roadrunner

This week a Bitcoin Cash organization was founded called the Cash Consortium (C2) that aims to be a technical group framed off of the World Wide Web Consortium’s (W3C) open standards. C2 is an international community that intends to bolster open standard development in order to provide long-term Bitcoin Cash growth. Also read: Upgrade Time: Bitcoin Cash 32MB Fork Activates Tuesday The Cash Consortium: Open Standards for Bitcoin Cash Much of the cryptocurrency community understands what open source or open standard development is, and most of them embrace the idea. Furthermore, organizations like the W3C and other believers of open standards welcome the sharing of open sourced code that allows anyone the rights to study, change, and distribute OSS protocol for any purpose. Open standards also allows other developers to review a protocol’s design in order to prevent flaws and bugs within the software by coming up with sets of development standards that everyone agrees to and uses. The Cash Consortium will have engineers from leading companies to work together to build Bitcoin Cash (BCH) development standards much like how developers build on the open web with shared concepts like HTML. “The C2’s mission is to lead Bitcoin Cash to its full potential by developing protocols and guidelines that ensure the long-term growth of the blockchain,” explains the C2 website. Bitcoin Cash is the soundest money the world has ever known. It has scarcity, fungibility, divisibility, durability and transferability. It’s our intention that it remain the soundest money the world has ever known — Bitcoin Cash enables smart contracts/property, colored coins, tokens, ICOs and much more. We intend to standardize these emerging technologies in a way that plays to Bitcoin Cash’s strengths. A Formal Bitcoin Standards Body At the moment organizations that are listed as members of C2 include Cointext, Atlantis Labs, Akari Global Foundation, the Bitcoin Cash Fund, Bitbox, Blockpress, Centbee, and the social network Yours. Last night news.Bitcoin.com spoke with the creator of the Cash Consortium, Carlos Cardona, who is also the lead developer of Bitbox, the open source development toolkit for Bitcoin Cash. Cardona tells us he is a firm believer in open standards and explains why he initiated the C2 organization. “When I was in college I was a member of the W3C’s HTML5 Working Group. There were engineers from Apple, Google (who I was with), Microsoft, Firefox and many more meeting up regularly in working groups to flesh out the next generation of technical specs for the web (HTML/CSS etc),” Cardona tells news.Bitcoin.com. “When the spec was nearing completion the teams would each implement it. Some open source like Firefox. Some closed source like Internet Explorer. But both implementing technical specs which were created together.” When I joined the blockchain space several years ago it surprised me that there was no formal Bitcoin standards body. The Cash Consortium will affirm and adhere to the Principles in support of The Modern Paradigm for Standards—cooperation, due process, broad consensus, transparency, balance, and openness. Huge Forces at Play Are About to Phase the Blockchain Industry Then Cardona says he started thinking about the upcoming Bitcoin Cash upgrade that will not only increase the block size by 4X but the fork will also add Satoshi OP_Codes that can enable the ability to create color coins and smart contract features on the BCH network. “With the new OP_Codes coming I had recently been thinking again about how to best standardize on new transaction types and then Memo/Blockpress happened,” Cardona emphasizes. “Having recently updated Bitbox’s block explorer to support both Memo and Blockpress I was struck with the same feeling I had during IE6/FF days — writing code twice with slightly different APIs because there was no standard. With OP_RETURN going from 80 bytes to 220 bytes we’re just seeing the start of OP_RETURN prefixed protocols — That got me thinking again about a standards body.” In my opinion our industry spent many years fighting the Blockstream wars and became complacent — Things which I would expect in any other nearly decade old tech industry (such as a tech consortium) doesn’t exist in our space. The final part which caused me to move on it was when I found out Zuckerberg created a blockchain division last week. To me that is just a sign that HUGE forces are at play which are about to phase shift our entire industry. Cardona Believes the Opportunity to Move Quick and be Proactive is Now The C2 website explains that if you work with a company that develops with Bitcoin Cash then they can feel free to fork this repo or reach out to Cardona to see how you can get involved. “I believe we have the opportunity to move quick, be proactive, build bridges and standardize or some much larger player will step in an do it for us,” Cardona adds. What do you think about the Cash Consortium (C2)? Do you think its a good idea for BCH developers to initiate open standards for protocol and application development? Let us know what you think about this subject in the comments below. Images via Bitcoincash.org, Pixabay, The Cash Consortium, and Open Stand logos. Get our news feed on your site. Check our widget services. The post The Cash Consortium Launches Open Standard Initiative for Bitcoin Cash appeared first on Bitcoin News. View the full article

It’s a story straight out of cinematic lines: whale cryptocurrency investor rakes in mounds of money, and reaching a “satiety point” decides to give a healthy portion of it to worthy charities. And add to that the spectre of remaining anonymous, the ecosystem, beset by dreams of easy fortunes and Lambos and glory, was given a real-world object lesson in five short months. Health care, water potability, education, digital rights advocates, among many others, all felt the power and generosity of crypto. This week, Pineapple Fund announced its final donation. Also read: Ethereum Founder Responds to Charges of “Insane”, “Plutocratic” Governance Pineapple Fund Issues its Final Donation In a subreddit post this week, Pineapple Fund’s anonymous benefactor wrote, “It’s been five months, and having just made my last PF donation to the Internet Archive, I figure it might be a good time to say farewell.” Pine, as the anonymous poster goes by, continued by thanking the broader community for offering worthy organization suggestions, and also thanked “the Bitcoin and cryptocurrency community, for turning a Sourceforge project into a $0.5T industry.” The fund burst upon the crypto community mid-December of last year, right at the height of bitcoin core’s (BTC) price spike. “The anonymous donor says he saw the promise of bitcoin long before it broke the single-digit price range. The donor explains the ‘shattering returns’ of bitcoin over the years has given him more money than he can spend,” these pages documented at the time. Donations ranged between $50,000 to $5,000,000. Around since the mid 1980s, the Multidisciplinary Association for Psychedelic Studies (MAPS) researches and educates about “the medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana.” It was one of the organizations deemed worthy of a $5mil gift from the fund. Give Directly, a group facilitating the ability to send money directly to the extreme poor, also landed among $5mil donations. It claims to distribute 88 percent of each dollar to those in need. Roughly $1,000 is sent to well vetted recipients who often use what is the equivalent in about a year’s wages for essential housing materials. A Strong Legacy The final recipient of $5mil was the Open Medicine Foundation (OMF). It’s goal is to both fund and initiate collaborative and groundbreaking research into chronic complex diseases, focusing upon the End ME/CFS Project, designed to find biomarkers and effective treatments for Myalgic Encephalomyelitis / Chronic Fatigue Syndrome. “I kind of miss the old times when bitcoin was a small community,” Pine wrote, “and you could count the number of ‘altcoins’ with one hand. Finding someone else who even knows about bitcoin was incredibly rare, and exchanges were semi-automated or running on PHP.” Community response was effusive with praise such as, “Thank you for doing what so many wish they would do in your position but yet fail to when they get there. Really proud of you and appreciative of your generosity,” one commenter wrote. Still another insisted, “This kind of generosity will indirectly impact so many peoples’ lives for the better. Thank you!” Other commenters held onto the idea of Pine returning at some point should the market tick back up again, and prices moon. “Thanks for following along with this experiment. I’m going to say goodbye now, but maybe there’s room for dessert in a few years,” Pine teased. “If you’re ever blessed with crypto fortune, consider supporting what you aspire our world to be. :)” Of course, others are currently involved in charitable, real-world work, such as Eat BCH. The group doesn’t enjoy the financing of a whale, and yet it provides food relief for countries such as Venezuela, which has suffered greatly in a giant economic downturn. Is charity an important way to promote crypto? Let us know in the comments section below. Images courtesy of Shutterstock, Pineapple Fund. Need to calculate your bitcoin holdings? Check our tools section. The post Bitcoin’s Anonymous $55 Million Pineapple Fund Gives Final Donation appeared first on Bitcoin News. View the full article

Every good trader knows their TA from their FA, and can appreciate the effect that fundamental and technical analysis have on market movements. But what about SA? Sentiment analysis, which involves making decisions based on the emotions of other traders, is arguably just as important, especially in the cryptocurrency market, where a herd mentality prevails. Also read: South Korea’s Largest Crypto Exchange Upbit Under Investigation for Fraud Other People’s Feelings Matter “Don’t trade on your emotions” is one of the first rules a trader learns, because making yourself a hostage of FOMO, and all the feelings that come with it – remorse; euphoria; despondency – is a recipe for disaster. But what about trading on the emotions of others? You might be a mechanistic trading automaton, with your unbridled emotions kept in check, but the rest of the market is not, and it’s their decisions – no matter how irrational – that move markets, not yours. As an example of sentiment analysis, consider the periodic bitcoin movements of the Mt Gox trustee. Every time he sends a tranche of coins to a different address, BTC dumps. Technically, this occurs because people are anticipating that when he offloads 8,000 BTC onto the open market it will cause a flash crash. And yet the trustee has provided reassurances that he is not selling his coins in such a manner, yet BTC still drops the moment he moves coins. The only interpretation is that traders are anticipating other traders dumping BTC on the news and are clamoring to sell first. Even if you have faith in the trustee’s intentions, simple sentiment analysis tells you to sell. There’s a Fine Line Between TA, FA, and SA Technical, fundamental, and sentiment analysis are disciplines which intersect. Even if you’ve not been overtly factoring SA into your trading, it will have influenced your decisions. For example, a number of cryptocurrency traders have little love for Tron (TRX) which they deem to be a shitcoin. That doesn’t stop them from speculatively buying it though any time it’s dropped to a previous support level. Why? Because they know it’s almost certain to pump again for reasons that cannot be rationally explained using TA or FA. The same applies to other “penny cryptos” like verge. Sentiment analysis is basically a self-fulfilling prophecy: that if enough traders believe in X, then X comes to be true. For example, do coins pump by 100% when they are listed on Binance because of the increased liquidity and wider investor access this brings? Or do they pump because everyone expects them to pump, and so everyone panic buys in a race to the top? Then there are coins like IOTA, which has a tendency to rise in price every time someone publishes negative news about it, which is a frequent phenomenon. One interpretation of IOTA’s immunity to “FUD” is that its community stubbornly buys up more of it during times of crisis as a gesture of defiance. Tools for Measuring Sentiment Analysis You won’t find an SA overlay in Tradingview, but there are tools that provide a crude reckoner of overall market sentiment at a given point in time. One example is the Fear & Greed Index that charts emotions and sentiments from a range of aggregated sources. Right now, we’re in “fear”, but that’s still an improvement on last month’s “extreme fear”. Crypto Sentiment provides a more comprehensive set of SA tools including an index of strategic bias and an overconfidence index that “reflects the risk that investors might take to risky positions based on the behavior of the bitcoin price”. When trying to time their entry and exit points, good traders already factor in sentiment analysis. They might not explicitly refer to it by name, but they know it when they see it. For all the automated tools, bots, and indicators that have been developed over the years, markets remain deeply irrational and hostage to human emotion. Many traders are predicting a strong bitcoin and altcoin bounce in the wake of next week’s Consensus summit. Why? Because that’s what happened last year. It doesn’t matter if last year’s bull run was a coincidence: all that matters is that if enough investors expect the same to occur this year, it will occur. Once a belief takes root, feelings trump technicals every time. Do you think sentiment analysis is a useful trading tool? Let us know in the comments section below. Images courtesy of Shutterstock, Alternative.me and Crypto-sentiment.com. Need to calculate your bitcoin holdings? Check our tools section. The post Sentiment Analysis Is the Best Trading Tool You’re Not Using appeared first on Bitcoin News. View the full article

Fundstrat Global, a favorite research firm in the cryptosphere with Wall Street-street cred, is once again providing eye-popping bitcoin (BTC) predictions. This time analysis depends largely on what’s known as the mining economy. Hash power and hardware advancement all combine to show a possible $36,000 BTC price by the end of next year, they claim. Also read: JP Morgan Chase Eats Humble Pie, Applies for Blockchain Patent Fundstrat Continues Moon Price Predictions Fundstrat’s head of data research, Sam Doctor, explained, “The release of the next generation of rig hardware should trigger a new round of capex as well as hash power growth, which could accelerate if BTC price appreciates.” Capex is short for capital expenditure, and refers here to upgrades in technology such as mining rigs. Hash power growth can be thought of as cryptocurrencies such as bitcoin using proof of work, relying on a unit of measure basically recording power consumed by the network to keep it humming along, in this case, roughly every ten minutes a block is found or generated. Internal Fundstrat research document “We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range,” Mr. Doctor continued. “The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.” If a multiple of four from its current price seems ambitious, the actual range from Fundstrat pushes the high to nearly twice even that number. Mr. Doctor uses mining economics to establish a floor support level due to its supposed relative growth going forward. Through next year, researchers believe mining hash power will indeed boom by 350 percent. A Rosy Immediate Future Most of the price moon prediction depends upon miners Fundstrat assumes will hold their position through the crypto winter, and then sell once it recovers (and better). Moving variables in the mining economy include rig innovation, electricity cost, and the ability to lower hardware temperatures. Mr. Doctor further elaborated how “miners verify and process transactions, supporting the network in exchange for mining rewards and transaction fees. We argue that the Price/Miner’s Breakeven Cost multiple has proven a reliable long-term support level, and further, that the likely trajectory of future mining infrastructure growth should underpin Bitcoin price appreciation into year-end 2019.” And harder numbers Fundstrat asserts to be $6K per BTC for Bitmain’s Antminer S7, and just over $2K for its S9 model. Such rosey price predictions are nothing new for Fundstrat Global. Its very public face, and really only prominent Wall Street analyst to take cryptocurrencies seriously as an asset class, Tom Lee, famously last Summer forecast BTC becoming a store of value on par with gold, reaching a high of as much as $55K by 2022. As more information has come in, Mr. Lee has also said he expects the digital asset could moon to $25K by the end of this year alone. Still other analysts believe the causal connection between mining activity and speculative price is not well established, leading to perhaps more outlandish price calls as a result. And with other cryptocurrencies battling it out for market share, offering varieties of features not currently found in bitcoin, the BTC price explosion might not be such a given. At press time, BTC price hovered around $8,500, down almost ten percent. What are your crypto price predictions? Let us know in the comments section below. Images courtesy of Shutterstock, Fundstrat. Need to calculate your bitcoin holdings? Check our tools section. The post Bitcoin Moons to $36,000 by End of 2019 According to Fundstrat appeared first on Bitcoin News. View the full article

Last month we re-opened our Bitcoin.com Store after some construction and a bit of hiatus. After a month of operation we’ve added even more to the store with hardware wallets, new t-shirts, Cryptomatic watches, and now we’re even selling Amazon gift cards. Also Read: Trading Cryptocurrencies Like a Boss Takes Time and Research Crypto-Infused Products for Both Veterans and Noobs If you are tired of hodling your cryptocurrencies and want to spend bitcoin cash on some cool swag, then the Bitcoin.com Store is the place for you. Over the past few weeks, we’ve added a slew of new goods that will make any digital currency enthusiast happy. Whether you are a noob or a crypto-veteran we got products for everyone like t-shirts for the ladies and men, hoodies, and snapback hats. Or if you’re looking for a touch more swagger, then we also have a wide variety of stylish Cryptomatic watches. Arrive at the Party in Style With a Cryptomatic Watch Our assortment of Cryptomatic watches is a vast collection of colors, styles, and different wrist straps. For instance, the ‘Hodler Rose Gold’ watch with chocolate leather strap has a beautiful 42-mm open case, displaying the hour indexes in binary and decimal digits. The watch also features a numbered disc indicating the minutes through an aperture on the right side of the dial, under its large sapphire crystal opening. The signature seconds-hand incorporates the Bitcoin symbol to complete the design. Keep Those Coins Secure With a Keepkey Now if you really want to ‘Hodl’ your coins then a hardware wallet is the best way to keep your cryptocurrencies safe from hacks or theft. At the Bitcoin.com Store, we sell top quality hardware wallets manufactured by Keepkey, a subsidiary of the popular peer-to-peer cryptocurrency exchange Shapeshift. The Keepkey wallet has been around for quite some time and it supports cryptocurrencies like bitcoin cash (BCH), litecoin (LTC), dash, ethereum (ETH), and more. The Bitcoin.com store wants you to keep your digital assets secure with this industry-leading hardware wallet. $10-500 Amazon Gift Cards for Sale Lastly, the mother of all new products is our new line of Amazon gift cards. Yes, you read that correctly, you can now purchase Amazon gift cards in denominations of $10-500 with bitcoin cash. With an Amazon gift card, you can choose from millions of items and buy the hottest goods on the planet. In order to purchase an Amazon gift card simply choose how much you want to buy and go through the checkout process as normal. A verification email will be sent to you immediately and after the funds’ process, another email with the gift card code attached is sent to your email. With some bitcoin cash and a few Amazon gift cards, soon enough you’ll be the coolest cat on the block thanks to Satoshi’s blockchain technology. Hodling is not easy, and sometimes you just want to spend some of those satoshis on something unique that shows off your cryptocurrency passion and spirit. The Bitcoin.com Store has all that and more, and we plan on continuing to bring the best crypto-infused goods to our customers on a daily basis. What do you think about the Bitcoin.com Store? Let us know what you think in the comments below. Images via the Bitcoin.com Store, Shutterstock, Keepkey, Amazon, and other associated logos. Why not keep track of the price with one of Bitcoin.com’s widget services. The post Bitcoin.com Store Adds More Hot New Items and Amazon Gift Cards appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. The pioneering Ethereum-based e-commerce solution is looking for Sellers and Ambassadors to kickstart its new platform. BitBoost will launch its decentralised marketplace in June. The project, which is built using Ethereum’s smart contracts, will enable buyers and sellers to connect directly – facilitating free and private online commerce. Traditional user experience, low fees The marketplace takes the form of a downloadable piece of software that connects to the Ethereum blockchain via either BitBoost’s node or a local node, if preferred. Payments for goods are made in ETH, and all listings cost a flat fee of just $1, payable in the BBT token. The team has worked hard to replicate the look and feel of traditional e-commerce platforms, with instant search and product images hosted on Imgur for anonymity. ‘We think this is going to be a game-changing decentralised e-commerce solution,’ says founder and CEO Paul Mahone. ‘We believe in free trade, and the BitBoost marketplace entirely removes several common barriers and intermediaries in online commerce. Anyone can sign up for an account. You don’t need to submit an email address or any personal details: all that is required is an Ethereum address. The interface is clean and familiar, payments are fast and borderless, and privacy is built in.’ Sellers’ Programme BitBoost is looking for merchants to join the platform’s Sellers’ Program, bootstrapping activity on the marketplace and helping to build network effect and momentum. With low listing fees, and a smart contracts escrow system to protect both buyers and sellers, the company believes it will be an attractive alternative to the high commission fees and data harvesting that are the price of doing business in the traditional e-commerce industry. BitBoost is also looking for Ambassadors to promote the initiative around the crypto world and the broader e-commerce sector. If you would like to be involved in the project as a Seller or Ambassador, contact info@bitboost.net. ####### Contact info: Álvaro Rodriguez CMO alvaro.rodriguez@bitboost.net Supporting Link https://mailchi.mp/247bc905d5c6/sellers-campaign This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: BitBoost’s Blockchain Marketplace Goes Live in June appeared first on Bitcoin News. View the full article

Trading app Robinhood which started offering bitcoin and ether trading in February has attained a valuation of $5.6 billion after raising $363 million, the company has confirmed. The app is now available in 10 U.S. states. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space $5.6 Billion Valuation Robinhood started out about three years ago as a simple stock trading smartphone app with no transaction fees. The company is now valued at $5.6 billion following a new financing round announced on Thursday. Robinhood confirmed that it has raised “$363 million to expand [its] product lineup.” “Our platform has also grown significantly, reaching over four million users, cementing Robinhood Financial as the fastest-growing brokerage ever,” the company wrote, adding: On the heels of this growth, we recently raised $363 million in capital, valuing Robinhood at $5.6 billion. The series D round of funding was led by DST Global, with participation from new investors Iconiq, Capital G, Sequoia Capital, and KPCB. Existing investors included NEA and Thrive Capital. Robinhood announced the integration of bitcoin (BTC) and ether (ETH) in January, with actual trading beginning on February 22. A few days after the initial announcement, over a million people had already signed up to get access to trade cryptocurrencies. Crypto Helps Growth According to its website, “Bitcoin and ethereum trading is now available in California, Colorado, Florida, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Mexico, and Wisconsin” through Robinhood Crypto. The app caters to “the ‘millennial’ population, roughly ages 18 to 35. The demographic is often considered a challenge for traditional financial institutions to reach, and Robinhood is trying to attract the group by offering commission-free trading through an app,” CNBC described. “The company generates revenue by taking a tiny fraction of a cent per dollar from each trade order as well as collecting interest on customer deposits.” Most of the cryptocurrencies held by Robinhood are kept in cold storage, the publication conveyed, adding that For cryptocurrency trading, Robinhood has no investment minimums or maximums and no withdrawal limits. Besides crypto trading and market data services for BTC and ETH, Robinhood Crypto also supports real-time market data for “bitcoin cash (BCH), bitcoin gold (BTG), dash (DASH), dogecoin (DOGE), ethereum classic (ETC), lisk (LSK), litecoin (LTC), monero (XMR), NEO (NEO), omisego (OMG), qtum (QTUM), ripple (XRP), stellar (XLM), [and] zcash (ZEC).” “We also plan to support the ability to buy and sell other cryptocurrencies through Robinhood Crypto,” the company emphasized, clarifying that “supporting market data for individual cryptocurrencies does not necessarily mean we plan to add buying and selling.” What do you think of the Robinhood app and its valuation? Let us know in the comments section below. Images courtesy of Shutterstock and Robinhood. Need to calculate your bitcoin holdings? Check our tools section. The post Robinhood App Valued at $5.6 Billion – Now Available in 10 US States appeared first on Bitcoin News. View the full article

The largest cryptocurrency exchange in South Korea, Upbit, is suspected of fraud and is currently under investigation. The prosecutors have conducted searches at the exchange and confiscated computers and accounting records. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Upbit Under Investigation South Korea’s largest cryptocurrency exchange, the Kakao-backed Upbit is suspected of fraud, according to local media. While maintaining that customers’ assets are still kept securely, the exchange posted the following statement on its website: Upbit is currently under investigation by the prosecution, and we are working diligently. Upbit services such as all transactions and withdrawals are operating normally. Upbit is currently the world’s fourth-largest cryptocurrency exchange and the largest in South Korea with a 24-hour trading volume of $1.812 billion at the time of this writing, according to Coinmarketcap. The exchange is affiliated with Kakao Corp which operates the country’s most popular chat app, Kakao Talk. Suspected of Fraud Crypto of Korea explained: The company [Upbit] is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account…Korean prosecutors have conducted search and seizure against the nation’s largest cryptocurrency exchange, Upbit, on charges of fraud. According to the publication, the financial investigation team of the Seoul Southern District public prosecutors’ office sent prosecutors and investigators to Upbit headquarters on May 10 and May 11 “to secure computer hard disks and accounting records.” More than 10 investigators were sent to Upbit, Money Today added. “After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, we will decide whether and in what direction we will investigate further,” the prosecutors were quoted saying. Accused of Deceiving Customers Upbit allegedly “pretends to hold [virtual currencies] without holding virtual currencies,” the news outlet noted. “The prosecution believes that Upbit has entered [into] the computer system as if it had virtual currencies that it does not actually own, and deceived customers,” KBS elaborated. According to the prosecution, the Hankyoreh described, “Upbit has been suspected of carrying out ‘book-trading’ without holding virtual currencies in a wallet.” The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have been investigating domestic crypto exchanges since March, according to Yonhap News. Their first target was Coinnest where the chairman, Kim Ik-hwan, was detained over embezzlement and fraud charges. According to Money Today, unlike Coinnest, there is no suspicion of embezzlement with Upbit. Do you think Upbit is guilty? Let us know in the comments section below. Images courtesy of Shutterstock and Upbit. Need to calculate your bitcoin holdings? Check our tools section. The post South Korea’s Largest Crypto Exchange Upbit Under Investigation for Fraud appeared first on Bitcoin News. View the full article

In today’s Bitcoin in Brief we are covering a number of stories related to China. According to statements by Chinese officials, the People’s Republic is developing a national standard for blockchain technologies, which should be introduced next year. Also, the Zcash Foundation is taking steps to protect the network of the privacy coin from ASIC-based mining. Chinese giant Bitmain has recently launched its Antminer Z9 Mini designed to process transactions for cryptos like Zcash, which use the Equihash algorithm. Also read: Bitcoin in Brief Thursday: Bitcoin Supporter Might Be Next NY Attorney General China Preparing National Blockchain Standard Chinese authorities are 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. A national standard plan for blockchain is under preparation and respective departments will set up a national blockchain and distributed Accounting Technology Standardization Committee said Li Ming, director of the Blockchain Research Office at the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology. Li Ming told the Economic Information Daily that the national blockchain standard will include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards. He also added that the scope of its applicability will be expanded in the future. According to a recent statement by Yu Kequn, director of the National Center for Information Technology Security Research, “The development of blockchain technology may become an important step for China to grasp the global technological competition.” Yu Kequn also noted that blockchain technology is a new integrated application of distributed data storage, peer-to-peer transmission, consensus mechanisms, and encryption algorithms. “It has the characteristics of decentralization, openness, tamper resistance, and anonymity,” the official pointed out and added: “It can be applied in the production, management, and transaction chains, and it will bring the entire life cycle of restructuring to different areas, so that it can be managed and traceable.” Iceland’s Missing Mining Rigs May Have Been Found in China The mining equipment which was stolen from data centers in Iceland several months ago might have reached China, according to media reports from the Nordic nation, which has attracted crypto miners with cheap energy and favorable conditions. At least 600 computers, graphics cards, motherboards, processors, and other hardware, worth an estimated $2 million, disappeared in a series of burglaries in December and January. Last month, Chinese authorities conducted a raid on a crypto mining farm in the city of Tianjin. According to local media, police have confiscated 600 computers used to mine cryptocurrency in the illegal facility. The suspected organizer of the heist in Iceland, Sindri Thor Stefansson, fled to Sweden after escaping from a low security prison in his country. He was recently arrested in Amsterdam and is now awaiting extradition to Iceland, where he is going to face trial. The ongoing investigation and the court proceedings are expected to establish the facts and circumstances surrounding one of the biggest burglaries in Iceland’s history. Tracing the stolen mining equipment is a priority for authorities trying to get to the bottom of this case. Their findings should prove or dismiss the media speculation around the possible connection between the two incidents. Zcash Opposes ASIC-Based Mining after Chinese Giant Launches Equihash Miner Developers of Zcash have stated that the struggle against ASIC-supported mining is a priority. They have indicated their opposition after the launch of a new application specific circuit designed to process transactions for the privacy coin. Zencash, a Zcash fork, has also announced plans to potentially change its algorithm for the same reason. Earlier in May, the Chinese mining giant Bitmain revealed the upcoming release of a new device that will be capable of working with the Equihash algorithm, which was itself introduced to prevent ASIC mining and is used by Zcash and other cryptos. ASICs were initially developed to mine mainly bitcoin. The highly specialized hardware is capable of handling the enormous number of calculations involved in the processing of its transactions. Bitmain has a track record of successfully overcoming ASIC-resistant algorithms. The mining equipment producer has already developed powerful miners for many cryptocurrencies whose developers have tried to stop the centralization of hashing power. These include miners for the algorithms Ethash, used by the Ethereum network, and Cryptonight, used by Monero. The new Antminer Z9 Mini, developed to mine Zcash, Zencash, and others, offers a hashrate of 10k Sol/s. It was expected to hit the market in June, but according to the manufacturer, it can be ordered now. “To prevent hoarding and to let more individuals worldwide get one, we’ve set a limit of one miner per user,” Bitmain said in a tweet. The management of the Zcash Foundation has decided to allocate resources to study the influence of ASIC mining on the network. An advisory council will be convened to provide a “scientifically grounded answer” to the problem. The team behind Zcash, however, may be forced to fight a war on two fronts, after researchers from the University College London recently found a vulnerability in the crypto’s algorithms. They believe that certain patterns in Zcash transactions significantly weaken its anonymity. The claim is that when the cryptocurrency is transferred from unprotected to protected addresses and then back again, the overall level of anonymity decreases significantly. Student Leaves China after Losing on Crypto Investments A Chinese college student has reportedly lost a small fortune by local standards due to unwise crypto investments and has already left the country in search of better opportunities to compensate the losses. Liu Ke, a sophomore in his twenties, used all his money to buy cryptocurrency, mostly aircoins, when markets were going up towards the end of last year. When cryptos were hitting their all-time highs, he spent a total of 140,000 yuan (~$23,000), including amounts he borrowed from online micro loan platforms like Alipay and Baidu. He even “invested” the money for his tuition fees. Liu Ke told the local outlet 8btc that he now lives and works in the Cambodian coastal resort Sihanoukville, where he hopes to earn more money to cover his debts. What are your thoughts on today’s stories in Bitcoin in Brief? Let us know in the comments section below. Images courtesy of Shutterstock, Yarcube, Wikipedia. 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 Friday: China Mulls Blockchain Standard, Zcash Fights Chinese ASICs appeared first on Bitcoin News. View the full article

Aaron Kaplan, securities attorney and COO of Prometheum, is guest author for this Opinion/Editorial. Initial Coin Offerings (ICOs) have become the investment du jour while the understanding of what ICOs are has become desperately convoluted. Every huckster, scammer and opportunist has tried to hop on the bandwagon. (I’m talking to you, Casey Ryback) Many of these ICOs were a means for scammers to raise money over the internet from unsophisticated investors whose “FOMO” outweighed the obvious red flags associated with such offerings. Also read: Ver’s Sci-Fi Novel Life, Voorhees Buys Tucker’s Tie for $27k Identity Crisis for Initial Coin Offerings The rapid growth of the ICO industry ($6+ billion) and the inherent scams and related investor losses forced the SEC to consider ICOs in the context of the Federal Securities Laws (FSLs). The SEC’s recent broad subpoena sweep marked the SEC’s official declaration that ICOs are securities. Now that ICOs must comply with the FSLs, it should come as no surprise that a new type of trickster is trying to hijack the innovation through either a) selling illiquid tokens to wealthy investors or b) selling traditional securities that are registered on a blockchain. To set the record straight, and provide much needed clarity, here is a condensed description of ICOs and their intended benefit. ICOs are an innovative means of capital formation. Issuers offer a securitization of user interest in an ecosystem as an investment to the general public. Assuming the issuer has reasonable token economics, then the greater the user interest in the ecosystem, and the utility of the underlying token, the more the value of such token should increase. It’s supply and demand, but the price is not reflected in the common stock; rather, it is reflected in the cryptographic token representing the user interest. Aaron Kaplan Furthermore, an ICO should have two key features: 1. It should be available to the general public, and 2. It should be able to freely trade on the secondary market when the token is issued. The securities of ICOs to date have not and cannot achieve both those goals. Such securities are illiquid and only available to accredited investors/institutions. As the industry matures through compliance with all relevant rules and regulations, I fear we are losing the spirit of ICOs, which some argue may not be sustainable under the FSLs. Issue 1: Reg D/SAFT ICOs The Filecoin Reg D token offering in mid-2017 was an important point for honoring the Federal Securities Laws. Reg D ICOs raise capital with proper offering documents (a requirement under the FSLs) by selling tokens that have proposed utility in an ecosystem. While such ICOs are legal by nature, companies conducting ICOs in a Reg D (or a SAFT) offering forgot how an ICO was supposed to function. These Reg D and SAFT ICOs inherently contradict the spirit of an ICO- a token sale that should be open to all investors (both accredited and non-accredited), and freely trading in the secondary market. Reg D and SAFT issuers’ token sales are only open to accredited investors (i.e. wealthy individuals and institutions) and are restricted securities (meaning they can’t trade freely on the secondary market until the issuer files current public information and essentially registers such securities with the SEC). These issuers, while understanding that ICOs are securitizations of user interest, missed the mark. Their ICOs are illiquid and limit participation to the wealthy. Investors won’t have the ability to trade those tokens, and are stuck with illiquid (untradeable) securities that have the same issues as those associated with traditional venture funding – waiting for a buyout event or going public (which is extremely rare) before investors can realize a return on their investment. Issue 2: ICOs vs. Traditional Securities Issued Over a Blockchain Opportunistic companies are also trying to use the concept of an ICO, turning an innovative method of monetizing an ecosystem into a cheap marketing ploy. The most frustrating example of this practice are companies who say they are raising capital for an ICO, but in reality they are just issuing traditional equity or debt securities that are represented by a cryptographic token. These aren’t ICOs, but rather traditional securities registered (like a transfer agent’s log) over a blockchain. While many (including me) believe blockchain securities are the future of securities ownership, a preferred equity token is not an ICO. It is a traditional security that is issued over a blockchain. Securities issued over a blockchain MUST be distinguished from ICOs. An appropriate definition of an ICO in 2018 is the following: an ICO is a securitization of user interest. It is not a debt or equity security, but rather a new type of security – an investment whose value is related to the user’s interest in an ecosystem and the utility of the actual token in that ecosystem. It is essential that the industry understands the difference. In late March, a company tried to issue a blockchain security for a building. Such cryptographic tokens represent ownership in the building and trade over blockchain. That is a traditional Reg D security, and not an ICO. The company received news coverage for being the first company to sell interests in a building using a blockchain. However, many companies have sold interests in real property online. This company is doing the same thing – basically putting lipstick on a pig. So how do we define an ICO? ICOs are innovative ways to unleash/monetize potential value from the user interest in an ecosystem. ICO tokens represent a new type of security whose value is related to the user appetite in that ecosystem (daily average use, recurring use, etc.). Ideally, an ICO should be available to all types of investors (accredited and non-accredited) and be freely tradable when the underlying network goes live. With ICOs officially coming under the FSLs regime, the industry should take a moment to reflect on what an ICO is and will be under the FSLs before it morphs from a genuine innovation into a marketing ploy. 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. Who is your favorite bitcoin/crypto pioneer? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post What’s In a Name? The Identity Crisis for Initial Coin Offerings appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Hyper-localized and global crypto-bank Bitex begins token pre-sale on May 8th, 2018 Singapore — Bitex, the first locally-embedded global crypto-bank, today announced that they are launching their token pre-sale at 3 p.m. UTC, on May 8th. The pre-sale of XBX, Bitex’s utility token, will only be opened to accredited contributors in preparation for the company’s public crowdsale. Bitex’s goal is to provide crypto-banking services that operate at a local level, supplying regionally-tailored banking services to customers that are currently underserved by the current banking system. Bitex believes that it can make the greatest social impact by starting at the local level and working closely with regional experts in marketing and regulation to broaden its reach over time, giving them an edge to become the first truly global crypto-bank for mainstream consumers. Bitex’s coin will be used to provide access to the crypto-banking platform, EZBitex, and BitexPay, the payment solution for consumers and merchants. Additional services provided by Bitex include large scale business-to-business payments, crypto-currency trading and personal loans. As a reward for using Bitex, customers holding XBX will receive discounts on transaction fees for crypto-currency exchanges. “Cryptocurrencies have arrived at a time where they can really help optimize the global banking system,” said Harith Motoshiromizu, CEO and Founder of Bitex Global. “We aim to use crypto-banking to make financial services accessible to every human on earth, starting with those who need it the most.” During the token pre-sale, XBX will be sold at 50 cents USD per coin and can be purchased in ETH and the following fiat currencies: CHF, EUR, USD, GBP, DKK and SGD. There will be 30,000,000 available XBX tokens during the pre-sale with a soft cap of 1,000,000. About Bitex: Bitex will become a cryptocurrency bank that will provide global, yet hyper-localized, banking services through a locally franchised platform. The company was founded a year ago and has already sold 2,760,000 USD worth of licenses in 8 different countries. Currently based in Bangkok, Thailand, Bitex will initially offer its services to customers in Asia but plans to expand its reach to more continents in the coming years. Contact Email Address contact@bitex.global Supporting Link https://bitex.global/?utm_source=bitcoin_dot_com&utm_medium=press_release&utm_campaign=presale This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Bitex Launches Token Pre-Sale to Bring Global Crypto-Banking to the Local Level appeared first on Bitcoin News. View the full article

The chief executive officer of Nasdaq, Adena Friedman, discussed cryptocurrency and blockchain, among a number of subjects, in an interview with CNN. In the interview, Mrs. Friedman expressed bullish optimism for the future of cryptocurrency. Also Read: Xapo Estimated to be Housing 6.25% of Total BTC Supply Nasdaq CEO Bullish on Cryptocurrency In the interview with CNN, Mrs. Friedman offered optimism regarding the future of cryptocurrencies, stating “Do I think digital currency plays a role in the economy of the future, I think the answer is probably yes.” Mrs. Friedman added, “How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that.” “But I do think the idea of a more globalized payments mechanism that’s more efficient than what we have today, that allows money to transfer cross country, and […] support the internet economy,” said Mrs. Friedman. “It feels like it’s the right next step in the space of currency” “It’s Virtual Cash, That’s the Great Thing About […] Cryptocurrencies” – Nasdaq CEO, Adena Friedman Mrs. Friedman described bitcoin and cryptocurrencies as being highly amenable to contemporary settlement processes at all levels of society, stating “We pay all of our service providers through this electronic means of transferring cash, and we are fine with it. The whole world is changing around payments and it’s going to be fascinating to see where it goes.” Despite her optimism, Mrs. Friedman emphasized regulatory uncertainty as comprising “the major issue” surrounding cryptocurrencies, stating “Are the governments going to start to embrace it, or are they still going to have it sit outside the realm of their oversight. That’s the real question.” Positive Outlook for Blockchain Regarding blockchain, Mrs. Friedman emphasized the opportunities for efficiency in the arenas of post-trade and settlement. “If we can make the system more efficient by shortening settlement cycles, it takes a lot of risk out of system, and therefore it makes it so that the banks don’t have to be as capital intensive,” said Mrs. Friedman, adding that blockchain “creates a lot of incentive for everyone in the entire network to find a way to put this technology in place.” Despite the opportunity for efficiency savings, Mrs. Friedman expects the mainstream markets to resist disruptive technological innovation, stating “in the established markets, there is a lot of embedded, older technology, that you really would have to rip out in order to be able to put this in […] Our view is that the first uses of the blockchain will be in less regulated markets, less efficient markets, more bespoke markets, test it out, show that it works, demonstrate the efficiency in the nasdaq private market, or the fund industry, […] or in […] smart-contracts. Show that it works, and then start to bring it up into the more regulated markets” “I think the technology is a fascinating and very sound technology, its just a matter of making sure that the community is all embracing it together,” Mrs. Friedman concluded. “Nasdaq Would Consider Becoming a Crypto Exchange Over Time” In a recent interview with CNBC, Mrs. Friedman stated that Nasdaq is open to the prospect of offering cryptocurrency exchange services in the future. “I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature,” Mrs. Friedman said. “Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.” Do you agree with Adena’s Friedman’s outlook for cryptocurrency? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia Need to calculate your bitcoin holdings? Check our tools section. The post Nasdaq CEO Adena Friedman is Bullish on Cryptocurrencies appeared first on Bitcoin News. View the full article

In less than a week on May 15, the Bitcoin Cash (BCH) network will be upgrading the base block size from 8MB to 32MB, as well as re-enabling and adding some OP_Codes to the codebase. With just days left there are a few things BCH holders and full node operators should know before the upgrade takes place this coming Tuesday. Also read: Japan’s GMO Has Mined Over 900 Bitcoins – Hashrate Doubled Last Month Just a Few Days Left Until the May 15th Bitcoin Cash Upgrade The Bitcoin Cash network is about to perform the largest block size increase ever as the upgrade will expand the block size by 4X on May 15, 2018. The development team has also added ‘Satoshi OP_Codes,’ and the fork will also increase the protocol’s default data-carrier-size to 220 bytes. Unless you run a BCH full node implementation there is not much a common user needs to do, except refrain from transacting during the upgrade. The Hard Fork Activation Will Use the Median Time Past Method The BCH fork on May 15 will be similar to the fork activations that took place on August 1, and the DAA fork that took place this past November. This means the activation will take place on May 15, but there won’t be specific block height, because the upgrade will activate based on ‘Median Time Past’ (MTP). The initiation of the hard fork will begin on Tuesday, May 15 at 12:00:00 UTC, 2018, but the upgrade will not be implemented until the MTP timestamp and the processing of 11 blocks equal to or greater than 1,526,400,000 takes place. Following this period after the next block, the 32MB upgrade will be live on the BCH network. Full Node Clients and Miners Must Update Software Full node operators need to upgrade their Bitcoin Cash clients as soon as possible, before the fork begins. ABC users can download the latest Bitcoin ABC 0.17.1 version here, and those operating other full nodes like Bitcoin Unlimited, or XT should upgrade to the client that supports the 32MB increase. At the moment looking at data for the most dominant BCH client, Bitcoin ABC, it shows a great majority of nodes have already upgraded to the latest 0.17.1 ABC version. Full node operators and miners are required to upgrade their software in order to participate during and after the network change. Ordinary Users Should Refrain from Transacting With BCH During the Upgrade and Patiently Wait for the Fork to Complete It is best not to transact with BCH during the May 15th Bitcoin Cash upgrade. Ordinary users don’t have to do much of anything, except keep up to date with current events concerning the fork, and its best not to transact during the activation period as well. This means if you don’t have to send money on May 15, then wait until the fork is complete before transacting with BCH. It’s always a good measure to look out for any updates provided by your exchange or wallet provider to make sure the platform you use is ready to accept the network changes. If your BCH service provider does not give any fork updates, it’s probably safe to assume that the exchange or wallet provider is ready for the upgrade. So on May 15 if your money is on an exchange or held within a non-custodial wallet all you really have to do is patiently wait until the fork is finished. Last November’s Successful Hard Fork Shows There Shouldn’t be Any Complications The May 15th Bitcoin Cash fork that will change the protocol’s base block size to 32 MB, while adding some other interesting features will be quite a milestone for the BCH community. The last fork that took place this November was successful, and the new Difficulty Adjustment Algorithm (DAA) has worked flawlessly ever since. The 32MB increase will be much larger than the already sizable 8MB blocks, and the upgrade will likely be a historic day for public blockchain consensus upgrades. What do you think about the fork taking place on May 15 that will increase the base block size to 32 MB? Let us know what you think about this subject in the comments below. Images via Shutterstock, and Pixabay. 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 Upgrade Time: Bitcoin Cash 32MB Fork Activates Tuesday appeared first on Bitcoin News. View the full article

Telegram has been testing a new service that will store users’ information and documents for verification purposes, according to Russian media reports. Telegram Passport will be used to keep personal details and copies of IDs, banking statements, and utility bills to identify users on Telegram’s blockchain platform TON. Also read: After Telegram, Viber May Be Blocked, Russian Minister Says Telegram Passport to Prevent Anonymous Crypto Payments Developers at Telegram are conducting closed tests of a new service designed to store personal data, according to sources quoted by Russian media. Telegram Passport will be used to verify identities of users on the messenger’s Telegram Open Network. They will be able to buy goods and pay for services on the TON blockchain platform with Telegram’s crypto token called Gram. Customers will provide their personal details and documents, such as copies of IDs, passports, drivers’ licenses, utility bills, bank statements, and possibly photographs. Once uploaded, the information can be potentially shared with Telegram’s partners within the platform, but also on their systems, Vedomosti reported, quoting two sources close to the company. Telegram Passport, which may be launched by the summer, is expected to effectively prevent anonymity associated with crypto payments, which is a worrisome aspect for regulators around the world, explained Alexander Filatov, partner at SP Capital. His consulting company has invested in TON and facilitated investments of other interested parties. A number of partner businesses will be able to take advantage of the service. The Russian payments services provider Qiwi has already been granted access to the system, according to the report. The company is said to be cooperating with the messenger on the launch of Telegram Passport. Initially, only the users, not even Telegram, will have access to their details and documents. They will be able to secure the data with a password and two factor authentication. The company will use the information only with the account holder‘s consent, according to information shared on the closed pages of telegram.org cited by the Russian outlet. Once Telegram’s partners receive the data, they can verify it according to their own standards. Others are Working on Similar Concepts Telegram’s main competitors in that field are mature systems that use authorization services provided by third-party platforms via Google, Facebook, or Windows Live, said Dmitry Ufaev, head of the Russian operations of Bitfury, a leading manufacturer of software and hardware blockchain solutions. In his words, Telegram Passport will allow the messenger to circumvent these established services, providing greater privacy and data security to its users. This will be a reputational advantage, Ufaev noted. Other major companies are working in the same direction as well, and Telegram is likely to face hefty competition. The Chinese messenger Wechat has already implemented money transfers for users and service providers on its platform. The company is currently testing a digital identity verification system with face detection functionality which should be more efficient than verification based on copies of documents. The tech giant Apple is also working on its Face ID system. According to Alexei Prokofiev, partner at two venture capital funds, states will eventually switch to identity verification based on biometrics. “It’s a matter of digital sovereignty,” he believes. In his opinion, if Telegram does not establish relations with government authorities, it may fail to acquire licenses for providing services in jurisdictions where biometric verification is required by law. News that Telegram is working on its blockchain platform TON came out in January. The company founded by entrepreneur Pavel Durov was able to attract investments worth a total of $1.7 billion dollars to finance the project. Goods, services and other content on TON will be paid with Gram, Telegram’s own crypto. Recently, the messenger called off a planned public initial coin offering. Durov’s company has been involved in a bitter conflict with authorities in Moscow following its refusal to hand over its encryptions keys to FSB, the Federal Security Service. Despite some interruptions, attempts by Russian regulators to block the service in the country have been unsuccessful so far. Russia’s telecom regulator Roskomnadzor has been trying to restrict access to the messenger since April 16 after a decision by a district court in Moscow from April 13. What do you think of Telegram’s plan to introduce identity verification for users of services offered on its blockchain platform? Tell us in the comments section below. Images courtesy of Shutterstock, Yarcube, Wikipedia. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post Telegram Reportedly Testing Service to Store Data for Identity Verification appeared first on Bitcoin News. View the full article

Various local branches of the Israel Tax Authority have sent out letters to those they suspect are trading bitcoin without reporting it. The tax agency demands in those letters that the recipients will divulge all of their involvement in the cryptocurrency market including all past transaction history and current holdings. People are being asked to list all exchange accounts and wallets they ever had and report their trade earnings. Additionally, the agency demands that people will reveal if they are engaged in mining. Also Read: Bitcoin Supporter Might Be Next NY Attorney General Check Your Mailbox The agency appears to be be very confident in its suspicions as some local tax offices have not even bothered with sending out the letters with demands for information, instead they just opened a business case for anyone they think is trading bitcoin. Those people are simply informed they must pay income taxes as business owners now, fill reports retroactively back from 2013 as well as keep balanced books and report taxes on salaries to employees as any other business, as if they were restaurant or factory owners. Earlier this year the tax agency issued a circular on the matter, declaring that bitcoin is an asset, and thus anyone trading it must pay the capital gains tax of 25% and anyone considered to be running a business must also pay the VAT of 17%. The Tax Authority commented to Israel’s Globes newspaper: “Following the publication of the circular, which reflects the Authority’s position on the taxation method of trading and investing in virtual currencies, the Authority is working to locate those active in the field who do not manage a case in the tax authorities. We recommend that those who conduct unregistered activity in these areas take advantage of the existing channels to settle their issues before they will have to endure the unpleasantness that accompanies enforcement. ” Monitoring Social Media Groups The Tax Authority is not exposing how it got its hands on a list of bitcoin traders in the country to check if they report or not, but there a few obvious ways. The banking system in Israel is very hostile to any bitcoin dealings, and the banks thus probably proactively report all inbound and outbound transactions involving known accounts of exchanges abroad as possible money laundering and tax evasion. And the few local trading avenues available to Israelis can easily be compelled to hand over a list of their clients with a warrant. Investigators have used more creative means, however, people familiar with the tax scene told the Globes newspaper. They claim that undercover agents are monitoring local groups for peer to peer buying and selling of bitcoin and other cryptocurrencies on Facebook, Telegram and Whatsapp. The information gathered there is said to be sophisticatedly cross-referenced with other available data. What should Israeli bitcoin do with this information? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post Israel Tax Authority Hunts for Bitcoin Traders on Social Media appeared first on Bitcoin News. View the full article

Blockchain conference season is here, the industry’s equivalent of Hollywood’s awards season. It’s an opportunity for crypto celebs to tread the red carpet and for everyone from minnows to whales to mingle, network, and learn. But if you’re not careful, it’s also a chance to get your devices pwned and your cryptocurrency swiped. Also read: Xapo Estimated to be Housing 6.25% of Total BTC Supply May Is the Month for Blockchain Conferences There are cryptocurrency conferences all through the year, but May is when they reach their zenith. Last weekend saw Futurama in Dubai, a glitzy event whose guests included Brock Pierce and whose closing party took place on a yacht in the Gulf. Next week it’s the turn of Consensus NYC, the industry’s largest event that will welcome 7,000 attendees and hundreds of delegates. The cumulative value of the portfolios swilling around inside New York’s Hilton Midtown will comfortably run into the billions of dollars. The vast majority of that wealth will have been left at home on hardware devices and paper wallets stashed in secure vaults, but that doesn’t mean attendees will be immune from thieves. For one thing, you probably have more of your crypto holdings on an exchange, readily accessible via the 2FA app in your pocket, than you’d care to admit. And for another, hackers don’t have to strike at the event. They can phish or social engineer now and strike later when you’re on the other side of the world, or when you’re on the long-haul flight home and unaware that your SIM card has just been swapped. Keep Calm and Be Prepared The first rule when attending any public conference, especially one as high profile as Consensus, is to avoid insecure wifi networks. How do you know if a network’s insecure? You probably don’t, which is why you’re best relying on mobile data only. That wifi point named after the conference you’re attending could just as easily be a honeypot. If you must connect via wifi while at the conference or your hotel, be sure to use a VPN. In addition, keep your cellphone’s bluetooth and NFC turned off and don’t plug it into a USB point to charge. You don’t know what’s on the other end of that cable, and while it could be innocuous, it could just as easily be extracting your data. Be Careful What You Share and Who You Share It With The best thing about blockchain conferences isn’t the panel discussions and it certainly isn’t the ICO pitches. No, the best part is the after-parties. All those networking opportunities and chances to bump fists with crypto bros you’ve previously only known as an avatar in a Telegram group. Some words of caution are necessary though. Literally anyone can whip together a business card purporting to be an investor or OTC broker, pull on an expensive shirt, and extend a firm handshake. Due to the public nature of crypto conferences, there is no means of vetting participants, and no easy means of telling who’s legit and who’s a snake. That ICO whale who’s befriended you and returned to your room for drinks could be the real deal…or they could just be waiting for an opportunity to slip something in your vodka and pilfer your laptop once you’ve passed out. Crypto People Are Good People This advice isn’t intended to be alarmist. Crypto people are some of the friendliest and most generous people you could ever hope to meet IRL (the less said about their Twitter personas the better). Provided you follow basic op-sec, you will be able to relax at the conference, enjoy yourself, and forge friendships that will last for years. Be careful, though, not to brag about gains, share portfolios, or engage in any other behavior that could mark you out as a target. If possible, leave your primary laptop and smartphone at home and travel with a burner. That way, whatever happens, you’ll wake up regretting nothing more than that last shot of tequila. Be discrete, conceal your wealth, and remember that there’s no such thing as free wifi. Do all that and you’ll be sure to have a ball. What other precautions do you think conference delegates should take? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post How to Survive a Blockchain Conference Without Getting Hacked appeared first on Bitcoin News. View the full article

This week the CEO of Bitcoin.com Roger Ver sat down with the One Championship female mixed martial artist (MMA) Mei Yamaguchi from Japan to discuss her fighting career and the innovative technology we all love called bitcoin. Yamaguchi will be fighting on May 18th in Singapore against the Atomweight World Champion Angela Lee for the next One female MMA Championship in a match called ‘Unstoppable Dreams.’ Bitcoin.com is thrilled to announce that our website will be sponsoring Yamaguchi’s fight next weekend. Also Read: A Brief History of Hidden Messages in the Bitcoin Blockchain Bitcoin.com Sponsors One Championship MMA Fighter Mei Yamaguchi MMA fighting is an extremely popular sport these days and some of our own Bitcoin.com team members practice martial arts techniques like Jiu-Jitsu regularly. This week our CEO Roger Ver sat down in a video chat with the acclaimed championship female fighter Mei Yamaguchi to discuss her successful career, and introduced her to Bitcoin Cash for the first time. During the video, Yamaguchi downloads her first BCH wallet and our CEO scans her wallet’s QR code and sends her $1,000 worth of bitcoin cash instantly. The One Championship ‘Unstoppable Dreams’ event. Bitcoin.com will be sponsoring Mei Yamaguchi on May 18, 2018. After being sent some BCH, Yamaguchi seemed pleasantly surprised to see how fast it took to receive the funds. Upon getting her first BCH, Yamaguchi began to explain how she got started as a female MMA fighter and kickboxer. She started training in Los Angeles California when she was young, saying, “I always wanted to be like Jackie Chan.” I watched his movies and I wanted to do something like that so my parents took me to the fighting academy. At nine years old I moved back to Japan and now I teach MMA. When I was learning Karate one of the instructors taught me Jiu Jitsu and I said this is pretty interesting — I found out Jiu Jitsu is wonderful. Mei Yamaguchi already fought Angela Lee last year. The May 18th bout will be a re-match. Bet on the Internationally Acclaimed Fight Using Bitcoin Cash The championship fighter explains to Ver that she has fought in 27 professional fights and she also practices submission grappling and shoot boxing. Yamaguchi’s fight will headline the One Championship in Singapore and the bout will be a rematch against One Women’s Atomweight World Champion Angela Lee. Yamaguchi already went against Lee in an internationally acclaimed fight last year. Depending on where you live, it is even possible to bet on the fight using Bitcoin Cash at this betting website here and here. Left: Mei Yamaguchi. Check out the rest of the video with Mei Yamaguchi and Roger Ver as they talk about MMA and Bitcoin Cash. Moreover, make sure you check out the headline bout next weekend on May 18 as the Bitcoin.com sponsored Yamaguchi takes on Lee for the championship. What do you think about mixing MMA and bitcoin? Will you tune into the fight next weekend? Let us know in the comments below. Images via Shutterstock, Pixabay, MMAJunkie, and the One Championship Website. Need to calculate your bitcoin holdings? Check our tools section. The post One Championship MMA Fighter Mei Yamaguchi Sponsored by Bitcoin.com appeared first on Bitcoin News. View the full article

Over the past few years since the launch of the Ethereum network and other blockchains that can create tokens, initial coin offerings (ICOs) have been all the rage as all of these token projects have raised billions of dollars in ether, bitcoin, and other cryptocurrencies. A great majority of the ICOs today are ‘ERC-20 tokens’ created by the Ethereum Virtual Machine (EVM) with no more than a few hundred lines of code. Unfortunately, there’s a big misconception that a bunch of nerdy geniuses created these blockchain-based tokens, and today we’re going to show you just how easy it is to create an ERC-20 token — In less than thirty minutes. Also read: Introducing the ‘Do Nothing Technologies’ Blockchain-Based ICO Posternut (PNT): The ERC-20 Token Created in Less Than 30 Minutes Today we decided to create a contract using the programming language Solidity, in order to create a custom token using the Ethereum network. We want to demonstrate just how easy it is for anyone with very little coding knowledge to launch a coin. There are lots of ICOs out there in the crypto-space and a great majority of them are ERC-20s derived from the public Ethereum blockchain. Essentially an ERC-20 token is a contract written in Solidity that sets the parameters of the coins attributes, like where the tokens are stored, the token’s name, ticker symbol, supply, and more. We used this code here found in the walkthrough written by Moritz Neto and the code was developed by an Ethereum developer called ‘BokkyPooBah.’ The Necessary Requirements Finding out how to create a token only takes a minute with a quick Google search on the subject. We followed a short walkthrough written by Moritz Neto, and watched a quick video filmed by the Youtuber Ivan on Tech. Both instructions detailed the creation of an ERC-20 token that can be done in less than 20 minutes, and we created a token called ‘Posternut (PTN) in 25 minutes. In light of our first time creating a Solidity contract, we used ETH testnet tokens on the Ropsten Network so no real funds were lost. Using a text editor to modify the copied Solidity code is helpful as you can find the lines of code that need to be updated more easily. The max supply, token name, address output, and token symbol are just some of the things you can change within the code. Next, we decided to download the Metamask Chrome extension Ether wallet, a fairly smooth platform but still in beta. Other wallets can be used to create a token contract as well, like Mist and the My Ethereum Wallet (MEW) platform. You are also going to need some testnet ETH for the ‘gas’ (network fee) to create the contract on the Ropsten Network, and there are a bunch of Ropsten faucets that dispense testnet ETH. We stocked up on some coins and then found a contract which we got in Moritz Neto’s guide, but there are all types of solidity contracts that can be re-written. Basically, we left this page open in the browser to copy and paste the Solidity contract, and all that is needed next is some slight modifications. Using Remix to set the parameters of the code, double check it and deploy on the Ethereum Ropsten Network. This entire process can also be done on the ETH mainnet with real funds. Then we went to a website called remix.ethereum.org which is used to launch the contract. This process can also be processed on the aforementioned wallets above as well, but we used the Remix Solidity IDE platform. After copying a token contract you need to paste the code into the Remix platform and edit a few parameters. This is when you want to choose the tokens name, the token’s symbol, the max supply, and the Ethereum address to deposit the tokens. After all of that is chosen and changed within the copy and pasted code, the next option is to ‘run’ the codebase you edited. If there are any warnings that are ‘critical’ the Remix platform will tell you something is wrong. In the ‘run’ section choose ‘Injected Web (Ropsten)’ and the name of your contract. Deploying the contract and confirming it using Remix and Metamask. After this step simply wait for an error or wait for the transaction to confirm and when it does your token will be complete. From here the Metamask address is also tethered to our account and we simply pressed deploy. If something is wrong with the contract then it will display warnings in yellow or red and you may need to fix these issues before deploying the code to the Ropsten Network. After pressing ‘deploy,’ the transaction will be sent across the network. As soon as the transaction confirms the contract should be complete as long as there were no errors. After Posternut (PTN) token was created we then sent the newly minted coins to another Metamask wallet address. Things Needed to Deploy a Token Contract on the ETH Network in Thirty Minutes: An Ethereum wallet. (Mist, MEW, Metamask) Testnet Ethereum or real ETH can be used for gas. A Solidity token contract. A platform to deploy the contract either on testnet (Ropsten, Rinkby) or mainnet. (Remix, MEW, Mist) The Simplicity of Launching an ICO The name of our token is called ‘Posternut (PNT)’ and there are 100Mn tokens now in existence on the Ropsten network. Creating the token took only 25 minutes and the same thing can be done on the main Ethereum network with less than $20 USD worth of real mainnet ETH for gas. Most of the time-consuming parts of the process is basically studying the directions on how to create an ERC-20 token, and following each step. After creating the Posternut tokens we decided to send the 100Mn PTN to another address which was sent with no issues. The Posternut (PTN) token was created on May 10, 2018, on the Ethereum Ropsten Network by Jamie Redman. As we stated above, it doesn’t take a genius to build an ERC-20 contract and now that you have seen the different Solidity contracts that make this process work, you can also see if an ICO project used this same method. Simply look at the contract code to see if it resembles something copied from another project, as you’d be surprised to find quite a bit of them. After creating the Posternut tokens there are only a few other things needed to launch an ICO. Observers will find that all a team needs to push a project, is a website, and a white paper. We all know that these ICOs raise a lot of money as token sales have raised over $5.6Bn in 2017 alone, and continue to raise funds this year. If all it takes is a website, 25 minutes of coding, and a white paper this may be why over 46 percent of ICOs fail. Before Investing in Token Sales, Do Yourself a Favor and Research These Projects So before investing in an ICO do some research on the project and make sure it is not some ‘fly by night’ guy who coded a coin in less than thirty minutes. The fact is just because a person(s) can build an ERC-20 token doesn’t mean the project is worthy, and investors should diligently research ICO teams and the tokens they are selling. Otherwise, you could be purchasing a quickly made coin, and buying into a word salad white paper written to make you believe Posternut (PTN) tokens are the future of decentralization. What do you think about launching an ERC-20 in less than thirty minutes? Let us know in the comments below. Disclaimer: Walkthrough editorials are intended for informational purposes only. This is a guide using testnet coins as real funds could be lost experimenting with this method. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any loss of funds, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online. Images via Shutterstock, Twitter, and Jamie Redman. Want to create your own secure cold storage paper wallet? Check our tools section. The post Launching an ICO Token on Ethereum in Less Than Thirty Minutes appeared first on Bitcoin News. View the full article

The Reserve Bank of India (RBI)’s prohibitive policies regarding India’s cryptocurrency industry has reportedly comprised the catalyst for a migration of Indian cryptocurrency entrepreneurs in search of more amenable regulations. Also Read: Indian Ponzi Scheme-Funded Cryptocurrency Mine Raided by Police RBI Crackdown Drives Crypto Businesses Overseas The crackdown on cryptocurrencies initiated by the RBI has reportedly comprised a catalyst for the migration of numerous Indian cryptocurrency companies and ICOs seeking favorable regulatory jurisdictions. With India’s banking sector prohibited from providing financial services to businesses dealing in cryptocurrencies, many of India’s crypto companies have been left with no choice but to relocate overseas. Estonian E-Residency Program Attracts Indian Crypto Entrepreneurs According to a report by Factor Daily, Estonia has emerged as a popular destination among Indian cryptocurrency entrepreneurs. Launched in 2014, Estonia’s e-residency programme provides a simple avenue through which companies can become based in the eastern-European nation. Estonia also offers favorable taxation and regulatory apparatus for cryptocurrency and blockchain companies. Nilesh Trivedi, the founder of Indium, is currently completing his e-residency application for Estonia Mr. Trivedi states that he would “ideally like to diversify from India given the way things are moving here in regard to cryptocurrency and the blockchain space. It’s too uncertain.” Mr. Trivedi states that the e-residency “will just cost me 100 Euros for three years and I can renew it again after that,” adding that “the tax regime there is good.” Mr. Trivedi also notes that “Being registered [in Estonia] will also allow [him] to offer other services and conduct business in the EU.” Analysts Warn of ‘Crypto Brain-Drain’ Joel John, an analyst at Outlier Ventures, has warned that the RBI’s prohibitive policy regarding cryptocurrency companies risks creating a brain-drain among India’s cryptocurrency and blockchain specialists. Mr. John stated “We are having talented people and companies from the blockchain space move out of India. There are enough countries out there who realize the importance and want to take a lead in the blockchain ecosystem.” Mr. John added that “Companies moving abroad is not a new trend but the regulatory complexities faced by blockchain companies have accelerated [the trend].” A number of other jurisdictions perceived to be hubs of innovation within the cryptocurrency and finance sectors have also been cited as popular destinations among India’s migrating crypto industry, including Singapore, Switzerland, the United Kingdom, and Japan. Do you agree that the RBI’s policies will lead to a ‘brain-drain’ among professionals specializing in the breakthrough industries of cryptocurrency and blockchain? Share your thoughts in the comments section below! Images courtesy of Shutterstock Need to calculate your bitcoin holdings? Check our tools section. The post RBI Crackdown Triggers Migration of India’s Cryptocurrency Industry appeared first on Bitcoin News. View the full article

A gala held by Tipping Point, a non-profit organization that seeks to invest in efforts aimed at breaking the poverty cycle in the San Francisco Bay Area, has raised more than $14 million USD. The gala comprises the time that Tipping Point has accepted cryptocurrency donations, with the event being attended by the respective chief executive officers of Coinbase, Ripple Labs, and Pantera Capital Management. Also Read: A Brief History of Hidden Messages in the Bitcoin Blockchain CEOs of Cryptocurrency Companies Attend Tipping Point Gala Tipping Point has raised over $14 million during a gala in San Francisco that saw the non-profit accept cryptocurrencies for the first time. As such, the event saw attendance from many leading figures from the cryptocurrency sector. “It’s great to see in the Bay Area because this is all about making sure that wealth is getting to people who need it most, and this helps lubricate that goal,” said Chris Larsen, the chief executive officer of Ripple. “It’s a productive and worthwhile application from a nonprofit that’s driven by some of the most innovative minds in San Francisco,” said Dan Morehead, the CEO and founder of Pantera Capital Management. “I think a lot more charities will be accepting crypto in the future,” said Brian Armstrong, the CEO and co-founder of Coinbase. Donors Give ‘Crypto Gifts’ at Gala Tipping Point spokeswoman, Marisa Giller, has indicated that all “crypto gifts” received will be converted into fiat currency and spent within the next financial year. Cryptocurrency donations were encouraged through a page in the event’s programme hosting QR codes facilitating donations in the form of BTC, ETH, and XRP. “Trust me, no one is doing this in New York yet,” auctioneer Lydia Fenet stated of the cryptocurrency donations accepted by Tipping Point. Cryptocurrency Drives Innovation Among Charities The cryptocurrency revolution has inspired numerous innovative fundraising efforts on the part of charities and non-profit organizations. In recent weeks, Unicef Australia launched The Hopepage – a website that the company states will “allow Australians to provide help and hope to vulnerable children by simply opening the page while they are online.” The Hopepage uses Authedmine, an opt-in version of Coinhive’s API to divert donors’ computing power to mining XMR on behalf of the organization. News.Bitcoin.com also recently covered ‘eat BCH’, a charity using Bitcoin Cash donations to relieve hunger among Venezuelan children and citizens. Have you ever donated cryptocurrency to a charity, organization, or random stranger on the internet? Share your experiences in the comments section below! Images courtesy of Shutterstock, Tipping Point Community, Bloomberg Need to calculate your bitcoin holdings? Check our tools section. The post Tipping Point Gala Accepts Crypto Donations, Raises $14 Million appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Sydney, Australia – LEEKICO, a one-stop-service ICO platform, successfully supported Skrumble Network (SKM), a project aiming to solve the data ownership crisis with a secure blockchain and application, in completing its highly anticipated token sale on May 5th, 2018. With LEEKICO’s support, Skrumble Network (SKM) reached their hard cap of 20,000 ETH, securing about $15 Million USD. Following the incredible success of their public sale, Skrumble Network announced via their 48,000 members Telegram group that they’ll be exclusive main board listing on the Gate.io exchange starting on May 10th, 2018. Skrumble Network (SKM) is a completely new and innovative blockchain and application that centers on creating the most secure connections for communication possible. Skrumble Network addresses the issues with current centralized communication systems that pose data security challenges, solves issues with data ownership and creates a safe haven for marginalized communication who seek free discussion and trusted connections. “Our users desire a secure community where they can feel comfortable enough sharing their personal data and won’t need to worry about who else has access to it, because no one else will,” says Skrumble Network Co-Founder Eric Lifson. “It is our mission to give users back ownership of their data, and we could not have done it without the incredible support from our partnership with LEEKICO to help us run the token sale while we focus on this mission.” Skrumble Network is an open source community-driven blockchain and application which will allow users to perform communication and financial transactions more securely as well as build their own application using the network. The project is spearheaded by experienced innovative communication technology specialists David and Eric Lifson, supported by a team of 40 people behind their existing infrastructure. The LEEKICO platform has successfully helped over 30 projects to complete successful crowdfunding campaigns. Thanks to its strict KYC/AML policies, comprehensive and convenient service as well as friendly customer support, some remarkable blockchain companies chose to cooperate with LEEKICO. The platform offers exclusive crowdfunding channels for both ‘Early Bird’ and main ICO services for highly rated projects, including NKN and SKM. LEEKICO’s unique services attract more high-quality ICOs to raise funds via their platform. The next project the LEEKICO team is supporting is Befund (Beefund.io), coming on May 16th, is a decentralised cryptocurrency fund service platform which is built on blockchain technology and uses smart contracts to improve the various processes of fund services, investment, and fund management. LEEKICO not only provide services to the project team, but also to investors. The LEEKICO team selects project after they undergo a rigorous due diligence process, ensuring the quality of each project it supports. Their customer service helps investors understand the project both during the ICO stage and post-ICO stage and use the platform. The LEEKICO platform now boasts a user base of over 35,000 people across the world. About LEEKICO LEEKICO shares the belief of asset decentralization and commits to promoting the wave of global cryptocurrency start-up companies. LEEKICO aims to build an initial coin offering platform with ensured security, integrity, fairness and transparency for both start-up companies and investors. LEEKICO provides cryptocurrency and blockchain start-up companies with crowdfunding services, and provides investors with comprehensive cryptocurrency consulting services, pre-ICO, and post-ICO management service. Both start-up companies who are planning to go through an ICO process and investors who are involved in ICO projects will enjoy the best experience with LEEKICO’s one-stop service provided by the LEEKICO platform. www.leekico.com About Skrumble Network Skrumble Network (SKM) is a completely new, innovative blockchain and application that centers on creating the most secure connections for communication possible. It will be a blockchain uniquely optimized for secure communication-centric connections and transactions, a decentralized social media communication application, and a communication layer for developers to build into any application. With no middle entity or centralized server host in between to censor, block or manipulate any data, Skrumble Network’s blockchain and application will be a catalyst for data privacy and help to truly democratize communication on a global scale. Learn more about Skrumble Network by visiting skrumble.network or visit their Telegram group at https://t.me/skrumble Contact Email Address simon@inmatt.com Supporting Link www.leekico.com This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post PR: Skrumble Network Crowdfunding Sells out in 1 Hour with the Help of LEEKICO and Announces First Exchange Listing appeared first on Bitcoin News. View the full article

The mining operation of Japan’s internet giant GMO has resulted in over 900 bitcoins and 537 bitcoin cash so far, as the company roughly doubled its hashrate last month. Meanwhile, its crypto exchange reported a first-quarter loss after the country’s financial regulator ordered it to improve. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Over 900 BTC Mined So Far Japanese conglomerate GMO Internet released its cryptocurrency mining business report for April this week. “We are currently mining bitcoin (BTC) and bitcoin cash (BCH),” GMO wrote. The company mined 373 BTC and 0 BCH in April. In March, it mined 295 BTC and 12 BCH and in February 124 BTC and 287 BCH. Overall, GMO has mined 906 BTC and 537 BCH so far since it began operation. The group revealed that its “Hash rate rose due to the increase in the number of computers we are operating as planned.” In April, the hashrate was 241 PH/s, up from 129 PH/s in March, 108 PH/s in February, and 27 PH/s in January. The announcement details: Hash rate is an important indicator for estimating our mining share. Our goal is to see the hashrate reach 3,000PH/s this year. The company announced the launch of its mining business in September last year. In October, it outlined plans to launch an initial coin offering (ICO) for the sale of its “next-generation mining boards.” In January, GMO announced that it had succeeded in developing a 12nm ASIC mining chip. GMO Coin’s Earnings Performance GMO Coin is the cryptocurrency exchange subsidiary of GMO Internet. It is one of the 16 fully licensed crypto exchanges in Japan. The company has launched a service to allow customers to lend their bitcoins to the company as well as set up a bitcoin salary payment system to pay its employees in the digital currency. However, the Financial Services Agency (FSA) has issued the exchange a business improvement order. The only other government-approved exchange to have received such an order is Tech Bureau which operates Zaif exchange. GMO Financial Holdings recently released GMO Coin’s earnings report which shows 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. What do you think of GMO’s mining operations and exchange? Let us know in the comments section below. Images courtesy of Shutterstock and GMO Internet. Need to calculate your bitcoin holdings? Check our tools section. The post Japan’s GMO Has Mined Over 900 Bitcoins – Hashrate Doubled Last Month appeared first on Bitcoin News. View the full article

It has been estimated that approximately 6.25% of the total bitcoin supply has been deposited with Xapo – a Hong-Kong Based company providing bitcoin wallet, cold storage, and bitcoin-based debit card services. Xapo claims that BTC deposited with company are held in underground vaults located across five continents. Also Read: Ethereum Founder Responds to Charges of “Insane”, “Plutocratic” Governance Approximately 1,000,000 BTC Estimated to be Held by Xapo According to Bloomberg, two customers of Xapo have estimated that the company “houses roughly $10 billion” USD worth of bitcoin. According to data from coinmarketcap, the estimate would mean that Xapo holds slightly more than 6.25% of BTC’s $159.5 billion market capitalization, or approximately 1,067,140 BTC. If the estimate is correct, within five years of having been founded, Xapo has received more deposits than 98 percent of banks in the United States. Xapo was founded by Wence Casares, and Argentinian entrepreneur who became involved with cryptocurrency after recognizing the potential for bitcoin to provide a means for Argentinians to bypass the extreme hyperinflation besieging the country. Xapo’s Fast Rise to Prominence After purchasing his first bitcoins in 2011, Mr. Casares built a ‘vault’ in order to securely store is coins. Shortly after, friends of Mr. Casares, and eventually financial institutions, would ask if they could store their bitcoins in the vault, laying the foundations for what in 2013 became the Xapo company. Reid Hoffman, Linkedin co-founder and partner at Greylock Partners, described Xapo as “the first folks who recognized custodial and security functions would be key.” In 2014, Greylock Partners made a $20 million investment in Xapo, with Mr. Hoffman recounting that Mr. Casares “made the pitch in the morning and in the afternoon I called him with an offer.” Ryan Radloff, chief executive officer and board member of Coinshares, stated that “Everyone who isn’t keeping keys themselves is keeping them with Xapo.” Coinshares currently houses more than $500 million USD worth of Bitcoin stored with Xapo, with Mr. Radloff stating “You couldn’t pay me to keep it with a bank.” Xapo is currently reaching out to institutional clients, including pension funds, asset managers, private banks, and hedge funds. “A fraction of that kind of institutional money flowing into the space would be a tidal wave,” said Xapo’s recently hired Peter Najarian. Advanced Security “Every part of [Xapo’s] DNA is geared to security,” said Sean Clark, founder of Xapo client, First Block. First Block chose to enlist Xapo’s services after touring a vault comprising a decommissioned Swiss military bunker – where they noted the vault’s biometric scanners are equipped with a pulse reader to prevent against the use of amputated limbs to gain access. “Whenever we make big transfers they Face Time us, we have duress words, if it’s big enough they’ll fly out to see us,” Mr. Clark added. As a consequence of the company’s intensive security measures, making withdrawals from Xapo takes approximately two days. The withdrawal process requires the verification of client’s identity, after which Xapo manually sign the transaction with private keys from numerous vault locations – as transactions will not be authorized without approval from three separate vaults. What security precautions do you take or storing your coins? Share your favorite methods in the comments section below! Images courtesy of Shutterstock, Wikipedia Want to create your own secure cold storage paper wallet? Check our tools section. The post Xapo Estimated to be Housing 6.25% of Total BTC Supply appeared first on Bitcoin News. View the full article

Well-known hedge fund manager Michael Novogratz has launched a cryptocurrency benchmark index in partnership with Bloomberg. The index, designed to track the performance of the largest, most liquid coins, consists of 10 cryptocurrencies at its inception. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space New Crypto Index Michael Novogratz. Galaxy Digital Capital Management and Bloomberg announced on Wednesday the launch of a cryptocurrency benchmark index called Bloomberg Galaxy Crypto Index (BGCI). Galaxy Digital Capital Management LP is an asset management firm dedicated to the digital currency and blockchain sectors founded by Michael Novogratz, a former Principal and Chief Investment Officer of the Fortress Macro Funds and a former Partner at Goldman Sachs. Citing that “the BGCI offers the first institutional grade benchmark for the cryptocurrency market,” the announcement details: The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash. “The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets,” the companies explained. “The index is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital Management.” About the Index At its inception, the BGCI contains 30% bitcoin and ether, 14.13% ripple, 10.63% bitcoin cash, 6.11% EOS, 3.77% litecoin, 1.67% dash, 1.66% monero, and 1% ethereum classic and zcash. Novogratz set out to launch a crypto hedge fund originally but he halted this plan in December and unveiled Galaxy Digital instead. He said on Markets Now that “we are hoping that this index becomes the bellwether and benchmark for the whole crypto space that hedge funds are compared to it… and that is seen as a watershed moment where crypto starts to become an investible asset class from an institutional perspective.” He also asserted: The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. “It’s almost essential for every investor to have at least 1% to 2% of their portfolio” in crypto, he emphasized. In November last year, Novogratz said on CNBC’s Fast Money that “Bitcoin could be at $40,000 at the end of 2018. It easily could,” adding that “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.” What do you think of Novogratz’s crypto index? Let us know in the comments section below. Images courtesy of Shutterstock, Galaxy Digital Capital Management, and CNBC. Need to calculate your bitcoin holdings? Check our tools section. The post Novogratz Launches Benchmark Index of 10 Cryptocurrencies appeared first on Bitcoin News. View the full article

Good news for American bitcoin companies, someone who wants much lighter Bitlicense regulations is in the running to be the next New York attorney general. And in China, a bitcoin mining hardware producer is planning a $1 billion IPO. These stories and much more in today’s edition of Bitcoin in Brief. Also Read: Stripper Explains Bitcoin to Adult Industry, Facebook Explores Blockchain Bitcoin Supporter for NY AG A bitcoin supporter wants to replace New York Attorney General Eric Schneiderman, who recently resigned after four women complained about non-consensual physical violence by him. Manny Alicandro has announced his candidacy on the Republican ticket. He is a stock market lawyer, former stand-up comedian, and a bitcoin enthusiast as the Wall Street Journal reports. Alicandro expects his campaign to highlight the current harsh regulation of bitcoin. He said he’d like to see lighter rules for cryptocurrency businesses, arguing that the Bitlicense is hurting jobs and stifling innovation. He serves as an adviser to several blockchain startups and is a small investor in bitcoin and several other cryptocurrencies himself. The report adds that the AG candidate is currently checking if it is permissible for his campaign to accept donations in bitcoin. Canaan Seeks $1 Billion IPO in Hong Kong Canaan Creative Co. Ltd, the Chinese company behind the Avalon lineup of hardware equipment which produces ASIC mining chips and rigs, is now reportedly planning to launch an IPO in Kong Kong and raise up to a billion USD. As we previously reported, the company was also eyeing the US for a possible IPO market but has now ditched that option according to people familiar with the matter cited by the South China Morning Post. Warren Buffett Produces Bitcoin Mining Hardware? Warren Buffett, the chairman and CEO of Berkshire Hathaway, has recently attacked bitcoin by saying among other things that the cryptocurrency is “probably rat poison squared.” Therefore he would probably be very surprised to find out that he is involved with it in some way. According to reports from Canada, Climate Solutions TMI, a subsidiary of Berkshire Hathaway, has begun producing “portable cryptocurrency mines” for Montreal-headquartered data-centers firm Kelvin Emtech. These “portable mines” are containers with specialized ventilation systems needed to keep 1,200 rigs cool inside a metal box. They are said to be deployable anywhere in the world in two days, each consumes 2 MW of electricity, and can generate around $1 million in cryptocurrency revenue each month. “We wanted it to be easily transported by truck, boat or train. The goal is not to move them all the time, but rather to eliminate the problem of access to electricity. We want to bring these cryptocurrency mines as close as possible to the hydroelectric plants and the remote areas where Hydro-Québec has excess electricity to sell,” explained Fooad Nejad of Kelvin Emtech. “We get to recover between 80 and 97% of the heat produced. Containers could be placed near marijuana greenhouses or community centers, for example, and provided free of charge to partners. It’s like saying, ‘I’m scratching your back, you’re scratching my back’,” he added. The company also believes that this order will create about 200 jobs in the area. Amana Capital Adds Cryptocurrency CFDs Amana Capital, a Middle Eastern financial services group, is the latest online trading brokerage to add cryptocurrency-based contracts for difference (CFDs). The company explains it took the move due to “the increased demand for cryptocurrencies.” As a first phase, Amana will offer its clients the option to trade BTC, ETH, LTC, and XRP on its MetaTrader 5 platform, with additional cryptocurrencies promised to be added in the future. Ahmad Khatib, CEO of Amana Capital, said: “Making cryptocurrencies available for CFDs traders across the world, falls in line with our strategic mission to further diversify our financial offerings and services, according to the latest financial innovations. Hence, we believe that entering the cryptocurrency market is a strategic move that propels our efforts on that end.” Blox Releases “Quickbooks for Crypto” Blox.io, a Tel Aviv-based startup formerly known as Coindash, has announced it launched Blox Business – an enterprise solution for managing, tracking and reporting crypto assets. The new platform is already being used by several ventures such as eToro, Wings, CIVIC, Coinsilium, Aeternity, Chainlinker capital, Startup Token and others. It features integrations with multiple exchanges and wallet accounts so that companies will be able to have a single dashboard with all their cryptocurrency holdings in one place. This solution is meant to help executives manage their books and finances by keeping an eye on stuff like cash flows, payments and salaries. Dash CEO Hacked Hackers continue to target victims in the cryptocurrency space, and the latest one revealed to be hit is CEO of Dash Core, Ryan Taylor. According to an announcement by the group, his Twitter account, LinkedIn account, and personal cell phone SIM card have all been compromised. After a few hours of it posting nonsense, Taylor has now regained control of his Twitter account. Last week we reported that hackers had taken over the official Vertcoin Twitter account. Bitcoin on the Late Show With the cryptocurrency now routinely featuring in hit shows like HBO’s Silicon Valley, its not that exciting to see bitcoin on TV but it’s still a good opportunity to reach a wider audience. The Late Show with Stephen Colbert recently hosted Reddit co-founder Alexis Ohanian who spoke about the promise of bitcoin for protecting wealth from government misuse. If you missed the segment, check it out bellow. What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics. The post Bitcoin in Brief Thursday: Bitcoin Supporter Might Be Next NY Attorney General appeared first on Bitcoin News. View the full article