The Daily: Peak Blockchain and Stablecoin Drama

The Daily: Peak Blockchain and Stablecoin Skirmishes

Differentiating truth from fiction isn’t always easy, especially in the realm of blockchain. We’ve got distributed ledger stories both real and fanciful in this edition of The Daily, as well as hardware wallet news, an update on bitcoin futures, and the obligatory smattering of stablecoin drama.

Also read: Blockchain Surveillance Firm Partners With Cryptocurrency Exchange Binance

Blockchain.com Announces Airdrops

The Daily: Peak Blockchain and Stablecoin SkirmishesBitcoin wallet and blockchain analysis service Blockchain.com has decided to host airdrops. The platform, whose 29 million wallets make it the industry’s largest bitcoin wallet provider, unveiled its airdrop program on Oct. 17.

“We think that airdrops, when executed properly, have the potential to meaningfully drive decentralization and supercharge network effects,” they explained. “That’s why we’re thrilled to share a set of guiding principles that will inform Blockchain Airdrops.”

The service promises to be good news for token creators, who can tap into Blockchain.com’s network of ready-made cryptocurrency users. It remains to be seen, however, whether wallet owners will take kindly to being showered with largely worthless tokens. Just as the Coinbase-owned Earn.com allows emerging ICOs to get seen by influencers, Blockchain.com will place ICO tokens in the hands of core users.

“Since Blockchain users self-custody,” the company explains, “they have immediate control, ownership and use of their newly-airdropped crypto. They can participate directly in the network without going through a cumbersome intermediary.”

The Onion Does Blockchain

From one blockchain to another, and satirical publication The Onion has published a short guide to the technology. From the site that brought us such gems as “Man Who Thought He’d Lost All Hope Loses Last Additional Bit Of Hope He Didn’t Even Know He Still Had,” we learn that blockchain “Provides a more efficient way for you to lose all your money at once.” Other choice responses from The Onion’s Q&A include the following:

The Daily: Peak Blockchain and Stablecoin Skirmishes

Bitcoin Futures Volume Soars

Moving back into the realm of real news, CME has revealed that bitcoin futures volume rose 41 percent in the third quarter of this year. This trend attests to the growing interest in bitcoin from traditional financial markets.

Coolwallet S Adds ERC20 Token Support

Coolwallet S, which we’ve previously reviewed, is a fly credit card-sized hardware wallet for storing BCH, BTC, ETH, and other cryptocurrencies. The distinctive wafer-thin wallet, manufactured by Taiwan’s Coolbitx, has just added support for ethereum tokens. Users can now add any ERC20 token to the wallet and manage it via the accompanying iOS or Android app. Due to its portability, the wallet has proven popular with cryptocurrency holders who desire access to their digital assets while on the go.

Stablecoin Spat Breaks Out

And finally, The Daily’s news roundup wouldn’t be complete without some sort of stablecoin drama to report. Tether, whose Twitter account sees activity approximately once a month, broke its silence to take aim at Cameron Winklevoss, owner of Gemini exchange’s rival GUSD stablecoin. A war of words over Tether’s inability to publish a full audit of its USDT dollar-pegged token has erupted, with Bitfinex/Tether defender Whalepool asserting that no fiat-backed stablecoins are fully audited.

“Thank you for continuing the long-standing tradition in crypto where the default position is to go out half-cocked w/out any expertise or knowledge in an area and pretend to know what you are talking about,” Winklevoss retorted.

“While [other stablecoins] might not be able to get a full blown audit,” chipped in The Block’s Larry Cermak, the likes of Gemini, Paxos, and Truesd “are hiring real auditing firms. Now remind me what auditing firm is doing audits for Tether please. I forgot.”

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: A Dirty War on Bitcoin

Today’s installment of The Daily is all about dirty tricks. The sort of tricks designed to convince the world that Bitcoin is bad. Spending bitcoin, mining it, or allowing the Chinese to mine it ahead of the U.S. — all bad, according to American Express, the White House (allegedly) and a handful of other haters. Needless to say, we’ll set the record straight on all counts.

Also read: How Bitcoin Mining Can Help Nuclear Reactors

American Express Fuels Anti-Bitcoin FUD

American Express’ decision to promote a tweet emphasizing the energy consumption of Proof-of-Work cryptocurrencies has been met with astonishment, with r/Bitcoin describing the act as “anti-crypto propaganda.” As one Redditor quipped: “Ah we’ve moved into the ‘then they fight you’ with shitty marketing phase.” Mining is the most widely misunderstood component of Bitcoin, and one which the media and corporations consistently get wrong, be it through ignorance or ulterior motives.

The Daily: The Dirty War on Bitcoin

As news.Bitcoin.com recently noted, “You’ll often hear from mainstream media and uninformed economists that bitcoin burns more energy than a whole country. And while that accusation is far from the truth, as we’ve explained before, you’ll be surprised to hear something you are not being told — it’s way better to burn excess energy than waste it.” Readers can reach their own conclusions as to why American Express might be interested in playing up Bitcoin’s energy consumption, but it’s safe to say that environmental concerns have nothing to do with it.

No, the White House Doesn’t Care
About Bitcoin Mining

The Daily: The Dirty War on BitcoinHow much thought does the White House give to bitcoin mining? “Not a lot,” would be most people’s response, but then most people don’t work for Ripple. A clickbait piece in Forbes yesterday (Oct. 16) titled “China’s Bitcoin Dominance Is Worrying Trump’s White House — And Pushing It Toward Ripple” provoked derision in most quarters of the cryptocurrency space. Few, outside of XRP acolytes, took the article seriously, but there was one notable exception — Nouriel Roubini.

The fervent bitcoin-hater shared the Forbes article, asserting that the White House was “waking up” to the risks of Chinese mining pools, and credited his U.S. Senate testimony with highlighting the “national security risks” of enabling China to control 80 percent of bitcoin mining. As previously noted by news.Bitcoin.com, the location of cryptocurrency mining has no bearing on the network’s security, and Bitmain’s dominance is unlikely to feature in President Trump’s daily briefings. Nor, for that matter, is the mining-free alternative offered by Ripple’s native cryptocurrency, no matter how desperately its marketing team tries to insinuate such. Preston Byrne, predictably, was having none of it:

The Daily: The Dirty War on Bitcoin

The Case for Post-Bitcoin Maximalism

You’ve heard of Bitcoin maximalism. Now say hello to post-Bitcoin maximalism, the next level of wokeness. While thought pieces generally aren’t the preserve of The Daily, which is more news-oriented, Ferdous Bhai’s treatise on post-bitcoin maximalism warrants a mention. The widely shared post, published on Oct. 15, takes aim at those who wish to define what Bitcoin is and how it should be used. By way of example, the post includes Giacomo Zucco’s much-maligned slide that professes to share four universal truths about Bitcoin.

The Daily: The Dirty War on Bitcoin

Dismissing these notions, and others expressed by maximalists, Bhai writes: “One of the major reasons I believe we haven’t seen a war on Bitcoin is the existence of altcoins. Altcoins are insurance against state-level attacks on Bitcoin … From a game theory perspective, state-wide attacks on Bitcoin is a dumb idea, as long as the threat of one or more altcoins to replace Bitcoin’s role exists … Bitcoin is not the end-goal; it’s a means to our goal of censorship-resistant, permissionless, denationalized money that we can opt in and out voluntarily, not by coercion, social engineering or threats of violence.”

As Bitcoin grows stronger, attacks against it from governments, from legacy payment providers, and from concern trolls will only increase. It’s a dirty war.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Tether Regains Ground, Coinbase Does Dublin

The Daily: Tether Regains Ground, Coinbase Does Dublin

Today’s edition of The Daily starts where Monday’s left off: by looking at the latest on Tether, whose stablecoin anchors so much of the cryptoconomy. In related news, we detail Bitfinex’s banking situation and reveal why Coinbase has chosen Dublin to be its European headquarters.

Also read: Tether Sheds Its Peg

Tether Regains Ground

The chart below isn’t your average Binance altcoin experiencing some characteristic volatility. It is in fact that of two supposed stablecoins trading against one another: tether (USDT) and trueusd (TUSD). Following yesterday’s shenanigans, which saw tether slip to around $0.88 on some exchanges, the token has regained a little ground and now sits at $0.95, according to Blockmodo.

The Daily: Tether Regains Ground, Coinbase Does Dublin

The data remains skewed, however, by the fact that tether is valued at a flat $1 on Bitfinex, where it is the only U.S. dollar trading pair. Sites such as Coinmarketcap, which record tether’s seemingly perfect dollar parity on Bitfinex, create the impression that USDT’s global average is higher than it actually is. At the time of publication, 1 TUSD was trading for 1.06 USDT on Binance. While Binance offers a range of stablecoins, it remains heavily invested in tether, with holdings of ~$850 million, meaning it owns more USDT than even Tether itself. On Monday, Tether came out fighting, with chief compliance officer Leonardo Real insisting:

Although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities.

Huobi, the world’s fourth largest exchange, has now followed the lead of Okex and introduced a handful of new stablecoins to alleviate traders’ concerns. TUSD, USDC, GUSD and PAX will all be listed on Oct. 19. The market capitalization of Circle’s USDC has grown by 85% in the past week, surpassing $25M, with more than 40 platforms now supporting the stablecoin. Bitfinex, meanwhile, has confirmed that its fiat deposits are on course to be restored, a move that ought to restore a measure of confidence in the exchange:

Coinbase Seeks Dubliners to Join Irish Outpost

“Coinbase is expanding its European presence by opening a new office in Dublin,” revealed the serpentine exchange, whose tentacles span multiple continents and crypto sectors. “We look forward to tapping into the city’s diverse talent pool and contributing to its burgeoning crypto economy,” they added. What Coinbase didn’t mention is that Ireland’s famously low corporate taxes will have been pivotal in sealing the deal. The California-based firm will be joining the 700 other U.S. companies to date that have made Dublin the seat of their European operations, including Apple.

The Daily: Tether Regains Ground, Coinbase Does Dublin

“I am delighted that Coinbase is opening an office in Dublin,” said Ireland’s Minister for Financial Services and Insurance Michael D’Arcy. “This decision highlights the competitive offering and attractiveness of Ireland for financial services.” Coinbase has now embarked on a recruitment drive ahead of the opening of its Dublin office.

Eraswap and X Cloud Usher in
Censorship-Resistant Platforms

The Daily: Tether Regains Ground, Coinbase Does Dublin
Cloud X

We’ve written a lot lately about censorship and the tools being developed to thwart crackdowns by the dominant web platforms such as Facebook and Twitter. Decentralized applications have the potential to ease some of the pain points that are afflicting web users, including account shutdowns and permabans. Eraswap, a platform that aims to refine social media via a social economy and marketplace dapp tailored to the user’s interests, can be added to that list. Then there’s Internxt, which has just released the beta of its X Cloud decentralized storage with 10GB provided for free.

Distributed storage is big business right now, with the likes of Akash also releasing its own cloud storage solution designed to thwart internet censorship. Having inked partnerships with Blackberry, Civic and Y Combinator, Internxt has already drummed up a fair bit of interest in its decentralized storage solution.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Tether Sheds Its Peg

The Daily: Tether Sheds Its Peg

What kind of a world are we living in when bitcoin and tether, two of the stablest currencies in the cryptosphere, break out at the same time? Bitcoin is headed north while tether has taken a tumble in events that are closely linked. Of course, there’s other news in this edition of The Daily, like an NBA star selling his sneakers for bitcoin, but there’s only one story that’s got everyone talking: the crazy, topsy-turvy tale of tether, the stablecoin that couldn’t keep its peg.

Also read: Report: Barclays Drops Plan for Cryptocurrency Trading Desk

Tether Slides, Bitcoin Glides

After enduring months of scarcely moving — BTC because it was trapped within a tight range and USDT because that’s its job — both coins have made big moves over the past 12 hours. BTC began to soar around 2 a.m. EST, hitting $7,500 per coin before settling around the $6,900 mark. Tether, meanwhile, began to slide on Bitfinex, flash-crashing to as low as $0.88 after struggling to maintain dollar parity all week.

The Daily: Tether Sheds Its Peg
USDT dropped to under $0.90 against TUSD on Kraken.

“Watching tether die,” tweeted constant critic @Bitfinexed, who had likely been waiting for this moment all his life. In the midst of all the drama, Bitfinex issued a clarification, stating that fiat deposits should be re-enabled by Tuesday, Oct. 16. Meanwhile, the Kucoin exchange temporarily stopped USDT deposits and withdrawals due to “wallet system maintenance.” Needless to say, the movements of BTC and USDT are closely correlated, with traders seeking to escape the uncertainty of tether in favor of a safer haven. We’ll have more on this story, and what it means for Bitfinex, Tether and the cryptoconomy as a whole, later today.

 Muun Launches Bitcoin Core Wallet

A new everyday wallet for storing and sending bitcoin core has been released in beta. Muun is now available on Google Play, with an iOS version to follow soon. “Muun is designed for people who use at least a small portion of their bitcoins. Some use cases are introducing new people to cryptocurrencies, sending money to friends, paying for online services, or getting paid for a remote job,” its developers explain.

The Daily: Tether Sheds Its Peg

In action, the wallet is easy to use, but is short on the sort of features that more advanced users might desire. There’s no ability to paste in wallet addresses, for instance — it only works with a QR code — and users are obliged to register an email address upon signup. For sending and receiving BTC to friends and family, however, Muun looks just the ticket. That said, for a more feature-rich wallet that’s equally user-friendly, and accepts BTC and BCH, the Bitcoin.com Wallet has got you covered.

Spencer Dinwiddie Sells Sneakers for Bitcoin

The Daily: Tether Sheds Its PegBrooklyn Nets star Spencer Dinwiddie is big on three things: height, basketball and cryptocurrency. The first two go hand in hand for the 6-foot-5-inch NBA point guard — or hand on rim, rather. Since buying his first bitcoin at $3,000 last year, Dinwiddie’s been hooked. This season his signature K8IROS sneakers, developed in cooperation with a company called Project Dream, will be buyable in bitcoin.

Dinwiddie also had some interesting comments to make about cryptocurrency, and bitcoin adoption in general.

“Blockchain in essence is transparency. So if as humans we’re looking, searching for transparency, we’re gonna get there eventually,” he said. “Now, what does that mean for the price? I don’t know. Is it a $10K bitcoin, $5K, $500K? Nobody knows; I think everyone’s guesstimating. But the tech base in general, if we as a people — all seven-and-a-half or eight billion of us — say we want truth and transparency, it’s the next step.”

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Robinhood Reaches 25th State, Fake Adobe Crypto Malware

The Daily: Coinbase Ditches Crypto Index Fund, Robinhood Reaches 25th State

In today’s edition of The Daily we cover stories about Robinhood expanding to its 25th American state, recently discovered mining malware, Coinbase ditching its crypto index fund, and a new blockchain job for a former advisor to president Trump.

Also Read: US Court Issues Emergency Order Halting a Planned Initial Coin Offering

Robinhood Reaches 25th State

The Daily: Coinbase Ditches Crypto Index Fund, Robinhood Reaches 25th StateRobinhood Markets, the stocks, options and crypto brokerage app, has reached its 25th U.S. state. This means its free trading app is now available across half of America. The Menlo Park-headquartered company announced this week that it has expanded its services to Ohio.

With this latest expansion, Robinhood Crypto is now available in Ohio, Rhode Island, Tennessee, Arkansas, Alaska, Oklahoma, Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia, and Wisconsin. The app features support for BTC, ETH, BCH, LTC, DOGE and ETC.

Coinbase Ditches Crypto Index Fund

Exchanges Roundup: Ledgerx readies ETH Futures, Coinbase Partners With CaspianCoinbase, the popular US exchange, is ditching its crypto index fund that was designed to attract big investors in the field. The Coinbase Index Fund is a private fund that seeks to track overall performance of the cryptocurrencies listed on Coinbase’s exchange, GDAX. The minimum investment amount for the fund is $250,000 and the maximum is $20 million, with an annual management fee of 2%.

The San Francisco-based company first unveiled the fund on March 6 and the service was opened to investments on June 12, with Reuben Bramanathan, Product Lead of Coinbase Asset Management, claiming: “We’ve seen overwhelming interest from investors since we announced the fund earlier this year.” Now it appears that this overwhelming interest failed to materialize into actual clients, resulting in the service’s discontinuation.

The company is said to be shifting its attention to a new retail offering, Coinbase Bundle, a recently launched basket of cryptocurrencies investors will be able to acquire for as little as $25, as we detailed briefly in yesterday’s episode of The Daily.

Crypto Mining Adobe Flash Malware

The Daily: Coinbase Ditches Crypto Index Fund, Robinhood Reaches 25th StateHackers are using fake Adobe Flash updates to install malware on victims’ computers and hijack them to mine cryptocurrencies like monero (XMR), researchers from cyber security firm Palo Alto Networks Inc. have discovered. Organizations with decent web filtering and more educated users have a much lower risk of being infected by such fake updates, however, they note.

“In most cases, fake Flash updates pushing malware are not very stealthy … However, a recent type of fake Flash update has implemented additional deception. As early as August 2018, some samples impersonating Flash updates have borrowed pop-up notifications from the official Adobe installer. These fake Flash updates install unwanted programs like an XMRig cryptocurrency miner, but this malware can also update a victim’s Flash Player to the latest version,” the researchers explained. “Because of the legitimate Flash update, a potential victim may not notice anything out of the ordinary.”

Gary Cohn’s New Blockchain Job

Another top ex-Trump administration official has entered the crypto ecosystem, following Steve Bannon. Gary Cohn, former chief economic advisor to the President of the United States and former President and Chief Operating Officer of Goldman Sachs, has joined the Spring Labs Board of Advisors. Spring Labs is a startup developing a decentralized network for identity and credit.

“I have been very interested in blockchain technology for a number of years, and Spring Labs is developing a network that could have profound implications for the financial services sector, among others,” said Cohn. “I am excited to actively support the Spring Labs team in the development of this important business and network.”

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


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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.

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The Daily: Nasdaq Eyes Security Tokens, Blockstack Tackles Social Media

Today’s installment of The Daily is about building more than bickering, though we’ll squeeze in a little of the latter before we sign off. First though, let’s start by considering the latest projects being proposed within the crypto space: a tokenized security platform and a social media network that doesn’t leak data.

Also read: South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

Nasdaq Plots Tokenized Security Platform

The Daily: Nasdaq Eyes Security Tokens, Blockstack Tackles Social MediaIt’s being reported that Nasdaq, the giant U.S. exchange operator, is plotting a new platform dedicated to tokenized securities. The move would enable projects to offer STOs in a regulated environment so as to accord to U.S. law. As popularity for ICOs has waned, exacerbated by fears that so-called utility tokens may in fact be unregistered securities, U.S. projects eyeing tokenization have been left with no choice but to go down the STO route. It’s believed that Nasdaq is in talks with blockchain firm Symbiont to create its own platform that would enable tokenized securities to be listed and traded.

Social Media Backlash Intensifies

The Daily: Nasdaq Eyes Security Tokens, Blockstack Tackles Social MediaThere’s been a storm brewing all year on social media, with wave after wave of censorship and data leaks hastening the exodus from Facebook and its ilk. Users intent on jumping ship have been left with a quandary though: where to go? We’ve reported on some of the Bitcoin Cash-based initiatives, as well as Twitter alternatives such as Gab and Mastodon. Blockstack has now launched a $1 million challenge to build decentralized social networks, writing: “Your data and privacy are being exploited and monetized by today’s social networks. It’s time for a change. We deserve the right to control our data.” They add:

It’s time for a new breed of social networks – where power is taken back from a single authority and control is returned to you, to me, to all of us. It’s time to decentralize social networks.

10 teams will be encouraged to devise social networks that don’t leak data. A similar venture was also launched recently by web inventor Sir Tim Berners-Lee. While these initiatives aren’t going to topple the social media giants any time soon, greater choice for pro-privacy consumers can only be a good thing.

Vitalik Buterin Sets the Record Straight

Ethereum Developers Advocate Anti-ASIC Fork and Hard Cap on SupplyEthereum’s Vitalik Buterin generally avoids wading into Twitter spats, but felt obliged to correct several of the inaccurate claims Nouriel Roubini made in the week of his similarly inaccurate U.S. Senate testimony. “Vitalik Buterin was the ringleader – together with Joe Lubin – of the criminal pre-mining sale/scam that created ether. They stole 75% of the ether supply and became instant ‘billionaires’ of fake wealth,” tweeted Roubini, whose timeline has become increasingly manic as the week’s progressed.

“I never personally held more than ~0.9% of all ETH, and my net worth never came close to $1b,” responded Buterin. “Also, I’m pretty sure there are no criminal laws against pre-mining.” Then, on Friday, as Roubini doubled down on his bug-eyed crypto rambling, Buterin again stepped in to dispel the notion that bitcoin and ethereum maximalists are at war, while giving a shout out to bitcoin cash proponents.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Whales Join China’s Richest Ranks, Seniors Take a Swing at Bitcoin

The Daily: Whales Join China’s Richest Ranks, Seniors Take a Swing at Bitcoin

In today’s edition of The Daily, we look at the cryptocurrency entrepreneurs who now rank among the richest people in China, the limited return to operations of 1Broker, and a rather amusing attempt to explain Bitcoin to older folks by the AARP.

Also Read: London’s LBX Launches Solution for Bank-Shunned Crypto Companies

China’s Wealthiest Whales

The Daily: Whales Join China’s Richest Ranks, Seniors Take a Swing at BitcoinThe Hurun China Rich List 2018, the Chinese answer to the Forbes 400, was released on Wednesday and for the first time includes a total of 14 people working in the cryptocurrency space. This is the 20th annual ranking of the richest individuals in China, with a wealth cut-off of 2 billion yuan ($290 million). A total of 1,893 individuals made the list this year.

Two Bitmain executives — Zhan Ketuan (95th place with 29.5 billion yuan), age 39, and Jihan Wu (204th place with 16.5 billion yuan), age 32 — led the way. The third Chinese crypto whale, 41-year-old Binance founder Zhao Changpeng, took 230th place on the list at roughly 15 billion yuan. The report also noted that the blockchain industry is now officially the fastest-growing source of billionaires in China.

Other well-known crypto personalities on the list include Okex’s founder Star Xu, with 10 billion yuan, who took 354th place, as well as Leon Li of Huobi, who was ranked 556th, with 7 billion yuan.

1Broker to Start Processing
Withdrawal Requests Today

Marshall Islands-registered contracts-for-difference broker 1pool Ltd., which operates the 1Broker brand, has announced that the company will revive some if its functions today. The team tweeted that they will start processing clients’ withdrawal requests at 12:00 (UTC).

Three U.S. agencies took action against the international, bitcoin-funded securities dealer last month, including seizing its website domain for a period. The U.S. authorities alleged at the time that an undercover special agent with the Federal Bureau of Investigation “successfully purchased several security-based swaps on 1Broker’s platform from the U.S. despite not meeting the discretionary investment thresholds required by the federal securities laws.”

‘A Bunch of Computer Code’

The Daily: Whales Join China’s Richest Ranks, Seniors Take a Swing at BitcoinIt can be very difficult to explain the invention of cryptocurrency in a sentence or two, given that it’s a topic involving cryptography, computer science and economics. This is particularly true if one is trying to reach an audience that might be frightened or put off by new technologies and unfamiliar terms.

The AARP (formerly the American Association of Retired Persons) published a glossary of “Wall Street buzzwords” this week to help senior citizens improve their financial literacy and cut away the confusion when talking with high-finance big shots. But the list took a somewhat funny swipe at Bitcoin, while echoing some particularly tired tropes.

The glossary defines Bitcoin as “a bunch of computer code that a bunch of criminals, idealists and speculators agree is worth ‘real’ money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators.”

The AARP also defines Blockchain as: “1. A different bunch of computer code containing an unalterable record of a series of transactions. The most famous is a digital ledger recording all bitcoin transfers. 2. A word often uttered by companies hoping to snare investors’ attention — and dollars.”

The rest of the terms were also written in a comical way. For example, one entry defines an ETF as “marry a mutual fund to a stock and this is their baby.”

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


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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.

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The Daily: Circle Launches New Research Portal and Trading Apps

The Daily: Circle Launches New Research Portal and Trading Apps

Some editions of The Daily are so overflowing with news there simply isn’t time for a cleverly worded introduction. So without further ado, here’s what’s coming up in this installment: Circle has launched a string of new initiatives, including a research portal and the Poloniex mobile app, Roger Ver’s comments about a BCH-powered Bitcoin.com crypto exchange have been doing the rounds, the International Monetary Fund (IMF) is talking gloomily about cryptocurrency (again) and two masternode projects have major developments to share. Let’s do this.

Also read: Korean Crypto Exchange Sued for Controversial Token Schemes

Circle Launches Research Portal and
Enhanced Poloniex Apps

On Tuesday, Circle revealed a slew of initiatives it’s been working on. The payment processor-turned-cryptocurrency incubator has launched Circle Research, a service dedicated to original analysis on all things crypto. In this respect they’re following the lead of Bitmex, whose research offshoot has proven to be hugely influential. “In crypto markets, reliable information is difficult to come by,” explained Circle in a blog post.

“We at Circle Research want to provide you with the right information so you don’t have to put in the hours of legwork of separating fact from fiction … Our easily readable yet in-depth primers outline key details, features, risks, and challenges associated with individual crypto assets.”

The quality of research within the crypto space has improved significantly within the last 12 months, much of it delivered in the form of email newsletters. Diar’s weekly dispatches have become essential reading for many cryptocurrency enthusiasts. Last week, their head analyst, Larry Cermak, left to take up a similar position at The Block.

The Daily: Circle Launches New Research Portal and Trading Apps
The new Poloniex mobile app.

On Tuesday, Circle also shared details of new mobile iOS and Android mobile apps for the Poloniex exchange. The improved app “includes a better mobile-based identity, verification and login process” and is available in nine languages. In the same update, Circle shared some of the progress it’s made since taking over at Poloniex. This includes reducing the backlog of support tickets by 97%, freeing $12 million in trapped funds and returning them to customer wallets.

Roger Ver’s Exchange Proposal Attracts Attention

Bitcoin Cash Stress Test Goes Beyond 24-Hours Setting New RecordsIn other exchange news, Bitcoin.com CEO Roger Ver’s idea of launching a BCH-powered platform has attracted comment. Bloomberg shared extracts from an interview Ver gave while in Malta mulling the possible options for such a venture, with bitcoin cash as the base currency. Other media outlets have also picked up on the story, noting the bitcoin evangelist’s intention of driving traffic via the high number of cryptocurrency enthusiasts who frequent Bitcoin.com. A number of exchanges offer BCH trading pairs, though to date Voltaire.cash is the only one to use bitcoin cash as its base currency by default.

Remme and Horizen Implement Major Upgrades

Remme and Horizen are two separate cryptocurrency projects that share one thing in common: masternodes. Both have announced major initiatives this week, led by distributed public key infrastructure (PKI) protocol Remme, which has started accepting applications for it masternode program. Masternodes will provide consistency and fault tolerance on Remme’s custom public blockchain, as well as signing transactions for certificate issuance and revocation. Remme aims to steer businesses away from using passwords in favor of PKI certificates. Their quest has been significantly aided by scare stories about weak passwords regularly appearing in the mainstream media.

Horizen, meanwhile, will be deprecating its old software today, Oct. 10, and has urged miners, node operators, exchanges and swing wallet users to upgrade now. The main change introduced is an update to the bitcoin core consensus algorithm that the Proof-of-Work cryptocurrency had been using. Horizen, then operating under the name of Zencash, was 51% attacked earlier this year and the new consensus change has been designed to prevent a repeat incident.

The Daily: Circle Launches New Research Portal and Trading Apps

IMF Issues Stark Warnings Over Cryptocurrency

The IMF is known for its adversarial stance to cryptocurrencies. This is to be expected on account of it being deeply embedded with world banks and the legacy financial system they control. The IMF remains an influential organization, however, and its latest World Economic Outlook report, published on Tuesday, contains stern comments on crypto:


Cybersecurity breaches and cyber attacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.

It is unclear how cryptocurrencies would create any sort of systemic risk, unless legacy financial companies were to introduce them and fail to adopt suitably robust custody procedures. Should cryptos infiltrate world banks and trading houses on a grand scale, however, the greatest risk may be to the IMF itself and the inflationary fiat currencies it has supported since 1945.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Bitcoin’s Low Volatility and High Liquidity, PwC Backs Stablecoin

Markets Update: Bitcoin Cash Prices Up Over 60% This Week

To kick-start the new week, we bring you news of bitcoin hitting a record low — for volatility, not price. There’s also been an altcoin breakout ahead of an impending Coinbase listing, a new metric for ranking cryptocurrencies and an obligatory new stablecoin story. It’s all covered in Monday’s edition of The Daily.

Also read: Rapper Soulja Boy Releases New Single Titled ‘Bitcoin’

Bitcoin Goes Nowhere

Markets Update: Cryptocurrencies See Volatile Prices After Canceled ForkFor the past two weeks, bitcoin core (BTC) has done precisely nothing price-wise, adhering closely to $6,600 territory. While behind the scenes there’s been plenty of development work going on, in the markets there’s been little cause for cheer or for gloom. So stable has BTC been, with its volatility hitting a 17-month low, that jokes have been circulating of bitcoin now constituting the world’s most decentralized stablecoin. Some have speculated that the lack of action is evidence of bitcoin maturing as an asset class.

“This is a maturing market, so volatility should continue to decline,” observed Bloomberg Intelligence commodity strategist Mike McGlone. “When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.” It’s too early to tell whether this interpretation is correct or whether BTC is simply taking a breather before sprinting to its next support level.

0x Climbs on Presumed Coinbase Listing

While BTC has remained stable, the same cannot be said of altcoins. 0x (ZRX) has been one of the best performers over the last 24 hours, up 12% after rumors of a Coinbase listing resurfaced. It’s been all but confirmed for months that the Ethereum-based relaying and governance token would be added to Coinbase at some stage, but screenshots showing 0x appearing on the site’s transactional reports section have convinced speculators that a listing is imminent.

The Daily: Bitcoin’s Low Volatility and High Liquidity, PwC Backs Stablecoin

PwC Teams Up With Cred to Launch Latest Stablecoin

PWC Reveals Blockchain Analytics Tool For Tracking ICO TokensNews of another stablecoin is not news in itself, for such events have become daily occurrences in the crypto space. The entity behind the latest dollar-pegged token is of interest, however. Pricewaterhouse Coopers (PwC) is the world’s second-largest professional services firms, and ranked as a Big Four auditor, right behind Deloitte. It has collaborated with crypto-lending platform Cred to launch a new USD stablecoin.

“We are excited to work with Cred to help increase industry awareness regarding how the asset-backed digital token ecosystem can be secured and scaled on behalf of participants,” said PwC’s Grainne McNamara. “PwC’s commitment to the crypto community at large sends a very strong message to retail investors, mainstream financial services providers and the crypto enthusiasts that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries,” added Cred co-founder Dan Schatt.

Liquidity Is the New Market Cap

Crypto enthusiasts have started talking about a new site that ranks cryptocurrencies by their liquidity rather than their total circulating supply. Coinmarketbook.cc examines the support levels for cryptocurrencies based on the percentage of their market cap that is set in buy orders on exchanges. It records BTC as being way out in front, with 1,417% of buy orders, based on the top 10 exchanges, followed by ether (ETH) at 23%. Thereafter, the next highest in-demand cryptocurrency has just 3% of buy orders set. Ripple (XRP), in comparison, appears way down the list, with just 0.21% liquidity. With the bulk of all ripples under lock and key at Ripple HQ, that’s not such a surprise.

The Daily: Bitcoin’s Low Volatility and High Liquidity, PwC Backs Stablecoin
Cryptocurrencies ranked by buy orders on top 10 exchanges

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPA

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPA

In today’s edition of The Daily we cover stories about a well known economics professor and outspoken crypto-skeptic who is going to speak about the subject at the U.S. Senate, bitcoin-buying service Coinmama adding support for SEPA bank accounts holders, and more.

Also Read: Regulations Roundup: Crypto-Intermediaries in France, SEC Deadline for Rejected ETF Commentary

Crypto-Skeptic Professor to Speak at US Senate

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPARenowned economics professor Nouriel Roubini (commonly known as Dr. Doom) is set to tell American politicians about all the ills he sees in the cryptocurrency ecosystem. The Senate Banking Committee lists him as a witness at a hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem” to be held Thursday, October 11.

Rather than presenting the lawmakers with a balanced review of the matter, Roubini can be expected to use this pulpit to further denigrate the innovation and the community behind it. In the past day alone he repeatedly lashed out on Twitter, writing among else that: “Crypto is the biggest bubble and scam in human history.”

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPA

Coinmama Adds SEPA Support

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPACoinmama, the Israel-based service best known for allowing the purchase of cryptocurrency with credit cards, has announced this week the addition of support for SEPA (Single Euro Payments Area) bank transfers. This means that all Coinmama clients within the EU can now utilize this payment method to buy BCH, BTC, ETH, LTC, and a few other top coins, with their bank-held fiat.

The company explained that SEPA daily payment limits average around $12,000 (€10,250), more than double of credit and debit card daily payment limits. Additionally, the SEPA transaction limits operate separately from other funding methods, meaning it is possible for clients to purchase approximately €5,000 worth of crypto via credit or debit card on top of the crypto purchased through SEPA.

According to Coinmama CEO Asaph Schulman, “SEPA compares favorably with other traditional payment systems, as it combines speed and low fees with the convenience of sending a transfer from your regular bank account. When transfer costs are the prime consideration, it’s hard to find a better option than SEPA for conducting fiat transfers within the European Union.”

Developments in Israeli Ecosystem

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPAThe past week also saw a number of additional developments in the crypto ecosystem in Israel.

Kzen, a Tel-Aviv based startup developing a new easy-to-use crypto wallet, has announced the completion of a $4 million seed round. It was led by Benson Oak Ventures and involved a number of other investors including: Elron, Samsung NEXT, FJ Labs, Collider VC, Block Nation, Jonathan Smith (co-founder of Civic), Pierre Kosciusko-Morizet, Jean David Blanc and more. The founders explained that: “We considered the option of an ICO and quickly discarded it because it did not make any sense (and thank god, we made the right choice). So we went the ‘old way’ and decided to find investors aligned with our vision and in parallel, we searched for unique talents sharing our passion of products well built and deep belief in the crypto industry. That path was tested by the strong correction of the market of the last months but it has served as an important challenge to gauge our determination.”

Moshe Hogeg, whose Sirin Labs raised $157.8 million in an ICO last year, has donated 7 million shekels to Tel Aviv University for establishing an institute of “applied Blockchain Research” at the Coller School of Management. It is meant to train the next generation of entrepreneurs, managers and professionals in the field. Prof. Dan Amiram, Vice Dean of the Coller School of Management, has been appointed as Head the institute, while Dr. Jacob Mendel will serve as its Director. At the agreement signing ceremony, Hogeg said, “I am delighted that we found the much-needed link between entrepreneurs, business and academia. This is a natural continuation of investment in the field of education of students in Israel, something I believe is of the utmost importance. The establishment of this institute will facilitate in-depth research and contribute to accelerating technological development and its application in most areas of our lives for the benefit of entrepreneurs and businesses in Israel and worldwide. I believe that by granting knowledge, practical tools and scholarships to students, we will help train the next generation which will spearhead the next technological revolution.”

The Israel Securities Authority has announced on Wednesday that “Blockchain technology has been implemented in its information systems for the first time.” The installation took three months and was carried out by the Taldor corporation. It was integrated into the system which the regulator uses for sending messages to supervised entities. The developers explained that “the technology confirms the authenticity of the messages, prevents fabrication and prevents the messages from being edited or erased. In addition, the system prevents the possibility of denying that messages were received from the ISA.” It is also planned that in the future the technology will be integrated into the ISA’s investors voting system and company reporting system.

UK Business Newspaper Adopts Satoshipay

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPASatoshipay, the micropayment processor originally founded in 2014, has announced a partnership with London-based business newspaper City A.M. Under the terms of the agreement, City A.M. readers will be able to read ad-free online content by paying a small fee and using Satoshipay’s digital wallet. The one-click payments are said to take less than a second and there’s no need to create a new subscription account.

Meinhard Benn, the startup’s CEO, said, “With the changing dynamics within the media sector, Satoshipay uses cutting-edge blockchain technology to make micropayments economic and therefore allow readers to purchase individual articles for small payments instead of paying a subscription. This collaboration marks another important milestone in establishing an entirely new way to pay for content. It greatly benefits both parties: expanding Satoshipay’s partner network whilst adding an additional revenue stream for City A.M.”

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


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The Daily: EU Budgets €1M to Monitor Crypto, Wyoming Mulls Fintech Bank

The Daily: EU to Spend €1M to Monitor Crypto Space, Wyoming Mulls Bank for Fintech Firms

The European securities and markets watchdog ESMA has dedicated over 1 million euros to finance the monitoring of developments in the crypto sector. Also in The Daily this Saturday, Wyoming legislators are working on a bill that would facilitate the provision of banking services to crypto and blockchain companies, and according to a new survey, Wall Street institutions are more optimistic about bitcoin than crypto community members active on social media.     

Also read: Empty ETH Blocks, Bitcoin Populism, Crypto Flip-Floppers Exposed

ESMA Saves 1 Million Euros for Oversight of the Fintech Industry

The Daily: EU to Spend €1M to Monitor Crypto Space, Wyoming Mulls Bank for Fintech FirmsThe European Securities and Markets Authority (ESMA) has set aside over one million euros that it intends to spend on monitoring activities related to cryptocurrencies and financial technologies. According to its Annual Work Program for 2019, the watchdog plans to closely follow trends in the crypto and fintech industry in order to identify problems and risks that may arise from financial innovations. The authority also wants to provide recommendations to market participants and consumers in that regard.

ESMA is responsible for ensuring compliance with the requirements of the Markets and Financial Instruments Directive of the European Union. Some of them concern the providers of instruments such as contracts-for-difference (CFDs) and binary options. The marketing and distribution of CFDs among retail investors is currently banned in the EU. Recently, the agency announced its decision to extend the restrictions applied to a number of financial derivatives, including CFDs, until the end of January.

Wyoming Bill Envisages the Creation of a Bank for Crypto Companies

The Daily: EU to Spend €1M to Monitor Crypto Space, Wyoming Mulls Bank for Fintech FirmsWyoming, one of the U.S. states with a generally crypto-friendly attitude, is working on another interesting project in support of the fintech industry. Members of the State Legislature have teamed up with financial experts to draft a legislation that would set the stage for the creation of a financial institution tasked to provide services to blockchain and crypto companies.

The group has been preparing a draft law to address the lack of adequate access to secure and reliable banking services these businesses are currently facing. According to the authors – senators, representatives and finance executives – this has so far hampered the development of blockchain services and products in the marketplace.

If adopted, the new bill would create conditions for the establishment of “special purpose depository institutions” (SPDIs). An SPDI can be licensed as a money transmitter in Wyoming and provide exchange services for both cryptocurrency and fiat funds. The bank-like organization would have to open a branch in the state and operate within the federal banking system.

According to the draft, this institution would be obliged to maintain a 100% cash reserve to match digital money accounts. Businesses would be required to hold a minimum balance of $100,000 in either fiat or cryptocurrency.

Institutions Think Bitcoin Has Bottomed, Survey Finds

The Daily: EU to Spend €1M to Monitor Crypto Space, Wyoming Mulls Bank for Fintech FirmsInstitutional investors are more optimistic about cryptocurrencies than members of the crypto community active on Twitter, according to a new survey conducted by Fundstrat. 25 institutions have been polled and their answers have been compared to the opinions of 9,500 users of the microblogging platform, CNBC reported.

Responding to the question, “When do you think bitcoin will bottom?”, 44% of the Twitter users said it had already hit its low, Fundstrat managing partner and head of research Tom Lee revealed. At the same time, 54% of the representatives of Wall Street financial institutions questioned in the survey believe the worst period for bitcoin prices is over.

According to Lee, institutional investors are more optimistic about the future levels of the price of BTC – 57% said bitcoin core would rise anywhere from $15,000 to “the moon” by the end of 2019. Only 40% of the polled Twitter bloggers, however, shared the same prediction.

Google Searches for Leading Cryptos Hit New Lows

The Daily: EU to Spend €1M to Monitor Crypto Space, Wyoming Mulls Bank for Fintech FirmsGoogle Trends has detected that the general interest in cryptocurrencies continues to decrease. According to the available statistical data from the most popular search engine, the number of searches for the two leading digital coins by market capitalization, bitcoin core (BTC) and ethereum (ETH), has dropped to its lowest in the past 18 months. Compared to the highest score for the period (100), registered in December 2017, the frequency of searches for ‘bitcoin’ has gone down to just eight in the first week of October, 2018. The situation with ‘ethereum’ is pretty much identical. The findings coincide with a relative stabilization of crypto prices and a drop in investor activity.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


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The Daily: Empty Blocks, Bitcoin Populism, Crypto Flip-Floppers Exposed

The Daily: Empty Blocks, Segwit Rises, Crypto Shills Exposed

Friday’s installment of our daily roundup investigates a weird mining trick that first surfaced on Bitcoin back in the day. It’s now being exploited on Ethereum. We also take a look at “Bitcoin populism” and consider the fate of crypto shills whose deleted tweets leave them no place to hide on an internet that never forgets.

Also read: Nordic Region’s Largest Bank Nordea Suspected of Money Laundering

Ethereum and the Mystery of the Empty Blocks

Something strange is afoot on the Ethereum network. The number of empty blocks being mined – i.e blocks that contain zero confirmed transactions – is on the rise. The question is, why? Coinfi has done some digging and found that one of the world’s largest mining pools, F2pool, plus another called Etherdig, are responsible for the bulk of the empty blocks being processed. It turns out that the pool is exploiting a feature known as spy mining, or SPV mining, which enables them to collect fees without confirming transactions.

The Daily: Empty Blocks, Segwit Rises, Crypto Shills Exposed
The percentage of empty blocks mined by F2pool has soared.

The exploit first surfaced in Bitcoin Core in 2015, but this is believed to be the first time it’s been deployed on Ethereum, and certainly at this scale. F2pool’s behavior can be likened to a driver shuttling an empty train between subway stations while still getting paid: it might be good for them, but it’s not much use to the passengers forced to wait at the platform for the next passing train. The reason why F2pool and Etherdig seem to have been spy mining is for the same reason mining pools tend to make any collective decision – profit. Etherdig has mined more than 1,250 empty blocks in the past month, earning them 3,750 ETH (worth over $800,000) in block rewards.

The Rise of “Bitcoin Populism”

Rebecca Harding, chief executive of Coriolis Technologies, has co-authored a report titled “The Global Financial Crisis and its Unforeseen Consequences”. The document, which was published on Thursday, asserts that “Lack of political leadership in the immediate aftermath of the financial crisis globally has created a tide of populism which has led to economic nationalism and trade wars.”

Harding is quoted in Forbes as attributing Bitcoin’s rise to the same protest movement that propelled Donald Trump to power and sparked Brexit. While acknowledging that “Bitcoin is here to stay,” Harding asserts that “as traditional banks increasingly adopt the features of bitcoin and cryptocurrencies they…will become less appealing to fewer people.” Bitcoin advocates may take umbrage at such a claim, given that much of Bitcoin’s value lies in it being immune from debasement and control by central banks, making any banker-led attempt to emulate it doomed to failure.

Crypto Flip-Floppers Exposed

As the maxim goes, the internet never forgets. Ironically, an astonishing number of people seem to forget this truism, and as a consequence wind up tying themselves in knots. In an age where any web page can be archived in seconds on Wayback Machine and there are Twitter accounts dedicated to screencapping crypto influencers’ hastily deleted tweets, it’s virtually impossible to avoid scrutiny for the sins of the past.

In the past few days, this lesson has been learned by some well-known entities in the crypto space. Ripple’s attempts to airbrush history by distancing itself from the creating of XRP, the cryptocurrency it once referred to as ‘ripples’, has prompted sceptics to mine the web for old examples. It’s found a veritable treasure trove.

The Daily: Empty Blocks, Segwit Rises, Crypto Shills Exposed
An archived Reuters article with a screenshot of Ripple’s wallet loaded with ‘ripples’

Larry Cermak, head analyst at the influential Diar newsletter, has also developed a fondness for calling out crypto influencers for past transgressions. In addition to detailing a pyramid scheme the founder of crypto payments card Tenx once ran, he’s pointed out the inconsistencies in Meltem Demirors’ carefully cultivated persona. Aside from Demirors scorning Ripple, which she once praised, she’s been accused of failing to disclose a stake in various projects she’s shilled.

“She is charismatic, which lets her get away with more than your average person,” tweeted Cermak. “And people forget very quickly or turn a blind eye. But in my opinion, she shouldn’t be given a free pass for being blatantly hypocritical.”

Demirors was quick to retort; “Thanks for all the new followers, Larry!”

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Wall Street-Backed Crypto Futures, Market Manipulation as a Service

The Daily: Wall Street-Backed Crypto Futures, Market Manipulation as a Service

Cryptocurrency attracts a diverse crowd, from speculators to scammers, and from financiers to gamblers. These groups, and their often opposing aims, are what make the cryptoconomy such a strange yet compelling place. In today’s edition of The Daily, for instance, we’ve got stories pertaining to a Wall Street-funded futures exchange, another US platform ending its margin trading, a company that will trade your token to simulate demand for it, and an obligatory new stablecoin.

Also read: Six of the Best Cryptocurrency Calendars

Wall Street-Backed Crypto Exchange Erisx Announced

The Daily: Wall Street-Backed Crypto Futures, Market Manipulation as a ServiceNebraska-based brokerage firm TD Ameritrade is making a move into the cryptocurrency exchange game with a little help from its Wall Street friends. The brokerage big shot revealed Erisx on Wednesday, the name for the platform being spearheaded by trading veteran Thomas Chippas. Regulatory approval is being sought to list bitcoin core, bitcoin cash, ether, and litecoin futures. Chippas left his job at Citigroup to head up the project, a trend that’s been observed repeatedly in the cryptocurrency space, with traditional financiers being lured into the realm of crypto by the promise of a fresh challenge and potentially big payday.

Having closed a fundraising round backed by DRW and Virtu Financial, in addition to TD Ameritrade, the venture has attracted attention, fueled by its intention to position itself as a direct rival to Bakkt, the forthcoming cryptocurrency platform from the NYSE’s parent company. Erisx will begin by offering spot trading for cryptocurrencies before venturing into derivatives, all going well. It should be noted, however, that the “new” exchange is in fact a revamp of Eris Exchange, a derivatives platform that has failed to achieve anything of note in its eight years of operation.

Circle Drops Margin Trading

Circle Enters the Stablecoin Races With USDCWhile one US exchange is dreaming of derivatives, another is shunning them. The Circle-backed Poloniex exchange has revealed that it is removing margin and lending products for its US customers. “These changes are part of our ongoing commitment to ensure that Poloniex complies with regulatory requirements in every jurisdiction,” explained Circle. In the same announcement, it was revealed that three assets will be delisted from Poloniex on October 10: AMP, EXP, and, perhaps surprisingly, gnosis (GNO).

Market Making as a Service

“What is the biggest trouble for every ICO?” asks Tokenboost. No, the answer isn’t creating a token that has genuine utility, developing a vibrant community, or devising a sound business strategy. The biggest problem, apparently, is getting listed on Coinmarketcap (CMC). That’s right: the holy grail for ICOs, apparently, is to have their token listed on a market tracker website. According to Tokenboost, CMC mandates at least $100k of daily trading volume before it will list a coin (though a quick check shows this claim to be inaccurate).

The Daily: Wall Street-Backed Crypto Futures, Market Manipulation as a Service

Tokenboost’s solution to this problem is to engage in market making on behalf of projects – or wash trading as some might call it. “We can take your token to the top,” they boast. “High volumes and listing on Coinmarketcap make your project more noticeable and trustworthy, attracting more partners, investors and traders. This will create a higher demand for the token and drive its price up.” At least they’re honest.

Ho Wah Genting Group Enters the Stablecoin Game

The Daily: Wall Street-Backed Crypto Futures, Market Manipulation as a ServiceScarcely a day goes by without a business announcing its intentions to issue a stablecoin. Ho Wah Genting Group (HWGG), an investment holding company focused on entertainment gaming, is to issue a fiat-backed stablecoin. HWG Cash will be pegged to $500 million in bank deposits and used to facilitate transactions within its entertainment business. Based on the Everitoken blockchain, the $1 coins will be exchangeable for fiat in Malaysia, where HWGG has a money broker license, and will also be accepted at a range of partner businesses including travel, retail, and cruise services.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Bitcoin Burns Critics, Bill Clinton Does Blockchain

The Daily: Bitcoin Burns Critics, Bill Clinton Does Blockchain

There’s never a dull day in crypto. It’s soap opera for geeks who are too busy to do soap opera. Whether you’re a BUIDLER or HODLER, The Daily delivers the latest drama from the cryptocurrency world in less time than it takes to solve the captcha and log in to your favorite exchange. Today’s edition details a hit piece on Bitcoin that gets everything wrong and Bill Clinton’s foray into the realm of blockchain.

Also read: Chrome Extensions Will Soon Protect Against Miners and Hackers

Bill Clinton Steps Out of Retirement and Into the World of Blockchain

Today’s edition details a hit piece on Bitcoin that gets everything wrong and Bill Clinton’s foray into the realm of blockchain.Crypto Twitter was watching closely and meming intensely when former US President Bill Clinton stepped up to make the keynote address at Ripple’s Swell conference yesterday. His remarks read in places as a blockchain-by-numbers monologue penned by a scriptwriter who wanted to please everyone and offend no one: “The more you develop new technologies like blockchain,” ruminated the ex-President, “AI technologies, robotic technologies…the more the disparity of access is going to be felt.”

He also implored: “You can’t apply an old regulatory regime to a new technology. You end up killing the goose that laid the golden egg,” which could be a veiled plea to the SEC not to prosecute Ripple for selling an unregistered security, or simply some well-meaning advice to overzealous US regulators seeking to make their mark on the rising cryptoconomy. Ripple CEO Brad Garlinghouse’s speech at Swell was less vanilla, including an attack on BTC on the basis that “XRP is about 1,000 times faster than a bitcoin transaction and about 1,000 times less expensive than a bitcoin transaction.”

Mr Garlinghouse was being more than a little disingenuous there, since anyone can create a more centralized altcoin and boast that is faster and cheaper than bitcoin, but his comments were well received, at least, by holders of his company’s ripple cryptocurrency.

Bitcoin Core Bug Spreads Its Wings

Today’s edition details a hit piece on Bitcoin that gets everything wrong and Bill Clinton’s foray into the realm of blockchain.The recently discovered bug that threatened bitcoin core has now been exploited…on an entirely different network. Because many cryptocurrencies are little more than bitcoin clones, their developers may have unwittingly imported the same error that had lain undiscovered in BTC since 2016 up until last month. An obscure cryptocurrency called Pigeoncoin was double spent using the same CVE-2018-17144 exploit that threatened bitcoin core. 235 million pigeoncoins were fraudulently created, but their value came to a nominal $15,000. Nevertheless, the feat demonstrated the need for other bitcoin copycats to patch their code, as the likes of litecoin and bitcoin gold now have. The latter, having already fallen prey to a 51% attack this year, could do without another double spend controversy.

Writer Takes Aim at Bitcoin, Fails

As we recently reported, Bitcoin is facing a flurry of shameless 10-year anniversary cash-ins. While its official birthday is penciled in as January 3rd, the day Satoshi mined the genesis block, a smaller birthday will fall on October 31 2018, the tenth anniversary of the Bitcoin whitepaper being published. One writer has attempted to capitalize on the milestone by publishing a hit piece entitled Bitcoin: 10 Years of Smoke and Mirrors.

Today’s edition details a hit piece on Bitcoin that gets everything wrong and Bill Clinton’s foray into the realm of blockchain.Some of its more amusing takes include her assertion that Bitcoin “is the go-to currency of criminals and a way for cybercrooks to wash their money.” That will be the US dollar actually, which began life in 1792. The author then attempts to pour scorn on Bitcoin’s achievements to date by observing that “Ten years after PayPal launched, it was operating in 190 countries and had 60 million users…Ten years after Amazon launched, it was nearing 70 million users and had just launched Amazon Prime.”

The beauty of Bitcoin is that it is opt-in money. It has no shareholders to placate, no daily active user threshold to meet and no marketing budget to account for. It is the antithesis of Paypal and Amazon and cannot be measured using the yardsticks that the inflationary and debt-based financial system uses to determine success. If there’s any smoke, that’s because Bitcoin is an incendiary device that will burn those too dumb or slow to grasp the revolution that’s materializing before their eyes. In the words of Satoshi, “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


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The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to Miners

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to Miners

Cryptocurrency exchange Coinsquare has reached a partnership agreement with a major Canadian bank and we’ve covered the announcement in The Daily. Also in Canada, a large bitcoin farm may be cut off from the grid by a mayor concerned about electricity consumption, and elections in Québec are likely to change the game for mining companies. In China, a bitcoin billionaire turns back on the industry; the government crackdown may have played a role.  

Also read: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass Adoption

Coinsquare in Agreement With Leading Canadian Bank

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersCanadian crypto exchange Coinsquare has managed to secure a partnership agreement with one of Canada’s leading banks. The deal will help the trading platform streamline the process of depositing and withdrawing funds for its users. According to a press release, the relationship with a Big 5 Canadian bank, which has not been identified yet, will also serve as a foundation for the firm’s global growth. The Ontario-based company has previously announced plans to expand its operations in Europe by the end of this year and launch an exchange in Japan.

Coinsquare CEO Cole Diamond described the agreement as a “tremendous boost” not only for Coinsquare but for the entire Canadian cryptocurrency industry. Quoted by Prnewswire, he said: “This announcement is one of many examples of how institutional third party partners put their faith in our approach to the cryptocurrency business. We’re thrilled to start a relationship with a major Canadian bank and we’re excited for what it means for our users.”

The announcement comes after Coinsquare recently completed a third-party consolidated financial audit which concluded that its financial statements are “free from material misinformation.” According to its Chief Financial Officer Ken Tsang, both developments are part of the efforts of the Canadian crypto company to be regarded as a trusted cryptocurrency trading platform.

Large Bitcoin Farm Under Threat in Canada

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersHut 8 Mining Corp. has spent more than $100 million to build its bitcoin mining farm in Medicine Hat, Canada, but its future is far from guaranteed. Local authorities are not happy with the mining facility, as it burns more electricity than the whole population of the city and several industrial plants working there.

The farm occupies 4.5 ha of land where more than 50 containers with 180 servers employed in mining cryptocurrency are located. Its energy needs are satisfied by a gas-powered electrical station and four wind turbines. The company is taking advantage of the low electricity rates in Medicine Hat where it has hired 40 people so far.

Despite the sizeable investment in the local economy and the positive effect on employment, Medicine Hat’s mayor has warned Hut 8 that the farm may be cut off from the grid if it gets overloaded. City authorities have also been pressured by environmental activists. A Greenpeace representative recently suggested that cryptocurrency mining should be banned unless it’s using renewable sources.

Québec Elections Said to Determine the Future of Mining

Bitcoin is in a way detached from traditional politics, soldiering on regardless of political developments here and there. However, it’s been claimed by mainstream media that one particular election is likely to affect it, at least on a regional scale and in one particular aspect – mining. The case concerns the recent parliamentary vote in the French-Canadian province of Québec.

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersThe general elections are the province’s first since tensions arose earlier this year over electricity allocation for bitcoin mining, Forbes wrote in an article devoted to the subject. The increased demand from crypto miners this year forced the provincial government headed by Parti Liberal du Québec to order the state-controlled electric utility, Hydro-Québec, to restrict the supply and introduce higher tariffs for miners, the outlet notes.

According to preliminary results quoted by Canadian media, Monday’s election has been won by the center-right pro-business party Coalition Avenir Québec (CAQ), which will have a majority in the provincial legislature and form the new government. And while neither the outgoing liberals nor the winners have so far adopted an official stance on bitcoin mining, representatives of the nascent industry claim CAQ has demonstrated some support for the miners during the moratorium on energy supplies in Québec this summer.

The coalition’s leader François Legault has previously indicated his intention to make Hydro-Québec more profitable by fulfilling its potential. The utility company is one of the largest hydropower producers in the world.

Bitcoin Tycoon Li Xiaolai to Leave the Industry

The Daily: Coinsquare Secures Banking Partnership, Québec Elections Bring Hope to MinersChinese billionaire and bitcoin investor Li Xiaolai is reportedly leaving the crypto industry amid a continuing government crackdown on the sector in the People’s Republic. Often called a bitcoin tycoon, Xiaolai is the founder of cryptocurrency venture capital firm Bitfund, which has become one of the largest and most influential crypto investment firms in China since its establishment five years ago.

“From this day on, I, Li Xiaolai, will personally not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it,” Xiaolai recently said in a post quoted by Sludgefeed. His statement was published on the Chinese microblogging platform Weibo.

The prominent crypto investor has not explicitly stated the reason for his decision but the announcement coincides with an escalating Beijing offensive against businesses in the space. Li Xiaolai notes his intentions to explore different opportunities but also admits he is still optimistic about the long-term viability of crypto technology.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Coinsquare.


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The Daily: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass Adoption

The Daily: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass Adoption

Rumors, allegations, and assertions can all be found in today’s news roundup. Specifically, we have rumors of impending trouble with Tether, allegations of another Chinese exchange conjuring up fake volume, and assertions that Bitcoin and blockchain’s mass adoption is “inevitable”. We’ll reveal who made that bold claim, as well as substantiating the others, in this episode of The Daily.

Also read: A Guide to Building Your Own Crypto Mining Rig

Magical Chinese Trading Volume

The Daily: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass Adoption
CER alleges several Chinese exchanges to be producing magical trading volume

Like a dog worrying a bone, Crypto Exchange Ranks (CER) has been toiling away at uncovering fake trading volume for months. Much of the suspicious activity it’s unearthed during the course of its meticulous and granular investigation has originated in the East. Its latest target is ZB.com, a Chinese exchange that appears in Coinmarketcap’s top five by reported volume, placing it above the likes of Bithumb and Bitfinex. CER is having none of that, and has torn ZB.com’s claim to shreds in its usual dogged manner.

“While analyzing ZB.com, we found definite patterns of unnatural and obviously artificial trade volume performance on 10 out of the top-20 most-traded exchange’s pairs,” reports CER. “Furthermore, we discovered that 4 dash pairs volume on this exchange totaled more than $288m, accounting for 24.58% of the exchange’s total 24h volume and for 80.56% of all dash traded on all exchanges. All of this directly points to the fact that trade volume manipulations are taking place on ZB.com.” The full report is pretty damning.

Maltese Prime Minister: Global Bitcoin and Blockchain Adoption “Inevitable”

Maltese PM Joseph Muscat is known for his pro-crypto stance, having welcomed major players from the burgeoning cryptoconomy to his island state with open arms. In a recent address to the United Nations General Assembly, the Prime Minister preached ebulliently, espousing his belief that Bitcoin and blockchain will inevitably enjoy mass adoption. “I passionately believe [the] technology revolutionizes and improves systems,” said Muscat. “This is why in Malta, we have launched ourselves as the blockchain island…the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies [the] inevitable future of money.”

Tether’s Bank in Trouble?

The Daily: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass AdoptionNoble, the Puerto Rico-based bank whose most famous crypto customer is Tether, could be in trouble. It has been reported that the bank has cash flow problems and, if it can’t find a backer, may be forced to wind up operations. Where this would leave Tether, and the customer assets it presumably has stored in the bank is unclear. The story, while unverified, comes from Modern Consensus, a site which broke the story of the Circle-Poloniex takeover weeks before anyone else, and thus has some credibility.

Modern Consensus also reports a figure at a “major trading crypto desk” as claiming that an entity has been trying to offload “tens of millions of tethers” but failed to find a buyer. While publicly all signs point to Tether losing its grip on the stablecoin market, it remains top dog in terms of trading. Despite several exchanges announcing that they are phasing out the controversial stablecoin, volume has remained steady at over $3 billion a day, 30x more than its closest competitor, Trueusd.

The Daily: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass Adoption
Solid: the new web decentralization project from Tim Berners-Lee

The Web’s Creator Wants to Decentralize It

If decentralization is a meme, it’s one that’s spread so far and wide that even the web’s creator is jumping on the bandwagon. On Saturday, Tim Berners-Lee revealed Inrupt, a project he has been developing in stealth for the past nine months. It aims to remove power from the web monopolies by returning data to its owners and allowing them to assign it to platforms on a permissioned basis only. Solid is the name of the platform Berners-Lee is developing in which each user’s data is contained in a “pod”. He said defiantly: “We are not talking to Facebook and Google about whether or not to introduce a complete change where all their business models are completely upended overnight. We are not asking their permission.”

“It’s time to reset the balance of power on the web and reignite its true potential,” proclaims Inrupt.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock, and Inrupt.


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The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-Ins

The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-Ins

Welcome to another weekend filled with tales of cryptocurrency intrigue. From shameless Bitcoin anniversary cash-ins to exaggerated claims of crypto money laundering, the Saturday edition of The Daily covers the good, the bad, and the greedy.

Also read: Popular Bitcoin Wallet Samourai Ditches All Government Currencies

Shapeshift CEO Hits Back at Money Laundering Claims

After a less than flattering profile of Shapeshift, and its unwitting role in allegedly facilitating money laundering appeared in the Wall Street Journal, Erik Voorhees has hit back. Describing it as a “poorly-researched piece” whose “implications are disingenuous and misleading”, the CEO compared the amount laundered by banks, at some $2.7 billion a day, to the minuscule $9 million allegedly washed through Shapeshift in two years.

The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-Ins

Accusations of being complicit in money laundering are a particularly sore point for Erik Voorhees, who was recently forced to steer Shapeshift towards full KYC, believed to be in response to pressure from US prosecutors. It appears that the 34-year-old feels his company is being unfairly targeted, and while the evidence laid out in the WSJ’s piece looks credible, its tone has irked Erik Voorhees. “$9m figure is less than 0.2% of our volume over the time-period,” he tweeted. “Meanwhile global money laundering through banks is 2-5%. Op-ed forthcoming.”

Bitcoin 10-Year Cash-Ins Are Coming

It was inevitable that calculating marketers would dream up ways to capitalize Bitcoin’s 10-year anniversary. The event, which falls in January 2019, has inspired a slew of projects to tenuously cash in on the Bitcoin name. We recently reported on a French art festival that will see a group of international artists exhibit their cryptocurrency-themed works. Now, a Swiss luxury watch maker has commissioned a limited edition watch to mark the occasion. The Big Bang Blockchain timepiece mercifully looks less clumsy than it sounds.

The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-Ins

Just 210 of the watches will be manufactured before being shipped to customers on January 3, 2019. While payment can be made in a range of cryptocurrencies including bitcoin core and monero, reserving one calls for uploading photographic ID, which kind of defeats the point of paying in anonymous crypto. Expect plenty more brazen cash-ins before Bitcoin’s 10-year anniversary has come and gone.

Coinbase’s Top 50 Tracker Leaves a Lot to Be Desired

As we reported yesterday, Coinbase is launching a portal for tracking the top 50 cryptocurrencies by market cap. The exchange’s market tracker page is now live. While nice to look at, its analysis leaves a lot to be desired. In addition to limiting its selection to just 50 of the 1,500+ tradable crypto assets, the descriptions for each coin are a tad underwhelming. Its description for Holo, for example, reads: “Holo is a cryptocurrency. Currently, it is ranked number 50 by market cap among cryptocurrencies.” Thanks, Coinbase.

The Daily: Fiat vs Crypto Laundering, Bitcoin Anniversary Cash-Ins

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Hublot, and Twitter.


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The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without Account

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without Account

Crypto exchange Coinbase will present its clients with the option to buy bundles of multiple cryptocurrencies and access useful information about leading digital coins. Also in The Daily on Friday, users of exchange aggregator Coinswitch can now take advantage of the best rates across multiple platforms without the need to create an account, Neo launches bug bounty program, and Bitmain sells Decred miner.  

Also read: Around the World on 1 BTC and the Plausibly Deniable Brainwallet

Coinbase Offers Info on Leading Cryptos, Launches Coinbase Bundle

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountThis week, US-based crypto trading platform Coinbase, known for its conservative approach to adding new coins, shared plans to increase the number of its offerings, as news.Bitcoin.com reported. Now the company has announced it’s launching Coinbase Bundle, a basket of cryptocurrencies investors will be able to acquire for as little as $25. Customers will have the opportunity to buy, sell and transfer the cryptos that will be stored in individual wallets. The Bundle, designed to provide fast and easy exposure to the crypto market, will be available to verified Coinbase users in the United States and Europe within a few weeks.

The San Francisco-headquartered exchange has also recently announced it will offer its customers detailed information about the 50 leading cryptocurrencies by market capitalization. The service will feature descriptions of the coins, links to their white papers and project websites, historical trading data, and the current marketcap, The Verge reported. The platform will also provide a comprehensive introduction to digital assets in its educational section known as Coinbase Learn, after admitting that “What is cryptocurrency?” is still the most common question asked by potential clients.

Coinswitch Users Trade on Multiple Exchanges Without Accounts

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountA new aggregation tool offers investors the opportunity to trade cryptocurrencies on a number of leading platforms including Changelly, Idex, Hitbtc and Kucoin, and they don’t even need to create an account. With Coinswitch, traders are able to find the best exchange rates, which is an automated process, before they commit to a crypto-to-crypto transaction. The service is non-custodial and holders of the digital assets will only have to provide the addresses of the respective wallets to start trading their coins.

The interface also allows users to create a customized crypto exchange by adding a trading widget to their websites with zero code required, Sludgefeed reported. These platforms will be earning up to 50 percent of the revenues from all trades conducted via Coinswitch which also offers a referral program rewarding participants with another 25 percent paid in bitcoin core (BTC). Its developers claim that more than 100 sites have already integrated the service. According to the report, the project has the backing of some serious venture capital investors such as Sequoia.

Neo Announces Bug Bounty Program

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountBlockchain project Neo, which like Ethereum offers a platform for smart contacts and coin offerings, has recently launched a Vulnerability Bounty Program (VBP). In an announcement posted on Medium and shared on Twitter, the team has invited security experts from different sectors to join the initiative and take part in the development of the Neo ecosystem.

All eligible reports will be investigated and the base bounty amounts will depend on the severity of the issues. Detecting a critical bug – one that can lead to substantial asset losses – will be rewarded with up to $10,000 USD. Neo is ready to pay up to $5,000 for finding vulnerabilities that can cause network failures and up to $2,000 for bugs leading to a single node failure. The bounty for the discovery of low risks can go below $500. The rewards will be distributed in the equivalent amount of NEO, the platform’s native coin.

Bitmain Starts Shipping New Decred Miner

The Daily: Coinbase Launches Bundles, Coinswitch Supports Trading Without AccountBitmain, the Chinese mining hardware producer, has announced the launch of its Antminer DR3 designed to process transactions for the Decred cryptocurrency. Decred (DCR), which is based on a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) blockchain consensus protocol, is currently ranking 30th by market cap, with a capitalization of over $333 million at the time of writing.

The new device mines DCR with a hashrate of 7.8 TH/s and power consumption of a little over 1,400 watts, the mining giant tweeted. The Antminer DR3 can already be ordered on Bitmain’s website and it’s currently sold for $673. The company will start shipping the miners from the first batch on October 8 for fully paid orders and on a first-paid-first-ship basis.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Bitmain.


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The Daily: Around the World on 1 BTC and the Plausibly Deniable Brainwallet

The Daily: Around the World on 1 BTC and the Plausibly Deniable Brainwallet

In today’s edition of The Daily, we’re focusing on human interest stories. Tales involving people rather than products, as a reminder of the many ways in which cryptocurrency affects people’s lives, transforming them for the better. From Australia to China, Thursday’s roundup is as borderless as bitcoin itself.

Also read: Developer Paul Sztorc Launches the First Version of Drivechain

Man Travels the World on 1 BTC

Never mind living on bitcoin for 21 days – one man has gone 344 days better than the Chinese women recently profiled and survived for a whole year. Armed with 1 BTC he purchased for $4,724 last August, the Redditor managed to take in 18 countries in 12 months. Trip highlights included meeting Vitalik Buterin in China, John McAfee in Singapore, and hitting up Amsterdam, where he confessed to having “Used a bit of my almost-running-out-BTC to taste true wormwood absinthe.”

The crypto fanatic captured some of his most memorable moments in a short video for posterity. The chief takeaway from his round the globe extravaganza? “Crypto will set us free.”

Bitcoin Beats Gold When Fleeing Your Homeland

The Daily: Around the World on 1 BTC and the Plausibly Deniable BrainwalletAnecdotal stories have surfaced of Venezuelans having their gold confiscated at the airport. Government officials have reportedly been taking liberties and confiscating families’ life savings in some instances. While most of us will fortunately never face such a fate, the story illustrates one of the ways in which bitcoin beats physical assets such as gold or cash.

Nowallet is a new project that aims to help anyone who needs to leave home in a hurry and conceal their crypto. It promises to help users create a “plausibly deniable” bitcoin brainwallet, and was inspired by reports of incidents of bitcoin being seized physically at border crossings. Its developer explains:

You will only need to remember an email address and passphrase combination, rather than an entire 24 word mnemonic seed. People are typically more accustomed to remembering a normal set of login info, which will protect users from forgetting or misremembering part of their seed and losing coins forever.

Bitcoin Not Brickstring

Finally, crypto heads have been chuckling over a question posed on Australia’s version of “Who Wants to Be a Millionaire?” One of the multiple choice answers to the question “The technology that enables cryptocurrencies such as bitcoin to function is called what?” was “Brickstring”. “Bullish on brickstring” quipped crypto Twitter.

The Daily: Around the World on 1 BTC and the Plausibly Deniable Brainwallet

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock, and Twitter.


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The Daily: UK’s Revolut Seeks EU Licenses, Quppy Launches Wallet With BCH

The Daily: UK’s Revolut Seeks Licenses in the EU, Quppy Launches Wallet With BCH

British-based digital bank Revolut has applied for financial licenses in two European Union member states, Lithuania and Luxemburg, in the light of risks associated with Brexit. We’ve covered its progress in The Daily. Also in the rubric on Wednesday, Estonian startup introduces multi-currency wallet supporting BCH, Binance increases the market supply of its BNB coin, and BCEX is the latest exchange to list the new stablecoins in the space, GUSD and PAX.    

Also read: Speculators and Investors Hodl, Venezuelans Send Crypto With SMS

Revolut Applies for E-Money License in Luxembourg, Expects One from Lithuania

Revolut, the digital bank that’s been disrupting the traditional financial services sector in the UK and beyond since 2015, is now moving to hedge against risks such as those stemming from Brexit that could lead to London losing its leading role as a global financial center. The fast-growing fintech company, which already has around 2.8 million customers, has applied for an e-money license and plans to open an office in Luxembourg.

The Daily: UK’s Revolut Seeks Licenses in the EU, Quppy Launches Wallet With BCHNikolay Storonsky, the firm’s co-founder and chief executive, told the Financial Times the application process could take up to six months and Revolut’s management wants “to be on the safe side.” Despite the British government’s resolve to preserve the United Kingdom’s role as a financial and fintech hub, some of Storonsky’s colleagues have expressed fears that Brexit could undermine London’s attractiveness to investors and experts in the industry.

Revolut is obviously taking no chances, as it has already applied for a banking license in Lithuania too – expected to be granted by regulators in Vilnius as early as next month. Both steps fit into its plans for global expansion which this year includes the United States, Canada and the Russian Federation, where Nikolay Storonsky was born.

The British startup launched three years ago with prepaid cards and has seen rapid growth since it diversified into other financial services including cryptocurrencies. It has almost tripled its customers in the past year and its revenues jumped more than fivefold to £12.8m (~$16.8 million) in 2017. Revolut offers a debit card and a checking account through its app with worldwide transfers of fiat money. The service also features a crypto wallet and supports buying, holding and selling digital coins. The company claims the assets are kept offline, in cold storage. In August, the digital bank launched a contactless card, Revolut Metal, with higher withdrawal limits and crypto cash back.

Quppy Introduces Multi-Currency Crypto Wallet Supporting BCH

The Daily: UK’s Revolut Seeks Licenses in the EU, Quppy Launches Wallet With BCHEstonian company Quppy has recently launched its digital assets wallet which features multi-currency, multi-language support, cross-platform compatibility, and comes with enhanced security – private keys are stored and controlled by the user. The team behind the fintech startup says their product is designed to offer clients integration of traditional banking services into the crypto world and allow them to share crypto assets via different accounts within a single wallet. Quppy supports three of the most popular cryptocurrencies – bitcoin cash (BCH), bitcoin core (BTC), and litecoin (LTC). The developers plan to also integrate transactions in traditional fiat currencies such as the US dollar (USD) and the euro (EUR).

Binance Increases Market Supply of Its BNB Coin

Binance, currently the largest cryptocurrency exchange by daily trading volume, has announced its intentions to increase the market supply of its native BNB token to 144,443,301. The platform’s CEO, Changpeng Zhao, said that in accordance with recommendations from Coinmarketcap, the funds will be redistributed in small transactions to avoid volatility. “To fix $BNB circulating supply the way CMC calculates, we will move the unlocked balances out of the creator’s addresses over next few days, in small txs as to avoid big fluctuations,” CZ explained in a tweet.

The Daily: UK’s Revolut Seeks Licenses in the EU, Quppy Launches Wallet With BCH

In another post, the chief executive tried to calm traders, saying: “There will be happy buyers, I am sure. But make your own judgements. Nothing changes other than moving a few coins to different addresses.” At the time of writing, BNB is ranking 16th according to Coinmarketcap, with a market capitalization of $1,091,822,791. Binance’s move follows news that the trading platform is advancing on its plans for global expansion. Focusing on emerging markets, the Chinese-run crypto company intends to launch up to 10 new fiat-to-crypto exchanges across five continents, as news.Bitcoin.com reported.

BCEX Exchange to List Gemini Dollar and Paxos Standard Stablecoins

The Daily: UK’s Revolut Seeks Licenses in the EU, Quppy Launches Wallet With BCHCrypto exchange BCEX, which is the 11th largest trading platform by daily volume, has decided to add support for two recently launched stablecoins, Gemini Dollar (GUSD) and Paxos Standard (PAX). According to separate announcements on Twitter, quoted by Forklog, the two listings align with “BCEX vision of building a more trustworthy, transparent and reliable digital trading world.” The launch of the latest stablecoins was recently approved by the New York State Department of Financial Services (DFS), the regulator responsible for the state’s Bitlicense regime.

Gemini Trust’s GUSD is already listed by the US-based Gemini, as well as Hitbtc and Dex.top. According to a study released last week, the Gemini Dollar accounts can be frozen by the issuer. Another report suggested that the code of Paxos Standard, which is expected to be listed on Binance, features the capability to freeze or seize tokens as well, if required by the law and the state. The finding was made and announced on social media by John Backus, a member of the Ethereum community.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Quppy, BCEX.


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