roadrunner

Just recently researchers from the University College London published a paper about the patterns found in “shielded” and “unshielded” Zcash transactions. The study explains when users switch between these types of addresses anonymity is degraded. The team concludes that while Zcash transactions can be private, it’s also possible to diminish privacy if certain usage patterns are chosen by the Zcash user. Also Read: Israel Tax Authority Hunts for Bitcoin Traders on Social Media Researchers from London Publish a Paper That Reveals It is Possible to Shrink the Zcash Anonymity Set A group of researchers have found Zcash anonymity can be degraded through certain usage patterns. Sarah Meiklejohn, Mary Maller, George Kappos, and Haaroon Yousaf from University College London published a paper called “An Empirical Analysis of Anonymity in Zcash” which finds certain patterns of Zcash use can “shrink” the cryptocurrency’s anonymity set. Essentially Zcash transactions can be used in a private manner (shielded) and a completely transparent (unshielded) manner. Users that move their Zcash back and forth between unshielded and shielded may be losing quite a bit of the anonymity they desire. “We investigate all facets of anonymity in Zcash’s transactions, ranging from its transparent transactions to the interactions with and within its main privacy feature, a shielded pool that acts as the anonymity set for users wishing to spend coins privately,” explains the researchers’ paper. We conclude that while it is possible to use Zcash in a private way, it is also possible to shrink its anonymity set considerably by developing simple heuristics based on identifiable patterns of usage. Zcash Founder Responds Calling the Paper ‘Insightful’ and Recommends Users ‘Store Zcash in a Shielded Address’ Zooko Wilcox. The researchers conclude that ultimately in order for Zcash to fully preserve its anonymity set is to “require all transactions to take place within the shielded pool.” Otherwise, the study emphasizes the Zcash network must significantly expand the usage of the shielded pool. On May 8 the founder of Zcash, Zooko Wilcox, and the team’s marketing director, Josh Swihart, responded to the research and called it an “insightful new paper.” Further, the Zcash team members explained another analysis was released a few months ago with similar findings. “This research demonstrates different ways to pierce the veil of your privacy if you, or the people that you transact with, move money from a transparent address to a shielded address and then move some of that money back to a different transparent address — Similar analysis was released several months ago — However, this research includes new techniques that can heuristically link patterns of ‘unshielded to shielded to unshielded’ transactions,” explains the response from Swihart and Wilcox. It is valuable to understand how much privacy is lost when using shielded addresses as a pass-through mechanism, but using it in that way is not recommended — Instead, store your Zcash in a shielded address. When paying someone, send Zcash from your shielded address to their shielded address — If Zcash is transacted in this way, the results of this paper do not apply and transaction privacy is maintained. Users of Zcash on social media and forums like r/ZEC didn’t seem too phased about the paper published by the University College London researchers. One Zcash user writes on May 11, “I have read the original paper, I don’t think it will make a difference when all transactions are shielded, which is where we are headed to anyway — Furthermore, nobody is stopping anyone from using multiple shielded addresses now.” What do you think about the paper released about Zcash from the researchers at the University College London? Let us know what you think about this subject in the comments below. Images via Shutterstock, Pixabay, and the Zcash website. 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 Research Paper Finds Transaction Patterns Can Degrade Zcash Privacy appeared first on Bitcoin News. View the full article

They say the real riches you make in bitcoin are the friends you make along the way. And on platforms such as the crypto-friendly Telegram, it’s true that you can meet avatars who become acquaintances who become best mates. But the most useful accounts you’ll interact with on Telegram are arguably those devoid of humanity together. That’s because the best accounts are those operated by bots. Also read: Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period There’s a Crypto Bot for Every Occasion Chatbots are not particularly new, nor are they unique to Telegram. But it is on the Russian messaging platform that they’ve gained the most utility, which owes something to the data-driven nature of the cryptocurrency space. Ordering your pizza via chatbot on Facebook Messenger is less efficient than conventional methods. Being alerted to market movements, on the other hand, is a job that’s best left to Telegram bots. Price analytics are the most obvious implementation for Telegram crypto bots, and there is no shortage of candidates to choose from. Bitcoinpriceanalyticsbot lets you set an upper and lower limit; when bitcoin hits that threshold, you’ll be the first to know. Rocket Coin bot is another; type in a command such as /global and you’ll be shown the current cryptocurrency market capitalization including bitcoin dominance. Deposit Notifications, New Token Listings, and More If you’ve ever found yourself waiting for a cryptocurrency payment, you’ll know the frustration of refreshing a blockchain explorer in search of a sign. Tracktxbot is one of many Telegram bots promising to do away with manual checks. Enter your wallet address, give it a name if you like and you’ll be notified the moment you receive a deposit of BTC, BCH, ETH, or ERC20 tokens, as well as hundreds of other cryptocurrencies. This service can also alert you of funds leaving your wallet, allowing you to act fast in the event of unauthorized access. The Tokenstats bot is another simple but extremely useful tool that will prove invaluable to ICO investors. Type in /ROI followed by the token abbreviation and you’ll be shown the return it’s made in ETH, BTC, and USD. Not all Telegram bots require manual setup and configuration using a series of commands: others simply require you to join the channel and follow along. Tokenstats Announcements will notify you of new tokens, while Crypto Exchange Listing “aims to accurately predict the listing of a new token on an exchange before the official announcement”. Its record, which is based on token deposits to known exchange wallets, is surprisingly good. You name it, there’s a bot for it. What other Telegram bots do you use? Let us know in the comments section below. Images courtesy of Shutterstock, and Telegram. Need to calculate your bitcoin holdings? Check our tools section. The post Six of the Best Telegram Cryptocurrency Bots appeared first on Bitcoin News. View the full article

The number of new cryptocurrency exchanges is rapidly growing worldwide. This new crypto exchange roundup features four platforms located in South Korea, Thailand, Vietnam and the Philippines. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space South Korea’s Coinbit South Korean game developer Axia Soft Co. Ltd. has recently launched a crypto exchange called Coinbit. For its grand opening, the exchange is offering zero commission trades until the end of May. Coinbit says 50 cryptocurrencies will be listed initially and more than 100 coins will be listed by the end of the year. Among supported cryptocurrencies are bitcoin, ether, ripple, bitcoin cash, ethereum classic, litecoin, waves, stox, eos, vechain, omisego, qtum, and neo. Thailand’s Jibex Cryptocurrency exchange Jibex has recently opened its doors in Thailand. The exchange is backed by IT company J.I.B. Computer Group Co. Ltd, a distributor and seller of computer hardware and IT trading products with 150 stores nationwide. Initially, only five cryptocurrencies will be supported: bitcoin, bitcoin cash, ether, litecoin, and ripple. More will be added in the future, according to Jibex CEO Thuntee Sukchotrat. The exchange also offers a wallet supporting those five cryptocurrencies. For the grand opening, Jibex is waiving its commission of 0.24%. No trading fee will be charged for 45 days ending on June 26. Jibex Chairman Dr. Thantharaksuk Chotirat commented: The partnership with J.I.B. Computer Group (JIB) will give users peace of mind and confidence in their investment. The service is good, fast and attentive to all customer needs. Vietnam’s Kenninex Kenninex crypto exchange has recently launched in Vietnam, headquartered in Ho Chi Minh City. The exchange claims to be “the first live cryptocurrency exchange in Vietnam…[and] the first e-money trading platform in Vietnam to have a trading office where investors can experience our services as well as receive effective investment advice,” according to its website. Customers can currently convert bitcoin and ether into VND and vice versa. The transaction fee is usually 0.4% but has been reduced to 0.2% for the first month of launch, according to local media. The Philippines’ Coinvil While Coinbit, Jibex, and Kenninex have already launched, this next exchange has not. South Korean blockchain technology and services company Glosfer and Coinvil have agreed to collaborate to build and launch a cryptocurrency exchange in the Philippines. Glosfer will build the platform while Coinvil will operate the exchange. Coinvil CEO Park Rae-hyun commented: The Philippines will become the largest cryptocurrency trading market that connects Europe and Asia. Do you think the number of new cryptocurrency exchanges will keep growing? Let us know in the comments section below. Disclaimer: None of the information on news.Bitcoin.com is intended as investment advice, an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images courtesy of Shutterstock, Coinbit, Coinmarket Calendar, Kenninex, Glosfer, Bangkok Post, and Jibex. Need to calculate your bitcoin holdings? Check our tools section. The post New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the Philippines appeared first on Bitcoin News. View the full article

The crypto ban in Pakistan is proving to be not as effective as expected. If anything, the State Bank has barred commercial banks and financial firms from dealing in cryptocurrency which, of course, makes life harder for local exchanges. Individual traders, however, are finding alternative ways to acquire or sell cryptocurrencies, defying the warnings and the prohibitions. Also read: India’s Supreme Court Keeps Ban on Banks’ Crypto Services, For Now Central Bank Can’t Ban Cryptocurrency in Pakistan Pakistan’s experience with cryptocurrencies offers another example of how ineffective financial authorities can be when trying to fill a legal vacuum with prohibitive administrative measures. Central banks often forget they are neither parliaments, nor governments, and their regulatory overreach cannot legitimately substitute the normal legal process. The recent decision of the State Bank of Pakistan to ban crypto-related activities proves that observation. In early April, the SBP issued a circular on the “prohibition of dealing in virtual currencies”, right after a similar measure by the Reserve Bank of India, the regional rival. Unlike their Indian colleagues, who gave banks and traders three months to comply, Pakistani central bankers imposed the ban with immediate effect. SBP said virtual currencies and tokens were not legal tender and reminded it had not authorized any individual or entity to issue, sell, purchase, or exchange any such coins in Pakistan. All banks, microfinance entities, payment system operators and service providers were “advised to refrain” from dealing in cryptocurrencies. The local market is by no means comparable to India’s booming crypto sector. According to Danyal Manzar, CEO of Pakistan’s first bitcoin exchange Urdubit, about 100 different digital coins were being traded daily across all mediums before the ban. His trading platform decided to close down permanently following the prohibition. “The decision was made in haste. Ample time should always be provided for a proper shutdown. But we respect the SBP’s decision,” he told The Express Tribune. Immediately after the ban, Urdubit warned its clients to withdraw both their fiat and their crypto funds. A month later, however, some of its users still have bitcoins in their accounts on the platform. Manzar believes that those who want to trade will continue to do so because “alternative ways still exist that will continue to be tapped no matter how risky they are.” He thinks that cryptocurrencies would only disrupt the stock market, and not the entire monetary system. “About 80 to 85% of the traders from stock exchanges came to try their luck in virtual currency,” he said. Localbitcoins PKR Trade Spikes After Ban Recently, Pakistani crypto traders told Asia Times that the central bank’s move initially caused a dip in the crypto market but the volume of trading has gradually picked up after alternative trading methods were discovered. “Traders realized that the SBP hasn’t, and can’t ban cryptocurrency in Pakistan,” Lahore-based trader Majid Ali commented. “What the State Bank has done is ban banks from entertaining crypto, so if you’re not dealing via banks, you [still] can own and trade virtual currency in Pakistan, which comes under the IT ministry,” he explained. Indeed, as the chart of the weekly Localbitcoins volume from Coin Dance shows, trading has spiked after the release of the circular. It peaked in the week of April 28 to more than 163 million Pakistani Rupee (>1.4 million USD), almost reaching December-January all-time highs. The price of Pakistan’s first and only cryptocurrency, Pakcoin, which was explicitly mentioned in the SBP’s prohibition, has also jumped – by over 60% since the ban. Pakcoin founder Abu Shaheer says that the central bank’s measure has actually worked in favor of his crypto by “serving to expose Pakcoin’s name [and] more people got interested in it.” The digital token is already used for mobile phone credit top-ups. Islamabad to Prohibit “All Forms of Virtual Currency” After All Sources from Pakistan’s Ministry of Information Technology and Telecommunication have told Asia Times that the government in Islamabad does plan to formally declare cryptocurrencies illegal in the country. “We have forwarded our recommendation for a ban on all forms of virtual currency trading, and proper legislation is being worked on,” a government official said. According to crypto trader Majid Ali, however, while the legislation is likely to hit trading, there are alternatives for dealing with cryptocurrencies. “The government of Pakistan can’t stop the trade in an international commodity that is accepted in other countries,” he said. Majid also warned that the ban actually opens transfer channels that can be used for illegal purposes. Do you think that bans imposed by central banks can really stop cryptocurrency trade? Tell us in the comments section below. Images courtesy of Shutterstock, Coin Dance. 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 Pakistanis Find Ways to Trade Bitcoin Rendering Ban Ineffective appeared first on Bitcoin News. View the full article

ASIC miners are hugely profitable machines – provided you’re the manufacturer. That’s the view of Siacoin lead developer David Vorick, who’s published his thoughts on the monopoly enjoyed by manufacturers such as Bitmain and Halong Mining. In “The State of Cryptocurrency Mining”, Vorick also accuses manufacturers of using the machines themselves, before passing them on to the public once they’re no longer profitable. Also read: Cryptocurrency Projects Aiming to be ‘ASIC Resistant’ Have Little Success The Absolute State of Cryptocurrency Mining Siacoin’s David Vorick knows more than most when it comes to cryptocurrency mining. In addition to overseeing the development of decentralized file storage coin SIA, which uses a Proof of Work algorithm, Vorlick operates his own ASIC manufacturing firm. Obelisk was founded around 18 months ago, and with their first ASICs scheduled to ship in eight weeks, Vorick has decided to lay bare his thoughts on the industry. “The State of Cryptocurrency Mining” is a revelatory blog post that pulls no punches. In it, Siacoin’s lead developer repeats claims he has heard that “Bitmain plays dirty”. Vorick was allegedly told that Bitmain would use its power to stop other ASIC companies from manufacturing in China. Despite going to great pains to conceal Obelisk’s involvement in such a deal, the Chinese manufacturer backed out suddenly in a move that reportedly cost Obelisk $2 million. There is no proof that the manufacturer was leaned on by Bitmain, but David Vorick leaves no doubt as to where his suspicions lie. The new Obelisk SC1/DCR1 ASIC miner. ASICS Are Money Printing Machines The most explosive part of Vorick’s blog concerns allegations of ASIC manufacturers secretly mining with new units before selling these to the public once they’re no longer profitable. These claims aren’t new, and can be traced as far back as Butterfly Labs and its ill-fated ASIC miner. David Vorick is the most senior and well-connected figure within the mining industry to go public with these allegations, however, writing: In the case of Halong’s Decred miner, we saw them “sell out” of an unknown batch size of $10,000 miners. After that, it was observed that more than 50% of the mining rewards were collecting into a single address that was known to be associated with Halong, meaning that they did keep the majority of the hashrate and profits to themselves. He continues: “Our investigation into the mining equipment strongly suggests to us that the total manufacturing cost of the equipment is less than $1,000, meaning that anyone who paid $10,000 for it was paying a massive profit premium to the manufacturer, giving them the ability to make 9 more units for themselves.” It has been alleged that prior to Bitmain shipping its Monero Cryptonight miners this year, an unknown entity had been mining with them for months. Vorick concurs: My sources say that they had been mining on these secret ASICs since early 2017, and got almost a full year of secret mining in before discovery. The ROI on those secret ASICs was massive, and gave the group more than enough money to try again with other ASIC resistant coins. At the time of the Cryptonight ASICs becoming public knowledge, a war of words erupted between Bitmain and senior Monero figures. Monero’s Fluffypony wrote that the huge leap in Monero’s hashrate in 2017 had originally been attributed to botnets using hijacked computers to mine XMR. This assertion had been revised in the wake of Bitmain unveiling its Monero-specific X3s. David Vorick adds fuel to the fire, writing: “It’s estimated that Monero’s secret ASICs made up more than 50% of the hashrate for almost a full year before discovery, and during that time, nobody noticed. During that time, a huge fraction of the Monero issuance was centralizing into the hands of a small group, and a 51% attack could have been executed at any time.” Secret ASICS Are Rumored to Exist Secret ASICs that have the power to attack existing hashing algorithms far more effectively than anything on the market are rumored to exist. David Vorick is convinced of this, and if he is correct, these units are the mining equivalent of a zero-day exploit – highly lucrative and highly protected. He speaks of “mining farms that are willing to pay millions of dollars for exclusive access to designs for specific cryptocurrencies” and “an informal underground industry” that has sprung up around secret mining. Because no entity, be it a mining pool or hardware manufacturer, is going to put their name to such activity, it is very hard to provide concrete proof of these allegations. What is beyond dispute is that ASICs are money printing machines for those who make them at scale. Vorick finishes: “At the end of the day, cryptocurrency miner manufacturers are selling money printing machines. A well-funded profit maximizing entity is only going to sell a money printing machine for more money than they expect they could get it to print themselves. The buyer needs to understand why the manufacturer is selling the units instead of keeping them for themselves.” Do you think some ASIC manufacturers engage in dirty tricks and underhand practices? Let us know in the comments section below. Images courtesy of Shutterstock, and Obelisk. Need to calculate your bitcoin holdings? Check our tools section. The post Siacoin Developer: ASICS Are “Money Printing Machines” for Manufacturers appeared first on Bitcoin News. View the full article

A new demographic analysis of people trading in cryptocurrencies has brought up some intriguing results such as that only very few are female, most have little to no previous experience, and many are students or working in sales and marketing roles. Also Read: Israel Tax Authority Hunts for Bitcoin Traders on Social Media Understanding Trading Demographics Market analysts for the social investing network and multi-asset brokerage, Etoro, have conducted a research of their vast user base to help the company better understand exactly who are bitcoin and cryptocurrency investors. Looking at data from March 2017 to February 2018, they surveyed the public profiles of those investing in cryptocurrencies using their systems, and extracted demographic insights from age to gender to job sector. One interesting point emerging from the data is that an absolute majority of traders are new in the business with regards to having any investing experience. A whopping 81.96% are at the Novice level, 10.66% are defined as Intermediate level, and just 7.38% qualify as having an Advanced level of experience in the market. Looking at the breakdown by occupation, it’s not surprising to see people working in the computer and IT services strongly represented at 15.05%, as well as the finance industry at 8.48%. Less expected is the high share of people working at sales and marketing involved in cryptocurrency trading at 14.49%. Additionally, about 30% of cryptocurrency traders are currently out of the job market, with 13.85% being students, 2.06% retired, and 14.74% just having no job. Crypto Gender Imbalance One demographic issue that keeps coming up with relation to cryptocurrency developers is the lack of female representation, and the same statistics seem to be true for traders. In fact, the data shows that less than a tenth of crypto traders are women, with just 8.5% market share compared with men’s 91.5%. While there could be other factors at play, bitcoin is located at the intersection of technology and finance, both fields that suffer from a severe gender imbalance, so the results are not all that surprising in that context. Interestingly, the research also revealed that there are differences between the cryptocurrencies men and women prefer to trade, other than BTC which has 0% gender difference. It appears that Ripple’s XRP skews strongly into the female side, while ETC, BCH and LTC are firmly in male territory. In a note to investors, Senior Market Analyst at Etoro Mati Greenspan, summarized it all with a clear “Women Love ripple.” Earlier this year, Etoro was among seven leading cryptocurrency companies operating in the UK that formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry and engaging policymakers. The other founding members of Crypto UK are Coinbase, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare. How cloud the bitcoin community attract more female users? Share your thoughts in the comments section below. Images courtesy of Shutterstock, eToro. 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 Only 8.5% of Bitcoin and Cryptocurrency Traders Are Female appeared first on Bitcoin News. View the full article

There are reportedly more than 100 exchanges in South Korea, most of which are not using the government’s real-name system. None of the small and medium-sized exchanges can use this system since banks have opted to only provide this service to the country’s largest exchanges. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 30% Conversion Rate It has been over 100 days since the government’s real-name system was implemented at the end of January. However, most crypto transactions are still not made through this system. All small and medium-sized exchanges continue to transact through corporate accounts. Business Korea elaborated: The domestic cryptocurrency market is getting more opaque as the financial authorities are not pushing banks and cryptocurrency exchanges hard toward using real-name accounts. According to Yonhap News, the conversion rate of the real-name system is currently only 30%. While six banks are equipped with the real-name system, KB Kookmin and KEB Hana Bank are not issuing real-name accounts to any exchanges, the publication conveyed. Shinhan Bank also has not issued them for Bithumb, citing that the exchange “has not yet implemented the recommendations of the Korea Communications Commission after the hacking incidents.” Real-Name System Ineffective Banks have so far opted to only open real-name accounts for the country’s biggest crypto exchanges: Upbit, Bithumb, Coinone, and Korbit. All other exchanges are not using real-name accounts; they are still using corporate accounts for crypto trading. It has been said that the use of such accounts leads to problems such as with Coinnest whose CEO was charged with embezzlement. However, on Friday, Upbit was also investigated by the Korean prosecutors for alleged fraud even though banks are providing the real-name service to the exchange. Nonetheless, with all small and medium-sized exchanges left out of the real-name system, “Some watchers suspect that the financial authorities are seeking to keep major exchanges, mainly the big four, in operation, killing other small and mid-size exchanges,” the news outlet noted, adding: The authorities’ failure to implement the real-name trading system has resulted in rampant illegal trading. This is why concerns are growing that the market will be disturbed further as more and more foreign exchanges are pushing into the South Korean market. “Under the current law, the financial authorities are not empowered to supervise cryptocurrency exchanges so they indirectly inspect the actual conditions through banks,” Business Korea described. The regulators have repeatedly explained that banks decide themselves whether to open real-name accounts for cryptocurrency trading. However, banks can be subject to anti-money laundering obligations and can be intensively investigated if problems arise. A bank official was quoted as saying: It is a big risk for a bank. New Exchanges Proliferate Without enforcing the use of the real-name system, the publication pointed out that “the financial authorities themselves are undermining the purpose of the real-name system which is designed to improve transparency in cryptocurrency trading,” adding: While the financial regulator is sitting on its hands on the matter, new cryptocurrency exchanges are mushrooming, making the cryptocurrency market more disorderly. According to cryptocurrency industry sources, “there are over 100 cryptocurrency exchanges in South Korea, including those that are preparing to start [the] business,” the publication detailed, noting that there were about 60 in January when the real name system was announced and 40 more have emerged since then. Foreign crypto exchanges have also opened up in the country such as Huobi and Okex. What do you think of the real-name system? Do you think Korea has too many exchanges? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post 100+ Crypto Exchanges in South Korea – Government’s Real-Name System Ineffective appeared first on Bitcoin News. View the full article

Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply. Also read: India’s Supreme Court Keeps Ban on Banks’ Crypto Services, For Now Zimbabwe Bans Crypto Issued 11 May, the Reserve Bank of Zimbabwe, the country’s central bank, laid out seven points in ordering the shutter of things crypto within the southeast African nation. Referencing two previous circulars going back as far as three years ago, the notice explains “’banking institutions’ attention is once again drawn to the risks involved with virtual currencies and the need to ensure strict adherence to sound risk management. Our investigations have revealed that the major cryptocurrency exchanges facilitating the trade of virtual currencies in Zimbabwe are Bitfinance (Private) Limited (Golix) and Styx24. Golix has gone further to set up an ATM machine through which cryptocurrency transactions are facilitated.” Indeed, these pages first reported on the Golix crypto ATM last month, highlighting how “‘Since we got the machine, lots of people have come to check it out, to touch it,’ Golix representative Tawanda Kembo told Bitcoin.com. ‘At least 10-20 people walk in every day, since we launched it last Friday.’” Crypto was widely thought to be something of a saving grace for the population, as we explained how the nation has a notorious relationship with monetary policy. “There is an acute liquidity crisis In Zimbabwe,” News.Bitcoin.com reported, “and so getting physical US dollars is both cumbersome and expensive (and illegal, the cash has to be bought on the black market).” Fall of last year, another Golix spokesperson insisted, “there is currently more demand than supply of bitcoins… Interest in bitcoin has peaked as people cannot send money outside or pay for international transactions using formal banks. People have had to look for alternatives and bitcoin has been a useful solution which can be used to purchase goods on Amazon or to pay for vehicles from international suppliers and traders.” A Government Known for Monetary Nonsense Unironically Fears Cryptocurrency Famous for their many thousands of percent hyperinflation, Zimbabwe’s central bank unironically feared this week of how financial “regulators around the world have identified the dangers and risks presented by virtual currencies to financial stability which include risk of loss due to price volatility, theft or fraud, money laundering and other criminal activities. Further, cryptocurrencies can be used to facilitate tax evasion as well as externalization of funds in violation of a country’s laws.” The order requires “all financial institutions … ensure that they do not use, trade, hold and/or transact in any way in virtual currencies; ensure that they do not provide banking services to facilitate any person or entity in dealing with or settling virtual currencies; and exit any existing relationships with virtual currency exchanges within sixty days of the date of this Circular and proceed to liquidate and restitute existing account balances.” Prior to using a haunting turn of phrase, at the end of the order, to be “advised accordingly,” the country’s monetary authority hammered home the point by attempting to cover all the possible permutations of crypto business. The ban includes “maintaining accounts, registering, trading, clearing, collateral arrangements, remittances, payment and settlement accounts, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase / sale of virtual currencies.” What do you think the future holds for Zimbabweans with regard to crypto? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period appeared first on Bitcoin News. View the full article

On October 31, 2008, Satoshi Nakamoto had a vision to share with the world — a protocol he called “bitcoin, a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” Since that time a whole lot has changed, and there is a vast cryptocurrency landscape with over 1,500 virtual currencies listed on data feed websites. It’s been a very long time since Satoshi left the community and his vision, the white paper, and even the protocol’s proof-of-work has been questioned multiple times over the years. Also read: Privacy-Centric Coin XMR Splits Into Four Different Monero Protocols BCH Proponents Believe That Many Key Attributes Have Been Slowly Replaced With a Whole New Concept Satoshi Nakamoto left the community in 2010, and no one has heard from the anonymous creator of bitcoin ever since. At the moment the bitcoin community has split into two factions due to the scaling debate, that coincidently started the same year Satoshi left. Many bitcoin cash supporters believe the BTC side of the community has never had a valid excuse against raising the 1 MB block size by utilizing a refuse to give in at-any-cost mentality. The bitcoin cash community believes this group has been so stubborn that Core supporters basically enabled blowback to occur this past August, allowing a large majority of users to go their separate ways by forking the protocol, before the introduction of the contentious Segregated Witness (Segwit). The protocol Segwit had been and still is controversial and hasn’t gained much traction even to this day. All of these individuals who once shared similar visions with their peers, formed another community and rallied around the bitcoin cash (BCH) network believing that BCH is the closest chain to Satoshi’s original vision. A slide from Dr. Peter Rizun’s speech at the Future of Bitcoin conference shows just one reason why people find Segregated Witness unfavorable. Revisionism Alongside all of this vitriolic energy tethered to the scaling debate, BCH supporters say there have been quite a few individuals who believe “Satoshi’s vision doesn’t matter,” and actually have the audacity to propose making changes to the creator’s white paper. Many individuals will tell you the reason for this is because supporters of the Segwit chain have realized that the document does not apply to the BTC network. Unfortunately, BTC hardly resembles what is described in Satoshi’s white paper. For instance, the co-owners of Bitcoin.org, ‘Theymos,’ and ‘Cobra Bitcoin’ among others have talked about changing certain phrases in Satoshi’s paper. Another example is how the web portal Bitcoin.org, which is heralded by Core supporters as ‘truth,’ removed the cheap and fast transactions description for bitcoin off the front page — the reason for this is because the description does not apply to Core network. The owners of Bitcoin.org have discussed editing and revising the white paper on multiple occasions. Of course, bitcoin cash supporters have been livid about this method of revisionism used by the other side of this debate. It is often said that “Satoshi’s vision” or the creator himself doesn’t matter, but BCH supporters believe most free-thinking individuals understand that history is important. Satoshi’s words and his original white paper is extremely vital towards keeping the network from being perverted. Anyone who denies history doesn’t understand how things came to be, and they will have a serious issue coping with the future. The past is the future’s direct causation. The very title of the white paper explains that bitcoin is a “peer-to-peer electronic cash system” which shows absolutely no references to holding the coin as a speculative asset, or any comparison that represents a ‘digital store of value.’ Bitcoin.org removes certain descriptions from the front page. Can’t Afford to Send Bitcoin? — Deal With It — It’s ‘Censorship Resistant’ for a Certain Group of Individuals After close to a decade, one by one, BCH supporters state that specific features that used to be promoted widely among the bitcoin community have been slowly forgotten. In the early days, bitcoin was considered pseudonymous and needed tools like mixers and tumblers that could help provide anonymity. However, due to the rise in transaction costs most bitcoin mixers and tumblers found the network unsustainable, and many were unable to mix coins because network fees were both too expensive and unreliable. Further, during the times when BTC suffered from extreme network congestion, and unconfirmed transactions spiked to well over 200,000, darknet mixers and tumblers were called out for ‘spamming the network.’ There’s no one that can really argue that this meme is irrelevant. Remember when transactions were once described as cheaper than most centralized processors like Western Union? In the early days, people envisioned billions of micropayments helping people in need and third world countries. Instead throughout 2015- 2017, Core advocates and developers stated they didn’t mind if fees aggregated to $100 per transaction. Core developer Gregory Maxwell stated during the worst period of BTC’s transaction backlog and $60 fees that he was popping bottles of champagne. "Personally, I'm pulling out the champagne that market behaviour is indeed producing activity levels that can pay for security without inflation, and also producing fee paying backlogs needed to stabilize consensus progress as the subsidy declines." ~ Greg Maxwell Dec. 21, 2017 It didn’t matter that economically unfortunate countries couldn’t afford to use the bitcoin blockchain as long as the chain continued to remain ‘censorship resistant’ — Ironically this thought process leads to the censorship of more than 2/3rds of this world who have a hard time considering paying $0.25 cents per transaction (tx) let alone $30-60 USD per tx. It’s safe to say that enjoying the rising fee market process is straight out of a Ponzi scheme manual where only the early adopters are those who can afford to use the network benefits. The Resurrection of Killer Apps Core supporters will tell you that bitcoin cash proponents are deceptive by utilizing the open brand name ‘bitcoin,’ when in fact all BCH proponents believe they are doing is “adhering to Satoshi’s original vision.” In fact, the chain and the BCH community are direct derivatives of stubborn blowback. Revisionists and actors with confirmation bias have clung to arguments that make no sense and act like the world is ready to adopt a whole new infrastructure called the ‘Lightning Network.’ This is after realizing on-chain BTC transactions are not very fast, and on-chain BTC transaction fees are unreliable especially during times of demand. Unfortunately, mainstream attention that took place during Q4 of 2017, was one of the worst periods of time for congestion, as BTC fees aggregated to upwards of $60 per transaction and confirmation times of up to a week for low fees. Then the mainstream was directed to a system that is not even close to widespread adoption, even though this mainstream audience was basically at a tipping point towards mass adoption. On April 4, a report was published that detailed major flaws and topology concerns with the Lightning Network. The author of this study was neither a bitcoin cash or bitcoin core holder. Fortunately for mainstream adopters, BCH supporters believe bitcoin cash will be there to provide the very things that were promised in the early days that made the idea of cryptocurrencies so cool — actual fast, cheap, and reliable transactions that cannot be censored. This is because BCH supporters state that mainstream audiences and users from third world countries won’t be hindered from using the cryptocurrency due to unreliable transfer times and tumultuous network fees. They also won’t have to learn to adopt a new network on top of the blockchain or learn about the flaws of routing, watchtowers, centralized hubs, opening channels, or keeping coins online in limbo. No, all they will have to learn is how to use bitcoin as it was taught for the past nine years. Mainstream audiences are also getting a glimpse of an ‘application resurrection’ of tools that were once heralded by the BTC community. The bitcoin cash ecosystem has resurrected mixers and tumblers, micro-tipping applications, a Bittorrent platform, social media apps like Memo and Blockpress, even the ability to send very small fractions of BCH without an internet connection. Protecting Propaganda and Censorship Over Conscience and Principles Bitcoin cash proponents think that revisionists will continue to try and say that Satoshi and the white paper “doesn’t matter” and will attempt to revise history to make bitcoin something that it is not. Why do BCH enthusiasts believe this? Likely it is because supporters of bitcoin revisionism have defended propaganda and censorship, so much that it has become a routine activity on some of bitcoin’s most frequented forums. All of this for a stubborn win-at-any-cost mentality that wouldn’t even allow the discussion or open debate of adding one measly megabyte to the block size. No, BCH proponents believe the confusion Core supporters complain about, rests on their conscience, because they obfuscated the protocol’s original intentions, anonymous minions sniffed out dissenting opinions, and cried when they got the blowback (the birth of BCH) they deserved. It’s safe to say that Satoshi’s vision will be remembered, and his white paper will remain safe from changes. However, BCH supporters understand that the revisionists will also be recognized for being intellectually dishonest and as sophists attempting to keep bitcoin hostage. Bitcoin cash enthusiasts believe that after August 1, 2017 bitcoin’s hostile takeover has ended, and there is now an avenue available to continue following Satoshi’s vision. What do you think about the idea that most BCH supporters believe that Core proponents have revised history and have tried to lessen Satoshi’s vision and even alter the white paper? How do you remember this history? Let us know in the comments below. This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. Images via Shutterstock, the Future of Bitcoin Conference, Bitcoin.com, Pixabay, and Wiki-commons. Have you seen our widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool and you can customize by size and color. The widgets include price-only, price and graph, price and news, forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power. The post Remembering Satoshi’s Vision — As it Was Written appeared first on Bitcoin News. View the full article

With seemingly endless new altcoins claiming that they will change the world whilst generating exorbitant returns for investors, it can be highly informative to sometimes get a bird’s eye view of longer-term altcoin performance by digging through the annals of Coinmarketcap’s historic snapshots. When looking at a historic snapshot from May 12th, 2013, by far the best cryptocurrency purchase one could have made was bitcoin. Also Read: Markets Update: Cryptocurrencies Lose Steam During the Weekend BTC Top Performing Market Since May 12th, 2013 According to the snapshot, bitcoin had a market capitalization of just 1.293 billion on the 12th of May, 2012. Back then, the circulating supply was just over half of it maximum total, with approximately 11.14 million coins in circulation. The price was just $116.07 USD, however, had just gained by approximately 40% in ten days – with the bounce comprising a recovering rally following the fallout from the early-2013 bubble that saw many Cypriots charge into the bitcoin markets seeking refuge from the harsh structural adjustment policies imposed by the European Union and International Monetary Fund. Of all fourteen cryptocurrency markets listed on Coinmarketcap on May 12, 2013, bitcoin has since far outperformed its rivals, gaining by approximately 7175% in the last five years. LTC Only Altcoin Still Ranked in Top Ten by Market Capitalization Of the markets listed on the 2013 snapshot, Litecoin is by far the altcoin with the largest market capitalization today (approximately $7.94 billion as of this writing). At the time of the snapshot, the then second largest cryptocurrency had a total market capitalization of just $59.1 million, and a circulating supply of roughly 17.5 million. At the current prices of roughly $140.55, LTC has made gains of 4,083% during five years. Whilst Litecoin’s market dominance has since eroded, LTC is still the sixth largest cryptocurrency by market cap – making it the best performing altcoin from May 12, 2013. Only 50% of Crypto Markets Are More Valuable Today Than They Were 5 Years Ago The third highest performing crypto market since the snapshot is the then twelfth largest by market cap, Ixcoin. At the time of the snapshot, Ixcoin was priced at approximately $0.015. With IXC current trading for $0.193096, Ixcoin’s value has inflated by 1177% in the last 5 years. IXC’s capitalization has grown from $191,294 to approximately $4 million, ranking it 677th by market cap. At the time of the snapshot, Peercoin was the third largest market by capitalization (approximately $4.72 million), with PPC trading for roughly $0.25. Currently priced at $2.56, PPC has since gained 924%. Peercoin has been among the most enduring of May 2013’s crypto markets, currently comprising the 198th largest market with a capitalization of $63.3 million. The then fourth largest cryptocurrency, Namecoin, has offered investors a modest return of approximately 130% since the snapshot, gaining in price from $0.853 to $1.96. NMC’s is now the 309th largest market, having grown from a capitalization of $4.70 million to $28.8 million today. Feathercoin, the then ninth largest cryptocurrency market, has gained from $0.1256 to $0.169727 – a meager 35.1% increase in five years. Feathercoin is now the 278th largest market, with FTC’s capitalization growing from to $821,341 to $34 million. The then seventh largest market, Novacoin, has gained by only 15.5% in five years, increasing in value from $3.54 to $4.09. NVC is now the 550th largest market with a capitalization, growing from almost $1 million to roughly $8.5 million. 46% of Altcoins Have Lost More Than 80% of Their Value Nearly half of the altcoins included in the snapshot – many of which promised that they would change the world whilst making investors rich – have since lost more than 80% of their value. The then fifth largest cryptocurrency market, Terracoin, has dropped nearly 81% from $0.4 to 0.164. It is ranked 694th by market cap, after gaining from approximately $1 million to $3.74 million. At the time of the snapshot, Freicoin was the eighth largest crypto market with a capitalization of $882,374. Since then, FRC’s capitalization has actually shrunk to a meager $203,719 (approximately 24 BTC) – ranking it 1,152nd by market cap. The price has also decreased by 84.5%, falling from $0.0424 to $0.00658. The market cap of the then eleventh ranked market, Mincoin, has also shrunk – dropping from $230,012 to $169,379 (approximately 20 BTC). Now ranked 1,170th, MNC has also shed nearly 83% of its value, with prices falling from $0.220779 to $0.037906. 23% of Altcoins Trading on the 12th of May, 2013 Now Appear Dead Nearly a quarter of the altcoins included in the snapshot now appear dormant. Data for the then sixth largest crypto market, Devcoin, stops on November 24th, 2017 – with the last recorded price of $0.000023 comprising an approximately 90% drop from $0.000223. The most recent price for then tenth ranked market, CHNCoin, was recorded on boxing day last year – CHNCoin having then dropped by nearly 99% in five years, falling from $0.1 to just $0.001222. And lastly, but certainly not least, data for then thirteenth ranked market, BBQCoin, also ended on the 24th of November – with BBQ’s final price of $0.000458 comprising a 95% loss in value from $0.0091. What was your opinion of cryptocurrency in 2013? Did you risk it all on BBQCoin? Tell us in the comments section below! Images courtesy of Shutterstock, Coinmarketcap Need to calculate your bitcoin holdings? Check our tools section. The post 5 Years Ago You Should Have Bought Bitcoin, Not Altcoins appeared first on Bitcoin News. View the full article

This week’s round-up features a colorful selection of bitcoin stories but we’ll start with the possible explanation for recent market dips. Most cryptocurrencies dropped in price over the period, following developments with depressing effect on traders. In Japan, Mt. Gox’s bitcoins stored in court ordered wallets have moved again, while in South Korea, the largest exchange Upbit has found itself under investigation for suspected fraud. Also read: Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain Mileage Markets React to Disturbing News from Japan and Korea The prices of leading cryptocurrencies dropped this week, with some recovery across the board on Sunday. The negative trend was probably determined by some notable developments in Asia, powerful enough to influence the mood of traders. Just as Bitcoin (BTC) looked poised to storm the $10,000 psychological threshold, the ghost of notoriously hacked cryptocurrency exchange Mt. Gox reminded bitcoiners it isn’t done with them yet. Tokyo-based court appointed trustee of the remaining bitcoin to be distributed among creditors, Nobuaki Kobayashi, seems ready to flood the market, again. According to Blockchain.info, over 8,000 coins from two court ordered cold storage wallets have been recently shifted. As soon as the news broke, BTC prices plummeted. South Korean media reported that the country’s largest cryptocurrency exchange, Upbit, is under investigation on suspicions of fraud. The exchange confirmed the news in a statement and tried to reassure its customers that their assets are kept securely, while “all transactions and withdrawals are operating normally.” Reports suggested that Upbit is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account. Acting on that information, Korean prosecutors have conducted search and seizure against the company, securing computer hard disks and accounting records. Upbit is currently the world’s fourth-largest crypto trading platform. China to Publish Monthly Crypto Report The Chinese government has decided to keep a close eye on decentralized currencies, despite all crypto bans it has imposed so far. Beijing authorities are set to publish a regular monthly analysis of over two dozen crypto assets in the form of the new Global Public Chain Assessment Index. “This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide,” according to a government press release. Almost 30 cryptos will be analyzed. The coins included in the index are expected to conform to certain standards like having an independent main chain and an open block browser. China is also working to develop a national standard for blockchain technologies and applications. The new system should be completed and introduced by the end of 2019, according to reports by state-controlled media in the People’s Republic. Initially the blockchain standard will include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards, but the scope of its applicability will be expanded in the future. Localbitcoins Changes ToS to Comply With EU Law The popular peer-to-peer exchange Localbitcoins has updated its Terms of Service (ToS), noting that the changes have been introduced mainly due to regulations in the European Union. The new ToS of the Helsinki-based trading platform highlight certain identification requirements. In some situations users will be required to submit a copy of ID, although identity verification is not yet implemented as a mandatory procedure for all traders. The company has detailed some of the situations in which identification will be necessary. These include trading over certain volume limits, cases of account hacking/recovery, and fraud investigations. The new terms will be enforced on May 25. Facebook Mulls Own Token, Reports Say This week we also covered some interesting developments in our daily rubric “Bitcoin in Brief”. After introducing a ban on crypto-related ads earlier this year, social media giant Facebook is now considering creating its own cryptocurrency to facilitate on-platform payments, reports suggested. Sources familiar with the matter told the financial news outlet Cheddar that the network is serious about the project to introduce global crypto payments. A digital token would allow its two billion users around the world to take advantage of crypto transactions and skip state-issued fiat currencies. The company announced recently it had formed a team tasked to explore the uses for blockchain technologies that can be utilized to improve its business. The group is headed by David Marcus, former head of Facebook Messenger and ex-president of Paypal, who currently sits on the board of Coinbase. BCH-Powered Social Media Apps Launch New Features Two popular Bitcoin Cash social media applications, Memo and Blockpress, have introduced new features on their platforms this week. Users can now upload pictures, video, and even torrent magnets found on the Pirate Bay. Memo has recently added a bunch of features like replies, emojis, and a counter for typing. Its programmers also added a ‘Topics’ section where people can discuss any topic trending on the application. On Thursday, the Memo development team added image and Youtube video support. Users can now upload a picture or their favorite Youtube video utilizing an on-chain BCH transaction. Last week, another BCH-powered social media application was launched – Blockpress. Just like Memo, the platform enables the ability to publish 77 characters via the Bitcoin Cash network. Its developer “Attila” said that after the May 15 BCH upgrade the Blockpress platform will provide the ability to upload much longer content. Currently, its users can add images to posts, a notification feed, community topics, and a sidebar of followed profiles on Blockpress. Bitcoin and the Carnal Temptations A bitcoin supporter hopes to replace New York Attorney General Eric Schneiderman, who resigned amid a sex scandal. Four women have recently complained about non-consensual physical violence by Schneiderman. Stock market lawyer and former stand-up comedian Manny Alicandro has announced his candidacy on the Republican ticket. He is described as bitcoin enthusiast and a crypto investor, who advises several blockchain startups. Alicandro’s campaign will highlight the current harsh regulation of bitcoin in the Empire State and may accept donations in bitcoin. He has been quoted as saying that he would like to see lighter rules for cryptocurrency businesses. Alicandro believes that New York’s Bitlicense regime is hurting jobs and stifling innovation. NY Attorney General Eric Schneiderman resigned just hours after the news about the violent sex scandal broke. His administration was behind an investigation into the operations of bitcoin exchanges which was rebuked by representatives of the crypto industry like Kraken CEO Jessie Powell who sharply criticized the regulatory overreach of his office. This week bitcoin and carnal pleasures were mentioned together more than once. Exotic dancer Brenna Sparks, featured in the article about a Las Vegas club where strippers accept bitcoin via QR tattoos, has published a blog post on an adult entertainment industry portal explaining the advantages of cryptocurrency to her colleagues. Noting that digital money can help with upholding privacy and fighting piracy, Brenna also points out the main advantage of cryptos like bitcoin – helping people in the business avoid paying almost 50% to middlemen. What are your thoughts on this week’s bitcoin topics? 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 This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls Coin appeared first on Bitcoin News. View the full article

China’s government is well known as a crypto hater, and its banishments and pronouncements are the stuff of wild market swings. That doesn’t mean, however, they’re not keeping close eye on decentralized currencies. In fact, according to recent press releases, Chinese authorities are set to publish regular monthly analysis of over two dozen crypto assets, its Global Public Chain Assessment Index. Also read: Bitcoin’s Anonymous $55 Million Pineapple Fund Gives Final Donation China Set to Provide Monthly Cryptocurrency Report “This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide for government, enterprise and research institute,” a government press release read this week. Beijing was indeed home to provocative announcements by the government of China such as the above. At a conference, its respective technology ministries explained their monitoring, by way of analysis, nearly thirty cryptocurrencies. Among them, “the first batch of assessment objects were identified: Bitcoin, Ethereum, Ripoco [Ripple], Litecoin, Bitcoin Cash, Cardano, Starcoin, NEO, Ioota, Monroe Currency, Dash, New Currency, Ethereum Classic, Quantum Chain, Nano, Application Chain, Big Zero Coin, Verge, Stratis, Cloud Storage, Stimco, Bit Stock, Bitcoin, Coin, Decred, Super Cash hcash, Komodo, ARK,” various bodies detailed. Standards for inclusion, according to a Google Translate of the government press release, are, “First, it has its own independent main chain; Second, the public chain node can be freely created; Third, it has an open block browser, block information can be consulted; Fourth, code open source; The fifth is to have a project home page, the project team can contact.” Blockchain, Not Currency The government expects shortly to have some kind of ranking system published. The Global Public Chain Assessment Index, as it is referred to, appears to be a way to “evaluate the technological capability, the usefulness of the application and the innovativeness of the project,” government minders insisted, and to determine “development level of the projects to profoundly understand the trend of blockchain technology innovation.” The conference press releases are full of effusive praise for ‘blockchain’ technology, a corporate staple among buzzwords all over the world. Cryptocurrency trading, of course, is not allowed in the world’s most populous country, and that hasn’t changed. And it’s probably why the currency aspect of crypto was not emphasized, but instead its variations on the distributed ledger technology theme. “The first phase of the global public-owned chain technology evaluation index,” the government noted, “will be released in the near future. The official website of the China Electronic Information Industry Development Institute will be the only designated release platform for the evaluation index.” Is the Chinese government warming to crypto? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post China Plays Jekyll & Hyde, After Ban It Will Publish Monthly Crypto Report appeared first on Bitcoin News. View the full article

Just recently news.Bitcoin.com reported on traders who exchanged “significant” trade volume using the peer-to-peer platform, Localbitcoins, by receiving warnings to upload their identity before they could proceed trading. Now the Localbitcoins organization has updated its terms of service agreement which comes with a few new guidelines concerning ID verification and data retention. Also read: Markets Update: Cryptocurrencies Lose Steam During the Weekend Localbitcoins Updates its ToS, Highlighting ID Verification and the Organization’s Privacy Policy Localbitcoins the peer-to-peer exchange founded in June 2012 in Helsinki, Finland has been a very popular trading platform for quite some time. For a while, users could trade in a fairly anonymous manner as it wasn’t required for traders to upload their identification. However a few years ago the organization added the ability for users to verify their state ID or license through a system called Jumio Netverify. A user could voluntarily upload their ID, adding more trust to the trading situation if the person is a real individual. Then this year traders who have been trading “significant” amounts of BTC volume reportedly were being asked to upload their ID to proceed to trade further using the platform. Now the business has updated its terms of service (ToS), and explains much of the changes are due to EU regulation, specifically the General Data Protection Regulation (Regulation 2016/679). Cryptocurrency enthusiasts thought that it was odd that Localbitcoins suddenly announced changing its ToS this month, due to this specific regulation which is supposed to actually limit data harvesting, and allow citizens ownership over their identity rights online. Localbitcoins new ToS highlights a few things users should know about identification requirements. Some Situations May Prompt ID Verification Localbitcoins states the organization still does not enforce ID verification as a mandatory procedure for users but says there could be situations where you are required to submit an ID. “We don’t require ID verification for all users, but in some situations, you may be asked to verify your ID with us,” explains the website. The following situations will prompt the company to ask the user to upload an ID such as trading over certain volume limits and when advertising, or if someone hacks your account, fraud investigations, and account recovery. “It is our top-most priority to ensure that Localbitcoins is a safe and secure bitcoin marketplace and that no one is able to use our service for money laundering or other unlawful activities,” the web page states. Most fraud on Localbitcoins stems from users attempting money laundering. We believe that taking a strict stance in this regard is in the interest of our users and important for our brand as a trustworthy marketplace. The Quest for Decentralized Exchanges Continues As far as retaining user data and the organization’s privacy policy, Localbitcoins says they had to rewrite their entire policy. After people began to digest the latest Localbitcoins statements and how the ToS which will be enforced on May 25, many bitcoin enthusiasts again talked about platforms like Shapeshift, and decentralized exchanges like Barterdex, Bisq and others. Again, most cryptocurrency proponents understand the problem with Localbitcoins is the fiat exchange process, which is something you cannot do with Shapeshift. What do you think about Localbitcoins new ToS? Let us know in the comments below. Images via Pixabay, Superbad, and Localbitcoins. Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history. The post Localbitcoins Updates ToS: ‘Some Situations May Require ID’ appeared first on Bitcoin News. View the full article

GMO Internet’s cryptocurrency exchange has added four more cryptocurrencies to its loan program which allows customers to lend their cryptocurrencies to the company. The program was originally launched last month for just bitcoin (BTC) but GMO has now added bitcoin cash (BCH), ether (ETH), litecoin (LTC) and ripple (XRP) to the program. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space GMO Wants to Borrow from Customers GMO Coin, the cryptocurrency exchange subsidiary of Japanese conglomerate GMO Internet, announced this week the addition of four cryptocurrencies to its loan service which allows customers to lend their coins to the company. The service “allows you to rent out the virtual currency held by the customer to the company so that you can receive the rental fee according to the quantity of the lent virtual currency,” the exchange detailed. GMO first introduced this service last month for just BTC. Interested customers need to apply between May 9 and May 23. If there are more applicants than needed, the company will use a drawing to select whom to borrow from. The target currencies this time are BCH, ETH, LTC, and XRP. About the Program Customers can lend between 100 and 1,000 ETH; 50 and 500 BCH; 300 and 3,000 LTC; and 100,000 and 1,000,000 XRP. The time to maturity is 150 days. Borrowed cryptocurrencies will be returned to customers in the same amounts and types at maturity. The exchange will pay customers 2.04109589 ETH for each 100 ETH borrowed. For 50 BCH, the company will pay 1.02054794 BCH. For 300 LTC, customers will receive 6.12328767 LTC. Lastly, for 100,000 XRP, the fee payable to customers will be 2,041.0958 XRP. GMO explained that the fee “corresponds to 5% / year (tax included),” adding that taxes will also be levied on the loan fees. Fully Licensed Exchange GMO Coin is a fully licensed cryptocurrency exchange in Japan. However, it is one of the two licensed exchanges to receive a business improvement order from the Japanese Financial Services Agency (FSA) after the agency tightened its inspection of crypto exchanges following the hack of Coincheck in January. The other is Tech Bureau which operates Zaif exchange. The company recently revealed GMO Coin’s financials, showing an operating loss of 760 million yen (~US$7 million) in the first quarter of this year. The cost of operating the crypto business rose by about 560 million yen (~$5.1 million) for the group from the previous quarter. As for the company’s mining operations, GMO revealed that it has mined a total of 906 bitcoins and 537 bitcoin cash. Would you lend GMO your coins? Let us know in the comments section below. Images courtesy of Shutterstock, Nikkei, and GMO. Need to calculate your bitcoin holdings? Check our tools section. The post Japan’s Internet Giant GMO Wants to Borrow BCH, ETH, LTC, XRP From Customers appeared first on Bitcoin News. View the full article

According to a team of Indian lawyers, the Supreme Court of India refused request for a temporary injunction against restrictions imposed on banks regarding cryptocurrency by the country’s central bank. The Reserve Bank of India (RBI) issued a circular essentially banning crypto services, which will remain in place at least until a formal hearing. Also read: Bitcoin’s Anonymous $55 Million Pineapple Fund Gives Final Donation Indian Supreme Court Denies Grant of Injunction Against RBI Crypto Kanoon (@cryptokanoon) is a group of lawyers active in the space concerned with regulatory analysis and legal awareness. They’ve been particular watchful of goings on regarding India’s central bank, RBI, and its recent circular demanding banks it serves shut down any business with cryptocurrency companies. Through a petition challenging the RBI ban, enthusiasts hoped by this week to see some relief at the country’s highest court. An interim measure employed by most courts around the world is to cease a particularly controversial action until such time as a final decision can be made. And it was just such a move crypto advocates were hoping would be followed during the petition’s consideration: allow banks to continue serving cryptocurrency clients as they had prior to the RBI ban. Yesterday, the Supreme Court instead declined an interim injunction, for now allowing the RBI ban to stay in place. It was a blow to the near dozen representatives from India’s crypto community. It is important to note that such a procedural decision theoretically has no bearing on the eventual outcome of the petition for relief itself. The case will return before the Supreme Court May 17th. The Reserve Bank of India’s circular from April ordered “with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs [(virtual currencies)] or provide services for facilitating any person or entity in dealing with or settling VCs.” The ban appears to be rather comprehensive in scope, including “maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase / sale of VCs.” Indian Crypto Community Pushes Back West Bengal’s Dwaipayan Bhowmik was the originator of a petition, asking government to regulate cryptocurrencies such as bitcoin core (BTC). His request was to galvanize the various ministries, from the country’s Securities and Exchange Board (SEBI) to the Reserve Bank itself. Mr. Bhowmik was quoted by regional media as wishing “to prevent financial crimes such as money laundering, flesh trade, etc.” A quirk of the judicial appeal process in the world’s second most populated country is to allow petitioners, no matter their side advocacy, to appeal together. Two petitioners are diametrically opposed on the issue, in other words, with one wanting an outright ban and the other wanting it formally recognized by the government. For his part, Mr. Bhowmik insisted he falls in neither camp. “I just want it to be regulated,” he said. There is yet another case, filed by crypto exchange startup Coil Recoil and various exchanges, to be heard in the Delhi High Court May 24th. The two cases are unrelated. As reported in these pages, many felt “the RBI directive is arbitrary and a violation of the Constitution of India, and the court should therefore quash it. The document presented to the count, which news.Bitcoin.com has obtained, explains that due to the RBI Circular the company will not be able to secure banking services that are imperative for the business’ operations rendering it ‘stillborn.’” Whatever the case, May promises to be a critical month for India’s crypto community. Do you think India’s Supreme Court will overturn the RBI ban? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post India’s Supreme Court Keeps Ban on Banks’ Crypto Services, For Now appeared first on Bitcoin News. View the full article

Cryptocurrencies have been dropping in value this Saturday, May 12 as most digital assets are down between 3-15 percent. The price of Bitcoin Cash (BCH) is hovering around $1,446 at press time while gaining 3.4 percent today — And Bitcoin Core (BTC) values are averaging roughly $8,473 per BTC and its markets are down 1.4 percent this weekend. Also read: Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts Digital Assets Take a Dip During This Weekend’s Trading Sessions Traders and cryptocurrency enthusiasts are uncertain of the short-term path ahead for digital assets, as most cryptocurrencies have lost a bunch of value once again. Many believe digital assets will see a rise at some point next week, as cryptocurrency markets have consistently risen every year in mid-May year after year. News has been fairly positive as Wall Street seems to be embracing cryptocurrencies even more so these days as new indexes and funds have launched. However, crypto-proponents are still concerned about regulations as exchanges are still being raided in South Korea and other governments enforce new measures. Moreover, the infamous Mt Gox trustee has moved bitcoins once again, and many believe those coins are being liquidated for fiat. Top ten cryptocurrencies on Saturday, May 12, 2018, according to Satoshi Pulse. BCH Market Action Bitcoin Cash (BCH) values have dipped considerably since our last markets update as BCH prices over the past seven days have lost 13.6 percent. Even though prices are down volumes have risen and the past 24-hours worth of trade volume is around $1.49Bn today. Right now the top five exchanges swapping the most BCH today are Okex, Upbit, Bitfinex, Bithumb, and Huobi. South Korean markets (KRW/BTC) have spiked considerably when it comes to BCH trades this weekend. BTC pairs with BCH have dropped but is still the most dominant pair as BTC encompasses 28.3 percent of BCH trades. This is followed by tether (USDT 26.4%), KRW (21%), USD (20.1%), and the euro (1.9%). BCH/USD Technical Indicators Looking at charts show some consolidation taking place and new positions being staked. The two Simple Moving Averages (SMA) show bulls could still take the game back to the upside, as the 100 SMA is still largely above the 200 SMA. MACd indicates some uncertainty at -42.17 which could show some improvement may take place in the near future. Relative Strength Index oscillator indicates the same sentiment, as it meanders around 42 at press time. Order books show bulls need to break resistance at $1,490 to move further ahead and from this vantage point, it still looks attainable. On the back side if bears try and short the market books indicate there are solid foundations between $1,360 and $1,250. BCH/USD Bitfinex May 12, 2018 BTC Market Action Bitcoin Core (BTC) markets are down 14 percent over the past seven days and one BTC is priced at $8,473 per unit. BTC volumes are decent today with over $7Bn worth traded over the past 24-hours. The top five exchanges trading the most BTC today includes Binance, Bitfinex, Okex, Huobi, and Bitflyer. The Japanese yen is the dominant currency traded with BTC as the yen is capturing 52.9 percent of today’s trades. This is followed by the USD (21%), tether (USDT 16.7%), KRW (3.8%), and the euro (2.6%). The most popular swap today on May 12 on the peer-to-peer platform Shapeshift is BTC for BCH. BTC/USD Technical Indicators Looking at the 4-hour BTC/USD chart shows the two SMA trend lines are currently different than BCH markets. The short-term 100 SMA is below the long-term 200 SMA which indicates the path to resistance may be towards the downside. At press time bulls have attempted to cross above the $8,550-8,650 range, with little luck. MACd shows this action just took place but more improvements can happen within the coming hours. RSI levels are around 45.5 which indicates some consolidation and some upwards movements are still in the cards. BTC bulls have to eat through massive sell walls to get above $9K again and then more mountains above $9,600. On the backside there are stiff foundations around $8,150, and if that area breaks we will see another pitstop at $7,800. BTC/USD Coinbase May 12, 2018 The Verdict: Market Optimism Remains As stated above, there are a lot of cryptocurrency enthusiasts and traders betting on a rise in digital asset markets in the near future. But this past dip seems to show a bit of consolidation before any type of break out takes place, as most currencies touched a three-week low this week. Even so, most people still seem optimistic for the coming weeks ahead. Where do you see the price of BCH 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: Cryptocurrencies Lose Steam During the Weekend appeared first on Bitcoin News. View the full article

The first initial coin offering (ICO) by a publicly traded company in Thailand has begun trading on a couple of local exchanges. Meanwhile, the regulators are still drafting the legal framework for cryptocurrencies and token sales. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space First Public Company to Launch ICO The launch of an ICO by a publicly traded company has paved the way for other token sales in Thailand. Jay Mart Plc’s subsidiary, J Ventures Limited, launched its ICO called Jfin Coin last week. Jay Mart Plc operates in the wholesale and retail sectors for mobile phones and technology accessories and is listed on the Stock Exchange of Thailand (SET). The pre-sale of Jfin Coin was held on February 14 at the rate of 6.60 baht (~US$0.21) per token, which was sold out. Its ICO debuted on local cryptocurrency exchange Coin Asset at 6.45 baht, but quickly tanked 57.09% to roughly 3 baht before regaining some of its losses. It is currently trading at 3.94 baht (~$0.12). Initially, J Ventures was going to trade the tokens on a much larger crypto exchange in the country, the Thai Digital Asset Exchange (TDAX). However, the company switched to Coin Asset, which has much lower liquidity, according to the Bangkok Post. Jfin Coin also started trading this week on another local platform, Cash2coins. J Ventures CEO Thanawat Lertwattanarak told the news outlet that the company plans to list Jfin Coin on Hong Kong’s Hitbtc as well as South Korea’s Upbit in the near future. His statement came prior to Upbit being investigated by the Korean authorities for alleged fraud. Other ICOs Follow The Thai government is currently drafting the regulatory framework for cryptocurrencies and ICOs. However, some companies are not waiting for the legal framework to be introduced. Following Jfin Coin, Zmine Holdings Limited is also planning a token sale. CEO and co-founder Kasem Pativitvatana said the company expects to raise at least 180 million baht (~$5.6 million) through the issuance of 100 million ZMN tokens in order to expand its crypto mining business which began in 2014, Prachachat Turakij reported. The pre-sale of ZMN tokens began last week. MGR Online reported that 2 million tokens were sold on the first day for approximately 3.5 million baht (~$109,825). Recently, “the Finance Ministry took steps to put the brakes on the Initial Coin offering (ICO) bandwagon by threatening to hit the emerging ICO market with value-added tax and capital gain tax,” the Nation Multimedia described, adding: Under the proposed new laws, the [Thai] Securities and Exchange Commission (SEC) would be responsible for regulating the ICO market, covering securities and other kinds of digital tokens. One key feature of a related new law covers the electronic-KYC (know your customers) requirement aimed at preventing money launderers and other criminals from taking advantage of the new funding channel. Do you think the Thai government will let ICOs flourish? Let us know in the comments section below. Images courtesy of Shutterstock, Coin Asset, J Ventures, and Zmine. Need to calculate your bitcoin holdings? Check our tools section. The post Public Company’s ICO Paves the Way for Other Token Sales in Thailand appeared first on Bitcoin News. View the full article

This week the two popular Bitcoin Cash social media applications, Memo and Blockpress have rolled out a bunch of new features on each platform. Now users on both platforms can upload pictures, video, and even torrent magnets found on the Pirate Bay. Also Read: Trading Cryptocurrencies Like a Boss Takes Time and Research Memo and Blockpress So far over the past couple of weeks, Bitcoin Cash (BCH) supporters have been utilizing two specific BCH-powered social media platforms — Blockpress and Memo. The Memo application arrived on the scene first during the second week of April offering BCH users the ability to write 77 character-long phrases using an on-chain method called an OP_Return transaction. Every action on Memo utilizes a transaction and an extremely small fraction of BCH and over the past few weeks; Memo has added a bunch of new features. The Memo app keeps adding features like topics, archived, personalized, and a new post feed. At the end of April news.Bitcoin.com reported on Memo adding additional features like replies, emojis, and a counter for typing. The platform was getting a lot of use seeing more than 3,000 transactions in one day when the developers added the ‘reply’ feature. Now the Memo programmers have added a ‘Topics’ section a place where people can discuss specific subjects such as adding a dislike button to Memo, Christianity, BCH price predictions, flat earth conspiracies, and any topic that’s trending on the application. Memo Images, Video, and Pirate Bay Magnets Moreover, on May 10, the Memo development team added image and Youtube video support to the platform. This means Memo users can upload a picture or their favorite Youtube video utilizing an on-chain BCH transaction. The very next day a user implemented a live stream video over the BCH chain using Webtorrent, Memo.cash, and Blockpress. Another added a Pirate Bay torrent magnet using Memo as well in hopes the application can be used for an “uncensorable Pirate Bay.” Blockpress Also Adds Video and Images, and Says More Features to Come After the May 15 BCH Upgrade Then on May 2, another on-chain BCH powered social media application was launched called Blockpress. When Blockpress launched, news.Bitcoin.com spoke with the platform’s developer who calls himself ‘Attila’ and is a big believer in the future of BCH. At launch, Blockpress offered a similar Memo-like platform but looked like a Twitter UI and had the ability to add an avatar picture, and profile cover photo. Just like Memo, the Blockpress platform enables the ability to publish 77 characters via the Bitcoin Cash network. Blockpress provides the ability to add images and videos. Then three days ago the Blockpress developer added the ability to add images to posts, a notification feed, community topics, and a sidebar of your followed profiles on Blockpress. Just like the Memo application, a bunch of people are testing out the platform’s newest features. Further, Attila says after the May 15 BCH upgrade the Blockpress platform will have the ability to upload much longer content (Tumblr style — via IPFS and also a 220-byte OP_Return update on May 15). Blockpress feed and the developer has added a community section as well. So far on both platforms, there’s a lot of users sharing their thoughts and content with Memo taking the lead on users since it was launched two weeks before Blockpress. Both BCH-based applications seem to be following a competitive path towards adding new features like images and videos. It will be interesting to see what kind of capabilities Memo and Blockpress get after the upgrade next week. What do you think about the new features on Memo and Blockpress? Have you tested any of these platforms yet? Let us know in the comments below. Images via Shutterstock, Blockpress, and Memo. Have you seen our new page, Satoshi Pulse? Check out the top 500 cryptocurrencies prices in real-time. No need to refresh as updates are automatic. The post BCH-Powered Social Media Apps Launch New Features appeared first on Bitcoin News. View the full article

The Satoshi Revolution: A Revolution of Rising Expectations Section 3: Decentralization Chapter 8, Part 1. Crypto: Civil Law Versus Common Law “World’s Second Most Valuable Cryptocurrency Under Regulatory Scrutiny.” “Bitcoin CRACKDOWN: IMF chief Christine Lagarde calls for cryptocurrency regulation.” “France announces Bitcoin regulations amid cryptocurrency ‘bloodbath’.” 2018 is the year in which cryptocurrency will be regulated. The questions are by whom and how? The two traditional answers have been civil law or common law. But there is a third alternative. Namely, preventive self-regulation, which can also be called simple decency. This is not a matter of law enforcement but of personal responsibility for your own behavior. It means being the adult in a room of children who are acting out. Regulation is coming because crypto is being defined as much by its abuses as by the benefits it provides. The problems are real. And that’s a problem because it provides a plausible doorway through which government can walk. The “abuses” to which I refer do not include drug deals or the private stashing of personal cash. Those are not the abuses of crypto; they are benefits. Cryptocurrency allows people to control their own bodies and wealth in a peaceful manner that harms no one else. That is its power and true beauty. The abuses are the rampant number of scams and hustlers who prey on average people; predators are robbing honest folk who are simply trying to avoid a corrupt financial system in order to leave an inheritance for their children and keep food on the table. The predators convert a vehicle of freedom into a path for theft. Part of the problem is that too many honest people are standing by, watching it happen. The Irish statesman and philosopher Edmund Burke is credited with saying, “The only thing necessary for the triumph of evil is that good men do nothing.” I’ve never liked that quote; it places responsibility for the triumph of evil on the shoulders of good people who are simply minding their own business. That’s wrong. But there is a point at which focusing on the business of personal life becomes dangerous because there are politicians and other criminals who circle and await the chance to attack those who are not paying attention. Pay attention now. Crypto will be shoved up against a brick wall of regulation in 2018, and it will occur with the applause of the public. They will applaud for good and bad reasons. One bad reason is that crypto is still an arcane mystery to most people, and they mistrust it. They say “it is vaporware that is based on nothing” as though the pieces of paper they spend every day are somehow different. One good reason for the urge to regulate crypto is that so many people have been fooled and burned by incompetent or unethical parts of the community. Cynical commentators can yell “caveat emptor!”—let the buyer beware!—all they want. That’s a way of blaming the victims, who certainly bear some responsibility. The words “due diligence” come to mind. But there is something badly wrong with a system in which honest people are being robbed and scammed on a regular basis. It is wrong when government does it to people, and it is wrong when a financial network does it. Cryptocurrency was designed to empower people, not to impoverish them. The current abuses mean that the application of law to crypto is inevitable. The pivotal question is whether cryptocurrency will be regulated under civil law or common law. Or a third alternative. The choice is between government control or the private policing of behavior. Which will it be? Government or self-regulation? Of course, government will impose itself to the extent possible. But private actions are giving it the justification to do so. The ideal solution is common law but the ideal rarely has a clean victory. The reality will probably be a mixture of both. Civil Law Versus Common Law Civil law is political law. This is civil law: “We feel very strongly that we need to have this kind of regulation [on the trading of cryptocurrency] all over the world…The EU, I understand, is moving very quickly in that direction and we think it’s very important that similar regulations are happening in a number of other countries.” —Sigal Mandelker, the U.S. Treasury undersecretary for terrorism and financial intelligence Civil law is what most people wake up to every morning. It is distinct from criminal law in that it addresses contracts, business arrangements, inheritance, and the other legal matters that average people confront on a daily basis. Civil law is passed by legislatures, and it is codified into established rules that dictate people’s lives. Much of it is valid. It answers real questions–like how do I resolve a property dispute with my neighbor or divide up property in a divorce? But it also expresses the interests of third parties, especially government, in matters that enrich them at the expense of average people. The more law becomes “statute,” the less it reflects the daily needs of people. Common law offers an alternative legal blueprint. Rooted deeply in the English tradition, it is a body of law that develops from the grassroots upward. It involves no presence of Parliament. It comes from the decentralized judicial decisions that arise from real legal disputes. Someone did not pay for a chicken he “purchased”; the seller asks a court…how do I receive fair payment? A business deal dissolves; how can the investors fairly split up the remaining assets? These are real-people problems. The answers offered by judges may be right or wrong, but they do not benefit the privileged. This is common law, and it is so named because it benefits the common person. Happily, average people usually want to live in peace, pure and simple. That makes common law a relatively straightforward thing. Almost every common law and its associated judicial proceedings advance the non-initiation of force, for example. They all embrace standards of evidence, such as published transcripts, that make people accept the system as just. Common law is far preferable to civil law. But common law is imperfect. It can substitute the arbitrary opinions of judges for the self-interested opinions of politicians. The best solution for cryptocurrencies is no law at all. It is self-regulation. Don’t allow foreseeable problems of fraud or theft to arise in the first place. As with every healthy community, the standards of conduct are set by normal people who are trying to function and feed their children. The crypto community is no different. Yes, cryptocurrency needs to be regulated. But it should be private regulation that responds to a fast-moving world of real people, not the needs of bureaucrats. That’s common law. Ideally, it is the private policy of the decent human beings who have always dominated crypto but who need to stand up and shout “ENOUGH!” at those who are treating freedom as a free pass to crime. [To be continued next week.] Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first. The post Wendy McElroy: Crypto – Civil Law Versus Common Law appeared first on Bitcoin News. View the full article

Reports suggest that Facebook may develop its own crypto. The plan is worth a mention, especially on the backdrop of the crypto ban imposed by the social media network. In Saturday’s Bitcoin in Brief, we also cover Telegram’s advance towards implementing its payment system using the Gram token. Some blockchain stories with beers and beamers complete today’s round-up. Also read: Bitcoin in Brief Friday: China Mulls Blockchain Standard, Zcash Fights Chinese ASICs Facebook Mulls Own Token, Reports Say Facebook is reportedly considering creating its own cryptocurrency. Sources familiar with the matter told the financial news outlet Cheddar that the social media giant is serious about the project to introduce global crypto payments on its platform. A digital token would allow its two billion users around the world to take advantage of crypto transactions and skip state-issued fiat currencies. Facebook announced recently that it had formed a team whose main task will be to explore the uses for blockchain technologies that the company can utilize to improve its business. The group is headed by David Marcus, former head of Facebook Messenger and ex-president of Paypal, who currently sits on the board of Coinbase. The development of the payments system, however, is likely to take some time, possibly years. Marcus, who is a crypto enthusiast and an early investor, has been quoted as saying that crypto payments are still very slow and expensive. Facebook is not planning to hold an initial coin offering (ICO) to fund the project. In January, the social network banned crypto-related ads, including advertisements of token sales. Telegram Moving Forward with Crypto Payments Telegram, on the other hand, has already raised enough money to fund its own blockchain project and payment system. The messaging service, which is popular with the crypto community, has already attracted $1.7 billion dollars to finance its Telegram Open Network (TON). The company, founded by Russian entrepreneur Pavel Durov, has decided to call off a planned public ICO. According to Russian media reports, Telegram is now conducting closed tests of a new service designed to store users’ information and documents for verification purposes. Telegram Passport will be used to keep personal details and copies of IDs, banking statements, and utility bills which will be used to identify users on Telegram’s blockchain TON. The identity verification feature is needed to facilitate payments using Telegram’s own crypto token called Gram. Once uploaded, the personal information can be potentially shared with partners within the platform, but also on their systems. Telegram Passport, which should be launched by the summer, is expected to prevent anonymous crypto payments. Crypto Beer Vending Machine to Check Age Civic, a San-Francisco-based startup, has recently announced plans to introduce a “crypto beer vending machine.” The project, which will be realized in partnership with a leading US beer producer, aims to also prove that blockchain can be used to verify if a thirsty guy or girl have 21 years of age to legally consume the alcoholic beverage. To get a cold can, one has to install Civic’s app on their smartphone, verify their ID, and then walk up to the machine, Futurism reports. The project’s success depends on the readiness of government authorities to accept identity verification performed on a blockchain. Civic’s beer vending machine is still a prototype. BMW Tracking Mileage on a Blockchain Another blockchain partnership aims to track the mileage of cars. A team at BMW, the German automobile manufacturer, has been tasked with finding a way to better preserve the resale value of vehicles leased by the company. Collecting reliable data for the mileage, amortization and maintenance of these cars is crucial for achieving the best price on the second-hand market. The blockchain startup DOVU has been invited by BMW to establish a partnership with Alphabet, the auto giant’s leasing and fleet vehicle branch, and BMW’s Innovation Lab in order to develop a system to collect and keep record of the important information. The companies behind the project hope to also evaluate how effective tokenization can be in encouraging customers’ cooperation. In a pilot program implemented by the partners, BMW drivers are prompted by a custom wallet app to take a picture of their dashboards once a week. All submissions are added to DOVU’s blockchain which is used by Alphabet to compile consistent and unalterable data reflecting the exploitation of the vehicles. The information is then used to assess the mileage and the depreciation of the used cars and ultimately determine their resale value. What do you think of today’s Bitcoin in Brief stories? 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 Saturday: “Social” Coins, Crypto Vending, Blockchain Mileage appeared first on Bitcoin News. View the full article

According to a recent study, 5,000 Indian software developers currently have the skill sets to work on cryptocurrency and blockchain projects. 10,000 more developers can be easily trained but an additional 30,000 would require extensive training. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 5,000 Developers Qualified A recent study by HR company Belong shows that, out of an estimated two million software developers in India, about 0.25% of them have the skills to work on cryptocurrency and blockchain projects, the Times of India reported this week. The study was conducted on two million software developers over the last year. The company found that only 5,000 of them have the necessary combination of skills such as “data science, algorithms and cryptography” to be qualified to work with cryptocurrencies or blockchains. Belong co-founder Rishabh Kaul asserted that “India does have the potential to train another 10,000 developers” with prior experience in the fintech industry so that they are equipped with the proper skill sets to work on cryptocurrency projects. However, he noted that another 30,000 software developers who have worked “in back-end tech roles” still “require extensive training and upskilling” before they have the proper skill sets to work as blockchain experts on crypto projects. However, companies are facing challenges in finding qualified developers, Belong’s study revealed. Kaul explained that the demand for developers with the right skill sets needed for projects related to cryptocurrency and blockchain technology is expected to grow further, adding that: Developers must essentially have skills in data science, algorithms and cryptography to work on such platforms. Popular Demand The number of companies looking to enter the cryptocurrency space is increasing. Burning Glass Technologies wrote in October last year that “because of its connection with ‘cryptocurrencies,’ blockchain is associated with finance, and major banks like Liberty Mutual, Capital One, and Bank of America have posted openings.” Earlier this month, freelance employment website Upwork released its Q1 2018 skills index. “The Upwork Skills Index ranks the site’s 20 fastest-growing skills in a quarterly series that sheds light on new and emerging skills as an indication of hot freelance job market trends,” the company described. Blockchain tops the top 20 fastest-growing skills in the time period, the company detailed, adding: Its growth exceeded 2,000% for three quarters in a row on Upwork.com, and in Q1 it experienced more than 6,000% year-over-year growth, making it the fastest-growing skill out of more than 5,000 skills on the site. What do you think of the number of qualified Indian developers? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post 5,000 Developers in India Ready to Work on Crypto Projects appeared first on Bitcoin News. View the full article

Notoriously hacked cryptocurrency exchange Mt. Gox isn’t done with bitcoiners just yet. Just as it appeared the world’s most popular cryptocurrency was ready to strike above the stubborn high nine thousands in price, Nobuaki Kobayashi, Tokyo-based, court appointed trustee of the remaining bitcoin to be distributed among creditors, seems ready to flood another 8,000 coins onto a fragile market struggling to recover. Also read: Venezuela’s President Launches Crypto Funded Youth Bank, Encourages Mining Farms Gox Trustee to Flood Market with Over 8,000 Bitcoin The Tweets were unusually sure over the last three weeks. Luminaries who’ve seen it all wistfully claimed that, should the speculative price of bitcoin core (BTC) break above $10,000 again, and this was all but a foregone conclusion in their view, it would be the last time investors would ever see such a low. And then something happened along the way. The hot hand held by BTC enthusiasts was left cold: the price dropped to the low nine thousands. Then it broke below $9,000. It would finally settle very near $8,000 by press time. Mt. Gox happened, again. The exploded exchange from ancient history by crypto standards, 2014, is rearing its head in the form of trustee Nobuaki Kobayashi. Yet another flood of bitcoin selling appears to be poised, as Blockchain.info shows over 8,000 from the court ordered fund’s cold storage wallets (two) was recently shifted. As watchdog news of coin movement spread, the corresponding bitcoin core (BTC) price plummeted. It is unclear whether Gox coins will be shed through mainstream markets or over-the-counter exchanges. Fear, doubt, uncertainty (FUD) has been heaped on the digital asset in particular this week not only surrounding a potential market dump but also through legacy business media incessantly quoting Warren Buffett, Charlie Munger, and Bill Gates about the supposed inherent ills of crypto. Not First Rodeo Something on the order of 137 thousand bitcoin remain in the Gox trust, according to various sources and wallet monitoring groups. The ecosystem has long accused institutional whales of shorting the market at the expense of overall prices. And as BTC goes, so do, historically, the rest of the cryptocurrency listings across the board. Not quite two months ago, Mr. Kobayashi dumped nearly half a billion dollars worth of BTC and bitcoin cash (BCH) onto markets. The response, which the Gox trustee denied, seemed to be an economic law: prices bottomed out under the mere weight of momentary over supply. Mr. Kobayashi insisted his flood back then had been orchestrated through OTC outlets rather than more mainstream markets. What is highly probable, however, is arbitrage of a sort. Keen OTCers could snap up discounted BTC and BCH, and then promptly unload them onto recognizable exchanges. The rub is always trying to avoid the fallacy of post hoc ergo propter hoc, exuberantly asserting because X happened before Y, it caused Y. But price movement charts are pretty compelling, correlating well between Gox floods and price drops. Do you think the Gox trustee’s actions are influencing prices? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Gox Trustee to Flood Market with Thousands of Bitcoin, BTC Price Drops Below $9K appeared first on Bitcoin News. View the full article

The following opinion piece was written by Jonald Fyookball. In parts 1 and 2 of How Bitcoin Cash …, we uncovered the important principles of community education and clarity. Now it is time to turn our attention to one of the most obvious things that went wrong in BTC — the centralization of protocol development. Also read: How Bitcoin Cash Can Avoid the Same Mistakes as Bitcoin Core, Part 2 How Bitcoin Cash Can Avoid Centralization Decentralization comes in many forms: decentralization of nodes, mining pools, wealth, and so on. One thing that was overlooked for a long time in Bitcoin BTC was that while many things were well distributed, there was only one main group of developers (Bitcoin Core). Decentralized Development Most of the BCH community is now well aware of this folly, and that is why we seek to have multiple independent teams of developers along with multiple full node implementations. Miners need established, robust software they can rely on, and its important to have several choices; otherwise it means that a single group of developers essentially controls the protocol. Entrenchment of “The Reference Implementation” Bitcoin Core became entrenched as “the” Bitcoin software, which led to stagnation. Although there were already several different implementations, the dominance of Bitcoin Core has been overwhelming. Technically, it’s hash power that matters, not how many different nodes are running a certain software… But given the totally lopsided distribution, it was clear that anyone running a different version from Core would be a tiny minority. That means Bitcoin Core calls all the shots as far as BTC protocol rules. BCH is Doing Better Already We’re heading in the right direction but we’re not out of the woods yet. One interesting phenomenon is that the current level of BCH development decentralization is often either underestimated or overestimated. On one extreme, some believe development is fully decentralized (since there’s, what, 6 node implementations now?). By contrast, others see the leading team (Bitcoin ABC) as having become the next reference implementation. The truth is somewhere in the middle. Bitcoin ABC runs around 60–70% of the BCH nodes and Bitcoin Unlimited runs about a third of them. Essentially, instead of one main implementation, there’s now two. Maybe that sounds a bit disappointing, but that’s twice as many as BTC. Meritocracy A meritocracy is defined as “the holding of power by people selected on the basis of their ability.” There’s often a misguided notion that the main development groups in BCH should have magically have equal influence, rather than acknowledging that influence must be earned. Those fearful of ABC having too much power might not understand this principle, or more likely, they haven’t seen all that ABC has accomplished to earn what is currently a majority “market share”. The fact of the matter is that Bitcoin ABC has been the best in class when it comes to leading protocol development, producing timely releases of solid code, and solving problems. To be specific, it was Bitcoin ABC that created the first node software for Bitcoin Cash, and spearheaded both hard fork upgrades along with the Cashaddr addresses. Healthy Competition is the Way Forward This is not to say that Bitcoin Cash wouldn’t benefit from an even more disbursed landscape, with several of the smaller implementations gaining more market share and influence. Instead of the misplaced idea that ABC should be reigned in, other teams should catch up to ABC by competing. That means they need to do as good a job as ABC has done at leading protocol development and delivering reliable software that serves the community. While its good to have a healthy fear of avoiding another “Core”, Bitcoin ABC actually has been extremely inclusive toward other teams. ABC organizes meetings with other BCH devs (both online and in real life), has created open work groups for various Bitcoin related topics, has invited developers from other groups into their private discussion channels, and has even written code for other teams. It feels that we’re on the right track with decentralizing protocol development, and I expect it will continue to improve over time. In the upcoming conclusion (Part 4), we’ll take a look at mining, development funding, and some big picture solutions. Written by Jonald Fyookball Jonald Fyookball (pseudonym) is a cryptocurrency enthusiast, best known as the project leader of the Electron Cash wallet, and for a series of hard hitting articles on the Bitcoin scaling debate. Jonald is a computer scientist, businessman, investor, libertarian, and Bitcoin advocate. What are your thoughts on educating the BCH community? 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. This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. The post How Bitcoin Cash Can Avoid the Same Mistakes as Bitcoin Core, Part 3 appeared first on Bitcoin News. View the full article

United States Securities and Exchange Commission (SEC) Commissioner, Hester Peirce, delivered a speech before the Medici Conference earlier this month discussing many issues pertinent to ICOs. Mrs. Peirce indicated that the SEC is open to discussion of developing a regulatory sandbox for ICOs, however, expressed a number of concerns surrounding the legislative model. The commissioner also warned of the potentially stifling effect of applying “blanket” classifications to the emerging field of cryptocurrencies. Also Read: Robinhood App Valued at $5.6 Billion – Now Available in 10 US States SEC Commissioner Welcomes Discussion of Regulatory Sandboxes Commissioner Peirce opened her speech by stating that “Back in Washington, DC, there has been a lot of talk about regulatory sandboxes,” adding that “A number of forward-looking regulators, both here and abroad, have created regulatory sandboxes.” Mrs. Peirce cites a number of examples of effective regulatory sandboxes, including the United Kingdom – where the Financial Conduct Authority governs a sandbox that “allows businesses to test innovative products, services, business models and delivery mechanisms in the real market, with real consumers,” and Singapore – where the Monetary Authority of Singapore uses regulatory sandbox apparatus to “encourage[e] more Fintech experimentation so that promising innovations can be tested in the market and have a chance for wider adoption, in Singapore and abroad.” “The motivating notion behind a regulatory sandbox,” Mrs. Peirce asserts, “is that the regulator in a sense sits in the sandbox with the innovator. Not only is she right there to make sure that nobody gets hurt, but she has a front-row seat on the innovative process. She sits at the entrepreneur’s shoulder as he thinks through how to address structural and aesthetic weaknesses in his sandcastle.” “Talk of sandboxes is welcome, and my fellow regulators’ sandboxes have already yielded great dividends,” Mrs. Peirce added. Concerns Surrounding Regulatory Sandbox Approach Despite expressing her openness to discussion surrounding regulatory sandboxes, the commissioner outlined a number of qualms held regarding the legislative model. Mrs. Peirce states that “The regulator may insert itself inappropriately into the creative process,” stressing that “The regulator should be careful not to try to control the development of new technologies. Not only is it outside the regulator’s proper function, but such micromanagement can result in the regulator forcing new technology to fit existing—and familiar—regulatory frameworks regardless of whether those frameworks are appropriate.” “The law deserves respect, but technological progress should not be bound by the limits of the regulator’s lawyerly imagination,” added Mrs. Peirce. Commissioner Peirce also outlined concerns that regulatory sandboxes create “the temptation […] for regulators […] to substitute their own judgement for that of consumer and investors,” emphasizing that “Regulators do not need to take on the impossible task of deciding what products and services will win over consumers. The market is efficient at signaling which products and services people want in their lives and which they would rather do without.” Regulation as Instrumental in Defining the Future Direction of Innovative Technology Mrs. Peirce stated that “The world of tokens and ICOs is still in its infancy,” emphasizing that “Determining the appropriate regulatory regime also will mean determining the shape these transactions will take as they mature. The commissioner added that “While it’s tempting to envision what might come to pass if these concepts were free to develop in whatever way the market dictated, without being pinned down with a label […] there comes a point where regulatory uncertainty is a greater roadblock than confinement within a particular regulatory regime.” Commissioner Peirce “Wary of any Blanket Designation for all ICOs” Mrs. Peirce expressed caution regarding regulators seeking to hastily create a broad label for the dynamic and still emerging ICO sector. After arguing that the majority of “tokens or coins used in initial coin offerings […] look the most like securities,” the commissioner stresses “This is not to say that all ICOs must be deemed securities offerings. Given the undeveloped nature of this area, I am wary of any blanket designation for all ICOs. Instead, the best path forward, at least for the time being, is to evaluate the facts and circumstances of each offering.” Commissioner Peirce also implied that the SEC will develop a unique apparatus of ICOs deemed to fall under the regulator’s purview, stating “For those ICOs and tokens that do come under the SEC’s jurisdiction, it will fall to us to devise an appropriate regulatory structure for these new types of deals.“ The Regulatory Challenge of Innovation Mrs. Peirce stated that “Innovation is always a challenge for regulators. We are used to the way things have been done. Our rules have grown up in response to past technologies. Figuring out whether and how they apply to new ideas is difficult.” Commissioner Peirce also warned that regulators “must be careful not to let our lack of familiarity with new technology breed anxiety and therefore bad regulation,” adding that “There is a risk, when something truly innovative comes along, that regulators will focus only on the harms the innovation may bring and miss entirely the opportunity it presents to improve people’s lives.” At the speech’s conclusion, Mrs. Peirce stated that “The best path forward is for regulators to approach ICOs and tokens with intense curiosity. We must put in the effort to learn about these new technologies and employ the staff necessary to support our understanding.” “My hope is that we can navigate these new waters collaboratively. The SEC’s role is not to hand out permission slips for innovation. Innovation happens—organically through private decisions and irrepressible human creativity. We at the Commission have a role to play in protecting investors and market integrity by deterring and punishing fraud and setting clear rules. As we sit atop our lifeguard’s stand and survey the beach, however, let’s not lose sight of the benefits new technology can provide in the area of capital formation, market efficiency, economic growth, and overall societal well-being.” Do you think that a regulatory sandbox for ICOs is a good idea? Share your thoughts in the comments section below! Images courtesy of Shutterstock, sec.gov Need to calculate your bitcoin holdings? Check our tools section. The post SEC Commissioner Cautiously “Open” to Regulatory Sandbox for ICOs appeared first on Bitcoin News. View the full article

Graphics card manufacturer Nvidia has announced its revenues for the first quarter, mentioning separately the amount generated from sales to the crypto market. The total includes $289 million related to GPUs for cryptocurrency mining, according to a corporate report. Demand from crypto miners was stronger than expected, the company noted. Also read: New Player Asrock Said to Enter the GPU Mining Market Crypto Miners Bought a Lot of GPUs, Nvidia CEO Reporting its financial results from a strong first quarter, Nvidia Corp. has revealed, in a separate box, the amount it generated from sales to the crypto sector – $289 million. According to the company’s CFO Commentary on Q1 Fiscal Results, the total revenue increased 66 percent year-over-year, and 10 percent sequentially, to a record $3.21 billion. All platforms – Gaming, Professional Visualization, Datacenter, and Automotive – have produced growth, the company said. “GPU business revenue was $2.77 billion, up 77 percent from a year earlier and up 12 percent sequentially, led by Gaming and Datacenter,” the leading video card manufacturer announced. Gaming revenue was up 68 percent from a year ago and down 1 percent sequentially. Datacenter revenue exceeded $700 million, up 71 percent from a year ago and up 16 percent sequentially, Nvidia detailed. “OEM [original equipment manufacturer] sales included $289 million related to GPUs for cryptocurrency mining,” the company pointed out, revealing reportedly for the first time the revenues from its sales to the crypto market. Demand from cryptocurrency miners in the first quarter was stronger than expected, Nvidia admitted Thursday on its earnings conference call, according to Bloomberg. Nvidia CEO Jensen Huang said: Crypto miners bought a lot of our GPUs in the quarter and it drove prices up. I think that a lot of gamers weren’t able to buy into the new Geforce as a result. However, the company expects sales in the sector to fall by about two-thirds in the current quarter. GPU Manufacturers Benefit from the “New Form of Computing” Earlier this year Jensen Huang predicted that despite regulatory pressures, the popularity of cryptocurrencies will grow in the next few years. The chief executive of Nvidia said that cryptocurrency, or the “ability for the world to have a very low-friction, low-cost way of exchanging value, is going to be here for a long time”. In March, Huang told CNBC that cryptos and blockchain, “a fundamental new form of computing,” will be important drivers for the GPU market. He was also quoted as saying that Nvidia needs to increase its GPU production, admitting that the surging demand may be coming from the decentralized nature of cryptos. “There are supercomputers in the hands of almost everybody. No singular force or entity can control the currency,” he added. Advanced Micro Devices, Nvidia’s main competitor, has also benefited from increased sales to crypto miners. According to a report by the analytical firm Jon Peddie Research, demand from the sector helped AMD reduce the gap between its results and those of Nvidia. In the last quarter of 2017, AMD’s share of the GPU market rose from 27.2% to 33.7%. The authors noted that its products remain cheaper, while offering practically the same productivity, when it comes to crypto mining. In April, Advanced Micro Devices announced that its revenue for the first quarter amounted to $1.65 billion, with net income reaching $81 million. Again, the positive results were helped by continued demand for cryptocurrency mining hardware. “The first quarter was an outstanding start to 2018 with 40 percent year-over-year revenue growth,” said AMD president and CEO Dr. Lisa Su. What are your expectations for the market of crypto mining hardware this year? Tell us in the comments section below. Images courtesy of Shutterstock. Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin. The post Nvidia Reports $289 Million Revenue from the Crypto Sector in Q1 appeared first on Bitcoin News. View the full article