roadrunner

Just recently news.Bitcoin.com reported on the Zimbabwe-based exchange Golix filing a lawsuit over the recent Reserve Bank of Zimbabwe (RBZ) ‘cryptocurrency ban’ that was issued in a financial guidance circular earlier this month. Now, according to numerous regional reports, the Zimbabwe High Court has ruled in favor of the trading platform’s argument because the RBZ failed to show up to the trial. Also read: India’s Supreme Court Keeps Ban on Banks’ Crypto Services, For Now Harare High Court Reverses RBZ Cryptocurrency Ban Multiple regional news outlets and individuals on social media have reported that the Zimbabwe High Court has lifted the RBZ ban against cryptocurrency activities taking place within the country. The local digital asset exchange Golix decided to take the case to the High Court stating the RBZ had no right to enforce such laws and only the country’s parliament can issue a financial ban. After the bank issued its Circular to Banking Institutions No. 2/2018: Virtual Currencies, many people thought the central bank effectively banned all cryptocurrency activities. Today, Golix and its legal team managed to get High Court judge Justice Alphas Chitakunye to overturn the ban. On May 24 one of the legal team members, and a constitutional lawyer, Fadzayi Mahere, announced the victory to her Twitter followers stating: RBZ ban on cryptos lifted by the High Court. Administrative justice is alive and well in this jurisdiction. Section 68 of the Constitution is our best friend. The legal team fighting against the recent RBZ ruling in Zimbabwe. Reserve Bank of Zimbabwe Representatives Fail to Attend Harare High Court Trial Alongside Fadzayi Mahere, the Golix team was represented by another attorney named Hopewell Chitima. The legal team used Section 68 of the country’s constitution but no representatives from the RBZ showed up to the trial. Regional reports state that because of this action, the Harare High Court justice ruled in favor of the Golix team. High Court judge Alphas Chitakunye’s ruling states: The ban issued by the Respondents [RBZ] through letter dated 15 May 2018 against Applicant directing it to cease operations, shut down its virtual currency exchange business and ordering the closure of its bank account with its banks is hereby reversed and set aside. At the time of publication, there have been no statements made by the RBZ, the central bank’s registrar Norman Mataruke, or the RBZ governor, John Mangudya. What do you think about the High Court lifting the RBZ ban? Do you think the central bank will respond to this ruling? Let us know your thoughts in the comments below. Images via Fadzayi Mahere’s Twitter page, Shutterstock, and Pixabay. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Zimbabwe High Court Reverses Central Bank’s Cryptocurrency Ban appeared first on Bitcoin News. View the full article

It appears Bitcoin Gold (BTG) has been double spend attacked over and over again, totalling something in the neighborhood of $18 million at current prices. BTG forums seem to have been tracking the hack, going as far back as last week, monitoring the controversial coin’s hashrate, ultimately determining a 51% attack was under way. Also read: Roger Ver and Ryan X. Charles Reveal the Future of Cash Bitcoin Gold Gets $18 Million Haircut “An unknown party with access to very large amounts of hashpower is trying to use ‘51% attacks,’” Bitcoin Gold forum poster Mental Nomad announced a week ago, “to perform ‘double spend’ attacks to steal money from Exchanges. We have been advising all exchanges to increase confirmations and carefully review large deposits.” A founding economic principle of bitcoin was its alleviation of the double spend problem. It was a main stumbling block in the historical race to create a viable cryptographic monetary form – foiling a great many coders along the way. Satoshi Nakamoto solved it through a decentralized, distributed ledger confirmation process (blockchain). Going as far back as its genesis block from early 2009, users can be confident transactions aren’t rebroadcast. Like clockwork, 6 times an hour, blocks are added – copied to nodes within the universal network. The offending wallet, according to the BTG team. One way to achieve double spending is known as a 51% attack. It’s accomplished by bogarting the network’s computing power. With a majority, bad actors can get between the Nakamoto solution and transaction confirmations. By stymieing block completion in the usual manner, all sorts of mischief can arise: blockchain mining rewards redirected, users’ transactions reversed, etc. Not too long after, a double spending attack can commence, acting as the fiat equivalent to counterfeiting. Needless to type, any crypto suffering from such a problem is certain to immediately lose user confidence. Such attacks are interesting for another reason, as Mental Nomad is careful to point out. “There is no risk to typical users or to existing funds being held. The only parties at risk are those currently accepting large payments directly from the attacker. Exchanges are the primary targets,” he assured last week. “It appears that actions on the part of the exchanges have deterred the attacker, for now.” And hitting exchanges tends to elicit little sympathy, at least initially, due to users being insulated. Exchanges are particularly vulnerable because they generally covet large deposits, which only compounds the problem in cases like these. GTNjvCGssb2rbLnDV1xxsHmunQdvXnY2Ft Over period of days, batches of BTG were deposited into exchanges supporting the forked coin, only to be sent back to the depositor’s wallet. The lag between such a transaction and some exchanges’ discovery is sufficient enough to nab tokens, doubling the filthy lucre. Exchanges trading bitcoin gold have responded by upping transaction confirmation filters, but evidently to no avail as the attacker gains ever-more BTG network control. Bitcoin Gold team members seem to have communicated with some exchanges. “Requiring more confirmations greatly increases safety,” the forum details. “Until now, some Exchanges were operating with less than five confirmations required. We have been urging higher limits to prevent such an attack, and urging manual review of large deposits of BTG before clearing the funds for trading.” Indeed, according to BTG, “One of the targeted Exchanges reported that they strongly believe this attacker attempted to hit them with a double-spend of BTC in the past. In their words, ‘we are 100% sure that it is the same person, we found many associations between the accounts.’” The traditional way BTC has been able to thwart double spend attacks. Evidence put forward by the BTG team points to address GTNjvCGssb2rbLnDV1xxsHmunQdvXnY2Ft as the attacker’s wallet; mined coins, according to the forum post reside at GXXjRkdquAkyHeJ6ReW3v4FY3QbgPfugTx. More than 388,201.92404001 BTG were funneled through the wallet, totalling more than $18 million according to Bitcoin Gold Explorer. That a top thirty crypto by market cap can be so easily troubled is a giant of enough problem, but it could also take exchanges down in the process – something the ecosystem is very sensitive to since Mt. Gox. And though, for now, BTG is confident enough to suggest users are not at risk, history shows that can quickly be the case as an exchange freezes withdrawals in an effort to stop hemorrhaging. Bitcoin Gold has been beset by controversies since its birth fork late last year, including a recent dust-up between BCH advocate Craig Wright and BTG founder Jack Liao. To be fair, however, it is not the only blockchain to suffer a 51% attack. Mere days ago, recently Chinese government highly rated coin verge (XVG) was made to heel, again. These pages reported XVG, “On the morning of May 22, Suprvona, one of the largest altcoin mining pools, informed its 19,000 Twitter followers that verge was suffering yet another 51% attack, causing all blocks to be rejected.” Do you think the BTG hack spells doom for the coin? Let us know what you think of this subject in the comments below. Images via Pixabay, BTG Block Explorer. 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 Gold Hacked for $18 Million appeared first on Bitcoin News. View the full article

The Irish revenue service has published a manual with guidelines aimed at eliminating the uncertainty surrounding the taxation of crypto transactions. Investors and traders of digital coins, businesses working with cryptocurrency and tax advisors, of course, can now find answers to many but not all of their questions. The notice has been issued at a time when tax authorities across Europe are trying to tap into crypto incomes and profits in the absence of dedicated regulations in most cases. Also read: Poland Backpedals on “Irrational” Crypto Tax After Strong Backlash Cryptos to Be Treated Under ‘Normal’ Tax Rules The “Tax and Duty Manual” issued by authorities in Ireland attempts to clarify matters related to crypto taxation and mostly confirms that the existing regulations apply to the crypto sector. The document provides guidelines on the tax treatment of various transactions involving cryptocurrencies. The Irish Revenue Commissioners, the government agency responsible for customs and taxation, emphasizes that the advisory published this month is to be used as a reference for tax purposes only, as it does not cover regulatory and other aspects. According to the instructions, direct taxes such as corporation tax, income tax and capital gains tax are applicable but each case should be reviewed separately, according to the individual facts and circumstances. In general, businesses accepting crypto payments for goods or services should keep records of crypto transactions. No special rules have been introduced so far and taxable profits should be calculated according to the current tax legislation. The profits and losses of a company transacting in cryptocurrency must be reflected in accounts and are taxable under “normal CT rules,” the document states. Ireland’s Taxes Consolidation Act from 1997 recognizes that some businesses operate and prepare their accounts in a “functional currency” other than euro. The authors of the manual point out, however, that cryptocurrencies cannot be considered functional currencies as defined in Section 402(1) of the TCA. Therefore, accounts for tax purposes cannot be maintained in crypto. Instead, euro or other fiat currency should be used. Irish tax officials have explained crypto income taxation, as well. “Profits and losses of a non-incorporated business on cryptocurrency transactions must be reflected in their accounts and will be taxable on normal income tax rules,” the notice reads. They have also informed taxpayers that gains and losses incurred on cryptocurrencies are chargeable or allowable for capital gains tax if they accrue to an individual, or for corporate tax on chargeable gains for companies. Bitcoin Is Currency as Far as VAT is Concerned In the absence of common European guidelines on how to treat cryptocurrencies for tax purposes, many member-states have decided to base their VAT (Value Added Tax) policies on a ruling by the Court of Justice of the EU from 2015. The Luxembourg-based institution has drawn a parallel between “virtual currencies” and fiat money, when they are used for payments. The Republic of Ireland is now joining these countries confirming that bitcoin constitutes a currency for VAT purposes. In result, cryptocurrencies like bitcoin are regarded as “negotiable instruments” and exempt from VAT in accordance with the Irish VAT Consolidation Act of 2010. The manual notes this applies to companies buying and selling cryptocurrencies and acting as owners of crypto holdings. On the other hand, value added tax is due from suppliers of goods or services sold for cryptocurrencies. The taxable amount, however, should again be calculated in euro and at the time of the supply. The Irish Revenue Commissioners point out that the value of bitcoin and other cryptos may vary between trading platforms. In the absence of a single exchange rate, a “reasonable effort should be made to use an appropriate valuation for the transaction in question,” the manual says, without detailing what “reasonable” and “appropriate” may mean in practice. Income received from mining operations will generally be outside the scope of the value added tax. Crypto mining is not considered an economic activity for VAT purposes yet. It’s worth noting that no instructions have been given on the taxation of incomes, profits and other flows related to initial coin offerings. The document issued by the Irish revenue service does not say anything about digital tokens and token sales. Do you think the Irish tax manual provides enough clarity in regards to crypto taxation? Share your opinions in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post Ireland Clarifies Taxation of Crypto Transactions appeared first on Bitcoin News. View the full article

Have you ever felt that someone is controlling the crypto markets, increasing prices to lure you in and crash it all as soon as you buy? Well, US authorities have apparently heard your whining because they are now reportedly suspicious manipulation is indeed occurring. Also Read: Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall Street Spoofing and Wash Trading The US Department of Justice (DOJ) has reportedly launched a criminal investigation to determine if big money traders are manipulating the prices of Bitcoin, Ether and possibly other cryptocurrencies. The illicit trade tactics that the DOJ is looking into include spoofing and wash trading, and federal prosecutors are working in collaboration with the Commodity Futures Trading Commission (CFTC) on the investigation, this according to “four people familiar with the matter” cited by Bloomberg. Spoofing refers to creating false buy orders to attract other traders (usually bots) to get in, with the intention of manipulating the market price in order to make a profit by actually selling. The Dodd-Frank Act defines spoofing as “the illegal practice of bidding or offering with intent to cancel before execution.” Similarly, wash trading is when someone simultaneously sells and buys the same financial instruments to create misleading activity, meant to make it appear as if an asset has more trade volume than it really does. Why Now? US authorities are reportedly concerned that cryptocurrency markets are prone to manipulation for a number of reasons including doubts that all trading venues are on the lookout for fraudsters, massive price swings that make it possible to steer valuations and a lack of strong regulations on crypto exchanges. While many will surely applaud the DOJ for its diligence in protecting crypto investors, skeptics might wonder if US authorities are not doing this also in an effort to further cool the market down by frightening investors. They are not generally known to be welcoming toward the field, and only recently it was revealed that American regulators also took part in a crackdown on what they call “fraudulent ICOs and crypto-asset investment products.” Are cryptocurrency prices manipulated and is it the US DOJ’s job to investigate these global markets at all? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post US Justice Department Investigates Price Manipulation in Bitcoin Market appeared first on Bitcoin News. View the full article

The Institute for Justice (IJ) bills itself as the national law firm for liberty. IJ works to slow the growth of government in the US in all its forms: economic freedom, education, private property, freedom of speech, not to mention amicus briefs to the Supreme Court. Now bitcoiners can help support IJ’s valuable work, a real world use case, through Bitpay and bitcoin cash (BCH). Also read: Roger Ver and Ryan X. Charles Reveal the Future of Cash Freedom, a Use Case for Bitcoin Cash This year started very well for The Institute for Justice, a national law firm taking the terribly unsexy cases where government encroachment upon average folk goes largely unnoticed. The venerable Pineapple Fund donated to “only 58 charities so far selected to receive a grant,” including the IJ. In response to the January notice of receiving a grant, the Institute noted it would use the money to “help us defend and secure the rights of hundreds of thousands of people like those you will read about in this issue of Liberty & Law, protecting them from government abuse and enabling them to live as free and responsible individuals.” The Pineapple Fund was a foundation of sorts lasting less than half a year. Started by a bitcoin core (BTC) whale, it garnered widespread praise in the cryptocurrency ecosystem for promoting the idea at least some of the recent years’ gains ought to be set aside for causes working for a brighter future. And it became yet another connection between crypto and the Institute for Justice. A Thirty Year History Meets Money’s Future In fact, the IJ has come to terms with crypto payment provider Bitpay, allowing supporters to donate in bitcoin cash (BCH) as well. The higher fees and lag times of bitcoin core (BTC) made it less hospitable toward microtransactions such as lower-level giving. A hundred bucks worth here, twenty there, were simply eaten alive by transaction costs. A much better match, at the moment, is BCH for those very reasons. And all donations are tax deductible. Supporting work of the sort IJ does is something crypto enthusiasts can feel good about. A cursory gloss over the cases during their near 30 year history is proof enough. Eminent domain, whereby governments bully property owners into selling, or worse, under the rubric of the ‘greater good’ are causes rarely heard by other groups. IJ regularly fights them. Crypto fans are especially sensitive about the subject of licensing and certification, as they’re often frictions and barriers to entry into the polite, proper economy — something enthusiasts can empathize with. The IJ is a lone advocate in this regard, making sure those who wish to simply offer a nice meal or a haircut are protected from petty bureaucrats. The IJ is also keen on providing support for landmark cases via amicus briefs, as in the case of Carpenter v. United States. The Carpenter case deals with the 4th Amendment violations and may be instrumental towards the pending Ross Ulbricht Supreme Court petition as well. For the BCH Gang, giving to important causes is yet another perk of decentralized cash. Groups such as EatBCH are “collecting bitcoin cash donations for the past few months and have been using the funds to purchase food and feed Venezuelans who are in need of assistance. Nearly every single day for over three months the group’s Twitter handle shows pictures of children and adults getting all kinds of food — and it’s all paid for with bitcoin cash,” these pages reported. The Institute for Justice is yet another use case. Do you donate crypto? Is it a good way to spread adoption? Tell us in the comments below! Images via Shutterstock and Pixabay. Want to create your own secure cold storage paper wallet? Check our tools section. The post Bitcoin Use Case: Limiting Government Growth appeared first on Bitcoin News. View the full article

Back in the day, before cryptocurrency was worth anything, an email address and a password was all you needed to login to an exchange. Then came 2FA, using email verification or Google Authenticator. Then came the third generation of secure sign-in methods, and that’s when things started getting weird. Also read: Darknet Market Rapture Has Been Down for a Week — Users Grow Leery From Fit the Puzzle to Make the Gesture As attackers have gotten more sophisticated, so have the measures cryptocurrency exchanges have taken to keep them at bay. These are designed to fulfill a range of objectives, including spam and bot deterrence, as well as to perform increased due diligence for legal reasons. Binance with its “Fit the puzzle piece carefully” which has spawned numerous memes, and kept its customer support busy attending to users who can’t fit the puzzle. Kucoin, meanwhile, began asking odd questions of its customers a few weeks ago, and then repeating those questions every time they went to login, much to their annoyance. Kucoin asks the important questions Bittrex will force you to log in twice after clicking a link in your email, stating that it doesn’t recognize your IP – even when you’re signing in from your usual location on your usual device. The quirks of logging into major exchanges have been assimilated into cryptocurrency culture, and while users may grumble, they accept that these measures are in place for their own benefit. Gate.io’s latest verification trick, though, has gotten traders talking: Gate.io’s new KYC Prove You’re Human Completing KYC for Gate.io in a public place is no longer viable, but perhaps that’s part of the plan: to embarrass users into upping their opsec by logging in at home. As part of the verification process, users are required to recreate four out of a possible nine gestures before their webcam. From a security perspective, it’s certainly effective: bots have yet to master human gestures while pulling gang signs. In no other industry would the public tolerate such bizarre security measures. Cryptocurrency is different though. Undergoing unorthodox procedures is the price that must be paid for trading on an exchange. Traders can complain, but if they want to withdraw their funds, they have no option other than to comply. Do you think enhanced verification measures heighten exchange security, or do they simply inconvenience users? Let us know in the comments section below. Images courtesy of Shutterstock, Binance, Gate.io, and Kucoin. Need to calculate your bitcoin holdings? Check our tools section. The post Cryptocurrency Exchange Verification Is Getting Weird appeared first on Bitcoin News. View the full article

In today’s edition of Bitcoin in Brief we feature stories that show how fast and nimble banks that support cryptocurrency-based businesses are benefiting at the expense of the larger players that have yet to enter the market, how more financial institutions want to join and how crypto ventures are making it easier for them. Also Read: Indian Government Considering 18% Retroactive Tax on Crypto Trading, Mining Small Banks Love Bitcoin With major US banks too afraid to serve all American bitcoin users and businesses, smaller banks are picking up the slack and making a fortune doing so. New York-based Metropolitan Bank for example was able to build up deposits from crypto business without building costly new branches, and more than triple yearly fee income in 2017, largely from crypto transactions. And San Diego-based Silvergate Bank nearly doubled its assets to $1.9 billion in 2017, mainly because of 250 cryptocurrency-related businesses the privately-held company now serves. Silvergate Chief Executive Alan Lane told to the Wall Street Journal that “At what point as a banker do you pull your head out of the sand? Every banker should be learning about the technology.” Deutsche Börse “Deep at Work” With Bitcoin Deutsche Börse AG, which operates the Frankfurt Stock Exchange, is actively examining its options for launching cryptocurrency derivatives. This was revealed in London on Wednesday by Jeffrey Tessler, CEO of the post-trade services provider owned by Deutsche Börse Clearstream and member of the group’s executive board, responsible for Clients, Products & Core Markets, at an event organized by the Association for Financial Markets in Europe. “Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do,” explained Tessler. “We are deep at work with it,” however, “not at the same stage” [as the CME]. “We want to understand the volatility and make sure clients are in line and make sure regulators are in line.” Huobi Pro Launches Crypto Market Index Huobi Pro has announced on Wednesday the launch of a new benchmark called the Huobi Main Force Index. The company explains that it will select 10 top traded digital assets with high market capitalization and strong liquidity that reflect the market performance of Huobi Pro, in terms of USDT. The assets will be divided into four categories: Coins, Platforms, Applications and Physical Assets tokens, depending on the transaction volume value of the previous quarter. Huobi further states that the main force index will be published by Bloomberg and other communication organizations later on, and users may view the index by logging in on their devices. “The goal here is to provide a complete and organized tool which will help enhance the overall knowledge of the blockchain industry. We are committed to bringing more insights and data so key stakeholders can make the most knowledgeable decisions when it comes to their investments,” said Leon Li, founder and CEO of Huobi Group. US Megabanks Less Safe Than Crypto? Americans now have a new reason to consider moving their money away from big banks to cryptocurrencies – the expected decision by banking regulators to water down the Volcker Rule, which restricts the ability of banks to engage in proprietary trading with depositor funds. This according to the latest analysis by Weiss Cryptocurrency Ratings. They explain that due to the rule changes, banks will now be able to gamble more freely in a scheme that gives them the quick profits but gives depositors the ultimate risks. In contrast, holders of cryptocurrencies are not exposed to those kinds of risks as they can control their money directly with no custody by third parties and no need to trust a central authority. “With this rule change, the authorities will make it easier for megabanks to take big risks with other people’s money. But they are making the change precisely when global debt levels imply record risks,” the authors argue. “In the future, cryptocurrencies will do such a fundamentally better job as a safe depository of funds it’s difficult to envision a world in which this technology does not become a game-changer for money and banking.” What do you think about today’s news updates? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall Street appeared first on Bitcoin News. View the full article

On Wednesday, May 23 the San Francisco based exchange Coinbase announced the acquisition of a decentralized digital token relay-trading platform called Paradex. Alongside adding the decentralized exchange (Dex), the firm has also revealed it is retiring the name GDAX and that platform will soon be known as ‘Coinbase Pro.’ Also Read: Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders Coinbase Exchange Acquires Decentralized Token-Relay Platform Paradex Coinbase has revealed some interesting decisions today as the cryptocurrency exchange and brokerage service purchased a peer-to-peer Dex that allows users to swap “hundreds of tokens” like ERC-20s. According to various reports, Coinbase plans to “enhance” the Paradex protocol and launch the service to international customers located outside of the U.S. Reuters details that Coinbase purchased the platform for an undisclosed sum. Basically, the Paradex development team of ten, explains the platform allows the peer-to-peer relay of ERC-20 tokens on top of the Ethereum blockchain. The system is entirely decentralized by utilizing the 0x protocol which provides “handling settlement without necessitating user accounts or taking custodianship of users’ funds,” explains the Paradex team. Today the Paradex website states: We know we’ve been a little quiet, but we’ve been hard at work, and we’re incredibly excited to share that Paradex is joining Coinbase — While we work to integrate with Coinbase, the Paradex app will be temporarily unavailable, starting today, May 23, at 3pm ET. This doesn’t change our commitment to our users — We’re still working hard to build the best relayer, now with a larger team and more resources. GDAX Will be Overhauled Into ‘Coinbase Pro’ Coinbase also told the press it would “eventually” provide Paradex services to U.S. customers but it needs to make compliance changes first. The firm headquartered in San Francisco also announced the same day that it was completely overhauling and rebranding the GDAX exchange. This summer GDAX will be known as ‘Coinbase Pro’ the company explained on Wednesday. The Coinbase Pro Trading Interface. David Farmer, the General Manager of Coinbase Pro, detailed the trading platform will be more intuitive with a simplified deposit and withdrawal process. Further, the exchange will offer improved charts and access to historical data while also offering a new portfolio feature called ‘My Wallets.’ “As the decentralized ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways,” Farmer states. The news follows the trading platform’s plan to offer institutional custody services, and purchasing the website Earn.com. What do you think about Coinbase purchasing Paradex? What do you think about GDAX turning into Coinbase Pro? Let us know your thoughts in the comments below. Images via Shutterstock, Coinbase, Paradex, and GDAX blog. Been looking for a cryptocurrency exchange? Look no further, Bitcoin.com has you covered with our comprehensive list of global exchanges. The post Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex 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. Partnership announced in same week as Energi Mine launches promotion with OKEx, the world’s biggest exchange London – Energi Mine, the blockchain platform that financially rewards energy saving behaviour using EnergiTokens (ETK), and Simply EV, a leading provider of EV accessories today, announced a partnership. The partnership will enable those with ETK to spend their currency on electric vehicle charging cables and accessories, as well as earn ETK through a rewards scheme at Simply EV. The relationship will enable Simply EV customers to join the Energi Mine community and use the ETK tokens. These tokens can be earned through the Energi Mine platform, by rewarding people for energy saving behaviour: from purchasing electric vehicles, to using energy efficient appliances. Operating in a similar way to rewards and loyalty schemes, ETK can also be gained by customers through purchasing certain goods from a growing list of suppliers. In fact, one of the very actions through which a customer could earn ETK would be to purchase products from Simply EV. Simply EV sells electric vehicle charging equipment direct to consumers – rather than through the vehicle manufacturers themselves. Therefore, whatever make of electric vehicle a customer has, they will be able to find a variety of charging equipment on their site; the charge cables in particular offering an industry leading five-year warranty. Conor Thomas, managing director of Simply EV, said that “By teaming up with Energi Mine and joining their circle of partners, we are creating a real community for our customers. Our customers have made the decision to invest in sustainable transportation and reduce their carbon footprint, what better way to reward them than to bring them into the Energi Mine ecosystem, offering them rewards with us and the other companies Energi Mine has partnered with.” This is one of many recent partnerships announced by Energi Mine, including others with the Energy Managers Association that will see the platform trialled on Network Rail, as well as a recently announced partnership with FuzeX that takes crypto one step further to being used at the checkout when buying goods in person. In forming such partnerships, Energi Mine is building a community of energy conscious businesses that will accept and aid the distribution of EnergiTokens. Omar Rahim, CEO of Energi Mine said “Part of our vision at Energi Mine is to create a community of likeminded businesses that all strive to reduce carbon emissions and promote sustainability. With this partnership we are now making consumers part of that ecosystem by giving them a way that they can benefit from financial rewards for their energy conscious decisions. This should also have the effect of incentivising further energy saving behaviour.” This partnership comes off the back of recent research that has shown that the UK is lagging behind when it comes to the provision of infrastructure for charging electric vehicles – as the rate of uptake of electric cars outstrips the installation of vehicle charging points. Following on from the successful launch of its rewards app, Energi Mine is offering bonus EnergiTokens (ETK) and a prize of $20,000 worth of ETH when you open an account with the biggest crypto exchange in the world, OKEx, simply by depositing 1 ETH. The first 3000 people to sign up to OKEx, using this link will receive EnergiTokens (ETK), with the first 1000 people each receiving 3000 ETK, the next 1000 people receiving 2000 ETK and the final 1000 people receiving 1000 ETK. As well as this, you will have a 1 in 3,000 chance to WIN $20,000 worth of ETH. Get involved today, help be a part of the change! For more information about the EnergiToken energy-saving reward scheme, or to become a partner, please visit www.energitoken.com, follow us on twitter @EnergiMine or join the Energi Mine Telegram group @energitoken. Contact Email Address jennifer.xhufi@energimine.com Supporting Link https://energitoken.com/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Energi Mine Adds to Ecosystem of Energy Saving Partners with Simply EV Partnership appeared first on Bitcoin News. View the full article

Russian State Duma has approved its first reading of the long-awaited legislation package regulating crypto-related matters and activities. The legal texts, voted almost unanimously, will open the way for legalization of cryptocurrencies in the Russian Federation, including their exchange and circulation under certain conditions. Deputies now have about two weeks to propose amendments before they proceed to final adoption of the three bills. Also read: Cryptocurrency is Property in Russia, Justice Minister Confirms The Bills Regulate Crypto Assets, Crowdfunding and Digital Rights The lower house of Russia’s parliament, the Duma, has accepted and approved on first reading three pieces of legislation tailored to regulate different aspects of the crypto ecosphere in the country. This week, the bills – “On Digital Financial Assets,” “On Attracting Investments Using Investment Platforms,” and “On Digital Rights” – hit the house floor. All of them were voted almost unanimously, the Russian Association of Cryptocurrencies and Blockchain announced on social media. Some interesting ideas, like tax breaks, have been pitched already during parliamentary discussions. The first two drafts were introduced on March 20 by a group of deputies led by the chairman of the Financial Market Committee, Anatoly Aksakov, while the third one, which amends the country’s Civil Code, was filed on March 26 by the speaker of the Duma, Vyacheslav Volodin, and the head of the parliamentary Legislation Committee, Pavel Krasheninnikov. The new legislation incorporates legal concepts like “digital right” and “smart contract” and defines cryptocurrencies and tokens as property, not as legal tender. It establish the sequence of actions in a token sale and the rules governing ICO projects. The texts form the basis for legalizing crypto mining but the legal definition of this economic activity will be expanded and refined between the two readings. Other amendments may be introduced in the next couple of weeks. Some proposals, including a moratorium on the taxation of miners, have been discussed in parliament already. Cryptocurrency Is Electronic Property, Not Legal Tender The bill “On Digital Financial Assets”, № 419059-7, prepared by the Finance Ministry, was voted by Russian legislators with only one “nay”. It regulates the relations arising from the creation, issuance, storage, and circulation of digital financial assets. The draft also establishes the exact procedures for conducting crypto transactions and concluding smart contracts, including the exercise of rights and the performance of obligations. Last week, Russian prime minister Dmitry Medvedev said that common words like “cryptocurrencies” and “tokens” will be replaced with the legal terms “digital money” and “digital rights” in the new legislation. The text of this particular draft, however, contains definitions of the original, colloquial terms. It reads: “Digital financial asset – property in electronic form, created using cryptographic tools.” It also says that property rights in this case are certified by making digital records in a register of digital transactions. “Digital financial assets include cryptocurrency, token,” the document states, emphasizing that these assets are not legal tender in the Russian Federation. According to the authors, tokens can have a single issuer, while cryptocurrencies can have multiple issuers, like the miners. Both can be exchanged with rubles and foreign currencies under rules determined by the Central Bank of Russia (CBR). They will not be considered a mandatory means of payment, account and transfer like the ruble, but individuals and businesses will be able to use them for payments within the frame of the law. According to Russian media reports, the draft states that crypto purchases and sales should be performed only through providers of exchange services for digital financial assets – brokers, dealers, and corporate entities – acting as custodians. That includes cryptocurrency exchanges which will offer individual accounts and wallets to their customers. The rules governing these activities shall be developed by the Central Bank in consultation with the Council of Ministers. Crowdfunding and Crowdinvesting Regulated The bill also describes the sequence of actions involved in issuing digital tokens, stating that their release should be carried out through public offering. Entities behind initial coin offerings (ICOs) will be required to disclose detailed information about their projects. The organizers of token sales need to prove they control at least 5 million rubles (~$81,000) of capital. Banks and non-credit financial institutions won’t be allowed to conducts ICOs. The law also regulates crypto mining and implies that miners should register with the Federal Tax Service, as either individual entrepreneurs or legal entities, and pay taxes. The Law “On Attracting Investments Using Investment Platforms”, № 419090-7, regulates specifically crowdfunding and crowdinvesting in Russia. The draft reads that both legal entities and individual entrepreneurs can be involved in such activities and prescribes the norms that the organizers of digital fundraising should abide by. According to its provisions, private citizens can participate in crowdfunding without any registration but the investment platform operators should be registered with the CBR. The bank will also determine the maximum amount an “unqualified investor” can spend on a single project as well as and the limit of their yearly investments in digital tokens. Only Tokens with Economic Value to Be Recognized as ‘Digital rights’ The third draft passed on first reading, the bill “On Digital Rights” – № 424632-7, amends the Russian civil law. It introduces basic provisions allowing legislators to regulate the market of tokens and cryptocurrencies and creating conditions for digital transactions. The text develops the legal concept of “digital right” to define tokens. According to the authors, only tokens with significant economic meaning will be recognized as digital rights, unlike loyalty points or virtual coins used in online gaming, for example. A holder of a “digital right” is described as a person with unique access to the coin’s digital code. Besides regulating the circulation of tokens and the execution of token transactions, the law is also expected to ensure judicial protection for their owners. The introduction of digital rights creates a legal basis for taxation of economic activities related to token sales, as well. Do you think the new legislation will open the way for mass adoption of cryptocurrencies in Russia? Tell us in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post Russian Duma Adopts Three Crypto Bills on First Reading appeared first on Bitcoin News. View the full article

The chairman of the United States Securities and Exchange Commission (SEC), Jay Clayton, has issued a statement “applaud[ing]” the efforts of authorities associated with the North American Securities Administrators Association (NASAA) in executing the current “enforcement sweep targeting fraudulent ICOs and crypto-asset investment products.” Also Read: 70+ Investigations: 40 Regulators Crack Down on Suspicious Crypto Schemes SEC Chairman Commends Regulators Involved in ‘Operation Crypto-Sweep’ SEC chairman Jay Clayton has “applaud[ed]” his “fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering (ICO) markets.” “The enforcement actions being announced by NASAA should be a strong warning to would-be fraudsters in this space that many sets of eyes are watching, and that regulators are coordinating on an international level to take strong actions to deter and stop fraud,” Mr. Clayton said. The “efforts” referred to by Mr. Clayton have seen more than 40 North American state and provincial regulators participate in ‘Operation Crypto-Sweep’ – an “enforcement sweep” targeting fraudulent ICOs and crypto investment schemes which has resulted in over 70 investigations thus far. NASAA Describes ICO Fraud as ‘Threat to Main Street Investors” The SEC chairman sought to take a firm stance regarding the issuance of unlicensed securities through an ICO, stating that “When investors are offered and sold securities, whether through traditional channels or through an ICO on a sales-oriented website, state and federal securities laws apply. These laws have applied to our securities markets for over 80 years. At their core, these laws require full and fair disclosures of material information about both the securities and the venture being funded. Unfortunately, some market participants seem to believe that the use of new technology provides a basis for ignoring the core principles of our securities laws.” Of Operation Crypto-Sweep, NASAA President and Director of the Alabama Securities Commission, Joseph Borg, recently stated: “The persistently expanding exploitation of the crypto ecosystem by fraudsters is a significant threat to Main Street investors in the United States and Canada, and NASAA members are committed to combating this threat. Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams.” What are your thoughts on Operation Crypto-Sweep? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post SEC Chairman Applauds ‘Operation Crypto-Sweep’ appeared first on Bitcoin News. View the full article

The website Rapture Market has been down for well over a week for users who frequent the darknet, causing concern that another DNM has committed an exit scam. Currently, the market’s customers and some vendors are freaking out as the online marketplace was gaining in popularity and enjoying solid ratings with decent uptime. However, Rapture Market hasn’t been around for very long and people are starting to believe another DNM has bitten the dust for a number of speculated reasons. Also read: Darknet Markets: Learning How to Get There is Half the Battle Darknet Marketplace Rapture Becomes Unavailable for Over a Week—Users Begin to Worry It has been over eight days since the Rapture Market and its associated forums have been online, and patrons are growing concerned. According to the Deep Dot Web publication, the market is suffering from downtime and its 98 percent uptime rating has dropped to 97 percent. The marketplace hasn’t been around for as long as elder markets like Dream, and Wall Street, as Rapture was created this past January. Since the inception of Rapture, the market has received very good reviews and had a ‘trusted vendors’ referral system and affiliate program, alongside over 500 narcotic listings and other materials. Rapture accepted both Bitcoin Core (BTC) and Monero (XMR) and incorporated a forum and messaging system which have also been non-operational for over a week. The Rapture darknet marketplace established in January 2018. Lots of Speculation, While Reliable DNM Information Is Harder to Gather These Days These days it’s harder to find out information on the reputation and whereabouts of DNM vendors alongside down darknet markets since Reddit recently removed the most popular DNM forum. However, patrons searching for information about Rapture’s demise are still communicating through the r/darknetmarketnoobs subreddit and other areas on the clearnet. “Has anyone been in contact with any staff or is there a Rapture PGP signed message about downtime?” One Rapture patron writes on May 15. “I’ve looked but couldn’t find anything. It’s been down a day and a half now, just wondering if anyone knows if its legit downtime or possible exit scam?” Some Rapture users said the site will return soon and also revealed that the webpage was suffering from DDoS attacks, among other issues. After a few months of decent reviews on the website Deep Dot Web, a bunch of new reviews appeared last week, with people asking why the DNM was not available. The Deep Dot Web’s DNM chart shows Rapture is down and unresponsive. “The market is under DDoS owners are trying to get it back up no need for panic,” a user writes four days ago. The very last reviewer explains they have ‘inside’ information on why the site is non-operational and states: For security reasons I can not reveal how I have this information but I have very credible sources and the site is fixing some bugs and taking the market offline; bugs are minor but there are a few so it is better to take offline and take care of them all at once. So just chill out it could take a couple of weeks to fix according to sources but the market may be online before then but I do not have that information. The DNM ‘Exit Scam’ Is the Oldest and Most Lucrative Tricks in the Book No one has any solid information about the exact reasoning Rapture is down and annoyed patrons are therefore speculating. As usual the ‘exit scam’ is always the most dominant theory. An exit scam is when the marketplace administrators suddenly ‘disappear’ after accumulating a lot of customers’ money that sits in escrow alongside a large collection of vendor bonds that have been collected. It’s uncertain if Rapture’s downtime means it is officially an ‘exit scam.’ However, the ‘exit scam’ is the oldest trick in the book. It’s safe to assume that the Deep Dot Web and other DNM sites will remove Rapture if the market remains unavailable and classify it as an exit scam, but for some patrons, there’s still hope for a Rapture revival. What do you think about Rapture being down for so long? Let us know what you think about this subject in the comments below. Images via Shutterstock, Darkowl, Deep Dot Web, and Pixabay. Prove ownership on the Bitcoin Cash Blockchain for only 0.0005 BCH. Using the Bitcoin.com Notary. The post Darknet Market Rapture Has Been Down for a Week — Users Grow Leery appeared first on Bitcoin News. View the full article

In recent news relating to cryptocurrency exchanges, Coinbundle has received approval for licensing in The Philippines, the Monetary Authority of Singapore has issued a consultation paper regarding its intention to update its regulatory apparatus for cryptocurrency exchanges, and Okex has announced that it has remedied the error that caused it abruptly to suspend withdrawals and fiat trading yesterday. Also Read: Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders Coinbundle Receives Approval for Licensing in The Philippines Saad Rizvi, the co-founder and chief executive officer of Coinbundle, recently met with the National Secretary of the Philippines to finalize the exchange’s registration through CEZA, the Cagayan Economic Zone Authority – a special economic zone offering a number of tax incentives to companies operating in the country’s emerging fintech industry. “This agreement is a huge win for CoinBundle and will enable us to go to market rapidly and help our users to begin saving and investing. We’re also excited to contribute to the fintech ecosystem of the Philippines and create new jobs here,” Mr. Rizvi said. Coinbundle is one of fifteen fintech, blockchain, and cryptocurrency companies that are set to invest in CEZA, alongside Hachiman Technology Sdn BHD, MX Exchange Ventures, IPE Global PTE, Inc. Superieur Tech Pte. Ltd., CSM, Madison Blockchain Strategy Investment Company Ltd., Asia Pacific Blockchain Association, Pacificnet Strategic Investments Ltd., SuperAngels Ventures Ltd., and ANX International. CEZA administrator, Raul Lambino, has welcomed the partnerships, stating: “Working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers, and investors are adequately protected. This new development aims to drive the economy forward by creating employment opportunities and boosting job growth. The Philippines will be ready to provide cryptocurrency companies operating here with the manpower they need for their businesses.” Singapore Expected To Ease Exchange Regulations The emergence of new trends in trading platforms and technologies, including those pertaining to decentralized and cryptocurrency exchanges, has prompted the Monetary Authority of Singapore (MAS) to re-evaluate its legislative apparatus governing the regulation of exchanges. In a consultation paper issued by the financial regulator, MAS states that it has “observed the emergence of new business models in trading platforms, including trading facilities that make use of blockchain technology, or platforms that allow peer-to-peer trading without the involvement of intermediaries. As the current [recognized market operators (RMO)] regime has been in place since 2002, it is timely to review the regulatory framework for market operators to ensure that it continues to meet the demands of the changing landscape.” The consultation proposes developing a three-tiered RMO regulatory regime for market operators, and “invites comments from all financial institutions and other interested parties.” Okex Suspends Withdrawals After Users Experience Glitches Okex, the third largest cryptocurrency exchange by volume, suspended withdrawal and fiat trading services on the 22nd of May, following reports from users that their accounts had suddenly displayed enormous balances. Several users posted snapshots displaying balances that had appeared to suddenly accrue balances of more than 15,000 BTC (over $110 million USD), and other users reported that transfers in USDT were not deducting the sent tokens from their balance, however, the transferred funds were successfully received by the recipient. Abnormal cryptocurrency prices were also reported, with BTC suddenly appearing to have abruptly dropped to $6,002, and ETH suddenly jumping up to $736. Okex posted an announcement stating “Due to a technical error, the account balances of a few of our users are not displayed accurately. Of course, you can rest assured that your funds are safe, secured, and not affected by the recent update. We are currently fixing the issue and have suspended withdrawal service and fiat trading.” As of this writing, Okex’s most recent announcement states that “Fixing of the database error [is] already completed, but we are currently still verifying the data and records of our users. Withdrawal and fiat trading are estimated to resume at approximately 17:00 May 23 (Hong Kong time). Please rest assured that your funds are safe and secured.” Do you think that more financial regulators should follow in the steps of the Monetary Authority of Singapore and update their guidelines in consideration of the cryptocurrency revolution? Share your thoughts in the comments section below! Images courtesy of Shutterstock Need to calculate your bitcoin holdings? Check our tools section. The post Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Regulations, Okex Suspends Withdrawals appeared first on Bitcoin News. View the full article

The government of India is reportedly considering levying a type of consumption tax on cryptocurrency trading and even mining. The most grievous part of this proposal is that it may also be a retroactive measure, demanding payments for past actions. Also Read: Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical Context Crypto Sales Tax The Indian Central Board of Indirect Taxes and Customs is working on a proposal to impose an 18% tax on cryptocurrencies. The proposal will be considered by the Goods and Services Tax (GST) Council once it will finalized, “people with direct knowledge of the matter” told Bloomberg. According to the proposal: “Purchase or sale of cryptocurrencies should be considered as supply of goods, and those facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services; Value of a cryptocurrency may be determined based on the transaction value in rupees or the equivalent of any freely convertible foreign currency; If buyers and sellers are in India, the transaction would be treated as a supply of software and the buyer’s location will be the place of supply. For transfer and sale, the location of the registered person will be the place of supply. However, for sale to non-registered persons, location of the supplier would be considered as the place of supply. Transactions beyond the Indian territory will be liable for integrated GST, and would be considered as import or export of goods. IGST will be levied on cross-border supplies.” Further according to the proposal, mining will be classified as a supply of service and Indian miners will have to pay taxes on any fees and rewards they make. Additionally, cryptocurrency exchanges, wallet providers and some miners (those making over Rs 20 lakh) will have to register under the GST. Retroactive Tax India’s GST came into effect on 1st July 2017, replacing many former indirect taxes levied by the central and state governments as a measure to streamline the tax code. The Indian government is now considering that the tax on crypto will be applied retroactively since the start of the GST system, according to the same anonymous sources cited above. The meaning of this is that people will have to pay for actions they took about a year or so before the new policy, assuming it will be decided on in a couple of months. If this tax proposal will be accepted, the retroactive aspect of it is the most likely to be challenged by traders and exchanges in the courts. Indian crypto businesses have already had to turn to the courts in the matter of the ban on banks from dealing with them, a matter that is now being handled by the country’s supreme court. Is a retroactive tax on cryptocurrencies really feasible? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post Indian Government Considering 18% Retroactive Tax on Crypto Trading, Mining appeared first on Bitcoin News. View the full article

The central banks of Norway and England have published reports exploring different models for central bank-issued cryptocurrencies. By contrast, Federal Reserve governor, Lael Brainard, recently expressed her opposition to central bank cryptocurrencies – claiming that such would result in broad “macroeconomic consequences.” Also Read: Chilean President Considering Regulation of Cryptocurrencies Decline of Cash Prompts Norwegian Central Bank to Consider Central Bank-Issued Digital Currency A new report prepared by a working group of Norges Bank has indicated that Norway’s central bank is contemplating the development of a central bank-issued cryptocurrency. The report states that “A decline in cash usage has prompted us to think about whether at some future date a number of new attributes that are important for ensuring an efficient and robust payment system and confidence in the monetary system will be needed,” adding “If the answer is yes, a [central bank-issued digital currency (CBDC)] may be an appropriate measure.” Norges Bank identifies three specific purposes for a central bank-issued consideration that it believes “merits further consideration: […] ensur[ing] a public and credit risk-free alternative to deposits in private banks, in addition to cash[,] function[ing] as an independent backup solution for the ordinary electronic payments systems,” and “ensur[ing] the existence of suitable legal tender as a supplement to cash.” The report states that “It is too early to conclude whether Norges Bank should take the initiative in introducing a CBDC. The impacts of a CBDC – and the socio-economic cost-benefit analysis – will depend on the specific design. The design, in turn, will depend on the purpose of introducing a CBDC,“ adding that “A CBDC raises complex issues,” and “There is virtually no international experience to draw on.” Norges Bank states that it “will continue to issue cash as long as there is demand for it. But when cash usage declines, a CBDC can be an alternative to deposit money. The primary purpose of a CBDC is to ensure confidence in money and the monetary system.” “Further analysis is needed to assess the purposes of a CBDC, the types of solutions that best achieve these purposes and the benefits measured against financial and other costs. This is a long-term undertaking. The aim of publishing the working group’s report is to inform the public about its work, disseminate knowledge[.] and initiate a dialogue with stakeholders,” the report states. English Central Bank Explores Different Models for Central Bank-Issued Cryptocurrency The Bank of England has published a working paper exploring three potential models for central bank-issued digital currencies. The three models explore are the “Financial Institutions Access” model (FI), the “Economy-Wide Access” model (EW), and the “Financial Institutions Plus CBDC-Backed Narrow Bank Access” model (FI+). The FI model would see “CBDC access […] limited to banks and [non-bank financial institutions (FBFIs)],” whereas the EW model additionally allow “households and firms” to access CBDC. The FI+ model would see “CBDC access […] limited to banks and NBFIs,” however, “Within the NBFI sector there is at least one financial institution that acts as a narrow bank, providing a financial asset to households and firms that is fully backed by CBDC but that does not extend credit. That is, they provide households and firms with an asset that has the risk profile of central bank money, rather than a risk profile linked to the financial institution and of its borrowers.” The report claims to “find that if the introduction of CBDC follows a set of core principles, bank funding is not necessarily reduced, credit and liquidity provision to the private sector need not contract, and the risk of a system-wide run from bank deposits to CBDC is addressed.” Said principles are that “CBDC pays an adjustable interest rate,” that “CBDC and reserves are distinct, and not convertible into each other,” “No guarantee [of] on-demand convertibility of bank deposits into CBDC at commercial banks,” and that “The central bank issues CBDC only against eligible securities.” U.S. Federal Reserve Governor Opposed to Central Bank-Issued Digital Currencies The Norwegian and British reports come approximately one week after U.S. Federal Reserve governor Lael Brainard expressed her opposition to the suggestion of central bank-issued cryptocurrencies at the Decoding Digital Currency Conference in San Francisco. Governor Brainard expressed a number of concerns pertaining to central bank digital currencies, stating that “there are serious technical and operational challenges that would need to be overcome,” including “the risk of creating a global target for cyberattacks or a ready means of money laundering.” Mrs. Brainard argued that “the issuance of central bank digital currency could have implications for retail banking beyond payments,” asserting that “If a successful central bank digital currency were to become widely used, it could become a substitute for retail banking deposits. This could restrict banks’ ability to make loans for productive economic activities and have broader macroeconomic consequences.“ The governor also claimed that “the parallel coexistence of central bank digital currency with retail banking deposits could raise the risk of runs on the banking system in times of stress.” Governor Brainard concluded that “there is no compelling demonstrated need for a Fed-issued digital currency,” adding that “most consumers and businesses in the U.S. already make retail payments electronically using debit and credit cards, payment applications, and the automated clearinghouse network.” What is your opinion on central bank-issued cryptocurrencies? Tell us in the comments section below! Images courtesy of Shutterstock Need to calculate your bitcoin holdings? Check our tools section. The post Norway and England Contemplate Central Bank-Issued Cryptocurrencies appeared first on Bitcoin News. View the full article

Circle is going after fresh entrants to the cryptocurrency trading market with a new tool that allows them to invest in multiple coins as once. This feature is different than an index fund in a few crucial ways, perhaps most importantly being available to everyday investors not just the rich and trading professionals. Also Read: Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical Context Buy the Market Circle Internet Financial Ltd., the Goldman Sachs-backed Boston-headquartered company that acquired Poloniex earlier this year, has announced a new feature on Tuesday called “Buy the Market.” It allows users to buy seven assets at once including BTC, BCH, ETH, ETC, LTC, ZEC and XMR. Aiming for simplicity, all a user has to do to create a crypto portfolio with this feature is to enter the amount of USD they want to invest and the app will automatically calculate and distribute the investment sum according to each asset’s market cap. This type of automatic or passive management investment tool will most likely be compared to existing crypto index funds. However, it is different in a few ways as it is just a technical feature allowing to buy a number of assets at once with one click not a real fund. These include no management fees, no re-balancing when market caps change, and a very accessible minimum investment sum of just $1. Better Than Crypto Index Funds? When comparing to crypto index funds such as those offered by Coinbase or Bitwise, the first thing to pop out is that the new Circle feature is available to all its normal users, not just to so called accredited investors. To be considered an accredited investor in the US, an individual must first report to the SEC that they have a net worth of at least $1,000,000 excluding the value of their primary residence or have a yearly income of at least $200,000. And companies need to have total assets in excess of $5 million or be recognized as a bank, insurance company, business development company, or registered investment company. Circle’s Rachel Mayer commented: “This is one of the first experiences of its kind for consumers. Other crypto products that allow you to invest in market weight distributed fashion are accompanied by high minimums and 3% management fees. Circle Invest removes all this friction, making investing in multiple coins at once available for anyone at the same competitive pricing we deliver on all of our coins.” Only last week Circle announced it had raised $110 million in a Series E fundraising round led by the Chinese firm Bitmain Technologies. It now looks it intends to use this money to expand its services in more ways than just issuing a new Tether alternative, like challenging index fund providers. Would you prefer using such a feature over investing in a crypto index fund? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post Circle Adds New Feature Allowing Newbies to ‘Buy the Market’ appeared first on Bitcoin News. View the full article

Blockchain this and blockchain that might be so much hype, but no one can deny hundreds of millions of dollars, some say billions, sloshing around the ecosystem in search of advancing technology undergirding cryptocurrencies. There’s a battle in even the broader employment market as Facebook, Amazon, IBM and others search for blockchain development talent, pushing salaries and bonuses into the stratosphere. Also read: CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning Blockchain Jobs Need Talent with Know-How The Wall Street Journal recently profiled the booming blockchain industry, honing-in on the demand from employers for a seemingly small pool of qualified candidates. And basic economic theory holds when the supply is at a premium and being chased by more and more dollars, the relative price will inevitably increase. Katheryn Griffith Hill of Blockchain Developers, a headhunter, confirmed, “We are seeing people who are making half a million dollars,” she’s quoted, adding those with as little as three years experience are fetching “definitely well over $120,000” to start. The Journal continues, “Some 4,500 job openings with the terms ‘blockchain,’ ‘bitcoin’ or ‘cryptocurrency’ in the title were posted on LinkedIn this year through mid-May, according to the company. That is up 151% over the total in all of 2017. Just 645 such job openings were posted in 2016.” Blockchains are simply a spin on database technology, and really aren’t all that new or even novel. That they’re used as accountancy in distributed ledger form, and decentralized in the cryptocurrency context, makes them valuable when attached to a currency such as bitcoin cash (BCH). Within the crypto world, such ledgers act as payment settlement systems, and, in the case of BCH, have solved the notorious bugaboo of creating a digital currency: double spending. For years, inventors were foiled by this problem. Satoshi Nakamoto’s insight, then, was to make coins like bitcoin cash become not only a medium of exchange and store of value but also contain a payment system, allowing for relatively trustless transactions between private parties to occur all over the globe. Still other wags within the financial technology industry have seized on the neologism “blockchain,” a descriptive term to help explain how miners connect it all together, and stress the tech can solve virtually any problem. Animal spirits being what they are, the corporate world has dutifully swallowed the hype whole, and so nearly any company attaching itself to the mere mention of the word can sit back and watch their valuations climb. Too Rich for Traditional Employment Yuliya Chernova writes of a paradox as employers seek blockchain devs, describing how “many of the more experienced crypto developers already have made money trading bitcoin and Ethereum.” Indeed, hammering home the point Daniele Sileri, CEO of Blockchain Studios, insisted most “of the developers are millionaires already, so they don’t really care about money.” Initial coin offerings (ICOs) and venture capital have combined to lure many an accomplished dev away from traditional employment. Ripple’s David Schwartz underscores the fact “ICOs dumped a bunch of money on the industry,” to the degree that even money is “devalued” in the blockchain employment market, according to the Journal. Mr. Schwartz remarked how compensation has become “insane,” as he’s witnessed blockchain devs, at least two, receive “$1 million signing bonus offers,” the Journal notes. Dearth of top dev talent is a global problem, and companies are struggling to distinguish themselves from the pack. Remote working arrangements, along with killer remuneration schedules, reveal work that “might have been free, there’s now a market for that work,” a dev at Augur said. Even “Augur itself has posted rewards of up to $100,000 for developers to complete certain tasks,” the Journal explained. Do you think the blockchain employment market is overblown, or is it a good sign? Let us know what you think of this subject in the comments below. Images via Pixabay. 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 Blockchain Skills? Hired! $120,000+ Plus Bonus! appeared first on Bitcoin News. View the full article

Hardware wallets, like the cryptocurrency stored within them, can provoke strong emotions in their owners. Hodlers like what they like, and that’s the end of the matter. If the first hardware wallet you bought was a Ledger, you’re probably Ledger for life. Likewise if you’re in Team Trezor. Keepkey, which completes the holy trifecta of hardware wallets, is less famous than its siblings, but the sleek black plastic device still packs a punch. Also read: A Review of the Swiss-Made Digital Bitbox Hardware Wallet Is Keepkey a Keeper? At Consensus New York, my budget wouldn’t stretch to the €49,000 diamond-encrusted Nano on display, but there was space in my bag and my heart for a Keepkey. At $129, it’s a little pricier than the Ledger Nano or Trezor One, but cheaper than the swish new Trezor Model T. I should probably add a warning at this stage, incidentally: the review you’re about to read is painfully long, which is a reflection of how long it took to get this damn wallet working. But we’ll get to all that in due course. First, let’s start at the start… Ever since last year, Keepkey has been the property of Shapeshift, who bought up the company, enabling Keepkey users to exchange between cryptos without exposing their private keys online. Keepkey promises “bank-grade security,” whatever that means, and a system so easy that “even your grandmother can protect her bitcoin wealth,” which seems a little patronizing. If gran was smart enough to buy bitcoin, she’s surely got the perspicacity to work a paper wallet. Beauty Is in the Eye of the Behodler It’s funny how much form, rather than function, influences our purchasing decisions – even when we’re purchasing a cryptocurrency wallet that’s destined to be consigned to the dark recesses of a safe. Beauty is in the eye of the behodler, but there’s a strong case for asserting that Keepkey’s hardware wallet (they only make one) is more fetching than a Trezor, and arguably smarter than the Nano too, even if it lacks the latter’s brushed metal exterior. The Keepkey Chrome app. Visit the Keepkey store and you’ll find just two products to choose from: a single, regular Keepkey and a box of 50 which retails for $6,450. Perfect for the security conscious trader who likes to keep their shitcoins on separate sticks in separate vaults. The lightweight and plasticy feel of the device is somewhat tempered by the quality of the USB cable that comes bundled with it. It feels luxurious to the touch, but it’s here, after installing the Keepkey Chrome browser app, that I encounter my first problem: it has a standard USB connection but my Macbook Pro does not. That’s Apple’s fault, not Keepkey’s, but it’s a bummer when you’re on the road, as I found myself at the time of writing this review, and thus without access to a USB-thunderbolt adapter. Cables. Cables everywhere. Third Time’s a Charm At home, 24 hours later, I plug the hardware wallet into my laptop via the thunderbolt adapter, but there’s no sign of life. I’d expected a USB drive to show up on my Macbook Pro, or for the Chrome app to display a notification and the Keepkey to light up, but nope. Not a peep. Figuring it might just be the thunderbolt adapter, I try connecting the device to my old Macbook Pro, which has a USB port, but still nothing. Then I try my Chromebook, and once again, nothing. In a moment of inspiration I google “keepkey setup” and salvation arrives. According to Keepkey’s Get Started page, you need to first open the app by “navigating Chrome to chrome://apps/”. This is less than intuitive, but is partly Chrome’s fault for having a crappy UI that conceals extensions and apps behind submenus. This does mean, however, that every time you go to use your Keepkey (if you’re as disorganized as I am) you’ll need to google “keepkey setup” to remind yourself of how you get into the damn thing. Wait, Not So Fast… The Keepkey interface is simple but functional. Having successfully gotten my Chromebook to update the Keepkey, I decide to reconnect it to my Mac and see if the laptop can now detect it. It can, and am prompted to set up my PIN and then write down my 12-word recovery phrase. I’ve written it down once, and am just preparing to jot down a second copy when the device inexplicably disconnects and I’m forced to start the whole process all over again. After re-entering my PIN twice, I begin jotting down the new recovery phrase, when the same thing happens. Keepkey and my thunderbolt adapter can’t seem to get along, so I resignedly reconnect it to the Chromebook. Eventually I succeed in finding the apps section of Chrome by pasting the URL into my browser, whereupon I’m prompted to hold down the button on the Keepkey and plug it in to update the firmware. When that’s done, I’m presented with a screen showing a BTC wallet set up by default and nothing else. I hit the plus sign to add a BCH address and then scan the QR code from my Bitcoin.com wallet. I select $5 of bitcoin cash and send it to my Keepkey address. The fee is 3 cents. While I’m waiting for the transaction to clear, the Keepkey logo lurches across the screen in instalments. It reminds me of the handheld monochrome soccer game I played as a kid. Anachronistic, but comfortingly nostalgic. The Bitcoin.com wallet Nice Device, Now How About Some Altcoin Support? I like the design of Keepkey, and I like the cable, if it’s possible to have affection for a USB cable, while the software is passable. Is the device capable of challenging Trezor and Ledger? Sure…provided you’re happy to hodl namecoin, doge, and dash. 2016 just called and it wants its altcoins back. In fairness to Keepkey, there is at least BTC, BCH, ETH, and LTC support and native ERC20 token support is currently in beta so should eventually arrive. Given some of the ERC20s I’m embarrassed to own, it’s probably for the best I didn’t get a chance to screenshot them in this review. One Keepkey, now equipped with bitcoin cash. Keepkey’s biggest weakness right now, as its team are undoubtedly aware, is the shortage of coins that can be stored on it. While the market leaders are pressing ahead with monero support, Keepkey is still way behind the curve. It would be great to have EOS, cardano, zencash and maybe some ripple for the ladies. It’s odd that there’s support for the 295th coin by market cap (namecoin), but room for just six out of the top 20 cryptocurrencies – or top 100 if you wanna make that statistic even more damning. I’ll certainly keep using the hardware wallet, using it to store any spare BTC, BCH, and ETH I amass, but a device so easy that “even grandmother” could use it? Please. My grandmother could have mined the genesis block and she’d still struggle to connect this thing to her Chrome web app. I’ll keep my Keepkey, but in my heart I’ll be lusting after one of those diamond encrusted Nanos I saw at Consensus. Hell, I’d even settle for a regular one. Have you tried the Keepkey wallet and if so how do you like it? Let us know in the comments section below. Images courtesy of Shutterstock, and Keepkey. Need to calculate your bitcoin holdings? Check our tools section. The post A Hands-On Review of the Keepkey Hardware Wallet 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. FCoin, a digital assets trading platform, has gained investments from top-notch investment institutions including Danhua Capital, Node Capital, Singer Capital, Timestamp Capital, 8 Decimal Capital, Zipper Fund and other investors. FCoin was founded by Zhang Jian, former Huobi CTO and author of the book “Blockchain: Defining The Future Finance and Economic Landscape”. “We are delighted to receive investments from such trusted partners and look forward to progressing our plans to become a leading player in the crypto currency trading market,” Zhang Jian said. FCoin is innovative and unique in its form of organization in that it is not simply a trading platform or a company but a new community that its users, namely the community members, can use to execute their rights and interests by holding FCoin Tokens (FTs), issued by FCoin. FCoin has three features. First, it is the world’s first fully transparent trading platform, with disclosure of real-time assets and transaction data on the platform. Second, the world’s first platform adopts a “transaction fee mining” model and more than half of the FTs are rewarded to community users by returning the transaction fee. Third, beyond the self-organizing ecology of the community, 80% of the exchange’s revenue will go to the holders of FT, while FT holders also have the right to participate in the major decisions of the community. There are two ways of accepting listings of crypto currencies, Zhang Jian explained. The first is by recommendation. Crypto currency which is highly recommended by a majority of the community members and meets the criteria can be listed on the mainboard, while others can go to the innovation board after scrutiny. FCoin promises that the audit results will be given within 3 working days after the submission of the application, and, if the audit results are positive, the approval will be given immediately. This is only the starting point of the evolution of FCoin, Zhang noted. Next, FCoin will advance a clearing and settlement system based on the cross-chain technology. The ultimate goal is to transform the exchange into a structure of Token+Blockchain, and practise the token economy. FCoin is developed by a top-notch international team independently. The core team of the FCoin community consists of people from world-recognized companies who have considerable experience in both Wall Street and crypto finance companies. For further information, please visit official website: FCoin.com Telegram: https://t.me/FCoinofficial Contact Email Address info@Fcoin.com Supporting Link www.Fcoin.com This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Former Huobi CTO Zhang Jian Launches FCoin, Gaining Investments from Top Venture Capital Firms appeared first on Bitcoin News. View the full article

Over the past few days, cryptocurrency markets have been losing steam as many digital assets have lost a good amount of value. Most coins are down anywhere between 3-15 percent over the past 24-hours. Bitcoin Cash (BCH) values have dipped 10 percent over the last day and prices hover around $1,055 today. Bitcoin Core (BTC) prices are under the $8K zone losing 4.1 percent today as BTC values average around $7,909 at the time of publication. Also Read: Bank in Argentina Launches BTC Settlement Services Stormy Weather Continues to Dump on Crypto-Markets This Spring Last spring and more specifically in May of 2017 digital currency markets were on fire but this year is a whole different story. Cryptocurrency markets are not doing so well today as every single coin among the top 50 largest valuations are in the red showing losses. The overall market capitalization of all 1,600+ digital assets is around $345Bn today and 24-hour trade volume hovers around 17.8Bn. Trade volume pales in comparison to two weeks ago when cryptocurrency daily trade volumes where much higher. For instance, BCH 24-hour volumes today are around $722Mn when two weeks ago it was about $2Bn+. The same goes for BTC as its daily volumes used to be around $8-9Bn and now the metric stands at $5Bn during today’s trading sessions. Bitcoin Cash (BCH) Market Action Bitcoin Cash values have dipped a good eight percent today, and roughly sixteen percent during the past seven days. The top exchanges today swapping the most BCH include Okex, Hitbtc, Bitfinex, Lbank, and Huobi. The top three currencies on these specific trading platforms traded for BCH includes tether (USDT), BTC, and USD. Today the most traded pairs with BCH is BTC by 39.3 percent, Tether (USDT 24.7%), USD (20.5%), KRW (10.3%), and the EUR (2.3%). Ethereum, the Japanese yen, and Waves are also capturing decent percentages of BCH trade volume on May 23. BCH/USD Technical Indicators Looking at the 4-hour BCH/USD chart on Bitfinex and Bitstamp shows bulls are attempting to regain some upper ground this morning after the dips. As we mentioned during our last markets update the two Simple Moving Averages (SMA) trend lines were about to cross hairs and this happened earlier today. The 100 SMA is now below the longer-term 200 SMA indicating the path to resistance will likely be on the downside. The Relative Strength Index is meandering in the middle showing some consolidation taking place and uncertainty towards the next big move. MACd shows similar sentiment as the indicator is hovering around -23 but shows room for improvement. Order books on the upside show BCH bulls need to press past big sell walls between $1,090-1,160. On the backside if bears manage to bring BCH down there is decent support between $950-1,000 at press time but if that resistance breaks things could drop much lower. Presently it looks like bears won’t get prices that low in the short-term, but these ranges are not out of the question. Bitcoin Core (BTC) Market Action Bitcoin Core (BTC) prices are below the $8K region after holding above this zone for a couple weeks. Now prices are hovering around $7,927 per BTC and markets are down 4.6 percent during the last seven days. Daily trade volume is weaker than usual as traders are only swapping $5.6Bn worth of BTC during this morning’s trading sessions. The top exchange today trading the most BTC is Binance followed by Bitfinex, Okex, Huobi, and Bitflyer. The Japanese yen is the most dominating pair today with BTC at 55 percent and followed by the USD (19.8%), Tether (USDT 15%), KRW (3.7%), and the EUR (3.2%). BTC/USD Technical Indicators Looking at the 4-hour BTC/USD chart on Coinbase/GDAX and Bitstamp shows buyers are stepping up their positions this morning. The two SMAs have also crossed paths during the earlier morning BTC trading sessions as well with the short term 100 SMA now below the 200 SMA. This also indicates bears currently have the reigns and they may take the dips further in the coming hours if resistance above $8K cannot be broken. However, RSI levels show oversold conditions and this shows a bounce back may be in the cards today as well. Looking at order books shows much less resistance on the BTC/USD side in comparison to the BCH/USD side. Bulls only need to muster past the $8-8200 zone to get to higher regions but things become more difficult between $8,500-8,750. On the back side buy orders show solid foundations between $7,400 and $6,900 but after that things don’t look so hot. Overall chart patterns show it’s unlikely prices will get below the $7,400 region anytime soon, and bulls are fighting back with some success at the time of publication. The Verdict: Stormy Weather and Uncertainty is Slowly Breaking Optimism Down Overall most coins are feeling the losses and trying to regain some of the upper hand. Litecoin (LTC) and Ripple (XRP) are two coins who have managed to take less of a beating. Another market oddity today is the BTC/ZEC cryptocurrency fork called Bitcoin Private (BTCP) which is up 13 percent over the past 24-hours. Top 24-hour trade volume coins today are Tether (USDT), Ethereum (ETH), EOS, Bitcoin Cash (BCH), and Tron (TRX). The losses today throw another black cloud on enthusiasts and traders hoping for long positions to pull through this spring. However, for cryptocurrency traders, it has been nothing but stormy weather with a few brief instances of sunshine here and there. Positivity is lessening and people are definitely more skeptical this week than the past three weeks prior. Where do you see the price of BCH, BTC, and other cryptocurrencies headed from here? Let us know in the comments below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders appeared first on Bitcoin News. View the full article

Overstock.com’s Tzero is planning to launch a regulated exchange for security tokens in collaboration with Box Digital Markets. The companies will seek the approval of the U.S. Securities and Exchange Commission for the new exchange. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Security Token Exchange Overstock.com’s fintech subsidiary t0.com Inc (Tzero) and Box Digital Markets announced on Tuesday their plan to “launch industry’s first security token exchange.” The new platform will “list and publicly trade security tokens for companies that issue, or convert existing stock to, security tokens,” according to their joint announcement. Both companies will equally own the new joint venture and they will seek the approval of the U.S. Securities and Exchange Commission (SEC) for their new exchange. Overstock CEO and founder Patrick Byrne told Reuters in a phone interview: I would like to see something trading in Q3. Tzero is the first SEC-regulated crypto alternative trading system (ATS). Box Digital Markets is a wholly-owned subsidiary of Box Holdings Group LLC, which owns and operates Box Options Exchange, a Registered National Securities Exchange under Section 6 of the Securities Exchange Act of 1934. The CEO of Box Digital and president of Box Options Exchange will serve as the CEO of the new joint venture. Byrne noted: Going hand in hand with a blue-chip partner like Box would be a great advantage for us. Tzero CEO Saum Noursalehi added, “Together [with Box Digital], we will continue to work with the SEC as we develop a first-of-its-kind platform that will integrate blockchain capital markets into the current U.S. National Market System.” STOs Instead of ICOs In April, Byrne told CNBC that there is a safer way to raise money than initial coin offerings (ICOs), referring to Security Token Offerings (STOs). “It’s the new term…The industry is distinguishing very clearly now between ICOs and STOs,” he detailed, adding: The ICO craze of last year created a toxic waste dump of financial assets. To me, that world of ICOs is a Superfund site…What we’re developing is a mechanism so that there will be a legal way to go forward and not create any new toxic waste. After the company launched its own token sales on December 18 last year, the SEC began investigating its offerings in February. “While the SEC is trying to determine whether there have been any violations of the federal securities laws, the investigation does not mean that the SEC has concluded that anyone has violated the law,” Tzero explained. What do you think of Tzero launching a regulated security token exchange? Let us know in the comments section below. Images courtesy of Shutterstock, Overstock.com, and T0.com. Need to calculate your bitcoin holdings? Check our tools section. The post Overstock.com’s t0 to Launch Regulated Security Token Exchange appeared first on Bitcoin News. View the full article

South Korean cryptocurrency exchange Korbit has announced that it will no longer support the trading of five cryptocurrencies: dash, monero, zcash, augur, and steem. This announcement came just days after hacked Japanese exchange Coincheck confirmed the delisting of privacy coins. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Farewell to Five Cryptocurrencies Korbit, one of South Korea’s largest cryptocurrency exchanges, announced this week that it will be delisting the cryptocurrencies currently offered through its Other Digital Assets service. “We will bid farewell to the Other Digital Assets service through a gradual termination of the buy and sell functions for the following coins,” Korbit wrote, adding that the affected coins are dash (DASH), monero (XMR), zcash (ZEC), augur (REP), and steem (STEEM). This service gives Korbit users access to the above five cryptocurrencies in addition to those regularly supported by the exchange: BTC, XRP, ETH, BCH, ETC, LTC, and BTG. For the five affected cryptocurrencies, Korbit emphasized that the buy functionality will be terminated “After 15:00 on 05/28/2018” and the sell functionality “After 15:00 on 06/21/2018.” However, the exchange hinted at the possibility of re-listing some of them at a later date, elaborating: We strive to facilitate secure trades of more cryptocurrencies, but we have yet to determine the date for resumption of trades of the affected coins. We thus advise you to protect your interests by either selling or withdrawing the said cryptocurrencies. Reason for Termination Korbit’s announcement does not give the reason why the five cryptocurrencies are being dropped other than stating, “We are fully committed to building the most secure place for you to trade cryptocurrencies.” Furthermore, there have been no reports of the South Korean regulators pressuring crypto exchanges to drop privacy coins, unlike the Japanese regulator. Since Coincheck was hacked in January, the Japanese Financial Services Agency (FSA) has strengthened oversight of crypto exchanges including setting new criteria for their registration. One of them concerns the types of cryptocurrencies listed. “Those granting a high level of anonymity and easily used for money laundering will as a general rule be banned,” Nikkei reported. Subsequently, Coincheck announced just days before Korbit that it is dropping DASH, XMR, ZEC, and REP after it received a business improvement order from the agency. STEEM is not listed on Coincheck. The reason Korbit is dropping STEEM may be related to a notice the exchange posted on May 8, stating: Due to external issues, STEEM withdrawals are being suspended indefinitely. What do you think of Korbit dropping these cryptocurrencies? Let us know in the comments section below. Images courtesy of Shutterstock, Nikkei, and Korbit. Need to calculate your bitcoin holdings? Check our tools section. The post South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM appeared first on Bitcoin News. View the full article

In today’s Bitcoin in Brief, internet security expert John McAfee expects bulls to come back to the crypto market, despite recent drops in prices across the board. Billions will be pumped by institutional investors, he predicted in a tweet. Meanwhile, a new study has shown that the mood of investors, rather than economic indicators, actually determines the value of cryptocurrencies. Also, do you want to know when Paypal will support crypto payments? Also read: Bitcoin in Brief Tuesday: Crypto Revolution Starts Reshaping Global Politics Institutional Investors to Pump Billions in Crypto John McAfee expects a bull run on cryptocurrency markets in the near future. Billions will be pumped by institutional investors, the internet security expert predicted in a post on the microblogging platform Twitter this week. McAfee claims this will lead to significant changes in the market capitalizations of the leading cryptocurrencies, but also those of most altcoins. “Institutional investors are preparing to enter the cryptocurrency market with a vengeance,” McAfee said in his tweet. He explained that they are generally long term investors that will spend billions on the market. “Expect the top ten coins to go through the roof fairly quickly. The bulk of altcoins will soon follow,” the software guru wrote. Admitting he had no more information than his followers, John McAfee advised them to check the recent news and use their heads. McAfee was probably referring to several recent announcements indicating possible developments in that direction. Earlier this month, reports suggested that Goldman Sachs is going to launch a bitcoin trading operation to buy and sell bitcoin futures on behalf of institutional clients. More recently, US crypto exchange Coinbase announced new services meant to attract big money players such as crypto hedge funds. The plans include the launch of a crypto custodian service and a suite of tools specifically designed for institutions called Coinbase Prime. The San Francisco-based company has also discussed with regulators the possibility to apply for a banking license. However, McAfee’s optimistic prognosis coincides with the return of the bears to the cryptocurrency market. The price of bitcoin (BTC) has just dropped below the $8,000 mark, hitting a month’s low. Bitcoin Cash (BCH) is currently trading at over $1,000 (at the time of writing). John McAfee has previously predicted that the price of bitcoin will reach $1 million USD by the end of 2020. Study: Investors’ Mood Determines the Value of Cryptocurrencies According to a new study published by Warwick Business School, the value of cryptocurrencies is determined primarily by the mood of investors and not so much by economic factors or indicators. Assistant professor of finance Daniele Bianchi has found that the price patterns of the 14 largest cryptocurrencies reflect past returns of investors, combined with the hype and emotion experienced as they watch the value climb or fall. The research is titled “Cryptocurrencies as an Asset Class: An Empirical Assessment,” the Independent reports. According to the author, this behavior can be attributed to the fact that bitcoin and other cryptocurrencies fall outside the remit of governments or financial institutions. Investing in digital currencies is therefore more similar to buying equity in a high-tech firm rather than a normal currency, he notes. Bianchi also points out that the study shows limited similarities between bitcoin and gold. At the same time, because of the high volatility of the prices of the biggest cryptocurrencies, they can hardly be seen as a reliable savings instrument. CFO: If Bitcoin Gets ‘Better’, Paypal Will Support It John Rainey, the Chief Financial Officer of Paypal, has stated in a recent interview that the payment platform will proceed with a bit more caution towards cryptocurrencies. At the same time, he admitted that if cryptocurrency stabilizes in the future and becomes “better currency”, his company will “certainly support that”. Rainey added that the volatile crypto swings threaten the viability of the businesses Paypal is working with. “If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction,” Paypal CFO told CNBC. “You could have something that appeals to consumers, but if merchants don’t accept it, it’s of little value. Right now, we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and is a better currency, then we’ll certainly support that,” Rainey elaborated. Despite Paypal’s current position on cryptocurrencies, a recent patent filing revealed that the payment provider might be considering expanding its exposure to the crypto ecosystem. Reports came out in March this year that Paypal has filed a new patent application with the US Patent and Trademark Office for an “expedited virtual currency transaction system”. Back in 2016, it was reported that the company had applied for another crypto-related patent – one that envisages the development of a payment module accepting bitcoin, litecoin and dogecoin. 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: McAfee Predicts Bull Run as Crypto Markets Dip 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. On Wednesday, May 23rd, 2018 20:00 (SGT), we are planning to open the whitelist for an addition of 2000 applicants. The KYC/AML procedure was recently opened for applicants interested in taking part in the Essentia ICO. Shortly after the announcement, we received more than 100,000 applications for the whitelist. Due to that fact we had to temporarily close the whitelist application. Due to increased interest in the project and crowdsale, we decided to grant an additional time window to sign up for the whitelist and perform the KYC/AML procedure. If you are not sure what you have to do to get whitelisted, check out the dedicated post. Just a little reminder, Essentia successfully raised over $20m during the pre-sale at the beginning of May. With the pre-sale successfully completed, we will begin with the public ICO on June 7th, 2018. A total of 595 million ESS tokens will then be distributed among all the participants (pre-sale+public crowdsale). Take part in the coming decentralized revolution! Join the whitelist on the 23rd of May! To be a part of their growing community join their Telegram channel https://t.me/essentia_one/. Contact Email Address matteo@essentia.one Supporting Link www.essentia.one 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: Essentia Re-Opens Whitelist for 2000 Additional Applications appeared first on Bitcoin News. View the full article

A small bank from Argentina, Banco Masventas, announced this week that it’s allowing customers to make settlements using BTC as a payment rail. Argentina Banco Masventas says the firm partnered with the exchange Bitex, and believes the service will reduce costs associated with international transfers. Also Read: Tim Draper Advises Argentina’s President to Invest in Bitcoin Argentine Bank Provides Customers With a BTC International Settlement Service On Monday, May 21 the Latin American exchange Bitex and the small financial institution Banco Masventas announced a partnership which will provide the bank with a new cryptocurrency settlement service now offered to its customers. The bank has been a financial entity located in the heart of Argentina for years offering banking solutions to individuals and businesses mainly in the Provinces of Salta. According to Banco Masventas Facebook and Medium announcement, it will be the first bank to offer settlement services using BTC. “The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries,” explains the Bitex and Banco Masventas announcement. Our fund logistics solution allows reduced settlement times and send or receive transfers up to 24 hours. Argentina Becomes More Friendly Towards Cryptocurrencies Every Day If a Banco Masventas customer wants to utilize the BTC settlement service an account representative will help facilitate the transaction explains the bank. The financial institution also details that if an individual is a current account holder it’s likely they already qualify to use the BTC payment service. The bank announcement reveals the international transfer commission for BTC settlement is 3.00% + VAT. Argentina government officials are very friendly towards public cryptocurrencies like BTC unlike neighboring countries such as Ecuador. Recently the Central Bank of the Argentine Republic (BCRA) allowed the installation of Bitcoin Automatic Teller Machines (BTMs) in the country and residents may see an influx of BTMs this year. Further last December Tim Draper told the Argentine President Mauricio Marci he should invest in cryptocurrencies. Digital asset proponents think the Argentina-based Banco Masventas creating cryptocurrency services will prompt other Latin American banks to follow the company’s lead. What do you think about Banco Masventas allowing customers to settle in BTC as an alternative to Swift? Let us know what you think about this subject in the comments below. Images via Banco Masventas, and Bitex. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Bank in Argentina Launches BTC Settlement Services appeared first on Bitcoin News. View the full article