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Government regulation and the future of privacy coins

In recent times, governments around the world have charted a new course for cryptocurrency regulation, and it’s one that seeks to exclude privacy coins. Moving away from the complete banning of digital currencies, these governments are tackling two core issues: protecting investors and traders, and making sure that cryptocurrencies avoid becoming breeding grounds for criminals. This trend has sparked many regulatory requirements, from anti-money laundering rules to KYCs. But as these governments intensify their regulations, we must ask ourselves what is the future of privacy-focused cryptocurrencies geared toward maintaining user privacy to the core? Anonymous Coins: Living Up to Their Names In its developmental stages, Bitcoin had earned a name as a cryptocurrency that provides complete anonymity to its users, drawing many privacy lovers to it. Today, that notion has changed completely. Though it might not be possible to trace transactions made on the Bitcoin blockchain to a specific identity, other details, including location and amount of transactions, are visible. And the fact that linking your identity to the blockchain will expose your transactions to the public ledger shows that, after all, the world’s largest and most popular cryptocurrency isn’t completely anonymous. In turn, privacy-focused coins have come to save the day. Beginning its journey in 2014 as Xcoin and later Darkcoin, Dash is one of the most popular privacy-focused coins in the cryptosphere. Its privacy feature PrivateSend, previously called Darksend relies on the CoinJoin mechanism of boxing-up transactions and making them difficult to identify participants of a particular transaction Another popular coin is Monero. Developed through the CryptoNight Proof of Work protocol, Monero has risen to be one of the best privacy coins in existence today. Transaction sources and destinations are untraceable in Monero. For example, to escape scrutiny from authorities, the WannaCry ransomware hackers reportedly converted their hoard to Monero. Additionally, after the closure of the darknet marketplace AlphaBay, authorities reported that they could not identify the amount of Monero on the platform, cementing the coin as a good place not just for privacy-oriented individuals, but as a hiding place for some criminals. Other privacy coins have sprung up and gained popularity as well, including Zcash, PIVX, Navcoin, Verge, among others. For proponents of the privacy coin, cryptocurrencies should be able to help privacy-oriented people conduct their financial transactions without prying eyes. Providing that infrastructure shouldn’t be a headache. But unfortunately for many, governments do not think so. Government Crackdown on Privacy Coins Though there has not been a comprehensive regulatory oversight on cryptocurrencies in general, many governments are devising ways of preventing criminals from using these digital currencies as their go-to financial system. These governments are also making sure that traders and investors in this space pay tax. But for privacy coins, the story is not that favorable even though many authorities haven’t turned their attention to the anon coin sector. In a written testimony in June this year, Deputy Assistant Director of Office of Investigations at the US Secret Service Robert Novy recommended that privacy-focused cryptocurrencies like Monero and Zcash should be regulated to prevent fraud. In May, Japan’s Financial Services Agency put pressure on anonymous cryptocurrencies, gingering crypto exchanges like Coincheck, a Japanese-based cryptocurrency exchange to announce its delisting of privacy coins, including the likes of Augur, Monero, Dash, and ZCash. The reason? Coins that grant a high level of anonymity might be used for money laundering activities according to the FSA. But can Privacy-Focused Coins be Stopped by Governments? Government regulation would surely hamper the growth of privacy coins, but not completely. One specific area that would be hard hit is the ability to exchange these coins for fiat or other cryptocurrencies. However, as the cryptocurrency space grows, privacy would be an integral part of this sector, and privacy coins might potentially rule that space. As Chief Marketing Officer for Dash Fernando Gutierrez puts it, There are many legitimate reasons to want privacy in the cryptocurrency space and there is the obvious consideration about privacy being a human right but then there is the huge issue of security. Having financial information public or semi-public is extremely dangerous. The only way to provide security for the average user is to allow them to keep some information private. When cryptocurrencies find their way into the mainstream and become a true internet money as many predict, privacy coins would be the order of the day for people who don’t want to have a public ledger of their everyday transactions. When the time comes, governments might have to comply themselves and find

3 hours ago

This tool is an easy way to check if your investments support gender equality

A growing wave of investors want to put their money where their morals are. And in the so-called “Year of the Woman”—christened as such because of the impact of the #MeToo movement and record gains by female candidates in the US midterm elections—there are more opportunities to use finance as a tool to promote gender equality. The latest is by the nonprofit organization As You Sow, based in Oakland, California, which has created an online screening tool that anyone can use for free to find out how a given mutual fund scores on the issue of gender equality. The tool analyzes the companies held inside more than 5,000 popular funds in the US against 12 metrics created by Equileap, the foremost organization providing data on gender equality in the corporate sector. (Equileap’s rankings of companies are also behind popular gender equality exchange-traded funds.) The 12 metrics measure the gender balance in each company from staff to senior management and board directors, as well as evaluating policies on fair pay, non-discriminatory hiring, workplace safety, and systems for reporting complaints. The As You Sow tool also assesses companies for their commitment to reducing social risks, for example, ensuring that none of the company’s activities support human trafficking. An estimated 100 million Americans in 56.2 million households owned mutual funds last year, directly or through retirement accounts, according to the Investment Company Institute. The US mutual fund industry has almost $19 trillion in assets, more than half of which are invested in equities. “The new tool empowers investors to see what is hidden within the mutual funds that comprise the bulk of their retirement savings and 401(k) plans,” says Andrew Behar, CEO of As You Sow. “The first step is to know what you own—then you can use the power of your capital to invest in companies that have policies and practices that promote gender equality.” The aim is for the tool, which launched today, to pressure companies to improve their performance on gender-equality issues and to encourage fund managers to create investment products that highlight companies already leading on this. The tool allows anyone to see alternative funds that score more highly and compare financial returns at the same time. One of the most important consequences of tools like this is that they should encourage companies to be more transparent and provide more data about their policies and practices. A major complaint in the field of sustainable investing, and impediments to its efforts to go mainstream, is that a lack of data makes it difficult to properly assess investment opportunities. The largest mutual fund in the US, and in the world, is State Street’s SPDR S&P 500 ETF, which tracks the performance of the US’s benchmark stock index. It scores 48 out of 100 points, ranking 1,006th out of 5,196 funds. The company with the highest Equileap score in the fund is Merck & Co, and the lowest is Brighthouse Financial. Equileap’s assessments are tough, and every company has vast amounts of room to improve. In its latest global annual report, the companies with the highest scores were General Motors and L’Oréal, though each only scored 71 out of 100. As You Sow’s tool also shows how hard it can be to design funds with this social goal in mind. The Pax Ellevate Global Women’s Leadership Funds, socially responsible funds dedicated to gender equality, only score 59. But it also shows which funds only have a light-touch commitment to gender equality, such as State Street’s SHE ETF. Though it was a pioneer in this area, it’s been criticized for focusing on gender diversity on company boards and not looking at equality more deeply. It scored 47. That said, the aforementioned problem of patchy data is likely to impact these rankings and scores. Of the mutual funds in the online screening tool, the ones with the highest scores are the iShares MSCI Australia ETF, with holdings in Australian banks scoring well, and the iShares MSCI Sweden Capped ETF, with Swedish telecomms companies at the top of the rankings. As You Sow offers similar tools to assess the exposure of mutual funds to fossil fuels, weapons, deforestation, and tobacco.

3 hours ago

Far-Right Activist Tommy Robinson Turns to Bitcoin After PayPal Ban

English Defence League founder Tommy Robinson has turned to Bitcoin after PayPal bans him from its platform. Far-right activist Tommy Robinson (real name of Stephen Christopher Yaxley-Lennon) is no stranger to controversy. Robinson is the founder of the English Defence League, a group that is either considered a group of racist Nazis targeting Muslims or “a human rights organization concerned about how non-Muslims are being marginalized as sharia norms become increasingly embedded in our society,” depending upon a person’s point of view. Robinson is now embracing Bitcoin due to PayPal banning him from its platform. PayPal Lowers the Boom on Tommy Robinson Robinson had been using PayPal to raise funds, notably for his ongoing legal fees. He had recently been convicted of violating a court order, which saw him being arrested, tried, and sentenced within a few hours. That conviction was later overturned and a new trial ordered. Robinson took to PayPal to inform his supporters that PayPal had banned him. The payment processor had received petitions to have him removed from the platform, and the company stated: We do not allow PayPal services to be used to promote hate, violence, or other forms of intolerance that is discriminatory. We do not take decisions like these lightly, and we work hard to be rigorous and fair-minded when reviewing PayPal accounts. Robinson discussed the ban to the Press Association, stating: They just don’t like my opinion and want to silence me. The government and establishment can see I have public support, they can see I have the ability to fight back. Turning to Cryptocurrency Tommy Robinson also noted that PayPal was holding “a lot” of money that was currently in his account. Apparently, it will be a six full months before Robinson can begin making an attempt to withdraw the funds. This move by PayPal has caused the controversial figure to turn to cryptocurrency. In a Facebook post, he listed his Bitcoin wallet address so that his supporters could continue to help fund his activities. The post reads: Look at the PayPal Fascists, can’t even explain what exactly I have done that is not inline with their User agreement . They steal our funds for 6 months? Screw Paypal and the establishment if you still want to support me you can do so without Paypal at www.supporttommy.com or using Bitcoin wallet 3MspPzwvsAwNHG2UsFMXzA6LVhHRqzajRc 👊 In a follow-up post, Robinson says that he is also accepting Bitcoin Cash as well. He says: With Pay Pal displaying fascism and shutting me down because they disagree with my views you can still support my work on my website here www.supporttommy.com, clicking the button below the video or using Bitcoin wallet 1FnAD3Z2SmPXwXFVqQHTtDfTkzJVVv3yPn or Bitcoin cash qq4ju9am04jv0p434j9a3p5fv6vsz3afqq5mtp4vd5👊 #ScrewPayPal Whether one hates him or supports him, it is interesting to note that a great deal of power is concentrated in the hands of a few technological and financial companies. Cryptocurrency allows people to bypass such gatekeepers and exercise individual economic choices. The matter on whether such choices are right or wrong belongs in the eye of the beholder. What do you think about Tommy Robinson turning to cryptocurrency? Let us know in the comments below. Images courtesy of Shutterstock. The post Far-Right Activist Tommy Robinson Turns to Bitcoin After PayPal Ban appeared first on Live Bitcoin News.

3 hours ago

$30,000 fee for $1 Million Withdrawal? Crypto traders Outraged over Exorbitant fee charges from Bitfinex and Coinbase

From time to time, exchanges undergo several upgrades ranging from new innovative features to system maintenance and withdrawal fee changes. Bitfinex, the world’s 12th largest exchange according to data from coinmarketcap, has updated its payment structure, but users are not in agreement with the new changes made. When famous cryptocurrency personality Joseph Young, shed light on the abrupt increase in withdrawal fee whilst comparing it to nearly the same amount as financial service giant Paypal, cryptocurrency users were quick to stomp their foot against it, unanimously pointing that the newly incepted withdrawal prices are not only exorbitant but also a means to control funds owned by traders and customers alike. “At 3%, the new crypto to fiat withdrawal fee on Bitfinex is close to PayPal. On Bitfinex, to withdraw a million dollars, traders need to pay a $30,000 fee. On PayPal, to withdraw a million dollars, a $29,000 fee is charged”. - Joseph Young, Twitter. Bitfinex fiat services, known to have recorded 700 withdrawals which represents a total of $1 billion in the month of October 2018 alone, had updated its fiat charges on the 11th of November, stating that all external wire withdrawals exceeding more than 2 fiat withdrawal requests between a span of 30 days and more than $1 million will attract a fee of 3.0% (approximately $30,000). Users are still very unsettled with the news, some have gone on to term the Hong Kong based exchange a scam, highlighting the similarities between traditional banks as exchanges are now perceived as middlemen. “Exchanges are the “banks” of crypto” one user commented, “and they’re making a killing, just like banks do”. The atmosphere further prompted Coinbase users to speak about the equally outrageous charges they are subjected to pay upon withdrawal of any fiat onramp/offramp withdrawal. The post $30,000 fee for $1 Million Withdrawal? Crypto traders Outraged over Exorbitant fee charges from Bitfinex and Coinbase appeared first on ZyCrypto.

3 hours ago

What Is Tron? Introduction To TRX

What Is Tron? Tron (TRX) is a blockchain platform launched as the foundation for a decentralized entertainment ecosystem. Created by controversial figure Justin Sun, Tron focuses on expanding the market of decentralized digital content applications by making it easier to create and deploy them. The Tron mainnet launched Jun 2018, and the Tronix TRX is the proprietary cryptocurrency token of the Tron blockchain. Adoption of blockchain technology is limited in part because of the difficulty many developers face in learning to build from scratch on entirely new protocols. Tron is designed to ease this transition and therefore hasten the decentralization of existing platforms and creation of new dApps. Introduction To Tron And TRX Tron will work in the same way that other content networks work: creators produce content and consumers purchase it. Other applications can be built and leverage the same resources, and the value of TRX hinges in part on the execution of code within the Tron network. And it’s not just Tron bringing content and content creators to the blockchain - blockchain-based ecosystems like Steem and dApps like the Qtum-based Vevue, TaTaTu, and Binge want to streamline the content creation and payment system too. Not only that, but artists like Jay-Z and Jack White already launched their own services like Tidal to compete with third-party or industry-owned content-delivery platforms. Meanwhile the FCC dismantling Net Neutrality enhanced the war between content creators and distributors. Before exploring how Tron can disrupt the media landscape, let’s explore the performance of Tronix (TRX), Tron’s proprietary cryptocurrency token, on the crypto market. TRX Crypto Market Performance The peak price of TRX so far was $0.254791 on January 4, 2018. TRX began as an ERC-20 token on the Ethereum mainnet, but when the Tron mainnet launched in June 2018, the ERC-20 tokens were migrated to the native TRX coin at a 1:1 ratio. Tronix is used by consumers to pay for content, leaving content creators with a stake in its value. As of November 12, 2018, the circulating supply of Tronix is 65,748,111,645 TRX out of a total supply of 99,000,000,000. The Tron Foundation ran the Tron ICO token sale from August 31- September 2, 2017. Forty percent of the total token supply (approximately 40 billion) was sold, raising approximately $70 million worth of ETH and BTC. The remaining supply was withheld by the team for future distributions and to fund further project development and marketing efforts. Over $58 million worth of TRX is traded on a daily basis, making it one of the most traded cryptocurrencies on the market. Cryptocurrency exchanges that accept TRX include BitForex, OKEx, Binance, Huobi, Bit-Z, IDAX, DigiFinex, and Systemkoin. TRX trading pairs include ETH, BTC, and USDT. Tron wallets are community-developed and available for every OS, including desktop, web, and mobile. TRX is also supported by third-party cryptocurrency wallets like Trust Wallet, Ledger Wallet, and Freewallet Creating a New Media Ecosystem via P2P Tron TRX is one of many efforts seeking to leverage the peer-to-peer nature of modern networks in order to allow content creators and distributors direct access to their consumers. YouTube, iTunes, and other centralized distribution networks have a significant choke hold on the digital content market, creating a barrier for independent content producers seeking distribution channels. Various decentralized applications are planned for deployment on Tron to take advantage of the direct, peer-to-peer architecture of the network that eliminates the need for a middleman. One such application that has received a lot of attention is Gifto, created by Uplive, a highly influential and successful paid social media platform in Asia. Both streaming entertainment and content delivery are massive industries. The content delivery network market alone is predicted to reach $30 billion by 2022, while the entertainment industry as a whole will exceed $2 trillion in the same period. Most major shifts in Internet technologies have to do with either the delivery of content or the payment. The first iteration of the web was poor at facilitating value transactions.. With Web 2.0, we saw the introduction of secure payment channels and an advertising economy was born, which made use of personal data to sell more products. With Web 3.0, as Justin Sun views it, we have seen content economics arise that give centralized control to delivery mechanisms. Content presented by Facebook or YouTube is essentially owned by those entities. Through cryptocurrency, this situation can be disrupted, and content producers can own the actual content they create, while deliverers can still earn a reward for their service. A major step in this direction is the leveraging of blockchain to eliminate the need for centralized servers. When content delivery itself can be fully decentralized, the cost of that delivery can be reduced and new ec

3 hours ago

What Is NEM? Introduction To XEM

What Is NEM? NEM is a dual-layer blockchain similar to Ethereum but written in Java, a popular computer programming language. Launched on March 31, 2015, the NEM mainnet supports multiple ledgers on its cryptocurrency layer, and the NEM Smart Assets layer supports mosaics to represent any store of value. NEM’s proprietary crypto coin is XEM, which is harvested (mined) using a Proof-of-Importance algorithm. (NEM, by the way, stands for New Economy Movement.) Introduction To NEM What makes NEM so powerful is the Smart Asset System. Nodes on the NEM blockchain process API calls, which makes it easy to develop for, whether the dApp accesses NEM’s API directly, through a server, or in the background. Basically NEM built a blockchain-based cloud platform with a NEM Infrastructure Server (NIS) made of secure, decentralized processing nodes on one side and a client side, like the NEM Community Client (NCC), which acts as a gateway. Of course, it’s not all roses and rainbows for NEM - in January 2018 when all eyes were on the crypto market’s meteoric price spike, Japan-based crypto exchange Coincheck was hacked, and 523 million XEM coins were stolen, worth over $500 million at the time, and now worth a tenth of what it was at its peak. Before exploring whether this structure will make blockchain palatable for the general market, let’s research the market performance of XEM, NEM’s proprietary crypto coin, on the cryptocurrency market. XEM Crypto Market Performance The peak price so far of XEM was $1.92 on January 3, 2018. As mentioned above, XEM isn’t “mined” or “staked” like a traditional currency using PoW or PoS consensus algorithms. Instead XEM is “harvested” through PoI, which works more like a company pension plan than an interest-bearing savings account (which PoS cryptocurrencies like Tezos resemble). To begin vesting coins, you must place at least 10,000 XEM coins in an approved XEM wallet, which start out as unvested. As you hodl the required XEM balance over time, your coins begin to vest toward your importance and pay dividends. The longer you hodl more XEM, the higher your importance to the network, but you’re also rewarded for participating on the network by exchanging coins with other users. So instead of simply putting your money in the bank and gaining passive interest, you’re incentivized to support the network in more of a profit-share model. That’s how pension plans used to work, for everyone born in the cost-cutting era where they’re endangered in the wild. This hybrid model lets anyone participate as a node, regardless of hardware power, relieving one of the biggest pain points in blockchain. It also prevents anyone from buying control of the network, since time and participation are factors, much like Google search ranking algorithms. Processing nodes are verified using a custom Eigentrust++ reputation algorithm. As a node turns in positive information, its reputation increases among other nodes. Approximately $50,000,000 worth of XEM is traded on a daily basis. Exchanges that accept XEM include Binance, Upbit, Zaif, Poloniex, Kryptono, and Exrates. BTC is its most popular trading pair, although other XEM trading pairs include ETH, USDT, and even fiat currencies like USD. And don’t forget not to store your XEM in exchanges - instead, keep it in the official NEM Nano wallet for desktop and mobile OS. This is where they’ll start vesting. Building a Better Ethereum While NEM/XEM certainly doesn’t sound more user-friendly than Ethereum by virtue of its acronymic name, but that was certainly the goal when Bitcoin Talk forum user UtopianFuture proposed the initial framework. Instead of forking from NXT, a full blockchain was built from the ground-up. NEM was built to resemble the current internet, with namespace domains and subdomains assigned similar to ICANN’s internet domain name system. This alone makes it much more appealing to both developers and users. In addition, the multisignature functionality (shortened to multisig) to control what’s ultimately broadcast to the blockchain and written to the decentralized digital ledger. The blockchain community built NEM, so it is definitely a blockchain of the people and for the people. Of course, as with most community projects, marketing isn’t NEM’s strong suit. This solid technical foundation doesn’t have the massive enterprise support other blockchain projects do yet. But that doesn’t mean NEM is dead in the water. In fact, it does have a partnership with Tech Bureau that created Mijin, an institutional banking platform. It also built an ICO platform on the NEM network and several community-created projects jumpstarted development of the NEM ecosystem. There are over 20 projects in various stages of development on NEM so far, including a privacy coin called Eroiy, an Australian tourism project called TravelByBit, and even integration with Pundi X. NEM has strong support in Singapore and Australia, but China isn’t a fan. The NEM.io Foundation’

3 hours ago

Bitcoin, Other Cryptocurrencies Could Surge in the Next Financial Crisis Says ShapeShift CEO

The cryptocurrency sector might end up becoming the biggest winner should the next global financial crisis happen. Shapeshift CEO Erik Voorhees argues that with the high debt level of most governments, a crisis could force them to print more money which will decrease the values of their respective currencies. This could, in turn, make cryptos more attractive as an investment option. ShapeShift CEO’s Surprising Prediction Most crypto investors believe that it’s only a matter of time before the next crypto market rally happens. Experts say that the rally could be caused by a number of factors such as the increasing adoption of cryptocurrencies, the entry of institutional investors, or SEC’s approval of Bitcoin ETFs. But there is a recent prediction that is even more surprising. ShiftShift CEO Erik Voorhees believes that the next financial crisis might actually result in the prices of Bitcoin and other cryptocurrencies skyrocketing. In a tweet, Voorhees announced: “When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back, and thus must print it instead, and thus fiat is doomed... watch what happens to crypto.” Why Cryptos Might Be Preferable to Fiat in a Crash Based on Voorhees theory, the debt of most of the world’s economies has already ballooned to unsustainable levels. When the next global financial crisis happens, governments will be under a lot of pressure on how to pay off their enormous debts. The only way they could handle the situation in that scenario is to print more money to pay off their obligations. Of course, everyone knows what printing more money could bring. With more money in circulation, it could actually decrease the value of that particular fiat currency. This puts the pressure on investors - they can‘t just watch idly as inflation eats up the value of their wealth. That is where cryptocurrency could come in. Some investors and savers might opt to place a large chunk of their holdings in cryptos to counter the diminishing value of fiat, creating a crypto market rally in the process. Are people willing to risk the volatility of cryptocurrencies just to escape fiat currency’s dwindling value? They may and, in fact, it has already happened in Venezuela. Faced with record-setting inflation at 13,860 percent, Venezuelans have been buying Bitcoin and other cryptos to preserve the value of their wealth. Bitcoin, Other Cryptocurrencies Could Surge in the Next Financial Crisis Says ShapeShift CEO was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

3 hours ago

Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa

Japanese insurance group Sompo Holdings has acquired a 10 percent stake in Bitpesa, a Kenyan digital currency exchange and payments company, for 570 million yen ($5.02 million). The deal is expected to further digitize the insurer’s international remittance service. Also Read: Namibian Bitcoin Trading Platform BTN Persevered Despite Crypto Ban Crypto-Backed Remittances Sompo Holdings said in an online statement that it intends to use the digital currency-backed fiat remittance business of Nairobi-based BTC Africa, which trades as Bitpesa, to lower the cost and time it takes for global currency transfers. “Using Bitpesa’s technology, developed through various experiments in remittances and settlements, we will extend our presence in the international remittance service market and consider the application of this technology to the insurance field,” Sompo Holdings said. The Tokyo-listed insurer, which reported sales of 192.78 billion yen ($1.7 billion) for October, did not disclose the terms of the deal. However, Japanese-language media outlets have valued the transaction at roughly 570 million yen, without citing sources. “We believe that the two companies will be able to solve the problem of expensive commissions and remittance times for international remittance by using the virtual currency ... digitizing international remittance services,” Sompo Holdings explained, describing the arrangement as a “win-win” for both companies. The Japanese insurer also claimed that the tie-up will raise Bitpesa’s global profile by having it as a shareholder. It said that it will help the Kenyan company to expand its customer base. Bitpesa Sees Rapid Growth When Bitpesa was founded by American political science graduate Elizabeth Rossiello in 2013, the company initially focused on facilitating bitcoin-supported cash transfers between citizens of the U.K. and Kenya. However, Bitpesa now has operations in eight African countries: the Democratic Republic of the Congo, Ghana, Kenya, Morocco, Nigeria, Senegal, Tanzania and Uganda. It helps people to trade digital assets while making payments for goods and services at home and abroad. The company boasts a range of clients, from African businesses to multinational companies that need to pay suppliers in countries such as the United Arab Emirates and China. It also caters to global remittance companies using API services for payments to mobile money operators, as well as bank networks in the African countries in which it has a presence. In September, Bitpesa signed a deal with another Japanese company, SBI Remit, to allow people throughout Africa to make payments for cars, which is a multimillion-dollar industry on the continent. The two companies also aim to facilitate faster overseas payments for beauty products and electronic gadgets at lower costs than similar services. Africans making overseas purchases can now deposit their local fiat currencies into Bitpesa’s bank account, after which the payments are sent on the Bitcoin blockchain to SBI Remit, which in turn makes the final payments in Japan. The entire process can be completed within a matter of hours, at about half of the usual transfer cost. They claim that conventional banking methods on the continent take about two weeks to handle similar transactions, with transfer fees of around 7 percent of the total purchase amount. Elizabeth Rossiello Although Rossiello has not commented on the latest deal with Sompo Holdings, she has spoken out about the SBI Remit partnership. “If it makes sense for us to settle using cryptocurrency or fiat currencies, then we do,” she said. “And in this case, we’re happy that SBI feels the same way, so we’re open to using digital or fiat currencies to settle between us.” Shares of Sompo Holdings had fallen roughly 5 percent to 4,646 yen ($40.88) in Tokyo trading at press time. What do you think about the partnership between Bitpesa and Sompo Holdings? Let us know in the comments section below. Images courtesy of Shutterstock. The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page The post Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa appeared first on Bitcoin News.

3 hours ago

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency

In recent regulatory news, we report on an authorized mining company in China that has had its operations temporarily halted for tax inspection and implementation of real-name registration processes. We also look at the Michigan Secretary of State’s ban on crypto-based political donations, as well as the recent certification of X8’s stablecoin for Shariah compliance. In addition, we focus on the operator of a fraudulent cryptocurrency scheme who has been punished for misappropriating $601,000 in BTC and LTC from his employer. Also Read: President of Marshall Islands Challenged Over Cryptocurrency Plan Chinese Mining Farms Suspended According to a statement published by an unidentified cryptocurrency mining company, Chinese state agencies have ordered the suspension of its mining farms in southwestern Guizhou Province and the Xinjiang Uyghur Autonomous Region for tax inspections and to implement real-name registration processes. “According to the needs of the public security department’s network information security work, in the future, our company will implement higher standards for the company’s business real-name system according to the work needs of the public security department,” the anonymous company said. “For customers with the latest standard real-name systems, the data center will have to suspend reloading, restarting, moving in and out, etc.” Michigan Secretary of State Says ‘No’ to Crypto In a letter addressed to William Baker, a recent candidate for the Michigan state legislature, the office of the Michigan Secretary of State has formally barred cryptocurrency donations to political campaigns. Baker, who lost his bid in the state’s Nov. 6 election, had previously sought clarification on how the value of donations in the form of cryptocurrencies should be recorded. He also asked whether virtual currency exchanges would qualify as valid secondary depositories for the storage of crypto assets. Baker asserted that “it is self-evident that digital currency is a valid way to receive political contributions.” However, the state secretary’s office responded by stating that “the law does not authorize such a vehicle, and the department has never determined that digital currencies are a valid way to receive political contributions.” The letter also highlighted concerns pertaining to the price volatility of cryptocurrencies. “As with stocks and commodities, bitcoin’s worth fluctuates daily,” the office said. “There is no way to ascertain the precise monetary value of one bitcoin on any particular day.” The Michigan Secretary of State raised additional objections to the use of cryptocurrencies as donations. In the letter, the office added that state legislation also “requires that committees deposit funds in an account in a financial institution, which is not an option for cryptocurrency.” X8 Stablecoin Certified as Shariah Compliant X8C, the stablecoin issued by Swiss fintech company X8 AG, has obtained a certificate showing that its stablecoin is compliant with Shariah law. It received the certification from the Shariyah Review Bureau, an Islamic advisory firm licensed by the Central Bank of Bahrain. Francesca Greco, director and co-founder of X8, announced that the company will soon establish a regional office in the Middle East. Greco also indicated that X8 plans to launch a Shariah-compliant virtual currency exchange, adding that the company has already met with representatives of exchanges based in Abu Dhabi, Dubai and Bahrain. “The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” Greco said. CFTC Fines Crypto Scheme Operator Over $1.14M The U.S. Commodity Futures Trading Commission (CFTC) has ordered Joseph Kim, a resident of Phoenix, to pay more than $1.14 million for operating a fraudulent cryptocurrency scheme. Kim was also sentenced to 15 months in prison on “related criminal charges” filed in the U.S. District Court for the Northern District of Illinois. According to the court order, Kim pleaded guilty to “orchestrating a fraudulent Bitcoin and Litecoin scheme that led to more than $1 million in losses.” Kim was found to have misappropriated $601,000 worth of BTC and LTC from his employer — described as “a Chicago-based proprietary trading firm” — before attempting to fabricate security-related issues to obfuscate the misappropriation of funds. Despite this, the company fired Kim in November 2017 after the theft of the cryptocurrency was discovered. Between December 2017 and March 2018, Kim then sought to repay his former employer through profits that he had generated through the operation of a cryptocurrency trading scheme. According to the CFTC, he “falsely told customers that he would invest their funds in a low-risk virtual currency arbitrage strategy, when, in fact, Kim made high-risk, directional bets on the movement of virtual currencies that resulted in Kim losing all $545,000 of his customers’ funds.” Do you thin

3 hours ago

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment

In today’s edition of The Daily, we feature an upcoming bitcoin cash token backed by physical diamonds and an American coffee company that has decided to add cryptocurrencies to its payment options. Additionally, we look at a public mining company that may get a dual listing in Canada, as well as the latest investment by Bitfury. Also Read: GMO Internet Reports Crypto Exchange Profit Up Over 34% in Q3 2018 Rosetta Coffee Adopts Bitcoin Payments Rosetta Coffee, a specialty coffee company based in Lynchburg, Virginia, and Outer Banks, North Carolina, has announced that it will soon adopt cryptocurrency payment options. On the client-facing side of the business, transactions will go through Shopping Cart Elite’s e-commerce platform. With this, the online store will be able to accept BCH, BTC, BCD, DASH, ETH, LTC and XZC. Rosetta Coffee emphasized that farmers will also directly benefit from the new process, as part of its commitment to purchasing fair-trade coffee. “Cryptocurrency allows them to receive payment directly and immediately without paying a middleman. They will be able to take home more of what they earn,” said Aaron Skeen, co-founder of Rosetta Coffee. “We think this is awesome and it aligns directly with our mission. In the coming weeks and months, we’ll be working with farmers to iron out this process and make it more accessible.” Hello Diamonds Developing BCH Token Hello Diamonds, a part of the Cyprus-based Hello Group — which acquired the domain Bitcoincash.io earlier this year — is developing a new token backed up by physical diamonds. The company revealed that the “Diamcoin,” which is scheduled for launch in the first quarter of 2019, will be based on a bitcoin cash (BCH) smart contract protocol. “The Bitcoin Cash network allows for fast and cheap transactions and this is fundamental to our reasoning,” the developers explained. “We firmly believe that the Bitcoin Cash smart contracts will be the best choice for Hello Diamonds and we aim to scale and be the world’s most used stablecoin.” The token will use the Wormhole protocol, which creates the WHC “second layer” on top of the BCH network, a process which Hello Diamonds concluded “scales much better than Ethereum.” Bitfarms Seeks Listing in Canada Tel Aviv Stock Exchange-listed cryptocurrency mining company Bitfarms has started the regulatory process to examine the potential of having its shares listed on a Canadian exchange. The Canada-headquartered company has filed a preliminary prospectus with the Ontario Securities Commission, which was made available to the public on Nov. 12. It details a potential business arrangement between Bitfarms and a newly created Canadian private company, Bitfarms Canada, for the planned move. “We are currently evaluating a listing in Canada as we endeavor to grow Bitfarms’ visibility, improve our access to capital and streamline expenses,” commented Wes Fulford, chief executive officer of Bitfarms. “Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructure and cryptocurrency mining companies having listed and raised significant capital over the last 12 months.” Bitfury Invests in Institutional Crypto Company Bitfury Group, the San Francisco-based manufacturer of bitcoin mining hardware — which recently completed an $80 million private placement funding round — has announced a new investment of its own. The company has acquired an undisclosed but “substantial” minority stake in Final Frontier, a specialist cryptocurrency investment firm operating out of Switzerland’s so-called “Crypto Valley” region. This move is meant to help Bitfury to develop institutional-grade financial products and services for professional investors. “This is a groundbreaking partnership between a blockchain technology firm and an experienced team from traditional finance,” said Valery Vavilov, CEO of Bitfury. “With the blockchain space institutionalizing, we consider it an important step forward for the entire ecosystem and for our own mission to be the world’s leading full-service blockchain company.” What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment appeared first on Bitcoin News.

3 hours ago

Ripple (XRP) CEO: Goal is to Overtake SWIFT Banking Network

Cryptocurrency, Ripple [XRP]-In a move that could prove prescient for the merging landscape of blockchain and banking, the CEO of Ripple has thrown down the gauntlet against primary competitor SWIFT. On November 13, Ripple Labs Inc. CEO Brad Garlinghouse told Bloomberg TV that his blockchain based company is able to gain customers at a fast rate relative to the market because financial firms are looking for faster, more modern technology than what is currently offered through entrenched fintech company SWIFT. Ripple, the startup company behind the number three cryptocurrency by market capitalization XRP, has been one of the more disruptive crypto firms to enter the space of financial technology and the realm of banking. By focusing on payment services and cross-border money transfer, Ripple has managed to position itself as an action-oriented blockchain firm that has real potential to impact what has become a stagnant banking landscape. At present, the primary opposition to Ripple in terms of gaining greater access to cross-border payment firms has been the Society for Worldwide Interbank Financial Telecommunication or SWIFT. Traditionally, SWIFT has controlled the lion’s share of cross-border payments and remittances by offering a secure and trustworthy platform for banks and customers to send money internationally. However, the limitations for the fintech dinosaur are mounting in the face of the innovation of cryptocurrency, with Ripple able to substantially cut down transfer times and fees to help the bottom line of new acquisitions. Already Ripple has been able to partner with two of the largest money transfer firms in the world, Moneygram and Western Union, for pilot programs to test the crypto-based technology in sending money abroad. While banks may continue to look to SWIFT for their cross-border transactions, CEO Garlinghouse believes is company offers a substantial advantage that will become more apparent over time as cryptocurrency and blockchain grow mainstream. Already, Mexico based Cuallix has reported cost-savings and improved efficiency from operating with Ripple and the XRP currency for cross-border payments with the United States, an early-adopter endorsement that could pay dividends in attracting future customers. As opposed to SWIFT and current methods of sending money internationally that require layers of bank protection to ensure the security of funds, Ripple relies upon blockchain technology which cuts out most of the costly intermediate players. However, even as the company grows in developing nations such as Brazil and India which are looking for cheap remittance services, SWIFT remains a goliath of a competitor, with the company reporting an 11,000 strong customer base and operations in over 200 countries and territories. Regardless of the stranglehold, his competition has over the current market of cross-border payments, Garlinghouse remains optimistic that his company’s technology will prevail in the long run, and prove SWIFT and other current iterations obsolete, “The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market...Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.” Garlinghouse further added, “What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift.” The post Ripple (XRP) CEO: Goal is to Overtake SWIFT Banking Network appeared first on Ethereum World News.

3 hours ago

Blockchain-game changer Nagezeni is now available on CoinSuper

Nagezeni, a project developing a crowd-tipping solution in cryptocurrency, enters cryptocurrency exchanges. Starting from November 12, users will be able to acquire NZE tokens on CoinSuper, one of the largest platforms in Asia. Customers can trade, buy, and sell their coins in a convenient and secure way. Note that the NZE/BTC pair will available at first. Founded in Hong Kong in 2017, CoinSuper has quickly gained the popularity among traders and now is included in the top 25 exchanges with a daily trading volume of $150 million - $200 million, according to Coinmarketcap. The exchange counts more than one million users allowing them to deal with 75 pairs of cryptos. CoinSuper provides both fiat-to-crypto and crypto-to-crypto exchanges in BTC, BCH, ETH, and others. Besides, customers can trade in USD, which also attracts people. The main goal of CoinSuper is to render customer-oriented, effective, professional, and safe trading services. The exchange adopts methods such as SSL encryption technology, multi-signature cryptocurrency wallets, and offline capital management in order to ensure the stability of the platform, as well as multiple layers of protection of assets, transaction, account, and user information. For Nagezeni, listing on CoinSuper is a great achievement and opportunity to gain more popularity among the crypto community not only in the local Asian market but also worldwide. This is a distinctive example of how the project sets new goals and confidently implements them. “We have made the next step in our development. Listing on such well-known exchange as CoinSuper will help Nagezeni to come forward and expose itself to a global audience. Customers, in turn, will be able to buy NZE easily and securely, enjoying seamless service provided by CoinSuper,” Nagezeni’s CEO Yoshihito Matsumiya stated. The Japanese project Nagezeni is creating a blockchain-based solution that allows users to donate various content creators with NZE tokens without paying huge fees. What’s more, the project also brings benefits to authors as they can pay for ads with their virtual money. Young content creators will get more opportunities for growth while fans have a chance to support them and enjoy full interaction online. In addition, people will be able to launch their own projects and crowdfunding campaigns on Nagezeni platform. This way the company intends to create a more open, flexible, and inclusive economy for content creators, followers, other persons and companies making online transactions. The uniqueness of Nagezeni lies not only in its concept but in the breakthrough technology as well. The company is based on the side chain, a solution that enables Smart Contracts on Bitcoin. While NZE token was initially launched on Ethereum, now it is migrating to the advanced and enhanced version of Bitcoin network. The technology is faster and much more scalable than the parent blockchain, which makes it a perfect tool for microtransactions in Nagezeni tokens. As a result, NZE will support up to 300 transactions per second and will confirm most payments in less than 20 seconds! It’s incredible, isn’t it? NZE was created as a one-of-its-kind social coin for rewarding blog posts or works of art and supporting creators. As Nagezeni enters CoinSuper, it becomes even closer to turn its ideas into reality: improve social interaction and connect artists and their fans as much as never before. Don’t hesitate - join the project today and get your NZE tokens. About the project Founded in 2016, Nagezeni is developing a blockchain-driven solution that will allow online creators such as artists, bloggers, and other personalities to receive donations and tipping from their followers in NZE coins. Based on enhanced Bitcoin blockchain, these transactions will be instant, scalable, cheap, and secure. To learn more about Nagezeni, visit its official website and follow the project on Twitter, and Facebook and ask your questions on Telegram. The post Blockchain-game changer Nagezeni is now available on CoinSuper appeared first on AMBCrypto.

3 hours ago

Massive Sexstortion Scam Linked to Bitcoin Laundry Site Bitblender.io

November 13, 2018, Diego Garcia, British Indian Ocean Territory (BIOT): A massive “sexstortion” scheme that has been raking in millions of dollars in Bitcoins from terrified victims has been traced to the Bitcoin money laundering site Bitblender.io. All the sextortion emails follow a similar sinister formula: a message is sent from a supposed hacker who’s compromised your computer and used your webcam to record a video of you while you were watching porn! The email threatens to release the video to all your contacts unless you pay a Bitcoin ransom. The email also references a real password previously tied to the victim’s email address. According to crypto attorney Dr. Jon Levy, the real passwords were purchased on the Dark Web which he says is also the destination of millions of dollars in crypto ransom. Dr. Levy says the hackers then quickly launder the Bitcoin loot through Bitblender.io, a well-known Dark web gateway site, that renders Bitcoins untraceable and unidentifiable. The .io domain is under the jurisdiction of the British Indian Ocean Territory and has become an offshore haven for crypto scammers and criminals. Bitblender.io boasts it is the “#1 Bitcoin Mixer on the Darknet.” Bitblender claims to use smart technology to erase Bitcoin history and make transactions 100% anonymous in effect laundering Bitcoins. Bitblender erases the previous blockchain and then redeposits the Bitcoins under a new profile. Levy estimates 99% of the Bitblender transactions are criminal in nature and that over a billion dollars of Bitcoins have been laundered in the past few years. Dr. Levy is representing several plaintiffs including the Crypto Currency Resolution Trust (CCRT) suing Bitblender and other .io based scams including AXECC.IO, the first of many fraudulent crypto platforms being targeted by CCRT. Dr. Levy commented: “the responsibility for much of this is with the British Foreign and Commonwealth office which is in charge of British Indian Ocean Territory and ultimately the .io domain. ICANN and IANA will not police domains, that is up to national authorities and in the case of .io, it is the British who must take out these crypto pirates.” Bitblender operates from the dark web with a single public presence at Bitblender.io. The Bitblender website provides instructions on how to access the dark web service and launder Bitcoins. The lawsuit is Crypto Currency Resolution Trust v. Bitcoin Blender Organization attached. CCRT v Bitblender filed For more information contact: Dr. Jonathan Levy Attorney & Solicitor jlevy@globalattorneys.org globalattorneys.org T. +44 (0) 20 8144 2479 The post Massive Sexstortion Scam Linked to Bitcoin Laundry Site Bitblender.io appeared first on NullTX.

3 hours ago

Zcash Foundation Responds to Monero Developer’s Tweet

There is never a shortage of controversy in the world of cryptocurrency. Although there are plenty of positive developments happening too, a recent announcement by the Zcash Foundation sparks some debates. In a tweet last Friday, Monero developer Riccardo Spagni calls out the Zcash Foundation for its funding strategy. The Zcash Funding Debacle One has to look at cryptocurrencies from many different angles. Most speculators and traders tend to forget all of these projects need to be funded one way or another. For Zcash, the creation of the Zcash Foundation should, in theory, take care of most problems in this department. So far that has not caused issues, although there is some criticism about the Foundation funding “nonsensical projects”. More specifically, the Zcash Foundation announced the winners of their quarterly Grants Program. A total of 13 projects will receive some funding to ensure their ideas can be turned into working and viable Zcash-oriented solutions. In response, Monero developer Riccardo Spagni called out the foundation for funding these projects while he himself has been paying the salary of Jane MercerWeiss, supposedly the person in charge of keeping the Windows and Mac wallets alive. So the @ZcashFoundation is using a fraction of the founders reward to pay for largely nonsensical projects. Meanwhile, I’ve been paying @radix42’s salary for ages to keep the Windows & Mac ZCash software alive because I believe privacy is that important. It’s a pleasure, @zooko. https://t.co/Pgm4DFCHv6 — Riccardo Spagni (@fluffypony) November 9, 2018 Why is the Zcash Foundation awarding grants to various projects while the person behind their Windows and Macintosh wallets is being paid by an outside party? It is this allegation which currently causes some scrutiny and concern. We reached out to the Zcash Foundation for comment. Sonya Mann, the foundation’s Communications Manager said: “The Zcash Foundation has funded half of the four grants that Jane MercerWeiss (radix42) has applied for, and the other two were voluntarily withdrawn, as you can see on GitHub: 1, 2, 3, 4. We attempted to reach an agreement outside of our Grants Program, but unfortunately our needs did not coincide with hers. WinZEC is a vital piece of technology in the Zcash ecosystem, and we’re glad that MercerWeiss has continued to develop and support it. The Foundation also commends Riccardo Spagni’s funding of open-source privacy infrastructure, but as a 501(c)(3) nonprofit we have certain constraints that he may not. (We have no visibility into his decision-making process.)” The reason that the foundation is not able to simply pay for MercerWeiss’ salary is because they are a nonprofit organization, they have to fund projects is through grants. There are exceptions however, Sonya Mann said: “we’re able to dispense funds outside of the Grants Program, but we need a certain amount of oversight and accountability with respect to contractors.” Furthermore, out of the four proposals that Jane MercerWeiss applied for, only one had anything to do with a Windows / Mac wallet. The proposal was made on Sep 15th, 2017 and was closed a day later by Jane’s request: “close this issue (I DO have a LOT of other things on my plate already!)” Features of the proposal ended up being merged with that of Vaklinov, a Zcash developer who was working on the Windows / Mac desktop GUI clients. His proposal was titled “Enhancements to the Zcash Dekstop GUI Wallet #7”. Looking over the github thread it is clear Vaklinov is a strong contributor to Zcash’s GUI wallets, which is even acknowledged by Jane herself: “I’m all in favor of Vaklinov rolling the duplicated or similar items from my gui-related proposal into his, and possibly closing mine altogether. I have 3 other proposals I’m working on, he is much more intimately familiar with the gui code” Nevertheless, it is commendable that Riccardo Spagni is supporting the Zcash Windows and Mac clients. However, it is important to understand that the Zcash foundation has also funded the development and improvement of the GUI clients. The post Zcash Foundation Responds to Monero Developer’s Tweet appeared first on NullTX.

3 hours ago

Chinese School Principal Fired Over Illegally Mining Ethereum

It is not uncommon for students to get crafty when they aim to mine cryptocurrencies. Some use the “free” electricity of their dorm to mine Ethereum and other altcoins. In China, one entire school seemingly had a secret Ethereum mining operation going for quite some time. Cheap electricity sparks a lot of interesting, albeit not always legitimate, business models moving forward. Cryptocurrency Mining in China Remains Popular No one will deny China has always been an awkward country when it comes to Bitcoin and other cryptocurrencies. The nation has maintained a trading ban on crypto-to-CNY for quite some time now. Although that caused some discrepancies in terms of Bitcoin’s price, the situation has become a thing of the past first and foremost. That ban doesn’t mean Chinese people don’t care about cryptocurrencies any longer, though. In fact, there has been a revitalization of OTC and P2P trading in China over the past few months. Investors and speculators will bypass government restrictions to obtain either Bitcoin or altcoins whenever they see fit. Additionally, the mining of cryptocurrencies is still ongoing in China. Despite the government trying to get rid of Bitcoin mining altogether, their efforts have had an adverse effect. One school in China, for example, has been found guilty of secretly mining Ethereum. The school has access to very cheap electricity which often goes unused. As such, the school’s principal decided to set up an Ethereum mining operation, which has been running for an undisclosed period of time. Puman Middle School has potentially generated thousands of dollars worth of Ethereum through this mining effort, albeit their exact earnings have not been disclosed at this time. This mining operation only came to light after the school’s internal network was grinding to a halt. After an investigation by other staffers, they discovered someone had set up this Ethereum mining operation. The principal, who was all too aware of this problem, dismissed the first network complaints as “external factors beyond his control”. Even the airconditioning was blamed for the increased noise production heard throughout the building at all hours of the day. At first, Principal Lei Hua had set up an Ethereum mining operation at home. That is how most cryptocurrency enthusiasts operate, even when mining altcoins. However, it quickly became impossible to sustain this operation due to higher electricity costs and falling Ether prices. After moving the setup to the school itself, is was expanded upon on regular intervals. For the school, its electricity bill has increased significantly during the mining activity. Additional fees of $2,000 in the past year aroused a lot of suspicion. The profits of this mining operation are still in the hands of the now-fired principal and his Vice Principal, albeit it seems safe to assume they had to pay for any costs and damages after the operation came to light. The post Chinese School Principal Fired Over Illegally Mining Ethereum appeared first on NullTX.

3 hours ago

Rogue Crypto Trader Joseph Kim Gets 15 Months Prison, $1.146 Million Restitution Order

Cryptocurrency trader Joseph Kim has been sentenced by the US Department of Justice to 15 months in prison, and the Commodities Futures Trading Commission (CFTC) has ordered Kim to pay USD 1.146 million of restitution after the rogue trader was found to have committed trading-related fraud from September 2017 through March 2018, which resulted in total …

16 hours ago

Cryptocurrency Trader Ordered to 15 Months in Jail and $1.1m Fine for Bitcoin Fraud

The US Commodity Futures Trading Commission (CFTC) issued an Order against a cryptocurrency trader, requiring him to pay upwards of $1.1 million and to serve 15 months in prison over a fraudulent Bitcoin and Litecoin Scheme. Cryptocurrency Trades Gone Wrong The CFTC Order, issued on November 9th, specifies that cryptocurrency trader Joseph Kim had...

17 hours ago

OneGramCoin (OGC) set to go live on Trade Satoshi!

OneGramCoin (OGC), the first Sharia finance law compliant cryptocurrency backed by at least one gram of gold is set to begin trading on Trade Satoshi. This third party exchange has a 24-hour trading volume whose equivalent in fiat sums up to almost half a million dollars. Trade Satoshi was established in 2015 and will be listing OGC sometime later this week. OneGram, the company behind the OGC has won many 3rd party awards for their innovation and digital product. The most recent award that OneGram has grabbed up was the WIFA “People’s Choice Award”. This would be the second year in a row that OneGram has received that award, and for good reason - the people that support OneGram are excited and want to see the business to succeed. The CEO of OneGram has said “I want to thank everyone for the thousands of votes OneGram received and I just received news, the World Islamic Finance People’s Choice Award goes to OneGram, yes Alhumdulillah we did it again. That’s 2 accreditation from Islamic Retail Banking Awards, 1 from Global Islamic Finance Awards and now 1 from World Islamic Finance Awards.” The project is moving forward full steam ahead after having been launched on their own exchange platform Huulk. With OGC being listed on Trade Satoshi later this week, the development team, marketing team, and administration have been very busy over the past year The above press release is provided by OneGram in exchange for compensation. Running press releases like these allows Crypto Insider to pay our bills. OneGram has no contact with our editorial department or editorial decisions. Press releases are presented as is. If you would like Crypto Insider to run your press release, please contact us. The post OneGramCoin (OGC) set to go live on Trade Satoshi! appeared first on Crypto Insider.

a day ago

CFTC Fines Cryptocurrency Trader $1.1 for Bitcoin and Litecoin Fraud

The U.S. Commodity Futures Trading Commission (CFTC) has placed a permanent trading ban on Joseph Kim and also ordered him to pay over $1 million for allegedly embezzling Bitcoin (BTC) and Litecoin (LTC) from his company. The CFTC has also sentenced him to 15 months in prison. A press release published Friday by the CFTC […]

a day ago

@pbmilan Spot on. Users may also be willing to pay more for ...

@pbmilan Spot on. Users may also be willing to pay more for items that they know they'll be able to resell and reco… https://t.co/LNxZif9ueE

a day ago

Nigerian Crypto Association Asks Government for Clear Guidelines

The Electronic Payment Practitioners Association of Nigeria (E-PPAN) is asking government regulators in the country for clearer guidelines to drive the industry forward. This follows reports, including a statement by E-PPAN, that there is a growing possibility of fintech businesses offering blockchain services being driven overseas unless both the Nigerian government and the Central Bank of Nigeria can offer clarification on its view towards cryptocurrency. A new Nigerian blockchain hub was announced by the government in August in conjunction with UK blockchain firm Coinfirm. The resulting launch of the Africa Blockchain Lab promises to offer financial inclusion to many Nigerians outside of the country’s financial system and also to attract new startups as part of the country’s drive to support the adoption of blockchain and cryptocurrency technologies in the continent. However, the Bitcoin Exchange Guide claims that Central Bank governor Godwin Emifele has done little to encourage the growth of cryptocurrency; investors continue to be reluctant owing to the government’s lack of guidelines. Despite the launching of the Africa Blockchain Lab by state-backed KAD ICT Hub, cryptocurrency still struggles to receive recognition in Nigeria due to its continued links to criminal activities by authorities. “Investments in blockchain-based financial services such as cryptocurrency are today going to Rwanda and Malta, which have provided regulatory frameworks that guide operators of the technology,” claims Ade Atobatele, founder of Gboza Gboza Technology Ltd, and member of E-PPAN. This hasn’t stopped PundiX setting its sights on Nigeria, recently introducing Point of Sale (POS) machines which enable users to pay in Bitcoin and Ether along with the country’s local currency, the Naira. Nigeria certainly has the potential to accommodate such facilities with Africa’s largest contingent of Bitcoin holders and a population of 185 million, representing the continent’s largest population of potential users and investors. Localbitcoins is reported to have seen a trading volume of USD 260 million this year to date. Nigeria should be looking to overseas for regulation, according to E-PPAN member Michael Kiberu, calling for regulators to look to countries such as Uganda, Switzerland, Kenya, and Japan, where cryptocurrency guidelines are clear and operate with legal status, while creating a healthy flow of capital into the financial sector. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? - View our Media Kit PDF here. Image Courtesy: Pixabay The post Nigerian Crypto Association Asks Government for Clear Guidelines appeared first on BitcoinNews.com.

a day ago

Daily Crypto Roundup 11/12/2018

Crypto predictions from January, crypto VR application, more crypto fraud, discussion on China’s relationship with crypto, and Bitfinex raising withdrawal fees. Catch up on today’s news! Eerily Accurate Crypto Predictions From January 2018 December 2017 and January 2018 can be labeled as overwhelmingly exuberant in terms of market sentiment and price gain. Thinking clearly is difficult during these times. But one crypto OG saw through the hype, making excellent predictions for the year. Ryan Selkis, aka TwoBitIdiot, wrote a report called the 95 Crypto Theses for 2018. Perhaps the most accurate prediction among many relevant topics, was his call for a “coming 99% off sale”. Many altcoins have seen 80-90%+ drops in price this year. Making this call during exuberant times was admirable. Read on Crypto Insider Decentralizing A Billion-Dollar Virtual Industry Bitcoin creator Satoshi Nakamoto envisioned Bitcoin changing the landscape of the virtual gaming world (among other use cases of course). However, the Ethereum network has taken the reigns in making this a reality lately. Decentraland is “an open-world VR platform that will allow users to create their own reality”, reports Crypto Insider. The game includes virtual real estate speculation and property purchasing. The game uses MANA, an Ethereum based token, for purchasing this virtual land. Decentraland also partnered with peer-to-peer crypto lending network Ripio. Read on Crypto Insider CFTC Fines Bitcoin Trader $1.1 Million For Crypto Fraud Another crypto fraud case hits the media as the U.S. Commodity Futures Trading Commission (CFTC) catches a scammy crypto trader. According to the CFTC press release on Friday, Joseph Kim of Arizona is required “to pay more than $1.1 million for a fraudulent Bitcoin and Litecoin scheme”. He was also given 15 months prison time. Kim organized a Bitcoin and Litecoin scam “that led to more than $1 million in losses, of which Kim misappropriated more than $600,000”, stated the CFTC press release. CoinDesk explains the trader siphoned Bitcoin and Litecoin from a trading firm at which he worked back in the fall of last year. Kim also criminally received significant customer funds late last year as well as earlier this year. Read on CoinDesk Skirting The Great Wall, Part Three: The Paradox Of Cryptocurrencies In China Over the past several years, China has made itself known for crypto bans and regulation. So far this month, China has expanded its anti-ICO stance, grouping airdrops into the banned category. CoinTelegraph details a report questioning crypto’s current use in China, amidst such regulation. Read on CoinTelegraph Bitfinex: New Fee Policy Suggests $30,000 Fee To Withdraw $1 Million Bitfinex is one of the most popular exchange names in the crypto space, despite rumors of suspicious activity. The exchange saw over $1 billion worth of fiat withdrawals over the course of last month, according to a report by Bitcoinist. Bitfinex made an announcement yesterday with its plans for a new fee set up. “Customers making more than $1 million, or two fiat withdrawals within any 30-day period, will incur a three percent fee”, reported Bitcoinist. Read on Bitcoinist The post Daily Crypto Roundup 11/12/2018 appeared first on Crypto Insider.

a day ago

Report: JPMorgan's DLT-based Interbank Information Network is Scaling Effectively

JPMorgan’s Interbank Information Network (IIN), a distributed ledger technology (DLT) based payments solution, is reportedly “producing results at scale.” Reports suggest that the IIN project is progressing steadily towards enterprise level performance - which means that the estimated $1.7 billion that has been spent on blockchain-related projects is beginning to pay off. Notably, financial...

a day ago

PR: Cryptaur Announce Partnership with NEM and Proximax at the Gitex Future Starts Event

Bitcoin Press Release: Cryptaur has signed a partnership agreement with renowned companies ProximaX and NEM following the first public demonstration of their new gaming platform, X-Game, in Dubai. DUBAI, UAE, November 5th, 2018 — Cryptaur, a decentralized ecosystem for P2P services, has signed a partnership with ProximaX and NEM following the first public demonstration of X-Game at GITEX Future Stars 2018 , held in Dubai on October 14th - 17th. The cooperation agreement will support Cryptaur promotion and localization in new regions which NEM and ProximaX are present in. ProximaX will be used within X-Game to host the ePassports of all users and to store the data of game characters and their elements. NEM, on the other hand, is used as a decentralized registry for Cryptaur users. The agreement was signed personally by Lon Wong, First President of NEM and Founder of ProximaX. For Cryptaur, the partnership comes at a time of exciting developments, having recently been recognized as an industry leader by the likes of CNN, Global Coin Report and ABM Crypto, and with the launch of various new platform extensions such as Lifewise and X-Game . X-Game is an innovative blockchain-based game that implements a unique P2E (Play-to-Earn) concept to reward users for their time and efforts. Users can earn Cryptaur’s native token, CPT, within the game which can then be withdrawn as CPT or fiat. X-Game aims to reinvent the gaming industry by rewarding users rather than relying on hidden P2W (Pay-to-Win) models that currently dominate the gaming sphere. F2P (Free-to-Play) is the most common gaming structure in which gaming companies do not charge users to play the game but rather rely on in-game advertisements and sales. These sales could include upgrades, special abilities, additional lives and special items. The popularity of F2P games is limited. F2P games are not truly free to play and instead rely on P2W (Pay-to-Win) purchases to ensure in-game success. Players spent $22 billion on in-game purchases in 2015 with this figure expected to reach $32 billion per year by 2020. Despite the popularity of this industry, users are unable to convert these earnings back into real money. - Dimitri Buriak, CEO of Cryptaur ‘ProximaX will be an important element in ensuring user confidence in the Cryptaur platform. In the near future, we plan to implement the storage of personal documents of our participants based on ProximaX, reliably protecting them with modern encryption algorithms.’ The partnership signals an exciting expansion of the Cryptaur platform. 2018 has been a productive year for the Cryptaur team, who have been steadily overtaking their milestones throughout the year. X-Game follows the successful launch of credit cards by Fintech United Group in June earlier this year, and the launch of automatic KYC at Fintech United Group in August. About Cryptaur Founded in 2017, Cyprus-based Cryptaur increases efficiency by eliminating the middleman from a wide range of social and financial transactions. The project’s blockchain-based decentralized ecosystem supports peer-to-peer transactions, pay platforms, online gaming, and more.To find out more, visit www.cryptaur.com To find out more, visit - www.cryptaur.com To download Cryptaur the wallet - www.wallet.cryptaur.com Find Cryptaur on Facebook - www.facebook.com/cryptaur Follow Cryptaur on Twitter - www.twitter.com/cryptaur Official Telegram Channel - https://t.me / Cryptaur Telegram Chat - https://t.me/cryptaur Follow Cryptaur on Instagram - www.instagram.com/cryptaur Cryptaur Team Linkedin - www.linkedin.com/company/11000132 Cryptaur Medium - www.medium.com/@cryptaur Cryptaur YouTube - https://www.youtube.com/c/CryptaurOfficialEnglish Join the Cryptaur Reddit - https://www.reddit.com/r/Cryptaur Media Contact Contact Name: Anastasia Vestfal Contact Email: info@cryptaur.com Cryptaur is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? - View our Media Kit PDF here. Image Courtesy: The post PR: Cryptaur Announce Partnership with NEM and Proximax at the Gitex Future Starts Event appeared first on BitcoinNews.com.

a day ago

The harsh truth: US colleges are businesses, and student loa...

The harsh truth: US colleges are businesses, and student loans pay the bills! Via @guardian https://t.co/SLrTRHMdJl… https://t.co/lIYfRYbqmC

a day ago

Japanese IT Gaint GMO Internet, Reveals a Boost in Profit From Cryptocurrency Business

The Japanese Technology Giant GMO Internet just published its report for the third quarter. According to the report, the IT company recorded continuous viable performance in its crypto-related businesses. The report revealed that within one year of GMO operation in crypto-related business, like the production of mining equipment and crypto exchange, it has gained 2.6 billion yen, the equivalent of $22.8 million revenue in the third quarter. A few months ago, the IT company launched a live crypto exchange platform GMO coin, which is its third crypto exchange. It is also involved in mining facilities, mining up to 3,000 BTC and more than 660 BCHs, since it started. Before the launch of the live crypto exchange, GMO had been offering two crypto exchanges and trading services. These existing services are brokerage services, which is called, ‘sale office’ and margin trading services, which is also called ‘virtual currency FX’ service. According to the description of the live crypto exchange, users can view all the activities going on from both ends; “On the exchange, all orders are displayed as board information. Since you can see all the [order] quantities...you can trade while seeing the buying and selling demand of investors other than yourself.’’ Though the initial coin services supported digital currencies like BTC, ETH, BCH, LTC, and XRP, the live trading platform supports the only bitcoin. It has a maker fees of 0% and a taker fees of 0.01%, with no withdrawal fees. It also enables traders to buy and sell about 2 BTC in a single order and 1,000 BTC per day. This new platform already has about 208,000 users trading about 89 billion yen, the equivalent of $781 million last month. The profit reported by the IT Company from this platform is about 34.4 percent quarter on quarter (QoQ). Mid this year, GMO Internet launched mining machine, GMO miner B3. Its minimum hash power of 33 TH/s: enables users to maximize hash power consumption in their location. It can make up to 33 trillion hash calculation per second. Features of the GMO Miners - Power supply unit (PSU) * Voltage requirements: 200 V (100-240 V; tentative) - Supports online update of software - Online monitoring of mining operations (with API) - Supports online detection as an anti-theft measure - Automated temperature sensors * Adjust hash rate automatically if the abnormal temperature is detected to prevent the machine from overheating - Customers are able to join the mining pool “GMO POOL” (no initial cost; fee is yet to be decided) - 180-day guarantee period (customers will have to pay for the repair after the warranty is expired) The total hash rate of the GMO mining operations increased to 459 PH/s, in August. A total of 510 BTC and 25 BCH was mined in August, the company also had mined 2,984 BTC and 661 BCH since the launch. A report from the company revealed it is working on increasing the hash rate by December; “Our hash rate has expanded since the end of July since we are establishing more mining facilities; operating the mining machine from other manufacturers...We will continue to introduce the mining machine from other manufacturers to the in-house mining. Our plan is to see our hash rate surpass 800 PH/s by the end of December.” Though the company planned to open more rigs, it has not been able to achieve this because of some electrical issues. “Although the expansion and mining equipment progressed as planned and recorded sales of 1.2 billion yen, mining profitability declined due to deterioration of the macro environment such as stagnation of bitcoin price as well as the increase of hash rate.” The company just changed sticker for its Japanese yen-backed currency, GMO Japanese yen, from GJY to GYEN. It also announced in October that cryptographic stable coin tied to Japanese which is focused on international transactions will be launched in 2019. After Coincheck hack in January, the company was issued a business improvement order by the Japanese financial service agency. This order warrants that GMO should upgrade its quality of services and render a report on its risk management system to the crypto regulation body in the country. GMO Historical Q3 Performance Summary This report shows the performance in Q3. This report shows performance in quarter Quarter 3 This report shows the performance from June to September The report shows the GMO performance in the third quarter and the hindrance they encountered. The post Japanese IT Gaint GMO Internet, Reveals a Boost in Profit From Cryptocurrency Business appeared first on ZyCrypto.

a day ago

Daily Berminal Brief: Bitcoin Struggles to Stay Above $6,500 and Upbit will Launch Crypto-Exchanges in Indonesia and Thailand

The State of The Market - November 12, 2018 BTC: $6,389.48 (+0.29%) ETH: $210.90 (+0.56%) XRP: $0.5186 (+3.70%) The overall cryptocurrency market continues to trade within a relatively tight range. Bitcoin dropped below $6,500 again and Ethereum pulled back slightly but still trades above $210. XRP is one of the few tokens showing bullish behavior and the altcoin currently trades above $0.51. Currently, the total market cap is $212.7 billion. In other news, South Korean crypto exchange Pure Bit conducted an exit scam after raising 13,000 ETH and Cardano, Stellar Lumens, and Zcash are rallying on the possibility of a Coinbase listing. 1) The number of daily transactions carried out on the Bitcoin (BTC) network continues to grow and has nearly reached a ten-month high of 273,672. Data from Blockchain shows that daily transactions peaked at 500,000 during the December 2017 - January 2018 bull run and during the toughest parts of the 2018 bear market daily transactions fell as low as 135,000. Since then daily transactions have nearly doubled and the cost per transaction has also dropped to a 1-year low of $36. 2) South Korea's crypto exchange Upbit is planning to launch cryptocurrency exchanges in Indonesia and Thailand. This follows the recent launch of another exchange in Singapore. Per their website, the new Upbit exchanges will offer more than 240 trading pairs and 130 coins. The exchange was attracted by the crypto friendly regulations in the two countries. Since the implementation of the new name system, the expansion plans of the exchange in the country have been difficult. Therefore, Upbit exchange is expanding its operations globally as it is waiting for the domestic trading environment to change. 3) On Sunday Bitfinex changed its fee structure for high-frequency wire withdrawals by adding a 3 percent commission on all external wire withdrawal requests that exceed the new criteria. The fee will apply to users who either make more than two fiat withdrawals in any thirty day period or those that make more than $1 million in aggregate fiat withdrawals over a thirty day period. The new fee structure will not affect low-frequency wire withdrawals which Bitfinex says makes up the greater amount of their customers. SalesCalc, a fee calculating service, found that the new fee structure is nearly the same as PayPal's and a user hoping to withdrawal $1 million would have to pay $29,000 in fees. Some users believe the new fee structure is a ploy to raise the value of Tether (USDT) back to $1.00. (RS)

a day ago

BitMax.io (BTMX.io) Delivers Pioneering Crypto Trading Services to Benefit its Growing User-Base

BitMax.io (BTMX.io) is the global operator of an innovative digital asset trading platform with a broad range of products and services for global retail and institutional clients (including institutions, professional traders, and private investors). With its relentless focus on transparency, reliability, and quality of execution and client services, BitMax.io has established itself as a clear leader in the crypto trading and exchange space. With a core management team comprised of experienced executives from Wall Street top-tier institutions, Deutsche Bank, Barclays Capital, Morgan Stanley, and Goldman Sachs, as well as highly skilled technical leaders with academic credentials from top-tier global institutions such as Columbia University, the University of Chicago, and Peking University, the BitMax.io team has attracted strategic investment from top venture capitals including Matrix Partners China, FBG Capital, BitMain, and Danhua Capital. Since its launch on August 13, the platform has registered over 50,000 users across the globe and now boasts 25 active crypto trading pairs, with additional listings under review. Beyond having an institutional-grade platform, an experienced management team led by Wall Street quant trading veterans, and the backing of top-notch VC firms, BitMax.io is also highly user-focused and provides a wide range of client-focused services and benefits for its users. The first of many benefits Bitmax.io provides is record low transaction fees: On October 10th, 2018, Bitmax.io adjusted its trading fees from 0.1% to 0.04%, the lowest transaction fee in the industry. Furthermore, thanks to trading innovations such as transaction-fee based “Trans-Fee Mining,” BitMax.io provides high levels of liquidity while also allowing traders to earn BTMX, BitMax.io native tokens, as an alternate source of exchange income. In addition to the financial benefits of the platform, BitMax.io also provides exceptional infrastructure support and seamless trading experiences, thanks to 24/7 global operations, real-time trade settlement, high trading frequencies, and the fastest transaction rates in the industry at 400k TPS. BitMax.io also features deep and highly liquid order books. Not only is the platform’s infrastructure, mining models, and trading services designed to deliver high liquidity, but also due to the BitMax.io team’s in-depth wealth of experience and resources in the industry, it has been able to strike strategic partnerships with other platforms to deliver unprecedented services to its customers. Two of these partnerships, formed with Indian crypto exchanges Giottuss and Coindelta, will facilitate the sharing of order books across all three exchanges, thereby creating a deeper and a richer user base across the globe and providing users with higher liquidity and security from price fluctuations during trades. The development of industry partnerships, the ability to attract users and strategic investments, and the introduction of innovative mining models that provide traders with alternative sources of income all play in favor of BitMax.io’s future growth and success as a trading platform. As part of its growth, BitMax.io is publishing detailed distribution rules for BTMX tokens that are mined during transaction mining, which are as follows. Distribution rules Since BTMX tokens constitute a new form of utility value on the BitMax.io platform, BTMX token holders who agree to share transaction data will receive further platform benefits as an incentive to continue holding BTMX. BitMax.io will pay users for BTMX usage data, including mining, execution price, and other token circulation information in order to better manage BTMX statistics on the platform. Users who sign up and agree to share their token transaction information with BitMax.io will have 80% of the total platform transaction fee revenue distributed back to them. Furthermore, in order to stabilize the daily distribution rate that is in effect every day, a Data Usage Fee Pool (“the Pool”) will be set up using 80% of net transaction fee revenues. The Pool will redistribute 1/180 of the balance back to BTMX holders. Daily Deposit into the Pool = Daily Net Transaction Fee * 80% Daily Distribution of the Pool = Daily Data Usage Fee Pool Balance / 180 Individual Share of Platform Data Usage Distribution = Daily Distribution of the Pool * (24HR Weighted Average BTMX position / Aggregation of Total User Effective BTMX Position) Daily settlements of data usage fee distribution will start at UTC 00:00 based on the previous 24-hour distribution amount and will be paid into individual user accounts on BitMax.io at UTC 04:00 in the currency in which user transactions were executed. BitMax.io has quickly risen to levels of prominence in the cryptocurrency trading and exchange space. It provides traders with revenue-generating trading models such as transaction mining that differentiates maker vs taker trades, along with user-friendly features

a day ago

Withdrawing Fiat from Bitfinex Now Costs Nearly as Much as PayPal

On Sunday Bitfinex changed its fee structure for high-frequency wire withdrawals by adding a 3 percent commission on all external wire withdrawal requests that exceed the new criteria. The fee will apply to users who either make more than two fiat withdrawals in any thirty day period or those that make more than $1 million in aggregate fiat withdrawals over a thirty day period. The new fee structure will not affect low-frequency wire withdrawals which Bitfinex says makes up the greater amount of their customers. SalesCalc, a fee calculating service, found that the ne​w fee structure is nearly the same as PayPal's and a user hoping to withdrawal $1 million would have to pay $29,000 in fees. Some users believe the new fee structure is a ploy to raise the value of Tether (USDT) back to $1.00. (RS)

2 days ago

Korean Exchange Pure-Bit Pulled an Exit Scam of at Least $2.87 Million Worth of Ether

Funds from another ICO have just disappeared into thin air leaving investors in total despair. Pure-Bit pulled out this latest scam on November 9, 2018 at 5 PM Korea Standard Time. The exit cost investors 13,678 ETH, which translates to roughly $2.87 million as of press time. Events picked up an accelerated pace as soon as the ICO event was over. The “Pure Coin” KakaoTalk channel community admin reportedly kicked everyone out and took the website down. Shortly after, someone moved the raised funds out to personal wallets. The website now returns a “this site can’t be reached” page. Etherscan History History of the transaction on Etherscan and the wallet used to receive the ICO funds showed that 13,678 ETH were sent over to two addresses. The first transaction of 500 ETH went to a wallet before being transferred to a second one, 20 minutes later, the second transaction of 13,178 ETH went to a third wallet. Social media accounts of Pure-Bit Exchange were also deleted. A tweet posted by Korean @BlockchainROK that the founder’s KakaoTalk account caption reads “I’m sorry.” Third Generation of Mining Exchange An archived version of the website alleged that the company was raising funds to create the “third generation of mining exchange” that has the unique feature of paying dividends to holders. Pure coin, an ERC 20 utility token deployed by the scammers to raise funds, was advertised as allowing token holders to receive “a portion of the exchange’s return just by having it in their wallets.” Furthermore, it entitles owners to 30% of commission fees if those are settled using PURE Coin. A medium post published twice with minor changes on November 5th and November 7th by a writer that goes by the name “Alex Kim,” called attention to a PURE coin airdrop while vaguely going over some contradicting features of the token. In poor English, the blog post claimed that “90% of the exchange’s revenue will be distributed in ETH per day” and that 100% of “mining transaction fees” are paid back to users in PURE. The blog entry also revealed that over 90% of the PURE circulating supply would purportedly be burned over a 3 year period. In fact, buybacks, and limiting circulating supplies are known financial maneuvers believed to impact a unitary price of assets. By limiting the circulating supply, the perpetrators would create an induced scarcity on the asset so that if there is a certain demand for the asset, a surge in price would often follow. The post also announced the presale special discount prices as follows: “- 1st Pre-Sale 1ETH = 500,000 PURE - 2nd Pre-Sale 1ETH = 300,000 PURE - Listing Price 1KRW” A referral program was also put in place with promises to pay the first responders to the announcement as much as 10,000 PURE, and the same amount for each person referred to take part in the deceitful ICO launched by the company. Korean Exchange Pure-Bit Pulled an Exit Scam of at Least $2.87 Million Worth of Ether was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2 days ago

Bitcoin Price Set for Breathtaking Moonshot on the Back of Rising U.S. Debt, Says ShapeShift CEO Erik Voorhees

Erik Voorhees believes the price of Bitcoin will increase on the back of skyrocketing U.S. debt. The Chief Executive Officer of ShapeShift - a Swiss-based cryptocurrency exchange platform, believes that with rising debt profile, investors will have no choice but to invest in virtual currencies leading to the inevitable rise in the price of Bitcoin. Rising U.S. Debt Will Push Bitcoin Prices Higher In a tweet published on Thursday, Voorhees claimed that the emergence of another financial crisis could be the catalyst for another Bitcoin bull run. According to the ShapeShift CEO, with organizations unable to pay back their debt, fiat will take a colossal dump leading to an increased emphasis on cryptocurrencies. When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can't possibly ever pay it back, and thus must print it instead, and thus fiat is doomed... watch what happens to crypto. — Erik Voorhees (@ErikVoorhees) November 8, 2018 The increasingly rapid rise in the global debt profile appears to be reaching unsustainable levels. Such a situation puts a great deal of pressure on economies and by extension, fiat currencies which can lead to an economic crisis. Usually, the solution sought by many governments in such situations is to adopt quantitative easing. Governments begin to print money to service their debt. Consequently, fiat becomes devalued making money in circulation of significantly lower value. Voorhees believes all of this will no doubt push people inevitably towards cryptocurrency. The ShapeShift CEO’s view does have some corroboration based on recent events. In places like Venezuela, Iran, and Turkey that have experienced varying levels of turmoil, residents have turned to Bitcoin and other digital currencies. This statement isn’t the first time that Voorhees will be forecasting a rise to prominence of cryptocurrency over fiat. In a recent interview, the ShapeShift CEO declared that BTC would replace “scammy fiat” over time. Bitcoin Bear Market Persists Speaking recently to CNBC, Changpeng Zhao, CEO of exchange behemoth, Binance, said that the Bitcoin bull run would happen eventually. Unlike Voorhees, Zhao didn’t state the likely factor(s) that would trigger the sustained upward movement in the prices of cryptocurrencies. According to Zhao despite the market contraction experienced so far in 2018, Binance was still experiencing massive trading volumes. Commenting on the matter, the Binance CEO said: Compared to January [of 2018], we are probably down 90 percent. So, we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business. For Bitcoin, the story remains the same as it has been since Q2 2018. Apart from a minor rally to $7,300 in early September, the top-ranked cryptocurrency remains range-bound below the $6,500 mark. Recently, some technical indicators like Bitcoin’s Directional Movement Index (DMI) show the imminent emergence of a bullish trend. However, such a trend reversal is yet to manifest in the price action and may yet prove to be a false positive. Images courtesy of Shutterstock, Twitter (@ErikVoorhees), and Coinmarketcap. The post Bitcoin Price Set for Breathtaking Moonshot on the Back of Rising U.S. Debt, Says ShapeShift CEO Erik Voorhees appeared first on Ethereum World News.

2 days ago

Bitcoin Price Will Boom on the Back of Rising U.S. Debt, Says ShapeShift CEO Erik Voorhees

Erik Voorhees believes the price of Bitcoin will increase on the back of skyrocketing U.S. debt. The Chief Executive Officer of ShapeShift - a Swiss-based cryptocurrency exchange platform, believes that with rising debt profile, investors will have no choice but to invest in virtual currencies leading to the inevitable rise in the price of Bitcoin. Rising U.S. Debt Will Push Bitcoin Prices Higher In a tweet published on Thursday, Voorhees claimed that the emergence of another financial crisis could be the catalyst for another Bitcoin bull run. According to the ShapeShift CEO, with organizations unable to pay back their debt, fiat will take a colossal dump leading to an increased emphasis on cryptocurrencies. When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can't possibly ever pay it back, and thus must print it instead, and thus fiat is doomed... watch what happens to crypto. — Erik Voorhees (@ErikVoorhees) November 8, 2018 The increasingly rapid rise in the global debt profile appears to be reaching unsustainable levels. Such a situation puts a great deal of pressure on economies and by extension, fiat currencies which can lead to an economic crisis. Usually, the solution sought by many governments in such situations is to adopt quantitative easing. Governments begin to print money to service their debt. Consequently, fiat becomes devalued making money in circulation of significantly lower value. Voorhees believes all of this will no doubt push people inevitably towards cryptocurrency. The ShapeShift CEO’s view does have some corroboration based on recent events. In places like Venezuela, Iran, and Turkey that have experienced varying levels of turmoil, residents have turned to Bitcoin and other digital currencies. This statement isn’t the first time that Voorhees will be forecasting a rise to prominence of cryptocurrency over fiat. In a recent interview, the ShapeShift CEO declared that BTC would replace “scammy fiat” over time. Bitcoin Bear Market Persists Speaking recently to CNBC, Changpeng Zhao, CEO of exchange behemoth, Binance, said that the Bitcoin bull run would happen eventually. Unlike Voorhees, Zhao didn’t state the likely factor(s) that would trigger the sustained upward movement in the prices of cryptocurrencies. According to Zhao despite the market contraction experienced so far in 2018, Binance was still experiencing massive trading volumes. Commenting on the matter, the Binance CEO said: Compared to January [of 2018], we are probably down 90 percent. So, we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business. For Bitcoin, the story remains the same as it has been since Q2 2018. Apart from a minor rally to $7,300 in early September, the top-ranked cryptocurrency remains range-bound below the $6,500 mark. Recently, some technical indicators like Bitcoin’s Directional Movement Index (DMI) show the imminent emergence of a bullish trend. However, such a trend reversal is yet to manifest in the price action and may yet prove to be a false positive. Images courtesy of Shutterstock, Twitter (@ErikVoorhees), and Coinmarketcap. The post Bitcoin Price Will Boom on the Back of Rising U.S. Debt, Says ShapeShift CEO Erik Voorhees appeared first on Ethereum World News.

2 days ago

Withdrawing Crypto to Fiat From Bitfinex Now Costs Close to PayPal

Converting crypto to fiat is not cheap anymore, at least on Bitfinex. The Hong Kong-based digital assets exchange on Sunday updated its fee structure for high-frequency wire withdrawals. It effectively imposed a 3 percent commission cut on all external wire withdrawal requests that would exceed 1) more than two fiat withdrawals in any thirty day period, and 2) more than $1M in aggregate in fiat withdrawals in any thirty day period. Meanwhile, the latest fee structure will not affect low-frequency wire withdrawals which, according to Bitfinex, constitutes 99% of their customers. The update nevertheless has brought the fee tariffs of Bitfinex close to the ones charged by PayPal. According to SalesCalc, an independent fee calculating service, a user would pay circa $29,000 in fees if s/he wants to transact $1 million. Bitfinex, at the same time, would charge an additional $1,000 for wiring the same amount. Source: SalesCalc Users Annoyed The community, for obvious reasons, didn’t receive the Bitfinex update so well, with some even accusing the exchange of intentionally locking the users’ funds. A comment interestingly highlighted how exchanges had dented the idea of financial freedom by acting like banks. “Crypto... amazing for “freedom” of money... until you realize we essentially added an additional f***ing layer of middle-men to the process via exchanges. Exchanges are the “banks” of crypto... and they’re making a killing... just like banks do.” Some comments theorized the Bitfinex announcement as a plot to raise the premium of their partner stablecoin Tether. People willing to come out of Bitfinex would like to do so via crypto. That means the value of Bitcoin and USDT will likely increase artificially on the exchange due to high demand. yeah exactly.I dont know why they think it's a good idea to implement this while the confidence in USDT has been dwindling. Bitfinexed must be laughing so hard now. They are killing themselves — Squeeze (@cryptoSqueeze) November 12, 2018 Another trader said: It seems they just don't want their users to cash out with Fiat, I wonder, how are the crypto widthdrawals are those ok? if that's the case BTC will rise a little but due to people exiting their cash for BTC on Bitfinex — Sebastian Velandia (@BastianVelandia) November 12, 2018 Withdrawals Stuck Plenty of Bitfinex users are already storming the social network with complaints about the exchange’s withdrawal process. Many have posted copies of their claims on forums, revealing how their withdrawal requests have not been closed despite several requests. Redditor krJq333, for instance, has accused Bitfinex of holding his GBP funds for over four-weeks already. “The support I’ve received from Bitfinex this week has been nothing short of abysmal,” he wrote. ” Does Bitfinex have any idea how much stress and anxiety they’re causing their customers here?” Just last month, a whale who traded over 100 million dollars worth of crypto-assets on BitFinex had complained about not being able to move his funds. The post Withdrawing Crypto to Fiat From Bitfinex Now Costs Close to PayPal appeared first on NewsBTC.

2 days ago

Tron Partners With Binance to Support Flood Victims in Japan

Binance recently took a bold step to provide some financial support to victims of flood disaster in West Japan. But the cryptocurrency exchange did not go all alone in this act of charity, they were supported by one of the most bullish and controversial digital company, Tron. Binance is one of the fastest growing crypto exchange platforms, trading digital currencies. When it started, it initially began operations in China but now has its headquarters in the crypto-friendly island of Malta, in the European Union (EU). Sometimes, this year, Binance initiated a Blockchain Charity Foundation (BCF), which was launched at UNCTAD World Investment Forum. This blockchain-based donation platform was established to introduce transparency to some charity organizations. It would be used to promote the UN Sustainable Development Goals (SDGs). According to a report by Forbes, the United Nation Industrial Development Organization Goodwill Ambassador for Industrialization in Africa and Head of Blockchain Charity Foundation, Helen Hai, stated the reasons for the establishment of BCF. She said; ”Donations through the BCF platform will ensure full transparency, accountability and direct reach to end recipients. BCF will leverage blockchain technology to help fill the UN Sustainable Development Goals funding gap and directly empower over one billion people living in poverty. We believe poverty is not a destiny.’ Still, in this spirit of charity, Binance moved in to rescue the devastated victims of flood in Japan. From late June, till the middle of July this year, there were continuous rains in Southwest Japan, causing a heavy flood. About 8 million people were evacuated across 23 prefectures, 20, 255 were reported dead in 15 prefectures, and 13 were missing without clues. This flood-disaster was confirmed to be the worst that had ever happen in Japan, leaving about 17,000 houses destroyed. Another such flood-disaster, Nagasaki flood happened in 1982, with about 299 people dead, but it was nothing compared to what happened this year. Binance donated $100,000, 000, opened an account for more donations and started a campaign on Twitter to raise more funds; “Our hearts go out to the victims in West Japan. @binance will begin with a $1,000,000 USD equivalent donation in either BNB, BTC, or JPY. We also ask our crypto partners to join us and help our friends in need.” Through this campaign, the exchange was able to raise, $4100,000 USD and digital currency donation in about 7 days. Various types of ERC20 tokens were donated bringing the sum of donation to $1,410,000. By the middle of October, the exchange was able to raise up to 56, 700, 000 JPY which is equivalent to 63.03 BTC or 169.85 ETH. They were able to provide relief to about 41,200 victims across 3 prefectures. Specifically, Ehime, Hiroshima, and Okayama are the prefectures that were able to receive support. Tron foundation is one of the organizations that backed up Binance in its crusade to save the Japan flood victims. The foundation had been a strong supporter of charity via blockchain, during the launch of BCF, it donated the sum of $3 million. Tron CEO, Justin Sun, in his speech during BCF launch said that he and his company were in support of Binance for taking the initiative to promote transparency in charity via blockchain. ”All of us here have made the decision to be leaders in shaping blockchain technology for social good. Binance Charity Foundation is taking substantial steps in that direction by increasing the transparency of donations so we can see where the goodwill of the donors is going and what impact it has.” He went further to emphasize the importance of the blockchain technology in restoring efficiency in organizations. He stated that availability of the right infrastructure to charity organizations and sustainable development goals would bring in more people. Further, in his speech, Mr. Sun discussed the importance of blockchain to everyone and declared his commitment to partner with Binance to make the technology accessible. Binance approached some organizations in Japan to support in providing help to the flood victims. Some of the organizations reached for assistance are; Momotarou Fund This fund was established by Okayama Share Foundation with the aim of providing needs of victims in Okayama by subsidizing local community, NPOs, and other organizations. It supports victims of natural disasters, medical issues by providing sustenance. Open Japan It was established by victims and supporters for Tohoku earthquake, 2011 in Japan. They provide environmental support to victims of the flood by cleaning up dirt, they also provided clothing and shoes to the victims. Bic Camera Bic Camera is one of the biggest retailers of electronic appliances in Japan. They provided the victims with electronics appliances. Binance partners with this organization to support flood victims with appliances. Peace Winds Japan Peace wind provides emergency humanitarian relief

2 days ago

Decentralizing a billion-dollar virtual industry

In-game virtual transactions were one of Satoshi Nakamoto’s original visions when creating Bitcoin, but it is the Ethereum blockchain that is really taking that idea to the next level with Decentraland, an open-world VR platform that will allow users to create their own reality. Though Decentraland has still not officially launched, crypto-enthusiasts and real estate speculators alike can already bid for virtual plots of land within the game’s limited space. And these auctions are going exceedingly well. So far, over $28 million in LAND, non-fungible parcels by which the world is divided, has been auctioned off in the game’s ERC20 based token, $MANA. And now, in a partnership with Ripio, an Argentina-based peer-to-peer crypto lending network, users will be able to purchase LAND using credit. In these crypto-mortgages, users can put a 10-percent down payment on the market value of the ‘property’ and wait for a lender to claim the request. Once that happens, a smart contract is generated and if a borrower doesn’t pay up, the virtual land reverts to the lender. But be weary of the interest, as RCN rates go from some 28 percent to as high as 78 percent! Big Shoes to fill Video games have come a long way since cracking open boxes in Mario Bros or chasing rings in Sonic the Hedgehog. With the introduction of MMORPGs, in-game economies have become robust and exceedingly complicated, with players trading their virtual fortunes for items or resources to gain an edge on the competition. In the early days, it was fairly rare to trade real money for in-game currencies, as most of these transactions were against the games’ terms of service. But, naturally, capitalism took over, and ambitious digital capitalists created both a new kind of workforce and profitable enterprises centered around the sale of in-game currencies. From gold farming in games like World of Warcraft or Dark Ages of Camelot to complex third-party currencies which could be bought to make peer-to-peer purchases, players made a fortune selling gold, unique items, and what essentially translated to their own time to gather these resources. The Birth of an Industry Online stores like Internet Gaming Entertainment (IGE), which was founded by Brock Pierce in 2001, and boasted $500 million in annual volume at its peak, paved the way for a bustling currency-services industry. IGE, for its part, even gained the attention of Goldman Sachs, which bought a stake of the company for $60 million before Pierce was pushed out and replaced with Trump’s ex-right-hand-man, Steve Bannon. Besides online-stores, however, savvy entrepreneurs also made a killing on different exchange platforms where users could come together to buy an intermediary currency to trade for in-game items. The most notable of these were The Virtual World Exchange (VirWox), an exchange allowing users to buy and sell Linden Dollars, a currency used in the game Second Life, and D2Jsp, a forum that provided users with the opportunity to buy its own currency “forum gold” to trade with other users for in-game items, mostly within Diablo 2. Billions Hanging on a Thread With the influx of real cash into virtual markets, a series of perplexing questions arose. In-game cyber-brothels, gambling dens, mafia-like ‘griefers’ and even virtual stock market fraud has made both the companies that created the games and even some of the players rethink their relationships with these virtual worlds. There’s a lot on the line, after all. On VirWox alone, over $1 billion has been traded for Second Life’s Linden Dollar currency, but that’s only a small fraction of the world’s virtual markets. In the virtual universe of Entropia, property sales have surged, with one company even buying “Planet Calypso” for over $6 million. Justifying the purchase, Corey Redmond, the president of SEE Virtual Worlds, noted, “The Entropia Universe and virtual worlds in general are extremely lucrative. Calypso alone has had over $428 million processed in player-to-player transactions in 2010.” Other notable sales in the Entropia Universe include a $625,000 nightclub and a $335,000 crystal palace. What’s In Store For Decentraland? Though Decentraland is certainly not the first virtual platform to gain the attention of speculators and would-be digital capitalists, it is the first completely decentralized platform, meaning no specific company could pull the plug. While Entropia and Second-Life both boast bustling economies and some notably high-priced properties, they’re both run by a single entity, meaning that the $6 million in-game planet purchase could vanish if MindArk, the company behind the game, decided to call it quits. Decentraland is also cooperating with other blockchain-based gaming platforms, such as Axie Infinity, a collectables game featuring player-vs.-player battles. With a string of positive news surrounding Decentraland, the game’s cryptocurrency, $MANA, has surged by over 38 percent over the past month, jumping to a market

2 days ago

The Daily: US Museum to Accept Bitcoin, Estonia Grants License to B2BX Exchange

In today’s edition of The Daily, we report on the latest U.S. museum to open up to cryptocurrency payments, as well as several new lawsuits that have been filed over simjacking. Additionally, the government of Estonia has granted a license to B2BX Exchange, which will allow the company to attract traders from across Europe. Also Read: Lawyer Invests $300 Million to Build Crypto City in the Nevada Desert Science Museum to Take Bitcoin Payments Great Lakes Science Center, an engineering and technology museum in Cleveland, Ohio, has told local media outlets that it will begin accepting cryptocurrency payments on Nov. 13. The educational center is integrating Bitpay into its payments system for ticket sales ahead of a blockchain conference that will be held at the facility in December. “Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland,” stated Kirsten Ellenbogen, president and CEO of Great Lakes Science Center. “Last year we launched our mobile app that uses augmented and virtual reality to allow guests to experiment with flames in space and test spacecraft designs re-entering Earth’s atmosphere when they visit the NASA Glenn Visitor Center, and now they’ll be able to use their phone to pay for their admission using Bitcoin.” Estonia Grants License to B2BX Exchange B2BX Exchange, a cryptocurrency exchange developed by forex solutions provider B2broker, announced today that it has received approval for a regulatory license from the Estonian Financial Intelligence Unit (FIU). The company explained that it applied for a license in Estonia due to the country’s track record of openness to new technologies. Under the regulations the exchange will be expected to follow strict KYC procedures, but in return users will get increased daily limits on deposits and withdrawals, as well as access to fiat currencies via bank transfers and major payments providers. “I have long been a proponent of regulation which I believe will promote further the adoption of cryptocurrency usage and cryptocurrency trading,” commented Arthur Azizov, CEO and founder of B2broker. “Our users will be able to benefit from an enhanced level of protection, safe in the knowledge that they are dealing with a world-leading, regulated cryptocurrency exchange.” Florida Law Firm Files Simjacking Lawsuits Silver Miller, a Florida-headquartered law firm, said on Thursday that it recently filed a number of arbitration claims against both AT&T and T-Mobile on behalf of cryptocurrency holders who have fallen victim to simjacking. The firm revealed it already represents one AT&T client who was robbed of more than $600,000 in cryptocurrency, as well as two T-Mobile clients who respectively lost $400,000 and $250,000 in cryptocurrency due to simjacking. “By leaving holes in their security protocols and failing to properly train and monitor their employees, cellphone providers have assisted thieves in remotely taking over the SIM cards in people’s smartphones,” the law firm explained. It also called on anyone else who has been a victim of simjacking to join its legal efforts against the phone companies that enabled it. What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post The Daily: US Museum to Accept Bitcoin, Estonia Grants License to B2BX Exchange appeared first on Bitcoin News.

2 days ago

Maduro Further Takes All the Imaginable Steps to Push the Adoption of His Petro Token

CoinSpeaker Maduro Further Takes All the Imaginable Steps to Push the Adoption of His Petro Token It looks like Venezuela will never leave its hope to make the world’s oil markets start using its controversial national cryptocurrency known as Petro that is puzzling the entire crypto community. Digital Currency for Oil The Venezuelan government seems to stay firm in their decision to position Petro as an internationally recognized cryptocurrency. The country’s minister of petroleum, Manuel Quevedo, who is also the president of state-owned oil company PDVSA posted a tweet telling that Venezuela is going to take Petro to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, as the “main digital currency backed by oil.” Quevedo stated: “Petro will become the digital currency of oil transactions worldwide; we will present it to OPEC, it is one of the internationalization measures of the currency.” This initiative is supported by the hope that it will make possible for Venezuela to start using the token to market its oil from the first quarter of next year. Moreover, the government strongly believes that such a step will enable them to strengthen the country’s economy and ensure growth and prosperity. Businesses that are interested in oil products of Venezuela have already been invited to register on the country’s national cryptocurrency platform. What is more, as it has become known, airlines and shipping companies have also received an invitation to create a digital wallet to carry out transactions using petro. Other Initiatives to Boost Petro Adoption Though there is a widespread opinion that something is wrong about Venezuela’s Petro cryptocurrency and that it is nothing more than just hot air, Nicolas Maduro, the country’s president, is not going to stop realization of his initiatives aimed at boosting Petro adoption. According to a recent government release, users who will buy Petro certificates during the exchange period from November 6 till December 31, will have an opportunity to exchange the cryptocurrency for any other crypto or “convertible currency in the world.” This step represents itself a part of a new government’s savings plan. It is reported that 4 million Petro will be available for purchase and it will be possible to buy certificates using the Bolivar, Venezuela’s fiat currency. Previous Steps Nevertheless, the above mentioned initiatives are not the first ones on this way. For example, in August, the Banco Central de Venezuela, Venezuela’s central bank, introduced an Android app. The aim of this initiative was to help the country’s residents convert the country’s old fiat currency Bolivar into the newly launched Petro-pegged Bolivar Soberano. Practically simultaneously Maduro ordered banks to adopt the as a unit of account. Now all public and private banks in the country are obliged to present all financial information in Bolivars and Petros. One of the latest initiatives is making it obligatory to pay for passports in Petros. Maduro Further Takes All the Imaginable Steps to Push the Adoption of His Petro Token

2 days ago

CFTC Enforcement Action: $1.14 Million Penalty and 15 Months Jail Sentence for Crypto Trader

On 9 November 2018, the U.S. Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against crypto trader Joseph Kim, requiring him to pay a penalty of over $1.1 million for "a fraudulent Bitcoin and Litecoin scheme." Furthermore, Kim was given a 15 months sentence by the U.S. District Court for the Northern District of Illinois.

2 days ago

carVertical Unveils CarVertical.CITY, Its New Automatic Parking App That Uses IOTA

carVertical is increasingly establishing itself as a serious contender in the market of connected vehicles. In fact, through building an immutable car registry and enabling buyers, owners and insurance companies to have access to authentic information about a given vehicle, the young Lithuanian startup has already shown scalability promises for the near future. The latest product put forth by the company is an automatic parking payment app that will be available to download soon. One of the most interesting aspects about carVertical is that the IoT devices advertised that track various car data, are easily installed in both used and new cars. By using an OBD-II interface to connect the tracker, the device has the potential to be installed in over a billion cars worldwide. In fact, after striking a partnership with a provider of GPS tracking solution called GPSWOX weeks before its ICO that took place in January 2018, car vertical promised to design OBD tracker devices that fit into almost any car. Those devices would check desired parameters like GPS coordinates, battery level, or engine status, and send that data over to GPRWOX internal servers which will reportedly act as a virtual odometer. carVertical.CITY App According to a blog post made by carVertical on November 7, the newest product developed by the company throughout the past months, called carVertical.CITY, is a platform that brings a unified solution for automatic car parking. Audrius Kučinskas, the CTO of carVertical was quoted saying: “We’ve created a cute combination of OBD (on-board diagnostics) features, GPS tracking and IOTA Tangle possibilities. Everything is packed and served in a single user-friendly carVertical.CITY app which accepts payments in cV tokens.” How Does It Work? The app reportedly starts counting parked status time, as soon as a driver parks his car in a paid zone. Furthermore, the timer would stop automatically when the driver gets into his car and drives away, which results in savings that could be substantial in cases of forgetting to turn off the timer manually. All a driver has to do is to install the OBD tracker in his car, download the carVertical.CITY app (will purportedly be available soon in both Apple’s App Store and Google Play). The device automatically tracks down car coordinates, battery level, and engine status, then processes the real-time data to the Tangle where changes are stored as IOTA transactions. carVertical.CITY also records parking start time and price automatically when the vehicle stops in a paid parking zone. Service cost and payments are made once the driver moves his car away out of the parking lot without manual intervention. Parking history access and switching parking status on and off is allegedly possible to carry out remotely by the app users as well. Moreover, app users will be able to map their cars in real time, which can be an interesting security feature that comes with the app. Any status changes result in notifications being sent to the driver. cV Token As a Means of Payment carVertical revealed that cV token is the primary payment method for the parking service in the app, making it the first tangible use case of the ERC20 utility token sold by the company during its successful ICO earlier this year. In a blog post Kučinskas declared: “The primary payment method in carVerticak.CITY app is cV token. But we’ve also added support for MIOTA cryptocurrency as IOTA is a backbone of our IoT infrastructure.” Future Applications The blog post hinted that carVertical IoT team is currently targeting EV charging service payments as the next app feature. The company explained its choice by the possible “future chaos” that could occur in charging stations, once electric car adoption picks up the pace. The blog post reads: “Different providers demand different accounts, which sometimes can take several days to get verified. [..] A unified paying for EV charging could be one of the carVertical.CITY features. So users should finally be able to pay via single app everywhere they drive.” carVertical Unveils CarVertical.CITY, Its New Automatic Parking App That Uses IOTA was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2 days ago

In what other industry do you pay money for something that y...

In what other industry do you pay money for something that you don't really own, and can't resell when you no longe… https://t.co/D3JHAuFilx

2 days ago

Bitcoin Price Unbudgeable at $6,400, What Does the Market has to Say?

Stuck at $6,500, Bitcoin is in green but with little to no movement while a few altcoins are registering decent greens. It is expected of Bitcoin to break lower and end its consolidation phase. Meanwhile, crypto market participants are bullish on its future. Bitcoin in Green at $6,400 At the time of writing, Bitcoin has been trading at $6,406.26 while registering 24-hours gains of 0.12 percent. The world’s leading cryptocurrency is managing the daily trading volume of $4.17 billion with a market cap of $111 billion. Chart Source: coinmarketcap.com Though it has moved up from today’s low at $6,360, for the past 3-months, BTC price is stuck at $6,500, oscillating between the $6k and $7k range. This has taken the volatility severely low, even lower than many national currencies like Turkish lira along with stock markets. This extending lack of volatility is pointing toward higher chances of breaking lower. It will mean the consolidation phase will finally come to an end. Going upwards, BTC will find resistance at $6,480 and support at $6,242 when going downwards. If we take a look at the earlier trends, the chances of going lower in the next few weeks for BTC are higher. What does the Market Say? Meanwhile, a few of the altcoins are enjoying the gains such as Stellar (XLM), Monero (XMR), and IOTA (MIOTA) that are up by close to 2 percent while NEM is up by about 14 percent. Shapeshift CEO, Erik Voorhees shared his bullish views on crypto with, “When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back, and thus must print it instead, and thus fiat is doomed... watch what happens to crypto.” Amidst the experts and analysts calling out for a bottom for BItcoin, the CEO of the top crypto exchange Binance, Changpeng Zhao recently in an interview with CNBC’s Ran Neu Ner shared that, “Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen... Sooner or later, something will trigger it.” CZ further mentioned, “Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business.” He also shared that they are constantly adding more users this year which was essential a bear market, except for the January highs. Moreover, the entry of institutions “may be a really strong trigger.” Recently, Gabor Gurbacs, the director of Digital Asset Strategy at the New York-based investment management firm VanEck talked about Bitcoin ETFs, ”What sets our ETF apart is that it’s a physical bitcoin ETF. So, it stays true to the bitcoin you own in underlying. It’s fully insured so if there is any theft, hacks or losses, then the insurance covers it.” Gurbacs further shared the potential of these ETFs, ”Our gold ETFs are already in a few billion dollars range. There are gold ETFs in the $10 billion range as well. I wouldn’t be surprised if a bitcoin ETF gets in a few billion dollars range.” The post Bitcoin Price Unbudgeable at $6,400, What Does the Market has to Say? appeared first on Coingape.

2 days ago

CFTC Says Bitcoin Trader Who Lost $1.1M Will Serve 15 Months in Jail

The Commodity Futures Trading Commission (CFTC) revealed that a former employee of Consolidated Trading will serve 15 months in jail and pay $1.1 million for Bitcoin fraud. Employer Tipped Off Authorities According to sources including US regulator the Commodity Futures Trading Commission (CFTC) and a social media commentator citing “people close” to the matter, Joseph Kim lost CT over $600,000 through stealing money to finance cryptocurrency trades gone wrong. He also lost a further $545,000 he received from investors after he told them he had left the firm to start his own trading business. Issuing an order filing and settling charges against Kim November 9, the CFTC noted it had gone after him using its Division of Enforcement’s Virtual Currency Task Force. The illicit activities took place between September 2017 and around March 2018, with Kim first filing a guilty plea in June. In addition to the custodial sentence, he must repay in full all funds he lost as a result of misappropriation or bad trades. Long thread time. I want to tell you guys the story of Joseph Kim. Like most of us in 2016-2017,he was enjoying volatility and 30% regular move that crypto currency was showed. Using medium to high leverage to capitalize on his direction trades. However unlike most of us, — I am Nomad (@IamNomad) November 12, 2018 CFTC ‘Committed’ To Patrolling Crypto Realm “Today’s Order stands as yet another in the string of cases showing the CFTC’s commitment to actively police the virtual currency markets and protect the public interest,” CFTC Director of Enforcement James McDonald commented in a press release. “In addition, the criminal indictment and sentence reaffirms the CFTC’s commitment to working in parallel with our partners at the Department of Justice to root out misconduct in these markets.” The regulatory crackdown in the US regarding cryptocurrency activity in recent years has traditionally been quick to root out traders, in particular, Bitcoinist reporting on how its power to prosecute was cemented by the courts last month. According to the Twitter account known as I Am Nomad, CT had been aware of Kim’s machinations while he was carrying them out, choosing to instigate legal proceedings without his knowledge. What do you think about the Joseph Kim case? Let us know in the comments below! Images courtesy of Shutterstock The post CFTC Says Bitcoin Trader Who Lost $1.1M Will Serve 15 Months in Jail appeared first on Bitcoinist.com.

2 days ago

The Future Is Here: SWINCA’s Crypto Real Estate

CoinSpeaker The Future Is Here: SWINCA’s Crypto Real Estate At some point everyone, when having an opportunity to invest, considers putting money into real estate. Problem is, it’s a very hard industry to get into. New players have a hard time entering the field, and small companies struggle to grow beyond regional limitations and barriers set by domination of monopolies. It’s almost impossible to get a wide variety of properties on your portfolio in such conditions. When you add the time wasted on long transactions and the cost of the army of intermediaries, global real estate suddenly doesn’t look that appealing, even though it’s considered to be one of the safest and most promising areas of investment. How SWINCA Solves Those Problems You’ve probably already guessed the answer SWINCA proposes for all those issues. Blockchain has proven to be extremely helpful in dealing with traditional problems in a variety of industries, and now SWINCA is preparing to adjust crypto to real estate. Tokenizing real estate assets on the blockchain should allow to achieve even the most ambitious goal SWINCA has which is equalizing all players, big and small, so that large corporations don’t have unfair advantage over others. Blockchain is the key to bringing down geographical and economic barriers, its implementation would allow for acquiring property around the globe and collecting its revenue in an instant. Transaction costs alone would drop significantly, and there would be no need to pay for intermediaries, bureaucrats and administrators. SWINCA’s team would take it upon themselves to scout the markets, find the most promising properties of any kind - offices, houses, apartments, land - at any stage of development for investment, as well as handle legal and management issues. What is SWINCA? SWINCA is a platform for crypto real estate industry with Switzerland-based team. SWINCA would operate through two types of tokens. The SWI coin is internal and external to the platform, you could trade it on the exchanges. It represents SWINCA’s growth in general, as well as the way it’s performing. It’s also the coin used for ICO (pre-ICO would be held the November 26th, and ICO would begin on February 1th, 2019, and then followed by the launch of SWINCA Real Estate on April 5th, 2019) with the hard cap of $75 million. The NCA token is exclusive for internal use on the SWINCA platform. It represents specific shares of properties and would allow holders to obtain their capital gain depending on the percentage of shares that are allocated. Coin Sale Distribution The SWINCA ICO would be held before the project is completed, thus the raised funds would support the team by covering their expenses until the platform is launched. The coin sale distribution would work in the following way: 50% of it go to Pools and Masternode; 35% is sold during pre-ICO and ICO; 5% is distributed to employees and advisors; another 5% goes to the founders of the project; 3% is allocated to marketing and bounties; 2% is sold through Private Sale. All the unsold coins would go to SWINCA reserve (where they have a vesting period of 10 years) to be used then for investors directly on the platform. The Future Is Here: SWINCA’s Crypto Real Estate

2 days ago

CryptoBlockCon Las Vegas announces participation from IBM, Boustead Securities, SoftUni, NKB Group, FANchise, and more

Event agenda & first speaker lineup announced for CryptoBlockCon’s Flagship Las Vegas Event, With Participation from IBM, Boustead Securities, SoftUni, NKB Group, FANchise, and more. The future of Blockchain is top of the agenda CryptoBlockCon Las Vegas, taking place December 11-12 at Mandalay Bay. The company’s flagship event will feature two full days of panel discussions, keynote presentations, proof-of-concept presentations, on two separate stages in the Palm Foyer at Mandalay Bay in Las Vegas. Tickets are available on the CryptoBlockCon website. The event will feature keynote presentations from David Chaum, CEO & Founder of Elixxir, whom many recognize as the inventor of digital cash, and Shawnna Hoffman, Global Cognitive Legal Co-Leader, Watson AI & Quantum Computing, Global CoC at IBM, with panel discussions discussing the restoration of our digital identity & privacy, and blockchain protocol considerations: governance, scalability & cost. Representatives from IBM, Blockchain Consultants, Boustead Securities, FANchise, SoftUni, amongst others will be in attendance to showcase how companies are using blockchain technology in a variety of industries. Addressing common challenges for industries to understand, develop and succeed in the area of blockchain and crypto assets, the event will bring together world leaders across industries, from finance to healthcare, entertainment, compliance, and more. CJ Smith, Co-Founder at CryptoBlockCon, said: “CryptoBlockCon’s mission is to be a platform to connect industry participants to assist in the adoption and implementation of blockchain technology. Our team has decades of event experience, and we work hard to assure that our attendees can draw value from each presentation and panel discussion. No one wants to pay to attend an event, and be pitched projects for two days, in essence paying to be the product.” He further added: “Every December we head to Las Vegas for our flagship event, with two full days of content and two stages. We are excited to see so many representatives from across the world come together to look at how the sector will continue to evolve.” Topics up for discussion in Las Vegas will include: Banking and Commerce in the Developing World Blockchain Investment Strategies: 2019 and Beyond Blockchain in Management: Hospitality & Events Anticipating Mergers & Acquisitions in Blockchain Plus, much more. View the full agenda for CryptoBlockCon Las Vegas here. To stay up to date with CryptoBlockCon news and industry happenings, sign up for the CBC newsletter on the contact us page on CryptoBlockCon.com. We’ll see you in Las Vegas! 2018 Sponsors Interprom CitiCash KamaGames Review Network Beaxy Kinect Galleon Quest Kidcoin UUNIO Bitfinance VRBex SSUsecure 2018 Partners Cointelligence CoinStructive Ascent Conference Smartereum Blockchain Beach BTC Media Bitcoin Magazine yBitcoin Distributed Innovation & Tech Today Blokt Block Explorer Newcoins168.com Panony ICO Holder Light Node Media Blockchain Weekly Cryptopulse Cryptovest CryptoFund Research AMBCrypto Home of Crypto CryptoCoins Zone ICO Discount Club Future Times Upcoming CryptoBlockCon Events: Las Vegas, December 11-12, 2018 Los Angeles, April 3-4, 2019 Learn More: Website Portal Connect with CryptoBlockCon on social media: Twitter LinkedIn Facebook YouTube The post CryptoBlockCon Las Vegas announces participation from IBM, Boustead Securities, SoftUni, NKB Group, FANchise, and more appeared first on AMBCrypto.

2 days ago

Bitcoin Adoption: Great Lake Science Centre US Museum Accepts Bitcoin Payment

Affecting from November 13, 2018, Museum fans in US can now pay via cryptocurrency using App on their phone. The Great Lakes Science Centre is the third museum in the US inaugurating Bitcoin payment method. Bitcoin and Altcoin acceptance has been the trend. Earlier, two American museums named, Museum of the Coastal Bend in Texas and St.Petersburg Museum of History in Florida have been accepting of Bitcoin payment. Bitcoin Adoption following slow but steady growth To facilitate Bitcoin transactions for users, the Great Lakes museum will use BitPay to process the transactions. According to the reports, Bitcoin will be accepted before its four-day conference (the Blockland Solutions Conference), which will be held during December. Kirsten Ellenbogen, President of Great Lakes Science Center, said in a statement; “There is a lot of excitement around the conference,” and “Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland.” Reports also revealed that the Museum has already employed the latest technologies like Augmented reality and virtual reality. These technologies were implemented under the Mobile App, launched last year. Using Bitcoin payment, visitors can purchase admission tickets and can also visit National Aeronautics and Space Administrations (NASA) Glenn Visitor Center. The acceptance is further aimed to facilitate users to analyze the work plethora of NASA. She said; Our mobile will “allow guests to experiment with flames in space and test spacecraft designs re-entering Earth’s atmosphere when they visit the NASA Glenn Visitor Center, and now they’ll be able to use their phone to pay for their admission using Bitcoin” Mobile App being built on VR and AR is the major innovation by institution which has processed to enhance user experience through crypto payment. What’s your take on Museum accepting Bitcoin payment? Do you think more culture institute follow the footprints? Let us know The post Bitcoin Adoption: Great Lake Science Centre US Museum Accepts Bitcoin Payment appeared first on Coingape.

2 days ago

Why Bitcoin Will Not Soar In A Recession

Economists find it increasingly likely that the US will soon experience a recession. Many Bitcoin speculators believe that the price of Bitcoin will rise in a recession, but that may be wishful thinking. Cryptocurrency behavior depends on what type of recession the economy is in. In a typical recession, Bitcoin would be sold down like any other risk asset, but it would thrive in a currency or a sovereign debt crisis. Bitcoin works as a hedge against calamity, not recession; it’s most likely to rise when there is inflation and declining trust in government. Choppy Waters Ahead A recession is defined as a declining economy for two successive quarters, and we may be already be seeing signs of an early sell-off: the S&P 500 lost more than 10% this October. Nouriel Roubini, one of few economists to predict the housing crash of 2008, has recently emphasized the US’ increasing financial obligations in mortgages, student loans and credit card debt. These factors, he notes, are expected to intensify the next recession, which could be worse than 2008. Roubini is confident that we will see a financial crisis by 2020. Other factors, such as the ten-year bull run in the US equities market and the fact that the Federal Reserve has raised interest rates three times this year, suggest that the US economy could soon experience a downturn. As Forbes wrote, two things are almost certain: (1) the US economy will sink into a recession and (2) no one knows when. Is Bitcoin a Lifeboat? Crypto enthusiasts like Anthony Pompliano have suggested “shorting bankers and longing Bitcoin” as an anti-recession hedge. Their reasoning is that, since Bitcoin is disconnected from the financial system and negatively correlated with equities markets, Bitcoin prices will rise if equities fall. This year, Bitcoin has become increasingly correlated with the S&P 500 (see graph below). The S&P actually hasn’t been negatively correlated with Bitcoin since late 2016, and even then, the range of correlations fell between -0.1 and +0.2, indicating little to no correlation in either direction. Bitcoin prices compared with the S&P 500, on a 180 day rolling average. Bitcoin also seems to be less correlated with gold than it is with US equities: an interesting datum, considering that the “Bitcoin will rise in a recession” theory seems to be based on its similarity to gold. This, incidentally, is also poor reasoning: gold doesn’t flourish during a recession, so much as it suffers less than equities. Although gold is a better refuge than the stock market during a liquidity crisis, neither choice is optimal. What will Bitcoin Do In a recession? The answer to this question depends on the type of recession as well as the conditions that caused it, as Dan McArdle of Messari pointed out. The two largest depressions in US history were deflationary, and a light-to-moderate recession is likely if history is telling. There are two possibilities for a recession: Light to moderate recession (liquidity crisis) Sovereign debt crisis / currency crisis In the more likely probability of a liquidity crisis, Bitcoin investments will perform poorly, but they are likely to outperform the market in a currency crisis. A light-to-moderate recession (liquidity crisis) would be characterized by calling debts due and a flight to cash to pay off those debts. It would be hard to get loans, and people would move out of their risk assets in return for dollars to pay their debts. This move to cash decreases the value of risk assets. Bitcoin would be sold for dollars, and its price would fall in accordance with every other light-to-moderate recession to date. Fiat’s Difficulty is Bitcoin’s Opportunity The “bull case” for Bitcoin is when a moderate recession starts to boil over into a sovereign debt crisis or currency crisis. If the general public starts to question whether or not central banks can maintain the nation’s currency - that is Bitcoin’s time to shine. We can look for an example of this “bull case” by comparing Bitcoin to gold (which has yet to be proven as a store of value in a time of need). The last US recession had an initial liquidity crisis and the price of gold followed the markets when people put their money into cash to pay off their debts - following the typical cycle of a light-to-moderate recession. The eurozone debt crisis was the world’s biggest problem in 2011, but the crisis started in 2009 when the world first realized Greece could default on its debt. Poor European fiscal policies led to concerns about the Union’s ability to keep the euro afloat, sparking a capital flight to gold. Gold reached an all-time high (see below). If we accept that Bitcoin will behave like gold as a store of value, then Bitcoin would probably perform very well in a combined recession-and-sovereign debt crisis. However, this event is much less likely than a smaller recession. While most people think a tanking economy is good news for Bitcoin, that narrative is too

2 days ago

SEC strikes again; Founder of Ethereum-based cryptocurrency exchange scrutinized by the commission

The United States Securities and Exchange Commission [SEC] has been constantly warning investors about the risks involved in the cryptocurrency space. Even though the commission has failed to set up a proper regulatory framework for the booming market, they have always taken action against fraudulent ICOs and projects, who are misleading the investors. The recent crackdown by the commission has set the space ablaze as this would be one of the first cases wherein the Founder of an exchange platform based on Ethereum platform is scrutinized. The exchange which was under the limelight is EtherDelta, a secondary marketplace for ERC20 tokens. The Founder was scrutinized by the SEC as he failed to register the exchange with the commission or operate in accordance with an exemption. The exchange was required to avail the permission of the commission as they were trading tokens which are classified as “securities”. This has been intact since the SEC published their report on the DAO aka the Decentralized Autonomous Organization on July 2017. The DAO was subjected to a hack in 2016, which resulted in the split of the original Ethereum blockchain, creating Ethereum [ETH] and Ethereum Classic [ETC]. The report stated that issuers of security tokens are required to register with the commission unless a valid exemption applies. It also reinforced that all the exchanges were required to register as a National Securities Exchange unless a valid exemption applies. Zachary Coburn, the Founder of EtherDelta has agreed to pay the commission the money which was gained by offering trade services for the tokens i.e., $300,000. This will include $13,000 in prejudgment interest and $75,000 as a penalty. Stephanie Avakian, co-director of SEC’s Enforcement Division said: “EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.” Steven Peikin, co-director of the SEC’s Enforcement Division said: “We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology. But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws.” Moreover, the Chief of SEC’s cyber unite, Rober Cohen believes that the people behind the “code” will always be responsible. In an interview with the Forbes, he said: “The focus is not on the label you put on something or the technology you’re using. The focus is on the function, and what the platform is doing. Whether it’s decentralized or not, whether it’s on a smart contract or not, what matters is it’s an exchange.” The post SEC strikes again; Founder of Ethereum-based cryptocurrency exchange scrutinized by the commission appeared first on AMBCrypto.

3 days ago

Weekend Berminal Brief: SEC Goes After Decentralised Exchange And Blockchain Wallet Announces World's Largest Airdrop

The State of The Market - November 11, 2018 BTC: $6,389.16 (-0.43%) ETH: $211.86 (-0.19%) XRP: $0.50207 (-0.82%) The market was stable this week, after the previous week's drop. However, Bitcoin dropped dipped $6,400 while Ethereum managed to maintain its price above $210. The total market cap has also gone up slightly from $208 Billion to $211 Billion, thanks to Ethereum's stability. Also, Bitcoin Cash lost its momentum after reaching a peak of $635. Bitcoin Cash (BCH) is currently trading at $542.34. The fork is expected to happen on November 15th. In other news, Dilip Rao, the global head of infrastructure innovation for Ripple, revealed that the company is planning to open an office in Dubai. He added that Ripple has so far signed about 200 institutions from different countries with many of them being from the Middle East. The list of clients reportedly includes Saudi Arabia's Al-Rajhi Bank, as well as Kuwait Finance House. Also, American technology giant IBM has partnered with hardware manufacturer Seagate to use blockchain in combating fake hard drives. Hard Drives manufactured by Seagate would be logged on IBM's blockchain platform, which would ensure that counterfeits are not sold to end consumers as genuine products. 1) The U.S. Securities and Exchange Commission (SEC) has filed charges against EtherDelta founder Zachary Coburn for operating an unregistered exchange. The decentralized exchange (DEX) allowed users to exchange Ethereum-based tokens without needing to register accounts or turn their private keys over to the exchange wallet. The SEC claims that EtherDelta illegally permitted users to trade tokens which are classified as "securities" by federal law. The SEC's co-director of the Enforcement Division said, "EtherDelta had both the user interface and underlying functionality of an online national securities exchange." EtherDelta's failure to register with the SEC or qualify for an exemption meant the DEX was in breach of federal law. Coburn has agreed to pay a total of $388,000 in fines but has not admitted or denied the SEC's findings. 2) Cryptocurrency wallet provider Blockchain is planning to host the largest crypto giveaway in history. The company intends to disperse $125 million in Stellar Lumens (XLM) to Blockchain wallet users who sign up for the airdrop. It is reported that the first batch of coins will be distributed this week. Blockchain president and chief legal officer Marco Santori said that "airdrops have the power to decentralize networks without the investment risks inherent in ICOs and the complexity inherent in mining." Blockchain hopes that the XLM giveaway and its airdrop program will raise awareness about cryptocurrency and its versatility. 3) The director of Corporate Finance at the U.S. Securities and Exchange Commission (SEC) said the regulatory body intends to clarify when and how cryptocurrencies may be classified as securities. During a panel discussion at the D.C. Fintech Week conference, director William Hinman said that a "plain English" guide for developers to consult when planning token offering will be made public soon. The guide is designed to help developers discern whether their token offering will be classified as a security or not. Hinman also said that if developers are still confused about the status of their digital asset, they should consult the SEC's new FinHub for additional support and clarification. In June Hinman said he personally believed that Ethereum is not a security but the SEC has yet to issue an official statement about its classification. (VS)

3 days ago

Can Blockchain Transform Loyalty in the Food Service Industry?

The food service industry has undergone significant changes over the last ten years. Since the world recovered from the global financial crisis of 2008, the food service sector has been in steady growth, with even the mature US market forecast to see continuing increases of over 5% each year. In 2017, restaurant sales accounted for 48% of the dollars spent on food. Developments in the sector have been driven mainly by societal and technological changes. As the millennial generation has grown up, so their tastes have become reflected in restaurant culture. The rapidly growing appetite for smaller food service operators like food trucks selling more international cuisine reflects a more globalized mindset than previous generations. Besides, millennials make use of online tools such as Instagram or Snapchat to generate conversations about food and eating. The increasing prevalence of tech-savvy customers has created whole new avenues of digital marketing for the restaurant industry. The rise of smartphones has also given food service operators a new means of marketing to customers beyond just social media — the loyalty program. Whereas loyalty points at one time used to be the preserve of airlines, they have extended further into credit cards, supermarkets, and now many food service operators use them too. They are a popular service — one report showed that 87% of consumers said they wanted loyalty offerings from brands they engaged with. However, as much as brands are striving to meet this demand, the increasing prevalence of loyalty programs comes with its problems. Now, blockchain could provide the solution for loyalty platforms that satisfy the appetites of food service operators and consumers alike. Are Today’s Loyalty Programs Working? Brands such as Starbucks and Dominos have developed comprehensive digital reward programs in an attempt to ensure repeat business through offering incentives and promotions to customers who register. These programs also provide the companies that run them the opportunity to collect valuable data on their customers, helping them to develop more sophisticated marketing campaigns. Smaller restaurants and food service operators, on the other hand, usually don’t have access to big budgets to pay for app developers and strategic marketing executives. However, many still run simple loyalty systems in which customers get physical cards, earning a stamp with each visit. Usually, customers can redeem these for a freebie once their card is full. Consumer Headaches As much as consumers may profess their desire for loyalty programs, there are challenges for brands in ensuring the programs receive continuing engagement. Loyalty programs often provide promotions, but these are not always relevant. For example, a discounted meal for two in a restaurant may be a tempting offer for a childless couple. However, a family with children would lose the benefit of any discount once they’ve paid for a babysitter, and a single person may not get any benefit at all. Situations like these lead to a gap in the perceived value of a loyalty program. One survey showed that 47% of food service operators said that their loyalty programs offered relevant promotions, while only 27% of consumers shared that view. Furthermore, another study indicated that many customers prefer rewards that can be redeemed as cash, as opposed to one-time promotions. Keeping track of various reward schemes is also a consumer headache, with 75% of respondents in the same study saying they would prefer one loyalty program honored at multiple restaurants. After all, keeping track of numerous apps, logins, and physical cards takes up time, which dilutes the value of any discount or another incentive. Bringing it Together with Blockchain Blockchain provides restaurants with an opportunity to change this pattern and keep hold of their clients with easy to use, accessible, and modern incentive programs. A blockchain-based loyalty platform doesn’t need to hitch itself to one of the major brands, in the same way, that Bitcoin is not associated with any banks. While blockchain-based services usually attempt to dis-intermediate any given process, the loyalty platform is one example of an area where blockchain can add value by becoming an intermediary, between food service operators and consumers. By doing so, a blockchain loyalty platform can work for many more brands and consumers than the loyalty platforms that exist today. This is the business model of Resto, who are in the process of developing a blockchain-based loyalty solution targeted to the food service industry. Once signed up, a consumer is rewarded with Resto tokens, deposited into their digital wallet smartphone app, each time they visit a participating restaurant. In response to the wish for a more cash-based reward, consumers can redeem their Resto tokens at any participating food service operator, at any time, and anywhere in the world. If they wish, they can also exchan

3 days ago

BitMax.io Delivers Pioneering Crypto Trading Services to Benefit it’s Growing User-Base

CoinSpeaker BitMax.io Delivers Pioneering Crypto Trading Services to Benefit it’s Growing User-Base With its relentless focus on transparency, reliability, and quality of execution and client services, BitMax.io has established itself as a clear leader in the crypto trading and exchange space.With a core management team comprised of experienced executives from Wall Street top-tier institutions, Deutsche Bank, Barcays Capital, Morgan Stanley, and Goldman Sachs, as well as highly skilled technical leaders with academic credentials from top-tier global institutions such as Columbia University, the University of Chicago, and Peking University, the BitMax.io team has attracted strategic investment from top venture capitals including Matrix Partners China, FBG Capital, BitMain, and Danhua Capital. Since its launch on August 13, the platform has registered over 50,000 users across the globe and now boasts 25 active crypto trading pairs, with additional listings under review. Beyond having an institutional-grade platform, an experienced management team led by Wall Street quant trading veterans, and the backing of top-notch VC firms, BitMax.io is also highly user-focused and provides a wide range of client-focused services and benefits for its users. The first of many benefits Bitmax.io provides is record low transaction fees: On October 10th, 2018, Bitmax.io adjusted its trading fees from 0.1% to 0.04%, the lowest transaction fee in the industry. Furthermore, thanks to trading innovations such as transaction-fee based “Trans-Fee Mining,” BitMax.io provides high levels of liquidity while also allowing traders to earn BTMX, BitMax.io native tokens, as an alternate source of exchange income. In addition to the financial benefits of the platform, BitMax.io also provides exceptional infrastructure support and seamless trading experiences, thanks to 24/7 global operations, real-time trade settlement, high trading frequencies, and the fastest transaction rates in the industry at 400k TPS. BitMax.io also features deep and highly liquid order books. Not only is the platform’s infrastructure, mining models, and trading services designed to deliver high liquidity, but also due to the BitMax.io team’s in-depth wealth of experience and resources in the industry, it has been able to strike strategic partnerships with other platforms to deliver unprecedented services to its customers. Two of these partnerships, formed with Indian crypto exchanges Giottuss and Coindelta, will facilitate the sharing of order books across all three exchanges, thereby creating a deeper and a richer user base across the globe and providing users with higher liquidity and security from price fluctuations during trades. The development of industry partnerships, the ability to attract users and strategic investments, and the introduction of innovative mining models that provide traders with alternative sources of income all play in favor of BitMax.io’s future growth and success as a trading platform. As part of its growth, BitMax.io is publishing detailed distribution rules for BTMX tokens that are mined during transaction mining, which are as follows. Distribution rules Since BTMX tokens constitute a new form of utility value on the BitMax.io platform, BTMX token holders who agree to share transaction data will receive further platform benefits as an incentive to continue holding BTMX. BitMax.io will pay users for BTMX usage data, including mining, execution price, and other token circulation information in order to better manage BTMX statistics on the platform. Users who sign up and agree to share their token transaction information with BitMax.io will have 80% of the total platform transaction fee revenue distributed back to them. Furthermore, in order to stabilize the daily distribution rate that is in effect every day, a Data Usage Fee Pool (“the Pool”) will be set up using 80% of net transaction fee revenues. The Pool will redistribute 1/180 of the balance back to BTMX holders. Daily Deposit into the Pool = Daily Net Transaction Fee * 80% Daily Distribution of the Pool = Daily Data Usage Fee Pool Balance / 180 Individual Share of Platform Data Usage Distribution = Daily Distribution of the Pool * (24HR Weighted Average BTMX position / Aggregation of Total User Effective BTMX Position) Daily settlements of data usage fee distribution will start at UTC 00:00 based on the previous 24-hour distribution amount and will be paid into individual user accounts on BitMax.io at UTC 04:00 in the currency in which user transactions were executed. BitMax.io has quickly risen to levels of prominence in the cryptocurrency trading and exchange space. It provides traders with revenue-generating trading models such as transaction mining that differentiates maker vs taker trades, along with user-friendly features such as the real-time settlement of trades and institutional-grade trading architectures that support seamless trading experiences. High liquidity, deep

3 days ago


News courtesy of berminal.com
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