Medium Is the Latest Platform to Start Censoring Crypto Companies

Medium Is the Latest Platform to Start Censoring Crypto Companies

Cryptocurrency, a technology based upon principles of transparency, accountability, and censorship-resistance, is facing further censorship. Blogging service Medium joins a long list of platforms to have clamped down on crypto content together with Facebook, Google, and Mailchimp. As a service that’s meant to support free speech, Medium’s crackdown is all the more mystifying.

Also read: Freedom of the Press Foundation Now Accepts Five Cryptocurrencies

Medium Wields the Banhammer on Bug Bounties

Medium Is the Latest Platform to Start Censoring Crypto CompaniesMedium is the crypto community’s platform of choice for long reads and thought leadership pieces. It’s a place where the latest thinking on tokenomics, hashing algorithms, blockchain scaling and much more can be found. It’s also where ICOs and other cryptocurrency projects publish details of their crowdsale, bug bounties, and other initiatives for the benefit of their community. In the past week, however, Medium has begun inexplicably suspending the blogs of crypto projects. The reasons for its decision are sketchy, but the suspensions seem to be triggered by content discussing airdrops or bug bounties.

In a post entitled “Status, Medium, and Censorship”, Ethereum-based messaging platform Status wrote, on June 15: “Medium is currently one of the primary communication channels of the cryptosphere. Blockchain-based visionaries, both affiliated with projects and independent free-thinking technologists, have all made Medium a critical part of how they communicate. Recently, we attempted to publish a blog post announcing our latest Bug Bounty Program. The post was immediately suspended, followed by an automated email noting a general violation, without detailing any specifics, and a link to Medium’s recently updated policy regarding cryptocurrencies.”

Medium Is the Latest Platform to Start Censoring Crypto Companies
Status

They continued: “Though we had not violated any of these policies, we re-submitted several revisions that carefully edited out any potential trigger words, like “bounty”, “ETH,” and “SNT”. The post was never successfully published.” Status is not the only project to have been suddenly suspended without warning: this week Blockchain.io’s Medium page also succumbed to the same fate. It’s since been restored, but the most recent blog post, discussing its airdrop, has gone. While Blockchain.io’s Medium blog is hosted on the Medium platform, Status’s is self-hosted on their own domain. In each case, the end result has been the same: sudden suspension.

Creeping Censorship Is an Attack on Cryptocurrency

When Google and Facebook announced that they were calling a stop to ICO ads, few mourned their loss. But when other platforms joined in, including Twitter and, bizarrely, email marketing service Mailchimp, it led to fears that cryptocurrency was facing a concerted global attack. Be it through imitation or collusion, company after company has begun censoring or excluding crypto projects, whilst allowing far more egregious content including affiliate schemes, hate speech, and spam.

Medium Is the Latest Platform to Start Censoring Crypto Companies
Evan Williams

In its terms of service, Medium states that “We can remove any content you post for any reason” but does not specify what sort of content might give the company grounds to exercise that right. There is nothing that explicitly excludes cryptocurrency, airdrops, or bug bounties. Medium was founded by former Twitter CEO Evan Williams. While fellow co-founder and current Twitter CEO Jack Dorsey is extremely bullish on bitcoin, Evans’ only discernible comment on cryptocurrency is a single tweet posted five years ago.

“We worry that the seemingly arbitrary decision to suspend our blog is a sign of a troubling trend,” finish Status. “We’re concerned about the creeping censorship around cryptocurrencies. We want our society to be freer for everyone. We believe the forces of censorship and centralization often are closely bound and we worry when we see the power to freely express ourselves so arbitrarily limited.”

Why do you think Medium has begun censoring crypto content? Let us know in the comments section below.


Images courtesy of Shutterstock, and Medium


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Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain’s Official Account

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

This week the Twitter handle @Bitmaintech was locked down because Twitter administrators claimed the account belongs to a 4-year-old. The Twitter handle’s owner and Bitmain’s head of marketing have complained to the social media company’s support team and Twitter’s CEO Jack Dorsey. The account lockdown marks the second high profile bitcoin-related account that’s been banned from Twitter in just a few months.

Also Read: Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

The Official Bitmain Tech Twitter Account Has Been Suspended

On June 14 Bitmain Tech’s head of marketing Nishant Sharma tweeted to his followers that the company’s official Twitter account @Bitmaintech had been banned from Twitter. At the moment the Twitter account is completely inaccessible to the public and the Beijing-based company’s active ad campaigns have been paused.   

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account
The official @Bitmaintech Twitter account was locked on June 14, 2018.

Bitmain’s account accumulated thousands of Twitter followers over the past four years and now the account is unable to post or utilize the social media platform in any manner until the case is resolved.          

“The @Bitmaintech account is temporarily inaccessible because apparently, Twitter thinks that the people behind the account are as old as Bitmain i.e. 4 years old,” says Sharma.

It should be back soon (and long before Bitmain turns 13). @Jack help please. Case# 85911059

The Recent @Bitcoin Account Suspension

The account removal comes at an awkward time for the Twitter CEO, Jack Dorsey, who has been asked to address multiple issues tied to the social media platform. For instance, just recently the @Bitcoin account was banned and the topic was very controversial. The account with over 750,000 followers was initially suspended and then the account was restored with a much lower follower count than it had prior to the ban. Some people accused Dorsey of being biased and showing a conflict of interest towards supporters of the Lightning Network (LN) by allowing the banning of the @Bitcoin account. The reason for this speculation is due to Dorsey’s recent investment into the LN project.

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

 Legitimate Accounts Banned, but ETH Bot Impersonation Thrives

Twitter users within the cryptocurrency industry are also dealing with the vast amounts of scamming ETH bots that have cloned nearly every well-known person in the crypto-community. The ETH bots have managed to scam millions worth of ether because Twitter will not remove the fraudulent accounts impersonating digital currency luminaries. So essentially people are pretty frustrated that Twitter has managed to ban and censor legitimate users like @Bitcoin and @Bitmaintech, while allowing fraudulent scammers to run amuck all over the platform.

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

The case of Bitmain losing it’s official account, because Twitter admins believe it belongs to a four-year-old, seems absurd, but Twitter has been a whacky place lately, and the company hasn’t been very responsive. The issues with Twitter also follows the recent accusations and admissions stemming from other social media platform CEOs abusing their powers. Back in 2016, the Reddit CEO Steve Huffman admitted to editing comments on the pro-Donald Trump subreddit, r/the_donald. This year Facebook’s Mark Zuckerberg has been scrutinized for selling user data to Cambridge Analytica. And now Twitter users are complaining about banned accounts and censorship and many of them are pointing their fingers at Jack.   

What do you think about Bitmain’s Twitter account getting banned because admins believe the account belongs to a four-year-old child? Do you think Jack Dorsey and Twitter have a lot of explaining to do? Let us know your thoughts on this subject in the comment section below.


Images via Pixabay, Bitmaintech, the Twitter logo, @bitcoin, @bitmaintech, @laurashin 


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Industry Representatives Criticize Google’s Crypto Ad Ban

Industry Representatives Criticize Google's Crypto Ad Ban

With Google’s ban on cryptocurrency advertising set to formally come into full effect this month, many representatives of the cryptocurrency and investment industries have spoken out against the company’s move.

Also Read: Russian Court Overturns Decision to Block Bitcoin Website

Google Ban Expected to Come Into Effect This Month

Google announced that it would ban cryptocurrency advertising on its platform in March, following numerous anecdotal reports of declining ad performance on the company’s platforms from companies promoting initial coin offerings (ICOs). The move followed the implementation of similar advertising restrictions on Facebook.

The post stated that ads promoting “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice” would no longer be served on the company’s platforms “In June.”

Business Community Criticizes Crypto Ad Ban

Industry Representatives Criticize Google's Crypto Ad BanThe prohibitive policy regarding cryptocurrency adverts has garnered criticism from the community.

Revolut’s head of mobile, Ed Cooper, stated of the ban “Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire. A more targeted approach would definitely be preferable: it would seem heavy-handed for example to put a blanket ban on all ads for job postings, anti-virus software or charities just because ads for these products and service are also sometimes used as an entry point by scammers to target consumers.”​

The chief executive of UK-based investment firm Blackmore Group has accused Google of banning cryptocurrency ads due to harboring intentions of developing its own cryptocurrency. “I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices. I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms.”

Whilst no hard evidence of Google having expressed a desire to develop a cryptocurrency exists, a spokesperson for the company told Business Insider “Like many new technologies, we have individuals in various teams exploring potential uses of blockchain but it’s way too early for us to speculate about any possible uses or plans” in March. In May, Ethereum’s founder, Vitalik Buterin, shared a screenshot of an email from Google’s recruiting department, further fueling speculation that Google may be considering a foray into distributed ledger technology.

Google as “Gatekeeper of Information”

Industry Representatives Criticize Google's Crypto Ad BanGareth Malna, a fintech lawyer at Burges Salmon, has stated that “The decision by Google to act as a quasi-regulator in this context is a potentially troubling development given its vast commercial power.”

“​For Google to step in and block that market may sound like consumer protection, but is potentially overstepping its perceived role as gatekeeper to information,” Mr. Malna said.

Do you think that Google and Facebook will reverse their ad bans targeting cryptocurrency in the near future? Or are the restrictions here to stay? Join the discussion in the comments section below!


Images courtesy of Shutterstock


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Blockchain Skills? Hired! $120,000+ Plus Bonus!

Blockchain Skills? Hired! $120,000+ Plus Bonus!

Blockchain this and blockchain that might be so much hype, but no one can deny hundreds of millions of dollars, some say billions, sloshing around the ecosystem in search of advancing technology undergirding cryptocurrencies. There’s a battle in even the broader employment market as Facebook, Amazon, IBM and others search for blockchain development talent, pushing salaries and bonuses into the stratosphere.

Also read: CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning

Blockchain Jobs Need Talent with Know-How

The Wall Street Journal recently profiled the booming blockchain industry, honing-in on the demand from employers for a seemingly small pool of qualified candidates. And basic economic theory holds when the supply is at a premium and being chased by more and more dollars, the relative price will inevitably increase.

Katheryn Griffith Hill of Blockchain Developers, a headhunter, confirmed, “We are seeing people who are making half a million dollars,” she’s quoted, adding those with as little as three years experience are fetching “definitely well over $120,000” to start. The Journal continues, “Some 4,500 job openings with the terms ‘blockchain,’ ‘bitcoin’ or ‘cryptocurrency’ in the title were posted on LinkedIn this year through mid-May, according to the company. That is up 151% over the total in all of 2017. Just 645 such job openings were posted in 2016.”

Blockchain Skills? Hired! $120,000+ Plus Bonus!

Blockchains are simply a spin on database technology, and really aren’t all that new or even novel. That they’re used as accountancy in distributed ledger form, and decentralized in the cryptocurrency context, makes them valuable when attached to a currency such as bitcoin cash (BCH). Within the crypto world, such ledgers act as payment settlement systems, and, in the case of BCH, have solved the notorious bugaboo of creating a digital currency: double spending. For years, inventors were foiled by this problem. Satoshi Nakamoto’s insight, then, was to make coins like bitcoin cash become not only a medium of exchange and store of value but also contain a payment system, allowing for relatively trustless transactions between private parties to occur all over the globe.

Still other wags within the financial technology industry have seized on the neologism “blockchain,” a descriptive term to help explain how miners connect it all together, and stress the tech can solve virtually any problem. Animal spirits being what they are, the corporate world has dutifully swallowed the hype whole, and so nearly any company attaching itself to the mere mention of the word can sit back and watch their valuations climb.

Too Rich for Traditional Employment

Yuliya Chernova writes of a paradox as employers seek blockchain devs, describing how “many of the more experienced crypto developers already have made money trading bitcoin and Ethereum.” Indeed, hammering home the point Daniele Sileri, CEO of Blockchain Studios, insisted most “of the developers are millionaires already, so they don’t really care about money.”

Blockchain Skills? Hired! $120,000+ Plus Bonus!Initial coin offerings (ICOs) and venture capital have combined to lure many an accomplished dev away from traditional employment. Ripple’s David Schwartz underscores the fact “ICOs dumped a bunch of money on the industry,” to the degree that even money is “devalued” in the blockchain employment market, according to the Journal. Mr. Schwartz remarked how compensation has become “insane,” as he’s witnessed blockchain devs, at least two, receive “$1 million signing bonus offers,” the Journal notes.

Dearth of top dev talent is a global problem, and companies are struggling to distinguish themselves from the pack. Remote working arrangements, along with killer remuneration schedules, reveal work that “might have been free, there’s now a market for that work,” a dev at Augur said. Even “Augur itself has posted rewards of up to $100,000 for developers to complete certain tasks,” the Journal explained.

Do you think the blockchain employment market is overblown, or is it a good sign? Let us know what you think of this subject in the comments below.


Images via Pixabay.


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Roger Ver and Ryan X. Charles Reveal the Future of Cash

Roger Ver and Ryan X. Charles Reveal the Future of Cash

The Four Seasons Hotel Hong Kong (香港四季酒店) in the city’s financial center is this week’s spot for Roger Ver’s weekly video update, a project started just about a month ago. He’s joined at the five-star retreat for the episode by Ryan X. Charles, CEO of Yours.org. The two men discussed their participation in an international conference and revealed an exciting future for decentralized, censorship resistant, cash.  

Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech

Ver and Charles Make an Entertaining, Informative Pair

“Everybody’s been excited about ‘bcash’ for quite a while,” Roger Ver (CEO of Bitcoin.com) smiled and giggled with joy at the delicious irony. “So, it’s finally here everybody!” A very relaxed Mr. Ver has taken to making weekly videos, highlighting his work within the bitcoin cash community. He was prompted to laughter by Yours.org co-founder and CEO Ryan X. Charles, joining Mr. Ver for a one-off video recently. Both men were in the glow of Antiguan entrepreneur and Coin Geek owner Calvin Ayre’s latest Hong Kong conference. Overlooking Victoria Harbour, viewers soon notice there’s a third presence in the background. Turns out, the famous International Commerce Centre building in West Kowloon, all 1,587.9 feet of it, can be seen during its LED light show.

Roger Ver and Ryan X. Charles Reveal the Future of Cash

They were laughing at the name Purse.io chose for its latest product, bcash. When trolls wish to hector bitcoin cash supporters they often employ the name. Well, the two CEOs remarked gleefully, now the association has a real use case. It’s a fork of bcoin, a full node implementation, and both agreed they’d be employing the innovation. The Purse.io adventure parallels the ecosystem’s, as viewers come to find out. Mr. Charles prompts Mr. Ver into expanding on just why Mr. Ver was such a heavy proponent and user of the tech.

Mr. Ver explained how he used Purse.io for a great many business transactions, for nearly everything. When bitcoin core (BTC) fees became untenable for transactions, he left the service altogether, cashing out his remaining BTC for bitcoin cash (BCH). With Purse.io continuing to innovate and adapt, accepting BCH and offering a handy 15% discount on Amazon purchases, Mr. Ver happily encouraged viewers to return to the service. And indeed there does seem to be a resurgence in so-called micropayment tech, as more and more businesses transition to BCH.

Fast and Furious

Mr. Charles then raves about Openbazaar’s move into decentralized cryptocurrency exchange, a very big deal in the community. Traditional exchanges ask quite a lot of potential users, with frictions in onboarding and withdrawal, not to mention invasive personal questions. They’ve long gone against a basic aspect of crypto philosophy. Mr. Ver explained the store at Bitcoin.com will also sell its goods and services on Openbazzar.

Roger Ver and Ryan X. Charles Reveal the Future of Cash

Continuing on the micropayment innovations, both praised Mr. Charles’ latest project, the Money Button. The days-old tech is a spin on Yours.org’s BCH micropayment social media concept. Mr. Charles’ content providers asked for an API usable on their own proprietary websites; a money button, if you will, for the internet. The Yours.org CEO describes the Money Button as similar to pressing Like on Facebook. The prototype looks to be pretty amazing and transformative if the tech holds up: imagine every site surfed, readers and viewers had the ability to tip in fractions of BCH as a show of appreciation. Mr. Charles is careful to stress it is still not ready for large scale deployment, but he does want folks to give it a try over the next two months in the hopes of gaining feedback and working out bugs.

These are just some of the forward-looking subjects the two shared. Celebrating the ‘Pizza Anniversary,’ Marco Coino app, shout out to those protesting on behalf of a bitcoiner being charged for ridiculous crimes, more Lightning Network folly, decentralized crowdfunding through Lighthouse, Twitter censorship games, Memo.cash, Blockpress.com, and, of course, the 32MB Bitcoin Cash upgrade and OP codes. For those wishing to keep up with the ongoings of bitcoin cash, whose innovations are coming fast and furious, or are just curious about the digital currency. Roger Ver and Ryan X. Charles are arguably the best ambassadors around. No word if the two plan further collabs in the video sense, but Mr. Ver did stress future shows will include a displayed key which Bitcoin.com Wallet holders will be able to scan for free BCH!

Are you excited about BCH adoption and innovation? Let us know what you think of this subject in the comments below.


Images via Pixabay, Youtube.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.


This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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World’s Second Largest Search Engine Bans Crypto Ads

World’s Second Largest Search Engine Bans Crypto Ads

Melissa Alsoszatai-Petheo, of Microsoft’s Bing search engine, announced its advertising arm is banning all cryptocurrency advertisements. This follows market leaders such as Google, Facebook, and Twitter either severely restricting crypto ads or banning them altogether.

Also read: Ethereum Futures in US One Step Closer as CME Deal is Struck

Microsoft’s Bing Search Engine Bans Crypto Ads

Advertiser Policy Manager, Melissa Alsoszatai-Petheo, posted an update to Microsoft’s Bing search engine ad policy. Bing Ads to Disallow Cryptocurrency Advertising is the title of the company’s rather obvious move. “We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem,” Ms. Alsoszatai-Petheo began. “Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

World’s Second Largest Search Engine Bans Crypto Ads

Bing has consistently ranked a very distant second behind the Google juggernaut, which gobbles up better than 60% of search traffic on the internet. Google at the beginning of 2018 announced a far more specific series of cryptocurrency related prohibitions, down to defining contract for difference (CFDs) products.

It wasn’t too much later when Facebook followed, as we reported at the end of January, with “a new ruling issued on January 30, ‘ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.’” Twitter too, a mere two months later, presented its new advertising policy, severely restricting initial coin offering (ICOs) and token sales.

World’s Second Largest Search Engine Bans Crypto Ads

Protection is the Pretext

“To help protect our users from this risk,” the notice from Bing continued, “we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.”

Other than seeking a press cycle of promotion, it does appear “scams” were a bit of a problem during 2017, according to Bing’s annual report. “Tech scams are widely used by bad actors and we rejected 25 million ads in this category in 2017,” they insisted. And under the banner of misleading ads, Bing noted how last “year, we took down 30 million such ads, 20,000 such websites and 43,500 bad actors.”

Do you think crypto ad bans will have a negative impact? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

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Coinbase Remains the Most Successful and Important Company in the Crypto Industry

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

On its 6th birthday, Coinbase received high praise from Shapeshift’s Erik Voorhees. He Tweeted, “Coinbase remains the most successful and important company in the crypto industry.” Arguably, that is very much the case. The San Francisco-based cryptocurrency exchange with its barebone menu of offerings, combined with its easy user-interface and relatively smooth onboarding (almost no upfront deposit needed), provide an envious business model. That’s not to write the company is without faults, as it has many. It might not even be the future of retail crypto access, and perhaps it shouldn’t.

Also read: Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period

Coinbase is Easy, Light, Feisty

“Today is Coinbase’s sixth anniversary,” wrote COO Asiff Hirji. “We’re celebrating six incredible years working toward our mission to help create a more open financial system for the world! […] We are in the early days of our mission and there is still so much to do […] Have to know when to follow the rules, when to bend them and when to push to change them. Breaking them is neither ethical nor sustainable.”

It’s probably less of an exchange proper and more of a conservative cryptocurrency bank. It might be fair to simply label it a broker (without bids, asks, limit orders, margin trading, etc). Coinbase, founded six years ago this week, is arguably the most important company, regardless of its technical classification, within the space. It alone is responsible for introducing millions and millions of Americans to the wild phenomenon that is decentralized currency speculation.

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

Offering bitcoin core (BTC), bitcoin cash (BCH), ether (ETH), and litecoin (LTC), its sparse choices work to underwhelm those new to speculating on cryptocurrency. The format is light and only requires a linked bank account. Without the bother of having to hold and maintain decentralized currency, users can simply use the Coinbase client and trade for fractions, sometimes as low as $2.00. Fees, of course, apply.

At the time of available statistics, the Northern California broker had something like 13 million users (Altana Digital Currency Fund), some days back in 2017 clocking them at 100,000 new sign ups every twenty four hours. For a little while there, Coinbase was a top ten downloaded application in the Apple Store. Its yearly revenue eclipsed venerable legacy houses such as Charles Schwab.

Embarrassment of Riches

It continues to nab top professional financial sector talent such as Asiff Hirji from TD Ameritrade; to that end, it poached Facebook Messenger’s David Marcus to join its Board, and the two are exploring ways to exploit the social media platform’s giant user base in terms of blockchain technology (probably a proprietary token is in the works, but that’s a guess). Heck, even its alumni go on to do big things: Charlie Lee of Litecoin fame was a former director of engineering.

Merchants Dell and Expedia use it as a point of sale processor. For trading professionals, its Coinbase Exchange was rebranded to Global Digital Asset Exchange (GDAX), becoming one of the earliest to offer ether to financial pros.

Coinbase Remains the Most Successful and Important Company in the Crypto Industry
Brian Armstrong

For better or worse, Coinbase is the most prominent version of mainstreaming the crypto revolution. It’s young (CEO, Brian Armstrong, is barely in his mid 30s), feisty, ambitious, cocky, and sporting for market share. Its flounders are largely an embarrassment of riches: demand so great the company’s system crashed a few times during the runups of 2017, and its customer inquiries languished at times in ten day backlogs. Mr. Armstrong fired back, “There’s so many people rushing into the space, if it’s a bit of speculation, I’m O.K. with that. But we can’t guarantee the website’s going to be up exactly when you need it. Everyone needs to take a deep breath.”

That particular hiccup hasn’t been put away altogether just yet, as in January of this year alone formal complaints to the Consumer Financial Protection Bureau rocketed by more than 100%. Almost half were filed regarding “money not available when promised,” which is no small matter.

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

Peril’s of Centralization

In the scaling debate, Mr. Armstrong came firmly down on the side of big blockers, and, according to various sources, holds most of his crypto wealth in ether. Under his leadership, the company embraced economic reality, choosing when to fight on principle and where to give-in. For example, it was one of the notable in its class to snag a controversial Bitlicense from New York. Howls of sell out and capitulation could be heard far and wide. But this move signaled to potential investors and the broader financial community the company was less strident and more pragmatic in the all-important ‘business sense.’

It would regain some of its punkier credibility, at least for a time, when the United States’ taxman came calling. The Internal Revenue Service (IRS) evidently can read eye-popping price headlines. As market leaders such as BTC rose exponentially, so did United States citizens’ tax obligations. Yet nearly no one was complying. History will show the company did fight back, but history will also show it lost, having to hand over customer information for those who moved more than $20K in crypto (small percentage of its users).

Coinbase Remains the Most Successful and Important Company in the Crypto Industry

Then again, when New York’s top cop poked and prodded at exchanges, asking they account for this and that, Coinbase jumped as high as asked, issuing a very detailed letter. Kraken, on the other hand, went sideways at the presumption and hubris of such an invasion. The contrast could not be starker, and the more principled in the community noticed … as it did when it shut off access for Wikileaks, a seemingly purposeful separation from crypto’s anarchic roots. Such are the perils of centralization in the sense there are doors to kickdown, masters to please other than market demand. 

For the more cypherpunk among us, it is critical to acknowledge the truth. Coinbase is good people, but Coinbase is also in bed with the same folks who prompted crypto’s birth. That won’t do, and won’t do by a lot. If censorship resistance and decentralization are fundamental pillars, then we should look for exchanges in those images. Leave traditional banking schemes itching to please governments to their future: slow death.

Is Coinbase an overall positive or negative in the crypto community? Tell us in the comments below! 


Images courtesy of Shutterstock, Coinbase, Twitter.


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This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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The UK and USA need to extend their “special relationship” to technology development

The UK and the USA have always had an enduring bond, with diplomatic, cultural and economic ties that have remained firm for centuries.

We live in an era of profound change, and are living with technologies set to change things ever faster. If Britain and America work together to develop these technologies for the good of mankind, in a way that is open and free, yet also safe and good for our citizens, we can maintain the global lead our nations have enjoyed in the fields of innovation.

Over past months we have seen some very significant strides forward in this business relationship. All of the biggest US companies have made decisions to invest in the UK. Apple is developing a new HQ in the iconic Battersea Power Station, close to the new US embassy, while Google is building a billion dollar new HQ in the increasingly fashionable King’s Cross. Facebook, Amazon, IBM and Microsoft are all extending their operations, and a multitude of smaller US firms are basing their international headquarters in London.

They are all coming here because as we prepare to leave the EU we are building a forward looking Britain that is open to the wider world, and tech is at the heart of this.

Similarly, there have been major expansions or new investment from British firms into the US. Jaguar Land Rover, the UK’s largest automotive manufacturer, supports more than 9,000 jobs in the USA and have recently opened their new multimillion-dollar corporate North America HQ in New Jersey.  iProov, a leading British provider of biometric facial verification technology, became the first international company to be awarded a contract from the US Department of Homeland Security Science & Technology Directorate’s Silicon Valley Innovation Program last month.

We want to work with our global partners – to share expertise, and encourage investment – as we harness technology for the wider good. And that of course includes our old friend and closest ally, the USA.

We have a great deal to offer.

The UK was recently ranked the most AI ready nation among all the OECD countries. In the past three years, new AI start-ups have been created in the UK on an almost weekly basis.

Recently, UK government and industry together committed over $1 billion to support our AI sector, much of which will go towards entrepreneurs. Funding has been set aside to create a nationwide network of tech incubators, that we’re calling “Tech Nation”, which will support new AI businesses as they get off the ground.

We are also excited by — and I am a firm advocate for — the development of blockchain and similar technologies. The UK is leading the way in many areas where blockchain has the potential to be used, such as Fintech. There are now more people working in UK Fintech than in New York or in Singapore, Hong Kong and Australia combined.

And we are eminent in the development of immersive technologies, like Augmented and Virtual Reality, which look set to radically improve many areas of life in coming years, with applications as varied as flight simulation and surgical training techniques.

There is so much to be gained from close collaboration between our two countries on these new technologies and from sharing our expertise.

Together, we can reap the economic benefits of stealing an early lead in their development. We estimate that AI, for example, if widely adopted, could add $33 billion to the UK economy. But, perhaps most importantly, we can also work together to build a strong regulatory and ethical frameworks for their wider application.

It is the role of governments across the world, the UK and US included, to set frameworks for these decentralised, cross border systems so we can manage their use in a safe and effective way.

Our aim should be to harness the power and capability of technology but always for the benefit of, and in service to the populace.

We in the UK are avowedly pro-tech, always seeking to put its power in the hands of our citizens.

We have all learned valuable lessons from the recent scandals regarding data use, most recently around Facebook’s use of data.

We want to build a system that protects and cherishes the freedom of the Internet while protecting the rights of individuals, and their property, including intellectual property.

We want to see freedom in a framework; where our tech entrepreneurs have the space to innovate, knowing they do so with full public trust. Trust underpins a strong economy, and trust in data underpins a strong digital economy.

So in the UK we are developing a Digital Charter, to agree norms and rules for the online world and put them into practice. Our starting point is that what is unacceptable offline should not be tolerated in the online world. That includes how tech companies treat private citizens and use their data, as well as how people treat each other online.

Important changes like these cannot be agreed by one country alone. It is more important than ever that we work together and find common ground so we can make sure that tech continues to change the world for the better. Based on our mutual love of freedom and individual rights Britain and America have through history risen to challenges together. I firmly believe working together we can build that brighter future.

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls Coin

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls Coin

This week’s round-up features a colorful selection of bitcoin stories but we’ll start with the possible explanation for recent market dips. Most cryptocurrencies dropped in price over the period, following developments with depressing effect on traders. In Japan, Mt. Gox’s bitcoins stored in court ordered wallets have moved again, while in South Korea, the largest exchange Upbit has found itself under investigation for suspected fraud.  

Also read: Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain Mileage

Markets React to Disturbing News from Japan and Korea

The prices of leading cryptocurrencies dropped this week, with some recovery across the board on Sunday. The negative trend was probably determined by some notable developments in Asia, powerful enough to influence the mood of traders. Just as Bitcoin (BTC) looked poised to storm the $10,000 psychological threshold, the ghost of notoriously hacked cryptocurrency exchange Mt. Gox reminded bitcoiners it isn’t done with them yet. Tokyo-based court appointed trustee of the remaining bitcoin to be distributed among creditors, Nobuaki Kobayashi, seems ready to flood the market, again. According to Blockchain.info, over 8,000 coins from two court ordered cold storage wallets have been recently shifted. As soon as the news broke, BTC prices plummeted.

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls Coin

South Korean media reported that the country’s largest cryptocurrency exchange, Upbit, is under investigation on suspicions of fraud. The exchange confirmed the news in a statement and tried to reassure its customers that their assets are kept securely, while “all transactions and withdrawals are operating normally.” Reports suggested that Upbit is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account. Acting on that information, Korean prosecutors have conducted search and seizure against the company, securing computer hard disks and accounting records. Upbit is currently the world’s fourth-largest crypto trading platform.

China to Publish Monthly Crypto Report

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls CoinThe Chinese government has decided to keep a close eye on decentralized currencies, despite all crypto bans it has imposed so far. Beijing authorities are set to publish a regular monthly analysis of over two dozen crypto assets in the form of the new Global Public Chain Assessment Index. “This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide,” according to a government press release. Almost 30 cryptos will be analyzed. The coins included in the index are expected to conform to certain standards like having an independent main chain and an open block browser.

China is also working to develop a national standard for blockchain technologies and applications. The new system should be completed and introduced by the end of 2019, according to reports by state-controlled media in the People’s Republic. Initially the blockchain standard will include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards, but the scope of its applicability will be expanded in the future.

Localbitcoins Changes ToS to Comply With EU Law

The popular peer-to-peer exchange Localbitcoins has updated its Terms of Service (ToS), noting that the changes have been introduced mainly due to regulations in the European Union. The new ToS of the Helsinki-based trading platform highlight certain identification requirements. In some situations users will be required to submit a copy of ID, although identity verification is not yet implemented as a mandatory procedure for all traders. The company has detailed some of the situations in which identification will be necessary. These include trading over certain volume limits, cases of account hacking/recovery, and fraud investigations. The new terms will be enforced on May 25.

Facebook Mulls Own Token, Reports Say

Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain MileageThis week we also covered some interesting developments in our daily rubric “Bitcoin in Brief”. After introducing a ban on crypto-related ads earlier this year, social media giant Facebook is now considering creating its own cryptocurrency to facilitate on-platform payments, reports suggested. Sources familiar with the matter told the financial news outlet Cheddar that the network is serious about the project to introduce global crypto payments. A digital token would allow its two billion users around the world to take advantage of crypto transactions and skip state-issued fiat currencies. The company announced recently it had formed a team tasked to explore the uses for blockchain technologies that can be utilized to improve its business. The group is headed by David Marcus, former head of Facebook Messenger and ex-president of Paypal, who currently sits on the board of Coinbase.

BCH-Powered Social Media Apps Launch New Features

Two popular Bitcoin Cash social media applications, Memo and Blockpress, have introduced new features on their platforms this week. Users can now upload pictures, video, and even torrent magnets found on the Pirate Bay. Memo has recently added a bunch of features like replies, emojis, and a counter for typing. Its programmers also added a ‘Topics’ section where people can discuss any topic trending on the application. On Thursday, the Memo development team added image and Youtube video support. Users can now upload a picture or their favorite Youtube video utilizing an on-chain BCH transaction.

Last week, another BCH-powered social media application was launched – Blockpress. Just like Memo, the platform enables the ability to publish 77 characters via the Bitcoin Cash network. Its developer “Attila” said that after the May 15 BCH upgrade the Blockpress platform will provide the ability to upload much longer content. Currently, its users can add images to posts, a notification feed, community topics, and a sidebar of followed profiles on Blockpress.

Bitcoin and the Carnal Temptations

A bitcoin supporter hopes to replace New York Attorney General Eric Schneiderman, who resigned amid a sex scandal. Four women have recently complained about non-consensual physical violence by Schneiderman. Stock market lawyer and former stand-up comedian Manny Alicandro has announced his candidacy on the Republican ticket. He is described as bitcoin enthusiast and a crypto investor, who advises several blockchain startups. Alicandro’s campaign will highlight the current harsh regulation of bitcoin in the Empire State and may accept donations in bitcoin. He has been quoted as saying that he would like to see lighter rules for cryptocurrency businesses. Alicandro believes that New York’s Bitlicense regime is hurting jobs and stifling innovation.

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls CoinNY Attorney General Eric Schneiderman resigned just hours after the news about the violent sex scandal broke. His administration was behind an investigation into the operations of bitcoin exchanges which was rebuked by representatives of the crypto industry like Kraken CEO Jessie Powell who sharply criticized the regulatory overreach of his office.

This week bitcoin and carnal pleasures were mentioned together more than once. Exotic dancer Brenna Sparks, featured in the article about a Las Vegas club where strippers accept bitcoin via QR tattoos, has published a blog post on an adult entertainment industry portal explaining the advantages of cryptocurrency to her colleagues. Noting that digital money can help with upholding privacy and fighting piracy, Brenna also points out the main advantage of cryptos like bitcoin – helping people in the business avoid paying almost 50% to middlemen.

What are your thoughts on this week’s bitcoin topics? Let us know in the comments section below.  


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Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain Mileage

Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain Mileage

Reports suggest that Facebook may develop its own crypto. The plan is worth a mention, especially on the backdrop of the crypto ban imposed by the social media network. In Saturday’s Bitcoin in Brief, we also cover Telegram’s advance towards implementing its payment system using the Gram token. Some blockchain stories with beers and beamers complete today’s round-up.

Also read: Bitcoin in Brief Friday: China Mulls Blockchain Standard, Zcash Fights Chinese ASICs

Facebook Mulls Own Token, Reports Say

Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain MileageFacebook is reportedly considering creating its own cryptocurrency. Sources familiar with the matter told the financial news outlet Cheddar that the social media giant is serious about the project to introduce global crypto payments on its platform. A digital token would allow its two billion users around the world to take advantage of crypto transactions and skip state-issued fiat currencies.

Facebook announced recently that it had formed a team whose main task will be to explore the uses for blockchain technologies that the company can utilize to improve its business. The group is headed by David Marcus, former head of Facebook Messenger and ex-president of Paypal, who currently sits on the board of Coinbase.

The development of the payments system, however, is likely to take some time, possibly years. Marcus, who is a crypto enthusiast and an early investor, has been quoted as saying that crypto payments are still very slow and expensive. Facebook is not planning to hold an initial coin offering (ICO) to fund the project. In January, the social network banned crypto-related ads, including advertisements of token sales.

Telegram Moving Forward with Crypto Payments

Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain MileageTelegram, on the other hand, has already raised enough money to fund its own blockchain project and payment system. The messaging service, which is popular with the crypto community, has already attracted $1.7 billion dollars to finance its Telegram Open Network (TON). The company, founded by Russian entrepreneur Pavel Durov, has decided to call off a planned public ICO.

According to Russian media reports, Telegram is now conducting closed tests of a new service designed to store users’ information and documents for verification purposes. Telegram Passport will be used to keep personal details and copies of IDs, banking statements, and utility bills which will be used to identify users on Telegram’s blockchain TON.

The identity verification feature is needed to facilitate payments using Telegram’s own crypto token called Gram. Once uploaded, the personal information can be potentially shared with partners within the platform, but also on their systems. Telegram Passport, which should be launched by the summer, is expected to prevent anonymous crypto payments.

Crypto Beer Vending Machine to Check Age

Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain MileageCivic, a San-Francisco-based startup, has recently announced plans to introduce a “crypto beer vending machine.” The project, which will be realized in partnership with a leading US beer producer, aims to also prove that blockchain can be used to verify if a thirsty guy or girl have 21 years of age to legally consume the alcoholic beverage. To get a cold can, one has to install Civic’s app on their smartphone, verify their ID, and then walk up to the machine, Futurism reports. The project’s success depends on the readiness of government authorities to accept identity verification performed on a blockchain. Civic’s beer vending machine is still a prototype.

BMW Tracking Mileage on a Blockchain

Another blockchain partnership aims to track the mileage of cars. A team at BMW, the German automobile manufacturer, has been tasked with finding a way to better preserve the resale value of vehicles leased by the company. Collecting reliable data for the mileage, amortization and maintenance of these cars is crucial for achieving the best price on the second-hand market.

Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain MileageThe blockchain startup DOVU has been invited by BMW to establish a partnership with Alphabet, the auto giant’s leasing and fleet vehicle branch, and BMW’s Innovation Lab in order to develop a system to collect and keep record of the important information. The companies behind the project hope to also evaluate how effective tokenization can be in encouraging customers’ cooperation.

In a pilot program implemented by the partners, BMW drivers are prompted by a custom wallet app to take a picture of their dashboards once a week. All submissions are added to DOVU’s blockchain which is used by Alphabet to compile consistent and unalterable data reflecting the exploitation of the vehicles. The information is then used to assess the mileage and the depreciation of the used cars and ultimately determine their resale value.

What do you think of today’s Bitcoin in Brief stories? Let us know in the comments section below.


Images courtesy of Shutterstock.


Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain Mileage appeared first on Bitcoin News.

Facebook May Issue Its Own Cryptocurrency: Report

Social media giant Facebook is exploring the benefits of releasing its own cryptocurrency, financial news outlet Cheddar reported on Friday. Citing anonymous sources familiar with the matter, senior reporter Alex Heath said that the company — whose $533 billion market cap is a $140 billion larger than the current cryptocurrency market cap — is holding … Continued

The post Facebook May Issue Its Own Cryptocurrency: Report appeared first on CCN

Israel Tax Authority Hunts for Bitcoin Traders on Social Media

Israel Tax Authority Hunts for Bitcoin Traders on Social Media

Various local branches of the Israel Tax Authority have sent out letters to those they suspect are trading bitcoin without reporting it. The tax agency demands in those letters that the recipients will divulge all of their involvement in the cryptocurrency market including all past transaction history and current holdings. People are being asked to list all exchange accounts and wallets they ever had and report their trade earnings. Additionally, the agency demands that people will reveal if they are engaged in mining.

Also Read: Bitcoin Supporter Might Be Next NY Attorney General

Check Your Mailbox

Israel Tax Authority Hunts for Bitcoin Traders on Social MediaThe agency appears to be be very confident in its suspicions as some local tax offices have not even bothered with sending out the letters with demands for information, instead they just opened a business case for anyone they think is trading bitcoin. Those people are simply informed they must pay income taxes as business owners now, fill reports retroactively back from 2013 as well as keep balanced books and report taxes on salaries to employees as any other business, as if they were restaurant or factory owners.

Earlier this year the tax agency issued a circular on the matter, declaring that bitcoin is an asset, and thus anyone trading it must pay the capital gains tax of 25% and anyone considered to be running a business must also pay the VAT of 17%. The Tax Authority commented to Israel’s Globes newspaper: “Following the publication of the circular, which reflects the Authority’s position on the taxation method of trading and investing in virtual currencies, the Authority is working to locate those active in the field who do not manage a case in the tax authorities. We recommend that those who conduct unregistered activity in these areas take advantage of the existing channels to settle their issues before they will have to endure the unpleasantness that accompanies enforcement. ”

Monitoring Social Media Groups

Israel Tax Authority Hunts for Bitcoin Traders on Social MediaThe Tax Authority is not exposing how it got its hands on a list of bitcoin traders in the country to check if they report or not, but there a few obvious ways. The banking system in Israel is very hostile to any bitcoin dealings, and the banks thus probably proactively report all inbound and outbound transactions involving known accounts of exchanges abroad as possible money laundering and tax evasion. And the few local trading avenues available to Israelis can easily be compelled to hand over a list of their clients with a warrant.

Investigators have used more creative means, however, people familiar with the tax scene told the Globes newspaper. They claim that undercover agents are monitoring local groups for peer to peer buying and selling of bitcoin and other cryptocurrencies on Facebook, Telegram and Whatsapp. The information gathered there is said to be sophisticatedly cross-referenced with other available data.

What should Israeli bitcoin do with this information? Share your thoughts in the comments section below. 


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Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

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Bitcoin in Brief Wednesday: Stripper Explains Bitcoin to Adult Industry, Facebook Explores Blockchain

Bitcoin in Brief Wednesday: Stripper Explains Bitcoin to Adult Industry, Facebook Explores Blockchain

Today’s edition of Bitcoin in Brief showcases the continued rapid pace at which the cryptocurrency revolution is disrupting all segments of the business world, from the adult entertainment industry, to stock exchanges and even social networks.

Also Read: Details Emerge on Foxconn-Manufactured Ultra-Secure Crypto Phone

Stripper Promotes Bitcoin for the Adult Industry

Brenna Sparks, the exotic dancer last featured in the news about a Las Vegas club where strippers accept bitcoin payments via QR tattoos, has published a blog post in an adult entertainment industry portal explaining the advantages of cryptocurrency to her colleagues. While she notes it can help with privacy, fixing piracy and other issues, the main advantage is helping people in the business avoid paying almost 50% to middlemen.

Sparks writes: “Every time you perform or make content and distribute it, you’re losing up to half of your earnings to who-knows-what on fees alone…Nothing is more discouraging than to watch yourself give up nearly half of your earnings ‘just because’…Although greed does play a role, what plays an even bigger role is discrimination. The reason this issue exists is because common payment processors like Paypal, Google, Stripe, etc. will not allow you to perform a transaction related to any adult work, and Banks like BofA or Chase will close your account if they suspect you do adult work…Cryptocurrency offers a simple solution – ultra-low fees, no discrimination, and instant transactions anywhere in the world. No bank, company, or government can tell you what you can or cannot use your money on or where you can use it, and no more ultimatums that studios and performers have grown accustomed to.”

Facebook Explores Blockchain

Facebook has formed a new team of top executives to explore the uses for blockchain potentially available for the company to improve its business. This according to multiple sources familiar with the matter cited by Silicon Valley media recode. The team is headed by David Marcus, the former head of Facebook Messenger until this move. The company did not provide any details about the applications they will be working on, however, Marcus is former president of Paypal and currently seats on the board of Coinbase, so speculating about cryptocurrency-enabled payments via messaging is not totally out of the question.

Kin Forks Stellar

Bitcoin in Brief Wednesday: Stripper Explains Bitcoin to Adult Industry, Facebook Explores BlockchainWhile Facebook is just exploring, other social app developers are already implementing. The Kin Ecosystem Foundation, the governance body for Kin which will be integrated into Kik as the primary transaction currency, has announced that it will build its own blockchain based on Stellar. This while continuing to use ethereum for security and liquidity to token holders. “Most crypto projects to date have been technology-driven first and product-driven second. Kin has always been the opposite,” said Ted Livingston, Founder and CEO of Kin and Kik. “After working heads down alongside the best minds in the industry we came to the conclusion that a hybrid solution of Ethereum and our own fork of Stellar would benefit the Kin Ecosystem, both short and long-term. Our goal is for Kin to be the most used cryptocurrency in the world, and this will help get us there sooner.”

Kik Messenger has over 300 million registered users, and is mostly popular with teenagers. It is known for features preserving users’ anonymity, such as allowing registration without a telephone number. Kin was meant to be an ERC20 token but the developers were frustrated with Ethereum’s performance and ditched the plan. Its ICO earlier this year raised nearly $100 million from more than 10,000 investors from 117 countries.

ICE to Launch Bitcoin Platform?

Intercontinental Exchange (NYSE: ICE), the parent company of 23 regulated marketplaces including the New York Stock Exchange, has reportedly been working on an online trading platform that would allow big investors to buy and hodl bitcoin. This according to The New York Times, citing emails and documents viewed by the newspaper and four people briefed on the effort who asked to remain anonymous because the plans were still confidential. Details of the platform that Intercontinental Exchange is working on have not been finalized and the project could still not come to fruition, however, this news serves as another signal for Wall Street’s strong desire to tap into the bitcoin market.

Sex Scandal Brings Down NY AG

Bitcoin in Brief Wednesday: Stripper Explains Bitcoin to Adult Industry, Facebook Explores BlockchainSpeaking about New York, the state’s Attorney General Eric Schneiderman has resigned just hours after the news about a violent sex scandal broke. As you may recall, Coinbase recently applauded the investigation into the operations of bitcoin exchanges launched by the NY AG in sharp contrast to the rebuke by Kraken CEO which took a brave stand against the American regulatory overreach.

The New Yorker magazine reported that four women complained about non-consensual physical violence by the AG. “In the privacy of intimate relationships, I have engaged in role-playing and other consensual sexual activity,” Schneiderman said in a statement. “I have not assaulted anyone. I have never engaged in non-consensual sex, which is a line I would not cross.”

CZ Defends ICOs

ICOs have gotten such a bad reputation recently that many projects today do their best to call their token crowdfunding by any other name. But now Changpeng Zhao , the  Binance CEO, has come to the defense of initial coin offerings. The main argument by CZ is that ICOs enable many more projects to get funded than by traditional VC means, thus accelerating the pace of innovation. They also allow entrepreneurs to create solutions instead of wasting time on trying to raise funding in the old ways, and smaller investors can get in on the action that is normally reserved for accredited investors only.

Regarding the issue of fraud, CZ writes: “Scams exist everywhere, in every industry. I still receive phone calls and SMS telling me I won a grand prize, but I need to make a bank transfer to someone first. Does that mean we should stop using phones, SMS, and banks? The same law enforcement dealing with scams in traditional industries still applies in new industries. We don’t need to re-invent the wheel here.” And as for failures, he adds: “Most ICOs are new startup projects, and have a high rate of failure, just like in traditional startups. This is nothing new. Most ICO investors already know this.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below. 


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Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

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