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In a 30-Minute Video, Victim Lays Out How He Lost $400K in Crypto on QuadrigaCX

Since the QuadrigaCX story has crossed paths with the world’s largest business and crypto news outlets, seemingly little attention has been given to this debacle’s victims. Outlets, such as Bloomberg, CNN Business, among others, refer to the creditors as a “they,” making it tough to remember that there are crypto investors behind each lost dollar. But, the fact of the matter is that there are thousands, if not tens of thousands of victims, who are wallowing and sulking, as many lost thousands in fiat and Bitcoin holdings. Yet, some have done their utmost to push the envelope, clamoring to get their stories pushed to press in a bid to spark some much-needed action in Canadian courts. Tong Zou, a Canadian-born Silicon Valley engineer that recently upped and left for Vancouver, took to Youtube recently to issue a heartfelt tell-all about how he got caught up in this whole imbroglio. How Tong Zou Lost $422,000 Trading Bitcoin On Quadriga As reported by NewsBTC, Tong gave a brief synopsis of his harrowing story to Bloomberg in an exclusive phone interview. Long story short, when the engineer chose to repatriate to Canada, Tong decided to move his funds from his American to his Canadian bank account through QuadrigaCX, rather than traditional means. But when he deposited his $422,000 worth of Bitcoin on the exchange to issue a Canadian dollar denominated withdrawal, But according to a recent Youtube tell-all, his comments to Bloomberg were just the tip of the iceberg. He explained that in late-2017, his Silicon Valley peers were cashing in on the crypto craze, as he sat on the sidelines. But as the market peaked, he FOMOed in, taking out three self-described “stupid” loans from the bank to invest into cryptocurrencies, like Bitcoin, Ethereum, XRP, Cardano, among other popular assets. Tong accentuated the fact that he “lost a lot of money,” but did his utmost to amend his loan situation by allocating half of his paycheck to slowly satisfy his debts. Eventually, the developer decided that to pay his loan in full, he should liquidate his entire position in a Bay Area apartment. And that he did, leaving him with approximately $400,000 and no outstanding debts. As he already had plans to move to Vancouver, where QuadrigaCX is purportedly located, Tong started to look into ways to move his capital into Canadian banks quickly, so he could take advantage of what he thought were good exchange rates. Eventually, he decided on QuadrigaCX, as the exchange not only had a 10% risk premium (red flag), but the ability for Tong to make investments that could make his savings appreciate too. Emotionally, the former BitTorrent developer thrust his money onto the exchange, which he now acknowledges as a “Ponzi scheme,” in hopes of making money due to QuadrigaCX’s premium. Yet, months later, we now know that Tong never got his withdrawal. But interestingly, the Ontario-born Canadian claimed that he “deserved to lose the money,” explaining that he was reckless, greedy, and impatient with this whole situation. He even explained that in his eyes, money isn’t the key to happiness. But, this didn’t discount the fact that QuadrigaCX’s sudden closure lost him his life savings, putting him between a rock and a hard place. What’s Next For The QuadrigaCX Victims? Tong’s statements were ones made by someone with no hope. But, some believe that creditors still have a chance, albeit slim, at recuperating their millions in losses, or at least a portion of them. While ~$150 million in assets were reportedly lost to the ether, there’s a chance that the owed sum — QuadrigaCX’s crypto asset debts — are much lower than that jaw-dropping figure. And with Jennifer Robertson, Cotten’s wife, looking to liquidate much of her estate’s assets, there’s a fleeting chance that payments, whether in crypto or fiat, may start to come the way of victims. Per a copy of Cotten’s most recently will, which was signed a mere two weeks prior to his Crohn’s disease-induced death in India, primary beneficiary Robertson was left with a copious amount of assets. In fact, the will stipulate that should he pass, his wife was to be left with a Jeanneau 51 sailboat, purportedly sold for $500,000 Canadian, vehicles, an aircraft, along with a handful of pieces of real estate scattered across Canada. These assets are likely worth well in excess of $10 million Canadian. Related Reading: QuadrigaCX Imbroglio Continues: Cotten Mentioned Bitcoin Key Loss In 2014 But even if the court rules that the fiat received from the sale of Robertson’s assets should be fully allocated to the victims’ pockets, which could be unlikely, this process could take upwards of one year. That’s the M.O. of the legacy court system anyway. Yet, the victims of this fracas are still grasping the ring they were thrown. Only time will tell whether they will sink or stay afloat. Featured Image from Shutterstock The post In a 30-Minute Video, Victim Lays Out How He Lost $400K in Crypto on QuadrigaCX appeared firs

11 hours ago

Singapore Hosts the Worldwide Crypto Forum - Blockchain Life 2019

On April 23-24 world blockchain and cryptocurrency industry meet at a 3d global forum - Blockchain Life 2019 in Singapore. More than 5000 participants from 70 countries are going to visit the biggest international industry event. Find out more information and get Early Bird tickets: Executives of leading blockchain companies, venture and crypto funds, traders, businessmen, private investors, promising startups, developers and miners - all gather in Singapore to discuss current trends and define industry’s development in the nearest future. Forum’s prominent speakers will show all possible ways of earning money and creating projects in the crypto and blockchain industry. Among the speakers are: Sergei Khitrov (Founder of Listing.Help and Jets Capital), Xinxi Wang (director of Litecoin Foundation), Tim Draper (Top global venture capitalist), Vit Jedlička (president of Free Republic of Liberland), Nikolai Shkilev (Top ICO advisor), Anatolii Kaplan (founder of Forklog), Giacomo Arcaro (№1 European ICO growth hacker) and other renowned world experts. Blockchain Life is held twice a year and brings international blockchain and crypto community together. The previous forum in Saint Petersburg (Russia) 2018 attracted more than 5000 attendees and became the largest European event in the industry. The Asian edition of Blockchain Life is held in Singapore - a financial and technological hub of Asia and blockchain world’s capital. The famous hotel Marina Bay Sands located in Singapore’s heart welcomes 5000 participants from 70 countries around the globe. Find out more and get your tickets right now: For sharing in Social Media use tags: Twitter: @BlLife_Forum Facebook: @blockchainlife Telegram: Hashtags: #blockchainlifeasia #bl2019 #blockchainlife #BlLife_Forum The post Singapore Hosts the Worldwide Crypto Forum - Blockchain Life 2019 appeared first on ZyCrypto.

21 hours ago

Crypto Tidbits: Meet JP Morgan Coin, SEC Drops Bitcoin ETF Application

After last week’s price action, the crypto market quieted down. Bitcoin entered a lull, while altcoins followed close behind. Yet, the wheels of the crypto train have continued to spin. Twitter CEO Jack Dorsey revealed that his fintech upstart would eventually integrate Bitcoin’s Lightning Network, JP Morgan launched its own digital asset on a private Ethereum-based chain, a Filipino banking giant launched crypto ATMs, and Chainalysis secured millions amid this market rut. Crypto Tidbits Reality Shares Files Semi Bitcoin ETF, SEC Requests Application Withdrawal: Reality Shares, a California-based crypto-centric investment services provider, filed a peculiar application to the SEC, America’s leading financial regulator. This proposal outlined an ETF that was composed of both allocations in CME’s and CBOE’s Bitcoin futures and monetary instruments, like sovereign debt products denominated in the British Pound, Japanese Yen, Swiss Francs, among other government-issued currencies. But, in an odd turn of events, the governmental agency politely requested for Reality Shares to pull its innocuous application. Spokespeople told CoinDesk that the SEC enlisted such a move due to the fact that it wasn’t “appropriate to file a registered 40 Act fund with cryptocurrency exposure at this time.” ICE CEO: Bakkt Is Our Moonshot Bet On Crypto: In the Intercontinental Exchange’s Q4 earnings call, chief executive Jeff Sprecher touched on crypto upstart Bakkt and its prospects in 2019. Sprecher, who is wed to the founder of Bakkt, explained that the company is “unique,” especially due to its independence and intentions. Yet, he explained that ICE has been able to apply its infrastructure — “settlement capabilities, warehouse and custody management capabilities, large treasury operations, and banking connectivity” — to the cryptocurrency venture. And thus, this “star power” has attracted “a lot of very very interesting companies,” such as Microsoft and Starbucks, giving Bakkt the potential to become a “very, very valuable company.” With all this in mind, the finance heavyweight concluded that if you boil Bakkt down, it could be classified as his firm’s very own “moonshot bet [on crypto].” Chainalysis Secures $30M From Silicon Valley Venture Group: Earlier this week, Chainalysis, leading blockchain research and analytics boutique, revealed that it had scored over $30 million in funding for its Series B round, led by Accel, a Palo Alto-based venture group that also has investments in Circle. Accel’s deal with Chainalysis will also see the Bay Area investment group’s Philippe Botteri and Amit Kumar join the blockchain upstart’s board. Per Business Insider, the duo will aid Chainalysis in bolstering its presence, in the European region, along with its overall research efforts. The company explained that this influx of funding will help it double-down on its raison d’etre to make blockchain data easy to digest, useful, and accessible for governments, institutions, and native cryptocurrency firms. Jack Dorsey Hints At Eventual Bitcoin Lightning Integration For Square: Just days after appearing on the Joe Rogan Experience to laud Bitcoin and releasing dozens of crypto-related tweets, Jack Dorsey, the chief executive of both Square and Twitter, took to Stephan Livera’s podcast to confirm that the integration of the Lightning Network onto Square is a matter of “when,” not “if.” Speaking on the rationale of eventually making such a move, Dorsey explained that his firm’s raison d’etre is to serve customers best, with Lightning only accentuating this goal. The Silicon Valley legend added that Square sees Bitcoin’s underlying nature as a currency, rather than solely a speculative asset. And as it stands, the widespread adoption of the Lightning Network is the most promising means to get to that ambitious end. Philippines Banking Giant Has Launched Two-Way Crypto ATMs: According to reports from Filipino media, Union Bank of the Philippines, a banking giant that is the seventh largest in the country, is launching crypto asset automated teller machines (ATM). Per the statement, the company launched its first two-way cryptocurrency ATM earlier this week, allowing customers to purchase and sell assets like Bitcoin for pesos. Union Bank has purportedly collaborated with the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, to ensure that this newfangled offering is compliant. JP Morgan Launches Ethereum-like Chain For In-House Crypto Asset: In a move that was straight out of left field, JP Morgan Chase, the world’s sixth largest bank, took to CNBC divulging that it would be launching an in-house crypto asset, fittingly named “JPM Coin.”According to a comment from Umar Farooq, the Wall Street institution’s blockchain division lead, the asset will be backed by physical U.S. dollars and will first be based on Quorum, JP Morgan’s private Ethereum-based chain. Eventually, the asset will go multi-chain, with interoperability solutions allo

2 days ago

Chainalysis Secures $30M: Despite Bitcoin Crash, Crypto Venture Money Still Flowing

The so-called “crypto winter” has undoubtedly been tough on a majority of this ecosystem’s upstarts, even those with supposedly colossal war chests and copious amounts of talent. Heck, earlier this week, Ripple cut Bloomberg alumni Cory Johnson, the fintech firm’s chief market strategist, due to shifts in the Bitcoin winds. Bitmain, Huobi, and ShapeShift are also among industry powerhouses that have mandated staff cuts to bolster their bear market bottom lines. Other firms, such as Giga Watt and Liqui, have collapsed entirely. But interestingly, it seems that the crash in the Bitcoin price hasn’t deterred opportunities. Even in trying times, money from ambitious venture capitalists and visionaries alike have continued to rush into this space, no holds barred. Blockchain Analytics Group Finishes Series B Ever since it secured $16 million in its Series A funding round during 2018, Chainalysis has become an integral but little-known mainstay in this space. For those who missed the memo, the company, which has headquarters in New York, is a blockchain research and software provider that has played a role in the back offices of the cryptosphere. While the company’s premise may seem boring for most, investors have become enamored with what the team has accomplished, and what it intends to do. In fact, in a press release issued Tuesday, Chainalysis divulged that it had scored over $30 million in funding for its Series B round, led by Accel, a Palo Alto-based venture group that also has investments in Circle. Excited to announce our latest funding round of $30m led by @Accel to support strategic product development of new cryptocurrency use cases and a new office in London! Read more: — Chainalysis (@chainalysis) February 12, 2019 Accel’s deal with Chainalysis will also see the Bay Area investment group’s Philippe Botteri and Amit Kumar join the blockchain upstart’s board. Per Business Insider, the duo will aid Chainalysis in bolstering its presence, in the European region, along with its overall research efforts. With this influx of funding, the analytics unit has decided to bolster its team. The company currently has 30 open roles, including stints ranging from the vice president of finance to the team lead for cybercrimes. Although the company has its primary offices in New York, many of the new positions are located in London and Copenhagen, the former of which is where Chainalysis is looking to double its headcount. This $30 million dollar deal, which also saw participation from other unnamed financiers, isn’t just about acquiring talent though. Chainalysis divulged that it intends to double-down on its raison d’etre to make blockchain data easy to digest, useful, and accessible for governments, institutions, and native cryptocurrency firms. The company wrote: “We are building a team that is focused on attributing more services associated with criminal activity, including darknet markets, scams, ransomware, terrorist financing, and sanctions evasion.” The New York-based firm also explained that it intends to begin analyzing an array of other cryptocurrencies, not just assets like Bitcoin and Ethereum, while also bolstering its “compliance and investigation software” to create a fair environment for cryptocurrencies. Exact specifics regarding Chainalysis’ plans were scant, but considering that the firm has garnered the support of Binance, Barclays, among a series of other fintech firms, its future remains bright, whether Bitcoin continues lower or otherwise. Related Reading: Chainalysis: Up to 3.79 Million Bitcoins May Be Lost Forever Crypto Venture Tap Still Has Water While props to Chainalysis would be in order, this move only accentuates how the crypto venture capital tap still has water, even in spite of the harrowing market conditions. On Tuesday, Morgan Creek Digital, a crypto-centric venture group headed by fervent decentralist Anthony “Pomp” Pompliano, revealed that it had launched a $40 million fund. The fund, launched weeks, if not months ago, saw investment from two public pension funds that pertain to Virginia, a private institution, a university endowment, and other investors. The fund purportedly already allocated capital towards Bakkt, Coinbase, Harbor, and Blockfi, just to name a few notable crypto upstarts. Speaking of Bakkt, the Intercontinental Exchange-backed initiative secured over $182.5 million in one of the largest crypto-related deals to date. This round saw Boston Consulting Group, CMT Digital, Horizons Ventures, ICE itself, Microsoft’s venture wing, Pantera Capital, and Galaxy Digital make allocations. All this and more only goes to show that although BTC has continued to trade in a tight range, with analysts claiming that lower lows are inbound, the smart money is under the impression that eventually, this market will undergo a resurgence. Featured Image from Shutterstock The post Chainalysis Secures $30M: Despite Bitcoin Crash, Crypto Venture Money Still

3 days ago

Introducing Cryptobrands, The Future Of Discounts In The Retail Industry

The advent of cryptocurrencies in the global market has triggered a lot of changes in how people do business. Industry players focusing on cryptos like Bitcoin and XRP have come up with various use cases that make their wide-spread adoption easier and more appealing. However, there’s still one field where cryptos haven’t quite penetrated, and that has something to do with retail discounts. The idea that the global market place, as well as the financial system, should be totally decentralized gives rise to the need to seal the whole loop and factor the discount system into the crypto fold. What if you could buy a watch and get your retail discount in cryptocurrencies? Enter Cryptobrands. Cryptobrands: Who Are We? Cryptobrands, Corp, is a decentralized online store that offers the better option in regard to retail discounts. Cryptobrands is located in Palm Bay, Florida. It’s a startup crypto-focused company that’s about to bring class to retail products. As a matter of fact, what Cryptobrands is setting out to do has never been attempted by anyone else before. Centralization Vs Decentralization For one, cryptocurrencies, in general, have revolutionized the business world in so many ways over the last few years. The goal of such innovative developments is to break away from the shackles of institutional control and centralization that has plagued the financial system for centuries. Cryptocurrencies are basically decentralized gateways through which people can transact whenever and from wherever they want without the need to involve third parties like banks and governments. Cryptobrands plans to use this new model to help revolutionize the retail industry. Businesses have always given their customers retail discounts in terms of centralized figures that may be devalued the next minute. Now, Cryptobrands aims to change that by giving you the chance to tokenize your retail discount. The Mission: How It Works By tokenization of the retail discount, Cryptobrands means to use a business model that gives customers discounts in terms of cryptocurrencies rather than cash. Although the items like watches, ledger pocket wallets have their prices marked in USD, the discounts given on them are credited in cryptos. To be precise, the discount amount in USD is converted into crypto tokens pegged to a particular digital asset that must be listed on CoinMarketCap. The tokens are then calculated into points in respect to the discount amount allowed. Now, these points can be redeemed at the Cryptobrands stores anytime within 12months of the day of issue. Join Crowd Funding Being a startup with a strong vision and capacity for innovation, Cryptobrands welcomes your contribution. If you would like to join our funding round email us at The post Introducing Cryptobrands, The Future Of Discounts In The Retail Industry appeared first on ZyCrypto.

3 days ago

What is Ethereum 2.0? We Reveal its Unclear, Uncertain, Yet Promising Future

For the past few months, Ethereum 2.0 has been a hot topic in the crypto space. People are patiently waiting to see how the second most popular cryptocurrency can showcase its new and improved speed, scalability, and security features through a series of updates. The updates are aimed at addressing current scaling, mining and consensual protocol, and security issues include moving from proof-of-work to proof-of-stake, solutions like Beacon Chain, Casper FFG, Sharding, eWASM, Plasma, Raiden, and perhaps most anticipated, Serenity. Serenity is supposed to be an ‘all-in-one’ solution to fix the various problems highlighted by Ethereum 1.0. It combines most of the Ethereum upgrade ideas (Sharding, eWASM, Proof-of-Stake, etc.) together on a new parallel chain that would run alongside and be fully compatible with the existing chain. Breakdown of Ethereum 2.0 solutions Proof-of-Stake (PoS): Beacon and Casper are the 2 PoS solutions that aim to improve how new Ethereum coins are mined and how transactions are validated. In PoS, there is no mining which means there is no block reward; the block creators are called Forgers (instead of Miners as in PoW). They are only being incentivized with transaction fees. The Forgers of the next block are elected through a random procedure according to the Forger’s stake (amount of coins the Forger stakes) and age. Sharding is the process where the entire state of the network is split into a number of partitions called shards that contain their own independent piece of state and transaction history. This addresses issues of scalability and transaction speed and stops one app from slowing down the network. eWASM allows code to execute faster by expanding the coding options and capabilities for the Ethereum Virtual Machine. Plasma is an extra layer that sits on top of the network to handle massive amounts of transactions. It is basically Ethereum’s version of Bitcoin’s Lightning Network. Raiden, like Plasma, is categorized as an off-chain scaling solution, and therefore can also be compared to the Lightning Network. Rather than processing the transactions on the main blockchain, Raiden uses state channel technology to move transactions off-chain and open a separate payment channel. We can see that the Ethereum development community clearly has their work cut out for them to bring these upgrades to life. However, according to a recent report published by Matt Slipper and Dan Tsui of Kyokan (a blockchain-native software consultancy based in the bay area), things don’t seem to be running very smoothly behind the scenes. The main takeaways from the lengthy document are that: Ethereum 2.0 has no person in charge of orchestrating the rollout of the upgrades. Ethereum 2.0’s implementation has been stalled by the specification constantly changing, particularly over the past 6 months. There is significant miscommunication on timeframes occurring between research people and the rest of the team. People working outside of R&D are out of the loop regarding when new features are ready to roll out. Implementers are concerned that perhaps there may be a funding shortage. The team is currently committed to working on Ethereum 2.0, but only as long as funding exists for development. If the funding dries up, then these teams may be forced to find other work. The rate of change in the specifications of features is only discouraging the implementation team more. In response to the need for clarity, research has started to version segments of the specifications to show what is ready and what needs to be changed. It is now believed that Ethereum 2.0 won’t be transformational for smart contracts until cross-shard communication is live and phase 0,1, and 2 of the release are complete. The implications of this document are quite significant. A lot of pressure has been put on the Ethereum developer community over the years to achieve the kind of scalability that Bitcoin has failed to do so far. For Ethereum, achieving scalability is not just about making it easier to send and receive ETH, it’s about improving the speed in which the entire network operates so that it can handle huge traffic spikes that will inevitably occur as more Dapps get released on the Ethereum blockchain. It’s also about being able to securely scale smart contracts so that they can one day be used for more than just gambling applications, for instance, real-life financial transactions (such as loans or remittances). There does seem to be some useful recommendations to improve the situation, such as: Including “Product Context” In Public-Facing Media (Clearly communicating what will be delivered and when as well as how to prepare for the release of Ethereum 2.0) Provide clear avenues for continued funding Rigorously defining and enforcing a formal standards process Ultimately, the long-term viability of the entire Altcoin market may very well depend on Ethereum 2.0’s ability to succeed. Decentralization has its clear benefits w

4 days ago

China’s Leading Bank CICC: Alipay’s blockchain payment system can potentially save Filipino workers HK$100 million a year

Below is a piece published by CICC Research, a leading local investment bank of China, on their evaluation of AlipayHK, a blockchain-based cross-border remittance service introduced by Alipay late last year. This piece is translated by Global Coin Research. Take AwayFor the first time in Hong Kong, we tried a blockchain-based cross-border remittance service, using AlipayHK for electronic cross-border transfers, and paid part of the monthly salary to Filipino servants. We have found that the use of AlipayHK transfers can provide a more favorable exchange rate than other cross-border remittance methods, without the need to transfer service fees, and the entire transfer process takes only a few seconds, reflecting the good application prospects of blockchain technology in cross-border payments. Detail AlipayHK offers a more favorable exchange rate, saving a total of HK$100 million per year for the Filipino servants in Hong Kong. By comparing the major cross-border remittance methods commonly used by Filipino maids in Hong Kong, including WesternUnion, Worldremit and TNG, we find that AlipayHK has a clear exchange rate advantage. Together with the savings for each remittance (HK$15/transaction), we estimate that each Filipino maid can save HK$500 per year through AlipayHK. For the entire Filipino servant group in Hong Kong (currently 201,090 people), if they all switch to AlipayHK, they can save about HK$100 million a year. In addition, AlipayHK has accelerated the speed of cross-border remittances and is able to arrive in real time 24 hours a day, 7 days a week. Compared with the traditional remittance method, it has a comparative advantage in both time and cost. Cross-border remittance technology based on blockchain may pose a long-term challenge to SWIFT’s monopoly in this area. According to Accenture data, the annual cross-border payment of banks in the world amounts to 25 trillion to 30 trillion US dollars, the total number of transactions is 10 billion to 15 billion, and each transaction costs up to 30-40 US dollars. At present, cross-border remittances mostly use the SWIFT model. Since the payers and payees belong to different payment systems in different countries in cross-border remittances, the intermediate brokerage bank is also required in the SWIFT model. The entire remittance process needs to go through many intermediate links such as remittance banks, remittance central banks, correspondent banks, and collection banks. There are problems such as low efficiency and high handling fees. With blockchain technology, business nodes can be directly connected end-to-end, eliminating a lot of intermediate links, and have the advantage of improving efficiency and reducing costs. Cross-border remittance technology based on blockchain may pose a long-term challenge to SWIFT payment’s monopoly in this area. According to Accenture data, the annual cross-border payment of banks in the world amounts to 25 trillion to 30 trillion US dollars, the total number of transactions is 10 billion to 15 billion, and each transaction costs up to 30-40 US dollars. At present, cross-border remittances mostly use the SWIFT payment system. Since the payers and payees belong to different payment systems in different countries in cross-border remittances, the intermediate brokerage bank is also required in the SWIFT model. The entire remittance process needs to go through many intermediate links such as remittance banks, remittance central banks, correspondent banks, and collection banks. There are problems such as low efficiency and high handling fees. With blockchain technology, business nodes can be directly connected end-to-end, eliminating a lot of intermediate links, and have the advantage of improving efficiency and reducing costs. We are optimistic about the application prospects of blockchain in clearing, cross-border payment, equity/debt financing and regulatory technology. Although bitcoin development has suffered setbacks, blockchain technology has entered the stage of mature commercial applications. As we pointed out in before, blockchain technology has been successfully implemented in many financial sectors. For example, in the clearing and settlement field, the HKEx uses the blockchain settlement system to simplify the northbound trading process of mainland stocks under interconnection. In the cross-border trade finance sector, the Hong Kong Monetary Authority and Ping An Technology launched a trade linkage platform to accelerate the flow of funds in the Greater Bay Area. In addition, governments are actively studying the use of Securitization Issuance (STO) for private equity and bond financing: [In Chinese] Blockchain Research #4: Lessons from the ICO Bubble and STO Development Opportunities. With the spread of stable currencies, central banks have also actively explored the pros and cons of introducing digital currencies:[In Chinese] Blockchain Research #3: Digital Currency and Cross-Border Payments. RiskB

4 days ago

The beta v0.1 release of the BitBay web marketplace features...

The beta v0.1 release of the BitBay web marketplace features our unique 'Double Deposit Escrow' meaning absolutely…

6 days ago

Attention Wealthy: Propy Makes Buying Property Easier

A new blockchain project is making it easier for the wealthy to buy real estate, by reducing the fees and friction costs normally involved in acquiring property. Propy has completed the first-ever sale of residential property on the blockchain in the highly sought-after Bay Area, in California. The real-estate platform announced on Thursday that it […]

12 days ago

Come and test-drive the only web marketplace that has absolu...

Come and test-drive the only web marketplace that has absolutely no middlemen. Beta v0.1 of the BitBay web markets…

14 days ago

Living on Bitcoin for a Week in San Francisco

When I decided, maybe against my better judgement, to live on bitcoin for a week, the plan was met by a combination of cautions and jokes from friends and loved ones: “Just don’t starve,” “Well, it’s the New Year, a perfect time to start a new diet,” “Will you be able to eat?”, “Have you really thought about it?”I had “really” thought about it and it seemed not only sensible but necessary. Nakamoto’s white paper calls Bitcoin an “Electronic Cash System,” and I hadn’t stressed the cryptocurrency’s utility as an actual method of payment.My experiment would likely validate the strong opinions of skeptics (to whom bitcoin is either some nebulous scam at its worst or an outrageously valued trinket for prodigal hobbyists at its best) and that camp of maximalists who believe that bitcoin isn’t and never was digital cash.It’s a problem that Kashmir Hill ran into when she did her own experiments, more so in 2013 than 2014. In 2013, her final conclusion was that she had “survived” the week, but by 2014, she had herself a ball spending bitcoin. She went from conquering San Francisco’s hilly landscape on foot and bike in 2013 (and the occasional, simple pleasure of pizza and cupcakes) to the luxury of Uber rides, wine tours and even a strip club visit just a year later.She did well for herself the second go at it. I want to be able to do even better.That as my mindset going into my own version of the experiment, picking up five years later from where Hill had left off. If she survived on her first attempt, then I damn well ought to be able to thrive, I thought, going into it.Boy, was I dead wrong.A day or two in was all it would take to break this expectation as I soon learned that my experience would be unlike either of Hill’s. I anticipated great merchant adoption and with it a greater variety of services through which to use my bitcoin. I thought I was walking into a more vibrant Bitcoin scene than half a decade ago, an opportunity rich with ways I could offload my coin.Instead, I found (at least in San Francisco) that fewer merchants take bitcoin now than they did before and that the Bay area’s Bitcoin community, excepting those still active in it, had receded into altcoin enthusiasm and the flowering industry of “blockchain not Bitcoin” that had become the new darling of tech VCs and entrepreneurs.Those still involved in the community took care of me though, and the week was just as easy or as difficult as I wanted to make it.Living on Bitcoin Day 1: “That’s Not Going to Work”I set out to live on bitcoin for a week in San Francisco.Living On Bitcoin Day 2: Being “Unbanked” Has Been Easy ... But Also HardOn Day 2 of living on bitcoin experiment in San Francisco, I go on the hunt for some bitcoin-friendly eateries.Living on Bitcoin Day 3: Brother, Can You Take a Sat?I desperately comb the streets of San Francisco, hoping to find someone — anyone — who will accept payment in bitcoin on Day 3 of my experiment.Living on Bitcoin Day 4: The Uphill ClimbLiving on bitcoin has been a bit of an uphill battle. On Day 4, I try out some gift card options and move into the Crypto Castle.Living on Bitcoin Day 5: An In-Store Buy At Last (Spoiler: It’s Pot-Related)I finally make a point-of-sale purchase with bitcoin, hunt for Coinbase’s headquarters and chat with a young entrepreneur.Living on Bitcoin Day 6: An Artist, a Dev and a Moon Boy Walk Into a Bar...I continue my San Francisco experiment, spending bitcoin and attending a meetup in a crypto-friendly bar with some great, diverse company.Living on Bitcoin Day 7: A Supposedly Fun Thing I’d Definitely Do AgainI finally wrap up my week of living on bitcoin in San Francisco with visits to 20 Mission and bitcoin artist cryptograffiti. But first, I’ll have to survive a storm out on the Bay.Saying that I thrived while on bitcoin would be pushing it, but saying that I survived would be an embellishment.So I’ll put it another way: I subsisted. Plain and simple, I got by without buying into a strip club’s tit-for-tat (tit-for-bit?) or splurging on a high-dollar meal like Kashmir Hill did in 2014 (though I could do that here in Nashville, dropping fat sats for a meal at Flyte). Sure, the drinks at Stookey’s weren’t cheap, but they weren’t a bottle of Dom either. I got by without even buying a meal from a merchant during my trip, relying on bitcoin-bought Uber Eats credit and friends to keep me fed.My experience was both anticlimactic and blindsiding. I could have done it anywhere, something that I describe in the write-ups as fascinating and frustrating at the same time. I didn’t need San Francisco to spend my bitcoin (a city that, the week made quite clear, didn’t really want my bitcoin). Bitcoin didn’t need the merchants, though, to be useful; infrastructure, like Paxful and Bitrefill, made it useful.As the series unfolded on social media, plenty of other bitcoin-to-gift-card services, like Fold App and Bidali, reached out to me on Twitter, reaching for a chance at a PR plug (don’t

14 days ago

Coingate Launches XRP Payment option Across 4500 Merchants

CoinGate lists support for XRP along with existing Bitcoin and Litecoin including Lightning Network, Ethereum and so on. CoinGate vendors can start accepting XRP payments, it can be instantly exchanged for Euros, Bitcoin, Ether, or even stored in XRP XRP’s decentralization being efforts being recognized globally. Is XRP the next big thing? Big news for #XRPcommunity and our merchants alike! We launched native $XRP support to our customers, meaning #XRP is now accepted as payment at thousands of vendors across the Net. Proceed to our blog for more detailed information! — CoinGate (@CoinGatecom) February 1, 2019 The second largest cryptocurrency by volume, XRP, gets listed on CoinGate payment system. CoinGate provides an App-based mobile payment system with cryptocurrency payment option included. Registered merchants can accept Bitcoin or any of the 50+ cryptocurrencies supported on the system which is instantly converted to Euros or USD for 1% charge. Currently, there are more than 4,500 merchants have implemented CoinGate payment system. What does it Mean For the #XPRcommunity? The use and recognition of XRP as a cryptocurrency ‘for the people’ was unclear due to centralization and securitization doubts. RippleNet’s xCurrent protocol which is already used by major financial institutions to settle cross-border payments had limited use of XRP. However, xRapid introduction signified a volume-based growth in the future and instilled investor confidence. Ripple has announced a $300 million Accelerator Program, to promote the adoption of XRP payments and also offered marketing incentives for new partners. The CoinGate addition of XRP payments signifies that the proposed program is yielding results. More payment systems which avoided XRP due to centralization doubts can be accepted to follow suit. XRP Acceptance to Grow in the Crypto-Community? The CoinGate addition of XRP payments opens floodgates for the support of XRP on even more payment solutions that had stayed away from XRP. The primary reason for keeping XRP at bay despite its popularity and transaction capability was decentralization. All the XRP tokens are pre-mined and with selected ‘validators’ pre-appointed by Ripple raised doubts of decentralized control like the existing banking system. Stefan Thoman, a spokesperson for XRP noted that “we need to diversify the validator ecosystem to further increase resiliency and robustness. We believe these efforts will lead to XRP becoming globally adopted as the digital asset for payments.” The post Coingate Launches XRP Payment option Across 4500 Merchants appeared first on Coingape.

17 days ago

We are pleased to announce the BitBay community has a new ho...

We are pleased to announce the BitBay community has a new home! Come and join us on Discord for all the latest news…

18 days ago

Crypto Exchange BitBay Lists Stellar Lumens (XLM)

Polish cryptocurrency exchange BitBay has announced the listing of Stellar Lumens. It will be listed against four trading pairs: US Dollar, the Euro, Polish Zlotys and Bitcoin. Launched in 2014, BitBay has 0% maker-fee for crypto-to-crypto trading. It saw a volume of $3.8 Million in the last 24 hours. Stellar Lumens itself is one of the fastest growing cryptocurrencies with a processing speed of over 1,000 transactions per minute. Apart from XLM, BitBay is set to list two new utility tokens, XBX and BCP. Stellar Lumens (XLM) is priced at $0.083606, gaining 0.19% in the last 24 hours. (VS)

20 days ago

Stellar Lumens [XLM] pairings introduced by Polish cryptocurrency exchange BitBay

Polish cryptocurrency exchange, BitBay, on January 29, announced that it has introduced Stellar [XLM] trading for four currency pairs namely, the US Dollar, the Euro, Polish Zlotys and Bitcoin. In other words, users of BitBay’s platform will be able to buy or sell XLM for any of the listed tradable currencies. More notably, there is […]

20 days ago

The BitBay product dev team is currently testing the latest ...

The BitBay product dev team is currently testing the latest web marketplace alpha update, bringing us one big step…

22 days ago

Living on Bitcoin Day 6: An Artist, a Dev and a Moon Boy Walk Into a Bar...

This is the fifth instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier on Day 1 , on Day 2 , on Day 3 , onDay 4 and on Day 5.On day six I woke with a renewed sense of energy. My last two days in San Francisco were booked up with plenty to do, and yesterday’s purchase had reinvigorated the experiment’s sense of purpose.That morning I wrote, paid Kashmir back for the breakfast (she got into her Coinbase account) and set out for two days of Bay Area shenanigans that would include meeting a local crypto artist, getting tipsy with bitcoin and sleeping (and sailing) in the East Bay on a boat that threatened to capsize.Around 1:00 p.m. I caught an Uber into the Financial District to meet up with Dustin, a multi-talented developer who had responded to a Reddit thread I made leading up to my week here. He invited me sailing, but the weather was sketchy — it had been raining for the better part of my time in San Francisco and there were winds and storms in the forecast — so we decided to meet at Digital Garage, a coworking space on Market Street that accommodates many cryptocurrency projects.I was loitering in the lobby when he passed me, and we registered who the other was immediately. Big, tall, bearded with long, blonde hair, a tremendous smile and goofy disposition, he crossed from the other end of the lobby to greet me.He’s got the hair, the beard, the “No worries, dude” vibe. We’re going to get along great.We did.As we entered the working space, I was pleased to see a cryptograffiti original on prominent display, which added an air of authenticity to both his presence in the space and to the San Francisco crypto community for supporting a local, industry-specific artist.Posting up at a table in the working space, we hit it off and began jumping from one crypto topic to the next. Turns out, he’s a lone-wolf dev who’s building a hardware wallet with bluetooth-enabled mobile controls — not unlike Ledger’s own Nano X, I suggested. He hadn’t heard of it before.“Well, they might have the bluetooth, but I doubt it’s trustless and multi-sig,” he tells me, going on to say that he knows of no other trustless hardware wallet. Interest piqued, I surveyed his app and the hardware wallet prototype, which he’s also building himself.“You’re just a one-man band, aren’t ya?” I remarked, impressed, after learning that he was building everything himself.He’s a bit of a crypto OG, it seems. He’s been in the space since 2011 and hangs around the Bitcoin Core internet relay chat (IRC), where he says he’s been humbled on a few occasions. I asked for his veteran perspective to help explain why I couldn’t find any more stores in the area that accept bitcoin. He suggests that it’s intertwined in the same trend that has made Silicon Valley so banal to him.“Bitcoin has really exacerbated the aspects of Silicon Valley I don’t like,” he admits. “It has an appreciation for altcoins or stablecoins, but not really for bitcoin, hard money. I think there’s this culture in San Francisco that just idolizes what investors like, what’s new. I heard someone say Silicon Valley is about new things — bitcoin isn’t new anymore.”Everyone’s just looking for “the next big thing” or “the next Bitcoin.” They’re not going to find it, was more or less his view, and he believes that the focus shouldn’t be creating something new but improving what we already have.“I’ve heard it said that the East Coast owns things while the West Coast makes things,” he theorized, “and if that stereotype were true I could see more people taking bitcoin.“I think the challenge is that the majority of people don’t understand security stuff. The people who buy these don’t understand half of it. The challenge is teaching them,” he said, broaching the evergreen topic on the “how-tos” of adoption.Our conversation was kinetic and animated as we touched on a wide range of crypto-related topics. I’m not surrounded by developers much in Nashville (especially not crypto/blockchain ones), so the opportunity to talk to one who knew the ins-and-outs (and knew them real well) left my curiosity welling with streams of new, if half-hatched, bitcoin applications and infrastructural ideas.We talked crypto assets insurance (a concept which we both had previously hatched complementary business models for), his conceptualization that the network serves users and not miners (he believes that “hashing wars” are irrelevant, since, ultimately, the users will decide which chain they buy in to) and his surprising penchant for interacting with some of the space’s most prodigious and controversial celebrities without knowing who they are.At one point, he had left his laptop at the Crypto Castle only to retrieve it, unmolested, from the same couch he left it on a month later, though he didn’t really know who Jeremy was. I brought up Brock Pierce and his benevolent-or-parasitic (depends on who you ask) ventures in Puerto Rico. When Dustin w

a month ago

Spanish Port Authority to Explore Blockchain Logistics

Spanish news outlet Europa Press reported yesterday that the Port Authority of the Bay of Algeciras (APBA) has signed an agreement to join the TradeLens platform, a blockchain-based logistics solution developed by multinational information technology company IBM and Danish business conglomerate Maersk. The platform, launched in early 2018, was designed to digitize the global supply chain in order to provide transparency and foster a more secure and efficient exchange of information along the system using blockchain technology. The system essentially stores data from different logistics operations and allows real-time management throughout the value chain to include shippers, freight forwarders, logistics operators, shipping companies, public administrations, and organizations. The project has grown to accommodate over 100 organizations and has recorded over 230 million shipments consisting of over 20 million containers. Algeciras is reportedly one of the busiest ports in Europe located in the south of Spain. It records one of the highest turnovers in the categories: container, cargo, and transshipment, having to host over 70 million tons of traffic annually. Algeciras’ port is one of many other ports to include PSA Singapore, Port of Bilbao, PortConnect and Port of Philadelphia, joining the fourth industrial era of blockchain-based systems. Hong Kong’s second-largest shipping container terminal Modern Terminals had also joined the TradeLens platform in November last year. Last month, the Ministry of Science, ICT and Future Planning (MSIP) in South Korea announced that it would collaborate with the Ministry of Oceans and Fisheries (MOF) on a newly launched blockchain pilot to be trialed in one of the country’s largest shipping port in Busan - the second largest port of transit in the world and the fifth busiest in the world. The blockchain is becoming a rather convenient approach for many logistics-based businesses to efficiently streamline processes, especially in the areas of freight management, supply chain monitoring and data security in ports. Follow on Twitter: @BitcoinNewsCom Telegram Alerts from Want to advertise or get published on - View our Media Kit PDF here. Image Courtesy: The post Spanish Port Authority to Explore Blockchain Logistics appeared first on

a month ago

@bvanmaarseveen @KomodoWorld It’s great and the BitBay clien...

@bvanmaarseveen @KomodoWorld It’s great and the BitBay client has had this feature for about a year already! It’s c…

a month ago

Spanish Port Joins the Tradelens Platform Developed by IBM and Maersk

The Port Authority of the Bay of Algeciras (APBA), a port in Spain that is one of the top 10 busiest ports in Europe, recently announced that it has signed an agreement to collaborate on the shipping platform Tradelens, a blockchain-based digital platform that was developed by IBM and Maersk. The Tradelens platform allows for a more secure and efficient exchange of information and documentation between partners within a supply chain, and its implementation with the APBA “will generate value for shippers, freight forwarders, logistics operators and shipping companies.” (JF)

a month ago

Spanish Port Authority Joins Blockchain Platform Developed by IBM and Maersk

The Port Authority of the Bay of Algeciras in Spain will collaborate with IBM on a blockchain-based shipping platform originally developed by the tech giant and Maersk

a month ago

Living on Bitcoin Day 4: The Uphill Climb

This is the fourth instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier on Day 1 , on Day 2 and on Day 3.I woke up in a state of amazement: In my three days of living on bitcoin, I had managed to survive on a handful of services and the generosity of friends.Hungry for any place that would let me spend it, I was more determined than ever to call up every single store in the Bay Area that might accept bitcoin. A few, like Bamboo Asia and Ramen Underground, were closed yesterday, so I still had a small, if shrinking, beacon of light at the end of a tunnel of rejection.Most places weren’t open yet, so I had a call with my editor, who was keen to hear about how it had been both too simple and hopelessly difficult.“Well hey, there’s the angle,” she suggested.It was an angle, but it was also a dead end of sorts. I needed to find someplace to finally spend my bitcoin to make my day-to-day purchases different for a change (though going shop-to-shop in unsuccessful attempts to spend it and acting like a hungry lunatic on Haight street could also be considered “something different”).A bit of work, a bit of coffee, a bit of social media trumpeting and it’s 11:00 a.m. Excited by the prospect of hopefully going out for lunch for once this week, I called up Bamboo Asia first.“Hello, is this Bamboo Asia?”“Yes it is,” a woman responded over the phone.“Do y’all still accept bitcoin?”“What?”“Do you still take bitcoin?”“Bit ... coin?” she stuttered, a bit confused.“I take that as a no, then?”“No.”“Okay, thank you,” I hung up.Strike one.Next up: Ramen Underground:“Yes, hello, do you take bitcoin?”“Bit what?”“Bitcoin, the cryptocurrency.”“Oh. No.”Strike 2.Then, I dialed Numa, a sushi joint that had slipped through yesterday’s round of solicitations:“Do you accept bitcoin?”“Do we have corn?”Uh, no.“No, no, do you take bitcoin — as a method for payment?”“I’m sorry. I don’t know what that is,” she said hesitantly.“It’s internet money. It —”“Oh, no, no, no — no, not that, sorry.” She quickly cut me off.Strike 3.Well, in reality, there were many more strikes than that. I even called Siegel’s Clothing Superstore and Tuxedo, just for hell of it.Over the phone, the question like an incessant recording (at this point, everytime I ask, I close my eyes and squinch my face up in embarrassed anticipation for the answer).“I — I don’t think so, but let me check — can you hold on a minute?”“Absolutely,” I answer, excited at the prospect of potentially something to go on.“For the current sale, I’m sorry, no, they don’t accept bitcoin. No Apple Pay. Just Visa, Mastercard, American Express, and, of course, U.S. cash.”Yep, I expected as much.There was one last hope, but I was beginning to doubt that even Stookey’s, a bar I’d been told takes bitcoin by someone other than Google, would take it. If all else fails, maybe I’ll get to spend it there — eventually.As night rolled around, I got ready to transition to the Crypto Castle. Queen Liz had granted me two night’s stay: On Tuesday, I’d be on the couches upstairs, but for Monday, I’d be sleeping in Jeremy’s room.Oh. Ok.The gesture took me aback for a second but it made sense for the bohemian-tech aesthetic that the house has going for it. That I would sleep in a millionaire’s bed one night and then a couch the next was humorous and exotic in a very benign way to me.It was a short walk from Christian’s apartment, only half a mile, but distance can be deceiving when San Francisco's hills tack on a couple hundred feet of elevation gain. Lugging my belongings in a 50-gallon hiking backpack, my daypack slung over my right shoulder, I schlepped myself up the hills that were sloping at a crazy 45 degrees.I was partially heaving when I topped the hill, turned right on Kansas Street and stopped in front of the castle’s telltale blue door with a “Bitcoin Prefered Here” sticker in the window. I pressed the buzzer.“Yes, who is it?”“Colin — the Bitcoin journalist,” I responded, and soon heard the door’s unlatching click.Hans, an Italian expat developer with a machine-learning background who’s relatively new to the space, let me in. He has rich olive skin and curly black hair, and an apprehensive but affable personality.We walked over to Jeremy’s room as Hans recapped some of what Liz had told me.“I’m finishing up some work right now, do you mind?” he asked as we entered the room. Apparently, Jeremy’s room is a free-for-all space; he would likely have it no other way.“Of course not — work away,” I told him. I mean, it’s not really my place to dictate what he can and can’t do in a room that isn’t mine to begin with.The in-and-out style of the house’s residents made for some brisk but pleasant introductions. I would meet Teddy, a tall, lanky and balding Ethereum-to-EOS developer who works with Hans. He’s a bit jumpy and is into Soylent (and keeps offering me some to drink). Diego, another developer who used to play soccer at Boston College,

a month ago

Academics and Pantera Capital’s “Better Bitcoin” Is still Slower than Visa

A non-profit group comprised of MIT and bay area academics, as well as hedge fund Pantera Capital was formed to develop a coin that can offer faster speeds of processing transactions than Bitcoin. How to Make Unit-e More than a “Nice Idea” Teachers from Massachusetts Institute of Technology, Stanford University, and Berkeley’s University in California along with five other...Read More. The post...

a month ago

Cuidado com novo malware que rouba seus Bitcoins

Por: Livecoins Com a internet possibilitando milhares de downloads de músicas, vídeos e filmes todos os dias, uma nova vulnerabilidade foi encontrada que pode roubar suas criptomoedas. Para quem possui alguma cripto e sabe que exchange não é wallet, deve estar sempre atento a suas economias a fim de evitar ser roubado por um atacante malicioso, portando cuidar das suas wallets e da forma que faz as transações é fundamental para evitar problemas. Ao preparar um fim de semana com aquela maratona de filmes e séries após baixar os torrents espalhados pela web, os usuários nem imaginam que podem também estar se colocando em uma situação de risco com o novo malware descoberto pelo usuário do Twitter 0xffff0800. Em sua publicação no microblog, ao baixar um torrent pelo site Pirate Bay, quase foi infectado. O mesmo se anuncia como Pesquisador de Segurança e Pentester, o que o fez ir além para descobrir o que o malware era capaz de explorar, e compartilhou sua descoberta com a comunidade de segurança mundial no último dia 11 de janeiro. Em vez de conter o filme, a pasta tinha um arquivo com o nome do filme e uma extensão .lnk que, ao ser aberta, executava um comando malicioso que implantava um injetor de anúncios em vários mecanismos de pesquisa, como Google e Yandex (popular na Rússia e países vizinhos). A equipe de segurança e pesquisa da Bleeping Computer se interessou pelo caso, e descobriu que a ameaça na verdade era muito mais do que infectar o computador do usuário com anúncios nas pesquisas, mas tambpem roubar criptomoedas. No relatório detalhado publicado no último dia 12 de janeiro, a empresa disse o usuário infectado ao acessar um site que continha uma carteira de Bitcoin ou Ethereum divulgada de forma pública na verdade estava a ver endereços dos hackers. Se o usuário copiasse o endereço das criptomoedas para realizar uma transação, estaria na verdade enviando para os hackers os seus fundos. Além disso, o malware infectava sites como a Wikipedia pedindo falsas doações em criptomoedas e que já continham valores nos endereços no momento da apuração do Bleeping Computer. Ou seja, alguém já pode ter sido pego pela falha. Fonte: O aviso final da empresa de segurança deixa claro para usuários a mensagem “Esteja avisado que a obtenção de filmes de rastreadores de torrent pode proporcionar a você mais do que algumas horas de entretenimento, pois o malware pode se esconder nos arquivos que acompanham e ficar com você por muito mais tempo“. De forma irônica, o filme que foi baixado pelo 0xffff0800 que o fez descobrir o caso se chama “A Garota na Teia da Aranha“, e é um filme de temática hacker. O grupo responsável por ataques deste tipo é conhecido desde 2015, sob o codinome CozyBear, e sabe-se que são da Rússia e tem o foco dos ataques em sistemas Windows. O artigo Cuidado com novo malware que rouba seus Bitcoins apareceu primeiro em Livecoins.

a month ago

Malware Found on a Movie Downloaded via Torrent Steals your Crypto and Poisons your Search Results

The plans of the security researcher under with the twitter username 0xffff0800 to spend a relaxing movie night at home did not turn out as he expected since after downloading a movie from a torrent uploaded to The Pirate Bay, he found a new (and interesting) type of malware that almost infects his computer. Did I almost get infected from a new CozyBear Sample?! I was downloading a new movie that I have been waiting for awhile for a HD version.. So Today a promising looking one got uploaded today. So I went and downloaded it and scanned for malware with two engines.. Nothing came up. — 0xffff0800 (@0xffff0800) January 11, 2019 So once I downloaded and thought it looked weird due to the icon of the download AVI.. I through it in a Hex Editor, and oh.. There is some kind of powershell.. WTF? Put it through Virustotal.. and what do you know! CozyBear putting droppers in Hacker Movies Now?! — 0xffff0800 (@0xffff0800) January 11, 2019 The film downloaded by the expert was a copy of “The Girl in the Spider’s Web” a film -ironically- with a hacker thematic. Instead of containing the movie, the folder had a file with the name of the movie and a .lnk extension which, upon being opened, executed a malicious command that deployed an ad-injector on various search engines such as Google and Yandex (a very popular search portal in Russia and surrounding countries). After detecting the threat, 0xffff0800 shared its finding on social networks and uploaded an example of the file for other fellow researchers to analyze. Apparently, one of the hobbies of this expert is “collecting” malware. Picture of the sample itself, and here's the download for the sample from it all. Password: infected. hxxps://!N80XUCza!rgQMgunzj8qHHlVDCypxBXNrNYa_ZE8oDk3LatADBwg enjoy. — 0xffff0800 (@0xffff0800) January 11, 2019 People at Bleeping Computer took a closer look at the archive, and their findings were more surprising. The malware hid much more than it appeared to the naked eye. The malicious activity extends to other web pages, including Google and Yandex search results, and on Wikipedia entries. Another goal is to monitor web pages for Bitcoin and Ethereum wallet addresses and replaces them with others belonging to the attacker.” The main objective of attacking search engines is to affect the results to position in the first places of the results a series of web pages with “injected” ads. However, the attackers were not only looking to make money out of ads. The group of hackers who programmed the malware also coded it in such a way that if the victim were to visit Wikipedia, the malware would insert a fake donation button showing two Bitcoin and Ethereum wallet addresses available for those willing to contribute to the encyclopedia. According to Bleeping Computer, the hackers had raised nearly $700 worth in crypto. The use of malware is not new to the blockchain industry, over the past year, there has been a boom in the use of such tools to get money via stealth crypto mining. Monero (XMR) was the main blockchain used for this practice back in 2017 and 2018. The post Malware Found on a Movie Downloaded via Torrent Steals your Crypto and Poisons your Search Results appeared first on Ethereum World News.

a month ago

3rd Global forum “Blockchain Life” comes to Singapore

On April 23-24 the global blockchain and cryptocurrency industry meets at Blockchain Life 2019 Asia in Singapore. | 5000+ attendees | 80+ speakers | 70+ countries | 120+ booths Top managers of international blockchain companies, crypto traders and analysts, funds and investors, perspective ICO and STO projects, developers and miners will meet again to discuss current industry trends, strategies, innovations and show how to earn money in this industry. Blockchain Life forum is an annual event that brings together international blockchain and crypto-community at the one place. In 2018, event was held in St. Petersburg (Russia) and became the largest industry event in Europe, gathered more than 5000 attendees. Top speakers of the «Blockchain Life» forums were: Roger Ver (founder, Sergei Khitrov (founder Listing.Help,, Jason Hu (WBO), Miko Matsumura (Evercoin), Martin Kuvandzhiev (co-founder Bitcoin Gold), Edward Chen (Huobi Exchange), Aldrich Victorino (OKEx Exchange), Charles Cai (Dalian Wanda Group) and other leading international industry professionals. The venue for Blockchain Life 2019 Asia will be at the world’s leading hotel Marina Bay Sands, located in the heart of Singapore. Participants are able to attend speeches by world leading experts, meet international companies in the exhibition area, and communicate with like-minded people and experts in networking areas. This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research. The post 3rd Global forum “Blockchain Life” comes to Singapore appeared first on NullTX.

a month ago

Another benefit of anonymous trading on BitBay is that selle...

Another benefit of anonymous trading on BitBay is that sellers save a significant amount of money on fees. $BAY…

a month ago

Malware afecta a usuarios de The Pirate Bay secuestrando sitios web para robar criptomonedas

El malware está programado para deshabilitar Windows Defender e instalar extensiones virales en los navegadores Firefox y Chrome, de este modo, es capaz de editar la apariencia de las páginas web y llevar a cabo complicados ataquesLa descarga de películas desde la página web The Pirate Bay podría exponer potencialmente a los usuarios al robo de criptomonedas y al phishing, el método cibernético de usurpación de identidad, a una escala sin precedentes. (adsbygoogle = window.adsbygoogle || []).push({});Un usuario de la página web fue el primero en dar la voz de alarma el 11 de enero a través de un tweet cuando detalló su experiencia al descargar una película a través del portal web, en la que se enfrentó a un atajo de código abierto de .LNK que contenía el código malicioso de CozyBear, así como a una serie de comandos de la interfaz de consola, Powershell.So once I downloaded and thought it looked weird due to the icon of the download AVI.. I through it in a Hex Editor, and oh.. There is some kind of powershell.. WTF? Put it through Virustotal.. and what do you know! CozyBear putting droppers in Hacker Movies Now?!— 0xffff0800 (@0xffff0800) January 11, 2019El malware está programado para llevar a cabo una serie de actividades hostiles en el ordenador del usuario, como deshabilitar Windows Defender e instalar extensiones virales en los navegadores Firefox y Chrome. De este modo, es capaz de editar la apariencia de las páginas web y llevar a cabo complicados ataques de phishing.A diferencia del spoofing, que utiliza sitios web falsos pero que en apariencia son idénticos a los sitios web de confianza, este método de ataque es particularmente engañoso, ya que superpone códigos sobre sitios web de confianza y, por lo tanto, no pueden ser detectados mediante un examen exhaustivo de la URL, como es el caso típico de los ataques de spoofing.Robo de criptomonedas y manipulación de búsquedas en la WebAunque el malware de CozyBear todavía se utiliza para atacar los sistemas Windows, en realidad es un señuelo en este caso. El atajo .LNK lanza una serie de comandos de Powershell que terminan descargados en el sistema del usuario. A partir de entonces, el virus se pone a correr deshabilitando programas antivirus e instalando códigos maliciosos en Firefox y Chrome.Cuando los usuarios acceden a cualquiera de estos navegadores, las extensiones virales recién instaladas inyectan diferentes páginas web con versiones modificadas de código JavaScript, lo que permite ejecutar y editar páginas web y desplegar anuncios, entre otras cosas.El malware supervisa las búsquedas web y llega incluso a modificar los resultados de la misma. Los anuncios que favorecen al hacker aparecen mucho más arriba en los rankings de búsqueda de lo que de otro modo podrían esperar, y los productos poco populares a menudo se sitúan por delante de los productos establecidos.El hacker se lleva las criptomonedasLo más alarmante es que su capacidad para editar la apariencia de las páginas web y cambiar la información sin que el usuario sea consciente de ello le permite robar criptomonedas. Por ejemplo, si un usuario abre la página principal de Wikipedia en un sistema comprometido, probablemente verá un mensaje convincente creado por el malware que dice “Wikipedia ahora acepta donaciones en forma de Bitcoin” y un ícono de “DONACIÓN“. A partir de este, todos los fondos que sean donados van al hacker.El malware también tiene la capacidad de reemplazar las direcciones de billetera criptográficas proporcionadas por las páginas web que aceptan pagos de Bitcoin con la del atacante, de modo que todos los pagos realizados desde sistemas infectados van a la billetera del atacante. Fuente: CCNTraducción de Hannah Estefanía Pérez / DiarioBitcoinImagen de PixabayComparte tu opiniónataque cibernético, Chrome, Firefox, hacker, Malware, pishing, The Pirate Bay, Windows, windows defenderAdvertisements (adsbygoogle = window.adsbygoogle || []).push({}); The post Malware afecta a usuarios de The Pirate Bay secuestrando sitios web para robar criptomonedas appeared first on DiarioBitcoin.

a month ago

📢 We are pleased to announce that BitBay will be listed on t...

📢 We are pleased to announce that BitBay will be listed on the exchange bringing $BAY to…

a month ago

Pirate Bay-Targeting Malware Hijacks Websites to Steal Cryptocurrency

Downloading movies from The Pirate Bay could potentially expose users to cryptocurrency theft and phishing on an unprecedented scale. Security researcher 0xffff0800 was the first to raise the alarm on January 11 when he detailed his experience of downloading ‘The Girl In The Spider’s Web’ from TPB only to be confronted with a .LNK shortcut containing

a month ago

Living On Bitcoin Day 2: Being “Unbanked” Has Been Easy ... But Also Hard

This is the second instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him on Day 1 here.I woke up on Christian’s couch stiff-necked and cotton-mouthed. A bit more fitting for the “living on internet money” survival vibe, yeah?A friend of a friend of Christian’s roommates (who are starting a business and moving to LA today) was out cold on an air mattress next to a stripped Christmas tree, snoring into the streams of soon-after-sunrise light filtering through the window. Another blow-up mattress adjacent to the couch was vacant. Its former occupant, Julian Martinez, a copywriter at Quantstamp and Christian’s friend, had left early in the morning, politely folding his sheets before he left.I trundled into the kitchen in search of coffee. Christian and his housemates grind their coffee and use a french press, which seemed rightly authentic for San Francisco. The Philz whole coffee beans were stashed in a cupboard along with some almond flour (also on point), spices and other ostensibly hipster culinary staples.Christian came in and we prepped the press. Sitting down for a cup in the dining area, the view from his apartment window seat offered up a gorgeous morning landscape of the residential area with the bay at its back.As he and his girlfriend left to pick up breakfast, I was confronted with the task of condensing the whole of yesterday’s events. In the flurry the day had become, I recorded the experience in scatterings between my phone, laptop and journal, typing or jotting whenever I had the time or inspiration struck. The words were distributed. It was just a matter of pulling them together and making them fit.So most of Saturday was spent reconciling how to pare down the experience (2,900 words later, I didn’t do a very good job). Christian and his girlfriend brought me back a croque madame from a local bakery and the San Franciscan sourdough lived up to its reputation. I wouldn’t wrap up the first draft until probably 6:00 p.m. that night.Of course, there were interruptions (like eating) that involved my careful attention and purchase planning. I still hadn’t done a point-of-sale (PoS) with bitcoin, and I thought I would have the opportunity at lunch with Curry Up Now.The once-foodtruck, now-local chain has become a sensation with its uncanny Indian-Mex and world food fusion fare. Chicken tikka masala burritos, deconstructed samosas and aloo gobi tacos coexist with Indian street food, pub food with a curried twist and even fried ravioli with masala dip.At one point in time, they accepted bitcoin, and most resources (like indicated as much. But when I called to confirm, a hurried employee shot down my hopes.“No, I’m sorry we don’t,” she said, a bit short and stressed, with the commotion of a popular restaurant audible in the background.Hanging up, I hoped it wasn’t an omen for the other restaurants I was planning to call.Bummed as I was not to get to buy direct, the menu left me salivating so I ordered a tikka masala burrito with Uber Eats using my Bitrefill-bought Uber credit.Amazingly, when it arrived, I managed to lock myself out of Christian’s apartment while he, his girlfriend and a future roommate went to lunch. At least I had food and rooftop access.I took the mishap as an excuse to take a break from writing and go enjoy the view on the roof. Up top, I tore into my burrito (which is a divinely inspired culinary design, I’m convinced) and surveyed the vibrant view of a lazy Saturday.I wasn’t too concerned by the lockening, mainly because I knew Christian and friends would be home shortly. Plus my phone had a healthy charge so I could get somewhere if I needed to, though my BRD wallet had been a glitchy cause for concern. But I wasn’t going to starve while they were gone, so locking myself out was more of a dunce-cap moment than a shot in the foot.They got home when I was halfway through with my burrito. Great when life works out like that (sucks when it doesn’t though). Like the way transportation was panning out — and not just for me.Running around in Ubers all week is going to beat up my wallet pretty good and already has. Christian offered to mitigate the problem by renting me his bike, so when he got back he took me to the house’s garage to dig it out.When he opened the door, there was a pile of bikes chained together, none of which belonged to Christian’s house. They belonged to his neighbors, but their bikes were gone. Earlier, Christian had been griping about his roommate Matt leaving the cover off the rooftop grill — looks like he might have forgotten to lock up the bikes (and the garage), too. I wasn’t the only one with bike woes.Sucks when it doesn’t though.If I can buy a bike with bitcoin while I’m here, I intend to donate it to Christian’s house — a gesture of good faith for letting me shack up.Maybe that will be my first IRL transaction in this tech city.I stayed in the rest of the day, in part to write but

a month ago

Binance Launches Binance Jersey: a New EUR/GBP Fiat Exchange

The popular cryptocurrency exchange of Binance has made true of its promise to keep building during the current crypto bear market by launching Binance Jersey. The team at Binance made the announcement earlier today and informed the crypto and investor communities that major the cryptocurrencies of Bitcoin (BTC) and Ethereum (ETH) will be the first digital assets listed on the exchange. They will be paired with the EURO and the British Pound (GBP). We are delighted to officially launch the Binance GBP and EUR Fiat Exchange: Trading in BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR has now opened on bridges the crypto-fiat channel, providing secure and reliable trading of the Euro (EUR) and British Pound (GBP) with Bitcoin and Ethereum. The CEO of Binance, Changpeng Zhao, took to twitter to express his excitement due to the new launch and the constant work being done by the team at Binance. You asked for it, we listened. AND worked hard in the background for all this time!#BUIDL baby #BUIDL — CZ Binance (@cz_binance) January 16, 2019 20 EURO Reward for the First 50,000 Users The exchange went on to incentivize new users of the platform with a 20 EURO reward for the first 50,000 who undergo the regular KYC (Know Your Customer) procedures. The first 5,000 users to complete Account Verification (KYC) on between January 16, 2019 and January 31, 2019 at 0:00 UTC will each be rewarded with 20 EUR. Register now to begin trading! Jurisdictions Covered by Binance Jersey will support most - if not all - countries in the European markets. The new exchange will also cater for the following countries outside of Europe: Argentina, Australia, Brazil, Canada, Chile, Eswatini (formerly Swaziland), Hong Kong, Israel, Jamaica, Japan, Macau, Mauritius , Mexico, New Zealand, Peru, Singapore, South Korea, United Arab Emirates (UAR) and Uruguay. More About Jersey Jersey sits in the Bay of St Malo that is 22 kilometers from the French Coast and 137 kilometers from the English mainland. It is the biggest of the Channel Islands. Jersey is only 8 kilometers long and 14.5 kilometers wide. English is the dominant language on Jersey with its residents also speaking Portuguese, Polish and the local Jèrriais (the Jersey language). Known for its financial services, the island become Bitcoin and crypto friendly back in 2014. What are your thoughts on Binance launching Binance Jersey? Is it a sign of good things to come from the exchange in 2019? Please let us know in the comment section below. Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post Binance Launches Binance Jersey: a New EUR/GBP Fiat Exchange appeared first on Ethereum World News.

a month ago

New Pirate Bay malware swaps wallet addresses to steal bitcoin and ethereum

New malware disguised as a movie posted on The Pirate Bay targets cryptocurrency and infects search results, BleepingComputer writes. Included as a shortcut within a folder for the 2018 film “The Girl In the Spider’s Web”, the file executes a PowerShell command and leads to a series of malicious activities. The file modifies registry keys to disable antivirus protection. Then it starts monitoring users’ browsing history to find bitcoin and ethereum wallet addresses and replace them with ones belonging to the attacker. The malware also modifies users’ Google search results by bringing the attacker-promoted websites to the top. Once a user with an infected PC accesses Wikipedia, the injection mechanism displays a fake donation banner providing cryptocurrency wallet addresses. These, in turn, are used to replace other bitcoin and ethereum addresses on other sites—something an average user would likely not notice due to the length of the randomised strings. The post New Pirate Bay malware swaps wallet addresses to steal bitcoin and ethereum appeared first on The Block.

a month ago

A Fake Movie File Is Infecting Windows PC’s to Steal Cryptocurrencies

The Pirate Bay is once again in the middle of a controversy as a Windows shortcut file is infecting PCs to steal digital currencies. The malicious file is posing a movie file on The Pirate Bay torrent tracker. Once it is installed, it triggers a series of malicious activities on the infected computer. Bleeping Computer recently reported the malicious activities of the file in detail on their website. What Does the File Do? The file was discovered after the security researcher 0xffff0800 downloaded a movie file from The Pirate Bay and found a .LNK shortcut instead of a video. The shortcut executed a PowerShell command and had a low detection rate on an antivirus scanning service. Virus scan results indicated a sample of an advanced threat actor known as CozyBear, which was discovered in 2015 and is still active. However, the detection was a false positive. FireEye’s Advanced Practices Team’s Nick Carr said that .LNK files are common in pirated content. According to Trend Micro, their use increased sharply in 2017. The Problems Run Deeper Lawrence Abrams from Bleeping Computer also analyzed the file and showed that the file would inject malicious results on Google, Yandex and Wikipedia pages. It would simultaneously monitor web pages for Ethereum, and Bitcoin wallet addresses and replaces them with those of the attacker. The malware modifies Windows registry keys to disable Windows Defender. It also installs an extension called ‘Firefox Protection’ in the Firefox Browser and hijacks the ‘Chrome Media Router’ extension on Chrome browser. It then tweaks the JavaScript code that leads the users to an antivirus software called TotalAV. The file doesn’t end its campaign here. It also injects a fake donation banner on Wikipedia which states: “Wikipedia now accepts cryptocurrency donations and provides two cryptocurrency addresses to send ‘donate’ to.” The site lists two wallets- one for Bitcoin that had $70 worth of BTC, and second for Ethereum which had $600 worth of ETH stored on them. A full list of the malicious code’s activities can be found on the Bleeping Computer website. A Fake Movie File Is Infecting Windows PC’s to Steal Cryptocurrencies was originally found on Cryptocurrency News | Blockchain News | Bitcoin News |

a month ago

Bitcoiner 2029: Another Ten Years On

The following is an imaginative, fictitious account of what the world could look like in 2029 and how Bitcoin might evolve to revolutionize economic, monetary and free-market systems. Unfortunately, time machines haven’t been invented in this speculative future so we couldn’t verify the accuracy of the narrator's experience — please take the following story with a healthy grain of idealistic salt.As I walked out on the tarmac, the West Coast winter climate, brisk and sharp, broke over me. The sun set over the west bay in a splendor of sherbert radiance. Some 20 miles away, I envisioned the sepia luster of the Golden Gate stretching across the bay, that bastion of 20th century industry blending with the gradually darkening backdrop of the day’s paling light.Immediately I was taken back to my first crypto conference in the Bay Area some 11 years earlier — right on the brink of the crypto craze of 2017. A fledgling industry, we found ourselves positioned in an ecosystem that was challenging the economic norm with feverish and diehard persistence. Bitcoin was a revolution, and we were accelerating a movement that would disrupt the monetary realm as we knew it. It was a thrilling time; we were building the future.Now, the same flutters of excitement I experienced in 2017 morphed into the euphoria of triumph. The future we imagined — we had built it.An act of happenstance, the consequence of this triumph greeted me as I stepped from the tarmac into the warm, aseptic fluorescence of the SFO airport. Greeting me at the door like a stalwart guardian of old, its paint peeling and brittle from lack of care, a defunct currency exchange booth sat like the gutted relic of a different time.The sight conjured memories of my childhood, when my father would vent about the fees charged for currency conversion at these booths.“12 percent?” he’d say in disbelief. “It’s straight theft! Should have done it beforehand at the bank — of course, their rates are about as bad though,” he always conceded.I laid my hand on the jaundiced linoleum countertop.“You put up a good fight, old boy,” I muttered, giving the booth a sympathy pat.A janitor within earshot looked up from the tile floor he was tending and flashed me a dubious look, complete with cocked eyebrow.“Sorry, just reminiscing,” I replied awkwardly.Gathering my composure, I headed to the baggage claim, collected my luggage and proceeded to the rideshare section of the terminal. I opened my Decentralift app and requested a car.Standing in wait for my ride, I surveyed the news for the day on my BitLive app.The New York Times: January 3, 2029: “In the New Year, POTUS, Congress Wrestle With New Economy”The Wall Street Journal: January 3, 2029: “Investment Banks Faces Bankruptcy as Wall Street Debt Crisis Worsens”Bitcoin Magazine: January 3, 2029: “China and Russia's Mining War With the West Is About to Get More Entrenched”Millennial Daily: January 3, 2029: “EU Parliament Convenes Emergency Session in Shadow of Global Economic Downturn”The Times: “Pressure On: Parliament on Brink of Passing Crypto Tender Bill in Wake of EU’s Adoption”I paid 1,000 sats for the NYT’s headliner, and I even shelled out for The Times article too, mainly for sentimental reasons.Standing in waiting for my ride, I opened the NYT article and started reading.Newly re-elected President Ables and the Democratic-controlled Congress continue to look down the barrel of a currency crisis as long-standing Wall Street Institutions like Goldman Sachs and J.P. Morgan continue to fold under the pressures of bankruptcy.These closures are the climax of a financial paradigm shift that began when Congress passed the “Cryptocurrency Tender Recognition Act” of 2027, legislation that categorizes cryptocurrencies such as bitcoin as legal tender under U.S. law. The law was prompted by the surging demand for bitcoin and other private currencies by U.S. employees and a wave of adoption as major brands, such as Apple, Amazon, Walmart, Nike and others began accepting bitcoin and other cryptocurrencies as a sole method of payment.Congress is meeting with the President and the Federal Reserve, as well as CEOs from the nation’s largest private banks, on Thursday to discuss the crisis and break ground on a relief plan.“The COIN Act was a safety-net plan of sorts. It outfitted the United States with the most powerful mining operation on the planet, and we’ve been actively liquidating portions of our precious metal reserves in favor of bitcoin and other cryptos,” House Banking Committee Chair Vicente González told the New York Times.“Still, the Thursday meeting is critically important. We also recognize the need to aid these financial institutions for the betterment of our economy and constituents as we confront a paradigm shift in monetary policy.”Representatives from Goldman Sachs, J.P. Morgan and the Federal Reserve declined the New York Times’ request for comment.“Long time coming,” I muttered to myself.European change was underway

a month ago

Dropgangs and Dead Drops: Report Highlights Evolving Darknet Market Opsec

Since the creation and subsequent takedown of the darknet marketplace the Silk Road, the hidden market ecosystem has exploded with inventive solutions that promote private voluntary exchanges. According to recently published darknet market (DNM) research, the cat and mouse game continues with vendors inventing new ways to bolster online black market activities. In the last two years, the DNM ecosystem has popularized methods like ‘dropgangs’ and ‘dead drops’ to evade the clutches of the world’s law enforcement agencies. Also read: Venezuelan BCH Proponents Bolster Cryptocurrency Use Cases and Adoption The Rise of Dropgangs When the Dread Pirate Roberts (DPR), leader of the now defunct Silk Road marketplace, created his darknet web portal, a new economy of online trade was born. Even after the Silk Road’s head was cut off by U.S. three-letter agencies, the DNM idea continued to spread like a hydra. A number of reinvented Silk Road clones dispersed throughout the deep web and global law enforcement has been trying to take each one down ever since. After the busts in 2017, which saw the takedown of extremely large DNM the Alpha Bay and Hansa marketplace, vendors and patrons had to think of new ideas in order to continue to keep the economy thriving. Even though people still use DNMs such as Dream Market, online black market participants are reinventing the wheel when it comes to these types of illicit exchanges. Jonathan “smuggler” Logan’s nine-page report, written on Dec. 28, gives a comprehensive look at how some DNM community members are participating in ‘dropgangs’ and utilizing ‘dead drops.’ “Given the additional plausible development that long distance, high payload drones become available more widely, and for much less cost, the procurement layer of Dropgangs will also become more secure and efficient,” explains the 9-page research report Dropgangs, or the future of darknet markets. Although some of the ideas are still primitive, DNM merchants have started to create new types of private communications and operational back-ends, explains Logan’s research. Dropgangs use communication systems like Telegram to conduct business and Logan details that chat channels can then be broken down into unique counterparties. The channels are so sophisticated that lots of them use automated bots, which removes human interactions from the equation. “Automated bots allow customers to inquire about offers and initiate the purchase, often even allowing a fully bot-driven experience without human intervention on the merchant’s side,” Logan’s report noted. The researcher’s report also emphasizes that these messaging platforms make things more comfortable for customers as they can discuss things in real-time and protect themselves with a virtual private network (VPN). Dropgangs still use cryptocurrencies to transact, but Logan says these days vendors are using privacy-centric digital assets to conduct trades. This is due to the rise of blockchain surveillance and cryptocurrency transaction tracing and the report details that this vector of attack is currently exploited by law enforcement. “Dead drops have to satisfy four functions: • They must be plentiful. The more potential locations for dead drops, the more secure their operation in face of law enforcement surveillance. • They must be easy to locate for the customer who has received the necessary information from the merchant. • They must be unlikely to be found by accident,” Jonathan ‘smuggler’ Logan’s report explains. Dead Drops Another method of trade DNM users have been experimenting with is dead drops. Basically, a dead drop is a random geographical location that a dealer uses to drop off packages instead of using the global mail systems. Dead drops have to be an easy location to find, the report explains, but they have to be obscure enough so that they cannot be identified and surveilled by law enforcement. Logan’s study notes the use of dead drops makes things asynchronous for the merchant and makes it so the customer doesn’t have to reveal their address or an address tethered to their identity. “The use of dead drops also significantly reduces the risk of the merchant to be discovered by tracking within the postal system — He does not have to visit any easily to surveil post office or letterbox, instead the whole public space becomes his hiding territory,” the report details. Hierarchies and Anonymous Layers The new DNM systems are not perfected yet and are nascent compared to centralized DNMs like Dream, but are gaining traction. Logan says cryptocurrencies are still the main choice of settlement, but escrow systems are nonexistent in this model. Sometimes multi-party transactions between customer and merchant are established, but Logan explains that it is rare. This has led to the regeneration of hierarchical structures, though the system can still be layered. Often times one layer of the structure doesn’t know the identity of the higher layers like prod

a month ago

Read the latest BitBay community update - including news abo...

Read the latest BitBay community update - including news about the upcoming Dynamic Peg, web marketplace beta and o…

a month ago

Interview with Hashed Partner Alex Shin on the Markets and Korea

Hashed Partner Alex Shin on his Outlook for Korea and it’s Regulator Role in the Crypto Markets in 2019 and Views on Current Bear Market Hashed is a Korean blockchain project accelerator and also the largest pure play crypto investment fund in Korea. Alex Shin is a cofounder and partner of the fund. Founded in 2017, Hashed has shaped the Korean blockchain industry through its unique approach to finding and nurturing nascent projects. It has helped accelerated projects such as Terra and ICON. When I spoke to Alex, I found him to be extremely skillful at bridge building between east and west, and he along with his partners are committed to put Korea on the global crypto map. In this upcoming podcast episode, we discuss Hashed and its investments, Alex’s view on crypto markets now, and Korea’s crypto regulator and the conglomerate participants there. Listen here or go to iTunes: Or Access Youtube video here: Announcing Guest for Our Latest Podcast Episode — Alex Shin, Co-Founder and Partner at Hashed Joyce Yang Hi everyone. Welcome to the global coin podcast. A podcast where we hear from leading global operators and investors in crypto, with their thoughts on the Asia Blockchain and cryptocurrency space. Asia is really a cryptocurrency hub, and understanding the region is as important as understanding what’s going on locally. We also have a newsletter that highlights all the important crypto news coming out of Asia, with many translated by our staff directly from the local media. Check it out at I’m your host Joyce Yang and our guest today is Alex Shin from Hashed. Hashed is a Korean Blockchain project accelerator and also the largest pure-play crypto investment fund in Korea. Alex is a co-founder and partner of the fund. Founded in 2017, Hashed has shaped the Korean Blockchain industry through its unique approach to finding and nurturing nascent projects. He has helped accelerated projects such as Terra and ICON. When I spoke to Alex, I found him to be extremely skillful at bridge building between the east and west and he along with his partners are committed to put Korea on a global crypto map. In this episode, we discussed Hashed and its investments, Alex’s view on the crypto markets and Korea’s crypto regulators and the conglomerate participants there. Alex Shin Joyce Joyce Yang Yes, Alex. Can you talk about yourself and Hashed? Alex Shin I’m the coolest guy in crypto. Okay we are the leading crypto assets Venture Capital firm out in Korea, but none of us come from Venture Capital or Hashed fund. In the backgrounds, we are all entrepreneurs and for the most part everyone’s really techie, but with the exception of me. So we think a lot more about what it means to be a network participant. When you’re out in Korea, A lot of people come out here looking for consumer adoption or trading volumes so we do all the biggest events. We do a lot of community events. In July, we did Korea Blockchain with those you know it’s normally successful and that’s us in a nutshell. I think Kyle from multi-coin calls it generalized mining. I don’t like that. It just sounds a little too much like POW. In that same category, we call it network participant or network builders or something. No one’s quite coined that yet so we’ll see. Yeah that’s Hashed. Joyce Yang That’s great. And you guys have been around for some time right? Alex Shin Yeah. So a little over 2 years ago, so late 2016 when crypto was just kind of taking off in Korea, bear in mind South Korea was not online for Bitcoin, Japan and China was. So that’s why you see all the Bitcoin volume in Japan and in Korea, you see Ethereum and everything else. We were a syndicate of tech founders that were really savvy in his category. We called ourselves BPK, Blockchain Partners Korea and some of you might have heard that. We really wanted to put Korea on the headline because that’s sort of why we got together. We thought this rare opportunity you know for this new category to emerge and Korea of all places to be the eye of the storm and we thought that was really interesting. But that actually spun off into some really cool things. So a year and a half ago at this time, South Korea was speculation volume and nothing else. And we thought about building out this ecosystem which would mean that we need some good projects, we need developer ecosystems. So we naturally ended up working with 2 guys in our syndicate who happened to be founders of ICON. The other two guys were Doctors and they’re like we’re going to go make this MeddieBlock thing in the Gig and the 6 of us didn’t have real jobs, so we got together and created Hashed. And we didn’t want to put Hashed fund or Hashed capital or Hashed anything because this is not really in our DNA, but that ended up being a good thing. Yeah that’s history. Joyce Yang Where did the name Hashed come from? Alex Shin So everybody in Korea was copying PPK. It was a BK, PK, BBP, it is a Blockchain Kore

a month ago

Malta Gov’t Committed to ‘Blockchain Island’ Vision Despite Criticism

Malta’s government has hit back at recent claims by the opposition leader, Adrian Delia, about its silence and inaction concerning the cryptocurrency market. Committed to the ‘Blockchain Island’ Vision In an interview with the Nationalist Party’s NET FM, Delia declared that the prolonged cryptocurrecy bear market was a cause for concern for many stakeholders. He expressed concerns over the government’s silence in the matter saying investors had a right to know the government’s position given the state of the market. For Delia, the government’s silence is in stark contrast to its claim of striving to make Malta ‘the global blockchain island.’ According to the Malta Independent, the government is taking steps to improve the regulatory landscape of the country’s local cryptocurrency arena. Most of these efforts are coming through the Parliamentary Secretariat for Financial Services, Digital Economy, and Innovation. For the Secretariat, the focus is on creating an enabling environment for all stakeholders in the market to thrive. Thus, the government says it is trying to balance regulations with protection for investors. In 2018, the Mediterranean Island nation rose to prominence as a preferred destination for many cryptocurrency companies. Exchange platforms, in particular, chose to move their businesses to the country. Many of these platforms claimed unfavorable regulations in their previous locations as the reason for the move. Binance, OKEx, BitBay, and Zebpay were among some of the prominent exchanges to make the move in 2018. This influx of high-volume trading platforms catapulted the tiny nation to the top of the global cryptocurrency trading volume charts. Regulating the Local Cryptocurrency Industry In mid-2018, Malta became the first nation to provide ‘legal certainty’ for cryptocurrencies. The nation’s parliament passed three bills into law as part of efforts to firm up crypto regulations in the country. Both Binance and OKEx signed agreements with the Maltese Stock Exchange (MSX) to create regulated security token exchange platforms. The move formed part of the growing appeal of security tokens that gained a lot of steam in 2018. Do you think that there are any merits to Delia’s claims of inaction by the government concerning cryptocurrency? Let us know your thoughts in the comments below. Image courtesy of Malta Today, Shutterstock The post Malta Gov’t Committed to ‘Blockchain Island’ Vision Despite Criticism appeared first on

a month ago

The BitBay 2019 development roadmap is live now, with a bran...

The BitBay 2019 development roadmap is live now, with a brand new layout we think you'll find easier to follow. The…

a month ago

Got Crypto? $2.5 Million in Bitcoin (BTC), ETH and XRP Buys Majestic Modern in Florida

A luxury property located in Bay Harbor Islands, Florida is up for sale in crypto. It features four-bedrooms, 4.5 baths, sunset views and a spacious modern kitchen. According to the listing, the owner will accept US dollars, Bitcoin, Ether and XRP. A private gym converts into a fifth bedroom in this 3849-square foot home that […]

a month ago

How Corrupt has the Donation Business Become?

It’s hard to imagine something more helpful than donations when one billion people, or 15% of the world’s population, experience some form of disability and over 100 million people have a serious disease. These numbers don’t include the poor, the homeless, orphans, veterans, migrants, and other people who need support. And that’s not only about people - it’s also about saving animals, preserving the environment, and even encouraging art. Hundreds of thousands organizations have been established to help those in need. However, despite all the good intentions, fraud and corruption started to grow within the industry, causing millions of dollars to end up in the pockets of bad actors. What is the state of corruption in the world of donations and how can we fix it? Source: Hell is often paved with good intentions In 2010, a 7.0 earthquake struck Haiti, killing over 100,000 people and leaving almost a million without homes. Back then, many Americans turned to the American Red Cross as one of the oldest and well-known humanitarian organizations in the world. This nonprofit managed to collect $488 million in donations - more than any other organization after the catastrophe happened. A year later, the Red Cross announced that it expected to spend about $100 million of the remaining funds on the “construction of permanent homes and community development projects.” In 2015, NPR and ProPublica accused it of building just six new homes in Haiti. The organization later explained that other issues like land-title systems and security made them change their plans - as a result, most of the funds were distributed to about 50 partner aid groups with each of them taking a cut for administrative costs. In 2013, the Tampa Bay Times and The Center for Investigative Reporting published a list of 50 of the worst charity organizations in America, based on tax filings that spanned over 10 years. The investigation showed that these charities, that accounted for $1.35 billion in donations together, sent less than 30% to actual victims - and the rest went to those people who collected the money! Most of the organizations spent between 0.10% and 8.6% in direct cash aid, and for just 50 of them the fundraising costs didn’t exceed 35% of the total amount collected (as charity watchdogs expect). It’s not only about charity but about politics. One of the examples is the Trump Foundation - in 2016, the Daily Beast reported, “In past years, Trump used foundation cash to settle personal legal disputes costing hundreds of thousands of dollars, bought paintings of himself and in one high-profile case gave money to a PAC supporting Florida Attorney General Pam Bondi - an illegal act for which Trump had to pay a $2,500 fine.” And he was not the only one - the Clinton Foundation was also investigated following the series of very large (in the millions of dollars) donations from foreign countries that were never disclosed to the State Department. State of the market - a lack of trust caused by corruption and scandals The donations market is huge. In 2017, Americans gave $410 billion to charitable organizations (and this number has been steadily increasing for the past 30 years, not taking the financial crisis into account). The absolute majority of these funds, 70%, was donated by individuals. Still, out of all these donations, “billions were lost due to inefficiencies and corruption, leading to a huge distrust of the sector,” says Nydia Zhang, co-founder and chairman of the Social Alpha Foundation. Source: The US donations market is increasing, but this tendency is not global. The recent CAF World Giving Index 2018, that includes data from 146 countries, showed that significantly more people globally reported helping a stranger and volunteering their time in 2017, while the proportion of those who donated money has declined for the second year in a row. The possible reason for this is trust, according to an nfpSynergy report. Trust in charities dropped from 60% last autumn to 54% in February of this year. In the UK, where the charity sector has an annual income of nearly £76 billion, the share of people donating money to global poverty charities decreased from 37% to 17% during the last five years. The authors at Decommlabs noticed that since 2013, both trust and donations significantly dropped at three distinct times, each during a period when charity scandals occurred. Source: Fake charities also negatively contribute to the overall trust level of the donations market - those are usually represented by scammers who pretend to be agents of legitimate well-known charities or create their own charity names. The Australian Competition and Consumer Commission allows people to report such scams on its website and they

a month ago

“Cryptocurrencies are Not a Threat” - Remarks FSB On India’s Crypto Concern

It looks like the crypto market is celebrating the New Year in India. With RBI citing FSB’s remark, the market appears quite appreciated. Crypto Stance in India According to the latest coverage by Quartz Media, FSB (Financial Stability Board), an international body that monitors and review the global financial system has recently appreciated cryptocurrency and said that the virtual currencies are not a threat. The note was added by Reserve Bank of India (RBI), an Indian central bank in a report released in connection with cryptocurrency regulation in the last week. FSB’s comment reads as follows; ”The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. Its initial assessment is that crypto-assets do not pose risks to global financial stability currently,” FSB was formed in April 2009 when global financial crises hit the market. It was established by Group of Twenty (G-20) finance ministers and central bank governors including the UK, USA, India, and China. No Clarity Cryptocurrency in India is never so easy, it was all along challenging for two years. Since the circular sent out to banks to stop servicing cryptocurrency-related operations to a group of individuals expecting regulatory clarity, Indian regulatory bodies seem not yet serious about the cryptocurrencies within the nation. @SecretaryDEA Please help our voices be heard. Positive crypto regulations in India will help create wealth and jobs for millions of Indians. Millions of youth in India want to see positive crypto moves by the government. Jai Hind 🇮🇳 — Nischal (WazirX) ⚡️ (@NischalShetty) January 2, 2019 Nevertheless, in last week, Indian parliament made a serious note, where Pon Radhakrishnan, the minister of state for finance addressed Lok Sabha, the lower house of Indian parliament; “In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations,” The unclear signal by authorities has kept investors at bay -certainly, traders and crypto enthusiasts cannot withdraw their crypto funds in fiat yet. Besides India, the other member countries of FSB including the US are still uncertain over the adoption of cryptocurrency. As far as India and cryptocurrency are concerned, RBI with FSB’s remark had also left a reminder to all those waiting for the final assessment on digital assets within the country. It added ‘wait and watch policy towards crypto assets’, and continued; “The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system,” What’s your best advice to regulate cryptocurrency in India? share your opinion. The post “Cryptocurrencies are Not a Threat” - Remarks FSB On India’s Crypto Concern appeared first on Coingape.

a month ago

Make better business contracts: Using our native currency BA...

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SyncFab manufacturing Blockchain [R] integrates MFG Digital Token Wallet for manufacturing RFQs and purchase orders

SyncFab, the industry first manufacturing blockchain ® for Industrial OEM supply chain procurement management, successfully integrated a dedicated fully functional Digital Wallet for the MFG Token with its procurement platform for use with manufacturing service RFQs and purchase orders. Following this recent milestone, SyncFab continues the Supply Chain 4.0 revolution integrating more manufacturing partners on the digital supply chain procurement platform. With great anticipation for what 2019 has in store for Supply Chain Digitisation, SyncFab has been working tirelessly throughout the fall 2018 season improving its existing web 2.0 procurement platform while adding blockchain functionality as a precursor to its 3.0 Testnet launch in winter 2019. In its latest development update, SyncFab shared its latest milestone completing the official MFG digital token wallet launch and platform integration for use with manufacturing service RFQs and purchase orders, for which they have begun a test trial with select users. It is expected that more users will receive the update in the weeks ahead. The Official MFG wallet will ultimately replace the Ambisafe MFG wallet that was first used, so existing wallet users are asked to follow upcoming timing notifications when to transfer existing MFG balances to the newly released official MFG wallet on the SyncFab platform or to another compatible digital wallet of the users choosing before the Ambisafe wallet is fully phased out. The latest information can be found on the official website. Ongoing testing of the official MFG wallet includes MFG purchases for manufacturing services to be incorporated in the RFQ submission process along with use of MFG tokens to incentivize manufacturers to join SyncFab and submit quotes. MFG rewards will be distributed primarily to losing bidders as an offset when they do not win an order in recognition of the effort required for making their bid for the RFQ. As this new incentive model is refined through testing, SyncFab will solidify its foundation to support a robust decentralized network that improves the manufacturing supply chain process for all of its participants in the years ahead. About SyncFab Founded and headquartered near Silicon Valley, SyncFab is a manufacturing blockchain ® platform that streamlines the way industrial OEM supply chain buyers procure, manage, and track precision parts production securely using blockchain technology. Through partnerships with federal government and municipal smart city initiatives, SyncFab helps spur economic development by making regional suppliers with idle manufacturing capacity more accessible and responsive to buyers to enable a shift towards cleaner, local manufacturing supply chain worldwide. SyncFab is founding member of CESMII, the U.S. Department of Energy’s Clean Energy Smart Manufacturing Innovation Network appointed by the White House. SyncFab municipal partners include the San Francisco bay area city of San Leandro as part of the San Francisco Civic Innovation program, which includes Oakland, San Jose, Sacramento and other cities. To know more: Website Blog Telegram Twitter The post SyncFab manufacturing Blockchain [R] integrates MFG Digital Token Wallet for manufacturing RFQs and purchase orders appeared first on AMBCrypto.

2 months ago

Despite Bear Crypto Markets, SyncFab Development Continues

Last week, the first manufacturing blockchain for industrial OEM SyncFab rolled out the official wallet for its MFG token. The MFG digital wallet is equipped with features that bring SyncFab closer to actualizing its goal of making manufacturing supply chains more efficient and transparent. SyncFab is a decentralized, blockchain-based platform that connects factories directly to machine parts manufacturers. Manufacturers that use SyncFab will eventually no longer have to rely as much on procurement managers, parts brokers and other intermediaries to manage their supply chains. Instead of paying “finder’s fees” to middlemen, manufacturers can place and track orders through SyncFab. “SyncFab’s integration using blockchain technology makes us an industry first in our space for a public facing platform whereby we recognize the opportunity of being first to pioneer standards for those who would later like the convenience to adopt an existing solution,” said SyncFab Founding CEO Jeremy Goodwin. SyncFab’s newly released MFG wallet is equipped with two new features that take SyncFab one step closer to changing the way that manufacturers interact with their parts suppliers. SyncFab is currently testing both of these features with a select group of customers. Once testing is complete, they will be rolled out to all MFG token wallet users. SyncFab uses MFG token rewards as an incentive for suppliers to participate in the SyncFab network. They can earn MFG by submitting price quotes. The faster a quote is provided, the more MFG they can get. In most cases, whichever bidder gets selected, receives 10% of the total MFG reward. Losing bidders get an 80% share and the remaining 10% goes to the MFG loyalty program. Previously, MFG could only be purchased on cryptocurrency exchanges. Now, MFG can be obtained directly in the MFG wallet. Payment options include debit cards, credit cards and bank transfers. In September of last year, SyncFab partnered with the government of the city of San Leandro, which is located across the bay from San Francisco. The city is helping to onboard its local manufacturers and parts suppliers. Other potential SyncFab partners include giants like Boeing, the world’s largest aerospace company. At last month’s IoT Tech Expo, SyncFab CEO Jeremy Goodwin spoke at a panel discussion to explain to Boeing’s Technical Fellow Dr. Al Salour and others how industrial IoT-enabled smart manufacturing can help manufacturers enhance productivity, improve ROI and aid in process automation. SyncFab’s continued success and growth in the current bear market shows that the company has what many other blockchain projects lack: a clear use case. With the latest developments, SyncFab is solving practical problems to demonstrate that blockchain is more than just a passing fad. About SyncFab Founded and headquartered near Silicon Valley, SyncFab is a manufacturing blockchain® platform that streamlines the way industrial OEM supply chain buyers procure, manage, and track precision parts production securely using blockchain technology. Through partnerships with federal government and municipal smart city initiatives, SyncFab helps spur economic development by making regional suppliers with idle manufacturing capacity more accessible and responsive to buyers to enable a shift towards cleaner, local manufacturing supply chains worldwide. SyncFab is founding member of CESMII, The U.S. Department of Energy’s Clean Energy Smart Manufacturing Innovation Network appointed by the White House. SyncFab municipal partners include the San Francisco bay area city of San Leandro as part of the San Francisco Civic Innovation program, which includes Oakland, San Jose, Sacramento and other cities. This is a paid-for submitted press release. EWN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. EWN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. The post Despite Bear Crypto Markets, SyncFab Development Continues appeared first on Ethereum World News.

2 months ago

Daily Crypto Roundup 12/19/2018

Today in the crypto world, bitcoin futures may have ruined bitcoin’s price, Venezuela reported toxic crypto propaganda, and bitcoin continued its upward price path. Reports also showed significant crypto pump-and-dump activity this year, as well as increased bitcoin over-the-counter (OTC) interest. Catch up on the news - Did Mainstream Bitcoin Futures Crash BTC’s Price? Bitcoin’s all-time price high anniversary was just two days ago, seeing the asset at a fraction of its former glory. Coincidentally (or maybe not), bitcoin hit its all-time price high on the same day the Chicago Mercantile Exchange (CME) launched its bitcoin futures trading product. Popular YouTuber Crypto Daily recently posted a video on the subject, referencing a Reddit post by “Turtlecane”. The jist of the information showed that bitcoin’s price could have been wrecked by the creation of “paper bitcoins”. The CME and Chicago Board Options Exchange (CBOE) both created cash-settled bitcoin futures. In short, this allowed traders to trade bitcoin’s price action without ever having to touch actual bitcoin. The futures products were to be paid out in cash, which created an artificial bitcoin supply. Artificially adding to bitcoin’s supply made the asset less scarce, thus decreasing its price. Read on Crypto Insider Venezuela Isn’t The Crypto Use Case You Want It To Be Venezuela has graced many headlines this year with its astronomical inflation and attempted incorporation of a national cryptocurrency, the Petro. Venezuela’s overall efforts to incorporate crypto have been toxic. According to a CoinDesk report, the Venezuelan government has forced citizens into using the Petro, instead of them learning about cryptocurrencies through their own interest. Additionally, there have been “aggressive outreach strategies from projects like dash.” Blockchain Academy’s David Diaz, along with Cryptobuyer’s Jorge Farias, are working to provide free education to Venezuelan folks on bitcoin, programming, and other topics. Read on CoinDesk Bull Reversal: Bitcoin Climbs Key Price Hurdle To Target $4K Over the past few days, bitcoin has seen a notable price rally. CoinDesk reported today that bitcoin recently exited a bearish chart pattern, closing above the important resistance level of $3,633. Yesterday’s daily candle close also strengthened the odds for a positive three-day candle close higher than the $3,590 level. This candle will close tomorrow. Bitcoin’s price at the time of publication today was $3,750 on Bitstamp. “So, with the short-term picture looking bullish, the focus shifts to the next major resistance levels lined up at $4,000 (psychological hurdle) and $4,410 (Nov. 29 high),” CoinDesk reported. Read on CoinDesk Crypto Market Rife With Pump-and-Dump Schemes, Study Shows Today, Bloomberg reported on evidence showing tons of pump-and-dump activity within the crypto space. Pump-and-dumps are a type of market manipulation in which certain parties often make profits while dumping their assets of unsuspecting buyers. An academic research group called SSRN released a report with numbers showing this type of market manipulation’s prevalence. “Researchers identified 4,818 so-called pump-and-dump attempts between January and July, using data scraped from Telegram and Discord, two encrypted messaging apps popular with the cryptocurrency community,” Bloomberg explained today. Read on Bloomberg Bitcoin OTC Trading Volume Soars As Institutions May Be Accumulating According to a recent Bitcoinist report, over-the-counter (OTC) bitcoin buyers are apparently flocking to crypto’s largest asset. Recent research data from a company called Diar showed a significant uptick in OTC demand for bitcoin over the past few months. Diar pondered how institutions fit into the equation. “[A]re institutional traders keeping at bay or have they shifted towards higher liquidity over-the-counter physical Bitcoin markets? The answer is likely a little bit of both,” stated Diar in their report. Bitcoinist also mentioned the possibility of large players using OTC markets to buy, and then selling on traditional exchanges to keep prices low until they are finished accumulating. Read on Bitcoinist The post Daily Crypto Roundup 12/19/2018 appeared first on Crypto Insider.

2 months ago

Bitcoin OTC Trading Volume Soars as Institutions May Be Accumulating

While volume on centralized exchanges is down as a whole, Bitcoin OTC (over-the-counter) markets have seen a surge in buyers leading to a shortage of sellers, according to the latest data from Diar. This may suggest that institutional investors are quietly stocking up on bitcoin while looking to keep prices low for the time being. Bitcoin OTC Trading is Booming Most pundits expect institutional investors to create the catalyst for the next cryptocurrency bull-run. But research shows institutional trading losing ground in volumes on traditional exchanges this year. However, OTC markets have seen an exponential increase in buyers leading to a dearth of sellers. Could this be where the institutional money is now heading? The latest research, published by Diar compares Bitcoin volumes on Coinbase (during OTC hours) and Greyscale’s OTC-traded Bitcoin Investment Trust (GBTC). While 2017 saw roughly equal trading volumes between the two, this year, especially the past few months, has witnessed a divergence in trends. During OTC market hours, Bitcoin trading volume on Coinbase has increased by 20%. However, GBTC volumes are down 35% in 2018 during the same period last year. This is despite Greyscale bringing in a record $216 million of investment in the first three-quarters of this year - an inflow which has meant Greyscale is now holding custody of over 1% of Bitcoin’s circulating supply. The researchers at Diar note: [A]re institutional traders keeping at bay or have they shifted towards higher liquidity over-the-counter physical Bitcoin markets? The answer is likely a little bit of both. Are Whales Accumulating at Sub $4K Price? In a market, which remains highly volatile, round-the-clock cryptocurrency exchanges have a natural advantage. But for high-demand liquidity Institutional traders must still look to OTC trading desks. Another advantage is that OTC markets have less of an immediate impact on the bitcoin spot price 00. Therefore, large-scale investors, i.e. ‘whales,’ could use OTC markets to their advantage, buying large quantities of bitcoin without causing the price to immediately rise. Subsequently, the whales could then resurface on exchanges to sell some bitcoin to keep prices low. Rinse and repeat until accumulation is complete. Therefore, it may not be that surprising that OTC services have grown in popularity in recent months as BTC price has dropped to yearly lows. Indeed, many major exchanges are now catering to an increasing appetite from clients for OTC services. CEO of peer-to-peer exchange HodlHodl, Max Keidun, reports exponential growth in OTC volumes with large-order requests doubling each month. This has made it “harder than usual to find a seller at current prices,” explained Keidun, whose platform recently launched a non-custodial OTC service. “There has been a vibrant OTC Bitcoin trading market operating in parallel to the existing exchanges, but none of them are offering non-custodial escrow services for cryptocurrencies which would eliminate the risk of losing funds,” he said. Interested in whale watching? You can find and track the recent transactions of the richest Bitcoin addresses here. Are institutions quietly buying bitcoin at lower prices? Share your thoughts below! Images courtesy of, Shutterstock The post Bitcoin OTC Trading Volume Soars as Institutions May Be Accumulating appeared first on

2 months ago

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