roadrunner

There are a lot of members within the cryptocurrency industry who have tried to predict the price of digital assets like Bitcoin Core (BTC). Furthermore, there are also a ton of bigwig Wall Street types who also try to predict the price of cryptocurrencies — While some of their BTC forecasts predict the currency’s value will drop to zero, a few of them believe it will be $25-100K per coin by the end of 2018. Then there are organizations who use software and data analysis to predict the price of digital currencies and one research firm, Trefis Technologies, believes its year-end price prediction for BTC ($12,500 USD) will be accurate based on prior analysis. Also read: Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions Trefis Research Drop’s its Year-End Price Prediction Due to Data Based on Active Users and Daily Transaction Values Trefis Technologies is a firm that uses data and analytics to measure risk, create a system of records, and forecast market trends. This week Trefis has updated its Bitcoin Core (BTC) price prediction that’s based on data aggregated from the number of active bitcoin users and daily transaction values. According to the company’s June research notes, the prediction has dropped around 17 percent from $15,000 per BTC to around $12,500 by year-end. The research firm Trefis also believes the current global regulatory climate towards cryptocurrencies has been affecting the overall value of BTC. The June analysis states: The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies. The Trefis system or the ‘Bitcoin Price Estimator’ claims to be extremely accurate when it comes to trends and market forecasts. The company says while backtesting the Trefis Estimator for average monthly BTC prices the system had shown an accuracy rate of 94 percent. Trefis has updated it’s BTC prediction due to active users and daily transaction values. The firm’s prior forecast was $15,000 USD per BTC by the year-end but data has changed their prediction to $12,500 instead. Other Crypto-Price Predicting Software Oracles Trefis is not the only cryptocurrency price estimator on the internet-block, as there are a few other online services that aim to predict prices at the end of 2018, and even five years out. Another web portal called Wallet Investor also uses analytics to forecast the price of a variety of different digital assets. For instance, the prediction site details that Ethereum (ETH) will spike to $1,221 by the year’s end and in five years the website guesses that the price will be $3,900 per ETH. The same web portal predicts the overall value of Bitcoin Cash (BCH) in one year, and estimates show the site anticipates the BCH value per coin will be $1922. In five years Wallet Investor shows a BCH price increase of around $5949. Wallet Investor predicts multiple cryptocurrencies over one year and five-year forecasts. The chart above represents the websites prediction for Bitcoin Cash (BCH) for one year ($1,922) and five years ($5,949). The forecast for the popular ‘bank coin’ Ripple (XRP) sees its price jumping to $1.37 per token and the XRP five year prediction is only $4.60. These data prediction sites like Trefis Technology and Wallet Investor, show far more conservative projections than the number of investors predicting BTC will be $25K or higher by the year’s end. Moreover, some people may find that actual data may provide better estimates than some big shot venture capitalist who is merely guessing to cause media attention towards themselves. What do you think about these websites that use aggregated data to forecast the price of cryptocurrencies in one year? Do you think these systems are as accurate as they claim? Let us know your thoughts on this subject in the comment section below. Disclaimer: Bitcoin.com does not endorse these websites/products/services. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images via Shutterstock, Wallet Investor, and Trefis Technologies. Want to find out how much Bitcoin Cash is worth in real-time or convert your portfolio into USD check out Bitcoin.com’s Bitcoin Cash Converter here! The post Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts appeared first on Bitcoin News. View the full article

Obelisk, a new ASIC manufacturer led by Siacoin developer David Vorick, has released plans for an ASIC launchpad for Proof of Work coins. Its aim is to provide new and existing cryptocurrencies with an ASIC-friendly algorithm that will mitigate the rising threat of 51% attacks. Although initially devised with the company’s own ASIC miner in mind, an open source design will allow other ASIC developers to release their own compatible units. Also read: Siacoin Developer: ASICS Are “Money Printing Machines” for Manufacturers Obelisk Proposes a More Open ASIC Algorithm New ASIC manufacturer Obelisk has shown a knack for releasing pronouncements that set tongues wagging within the industry. Founder David Vorick’s hard-hitting manifesto The State of Cryptocurrency Mining went viral last month, and the company has followed this with news of a launchpad for ASIC-friendly coins. Obelisk plans to partner with coin developers to devise an algorithm that ought to reduce the risk of 51% attacks. In the past month, Verge, Monacoin, Bitcoin Gold, and Zencash have all been hit with huge amounts of rented hashpower and double spend transactions forced through. There are drawbacks to this proposal though as Obelisk concedes: “This does mean that at launch, the coin is centralized around a single ASIC manufacturer…An Obelisk Launchpad release will include open source chip design schematics that can be leveraged by competing companies to bring their own ASICs to market.” The upside to coin teams partnering with Obelisk is the added security that comes from knowing who controls the hashrate. The company explains: The algorithm is not disclosed to the public until the ASICs are completed, meaning there is no chance that another group is able to be first to market. This gives the coin developers control over the launch of their coin. ASICs can be distributed throughout the community, and we can ensure that no party controls more than a certain percentage of the hashrate, nor has any capacity to commit abuse. From genesis, the coin is protected by powerful community owned ASICs. Mining Centralization: The Lesser of Two Evils? Interest in cryptocurrency mining had been waning up until April, as rising hashrates forced more hobbyists out of the game and new coins moved to Proof of Stake. That has all changed in the last couple of months, however, as a string of 51% attacks has piqued interest in mining once more and propelled the industry to the forefront of the cryptocurrency news cycle. On the one hand, there are those who believe that the centralization of mining, led by the dominant Bitmain, is a dangerous trend. But on the other hand, there are those who believe that mining centralization is a small price to pay for avoiding 51% attacks. Generally speaking, coins which are equipped with ASIC-friendly algorithms are less prone to being hit with 51% attacks that can be perpetrated with rented hashpower. The flipside is that these coins can be plundered by huge pools of ASIC miners, squeezing out the community of smaller miners that have formed around a particular coin, and granting the lion’s share of the mining rewards to a privileged few. Leading industry figures have spoken in strong terms of the need to combat further mining attacks, with Zcash founder Zooko stating that “defending against them is an urgent and critical job.” Should Obelisk’s ASIC launchpad prove successful, it, together with the emergence of GMO’s new miners, suggests a sliver of hope that Bitmain’s stranglehold of the industry could eventually loosen. Do you think Obelisk’s proposal is likely to mitigate the risk of 51% attacks, or will it simply create more mining centralization? Let us know in the comments section below. Images courtesy of Shutterstock, and Obelisk. Need to calculate your bitcoin holdings? Check our tools section. The post Mining Manufacturer Obelisk Announces ASIC-Friendly Launchpad appeared first on Bitcoin News. View the full article

Coinbase is seeking to become a fully licensed broker-dealer through its acquisition of three federally regulated firms. The company is confident that it will get the approvals necessary to start offering fully-regulated crypto securities. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Coinbase as Regulated Broker-Dealer One of the world’s largest cryptocurrency companies, Coinbase, has implemented a plan to list crypto securities, the company announced on Wednesday. President and COO, Asiff Hirji, wrote: Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra). With a presence in 32 countries, the San Francisco-based cryptocurrency company has traded $150 billion in assets and claims to have over 20 million customers. Obtaining Licenses In the US, crypto tokens exhibiting the characteristics of securities are subject to the SEC oversight. Hirji explained that becoming a regulated broker-dealer for the company is “made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license,” adding: If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products. The company hopes to secure these licenses through the acquisition of three federally-regulated companies: Keystone Capital Corp, Venovate Marketplace Inc, and Digital Wealth LLC. All of them are registered with Finra. Operating Under Keystone’s Licenses Keystone Capital is a Finra-registered broker-dealer with licenses to operate an alternative trading system (ATS) and as a registered investment adviser. A regulatory approval is needed for Coinbase to operate under the Keystone licenses, the Wall Street Journal explained, adding that “Coinbase is essentially buying Keystone for its licenses.” According to Hirji, the company “is confident it will get those approvals,” after which it would take several months to integrate Keystone’s operations into its own, the publication noted, adding: Buying Keystone also raises the prospect that Coinbase could, down the line, expand into products tied to stocks or other securities. On the company’s blog, the COO wrote, “Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement and chain-of-title.” What do you think of Coinbase offering regulated crypto securities? Let us know in the comments section below. Images courtesy of Shutterstock, Coinbase, and Finra. Need to calculate your bitcoin holdings? Check our tools section. The post Coinbase Acquires Investment Firms to Offer Regulated Crypto Securities appeared first on Bitcoin News. View the full article

Fidelity Investments is reportedly taking steps to offer a variation on the cryptocurrency exchange theme. Without an official public announcement, enthusiasts have precious few concrete details on which to hang hope. However, combine the retail legacy asset management company’s long time bullish attitude on bitcoin with what has been revealed this week through internal documents, and the spectre of a whale entering the ecosystem appears to be promising. Also read: Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions Fidelity Flexes Muscles in Possible Crypto Exchange Move Within the corporate world, if there is hesitation on a rollout, or a new product is particularly innovative, novel, trial balloons are floated in circuitous ways, and often to the financial press. Leak the idea to a well read reporter, and watch the broader reaction and reception. The above planted, note how Business Insider (paywall) let loose juicy tidbits this week regarding an assumed move of Fidelity Investments into the cryptocurrency exchange space. Over two trillion dollars of muscle with closing-in on finishing its 8th decade of operations, it doesn’t come much more whale, much more legacy than Fidelity. Considering too the broader community’s Crypto Winter extending into Spring and not much more happening as it enters Summer, with huge price drops and stubborn lack of real recovery, news of this sort is very much coveted. Crypto beat reporter, Frank Chaparro, reveals Fidelity internal documents point to the giant financial institution being on the hunt to fill a newly created development operations engineering position, helping to “engineer, create, and deploy a Digital Asset exchange to both a public and private cloud.” There’s also rumor the firm has been mulling such a move for the better part of a year. Documents also mention positions offering “first-in-class custodian services for Bitcoin and other digital currencies.” Ecosystem press has run wild with speculation on these tasty morsels. Fidelity CEO Abigail Johnson, 56, caused a stir after assuming the formal helm of its 45,000 employees last Spring. In one of her first public addresses, she openly praised bitcoin. A billionaire many times over in her own right, Ms. Johnson declared, “I love this stuff,” while sporting a Vote Nakamoto President pin. Fidelity Has History of Supporting Crypto She went on last year to explain the company has Fidelity Labs largely dedicated to the tech, working with universities such as its hometown MIT Digital Currency Initiative. “Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself,” Ms. Johnson urged. “I am still a believer. It’s no accident that I’m one of the few standing before you today from a large financial services firm that hasn’t given up on digital currencies,” she reminded at the time. Fidelity presently has an arrangement with crypto bank Coinbase, which allows links between users’ two accounts respectively. The reported move in creating an exchange, if implemented, would immediately place Fidelity against Coinbase. It would also signal to the broader retail investment community how cryptocurrency will be a standard part of the speculative economy, and soon. Abigail Johnson On many levels, crypto has sought a kind of mainstreaming for its assets. Fidelity brings that immediately on the first day it establishes an exchange, assuming rumors are true. Coinbase, not to be outdone, has recently announced its overt effort to embrace formal regulation and registration, something Fidelity has long held of course. Susquehanna International Group is also mulling a bitcoin futures move. Goldman Sachs is often linked to crypto desks being contemplated. As to whether all this at Fidelity’s end is just a trial balloon, Barron’s quotes a company spokeswoman as responding, “It’s no secret that we are actively exploring cryptocurrencies, including Bitcoin and other digital assets in our Blockchain Incubator at Fidelity. We see the future of financial services taking place on open and permissionless ledgers, with technologies like digital assets, currencies and Blockchains and we are very actively exploring what this may mean for Fidelity. We are hiring to meet the demand for this exploration, but we have nothing to announce today.” Will Fidelity open a crypto exchange? Let us know in the comments. Images via the Pixabay, Fidelity. 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 Fidelity Investments Hints at Entering Cryptocurrency Exchange Space appeared first on Bitcoin News. View the full article

The most important thing about bitcoin is the new freedom-enhancing innovations that the technology enables, but we know that’s not what everyone is looking for these days. So in today’s edition of Bitcoin in Brief we also feature a surefire way to make a quick fortune in cryptocurrency. Also Read: Coinmint to Invest up to $700 Million in New York Mining Center How to Make $120,000 in a Week Are you too cautious to bet on ICOs? Sure they are all just bug-ridden trash, other than the outright scams. So why not make money off of that? Guido Vranken, a software security auditor (white-hat hacker) from the Netherlands, has earned a cool $120,000 in just one week of hunting for bugs on the EOS code. He reported 12 vulnerabilities, for $10,000 each. As the EOS ICO brought in a whopping $4 billion, and evidently no shortage of bugs, this seems like a great way to fatten your wallet if you are willing to do the work. You can find their bug bounty program policy here to see what they cover and what not. Thank you. A couple more waiting to be rewarded. I think the final tally was $120K but I lost count. Took me about a week. — Guido Vranken (@GuidoVranken) June 4, 2018 Ledger Wallet for Desktop Is Coming Soon Ledger, the producer of the popular hardware wallet Nano Ledger, has announced that the release date of the new version of the Ledger Wallet desktop edition is now scheduled for July 9th, 2018. It will be available as native desktop application, supporting Windows, macOS, and Linux, so that users won’t require accessing the wallet via Google Chrome or Chromium anymore. Quis Custodiet Ipsos Custodes? Block Broker is the latest ICO to fall off the map, deleting all its social media presence and leaving investors to wonder if it was all an exit scam from the start. What makes this case interesting is that it was meant to “completely eliminate ICO fraud by creating a 100% safe investment environment.” The project promised a decentralized ICO investment platform to “ensure that fraudulent ICOs don’t get an opportunity to tarnish the booming industry.” Of course if you are going to trust a “team of experienced professionals” to somehow safely handpick investments for you in a decentralized way, you better make sure they aren’t scamming you first. Strong Demand for Chinese Ghosts And speaking about dishonest ICOs, reports from China indicate that there is still high demand for ghostwriters to produce Chinese whitepapers, despite the ban on the practice in the country. In fact, there are also many people advertising their services as ICO writers in China, offering a whitepaper for an average of 15,000 yuan (about $2,350), according to Securities Daily. “One 20-page whitepaper in Chinese will cost 15,000 yuan, and the one that has 45 to 50 pages will cost 40,000 yuan,” one provider reportedly said. “An additional 7,000 yuan to 10,000 yuan will be charged for an English version. The service usually takes 7 to 10 days to complete,” the whitepaper provider added. Virtual Crypto Technologies’ New Two-Way ATM NetoBit ATM Virtual Crypto Technologies Ltd. (OTCQB: VRCP), an Israeli tech startup dedicated to making cryptocurrencies accessible to the public, announced that it will launch its bitcoin ATM at the Tech Crunch Tel Aviv event today. The Neto Bit ATM is a two-was machine that enables users to both buy and sell cryptocurrencies with fiat money. Alon Dayan, CEO of Virtual Crypto, commented: “We continue to set standards for the burgeoning cryptocurrency sector. Our proprietary algorithm reduced the typical transaction time from [between 10 and 60 minutes] to [only] several seconds. At this stage, Neto Bit ATMs combine that speed with the convenience of an ATM, giving customers the ability to buy and sell bitcoin with fiat money. The result is a vastly improved trading experience for customers, which we believe will be attractive to our business partners as well as consumers.” Bitcoin Cash on Money Week Dominic Frisby, Money Week’s commentator on gold and commodities, and the author of ‘Bitcoin: the Future of Money?’ has written in the UK magazine yesterday about his impression of meeting BCH developers when looking for sponsors for his financial game-show. “I was deeply impressed with the ambition of the enterprise. They are really pushing this thing. In the coming weeks there are big deals for payments with major international merchants to be announced. They are building an enormous and ambitious payment infrastructure across all six continents. Owning the coin is like owning shares in the network, a network which is rapidly growing and well marketed. They want bitcoin cash to be used as widely as possible as a means of payment: to make sure it is actually used.” Advising his readers if they should get BTC or BCH, he added that: “Bitcoin cash is more volatile and the downside risk is greater, but if you ask me which of the two is more likely to go up ten times from current prices, I’d have to say bitcoin cash.” What do you think about today’s news updates? Are you going into bug hunting or ICO ghostwriting to make some change? 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 Thursday: New Tech and a Quick Way to Make a Fortune in Crypto appeared first on Bitcoin News. View the full article

The addition of “биткоин” (bitcoin) to the Russian spelling dictionary is “well grounded,” according to an important official from the Institute of Russian Language – another recognition of the cryptocurrency. Transliterating English words into a Slavic language written in Cyrillic, however, is not always a straightforward process. Two spelling forms have gained popularity in Russia, but which is the correct one? Other Slavic nations face a similar challenge. Besides, each one of them seems to have its own idea of how to write bitcoin with Cyrillic letters. Also read: Russian Railways Eyes Crypto for Tickets, Blockchain for Cargo Биткоин, Биткойн, Біткоїн, Биткојн – Bitcoin Transliterating words from one language into another can sometimes spawn a number of spellings with none of the alternatives being a true original. This is often the case with borrowed terms describing new inventions that have to be written in a script different from the one they originated from. The word “bitcoin” is no exception – it is an invention, and it is a new term. Its introduction into Slavic languages using the Cyrillic alphabet has produced many spelling variations, with almost each nation “inventing” its own bitcoin, or биткойн I should say. Bulgarians, who liked and adopted the Cyrillic script a millennium ago, have decided, unofficially, to spell bitcoin the way it is pronounced in English and in their Slavic language – “биткойн.” Their closest linguistic relative, the Macedonians, write it “биткоин,” true to their commitment to be different. The short unstressed i-vowel “й” (as in /aɪ/ or /kɔɪn/) is missing from their version of the Cyrillic alphabet. No worries, we can still read it. Ukrainians, who probably have more “i”-s than just about any other Slavs (и, й, і, ї,) have chosen to use two or three of those in their spellings of bitcoin – “бiткойн” and “біткоїн.” That adds a little Latin flavor, although truth be told, the “dotted i” was indeed part of the early Cyrillic alphabets and they have kept it to this day. Belarusians also write it “біткойн.” Serbs, who use a Latin script alongside the Cyrillic, spell it “биткојн” in. Gosh, now there is a “j” in it… Bitcoin Making its Way into the Russian Spelling Dictionary Russia, by far the largest Slavic country and most famous user of the Cyrillic script, has a dilemma. Both “биткоин” and “биткойн” are used to refer to the cryptocurrency in Russian media and by the local crypto community, although “биткоин” is more popular. The question about the correct spelling has sparked multiple discussions in Russian crypto forums. The rule applied to other English loanwords says bitcoin in Russian should be spelled with the short “й” in the second syllable. But as it often happens with living languages, people prefer the incorrect “и” version. A high-ranking representative of the Institute of Russian Language, under the Russian Academy of Science, has recently spoken in favor of adding “биткоин” to the Russian Orthographic (spelling) Dictionary, local media reported. “The question of including the word “биткоин” in the dictionary seems to me well-grounded,” Oksana Grunchenko, senior researcher and head of the referral service at the Institute, told the Moscow News Agency. Grunchenko expressed regret that bitcoin didn’t make it into the Russian Explanatory Dictionary. Its “Б” (B) volume went out without it. “But since the word “биткоин”, or “биткойн”, represents a spelling challenge too, I think it will find its place on the pages of the orthographic dictionary,” she added indicating that both spellings may be accepted. “If both are included, we can talk about variability of the norm,” she explained, noting that there are other examples of that in Russian. I don’t want to say that but maybe we, the Slavs writing in Cyrillic, do need some central authority to sort things out… Although, that has never really worked well here. Besides, it’s not just bitcoin – I am pretty sure we have the same issue when spelling “core” and “cash.” Do you think adding bitcoin to a dictionary is a recognition of its importance? Share your thoughts on the subject 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 New Bitcoin Spellings Cause Confusion: Биткоин, Биткойн, Біткоїн, Биткојн appeared first on Bitcoin News. View the full article

Indian cryptocurrency exchanges have followed the Supreme Court’s suggestion for them to present their cases to the Reserve Bank of India. They have sent letters to the central bank, offering alternatives to the RBI’s banking ban. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Supreme Court’s Suggestion Cryptocurrency exchanges in India have reportedly sent their pleas to the Reserve Bank of India (RBI) as directed by the Supreme Court’s ruling last month. Indian Supreme Court. The central bank mandated in April that all financial institutions under its control must stop servicing cryptocurrency exchanges and other crypto-related businesses within three months. Some crypto exchanges subsequently took the RBI to court; their writ petitions were passed to the Supreme Court. The country’s top court decided to hear all the petitions against the RBI ban on July 20 and ordered concerned parties to engage with the central bank to consider their requests. The Supreme Court “allowed cryptocurrency exchanges, their shareholders, traders and other individuals to present their cases within two weeks to the RBI, which will look into the issue in accordance with the law,” as news.Bitcoin.com previously reported. Quartz elaborated: The supreme court suggested that these exchanges can engage with the RBI. So, last week, a clutch of such firms sent out letters making their case against the banking regulator’s prohibitory order. Crypto Firms’ Requests Various suggestions were presented to the RBI. According to the news outlet, some of “the bitcoin exchanges have requested the RBI to remove the blanket ban, saying the regulator should instead enforce it only on firms violating the norms.” A petitioner explained to the publication, “we have also suggested measures that we are ready to take to improve the KYC-AML [Know Your Customer – Anti-Money Laundering] norms, such as including passport details as well. We are also ready to take any suggestion that the regulator has to offer that can address their concerns.” Anirudh Rastogi, TRA Law’s managing partner who filed the supreme court petition representing four exchanges, told the news outlet: A ban is counter-productive, therefore, we have suggested that there should be appropriate regulations that can address the government or the central bank’s concerns. “Other firms have asked for an extension on the deadline,” the publication wrote, adding that it has reviewed an application submitted by Kali Digital Eco-systems Private Limited to the RBI. The document states that “considering the next date of the hearing in the supreme court is after July 06, 2018,” the firm requests the central bank “to extend the time of three months granted in the captioned circular to at least Aug. 31, 2018.” Coping with RBI Ban Five writ petitions have been filed, as news.Bitcoin.com previously reported. Last month, the Supreme Court mandated that no other courts shall accept any more crypto-related petitions and all existing ones were transferred to the Supreme Court. In anticipation of the RBI order taking effect, crypto exchanges in the country are increasingly moving away from fiat, creating crypto-to-crypto trading platforms. Unocoin launched a new trading platform with 15 cryptocurrencies last week. Zebpay and Koinex have both launched crypto-to-crypto exchanges. Currently, the Indian government is working on the regulatory framework for cryptocurrencies. It has set up a committee under Subhash Garg, the secretary of economic affairs in the finance ministry, to prepare a draft crypto law. Do you think the RBI will reconsider the ban and accommodate the requests of crypto exchanges? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives appeared first on Bitcoin News. View the full article

On June 6 the company Parity Technologies, the firm that maintains the Ethereum Parity full node client, issued a mandatory update for individuals and businesses who use the Parity software. According to the latest security alert, the client versions, 1.10.6-stable and 1.11.1-beta, had a consensus issue with the public test network Ropsten that could possibly extend to the Ethereum mainnet and “could have led to chain split.” Also Read: Twitch Streamers Can Now Tip With Four Cryptocurrencies Parity Issues a Mandatory Update Due to a Critical Vulnerability The Parity client has had some issues with bugs back in 2017 that saw the exploitation of thousands of ethereum. Now this week the company Parity Technologies has announced yet another vulnerability that mandates an immediate client upgrade for all Parity users utilizing versions 1.11.1 and prior. Parity technologies deemed the security alert “critical” and asked all Parity patrons to upgrade to 1.11.3-beta as soon as possible. “A consensus issue on the public test network Ropsten has revealed a consensus vulnerability that can be triggered by a malformed transaction,” explains Parity on June 6. “Examining the issues with our nodes on Ropsten, we have found out that there is a potential consensus-related issue between Parity Ethereum (up to versions 1.10.4-stable and 1.11.1-beta) and all other Ethereum clients.” Please update your Parity Ethereum clients to 1.11.3-beta or 1.10.6-stable asap. The Ethereum client Parity has suffered from three critical bugs over the past fourteen months. Parity’s Rampant Bugs Over the Past Year Causing a Mass Exodus to Just One Reference Client is Not Likely Parity has suffered from quite a few exploits over the past fourteen months when Parity was hit with a hack that led to $30Mn in ETH (150,000 ethers) being stolen. Then five months later the full node Ethereum client experienced another vulnerability that saw a bunch of multi-sig contracts get locked up and frozen. The developers at the time stated, “This means that currently no funds can be moved out of the multi-sig wallets. $152 million in ether is believed to have been frozen following today’s news.” Following this, Parity called for an Ethereum hard fork to reverse the million dollar bugs. However, the proposal EIP 999 to unfreeze the 513,774.16 ETH held in 587 wallets was rejected. Out of 639 votes for EIP 999, roughly 330 votes said ‘Nay’ while the rest did not care or favored the proposal. The latest bug doesn’t bode well for confidence in the Parity software but people are still pleased that Ethereum has multiple clients. “Imagine if this consensus bug was on Geth?” asks Husam Abboud. Imagine there is no Parity and 95% used Geth, how risky that same client version blockchain would be — Parity + Variety = Stability.” What do you think about Parity suffering from another bug this week? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, Parity page, and Pixabay. Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action! The post Ethereum Parity Full Nodes Suffer from Another Critical Issue appeared first on Bitcoin News. View the full article

“Bitcoineta”, a cryptocurrency awareness program conceived by non-profit organizations, Bitcoin Argentina, and Bitcoin Americana has commenced. The campaign will comprise a minivan boldly donning the bitcoin logo embarking on a road trip across Argentina and Latin America with the goal of spreading knowledge and fostering bitcoin adoption. Also Read: Cryptocurrency Exchanges Are Drowning in Tokens Latin American NGOs Team Up to Launch Bitcoin Awareness Campaign Non-government organizations Bitcoin Argentina and Bitcoin Americana have begun ‘Bitcoineta‘ – a minivan tour across Argentina designed to bolster bitcoin awareness and adoption. The tour will see the van visit numerous Argentine villages and small cities, with the tour seeking to emphasize the use-cases for bitcoin at a grassroots level. After traveling across Argentina, Bitcoineta then hopes to embark on an awareness campaign across Latin America. The project seeks to target disparate social demographics that can benefit from greater cryptocurrency adoption. Gabriel Kurman, one of the founders of the Bitcoineta project, stated, “It’s a dream to bring bitcoin and blockchain technology to Latin America to those people who do not have access to knowledge. The [goal] of ​​Bitcoineta is to reach every small town and city in Argentina, and then the rest of America, teaching people how they can benefit from this technology.” The two organizations purchased the minivan together, and equipped the vehicle with necessary amenities, and installed a projector that will be used to screen educational films. Sowing the Seeds of Bitcoin Adoption The Bitcoineta van began its journey on June 1st. The first destination for the campaign is Chascomús, a small city located 123 kilometers (approximately 76.4 miles) south of Argentina’s capital of Buenos Aires. After Chascomús, Bitcoineta is then scheduled to visit Las Toninas, Tandil, Necochea, Tres Arrollos, Villa Ventana, Bahía Blanca, Pergamino, Junín, Chacabuco and Chivilcoy in Buenos Aires, and various destinations in the provinces of La Pampa, Santa Fe, and Córdoba. Julian Drangosch, a university professor from the National Technological University of Argentina, offered praise to the Bitcoineta project, stating, “The first times you hear about these technologies, it is difficult to understand all the implications that you have today and in the future, and to start sowing this blockchain seed in the different communities will allow us to collect the fruits in a few years.” Do you think that bitcoin will see widespread adoption across Latin America in coming years? Join the discussion in the comments section below! Images courtesy of Shutterstock, Infobae Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action! The post Latin American NGOs Embark Upon Tour to Promote Bitcoin in Argentina appeared first on Bitcoin News. View the full article

On Tuesday the blockchain firms Nchain and Coingeek announced a ‘Miners Choice’ initiative that aims to promote lowering minimums for mining fees and transaction values. The company’s mining operations plan to lead the effort by adjusting their pool’s settings in order to remove the minimum ‘dust limit’ as well as accept some zero mining fee transactions in their blocks. Also Read: IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money The ‘Miners Choice’ Initiative Proposed by Coingeek and Nchain The two BCH-centric blockchain companies Coingeek and Nchain have started an initiative called ‘Miners Choice’ which aims to lower the mining fee for some transactions to zero while also removing the current minimum dust limit of 546 satoshis. Both of these ideas could make on-chain platforms like Memo, Blockpress and many others even more suited to performing a plethora of actions. Removing the dust limit would allow people to send as little as 1 Satoshi (one hundred millionth of a single BCH coin) via a transaction. Secondly, the companies believe BCH mining pools could designate a certain amount of space per block for free transactions that don’t require a network fee. Again, similarly to the aforementioned instance above, free transactions would allow BCH applications, especially ones focused on micropayments, to become even more robust. The two pools (Coingeek and Nchain’s BMG Operations) plan to publish a technical article on the benefits of removing the dust limit and accepting a fraction of zero-fee transactions. Nchain’s Chief Scientist: “Miners Choose What is Profitable” Dr. Craig Wright Some people within the BCH community are skeptical with this plan. The CEO of Cointext, Vin Armani, asked Nchain’s Chief Scientist Dr. Craig Wright whether mining nodes accepting 1 satoshi outputs could be “a recipe for instant spam attack?” Dr. Wright responded to the question by stating: Funny how people see some free and start to jump on MUST be all — Well, mine and not accept it if this is what you dislike, but, we mine for profit and this means more. News.Bitcoin.com briefly spoke with Nchain’s Dr. Wright and asked him why he thinks miners should opt in on this initiative to remove the dust limit and accept some free transactions. “I proposed it to Calvin [CEO of Coingeek] and convinced him,” Dr. Wright explains. The [‘Miners Choice’] initiative stops this centrally planned BS — Miners choose what is profitable. Tokens are easy — Back to Bitcoin circa 2013. Fostering BCH Adoption and Creating More Use Cases The two companies believe that these initiatives could spark more BCH usage while also giving miners choice to “set more fee level ranges, from zero to small amounts.” Further, the firms believe the initiative also bolsters BCH users’ freedom to decide how much they want to pay and how fast they want the transaction to arrive. [The ‘Miners Choice’ initiative] fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth,” Coingeek and Nchain emphasize. What do you think about the ‘Miners Choice’ initiative? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, Twitter, and Pixabay. Prove ownership on the Bitcoin Cash Blockchain for only 0.0005 BCH. Using the Bitcoin.com Notary. The post Nchain & Coingeek Reveal ‘Miners Choice’ Initiative for BCH Dust Limit and Fees appeared first on Bitcoin News. View the full article

Circle Internet Financial Ltd has revealed that it is currently seeking to obtain a federal banking license with the U.S. Office of the Comptroller of the Currency (OCC) in order to expand the services available to the company’s customers. It also hopes to pursue registration with the U.S. Securities and Exchange Commission (SEC) as a brokerage and trading venue, which would allow the company to facilitate the trading of tokens deemed to comprise securities. Also Read: Markets Update: Leading Cryptocurrencies Break Above Bear Channels Circle Seeks to Gain Banking License with U.S. Regulator Circle has announced its intention to become the first cryptocurrency company to obtain a banking license. If successful, the move would allow Circle to hold customer funds in the form of digital coins of fiat currency, in addition allowing it to “hold reserves with the Federal Reserve, to natively access the central-banking system without intermediaries, to directly settle with other banks in other markets around the world through those networks – that can improve the efficiency of what we deliver, it can reduce the costs,” according to Circle’s chief executive officer, Jeremy Allaire. Circle claims to have already conducted preliminary conversations with the Office of the Comptroller of the Currency regarding potential banking functions. Circle to Pursue SEC Licensing Circle has indicated that it expects to pursue licensing with the SEC as a brokerage and trading venue before applying with the OCC for a banking license. SEC registration would allow Circle to legitimately facilitate trading in cryptocurrency assets deemed to comprise securities. The company claims to have engaged SEC staff and officials from the Financial Industry Regulatory Authority (Finra). As of this writing, the OCC, SEC, and Finra are all yet to comment publicly regarding Circle’s ambitious intentions. Lack of Norms Surrounding Custodianship of Cryptocurrency Assets In seeking a banking licensing, Circle has expressed that it hopes it can shape the practices and standards surrounding holding cryptocurrency assets. “The regulators need to figure this out because eventually other banks that they regulate are going to want to hold crypto,” Mr. Allaire said. “They’re going to need to have rules for this. We can be a great guinea pig.” Do you think that we will see more cryptocurrency companies seeking to obtain federal banking licensing? Join the discussion in the comments section below! Images courtesy of Shutterstock, Wikipedia, Circle Internet Financial Ltd. Need to calculate your bitcoin holdings? Check our tools section. The post Circle to Seek Federal Banking Licensing with U.S. OCC appeared first on Bitcoin News. View the full article

On June 1-3, 100+ coders gathered together for the ‘BCH Geek’ in Hangzhou, China, an event that focused on developers creating BCH-based apps in order to make “bitcoin cash available to all.” According to regional reports, the event was quite successful and there were a lot of cool applications built specifically to enhance the BCH network. Also Read: Twitch Streamers Can Now Tip With Four Cryptocurrencies A Large Group of Developers at the BCH Geek Event Build Unique Applications Using the BCH Chain There are a lot of applications being created for the Bitcoin Cash network and one hackathon, in particular, took place in Hangzhou, China to build more BCH-centric platforms. The BCH Geek event was held on June 1-3 and firms like Bitmain Technologies, Viabtc, and BTC.top were in attendance. According to local reports and BCH-focused forums, the hackathon featured 100+ programmers who produced solid research, prototypes, and applications built using the BCH blockchain. The BCH Geek event was initiated by the blockchain video portal Chongqing TED.CC, and other members of the BCH community. BCH-Based Browser Plugins, an Authenticator, and a Quiz App There were more than 11 teams who consisted of developers from firms like Viabtc, and students from Chongqing University. This week on Reddit, a BCH Geek attendee stated the hackathon resulted in a “satisfactory way,” while detailing the platforms created by a few of the top teams who participated in the event. Three teams mentioned in particular were the groups Mempool, Viabtc, and Gon. According to the report, Mempool created a URL-paying browser plug-in based on bitcoin cash which integrates with the HTTP and Status Code 402 protocol. Image credits: Cindy Daily Viabtc developers designed a BCH-based authenticator that can store data and synchronize across multiple devices. The application does not require a server and authentication data can be restored easily. Another team called Gon designed an application called Token Dice which is a decentralized on-chain 1v1 quiz application based on BCH. The Token Dice programmers used the OP_Code, ‘OP_DATASIGNVERIFY,’ to build the quiz platform. Another application featured was called ‘IF Password’ a password management software (ifpass.cash) that is tethered to the BCH blockchain. Image credits: Cindy Daily New BCH Apps to Appear in the Wild Soon Attendees also heard from speakers such as Edward Liu, the co-founder of Bitkan, and Jiang Zhuoer, the founder of BTC.top, who talked about the innovation being built on top of the Bitcoin Cash network right now. The industry luminaries also spoke about currently built platforms like Memo, Blockpress, and Cointext that are providing the on-chain ‘killer apps’ once heralded a few years ago. The BCH Geek event ended with great success and it’s safe to say quite a few bitcoin cash-infused platforms demonstrated at the event in Hangzhou will be released into the wild shortly. What do you think about the BCH Geek event held in China this week? Let us know what you think about this subject in the comment section below. Images via Shutterstock, the BCH Geek event, and Cindy Daily. Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action! The post 100+ Coders Gather in China to Build Apps Tied to the Bitcoin Cash Network appeared first on Bitcoin News. View the full article

With Google’s ban on cryptocurrency advertising set to formally come into full effect this month, many representatives of the cryptocurrency and investment industries have spoken out against the company’s move. Also Read: Russian Court Overturns Decision to Block Bitcoin Website Google Ban Expected to Come Into Effect This Month Google announced that it would ban cryptocurrency advertising on its platform in March, following numerous anecdotal reports of declining ad performance on the company’s platforms from companies promoting initial coin offerings (ICOs). The move followed the implementation of similar advertising restrictions on Facebook. The post stated that ads promoting “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice” would no longer be served on the company’s platforms “In June.” Business Community Criticizes Crypto Ad Ban The prohibitive policy regarding cryptocurrency adverts has garnered criticism from the community. Revolut’s head of mobile, Ed Cooper, stated of the ban “Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire. A more targeted approach would definitely be preferable: it would seem heavy-handed for example to put a blanket ban on all ads for job postings, anti-virus software or charities just because ads for these products and service are also sometimes used as an entry point by scammers to target consumers.”​ The chief executive of UK-based investment firm Blackmore Group has accused Google of banning cryptocurrency ads due to harboring intentions of developing its own cryptocurrency. “I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices. I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms.” Whilst no hard evidence of Google having expressed a desire to develop a cryptocurrency exists, a spokesperson for the company told Business Insider “Like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans” in March. In May, Ethereum’s founder, Vitalik Buterin, shared a screenshot of an email from Google’s recruiting department, further fueling speculation that Google may be considering a foray into distributed ledger technology. Google as “Gatekeeper of Information” Gareth Malna, a fintech lawyer at Burges Salmon, has stated that “The decision by Google to act as a quasi-regulator in this context is a potentially troubling development given its vast commercial power.” “​For Google to step in and block that market may sound like consumer protection, but is potentially overstepping its perceived role as gatekeeper to information,” Mr. Malna said. Do you think that Google and Facebook will reverse their ad bans targeting cryptocurrency in the near future? Or are the restrictions here to stay? Join the discussion in the comments section below! Images courtesy of Shutterstock Need to calculate your bitcoin holdings? Check our tools section. The post Industry Representatives Criticize Google’s Crypto Ad Ban appeared first on Bitcoin News. View the full article

Van Eck and Solid X have teamed, after both failed previously to gain formal regulatory approval for their respective bitcoin core (BTC) exchange traded fund (ETF) proposals, reapplying to the US Securities and Exchange Commission (SEC) today. They’re proposing a physically backed bitcoin ETF, the Van Eck Solid X Bitcoin Trust, and it just might be poised to break the losing streak of mainstreaming BTC on Wall Street. This time, they’re aiming at institutional investors by pricing it at $200,000 per share. Also read: Russian Farming Village: Local Crypto, Bitcoin Reserves, No Govt Money Van Eck and Solid X Team for Bitcoin ETF Priced at $200,000 Van Eck CEO Jan van Eck cheered, “I believe that bitcoin has emerged as a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios. The Solid X team has in-depth experience with bitcoin, cryptography, and capital markets. We’re pleased to join with them in supporting the effort to bring a physically-backed bitcoin ETF to market.” The Van Eck Solid X Bitcoin Trust will also offer itself as being insured against bitcoin lost or stolen. The Wall Street Journal reports, “The firms also set a relatively high per-share price: $200,000. The price tag is designed to aim the product at institutional rather than retail investors.” And in “determining a marketing partner,” Solid X CEO Daniel H. Gallancy underscored, they “looked for a firm with a clear understanding of the potential of bitcoin and the role it can play in an investment portfolio. Van Eck is deeply involved in this space, understands its potential, and has a long track record of successfully opening new avenues for investors to access unique and compelling investment opportunities.” The two have in common being New York-based and the dubious honor of having been shot down by the SEC when they attempted individually to list a bitcoin ETF. The present filing, as of 6 June 2018, will be watched closely by the ecosystem. Jan van Eck expressed optimism at their latest tactic, “We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.” Chicago Board Options Exchange (Cboe) and its BZX Equities Exchange is believed to be where such a fund, pending approval, would ultimately be listed. The Cboe market maker was the first to list Bitcoin Futures back in December of last year. Results have been decidedly mixed after ecosystem enthusiasm almost promised BTC would moon in response. Now, some have taken to blaming exchanges such as Cboe and its crosstown rival CME for retarding the BTC spot price, for essentially being Crypto Winter’s catalyst as it were. Could be the Right Combination at the Right Time “It is important to communicate with investors about the risks as well as the opportunities, especially for new investment areas, and we have been committed to this effort,” the Van Eck CEO stressed. Indeed, earlier this year, these pages reported how in a “Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings of 18 January, signed by newly appointed Director Dalia Blass from the Division of Investment Management, the SEC wrote to the Investment Company Institute and Asset Management Group Securities Industry & Financial Markets Association (SIFMA) about the prospects of bitcoin ETFs.” It was a letter filled with admonitions and warnings and potential confusions. One thing was glaringly clear: any bitcoin ETF going forward must contend with its concerns. Two months ago to almost the day, however, hopeful signs appeared to emerge. Presumably in response to a Cboe open letter plea for action from President and COO Chris Concannon, the SEC seemed to be moving along further than it had previously while it considered two fund candidates from Pro Shares. Comment portion of the process has just wrapped. The Journal quotes Mr. Gallancy of Solid X as reminding they “never had any intention of giving up.” Neither has the broader crypto investment community, showing how it is not content to just sit back and wait for permission. “Huobi, the Singapore-headquartered cryptocurrency exchange, has decided to create its own ETF style instrument based on its recently launched index of ten digital assets,” News.Bitcoin.com explained. In further anticipation, “Okex, the Chinese-run cryptocurrency exchange based in Hong Kong, has joined the recent trend of trading platforms creating their own ETF-like investment tools for their users. It launched its first exchange traded tracker (ETT) on June 5, which was fully sold out within just three minutes,” we explained recently. Are Wall Street bitcoin ETFs around the corner? Let us know in the comments. Images via the Pixabay. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions appeared first on Bitcoin News. View the full article

Coinmint has announced it commenced operations at its newest crypto mining facility in New York. Operated via its wholly owned subsidiary, North Country Data Center Corporation, it is already mining several cryptocurrencies including bitcoin, dash and ether. Also Read: Police Forces Bust Alleged “New Age Cryptocurrency” Scam in India Mining Operations Come Online Located at a former aluminum smelting plant (Alcoa East Facility), the 1300-acre, 435-megawatt Coinmint site in Massena, New York, is said to provide enough capacity for operating one of the largest mining farms in the world. The company also claims that, in addition to the over $50 million of investment to date, it will invest up to $700 million in its new site, creating an estimated 150 plus jobs over the next 18 months. Operations at the complex are projected to be at full capacity within the next 12 months. “The start of operations is a key milestone towards the Massena site reaching its full capacity,” said Coinmint spokesman, Kyle Carlton. “The area’s citizens and its hydroelectric power – a green alternative to the less sustainable energies used at other digital asset infrastructure data centers – were the catalyst for our move and will be foundational assets for continued expansion. The reduced electricity costs will enable us to compete in the rapidly emerging digital currency global marketplace.” Town Welcomes Jobs As we reported earlier this year, when the New York Power Authority approved the allocation of 15,000 kilowatts of hydroelectric power to the mining venture, it is expected to boost employment in the local economy. The facility is planned to operate around the clock, and accommodate 75 full-time employees in 2018 and an extra 75 in 2019 for a total minimum employment force of 150 employees. The jobs would include security personnel, IT technicians, electricians, installers and operational staff, with an average wage of $46,000. “We in Massena, would like to welcome Coinmint to our town,” said on Tuesday Steve O’Shaughnessy, Massena Town Supervisor. “The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for. We are ready to provide any assistance we can to move this project to its full potential.” Is New York going to replace China as the mining capital of the world? 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 Coinmint to Invest up to $700 Million in New York Mining Center 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. One of the interesting features of blockchain is that it is not just about technology, it is also about social ecosystems. Blockchain platforms are true ecosystems, where things of value are exchanged through peer-to-peer transactions and validated by the ecosystem community, instead of centralized banking and credit card company services. Blockchain has the potential to change the way we interact in the global, digital economy, and establish trust within communities. But without trusted third parties doing the work of validating transactions, how can you ensure that if I pay you $100, you will end up with $100 more in your account and I with $100 less in mine? The answer is that the community, itself, does the work of witnessing and validating transactions, and the underlying blockchain provides a public ledger to record past transaction history. On a transaction-by-transaction basis you can think of the community validation process as decentralizing and democratizing the digital economy. Realizing this transformative economy, however, is easier said than done. In order to create a viable, self-sustaining ecosystem, the community has to be encouraged to participate in the validation process, either through computationally intensive mining or through voting. This is where cryptocurrencies like Bitcoin, Ethereum, and Penta come in. Community members who contribute to the validation process receive a financial incentive in the form of cryptocurrency as a reward for their participation. Incentive structures, known as consensus algorithms, are programmed directly into blockchains. They are based as much on game theory as they are on political science, with the goal of encouraging community involvement by offering attractive rewards. At the same time, the consensus algorithm should create a fair, balanced incentive allocation system so that all participants have an opportunity to benefit. No blockchain platform has yet been able to achieve this, and it is a primary reason I founded the Penta Network, along with my co-founder, Dr. Steve Melnikoff. Penta is a public blockchain project. It combines a robust blockchain infrastructure with a high-performance application platform. In the same way you can download apps from the App Store onto your smart phone, you will be able to access decentralized applications (DApps) that run on the Penta blockchain. We call Penta the “Universal Blockchain Connector” because it joins blockchain technology with the real world. Distributed applications launched on Penta will be able to traverse digital networks as productive tools for the digital economy. Penta was an idea that formed as a reaction to trends in blockchain projects that went against a principle shared by myself and Dr. Melnikoff, which holds that decentralized networks should include equitable incentive structures and low barriers to entry. For me, the emerging industry trends are a reminder of why I got involved in blockchain in the first place. I became interested in Bitcoin back in 2014 after reading a series of articles and books on the subject. Recognizing that there was something exciting in decentralized and autonomous peer-to-peer networks, I started to invest in Bitcoin, and later, other cryptocurrencies. This became my side job. It became my passion. My day job was managing a billion dollar private equity portfolio, structuring financial products for Asian investors to invest in the U.S. and Australian real estate markets. I quickly became much less passionate about this job, as I discovered that a lack of ethical standards was pervasive in the financial services industry. Conflating human greed with poorly enforced regulations was a formula for an unbalanced business ecosystem. Even when projects did not meet their projected returns or worse, went belly-up, project managers could still walk away pocketing large sums for management services, while investors picked up the bill and paid for project losses. At times I found my work in the industry extremely disheartening. What drew me to blockchain was the hope that a community-driven ecosystem with a distributed power base would be an antiseptic to the kinds of moral hazard plaguing the financial services industry. Blockchain offered a new economic paradigm that connected the wellbeing of community members to the success of the community, all memorialized in the coding of the platform – the digital law of the ecosystem. But the digital law of each ecosystem is subject to a human decision-making process. And an outcome that successfully protects against moral hazard and yields an equitable incentive structure is not guaranteed. Dr. Melnikoff and I launched Penta to be an ecosystem that reflected our value system: a sustainably decentralized platform with a fair incentive structure. This is our response to a huge problem in the blockchain space – in order to increase scalability many platforms are sacrificing decentralization, and with it, fairness. Let me unpack those terms a bit. Bitcoin can process about 7 transactions per second (tps), while Visa and Mastercard are somewhere around 30,000 tps, and Alibaba is over 100,000 tps. In order for blockchain platforms to have significance in the real world economy, they will have to scale up to much higher transaction processing speeds. Scalability is difficult to achieve from a technical perspective, because the very nature of distributed ledger technologies, like blockchain, is that they are decentralized and distributed. Having a distributed network increases latency and generally slows down the process of validating and recording transactions, relative to centralized systems. Many leading platforms have dealt with scalability issues by sacrificing the amount of distributed decision-making in the validation process, thereby placing a premium on transaction throughput at the cost of inclusive governance. In other words, they have chosen to concentrate the power of validating transactions in the hands of a few so that the platform can run at higher speeds. This may seem like a purely technical debate, but it is about the social side of blockchains as much as the technological underpinnings. Concentrating validation authority in an elite group of network nodes, or supernodes, will fundamentally result in an incentive structure that is not equitable. And if the cost of achieving speed is fairness, then in my opinion that cost is too high. Fortunately, for Penta, the solutions to the problems of scalability and fairness are not mutually exclusive. It is core to our mission that blockchain technology increases economic inclusion. We do this by lowering barriers to entry and increasing opportunities for all community members to share in the wealth generation of the Penta Network through incentive allocations. Seeking to balance fairness with scalability, Penta has pioneered a new form of consensus algorithm called Dynamic Stake Consensus (DSC). The hallmark of DSC is that it achieves scalability without sacrificing inclusion and fairness. Utilizing a first of its kind randomization algorithm, DSC selects voters to participate in the validation process and then allocates incentives to them. Incentives are allocated according to the amount of Penta tokens a voter stakes in the system. This stake is very important, as it motivates voters to be honest. If voters act in a perfidious manner their stake is forfeited to the community. Crucially, a voter’s stake does not determine their power or influence in the voting process. The richest validator in DSC has the same power as the poorest: one vote. By randomizing validator selection and allowing small stakeholders the right to participate in the voting process, Dynamic Stake Consensus fulfills Penta’s goal of being an inclusive system concurrent with a low barrier to access. Consensus algorithms may sound like a far away debate from Blockchain Land. However, it is an important issue that will touch all of us in the Smart Economy. We have an opportunity with blockchain platforms like Penta to serve the unbanked and unconnected communities of the world and invite them into the global digital economy. Whether we do so is largely up to each of us. We will each choose the platforms we use to transact our business in the future. At Penta, we are working to create a future defined by inclusion and fairness. We are set on building the blockchain industry’s most diverse, dynamic, and equitable ecosystem. It’s time to put our programming where our values are and program equal opportunity into the digital economy! Contact Email Address community@penta.global Supporting Link https://www.penta.global 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: Penta Global Foundation Launches New Dynamic Stake Consensus Algorithm appeared first on Bitcoin News. View the full article

It’s hard to put a finger on the precise point at which token overload kicked in. Token fatigue has been brewing for some time, as the spate of new coins, mostly launched by ICOs, has turned into an unstoppable torrent. Every day, cryptocurrency exchanges are barraged with listing applications by ICOs, and they do their best to keep up, for the projects’ sake, and for the community’s, and because listing tokens is a lucrative business. But at its current rate, the trend is surely unsustainable. Also read: IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money We’ve Past the Point of Peak Token There comes a point at which the crypto community is entitled to ponder how much is too much? How many tokens does there need to be before everyone is sated? From a technical perspective, that point might arrive when all the available three-letter token abbreviations have been used up, which will arrive around the time that the crypto space births its 17,000th altcoin. Then again, there are already multiple tokens sharing the same three-letter ticker, causing no end of confusion on sites like Coinmarketcap. There are also tokens claiming four- and five-letter abbreviations, suggesting that a shortage of desirable tickers won’t be enough to curtail the madness. Besides, traders don’t want an end to new tokens altogether; new additions that add genuine utility and which create demand will always be welcomed. It’s the other 90% added to exchanges that leave a lot to be desired. These shitcoins, for want of a better name, have little if any real world usage, and do little more than drain liquidity from exchanges, as traders’ portfolios become increasingly stretched. Even on Binance, one of the world’s most liquid crypto exchanges, the near-daily addition of new assets is starting to take its toll. 50 coins listed on its platform currently have volume of under 100 BTC, versus 10,000 BTC or more for the likes of ETH and EOS. Token Saturation Leads to Token Confusion The side-effects of token overload include lower liquidity and confusion caused by tokens sharing the same or similar name. There have been a number of instances of traders buying the wrong asset, such as Matryx instead of Matrix. This week it happened again. After Binance and Kucoin announced the listing of Quarkchain, some traders went and bought Quark by mistake – an entirely unrelated asset, which experienced its very own pump and dump. Even for traders who try to stay in the loop, keeping track of all these tokens is getting impossible. Quark was not listed on Binance this week but that didn’t stop it from pumping in price The rate of new additions to Crypto Exchange Listing, a Telegram channel that aims to predict new exchange listings before they’ve been announced, has mushroomed. Many of the account’s predictions are wrong (which is why they come with a prominent disclaimer), but the appearance of hitherto unheard of tokens in this channel illustrates the difficulty of keeping track of all these new assets and of differentiating the wheat from the chaff. There Is No End Game, Just Endless Tokens Not everyone is concerned by the proliferation of new tokens. “Tokenize the world!” is the oft-quoted mantra of Anthony Pompliano, and there is no shortage of crypto projects willing to heed his rallying call. Every day, an average of two ICOs completes their token sale, and that’s just the mainstream ones; the number of smaller crowdsales completing daily, whose tokens will never make it to a major exchange, runs into double figures. There are now 1,644 tokens listed on Coinmarketcap and that is by no means all of them – the site actually takes a fairly conservative policy to adding assets, otherwise the total would be two or three times as much. Cointracking lists 5,670 cryptos, although some of these have since died. Charles Ponzi Most tokenized projects are not scams in the Bitconnect sense. But collectively, they bear many of the hallmarks of a classic Ponzi, defined as a scheme which relies “on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart”. To support all these new tokens, cryptocurrency exchanges need to be onboarding new users at an alarming rate. The moment interest in cryptocurrency wanes most of these new tokens will be left high and dry, like ships grounded at high tide, mementos of the madness that made people believe, for a short while, that it would be a good idea to tokenize the world. Do you think the spate of new tokens has gotten out of control? Let us know in the comments section below. Images courtesy of Shutterstock, Coincodex, and Wikipedia. Need to calculate your bitcoin holdings? Check our tools section. The post Cryptocurrency Exchanges Are Drowning in Tokens appeared first on Bitcoin News. View the full article

A Russian court has overturned a previous court decision to block a bitcoin-related website because it contains information about cryptocurrencies. The Supreme Court ordered the city court to hear the appeal. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Russian Court Overturned Previous Decision St. Petersburg City Court. The St. Petersburg City Court has overturned the ruling of the Vyborgsky District Court of St. Petersburg to block the Bitcoininfo.ru website in Russia. “The St. Petersburg City Court quashed the decision of the district court to recognize the information posted on the Bitcoininfo.ru website,” Tass reported the city court explaining on Monday, June 4. “Vyborg District Court of St. Petersburg will again consider the case of the blocking of the site on cryptocurrencies, www.bitcoininfo.ru,” Rapsi learned from the city court, adding: The city court canceled the decision to block the site and sent the case [back] to the Vyborgsky District Court for a new hearing. Problem With Spreading Crypto Information This case began in July 2016 when the St. Petersburg Vyborgsky District Court made the ruling to block the Bitcoininfo.ru website in absence of the site owner. The court “considered the statement of the prosecutor’s office that the site contains information about cryptocurrencies” and decided to block the site, the publication detailed. According to the case file, Tass explained that the prosecutor’s office demanded the site be blocked based on its content about cryptocurrencies that “do not lend themselves to state control,” “promote the growth of the shadow economy,” and “do not have certain consumer properties.” The representative of the website’s owner, Sarkis Darbinyan, told the publication that the prosecutor’s actions “takes place without the involvement of site owners,” adding that none of them received “requests for the removal of prohibited information, and the city court refuses to accept appeals after the actual blocking of websites.” He further detailed: According to the statements of the prosecutor’s office of St. Petersburg, about 100 sites devoted to cryptocurrencies have been blocked. The domain administrator appealed against the court’s decision, believing it to be illegal. However, the city court did not consider his appeal so he appealed to the Supreme Court of the Russian Federation, which subsequently ordered the city court to consider his complaint. In March, the St. Petersburg City Court struck down a ban on 40 bitcoin-related websites offering information about cryptocurrencies and exchange services in Russia, as news.Bitcoin.com previously reported. Do you think bitcoin websites will finally be unblocked in Russia? Let us know in the comments section below. Images courtesy of Shutterstock, Pixabay, and Wikimedia. Need to calculate your bitcoin holdings? Check our tools section. The post Russian Court Overturns Decision to Block Bitcoin Website appeared first on Bitcoin News. View the full article

In today’s Bitcoin in Brief, regulators in Berlin have revealed that at least six German financial institutions are involved in cryptocurrency trading. Also, it has been reported that American universities have started investing in crypto hedge funds. The investments are on a limited scale but nevertheless indicate a growing interest from academic institutions. And, authorities in Belgium warn the public about crypto scams with a “Too good to be true” website. Also read: Bitcoin in Brief Tuesday: Exchange ETF Action and Wozniak Wants Bitcoin to Rule World Financial Authorities in Germany Find Six Institutions Trading Cryptos At least six financial institutions in Germany trade cryptocurrencies, the country’s Federal Ministry of Finance revealed. The information emerged from an answer to a question filed by Bundestag member Thomas Lutze. The figure is based on findings of the German financial regulator Bafin, which supervises the financial sector and is also expected to monitor crypto trading activities. The banks involved were not named. There is no case registered with Bafin against financial institutions suspected of any breach of money laundering regulations, due diligence requirements, nor reporting obligations regarding cryptocurrencies, the Bundesfinanzministerium said, quoted by Reuters. Each such institution, which has permission to trade properties, also has the right to set up mechanisms allowing the exchange of bitcoin to euros and vice versa, the ministry noted. The Finance ministry also said that the issuance of a digital central bank money is currently not an option in the Eurozone, “given the wide range of unresolved issues and significant risks associated with unclear benefits.” According to the report, the Federal government in Berlin does not see crypto-related risks to the stability of the financial markets due to the low market capitalization of cryptocurrencies and the limited interdependence with the financial sector. East Coast Universities Invest in Crypto Hedge Funds Academic institutions in the US have started making small investments into cryptocurrency hedge funds, according to a lawyer working in the industry. These universities are getting involved on a limited basis for strategic reasons, the founder of Capital Fund Law Group, John Lore, told Business Insider. “I can’t say the names because that’s attorney-client but we have people mostly on the East Coast that have begun doing investments in this space on a fairly modest basis,” he added. The New York-based law group specializes in providing legal services to the hedge fund industry. According to Lore, at this point investors are putting in very small percentages of their net worth into these new funds. He doesn’t expect institutional investors, such as pension funds, to invest in crypto soon, with one notable exception – university endowment funds, some of which have already begun to invest on a limited scale. “We see academia as a tie between these somewhat young and enthusiastic fund managers and capital raising,” the lawyer said. Cryptocurrencies and the underlying blockchain technologies have seen a growing interest from universities. Leading academic institutions, such as Cambridge and Oxford, have introduced crypto and blockchain related courses. In December, the Belarusian National Technical University announced a diploma course covering cryptocurrencies, derivatives, and ICOs, as news.Bitcoin.com reported. In April, the Fundacao Getulio Vargas University in Sao Paulo launched “Brazil’s first Master’s degree in cryptofinance.” It has been reported that North Korea’s Pyongyang University is also offering educational courses on cryptocurrencies. Belgian Regulators Warn About Crypto Scams with New Website Financial authorities and regulators in Belgium have launched a website dedicated to warning the public about crypto scams and raising awareness about the associated risks. The move comes in response to substantial increase in interest towards investing in cryptocurrencies and related products. The site, temooiomwaartezijn.be (“Too good to be true”), can also be used to report suspicious offers and projects in the crypto space. Belgians can find there useful tips on how to avoid fraudulent schemes. The site advises investors to make sure they know who they are dealing with, check if a project is registered as a scam and never share sensitive personal data. Regulators say people should always request clear and understandable information, take their time to critically evaluate an offer before accepting it and be wary of promises of excessive profits. “If the return seems too good to be true, it usually is. Profit is never guaranteed,” they warn. Scam-related losses of almost €2.2 million have been reported to financial authorities in the country, with at least 118 victims having contacted Belgium’s Financial Services and Markets Authority (FSMA). Belgian regulators claim only 4% of the cases are reported. According to their estimates, the total financial loss from fraud related to cryptocurrencies amounts to around 130 million euros annually. In March, the financial watchdog published a list of 19 cryptocurrency trading platforms showing signs of fraud. Last month, the FSMA expanded its blacklist including more businesses reported by customers. What are your thoughts on today’s topics in Bitcoin in Brief? Let us know 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 Bitcoin in Brief Wednesday: German Banks Trade Cryptos, US Universities Invest in Crypto Hedge Funds 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. TRX made a hit as the first cryptocurrency whose value exceeded a hundred times of its issuance price in 2018 when the New Year had been only a few days away. In a flash, it squeezed itself into the Top 20 list of cryptos with highest market capitalization. Since then, TRON has recruited a mighty tech team and released a series of iterations. Albeit good news now and then, TRON is never short of controversaries and even rumors. Yesterday, TRON launched its Mainnet. All rumors were dispelled, and TRON came again under the spotlights. First, I’ll talk about highlights of the launch, in case you don’t know yet. TRON Mainnet Launch began as scheduled at GMT+8 of May 31, 2018. Justin Sun, the founder of TRON, announced that TRON Mainnet was officially launched in a TRON T-shirt. Rephrasing the famous line of Neil Armstrong, the first human stepping on the moon, Sun proudly claimed that “Odyssey 2.0 launch is one small step for TRON, one giant leap for blockchain.” Sun explained in English what TRON had done and would do as such: 1. TRON takes the crown for commits in Q2, totaling more than any other blockchain project in the world； 2. TRON has completed mainnet token migration and shed its identity as an ERC token； 3. With 1.08M tokenholders, TRON is now the #1 token on Ethereum, far ahead of any other cryptocurrency, including Bitcoin and EOS; 4. TRON attracts much more attention than other blockchains on Youtube, Twitter, Weibo, WeChat, Reddit and other online platforms, promising to be the hottest cryptocurrency globally; 5. With a consistent trade volume of between USD 500M – USD 1B, TRON has stabilized in the top 5 of most traded cryptos; 6. More than 100 trading pairs have been activated for international transactions; 7. As the TVM version is scheduled to be launched on July 31, TRON is expected to complete basic infrastructure for a decentralized ecosystem in Q3. In the end of his speech, Sun urged all TRON users to participate in the June 26 Super Representative Election. After Sun, Lucien Chen (CTO), Marcus Zhao (director of blockchain R&D), Haoqi Zhao (director of technical operation) and Wendy Yi (product director) gave their speeches about TRON and its plans. TRON’s commitment to community is apparent in its various programs for developers that include TRON Accelerator, hackathons and programming competitions, totaling up to USD 2B in rewards. As token conversion is the most widely concerned issue among users, TRON has given its official manifesto. As the mainnet is launched, TRX will gain independence, no longer an ERC20 token as it was. There are a number of exchanges where holders can transfer conveniently their TRX into the mainnet at the fixed ratio of 1:1. Users can transact as usual while conversion is being processed. Available exchanges include Bit-Z, Bittrex, Bitfinex, Bibox, gate.io, Binance, Coinrail, Coinnest, Bitpie, Bixin, RightBTC, DragonEx, Upbit, Bithumb, Liqui, BitKop, OKEX, CoinTiger, Huobi pro and OEX. Watch out for the continually updating list before June 25. When the migration is completed, all TRX holders are entitled to vote in an election that yields 27 super representatives, or SR, who are somewhat like senior managers in a company. SRs have the access to book-keeping, and their duties include daily maintenance, performance optimization and boosting the ecosystem. By the time that this piece was written, more than 60 individuals or organizations from all over the world had submitted SR applications, among whom were 20+ big names like Node Capital, LinkVC, GENESIS, Next Genius, Antpool, BTCC and Top.one. As a Java-based DApp platform, TRON is developer-friendly and promises high network performance. Over 20 star-ups have joined for various DApps including cold setup wallets and blockchain explorers for PC, web and mobile devices. The price of TRX rose by 6%, though only for a short time, during the half hour after the launch began on May 31 (GMT+8) while it had been fluctuating around USD 0.06 on the same day. As a matter of fact, now that Odyssey 2.0 is technologically available, its full-fledged functioning involves reaching consensus, which in turn requires coordinating the efforts of more than its 1M+ users. From the 1st to the 24th of June, the community developers will be carrying out additional tests on the Mainnet and generating consensus before the first block, also known as the Genesis Block, happens at midnight, June 25 (GMT+8). As the momentum goes, TRON will have surprises for the blockchain community every month ahead just like the amazing six months before now. Contact Email Address trx@tron.network Supporting Link https://tron.network/ 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: Tron Mainnet Launched – Young Team Dispelled Rumors with Sweat, Perseverance and Success appeared first on Bitcoin News. View the full article

This month the International Monetary Fund (IMF) released a report on global monetary policy in the digital age which explains that “crypto assets may one day reduce demand for central bank money.” The IMF study was written after an IMF staff discussion that details that cryptocurrencies could someday lower the demand for fiat currencies by creating a shift from “credit money to commodity money.” Also Read: Twitch Streamers Can Now Tip With Four Cryptocurrencies Crypto Assets Will Eventually Be More Widely Adopted One thing is for sure the IMF has a lot to say these days about Bitcoin technology and other cryptocurrency solutions. More recently the Managing Director of the IMF, Christine Lagarde, has had a lot of positive words to say about digital currencies. Moreover, the IMF also showcased a picture of money evolving featuring a picture of a bitcoin which was displayed on the front page of the IMF website. Now the IMF has released a report written by a variety of IMF researchers who state: We cannot rule out the possibility that some crypto assets will eventually be more widely adopted and fulfill more of the functions of money in some regions or private e-commerce networks. This picture is displayed on one of the articles featured on the IMF website’s front page. A Payment Shift The study notes that the global financial crisis and bank bailouts have “renewed skepticism in some quarters” of the world and there’s a possibility that digital assets can affect the traditional global monetary policies. There’s also talk of a “payment shift” within the study where cryptocurrencies could replace fiat in some regions. “Such a shift could also portend a change in the way money is created in the digital age: from credit money to commodity money, we may move full circle back to where we were in the Renaissance,” explains the IMF report. Economists continue to debate the origins of money, and why monetary systems seem to have alternated between commodity and credit money throughout history. If crypto assets indeed lead to a more prominent role for commodity money in the digital age, the demand for central bank money is likely to decline. “Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays, so I think it may not be wise to dismiss virtual currencies,” said the Managing Director of the IMF, Christine Lagarde in September of 2017. Competitive Pressure and the Allure of the Central Bank Coin The IMF paper also details how banks should respond with competitive pressure and they should continue to solidify fiat currencies as a “unit of account.” Cryptocurrencies, however, have a hard time becoming a standard unit of account the IMF notes and this is because “valuation is largely based on beliefs that are not well anchored” which has made the majority of digital currencies quite volatile. The researcher’s paper mentions that central banks could counteract with their own digital currencies. It goes on to say that the banks have many challenges and opportunities in this digital age but they must regain the public’s trust to remain relevant. “They can remain relevant by providing more stable units of account than crypto assets and by making central bank money attractive as a medium of exchange in the digital economy,” the IMF paper concludes. What do you think about the IMF’s report and how positive this organization is towards cryptocurrencies? Let us know your thoughts in the comments below. Images via Shutterstock, Getty Images, and the IMF website. Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action! The post IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money appeared first on Bitcoin News. View the full article

After approving 16 cryptocurrency exchanges, the Japanese financial regulator is reportedly set to reject a crypto exchange application for the first time. The applicant is an exchange which has been suspended twice from carrying out any crypto activities and received two business improvement orders. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space The First Rejection The Japanese Financial Services Agency (FSA) is reportedly preparing to reject an application to operate a crypto exchange in the country. “The first time it has done so,” Nikkei reported, adding: The decision follows the ministry’s conclusion that Yokohama-based FSHO lacks the necessary systems to operate its business…By barring an exchange operator that it has found to be substandard, the agency aims to demonstrate its determination to re-establish a sound currency trading environment in Japan. FSHO is a “deemed dealer” or “quasi-operator” of cryptocurrencies in Japan, meaning it has been allowed to operate a crypto exchange while its application with the FSA is being reviewed. There are 16 deemed dealers altogether. However, the agency said recently that 8 of them have indicated that they will withdraw their applications. Meanwhile, Japan has 16 fully-licensed cryptocurrency exchanges and about 100 companies are seeking to enter the space including Yahoo! Japan, Line Corp, and Coinbase. Suspended with Corrective Orders Besides Coincheck which was hacked in January, FSHO is the only other crypto exchange in Japan to receive two punishment orders from the FSA. The first was on March 8 and the second on April 6. In the March order, the agency suspended all of FSHO’s businesses related to cryptocurrencies from March 8 to April 7 and issued the company a business improvement order. The company was told to correct four areas of operations such as to “Build a position to securely manage user information.” The improved measures taken were to be submitted to the agency by March 22. Rejection to Follow Second Suspension In the April order, the agency again suspended all operations relating to cryptocurrencies of the company from April 8 to June 7 and issued another business improvement order. This second order contains five business improvement areas, some of which were the same as those in the first order. Among new areas are the “Establishment of an effective management system including money laundering and terrorist financing” and a risk management system. The company was supposed to report the changes to the agency by May 7. Based on its review, the FSA found that “the exchange did not sufficiently verify the identity of customers in transactions where crime is suspected, or in cases where customer deposits may be diverted,” Nikkei summarized, adding that: The suspension period is due to end Thursday, after which the agency will bar the exchange from operating and deny its registration. What do you think of the FSA finally rejecting a crypto exchange registration? Let us know in the comments section below. Images courtesy of Shutterstock, FSHO, and Nikkei. Need to calculate your bitcoin holdings? Check our tools section. The post Japan Set to Finally Reject a Cryptocurrency Exchange appeared first on Bitcoin News. View the full article

For investors who lack the time, knowledge, or patience to sift through hundreds of cryptocurrencies, there’s an easier way. Crypto baskets allow traders to snap up a horde of digital assets in one go, without the need to independently manage them. The number of platforms offering token baskets has grown significantly this year. But are they a smart investment for the savvy trader or a niche product best left to newbs? Also read: Twitch Streamers Can Now Tip with Four Cryptocurrencies A Bountiful Basket of Crypto Assets 2018 was meant to be the year of security tokens, or at least that’s what we were promised in 2017. There’s still time for that prediction to be proven correct, but in the meantime 2018’s big token trend is crypto baskets. These comprise curated suites of digital assets, often based around a specific theme, that can be purchased via a single token or on a crypto exchange with a single click. So far, crypto baskets have been largely geared around “entry level” tokens such as LTC and ETH. Coinbase Index Fund gives investors exposure to all assets listed on GDAX, but since these comprise various weightings of BTC, BCH, ETH, and LTC only, there’s little imagination on display. Nor is there an entry route for retail investors; you’ll need at least $250,000 to buy in. Not all basket-based services are as exclusive though. One Basket, Many Tokens On Tuesday June 5, a service called Flipside Crypto released a basket that was created in conjunction with Coinmetrics.io. Its smart contracts basket of the day contained eight Proof of Work coins. At the start of each new day, a new basket is created, with each one rated according to its volatility, developer activity, and other metrics. Dailycryptobasket.com is a novel take on crypto baskets to date, and one which shows there’s scope for originality and innovation in this field. Daily Crypto Basket’s selection of themed tokens Set Protocol is a project that’s taking a different approach to serving up collateralized baskets of tokens. Sets of ERC20 tokens can be grouped together using smart contracts and exchanged via a single token. Then there are projects like FCTF (First Crypto Traded Fund), which aims to peg the price of 10 digital assets to a single token. It even enables token holders to profit from fees paid to a Dash masternode in theory. Set Protocol As a relatively new trading option, crypto baskets have yet to prove themselves or to gain mass adoption. They also face competition from tokenized projects that enable traders to follow the profile of experienced traders and to have their trades automatically emulated, with all profits paid back in the form of yet more tokens. For now, crypto baskets are still viewed as “starter packs” best suited to new traders. With China’s Okex having just launched its OK06 Exchange-Traded Tracker, days after Huobi issued its own basket of 10 tokens, crypto investors will soon be in need of baskets to hold their baskets of tokens. Do you think token baskets will take off, or are they a niche product best left to novice traders? Let us know in the comments section below. Images courtesy of Shutterstock, Set Protocol, and Daily Crypto Basket. Need to calculate your bitcoin holdings? Check our tools section. The post Cryptocurrency Baskets Are Growing in Popularity appeared first on Bitcoin News. View the full article

Vietnam’s Ministry of Finance has officially proposed that the country bans the import of cryptocurrency mining equipment. Bitcoin mining rigs are currently easily imported into Vietnam. This proposal follows the largest crypto fraud case in the country involving over $656 million and more than 32,000 victims. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Ministry of Finance’s Proposal In the recently released report containing the opinions of the ministries involved in the management of bitcoin and other cryptocurrencies in Vietnam, the country’s Ministry of Finance proposes suspending the importation of mining equipment, according to local media. This report, referred to as Document 5964 / BTC-TCHQ, has been submitted to the country’s prime minister. Zing.vn publication elaborated: According to the Ministry of Finance, mining machines are not on the list of goods banned from importation and are not subject to the list of specialized management or unsafe goods, so enterprises are easily allowed to complete the import procedures. The ministry outlined in its report that the use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authority to manage. “From there, it is easy for people to use [cryptocurrencies] as a currency or another method of payment,” the City Economic News Kinhte & Dothi quoted the ministry. “This is in violation of the amended government Decree 101 on non-cash payments,” Zing.vn conveyed. The publication also noted that data from the General Department of Vietnam Customs shows that “from 2017 to half of 4/2018, the country imported about 15,600 mining machines,” adding that most of them were imported into Hanoi, Ho Chi Minh City, and Da Nang. Last year, more than 9,300 rigs were imported into Vietnam and over 6,300 rigs were imported in the first four months of this year. Decision to Ban Mining Imports The ministry also referred the case where Modern Tech Corp in Ho Chi Minh City was “accused [of] over VND 15 trillion [~US$656 million] of fraud by more than 32,000 people through its Ifan and Pincoin virtual currency investment models.” According to the ministry, protecting the Vietnamese people from similar scams in the future “requires state management agencies to take strict control measures with the import and use of this commodity.” The Vnexpress reiterated: To prevent other possible events, in the immediate future, the Ministry of Finance proposed to apply the import suspension measures for the above types of mining equipment. The Vietnamese Prime Minister Nguyễn Xuân Phúc recently signed a directive to strengthen “the management of activities related to bitcoin and other virtual currencies,” as news.Bitcoin.com previously reported. What do you think of the proposal to ban mining rig imports? Let us know in the comments section below. Images courtesy of Shutterstock and Wikipedia. Need to calculate your bitcoin holdings? Check our tools section. The post Vietnam Proposes Import Ban on Bitcoin Mining Equipment appeared first on Bitcoin News. View the full article

The bullish action witnessed by the cryptocurrency markets last week has seen many leading markets break above the bearish descending channels which have guided price action in recent weeks. The last couple of days has seen the many markets retrace – with many traders closely watching to see if the markets can hold up and confirm the formation of a higher low, or if they will wash out to produce more bearish momentum. Also Read: Bitcoin Cash and Ethereum Trading Volume Soars But Ripple Keeps Falling BTC Tests Major Trendline The BTC markets recently posted a green weekly candle for the first time in the last four weeks – signaling for the potential for bitcoin to produce a second consecutive higher low since February’s washout down to $6,000 USD. Should support at approximately $7,000 successfully hold, many traders predicting that more bullish momentum may be in store the BTC markets. Transversely, a break-down from the current price area to retest $6,000 would also comprise the rejection of the long-term ascending trendline dated from July 2017. Should this trendline break, such would likely comprise the catalyst for further bearish price action across the cryptocurrency markets. Looking at BTC on the 4-hour chart, one can see that it has broken above the immediate descending bear-channel in which the markets have trended for several weeks, as with many other cryptocurrency markets. If BTC can stay outside of said channel, such may be a signal for coming upward price action. As of this writing, BTC is trading for approximately $7,600 and exerts a market dominance of 37.7%. The market capitalization of the bitcoin markets is $130.2 billion. BCH Consolidates Above $1,000 BCH/USD has also broken out the bear channel in which price action has trend since early May after gaining approximately 15% since the start of June. If prices are able to hold up, BCH will have produced its first higher low for 2018 – potentially comprising the first signal that Bitcoin Cash may be exiting the bear trend that has dominated market action throughout 2018. The BCH/BTC markets have also broken above a bear-channel, with Bitcoin Cash gaining over BTC by approximately 10% in the last week. As of this writing, BCH is trading for approximately $1,150 USD, or 0.15 BTC, with BCH comprising roughly 5.7% of the total capitalization of all crypto markets combined. Bitcoin Cash is the fourth largest crypto market by capitalization with a market cap of nearly $19.8 billion. ETH/BTC Forms Symmetrical Triangle As of this writing, ETH appears to have bounced off an ascending trendline for the second time since in 2018 that dates back to December, after ETH gained approximately 10% during the last weekend over bitcoin. Whilst ETH/BTC currently appears to be forming one of several potential symmetrical triangles, a break of the immediate ascending trendline could lead to a significant breakdown relative to BTC. ETH is trading for 0.0777 BTC as of this writing. When paired against USD, ETH has gained roughly 17% in the last week – bouncing from a recent low of approximately $520 to currently be trading for nearly $610. Looking at the daily chart, the ETH/USD markets appear to be creating a new price channel above the long-term ascending trendline from early 2017, and outside of the descending trendline that drove price action from January until early-April. Looking at immediate price action on a 4-hour chart, ETH appears to have just crept above last month’s bear-channel, however, a break-out above the descending trendline is still far from confirmed as of this writing. The market dominance of Ethereum is approximately 17.6% as of this writing. The market capitalization of ETH is nearly $60.9 billion. Other Leading Markets Bounce Above Bear-Channels The third largest crypto market by capitalization, Ripple has gained approximately 11.5% over USD this week, rallying from approximately $0.605 to $0.676. When measuring against BTC, XRP has gained roughly 10% in the last 7 days and is currently trading for 8915 satoshis after having broken above last month’s bear-channel. Ripple has a market capitalization of $26.67 billion. EOS has produced a significant bounce in recent days, gaining around over 16% from the last month’s low of roughly $12.15 and breaking above May’s descending channel. EOS/USD currently appears to have bounced off support at the previous all-time-high area from 2017 of approximately $14. When compared with BTC, EOS gained approximately 12% from $0.00165 to $0.00185. EOS is currently the fifth largest cryptocurrency by market cap with $12.67 billion. Do you think that the markets are forming a higher low? Or a dead cat bounce before more downward price action? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Trading View. Need to calculate your bitcoin holdings? Check our tools section. The post Markets Update: Leading Cryptocurrencies Break Above Bear Channels appeared first on Bitcoin News. View the full article