support in resources through experts and the AI Apprenticeship Program by AI Singapore and SMU to create a revolutionary, efficient matching engine. Professor Paulin Straughan, SMU Sociologist said, “Despite the many initiatives to encourage more couples to get married and start a family, it is still tough for singles, especially in Singapore, who have high pressure to do well in their career, to find the time to meet and choose the right partner. There is also shows more to be done to help couples nurture their relationship so that they can continue to strengthen marital bonds, to better prepare for marriage challenges.” Prof. Straughan who will serve as the Principal Investigator in this project added, “The insights from sociological research that we will conduct will be essential in building the AI matching and recommendation engine, and help us better understand the singles and couples, and anticipate their needs. We expect the AI to be pro-active in recommending future actions based on users’ characteristics, needs and values to ensure a lasting and happy relationship. While face-to-face advisory remains an important aspect of marriage advisory, we anticipate that many will find it more convenient and conducive to have an AI platform that draws on a comprehensive database to provide ideal matches in a safe environment which protects their privacy.” The strategic partnership between Viola.AI, AI Singapore and SMU is an important milestone in AI Singapore’s cooperation with different industries in the area of AI development, research and education. “We are delighted to partner with Viola.AI and SMU in this exciting project. Viola.AI is an example of an innovative product which shows that AI technology is here to change the game and puts homegrown startup like Lunch Actually Group at the forefront of the dating industry. We’re glad to be a part of it,” said Laurence Liew, Director of AI Industry Innovation, AI Singapore. **END** Viola.AI will be starting their Public Sale on 17 June 2018 at 8pm (UTC+8), and its MVP product has been launched to its selected Alpha testers this week. Join the discussion on Viola.AI Telegram: https://t.me/ViolaAI Contact Email Address christina@viola.ai Supporting Link www.viola.ai 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: Viola.AI, AI Singapore and Singapore Management University Announced Strategic Partnership appeared first on Bitcoin News. View the full article

Bitcoin Mercantile Exchange (Bitmex) released proprietary research reportedly geared toward their VIPs. Researchers find bitcoin core’s (BTC) deflationary aspects interesting for speculation and as a “payment system,” but predict it will ultimately not usurp government paper, describing the BTC phenomenon as simply a “useful niche,” and those who “think Bitcoin would result in a more prosperous economic system” as “naive.” It’s a strange position to take as a bitcoin exchange. Also read: Philippines’ Crypto Wallet Reaches 5 Million Users, Adds More Coins Before Weirdly Turning, Bitmex Praises BTC’s Deflationary Aspects In conclusion, Bitmex researchers lukewarmly laud bitcoin core’s merits, arguing how “to many, Bitcoin’s ability to decouple debt from money and thereby result in a deflationary climate without the deflationary debt spiral problem is the point, rather than a bug.” Still, Bitcoin Economics – Deflationary Debt Spiral, published recently by the exchange for its VIPs, refers to those who believe bitcoin “would result in a more prosperous economic system” as being “naive.” Piling on in this manner, they continue, “Bitcoin is a new and unique system, which is likely to cause more economic problems, perhaps unexpected or new ones.” Bitcoin Economics – Deflationary Debt Spiral, is the final in a three part series by the Hong Kong-based Bitcoin Mercantile Exchange (Bitmex). Hot shot, risk enticed futures traders are emboldened by the exchange’s shorting ability and 100x leveraged contracts. Contracts can only be purchased and settled in bitcoin core (BTC), all without the bother of holding actual coins. Bitcoin cash, bitcoin core, ripple, ether, litecoin, cardano round out possible contract choices. The report was initially released by a cranky Twitter polemicist who claimed it to be an exclusive get, designed for Bitmex’s VIPs. Days later, the exchange would publish it on their site for all to see. The report’s focus was to “examine the deflationary nature of Bitcoin and consider why this deflation may be necessary due to some of Bitcoin’s weaknesses.” Deflation, as a matter of course, occurs when the value of money increases. In the modern West, at least, this concept has largely been only theoretically known. And then crypto. And then bitcoin. Cursory surveys, and perhaps the reader’s own experience, revealed during 2017 the tension many bitcoiners faced. Used to government tickets eventually and methodically losing value through inflation, a bargain cut between court economists and the first to receive newly printed paper meant every incentive in the average person’s experience pointed to spending. Spend those tickets before they lose more value. Fundamentally Different The opposite was evident for most of last year. And this third report by Bitmex takes into consideration long held beliefs about money in this respect. “Critics have argued that history has taught us that a finite monetary supply can be a poor economic policy, resulting in or exacerbating, economic crashes. Either because people are unwilling to spend appreciating money or because the real value of debt increases, resulting in a highly indebted economy. Bitcoin proponents are often called ‘economically naive,’ for failing to have learnt these economic lessons of the past,” researchers explain. Bitmex believes economics, when it comes to bitcoin core, are “fundamentally different” from anything preceding. “There may be unique characteristics about Bitcoin, which make it more suited to a deflationary policy,” they argue. “Alternatively, limitations or weaknesses in Bitcoin could exist, which mean that too much inflation could have negative consequences not applicable to traditional forms of money.” Deflation’s bad rap in the United States, for example, can be attributed to Irving Fisher’s appraisal of causes and exacerbation of the Great Depression of 1929. And the Bitmex part three meditation presents his arguments well as a chain of consequences where hoarding, or as crypto enthusiasts understand, hodling, only served to severely worsen the problem, according to Fisher. Yet, “maybe Fisher’s view on inflation was correct for the economy in the 20th century, however by 2150 technology may have fundamentally changed to such an extent that another inflation policy may be more appropriate for society,” they contend. Turning from mere description, Bitmex researchers hit upon a rather novel concept: bitcoin is not a debt based currency, the kind government paper all over the world is. That is a fundamental difference, and it follows economies would behave differently should something like bitcoin core take hold. In a bitcoin based, deflationary economy, an economic downturn’s “impact of increases in the real value of debt could be less significant than one may think. This could make the deflationary debt spiral argument less relevant in a Bitcoin based economy,” they note. A Cynical, Dismissive Way to View Bitcoin’s Potential Given BTC’s deflationary aspects, its being so fundamentally different, and how traditional economic theory is at a loss to grapple with it, Bitmex would seem to hold the coin in high esteem. No, not really. Not at all, in fact. Very near the report’s end, VIPs are given the candid, unvarnished truth as the exchange sees it. Bitcoin core is a speculative plaything, an interesting project to perhaps make some interim profit if one is positioned well. “Much of this discussion focuses on the economics of Bitcoin, assuming Bitcoin is widely adopted, such that the inflationary dynamics have an impact on society,” the report tantelizes. Curiously, the report doesn’t account for BTC’s notorious problems as a functioning currency in terms of block size, mempool congestion, and transaction fees – a debate lived out along side BTC by bitcoin cash (BCH). Researchers do not believe BTC will be widely adopted. “In our view [wide BTC adoption] is an unlikely outcome and perhaps should be considered even more unlikely by Bitcoin’s critics. In our view, Bitcoin may satisfy a useful niche, that of making both censorship resistant and digital payments, but it’s unlikely to become the main currency in the economy. Therefore the debate about Bitcoin’s deflationary nature should be considered as largely irrelevant anyway. Hence, it is therefore somewhat odd that some critics use this as an argument against Bitcoin,” thereby negating almost the entirety of the previous report findings. The last thought left with readers is a cynical, just-in-case principle: “if one thinks these economic problems associated with deflation have a remote chance of being relevant, like the critics indirectly imply, that would mean Bitcoin has a significant chance of becoming widely adopted and hugely successful. In that case, perhaps the sensible thing to do is buy and ‘HODL’.” What do you think about Bitmex’s research? Let us know in the comments. Images via the Pixabay, Bitmex. 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. This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. The post Bitmex to VIPs: Bitcoin Won’t Replace Fiat, Just a ‘Useful Niche,’ Enthusiasts ‘Naive’ appeared first on Bitcoin News. View the full article

Following reports of six publicly listed companies launching their own cryptocurrency exchanges in Japan, three other firms listed on the Tokyo Stock Exchange have announced plans to enter the space with various crypto offerings. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Publicly traded companies in Japan are increasingly seeking to enter the crypto space to offer various crypto-related services. News.Bitcoin.com recently reported that six public companies are planning to launch their own cryptocurrency exchanges including Money Forward, which operates one of Japan’s most popular personal finance apps. An additional three companies have also announced their plans to enter the space with different product offerings. Samurai & J Partners Samurai & J Partners (TYO:4764), established in 1996, offers investment banking, fintech, and IT services. In its core business, the firm “invests in listed companies using the method called PIPE (private investment in public equity) investment,” its website describes. A subsidiary of the company operates a crowdfunding platform that “connects individuals wanting to manage assets and companies that need money.” The platform, called Samurai, already lists a crypto-related fund called the Virtual Currency Mining Fund. On its website, the company also indicates a new service for token offerings. Furthermore, the firm recently announced its plans to enter into a “money lending business for virtual currency holders.” Appbank Inc Appbank Inc (TYO:6177) plans, produces and manages content distribution such as through videos and live broadcasts of social games. It operates a gaming and smartphone-related media site called Appbank.net. Launched in October 2008, the site claims to be “Japan’s largest Iphone media” service. Last week, the company announced the launch of its Virtual Currency Distribution Content Platform called @Blast, with the grand opening event planned for this month. The firm explained: @Blast is a web service platform that distributes virtual currencies through various content centered on games and entertainment. Using this platform, the company plans to “promote the spread of virtual currencies while providing users a place to interact with virtual currencies through this service.” I-Freek Mobile Inc I-Freek Mobile Inc (TYO:3845) provides mobile content to cell phone users. The firm recently announced that it has modified its Articles of Incorporation to add “virtual currency exchange” business. The amended Articles are expected to be adopted at the company’s general meeting of shareholders on June 27. Minkabu publication quoted the company detailing: We add virtual currency exchange business…[to expand] the content business of the company and its subsidiaries and [to] prepare for future business development. Do you think more Japanese companies should offer crypto-related services? Let us know in the comments section below. Images courtesy of Shutterstock, Samurai & J Partners, Appbank, and I-Freek Mobile. Need to calculate your bitcoin holdings? Check our tools section. The post More Japanese Public Companies Entering the Crypto Space appeared first on Bitcoin News. View the full article

In recent weeks, the peer-to-peer (P2P) bitcoin markets of several Latin American markets have produced record-breaking volume, with the Localbitcoins markets of Chile, Peru, and Venezuela producing all-time highs for trade volume in recent weeks when measured in local fiat currencies. The Canadian markets have also produced a dramatic spike in volume – recently setting new all-time highs for the number of bitcoins traded for CAD on Localbitcoins. Also Read: CFTC Subpoenas Leading Exchanges for Trading Data Peruvian P2P Markets Post Record Trade Volume In recent weeks, the Localbitcoins markets of several South American countries have produced record-breaking volume, according to Coin.dance data. The Peruvian P2P markets have produced all-time highs for Localbitcoins trade volume when measuring in both in fiat currency and bitcoin. The last two weeks have comprised the two highest volume weeks in the history of the Peruvian P2P bitcoin markets. During the week of the 26th of May, Peru’s Localbitcoins market broke its previous all-time volume high of 80 BTC (dated from December 2015) after producing 106 BTC worth of trade in a single week. The markets then produced 88 BTC worth of trade during the following week of the 2nd of June. When measuring against fiat currency, the week of the 26th of May saw $2.7 million PEN worth of trade (approximately 830,000 USD). Volume Surges Across Latin American P2P Bitcoin Markets Chile’s Localbitcoins markets produced a new all-time high for trade volume when paired against fiat currency. The first week of May saw nearly $234.4 million Chilean Pesos (roughly $370,000 USD) worth of BTC exchange hands via Localbitcoins. The Venezuelan Localbitcoins markets have set a new all-time high for the fiat-value of weekly trading activities for the 12th time in 14 weeks. However, the continual establishment of new volume records is a testament to the intensity of Venezuela’s hyperinflation, as opposed to being indicative of a sudden significant spike in Venezuelan demand for bitcoin. During the week of the 2nd of June, approximately $6.9 trillion bolivars (roughly $3.75 million USD) worth of trade took place in the P2P markets of Venezuela with, however, 529 BTC worth of trade – making it the thirteenth strongest volume in the history of the markets when measuring the total number of bitcoin that changed hands. Canada Sets New P2P Volume Records in Fiat and BTC For the week of the 19th of May, the Canadian Localbitcoins markets suddenly spiked to produce new all-time highs for weekly trade volume when measured against both BTC and fiat-currency. Canada’s P2P markets produced $12.13 million CAD (approximately $9.33 million USD) worth of trade in a single week, dwarfing the previous record of $8 million CAD. When measuring trade in BTC, the Canadian Localbitcoins markets also smashed its previous record of 909 BTC with 1,265 BTC worth of trade. Do you think that the Latin American P2P markets can continue to rally? Share your thoughts in the comments section below! Images courtesy of Shuttestock, Coin.dance Why not keep track of the price with one of Bitcoin.com’s widget services. The post P2P Markets Round-Up: Record Volume Across Canadian and Latin American Markets appeared first on Bitcoin News. View the full article

A Russian cryptocurrency miner got into trouble with the customs office when trying to import mining equipment purchased online for personal use. After an appeal, the court sided with the customs office and barred the import of the mining equipment. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Importing Crypto Mining Equipment The Russian city court in Tobolsk has “banned the import of equipment for the mining of cryptocurrency,” local media reported last week. Tobolsk is a town in Tyumen Oblast, Russia. The ban, which has already entered into force, applies to a local crypto miner who tried to import mining equipment for his own personal use. According to the website of the Federal Customs Service of Russia, the “resident of the city of Tobolsk purchased server equipment for his own needs from an online store.” The citizen declared: The goods [crypto mining equipment] are intended for personal use, for mathematical and scientific calculations. Trouble with Customs Department According to the customs department, “measures of non-tariff regulation [of the Eurasian Economic Commission] are applied to this commodity [mining equipment].” Non-tariff regulations are trade barriers, restricting imports or exports of goods or services other than tariffs. Picture of the mining equipment posted on the Federal Customs Service of Russia website. The customs office subsequently notified the citizen “of the need to provide additional permits: information about the notification or the conclusion issued by the FSB [Federal Security Service] of Russia.” However, the customs office did not receive these documents so it refused to clear the import. In response, the citizen appealed to the Tobolsk city court, challenging the actions of customs officials. After examining all evidence submitted, the court concluded that “The citizen’s argument that the extraction of cryptocurrency is only a by-product of his scientific activity was not accepted by the court, since statutory restrictions on imports do not depend on those purposes that are declared by an individual at the time of importation,” the customs office conveyed, adding: The court found lawful the decision of the Tobolsk customs post of the Tyumen customs office to refuse the import of the equipment for cryptocurrency mining. What do you think of the actions of the customs office and the court? Let us know in the comments section below. Images via Shutterstock and the Federal Customs Service of Russia. Need to calculate your bitcoin holdings? Check our tools section. The post Russian Court and Customs Prevent Import of Crypto Mining Equipment appeared first on Bitcoin News. View the full article

Cryptocurrency markets are suffering from deep losses today, on June 10, 2018, as most digital assets are seeing 24-hour declines between 9 and 25 percent. The number one position, held by Bitcoin Core (BTC), dropped more than a $1,000 just a few hours ago, from $7,600 to $6,600, but prices have rebounded back to $6,787 per BTC. The fourth highest valued market, held by Bitcoin Cash (BCH), dropped around $225 in value after hovering around $1,150 for a while. The currency is now averaging $933 per BCH. It’s safe to say market participants are shaken and many are curious about why the market keeps sliding. Also Read: CFTC Subpoenas Leading Exchanges for Trading Data Crypto Markets Take a Jab to the Gut This Weekend A dump took place today that hit markets below the belt, as most cryptocurrencies lost significant values. Last week, towards the beginning of the weekend, markets were pretty stable and consolidating tightly into a triangular formation. Then, on Saturday, the United States Commodity Futures Trading Commission (CFTC) and the U.S. Justice Department revealed they had subpoenaed four major exchanges while looking into their cryptocurrency price manipulation investigation. Just before that moment on June 9, just like last time when U.S. regulators initially announced the manipulation probe, markets slid about 1-hour before the announcement. Today’s drop was harder to put the blame on as it could have been an after effect from yesterday’s announcement, the fact that market volumes are extremely thin, or some blamed it on the small exchange from South Korea Coinrail being hacked this weekend for $40Mn worth of ICO tokens. BTC Market Action On Sunday, June 10, Bitcoin Core (BTC) markets are down 9.8 percent and over the past seven days, BTC markets are under by 11 percent. This means most of the losses have taken place this weekend as BTC volatility was fairly nonexistent at the beginning of the week. Right now BTC’s overall market capitalization is around $115Bn with a dominance level of around 38 percent. Trade volume is super weak and this is why a lot of traders are skeptical these days because 24-hour volumes today were around $4Bn, but since the last drop volumes jumped to $5.5Bn over the past hour. The top exchanges today swapping the most BTC are Bitfinex, Binance, Okex, Huobi, and GDAX. The Japanese yen is dominating BTC currency pairs big time commanding more than 60 percent of BTC trades at the time of publication. This is followed by the USD (19.2%) tether (USDT 13.5%), EUR (2.7%), and the KRW (2.2%). Of course, there was a significant drop in South Korean won-BTC pair action today. BTC/USD Technical Indicators Looking at the charts shows BTC bulls had mustered up some strength to push above the $6800 zone but the fight was a real struggle. 4-hour charts show the two Simple Moving Averages (SMA) have a good sized gap between them with the 200 SMA well above the 100 SMA trendline. This means bearish sentiment may continue during the short term and markets are very close to a triple bottom. After the last push the MACd is heading downwards and RSI levels are very low too (15.78) indicating oversold conditions. Daily Bollinger Bands (B-bands) are seeing a significant coil and buyers below the current vantage point are itching for lower prices. Looking at order books shows bears will see pit stops around $6,400 and the triple bottom $5,900 region. If bulls can heal right now, after that intense beating, then they need to overcome big walls around $7,300 and 7,800 to at least catch some fresh air from the onslaught. BCH Market Action After a few solid weeks of BTC being the dominant pair with Bitcoin Cash (BCH), today tether USDT has taken the lead at 31.77 percent. This is followed by BTC (31.5%), USD (21.9%), KRW (9.1%), and the EUR (1.9%). Bitcoin Cash has lost around 16.4 percent over the last 24-hours and 19 percent over the last seven days. This Sunday, the total market capitalization for BCH is around $15.9Bn with about $693Mn in 24-hour trade volume. The top trading platforms exchanging the most Bitcoin Cash today include Okex, Binance, Huobi, Bitfinex, and Lbank. The losses in BCH values have been very much correlated with BTC market tumbles but prices have still remained around 0.14 BTC per BCH. BCH/USD Technical Indicators Looking at BCH charts on Bitfinex shows similar indicators, as the two Simple Moving Averages have a decent gap like BTC with the 100 SMA below the long-term 200 SMA. Again, this indicates the path of least resistance will be towards the downside. RSI levels show oversold conditions (30) and the MACd is sliding southbound as well at the time of writing. Daily B-bands are also extremely tight, showing a massive consolidation period taking place. Looking at order books indicates that bears will have a hard fight until 910 and then another pit stop at $860. If things go lower than that, markets are going to look ugly all around. BCH bulls need to recharge and bust past $985 but buyers will also be deterred around $1,020, as sell orders are piling up around that region. The Top Cryptocurrency Markets Overall, the top cryptocurrencies are down, except for ‘stablecoins’ like tether and the various others allegedly pegged to the USD. The second largest market valuation today belongs to Ethereum (ETH) but its markets are down 13.9 percent. One ETH is trading for $517 and the currency is the most swapped coin on Shapeshift today, but traded for BTC. The third largest market, Ripple (XRP), is down 13.8 percent and one XRP is trading for $0.57 cents per token. Lastly, the fifth highest valued market commanded by EOS is down significantly at 21 percent this Sunday. At the moment, EOS is trading around $11.25 per coin and holds the fourth largest trade volume over the last 24-hours. The Verdict: Skepticism and the Search for That Confounded Bottom You can probably guess what our market verdict is today without reading the sub-title above, as things are looking bearish and everyone knows this fact. Because markets keep sliding, then recovering, then sliding downwards, even more, has caused enthusiasts and traders to be skeptical of any bullish signals. Most traders are looking curiously for ‘the bottom’ and when that time will be, so right now many are just playing musical chairs looking for the right positions. Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Crypto Prices Take a Weekend Beating appeared first on Bitcoin News. View the full article

According to anonymous sources cited by The Wall Street Journal, The United States Commodity Futures Trading Commission (CFTC) is coordinating with the U.S. Justice Department in conducting investigations into price manipulation in the spot BTC markets. The report claims that the CFTC launched a criminal probe into BTC price manipulation after several cryptocurrency exchanges rejected a request from Chicago Mercantile Exchange (CME) for the exchanges to share trading data CME. Also Read: US Justice Department Investigates Price Manipulation in Bitcoin Market CFTC Purportedly Conducting Criminal Investigation Into Bitcoin Price Manipulation Last month, it was reported that the U.S Justice Department had launched a criminal probe into whether the bitcoin and cryptocurrency markets the subject of manipulation and misconduct, citing “four people familiar with the matter.” According to a report recently published by The Wall Street Journal, again citing “people familiar with the matter,” the CFTC has “open[ed] an investigation into whether traders have colluded to manipulate bitcoin prices. The report adds that “The CFTC is coordinating with the U.S Justice Department” in its investigations. CFTC Investigation Spurred by Lack of Trading Data Provided to CME by Exchanges The Wall Street Journal claims that the CFTC’s investigation was spurred by a lack of responsiveness to requests from CME that Bitstamp, Coinbase, Itbit, and Kraken to provide trading data back in January. In response to the requests, several exchanges reportedly initially “declined to comply,” before “provid[ing] some data” after CME reduced the request to just several hours of trading activity, rather than a full day. The report adds that the data provided only included information “restricted to “a few market participants.” The CFTC, the regulatory authority tasked with overseeing CME’s bitcoin futures markets, reportedly subpoenaed the exchanges for the data in response to the dispute. The report describes the “fight over access to bitcoin trading data” as having comprised a significant factor in the CFTC’s decision to launch an investigation into price manipulation in the BTC markets. Regulated Futures Markets Grants CFTC Oversight of Underlying Spot BTC Markets The investigation is legitimated by bitcoin’s designation as a commodity, juridically granting the CFTC jurisdiction over the commodity markets underscoring derivative markets overseen by the regulator. CME spokeswoman, Laurie Bischel, stated: “All participating exchanges are required to share information, including cooperation with inquiries and investigations.” Jesse Powell, the chief executive officer of Kraken, has criticised the subpoena, stating that the “newly declared oversight” of the CFTC “has the spot exchanges questioning the value and cost of their index participation.” Charles Cascarilla, the chief executive officer of Paxos, the company that operates Itbit, stated: “We have definitely entered an unknown area where it is clear there is a desire for tightened oversight.” As of this writing, Bitstamp and Coinbase are yet to address the alleged subpoenas. What is your response to the investigations into BTC price manipulation? Share your thoughts in the comments section below! Images courtesy of Shuttestock, CME Group Why not keep track of the price with one of Bitcoin.com’s widget services. The post CFTC Subpoenas Leading Exchanges for Trading Data appeared first on Bitcoin News. View the full article

Watchdog ICOs exit scamming; ERC20 token wallets getting emptied via smart contract bugs; people dying in token sale publicity stunts: the world of ICOs has become so bizarre it’s impossible to tell what’s real and what’s satire. As a glimpse into the events of the past week shows, there’s never a dull day in ICO land. Nor is there a sane one. Also read: Matter App Provides a Long-Form Blogger Platform Powered by BCH The ICO Is Dead, Long Live the ICO It’s easy to take potshots at ICOs; the same thing happens to every shiny thing once it loses its luster. From nu-metal to flared trousers and from Twinkies to mini-discs, everything was cool at one time, until it wasn’t. It’s open season on ICOs right now, and the current crop of crowdsales are making it very easy for the haters to hate. As Wikipedia explains, Poe’s law is “an adage of Internet culture stating that, without a clear indicator of the author’s intent, it is impossible to create a parody of extreme views so obviously exaggerated that it cannot be mistaken by some readers for a sincere expression of the parodied views.” An examination of the past week’s ICO news – or those of any preceding week for that matter – shows how hard it now is to determine what’s real ICO news, what’s fake news, and what’s satire. Seven Days in ICO Land Monday (June 4): It emerges that a hacker has deposited an “unfeasibly large” amount of HADE tokens into Forkdelta and IDEX before withdrawing 26.5 ETH. They did so by exploiting a vulnerability in HADE’s token transfer code. Tuesday: Blockbroker, an ICO set up to unearth ICO exit scams, exit scams. It’s unclear whether that was always the joke or if the cruel irony was unanticipated by the project’s backers. Meanwhile, the SEC’s Jay Clayton speaks of ICOs taking “bags of cash” to the US border. Wednesday: It’s reported that one of the token distributors for the Shopin ICO has had its crypto wallet hacked and $10 million stolen. Elsewhere, an ICO Telegram channel is caught selling pooled tokens for projects that it doesn’t even have an allocation for. Thursday: An ICO emails news.Bitcoin.com trying to drum up publicity over Apple “stealing” its logo. Apple totally didn’t. The same day, a travel writer known as Nomadic Matt launches the world’s first book ICO. You fund it, he’ll write it. Friday: Fantom, one of June’s most popular ICOs, has its Telegram channel stolen by a hacker. Admins eventually manage to regain control of it. Meanwhile, a two-day ICO competition – a crowdsale equivalent of a battle of the bands competition – concludes with Pigzbe taking gold. For their winning pitch, the team receive a $600k pre-sale investment and a listing on a top three exchange. Pigzbe Saturday: All eyes are on EOS, 2017’s most hyped ICO, as it prepares its mainnet launch. There’s just one problem (okay, a few problems): the identity of the block producer overseeing the voting process is being kept secret which goes against the entire principle of blockchain transparency. Oh, and there’s a shortage of tokens required for staking, forcing the project to print another 19,000 to push things through. Weiss Ratings calls EOS “A feudal kingdom with indentured servants”. Sunday: The week ends as it began, with more suspicious deposits being made on IDEX. On this occasion, South Korea’s Coinrail exchange is hacked and 2.6 billion NXPS tokens from the Pundi X ICO are stolen. That’s 3% of the total token supply. The contents page of the Ponzico whitepaper But What About All the Good Things ICOs Did? Easy as it is to ridicule ICOs, the vast majority are not scams and a fair number of these projects add value to the crypto economy. It’s just unfortunate that the misbehavior and mishaps of the more egregious projects outweigh the good work done by the few. If only all crowdsales were as honest as Ponzico, which makes no secret of its desire to scam investors from the outset. That ICO is a parody; with the rest, it’s often hard to tell. Do you think good ICOs get unfairly tarnished by the bad ones? Let us know in the comments section below. Images courtesy of Shutterstock, Uproxx, Ponzico and Pigzbe. Need to calculate your bitcoin holdings? Check our tools section. The post ICOs Have Become a Parody of Themselves appeared first on Bitcoin News. View the full article

While women remain a minority among cryptocurrency traders and investors by all accounts, new data reveals that their interest in joining the field is growing fast. This increased openness to crypto is especially true among the young generation of women. Also Read: This Week in Bitcoin: Still Ways to Make Quick Fortune in Crypto, Satoshi Revealed? Women Leading the Way London Block Exchange is a UK crypto platform offering GBP pairing with multiple cryptocurrencies including Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin Core (BTC), Ethereum (ETH), and Litecoin (LTC). LBX is based in London’s Canary Wharf commercial district and is also an e-wallet services provider registered with the UK’s Financial Conduct Authority. Data from the trading venue shows that the amount of women thinking about investing in cryptocurrencies has doubled in the last six months. According to the new statistics, one in eight women, or about 13%, now say they would possibly decide to invest in cryptocurrencies, up from just 6% at the end of 2017. LBX’s market research also found that this growing female interest is particularity true among the millennial generation, as with one in five millennial women (20%) interested in investing. Agnes de Roeyer, senior business analyst at London Block Exchange, told City A.M. that: “There’s still a common misconception that cryptocurrency is a game for men, but we’ve seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female.” Market Saturation Among Men The LBX statistics also revealed a stark difference in the attitude to crypto trading between men and women. Firstly, there was no significant growth in interest among men during the last six months, in contrast to the mentioned above. Second, women were found to be 50% less likely to suffer from FOMO (fear of missing out) than men. Lastly, women were found to be twice as likely to ask for advice from friends and family before investing, in contrast to men who say they prefer to decide just by themselves. Back in May we reported about a demographic analysis of people trading on cryptocurrencies using the social investing network and multi-asset brokerage, Etoro, revealing that women consist just a 8.5% market share compared with men’s 91.5%. While there could be other factors at play, that research seemed to indicate that one reason for the gap is that cryptocurrency is especially popular in technology and finance industries, both fields that suffer from a severe gender imbalance. How could the bitcoin community attract more female users? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post Women’s Interest in Crypto Trading Has Doubled, UK Exchange Reveals appeared first on Bitcoin News. View the full article

Just recently a new on-chain social media application has entered the Bitcoin Cash ecosystem called Matter — another decentralized blogging community that’s fueled by the Bitcoin Cash (BCH) blockchain. Matter is the third social media platform that follows behind Blockpress and Memo, allowing users to store arbitrary data on the BCH chain. Also read: Paid in Bitcoin? Learn How to Survive Off a Crypto-Income Matter: Bitcoin Cash Powered Long Form Blog Posts Another blogging site called Matter has been introduced to the BCH community, and the platform’s actions are all powered by the Bitcoin Cash network. Matter claims to have no access to the user’s key and explains keys are stored only in your browser. Now Matter does have its differences compared to the Blockpress application and Memo, as Matter users can publish arbitrarily long-form posts. Essentially due to the fact the miner’s fee using bitcoin cash is so minimal Matter users can store any document in the BCH chain in an immutable fashion. Signing up for the website is fairly intuitive for anyone already familiar with cryptocurrency wallets and social media in general. When registering for Matter the app gives you a private key and a twelve-word mnemonic phrase which is needed to log into the platform. From here the application resembles the Blockpress app and you are able to add your name and add a profile picture. One thing worth noting is when performing such actions Matter asks you to confirm that you are aware that “all of the information will be permanently stored on the Bitcoin Cash (BCH) blockchain.” More Characters Per Satoshi Now as we stated above the biggest difference between the other social media apps and Matter is the fact you can add long-form posts to the chain. With Blockpress you are only allowed 217 characters, and writing longer posts can get cumbersome much like Twitter’s character limit. On June 9, 2018, we were able to add Timothy May’s entire 1988 piece ‘The Crypto Anarchist Manifesto’ and all my actions were recorded on the BCH chain. Now May’s phenomenal writing isn’t too long but it is still 500 words and the entire entry cost less than ten cents. You can also title the post, add bold lettering and other format functionalities. In essence, Matter allows a decentralized way to bypass centralized clouds and corporations who sell and censor data. The new app had caused a discussion about whether or not adding large amounts of arbitrary data into the blockchain was a good idea. A few bitcoin cash proponents didn’t like the idea of all this data being applied to the chain, however many other BCH fans have favored these new on-chain publishing concepts. What do you think about the Matter application? What do you think about individuals storing much longer forms of data using the Bitcoin Cash protocol? Let us know your thoughts in the comment section below. Disclaimer: 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 social media platform. Readers should do their own due diligence before taking any actions related to the content. Images via Shutterstock, and the Matter platform. 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 Matter App Provides a Long-Form Blogger Platform Powered by BCH appeared first on Bitcoin News. View the full article

This week we learned that there are still ways to make a quick fortune in crypto even when the market isn’t booming and that American universities are now investing in crypto hedge funds. We also reported that researchers think they found out the real identity of the inventor of bitcoin, Satoshi Nakamoto, in this week’s most commented-on article. Also Read: Estonia Grants Licenses for Wallet and Exchange Services to Coin Metro Ticketfly Hijacked by Hacker On Monday we reported that Ticketfly has been attacked by a hacker who breached its website and demanded a ransom in bitcoin to release it. The event-ticketing platform was still trying to recover from the “cyber incident.” The supposed hacker claimed to have warned Ticketfly of a vulnerability that allowed him to take control of its database and website. The hijacker asked for 1 bitcoin (BTC) to explain the issue in details but did not receive a reply. After no ransom was paid, the attacker posted the user data online. Additionally covered were another 51% attack on Zencash and Avalon Blockchain unwinding its acquisition of crypto mining assets. Wozniak Wants Bitcoin to Rule the World Steve Wozniak, the genius co-founder of Apple Computers, was the big story on Tuesday as he has once again spoken about his fascination with the tech and principles of bitcoin. “Bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions,” he said. “Only bitcoin is pure digital gold… and I totally buy into that,” Woz added. German Banks and US Universities Invest in Crypto On Wednesday we reported that both American academic institutions and German financial institutions are now involved with cryptocurrency. At least six banks in Germany trade cryptocurrencies, the country’s Federal Ministry of Finance revealed in an answer to a question filed by Bundestag member. And US universities have started making small investments into cryptocurrency hedge funds, according to a lawyer working in the industry, getting involved on a limited basis for strategic reasons. New Tech and How to Make a Fortune in Crypto The featured story on Thursday revolved around Guido Vranken, a software security auditor (white-hat hacker) from the Netherlands, that has earned a cool $120,000 in just one week of hunting for bugs in the EOS code. He reported 12 vulnerabilities, for $10,000 each. As the EOS ICO brought in a whopping $4 billion, and evidently have no shortage of bugs, this seemed like a great way to fatten your wallet if you are willing to do the work. We also reported that the new version of the Ledger Wallet desktop edition is now scheduled for July 9th, a new two-way bitcoin ATM launched in Israel and on high demand for whitepaper ghostwriters in China. Microsoft Dips Data Center in the Sea An interesting development in data center technology, which can signal the next frontier in bitcoin mining, was our focus on Friday. One of Microsoft’s data centers is now operating at about 100 ft (~30 m) below the surface of the North Sea, not far from the British Orkney Islands. Project Natick is powered by renewable energy generated by wind, solar, and tidal installations. Swiss Vote on “Sovereign Money” The big story on Saturday was that Switzerland will vote today whether to turn back on fractional-reserve banking and support a “sovereign money” concept for the nation’s finances. Voters are asked to support “Vollgeld,” a radical reform aimed at further centralizing financial authority in the hands of the country’s central bank. On the “sovereign money” referendum, the Alpine nation will decide whether to ditch the fractional-reserve banking system, which allows banks to create money by lending far more than what they hold in deposits. The proposal suggest giving the Swiss National Bank a monopoly over this function, while commercial banks will be required to lend only what they have. Gavin Andresen Is the Real Satoshi Nakamoto? The most commented-on article during the week was another piece in the ongoing mystery that is the true identity of the creator of Bitcoin. A nonprofit based in England believes it has succeeded in discovering Satoshi Nakamoto. Researchers relied upon stylometry for concluding that Bitcoin Cash developer Gavin Andresen is Satoshi. The analysis involved not only statistical analysis of prose, but also a bootstrapping method in an attempt to eliminate natural bias. Do you think Satoshi is found this time? Add your say to the 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. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post This Week in Bitcoin: Still Ways to Make Quick Fortune in Crypto, Satoshi Revealed? appeared first on Bitcoin News. View the full article

The first issue of a crypto comic book series called Shonen Crypto has been released. Readers can learn about various aspects of cryptocurrencies as they follow the characters in this manga which aims to be both educational and entertaining. News.Bitcoin.com talked with the comic book’s Editor-in-Chief to learn more. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Manga Dedicated to Crypto Shonen Crypto will be published “every three weeks or one month,” creator “Editor-in-Chief Taro” told news.Bitcoin.com. According to him, this is the first comic book series focusing only on cryptocurrencies. “I never heard there are any [other] comic books about crypto,” he claims. Currently, the series is only available online but Taro hopes that it will get published as physical books in the future. “I would like people to read it at cafes or many crypto events,” he shared. The first issue has partially been translated from Japanese into English at the time of this writing, and there are plans to produce music and music videos about crypto based on this comic as well. Initially, there were 10 people working on this manga; they created the first issue. Now, there are 20 members performing different roles. “Someone can draw pictures, someone can gather information about shitcoins, someone can create songs, and someone can make videos,” Taro elaborated and explained the reasons for starting the series: I want everyone to know crypto and its potential. Recently, I feel that the number of active users of crypto is decreasing, and I often hear doubts about crypto. Citing that “there are still lots of scams” relating to cryptocurrencies, he understands why some people are skeptical but reiterated that “It is not a good situation for crypto.” Therefore, through manga, he hopes to properly introduce crypto and its technology to the masses. Although “there are already lots of articles about crypto,” he noted that they contain “only lots [of] words” and, in Japan, the “masses usually don’t read such articles.” Six Parts Bitcoin Senpai. The first issue has six parts. The first part is called “Crypto Heroes,” which is a story about Bitcoin Senpai who leads other crypto characters in fighting with fiat characters. “The fiat characters of Crypto Heroes are USD, JPY, and EUR,” Taro revealed, adding that there will be a greater variety of characters in the near future. The second part introduces “what happens in the Bitcoin world (industry)” with a character named “Crypto-kun.” In the first issue, this character teaches about the Mcafee Pump, Mt Gox, the “Bitconnect Scam,” and Zaif’s glitch that allowed users to buy BTC at 0 yen. The third part is “the introduction of masternodes, which includes the lifecycle of masternodes” and investment advice. The fourth part is “a gag (comedy) manga” which features a common schoolgirl, Karen, who “learns about Bitcoin with Hakase,” a Japanese word referring to a professor. “He teaches Karen what crypto is and how to trade crypto, but he always makes mistakes and decreases his funds,” the Editor-in-Chief detailed. The fifth part is a story about two girls studying BTCFX. The sixth part is about Dapps and how to use them on smartphones, Taro conveyed. Disclaimer: 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 comic book series. Readers should do their own due diligence before taking any actions related to the content. What do you think of this comic book series? Do you want to see more crypto manga? Let us know in the comments section below. Images courtesy of Shutterstock and Shonen Crypto. Need to calculate your bitcoin holdings? Check our tools section. The post Crypto Manga – Comic Book Series to Spread Cryptocurrency Awareness appeared first on Bitcoin News. View the full article

No one said making blockchain games would be easy. But when Crypto Kitties went viral in December, briefly crippling the Ethereum blockchain in the process, it was believed to have cracked it. The $12 million in seed funding that the project secured, three months later, was seen as validation of this. But as the subsequent decline of Crypto Kitties shows, blockchain games have still got a long way to go. Also read: Paid in Bitcoin? Learn How to Survive Off a Crypto-Income Crypto Kitties Is Catatonic Rule 35 of the internet, it has been proposed, is “If it exists there is blockchain of it”. It was inevitable that blockchain games would arrive, and when they did, it seemed natural that the killer dapp should be dedicated to cats, the internet’s favorite animal. Crypto Kitties was the viral game that put the fun into blockchain, and gifted journalists with cataclysmic headlines about the Ethereum network being filled with felines. Like the ERC20 tokens that are tradable on the Ethereum blockchain, Crypto Kitties are not immune to market forces; it’s now down a staggering 98.5% from its all-time high. That figure is based on the number of daily active users rather than price, for Crypto Kitties have no fixed value. They can change hands for eye-watering amounts of ether – or can fail to attract a single buyer, depending on market mania. NFTs Are Still In Their Infancy Right now, the market seems to have had its fill of Crypto Kitties, and while its stock may rise again, it’s hard to see the $12 million valuation in a game with under 200 active users. Diar first brought the decline of non-fungible token (NFT) games to light before Nic Carter followed up on the topic. In addition to the $12 million Crypto Kitties raised in March, Diar mentions the $6m paid for NFT marketplace Rare Bits. It notes: At one point, Crypto Countries traded more than $25Mn in 24 hours. Now, the game has had two transactions in the last week. While Crypto Kitties still remains the most popular NFT game (see table), its popularity has greatly diminished. In December, the traded volume per day was roughly $2.3Mn, which has now fallen to about $21k daily. The median price of sold kitties peaked at $41 and now is constantly at about $5. Rare Bits lists roughly 700,000 Crypto Kitties for sale while only 4,200 have been sold in the last week. In the last 24 hours, Nonfungible.com reports a total of 21.5 ETH spent on Crypto Kitties, with an average price of $26. Blockchain Games Are More an Idea Than a Reality It’s not just Crypto Kitties that’s in trouble; other blockchain games have also seen diminishing interest. Decentraland is a virtual world formed out of squares of land mapped on a grid. It also operates on the Ethereum network, with each 10x10m parcel of land represented as an ERC721 NFT. In the last 24 hours, it’s recorded 11 sales of land, at an average price of $1,986, while the other three games listed on Nonfungible.com, Cryptopunks, Etherbots, and Ethermon, have each seen less than $200 of trading in the past 24 hours. Decentraland’s proposed Aetheria district Decentraland is one of the more original blockchain games to date (although its uses aren’t limited to gaming, it should be stressed). No less than Barry Silbert has vociferously backed the project. But as even the most bullish reviews concede, the current limitations to blockchains mean Decentraland’s immersive VR world is a long way from reality. In the project’s Discord, many of the channels ran by Decentraland’s community-led zones (areas of virtual land set aside for shared pursuits) resemble ghost towns. Some districts, such as the proposed university zone, have lain out detailed and ambitious plans, but many more have fallen silent, with scarcely a peep from the developers since land was first auctioned back in December. Compared to conventional video games, blockchain games look like Pong. There is clearly value in digital collectibles that are provably unique, but that value has yet to equate into a profitable game with real longevity. As Diar reports, “If NFTs want to have a sustainable value and a much wider user base, they would have to become a significant part of the gameplay. With the current problems of blockchain scalability, action heavy game that involves NFTs would prove to be expensive for the users and also inconvenient because of the relatively long confirmation times for transactions.” As the game that made people believe blockchain games could become a thing, Crypto Kitties is the barometer for its nascent industry. If Crypto Kitties dies, no blockchain game is safe. Do you think blockchain games will prove to be more than just a passing fad? Let us know in the comments section below. Images courtesy of Shutterstock, Crypto Kitties, Aetheria Bloxy.info, and Diar. Need to calculate your bitcoin holdings? Check our tools section. The post Blockchain Games Have Got a Long Way to Go appeared first on Bitcoin News. View the full article