Tim Draper Stands by His Bitcoin Price Prediction of $250K in 2022

U.S. investor Tim Draper still believes the Bitcoin price will surge to $250,000 in four years, and eventually replace “political money.”

Venture capital investor Tim Draper reaffirmed his prediction that the Bitcoin (BTC) price will reach $250,000 by 2022, during a panel discussion at the Web Summit summit conference Nov. 6

Draper initially predicted that the BTC price will surge up to $250,000 in April of this year. “Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!,” Draper said then.

When asked at the recent Web Summit conference whether he still thinks the BTC price will experience a 40 times return in a span of four years and reach $250,000, Draper said:

“Yes. We are talking [...] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ [...] Do I want a currency that I can take from country to country [...] or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”

Draper also questioned the need for fiat currencies or “political currencies,” stating “why do we even trust currencies that are determined by some weird political party or another?” In Draper’s view, banks issue money “whenever they feel like it for whatever reason they want it,” and the emergence of a “totally apolitical,” global, and open currency would cede control of money from banks to common people, he explained.

Speaking at the GovTech Pioneers conference in May, Draper presented his vision of a future in which blockchain utilizing smart contracts in conjunction with artificial intelligence (AI) will massively change the role and responsibilities of states. "If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy," he said.

In September, Draper made another prediction, saying that the total cryptocurrency market capitalization will hit $80 trillion in the next 15 years. Draper argued that the significant slide in the cryptocurrency market in previous months is attributed to people who had not adopted digital currencies as a new asset class. Draper said then:

“Cryptocurrency will go after trillion dollar markets — these are finance, healthcare and insurance, banking and investment banking, and governments.”

Tim Draper Stands by His Bitcoin Price Prediction of $250K in 2022

U.S. investor Tim Draper still believes the Bitcoin price will surge to $250,000 in four years, and eventually replace “political money.”

Venture capital investor Tim Draper reaffirmed his prediction that the Bitcoin (BTC) price will reach $250,000 by 2022, during a panel discussion at the Web Summit summit conference Nov. 6

Draper initially predicted that the BTC price will surge up to $250,000 in April of this year. “Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!,” Draper said then.

When asked at the recent Web Summit conference whether he still thinks the BTC price will experience a 40 times return in a span of four years and reach $250,000, Draper said:

“Yes. We are talking […] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ […] Do I want a currency that I can take from country to country […] or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”

Draper also questioned the need for fiat currencies or “political currencies,” stating “why do we even trust currencies that are determined by some weird political party or another?” In Draper’s view, banks issue money “whenever they feel like it for whatever reason they want it,” and the emergence of a “totally apolitical,” global, and open currency would cede control of money from banks to common people, he explained.

Speaking at the GovTech Pioneers conference in May, Draper presented his vision of a future in which blockchain utilizing smart contracts in conjunction with artificial intelligence (AI) will massively change the role and responsibilities of states. “If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy,” he said.

In September, Draper made another prediction, saying that the total cryptocurrency market capitalization will hit $80 trillion in the next 15 years. Draper argued that the significant slide in the cryptocurrency market in previous months is attributed to people who had not adopted digital currencies as a new asset class. Draper said then:

“Cryptocurrency will go after trillion dollar markets — these are finance, healthcare and insurance, banking and investment banking, and governments.”

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Author: Ana Alexandre

IOT/USD, EOS/USD, ADA/USD, XLM/USD, LTC/USD Price Analysis

After days of lower lows and dry fundamentals, Stellar Lumens—XLM/USD, Cardano—ADA/USD and IOTA—IOT/USD pairs are trading within a bullish breakout patterns and likely to print higher as the week close. But still, we shall maintain a bullish outlook on EOS/USD and LTC/USD aware that if the latter find support at $50, odds are prices will rise above $60 igniting buy pressure.

Let’s have a look at these charts:

EOS/USD Price Analysis

EOS/USD Price Analysis

In the midst of relentless sell pressure, EOS/USD upsides have been clipped. So far, prices are down 2.5 percent in the last day but still clinging on bullish in the weekly chart adding 2.5 percent from last week’s close. Like in our last EOS/USD trade plan, we shall retain a neutral outlook with a bullish skew aware that prices are down +80 percent from 2017 highs.

You may find this interesting: Basic Attention Token Nosedives 20% Amidst SEC Crackdown Concerns

As such, EOS is likely to recover as prices consolidate inside a $3 range with clear supports at $4 and resistance at $7. If today close lower then odds are EOS/USD will slide towards $4 and in that case aggressive traders can would load at spot with stops at around $6 and first targets at $4 for a 1:1 risk reward ratio.

LTC/USD Price Analysis

The benefits of moving funds via crypto are there for everyone to see. Hours ago, $62 million worth of crypto was moved for 50 cents but it could be cheaper once Litecoin core 0.17.0 is live.

Then, Litecoin developers say, network fee will be slashed by a factor of then disadvantaging miners but benefiting users.

LTC/USD Price Analysis

While the network usage increases, LTC is down two percent in the last day and cents from $50, our main support line and sell trigger line. All in all, we recommend patience as reiterated before aware that any decline below $50 causing a whole bear bar to print below $50 would be inviting for sellers aiming at $30.

What about Bitcoin Stability: Bitcoin Falls to $6,300 Region as Altcoins Continue to Decline

Concurrently, now that LTC is down and trending around key Fibonacci retracement level from 2017 highs, bulls expect LTC/USD to find support at $50. In case that happen, then we shall recommend a wait and see approach until prices race above $60 or Oct highs. Thereafter, aggressive traders can buy dips with stops at breakout bar lows and first targets at $70.

XLM/USD Price Analysis

XLM/USD Price Analysis

Leading the market is stellar Lumens which is up roughly one percent in the last 24 hours validating our last XLM/USD trade plan. Despite lower lows and consolidation in lower time frames above 25 cents, we were bullish suggesting buys on dips with first targets at 30 cents and later 50 cents.

After yesterday’s resurgence, traders can enter at spot with stops at Nov 6 lows and first targets at 30 cents. The only move dismissing this view reverting us back to neutral is if there is rejection of higher highs damping XLM back as gains are reversed hitting our stops.

If not and bulls rally past 30 cents in a bullish breakout pattern, then both set of traders can load at spot with first targets at 50 cents and stops just below 30 cents.

ADA/USD Price Analysis

ADA/USD Price Analysis

Though the market is struggling against sellers, the simple fact is that ADA/USD is trading within a bullish breakout pattern.

And to reiterate, as long as ADA is above 7.5 cents and inside Nov 4 high low, we recommend buying at spot with stops at 7 cents—our minor support and first targets at 9.5 cents since risk reward ratios allow.

Otherwise, conservative traders can stay on the sideline until a high-volume bull bar print triggering buys above 9.5 cents. On the flip side, losses below 7 cents and later 6 cents would be negative to ADA/USD as prices could sink and register new ATLs.

IOT/USD Price Analysis

IOT/USD Price Analysis

Like Cardano, IOT/USD is trading within a bullish breakout pattern following Nov 4 close above the two month resistance trend line. From candlestick arrangement and yesterday’s resistance of lower lows, it seems as if bulls stand a chance.

Interesting Developments at EthereumPlasma Halted as Ethereum Seeks Alternative Scaling in zk-SNARKs

Therefore, we suggest aggressive type of traders to pick at spot with stops at 45 cents or Oct 11. First target will the buy trigger line at 60 cents and thereafter both set of traders can add their longs as they eye 90 cents and later parity.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post IOT/USD, EOS/USD, ADA/USD, XLM/USD, LTC/USD Price Analysis appeared first on NewsBTC.

IOT/USD, EOS/USD, ADA/USD, XLM/USD, LTC/USD Price Analysis

After days of lower lows and dry fundamentals, Stellar Lumens—XLM/USD, Cardano—ADA/USD and IOTA—IOT/USD pairs are trading within a bullish breakout patterns and likely to print higher as the week close. But still, we shall maintain a bullish outlook on EOS/USD and LTC/USD aware that if the latter find support at $50, odds are prices will rise above $60 igniting buy pressure.

Let’s have a look at these charts:

EOS/USD Price Analysis

EOS/USD Price Analysis

In the midst of relentless sell pressure, EOS/USD upsides have been clipped. So far, prices are down 2.5 percent in the last day but still clinging on bullish in the weekly chart adding 2.5 percent from last week’s close. Like in our last EOS/USD trade plan, we shall retain a neutral outlook with a bullish skew aware that prices are down +80 percent from 2017 highs.

You may find this interesting: Basic Attention Token Nosedives 20% Amidst SEC Crackdown Concerns

As such, EOS is likely to recover as prices consolidate inside a $3 range with clear supports at $4 and resistance at $7. If today close lower then odds are EOS/USD will slide towards $4 and in that case aggressive traders can would load at spot with stops at around $6 and first targets at $4 for a 1:1 risk reward ratio.

LTC/USD Price Analysis

The benefits of moving funds via crypto are there for everyone to see. Hours ago, $62 million worth of crypto was moved for 50 cents but it could be cheaper once Litecoin core 0.17.0 is live.

Then, Litecoin developers say, network fee will be slashed by a factor of then disadvantaging miners but benefiting users.

LTC/USD Price Analysis

While the network usage increases, LTC is down two percent in the last day and cents from $50, our main support line and sell trigger line. All in all, we recommend patience as reiterated before aware that any decline below $50 causing a whole bear bar to print below $50 would be inviting for sellers aiming at $30.

What about Bitcoin Stability: Bitcoin Falls to $6,300 Region as Altcoins Continue to Decline

Concurrently, now that LTC is down and trending around key Fibonacci retracement level from 2017 highs, bulls expect LTC/USD to find support at $50. In case that happen, then we shall recommend a wait and see approach until prices race above $60 or Oct highs. Thereafter, aggressive traders can buy dips with stops at breakout bar lows and first targets at $70.

XLM/USD Price Analysis

XLM/USD Price Analysis

Leading the market is stellar Lumens which is up roughly one percent in the last 24 hours validating our last XLM/USD trade plan. Despite lower lows and consolidation in lower time frames above 25 cents, we were bullish suggesting buys on dips with first targets at 30 cents and later 50 cents.

After yesterday’s resurgence, traders can enter at spot with stops at Nov 6 lows and first targets at 30 cents. The only move dismissing this view reverting us back to neutral is if there is rejection of higher highs damping XLM back as gains are reversed hitting our stops.

If not and bulls rally past 30 cents in a bullish breakout pattern, then both set of traders can load at spot with first targets at 50 cents and stops just below 30 cents.

ADA/USD Price Analysis

ADA/USD Price Analysis

Though the market is struggling against sellers, the simple fact is that ADA/USD is trading within a bullish breakout pattern.

And to reiterate, as long as ADA is above 7.5 cents and inside Nov 4 high low, we recommend buying at spot with stops at 7 cents—our minor support and first targets at 9.5 cents since risk reward ratios allow.

Otherwise, conservative traders can stay on the sideline until a high-volume bull bar print triggering buys above 9.5 cents. On the flip side, losses below 7 cents and later 6 cents would be negative to ADA/USD as prices could sink and register new ATLs.

IOT/USD Price Analysis

IOT/USD Price Analysis

Like Cardano, IOT/USD is trading within a bullish breakout pattern following Nov 4 close above the two month resistance trend line. From candlestick arrangement and yesterday’s resistance of lower lows, it seems as if bulls stand a chance.

Interesting Developments at EthereumPlasma Halted as Ethereum Seeks Alternative Scaling in zk-SNARKs

Therefore, we suggest aggressive type of traders to pick at spot with stops at 45 cents or Oct 11. First target will the buy trigger line at 60 cents and thereafter both set of traders can add their longs as they eye 90 cents and later parity.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post IOT/USD, EOS/USD, ADA/USD, XLM/USD, LTC/USD Price Analysis appeared first on NewsBTC.

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Author: Dalmas Ngetich

A Few Lessons From Facebook On Blockchain Mass Adoption

Facebook

Chris Hughes became super wealthy thanks to his Facebook stock. Now, this entrepreneur from Silicon Valley wants to restore the middle class, and believes this can be done through his idea. His new book, Fair Shot, outlines a guaranteed income for the poor in the US.

“Most Americans cannot find $400 in the case of an emergency like a car accident or a hospitalisation, yet I was able to make half a billion dollars for three years of work. Something is profoundly wrong with our economy and in our country, and we have to fix it,” Hughes laments. Sounds credible?

Those in the media employs reputation management through the power of social media and this man intends to overturn bad publicity by getting the crowd’s good grace – through a presscon and a book. This event took place on April 2018 but we’re now on the last few months of 2018.

Whatever the long term results of this social media ploy, there are a few lessons learned by those in the Blockchain space after the Facebook scandal and we listed a few of them here.

Lessons Learned

This is a difficult lesson for Facebook but one that can easily pave the way for others to take on the widening gap for centralized social apps. With increasing disquiet and distrust over the use, sale and loss of personal data, the intrusion of unwanted advertising, diminishing rewards for content creators and a changing landscape, the time is now right for blockchain-based social apps to challenge centralized social platforms such as Facebook, Instagram and Twitch.

Content creators generally do not share in the profits from advertising sales, except on YouTube and Twitch, where creators can have a limited share in profits, but only above certain thresholds. Even then, YouTube and Twitch take 25-45% of advertising revenues while YouTube recently changed its rules on profit sharing. Creators must comply or look for somewhere else to share their content.

This has led to over 100,000 content creators registering with Patreon in a bid to connect more with their fans and benefit from their patronage and tips. However, many patrons are unhappy with the financial burden being placed upon them.

With newcomer Howdoo about to launch, we might be about to see an exciting challenge to traditional social apps and also to Patreon.

Howdoo has been quietly executing its goal of delivering a unique social experience that combines the best of social media and blockchain without compromising on the user experience. The second lesson is that for Howdoo or any other blockchain social platform to take advantage of the current climate, it needs to scale fast and provide a unique user experience while appealing to the ever-changing demands of social media users.

Before it can challenge the incumbent centralised platforms comparison, Howdoo first needs to be benchmarked against its main blockchain competitors Mithril and Steemit:

Like Mithril and Steemit, creators and anyone that engages with content on Howdoo will be able to earn udoos (the Howdoo token) for liking and sharing content while there will be a unique gamification layer that rewards users for regular usage and adds additional value to the platform

Furthermore, other unique features missing from both Steemit and Mithril are live streaming, tipping and paywalls. A user can tip or donate with a click of a button, with the content creator receiving 100% against 90% on Patreon. With Howdoo there are no service or processing fees.

For a project to keep abreast of other strong contenders for the same space, it must have its token on crypto exchanges. A lot of projects suffered because of this hindsight. Fortunately, Udoo is listed on several exchanges as well as Blockfolio, with the most volume being on Coinbene. With a current market cap of $6m and an improved platform and user experience, it can easily match and surpass Mithril.

This is a valuable lesson for the other projects to base their strategies on – keep your project going with validation through the crypto market. Since Howdoo offers something even more unique, it is not unrealistic to expect Howdoo to corner a large stake in a market currently being dominated by centralized social platforms.

Community Empowerment

Advertising is a key component of any social media platform with Facebook generating $6.18 to $26.76 per user each quarter. With $50 billion annually spent on digital, in-game goods, it is essential to have thriving, engaging and supportive communities that will attract advertisers.

While some have argued that “social apps on the blockchain cannot compete for contented subscribers and advertisers on incumbent centralized platforms” I have noticed that respected Musicians, Gamers and other high profile content creators across beauty, fitness, and lifestyle are signing up as supporters of Howdoo.

Last month, Howdoo announced that it was accepting username reservations. Over 25,000 users have already signed up for their usernames with more being added every day.

Content creators who act early should be able to register the usernames they desire before the platform’s public launch this December. Quickly following its December release, Howdoo will be launching its paywall, where content creators can start to sell premium content or monthly subscriptions.

“Something is profoundly wrong with our economy and in our country, and we have to fix it,” Hughes writes. True, but we on the blockchain space see the solution differently. As exponent of the blockchain, we are inclined to believe that as projects on the blockchain massively disrupt every sector of society, including the financial world, the fruits of labor will be distributed more evenly among those who labor.


[Disclaimer: This is is a guest post. The opinions expressed within are the author’s own observations on the direction social media is moving in, and the author claims to not own any token from any of the companies listed above.]

The post A Few Lessons From Facebook On Blockchain Mass Adoption appeared first on Bitcoinist.com.

‘Asia’s Amazon’ Starts Using Bithumb’s Payment Service for Cryptocurrency Users

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency Users

One of South Korea’s largest cryptocurrency exchanges, Bithumb, has begun providing a cryptocurrency payment service to a major online marketplace it refers to as “Asia’s Amazon.” Korean users can use their cryptocurrencies held at the exchange to pay for purchases on Qoo10 using this service.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Qoo10 Partners With Bithumb

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersSouth Korean cryptocurrency exchange Bithumb announced on Wednesday the launch of its “cryptocurrency payment service” for major online shopping marketplace Qoo10, which it referred to as “Asia’s Amazon.”

The two companies signed a contract in August and have been developing a payment service for Qoo10 that uses Bithumb cash.

A Bithumb representative explained to news.Bitcoin.com that for each customer:

Bithumb cash is the total asset [value] of [their] cryptocurrencies and KRW.

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersBithumb started offering the “Bithumb cash payment service for Qoo10 from the 5th of this month,” the exchange wrote. This payment option is now listed on the marketplace alongside Payco, Paypal, and E-money.

The representative emphasized that currently this service is only available to Koreans, including those living overseas. Foreigners living in Korea cannot use it, the representative noted, adding that the company is working to make it available to all users.

Qoo10 operates seven localized online marketplaces in five countries, its website details. Bithumb described this marketplace as a Korean e-commerce company that is “the No. 1 shopping mall in Singapore, and has become a leader in Asian e-commerce markets such as Hong Kong, China and Indonesia.”

Crypto Conversion at Market Rates

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersBithumb revealed in November last year that it was working on creating a “simple” payment system to allow its members to use their cryptocurrencies and KRW to pay for goods and services, Chosun described.

An official of the exchange explained at the time that all cryptocurrencies held in Bithumb accounts can be used. “The process of converting virtual currencies into Bithumb cash is done automatically based on current market prices,” the news outlet detailed.

The Bithumb representative confirmed to news.Bitcoin.com:

[Cryptocurrencies such as] BTC will be converted automatically into KRW at the market rate.

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersUsers can specify which cryptocurrencies will be sold first to cover a purchase after the Korean won in the account is depleted.

Sedaily reported in April that shop owners can also choose whether to accept payments in Korean won or cryptocurrencies. However, if a shop owner chooses cryptocurrencies, the amounts at the time of withdrawals may be different from the amounts paid by customers due to price fluctuations of cryptocurrencies. “Most franchisees want to reduce the risk of price fluctuations, so they often choose to work with the won,” the publication quoted Bithumb explaining.

Last month, Singapore-based BK Global Consortium acquired a majority stake in Bithumb, as news.Bitcoin.com reported.

What do you think of Bithumb’s partnership with Qoo10? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Qoo10.


Need to calculate your bitcoin holdings? Check our tools section.

The post ‘Asia’s Amazon’ Starts Using Bithumb’s Payment Service for Cryptocurrency Users appeared first on Bitcoin News.

Go to Source
Author: Kevin Helms

‘Asia’s Amazon’ Starts Using Bithumb’s Payment Service for Cryptocurrency Users

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency Users

One of South Korea’s largest cryptocurrency exchanges, Bithumb, has begun providing a cryptocurrency payment service to a major online marketplace it refers to as “Asia’s Amazon.” Korean users can use their cryptocurrencies held at the exchange to pay for purchases on Qoo10 using this service.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Qoo10 Partners With Bithumb

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersSouth Korean cryptocurrency exchange Bithumb announced on Wednesday the launch of its “cryptocurrency payment service” for major online shopping marketplace Qoo10, which it referred to as “Asia’s Amazon.”

The two companies signed a contract in August and have been developing a payment service for Qoo10 that uses Bithumb cash.

A Bithumb representative explained to news.Bitcoin.com that for each customer:

Bithumb cash is the total asset [value] of [their] cryptocurrencies and KRW.

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersBithumb started offering the “Bithumb cash payment service for Qoo10 from the 5th of this month,” the exchange wrote. This payment option is now listed on the marketplace alongside Payco, Paypal, and E-money.

The representative emphasized that currently this service is only available to Koreans, including those living overseas. Foreigners living in Korea cannot use it, the representative noted, adding that the company is working to make it available to all users.

Qoo10 operates seven localized online marketplaces in five countries, its website details. Bithumb described this marketplace as a Korean e-commerce company that is “the No. 1 shopping mall in Singapore, and has become a leader in Asian e-commerce markets such as Hong Kong, China and Indonesia.”

Crypto Conversion at Market Rates

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersBithumb revealed in November last year that it was working on creating a “simple” payment system to allow its members to use their cryptocurrencies and KRW to pay for goods and services, Chosun described.

An official of the exchange explained at the time that all cryptocurrencies held in Bithumb accounts can be used. “The process of converting virtual currencies into Bithumb cash is done automatically based on current market prices,” the news outlet detailed.

The Bithumb representative confirmed to news.Bitcoin.com:

[Cryptocurrencies such as] BTC will be converted automatically into KRW at the market rate.

'Asia’s Amazon' Starts Using Bithumb's Payment Service for Cryptocurrency UsersUsers can specify which cryptocurrencies will be sold first to cover a purchase after the Korean won in the account is depleted.

Sedaily reported in April that shop owners can also choose whether to accept payments in Korean won or cryptocurrencies. However, if a shop owner chooses cryptocurrencies, the amounts at the time of withdrawals may be different from the amounts paid by customers due to price fluctuations of cryptocurrencies. “Most franchisees want to reduce the risk of price fluctuations, so they often choose to work with the won,” the publication quoted Bithumb explaining.

Last month, Singapore-based BK Global Consortium acquired a majority stake in Bithumb, as news.Bitcoin.com reported.

What do you think of Bithumb’s partnership with Qoo10? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Qoo10.


Need to calculate your bitcoin holdings? Check our tools section.

The post ‘Asia’s Amazon’ Starts Using Bithumb’s Payment Service for Cryptocurrency Users appeared first on Bitcoin News.

NEO Super: Next-Generation Blockchain or Crypto Scam?

Several reports from the NEO underground have been grumbling about a fork of NEO calling itself “NEO Super.” The venture launched, seemingly apropos of nothing at all, and boasts only one real project, a wallet service that some community members fear could very likely be an effort to scam NEO users out of their private

The post NEO Super: Next-Generation Blockchain or Crypto Scam? appeared first on CCN

Four Crypto Firms Ordered to Cease and Desist by Colorado Securities Commissioner

The Colorado Securities Commissioner has ordered four initial coin offerings to immediately cease and desist in connection with offering unregistered securities.

Colorado State Securities Commissioner Gerald Rome has issued a cease and desist order to four Initial Coin Offerings (ICOs) for allegedly offering unregistered securities, according to an official notice published Nov. 8.

The orders come as part of a state operation by the “ICO Task Force” within the Department of Regulatory Agencies (DORA), which in May of this year commenced investigations into potentially unlawful activity targeting cryptocurrency investors. With yesterday’s orders, DORA has now issued 12 cease and desist actions against ICOs.

On Nov. 8, Rome signed four orders to Bitcoin Investments, Ltd. — which is also conducting  business as DB Capital — PinkDate, Prisma, and Clear Shop Vision Ltd.

Per the notice, Bitcoin Investments claims to be a blockchain investment firm with over $700 million assets under management across multiple funds. The company allegedly promised its customers over one percent daily returns along with additional returns on internal trading of the “DB Token.”

The company reportedly claimed that “the average registered investment return over a two month period in 2017 was an amazing 95 percent,” while its ICO lists a number of celebrity promoters.

Bitcoin Investments’ website reportedly deploys the same format, visual content, and employee team as the U.S. Securities and Exchange Commission’s (SEC) educational site about related risks for potential crypto investors. Per the statement, DB Token ICO has not been registered as a security with the Division of Securities.

“Anonymously-operated, worldwide escorting service[s]” company Pinkdate allegedly seeks to fundrise more than $5 million via an ICO in tokens referred to as PinkDate Platform (PDP). The statement says that the firm promises investors “50 percent of Net Profits through dividends” in Bitcoin (BTC), Ethereum (ETH), Monero (XMR), or Bitcoin Cash (BCH). The PinkDate ICO allegedly has not been registered with the Division of Securities.

As for Prisma, its website allegedly requires users to buy its native crypto Prismacoin (PRIS) to use a proposed lending and arbitraging investment platform, through which investors could ostensibly profit up to 27 percent on their initial investment. The “arbitrage bot” is claimed to generate returns of up to 1.5 percent daily.

The last company on the list, Clear Shop Vision, Ltd, has promoted three ICOs since June 2018 and offered “ORC Token” with a “serious appreciation potential.” The company’s site allegedly directs investors to send ETH directly to Clear Shop’s ETH wallet, but not through a crypto exchange.

Per the notice, all mentioned companies have to immediately cease and desist all alleged violations of the Colorado Securities Act, including unregistered securities and fraud.

Four Crypto Firms Ordered to Cease and Desist by Colorado Securities Commissioner

The Colorado Securities Commissioner has ordered four initial coin offerings to immediately cease and desist in connection with offering unregistered securities.

Colorado State Securities Commissioner Gerald Rome has issued a cease and desist order to four Initial Coin Offerings (ICOs) for allegedly offering unregistered securities, according to an official notice published Nov. 8.

The orders come as part of a state operation by the “ICO Task Force” within the Department of Regulatory Agencies (DORA), which in May of this year commenced investigations into potentially unlawful activity targeting cryptocurrency investors. With yesterday’s orders, DORA has now issued 12 cease and desist actions against ICOs.

On Nov. 8, Rome signed four orders to Bitcoin Investments, Ltd. — which is also conducting  business as DB Capital — PinkDate, Prisma, and Clear Shop Vision Ltd.

Per the notice, Bitcoin Investments claims to be a blockchain investment firm with over $700 million assets under management across multiple funds. The company allegedly promised its customers over one percent daily returns along with additional returns on internal trading of the “DB Token.”

The company reportedly claimed that “the average registered investment return over a two month period in 2017 was an amazing 95 percent,” while its ICO lists a number of celebrity promoters.

Bitcoin Investments’ website reportedly deploys the same format, visual content, and employee team as the U.S. Securities and Exchange Commission’s (SEC) educational site about related risks for potential crypto investors. Per the statement, DB Token ICO has not been registered as a security with the Division of Securities.

“Anonymously-operated, worldwide escorting service[s]” company Pinkdate allegedly seeks to fundrise more than $5 million via an ICO in tokens referred to as PinkDate Platform (PDP). The statement says that the firm promises investors “50 percent of Net Profits through dividends” in Bitcoin (BTC), Ethereum (ETH), Monero (XMR), or Bitcoin Cash (BCH). The PinkDate ICO allegedly has not been registered with the Division of Securities.

As for Prisma, its website allegedly requires users to buy its native crypto Prismacoin (PRIS) to use a proposed lending and arbitraging investment platform, through which investors could ostensibly profit up to 27 percent on their initial investment. The “arbitrage bot” is claimed to generate returns of up to 1.5 percent daily.

The last company on the list, Clear Shop Vision, Ltd, has promoted three ICOs since June 2018 and offered “ORC Token” with a “serious appreciation potential.” The company’s site allegedly directs investors to send ETH directly to Clear Shop’s ETH wallet, but not through a crypto exchange.

Per the notice, all mentioned companies have to immediately cease and desist all alleged violations of the Colorado Securities Act, including unregistered securities and fraud.

Go to Source
Author: Ana Alexandre

Hate Pays: Neo-Nazi Site Daily Stormer Has Raised Surprising Amount of Bitcoin

The Daily Stormer is a “white nationalist” blog replete with meme culture, poor grammar, and the expected, constant barrage of sexist and racist remarks. Over the years it has continually had its domains yanked, hosting revoked, and, of course, most normal funding services like PayPal refuse to allow it to do business on their platforms.

The post Hate Pays: Neo-Nazi Site Daily Stormer Has Raised Surprising Amount of Bitcoin appeared first on CCN

Blockchain to Bring Boost to Digital Entertainment Industry

blockchain entertainment

The digital entertainment industry is unfair and largely one-sided. Large streaming and distribution platforms dominate the space and take the lion’s share of creators’ profits, leading to an imbalance between the ability of creators to negotiate the financing of their work and hosting platforms’ ability to justify their pricing. This applies to e-sport entertainment as well: large streaming platforms like Twitch either beat out or acquire smaller ones, and in cases where they don’t, their centralized content platforms give them flagrant control over where gamers stream and how much they make. All in all, the state of the digital entertainment industry keeps all but the top 1% of all competitive gamers from developing their skills and scaling their gameplay in a monetizable way, and inhibits many otherwise highly talented artists from reaching their target market because of the extravagant cost of distribution industry leaders charge their subscribers. And, with recent data privacy scandals enveloping large content companies like Facebook and Google, consumer participation in large content platforms is declining.

Blockchain technology, a distributed trustless digital ledger indicating how much in digital assets and smart contracts are associated with different addresses, is being used increasingly by blockchain startup companies in the digital entertainment space to help artists and gamers realize outsized value directly from their followers. They intend to remove the middlemen—distribution platforms such as Youtube, Spotify, and Twitch—from artists’ sales funnel, allowing them to connect directly with and bill followers for consuming their content. Decentralized platforms that creators, artists, and competitive gamers can use to connect directly with their fans reverse the revenue equation, making digital entertainment customer-centric and creator-controlled instead of corporate-centric and corporate-controlled. Given the current dominance of corporate-controlled centralized platforms that take away artists’ and creators’ control over their own work, decentralized platforms and apps appear to be chiefly poised to disrupt the market.

Bora Ecosystem is one such app. The decentralized entertainment platform is staged on the Ethereum blockchain and uses a two-tiered chain structure including Proof-of-Authority (for creators to retain digital rights over their content) and scalability to make services available to all users within a modular structure, ensuring that the app remains independent and stable for all users. The structure of the app makes for an easy-to-use content distribution ecosystem that lets creators and gamers distribute their services directly to their user bases. It is also two-way, since it uses tokens to incentivize user participation as well. It’s not perfect, though: running on the Ethereum blockchain means it’s not very scalable, at least not at first glance. That’s why the Bora Ecosystem is made up of a dual network design providing a parallel blockchain called BORA Chain to service providers on the network. That in turn provides a dual token system comprised of BORA tokens and points to make the app structure flexible enough to handle lots of different environments while incentivizing usage. And using the BORA Chain in combination with smart contracts, users get convenient transactions and enhanced security, while providers get the ability to store items like issuance, transactions, and attributes on BORA Chain. This makes for an environment where creators have full autonomy and distribution rights over their work, and users are incentivized to patronize them.

UjO Music is another entertainment company looking to take out the middleman. The platform uses a blockchain-based database to categorize rights and the owners of those rights to automate royalty payments with cryptocurrency and smart contracts. Combining automation with blockchain technology is powerful when you consider that the latter is open-source and publicly auditable, with the added bonus of providing multiverification-based security. By automating payments to artists directly from music sales royalties through self-executing contracts on the Ethereum blockchain, UjO Music is another blockchain platform to watch closely, both for businesses and consumers. For the former, UjO could provide powerful partnership opportunities for advertising and marketing delivery paired with artist music sales that would be automatically monetizable. For the latter, UjO could provide lower pricing for artist albums stemming from diminished cost of sales on the  creator end. Don’t take my word for it: in 2015, Imogen Heap and UjO Music partnered to produce the first music track sold on the blockchain, Tiny Human, following a comprehensive marketing campaign that year. While at the time total sales for that track only totaled $133.20 (yes, you read that right, one hundred thirty three dollars and twenty cents), UjO’s technology has only improved, featuring identity digitization, instant publishing, licensing control, and distribution control to a host of different applications.

Digital entertainment is slowly being exposed to the disintermediating effects of blockchain technology, and though the total number and overall maturity of the use cases are still in their infancy, they provide a solid foundation to a potentially bright future for gamers and artists in the future.


What are your thoughts on how this technology is taking off? Would you use either of these to get your music out there or gain followers for your gaming tournaments? Post below and let us know!

The post Blockchain to Bring Boost to Digital Entertainment Industry appeared first on NullTX.

Early Bitcoin Pioneer Speculates Who Nakamoto Is, Gives $100 Million in Asset Away

Jeff Garzik, an early pioneer of Bitcoin, has revealed that he’s given away over $100 million worth of the asset, but has no regrets about it.

Giving Money to Something He Believes In

Garzik has been in the space since 2010 after reading a blog post about Bitcoin. Writing code for it, he soon became the third-biggest contributor to Bitcoin after Satoshi Nakamoto and Gavin Andresen.

However, in a report with Bloomberg, the Bitcoin pioneer notes that the currency is not what he thought it would be. Yet, despite this, he’s proud of what has been achieved so far. So much so, that in a bid to spur software work on he gave 15,678 Bitcoins away about seven years ago in developer bounties. At current prices that’s around $100 million.

Garzik recalls that when Bitcoin reached $1 in 2011 a party was held to celebrate the milestone, adding “it was a question whether this thing would survive at all. And there’s no question of that today.”

Yet, while Nakamoto’s idea of Bitcoin being used as private money hasn’t materialised yet, Garzik is fine with it being treated as a store of value.

“It is an organism, it’s something that evolves,” he added. “It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”

Related Reading: Jeff Garzik Builds “Thousand Year Cryptocurency”

Will the Real Nakamoto Please Stand Up

Having worked closely, if only online, with Nakamoto, Garzik thinks he knows who it may be.

Speaking of the late Floridian Dave Kleiman, he said that this “this gentleman was self taught” and that it “matches his coding style.” He went on to add that:

“…the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”

Kleiman, who was wheelchair-bound after a motorcycle accident, died in 2013 after suffering an MRSA infection. He was a former Florida sheriff’s officer who became a computer forensics expert. Notably, Australian Craig Wright, who claimed he was Nakamoto in 2016, is being sued by the Kleiman’s estate for allegedly stealing billions of dollars worth of Bitcoin and intellectual property from Kleiman.

According to a report from February, Kleiman and Wright had partnered to mine Bitcoin, owning and controlling over 1.1 million Bitcoins between them. However, a lawsuit filed in February suggests that Wright was plotting to swindle Kleiman out of his Bitcoins and intellectual property.

In 2011, the pair founded a Florida-based company called W&K Info Defense Research LLC, which was engaged in Bitcoin mining and research. According to the lawsuit, Kleiman owned between 50 and 100 per cent of W&K. It adds that the Kleiman estate owns the rights to $5,118,266,427.50 worth of Bitcoin and IP rights.

Yesterday, Roger Ver, an advocate behind Bitcoin Cash, posted a video on YouTube, alleging that he’d received an email from Wright claiming he was Nakamoto and that he would crash the value of BCH.

Featured image from Shutterstock.

The post Early Bitcoin Pioneer Speculates Who Nakamoto Is, Gives $100 Million in Asset Away appeared first on NewsBTC.

Early Bitcoin Pioneer Speculates Who Nakamoto Is, Gives $100 Million in Asset Away

Jeff Garzik, an early pioneer of Bitcoin, has revealed that he’s given away over $100 million worth of the asset, but has no regrets about it.

Giving Money to Something He Believes In

Garzik has been in the space since 2010 after reading a blog post about Bitcoin. Writing code for it, he soon became the third-biggest contributor to Bitcoin after Satoshi Nakamoto and Gavin Andresen.

However, in a report with Bloomberg, the Bitcoin pioneer notes that the currency is not what he thought it would be. Yet, despite this, he’s proud of what has been achieved so far. So much so, that in a bid to spur software work on he gave 15,678 Bitcoins away about seven years ago in developer bounties. At current prices that’s around $100 million.

Garzik recalls that when Bitcoin reached $1 in 2011 a party was held to celebrate the milestone, adding “it was a question whether this thing would survive at all. And there’s no question of that today.”

Yet, while Nakamoto’s idea of Bitcoin being used as private money hasn’t materialised yet, Garzik is fine with it being treated as a store of value.

“It is an organism, it’s something that evolves,” he added. “It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”

Related Reading: Jeff Garzik Builds “Thousand Year Cryptocurency”

Will the Real Nakamoto Please Stand Up

Having worked closely, if only online, with Nakamoto, Garzik thinks he knows who it may be.

Speaking of the late Floridian Dave Kleiman, he said that this “this gentleman was self taught” and that it “matches his coding style.” He went on to add that:

“…the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”

Kleiman, who was wheelchair-bound after a motorcycle accident, died in 2013 after suffering an MRSA infection. He was a former Florida sheriff’s officer who became a computer forensics expert. Notably, Australian Craig Wright, who claimed he was Nakamoto in 2016, is being sued by the Kleiman’s estate for allegedly stealing billions of dollars worth of Bitcoin and intellectual property from Kleiman.

According to a report from February, Kleiman and Wright had partnered to mine Bitcoin, owning and controlling over 1.1 million Bitcoins between them. However, a lawsuit filed in February suggests that Wright was plotting to swindle Kleiman out of his Bitcoins and intellectual property.

In 2011, the pair founded a Florida-based company called W&K Info Defense Research LLC, which was engaged in Bitcoin mining and research. According to the lawsuit, Kleiman owned between 50 and 100 per cent of W&K. It adds that the Kleiman estate owns the rights to $5,118,266,427.50 worth of Bitcoin and IP rights.

Yesterday, Roger Ver, an advocate behind Bitcoin Cash, posted a video on YouTube, alleging that he’d received an email from Wright claiming he was Nakamoto and that he would crash the value of BCH.

Featured image from Shutterstock.

The post Early Bitcoin Pioneer Speculates Who Nakamoto Is, Gives $100 Million in Asset Away appeared first on NewsBTC.

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Author: Rebecca Campbell

Experts: Finance Firms Need to Replace IT Infrastructure to Adopt Blockchain and Crypto

According to some industry experts, entering the crypto and blockchain space will require some companies to rethink how they organize their IT infrastructure.

Industry experts say that financial institutions will have to replace their existing internal IT infrastructure for greater adoption of blockchain and digital currencies, Scotland’s national news outlet the Scotsman reported Nov. 9.

Delivering a speech at the ScotChain18 conference in Edinburgh devoted to blockchain technology impact on commerce, Jeremy Drain of cryptocurrency-focused software company Libra reportedly stated that “there’s an assumption by some companies that their current infrastructure will accept crypto and blockchain.” Drain further explained that those firms’ data is too different, so their systems are unable to work with blockchain and crypto.

Other participants like Deloitte’s Risk Advisory Leader for Fintech and RegTech Kent McKenzie and Apolline Blandin of the Cambridge Centre for Alternative Finance, addressed regulation challenges blockchain poses for governments and the need for standardization in the industry. CEO of smart contract provider Monax, Casey Kuhlman reportedly said:

“This is an immature software and the value proposition is not clear due to the different tech involved in each cryptocurrency solution.”

CEO of recruitment firm MBN Solutions, Michael Young said that since “many” companies investigate blockchain and its adaptation to their business strategies, it will have an impact on the ability of traditional IT infrastructures to support the “new order.” Young concluded:

“Without exception, the success stories seem to have one characteristic in common: they needed the right infrastructure in place to ensure the rapid, seamless, and secure transmission and processing of data on the blockchain. Whilst this is not an issue for many startup ventures in the blockchain space, this may mean a complete rethink for large corporates looking to keep pace with this foundational technology.”


In late October, Japanese IT equipment and services company Fujitsu announced its plans to build a blockchain-based interbank settlement platform as part of a joint project with nine domestic banks. The project aims to “confirm the viability of blockchain technology” and will use an unnamed “digital currency” to make settlements.

The Moscow Exchange (MOEX) revealed in June that it is preparing infrastructure that will allow companies to conduct Initial Coin Offerings (ICOs), and expects to launch it this year. Per MOEX CEO Alexander Afanasiev, the exchange will not list tokens, but provide information about the responsibilities of token issuers, as well as issue futures contracts for ICOs provided there is sufficient demand from investors.

Experts: Finance Firms Need to Replace IT Infrastructure to Adopt Blockchain and Crypto

According to some industry experts, entering the crypto and blockchain space will require some companies to rethink how they organize their IT infrastructure.

Industry experts say that financial institutions will have to replace their existing internal IT infrastructure for greater adoption of blockchain and digital currencies, Scotland’s national news outlet the Scotsman reported Nov. 9.

Delivering a speech at the ScotChain18 conference in Edinburgh devoted to blockchain technology impact on commerce, Jeremy Drain of cryptocurrency-focused software company Libra reportedly stated that “there’s an assumption by some companies that their current infrastructure will accept crypto and blockchain.” Drain further explained that those firms’ data is too different, so their systems are unable to work with blockchain and crypto.

Other participants like Deloitte’s Risk Advisory Leader for Fintech and RegTech Kent McKenzie and Apolline Blandin of the Cambridge Centre for Alternative Finance, addressed regulation challenges blockchain poses for governments and the need for standardization in the industry. CEO of smart contract provider Monax, Casey Kuhlman reportedly said:

“This is an immature software and the value proposition is not clear due to the different tech involved in each cryptocurrency solution.”

CEO of recruitment firm MBN Solutions, Michael Young said that since “many” companies investigate blockchain and its adaptation to their business strategies, it will have an impact on the ability of traditional IT infrastructures to support the “new order.” Young concluded:

“Without exception, the success stories seem to have one characteristic in common: they needed the right infrastructure in place to ensure the rapid, seamless, and secure transmission and processing of data on the blockchain. Whilst this is not an issue for many startup ventures in the blockchain space, this may mean a complete rethink for large corporates looking to keep pace with this foundational technology.”

In late October, Japanese IT equipment and services company Fujitsu announced its plans to build a blockchain-based interbank settlement platform as part of a joint project with nine domestic banks. The project aims to “confirm the viability of blockchain technology” and will use an unnamed “digital currency” to make settlements.

The Moscow Exchange (MOEX) revealed in June that it is preparing infrastructure that will allow companies to conduct Initial Coin Offerings (ICOs), and expects to launch it this year. Per MOEX CEO Alexander Afanasiev, the exchange will not list tokens, but provide information about the responsibilities of token issuers, as well as issue futures contracts for ICOs provided there is sufficient demand from investors.

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Author: Ana Alexandre

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

Nigeria's Start-Ups Call for Cryptocurrency Regulation to Stem Investment Outflows

Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan).

Also Read: Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $8.7 Million

Lack of Regulation Drives Capital Away

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

“Investments in blockchain-based financial services such as cryptocurrency are today going to Rwanda and Malta, which have provided regulatory frameworks that guide operators of the technology,” Ade Atobatele, founder of Gboza Gboza Technology Ltd, a member of the E-ppan association, is quoted by the local Guardian newspaper as saying.

Atobatele was speaking at a conference organised by the fintech lobby group in the Nigerian commercial capital Lagos this week. Noting how technology develops at a rate much faster than financial regulators can cope with, he said some regulatory oversight is, nevertheless, needed to give direction and to tackle issues around risk and service delivery. Atobatele lamented:

We have a license with CBN, but our blockchain-based services are being operated in Rwanda, which has offered us the license.

E-ppan is a broad-based fintech industry representative body with links to the Nigerian central bank, particularly “on regulations that govern the electronic payments industry.” The group says on its website that “we influence the policy environment by applying pressure strategically to key decision makers to change the business environment positively.”

‘Cryptocurrency a Gamble’

In 2014 Nigeria eclipsed South Africa as the continent’s biggest economy, with a GDP of $400 billion. But huge inequalities, corruption and illicit financial flows still persist in Africa’s most populous nation. The cryptosphere in Nigeria is trading under caution from Godwin Emifiele, governor of the CBN, who has likened cryptocurrencies “to a gamble.” However, the Nigerian parliament has instituted an investigation into the merits and demerits of adopting bitcoin as a means of payment.

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

In spite of all that, Nigerians continue to flood the digital currency space in search of cheaper and faster ways to send money abroad – or receive it – and to hedge against inflation and exchange-related losses of the Naira, the local unit. According to Citigroup, Nigerians account for the world’s third largest holdings of bitcoin, as a percentage of Gross Domestic Product, after Russia and New Zealand. Ignoring warnings from financial regulators, a flurry of startups in the country have taken to initial coin offerings or setting up virtual currency exchanges.

Regulation Coming

Speaking at the E-ppan conference, Musa Jimoh, an official with the Central Bank of Nigeria, said regulation is on the way. He detailed:

We are restructuring the licensing regime to accommodate risks that fintech present in the system and how they can work with banks to mitigate those risks. Fintechs are coming up with products and technology that is unmatched with banks, this also needs to be addressed.

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

According to the the Guardian report, Michael Kiberu, chief executive officer of Vault Bridge, a member of E-ppan, called on regulators in the West African country to learn from countries such as Uganda, Switzerland, Kenya and Japan, where cryptocurrencies operate with some level of legal guidance, allowing capital to flow more freely into the sector.

Calls for regulation of the digital currency landscape may, however, be anathema to some crypto hardliners. Such so-called maximalists advocate the foundational principles of bitcoin, as a currency built for freedom, to resist any form of control, especially that from governments.

What do you think about the calls for cryptocurrency regulation in Nigeria? Let us know in the comments section below.


Images courtesy of Shutterstock.


The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page

The post Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows appeared first on Bitcoin News.

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

Nigeria's Start-Ups Call for Cryptocurrency Regulation to Stem Investment Outflows

Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan).

Also Read: Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $8.7 Million

Lack of Regulation Drives Capital Away

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

“Investments in blockchain-based financial services such as cryptocurrency are today going to Rwanda and Malta, which have provided regulatory frameworks that guide operators of the technology,” Ade Atobatele, founder of Gboza Gboza Technology Ltd, a member of the E-ppan association, is quoted by the local Guardian newspaper as saying.

Atobatele was speaking at a conference organised by the fintech lobby group in the Nigerian commercial capital Lagos this week. Noting how technology develops at a rate much faster than financial regulators can cope with, he said some regulatory oversight is, nevertheless, needed to give direction and to tackle issues around risk and service delivery. Atobatele lamented:

We have a license with CBN, but our blockchain-based services are being operated in Rwanda, which has offered us the license.

E-ppan is a broad-based fintech industry representative body with links to the Nigerian central bank, particularly “on regulations that govern the electronic payments industry.” The group says on its website that “we influence the policy environment by applying pressure strategically to key decision makers to change the business environment positively.”

‘Cryptocurrency a Gamble’

In 2014 Nigeria eclipsed South Africa as the continent’s biggest economy, with a GDP of $400 billion. But huge inequalities, corruption and illicit financial flows still persist in Africa’s most populous nation. The cryptosphere in Nigeria is trading under caution from Godwin Emifiele, governor of the CBN, who has likened cryptocurrencies “to a gamble.” However, the Nigerian parliament has instituted an investigation into the merits and demerits of adopting bitcoin as a means of payment.

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

In spite of all that, Nigerians continue to flood the digital currency space in search of cheaper and faster ways to send money abroad – or receive it – and to hedge against inflation and exchange-related losses of the Naira, the local unit. According to Citigroup, Nigerians account for the world’s third largest holdings of bitcoin, as a percentage of Gross Domestic Product, after Russia and New Zealand. Ignoring warnings from financial regulators, a flurry of startups in the country have taken to initial coin offerings or setting up virtual currency exchanges.

Regulation Coming

Speaking at the E-ppan conference, Musa Jimoh, an official with the Central Bank of Nigeria, said regulation is on the way. He detailed:

We are restructuring the licensing regime to accommodate risks that fintech present in the system and how they can work with banks to mitigate those risks. Fintechs are coming up with products and technology that is unmatched with banks, this also needs to be addressed.

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

According to the the Guardian report, Michael Kiberu, chief executive officer of Vault Bridge, a member of E-ppan, called on regulators in the West African country to learn from countries such as Uganda, Switzerland, Kenya and Japan, where cryptocurrencies operate with some level of legal guidance, allowing capital to flow more freely into the sector.

Calls for regulation of the digital currency landscape may, however, be anathema to some crypto hardliners. Such so-called maximalists advocate the foundational principles of bitcoin, as a currency built for freedom, to resist any form of control, especially that from governments.

What do you think about the calls for cryptocurrency regulation in Nigeria? Let us know in the comments section below.


Images courtesy of Shutterstock.


The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page

The post Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows appeared first on Bitcoin News.

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Author: Jeffrey Gogo

Crypto Community Responds to Fake Satoshi’s “F**k You” Email to Roger Ver

Two of Bitcoin Cash’s most high-profile supporters have fallen out over the pending BCH hard fork. Craig “Fake Satoshi” Wright sent an abusive email to Roger Ver earlier this week. Yesterday, Ver responded.

Ver Supports Bitcoin ABC, But Thinks the Whole Fork Dispute Could Resolve Itself

In a video posted to the Bitcoin.com YouTube channel, one of cryptocurrency’s earliest proponents and investors, Roger Ver, has responded to an email sent from self-proclaimed Satoshi, Craig Wright.

The two early Bitcoin pioneers have each sided with one of the opposing camps in the November 15 hard fork (Ver is with ABC and Wright backs Bitcoin SV). Evidently, from the wording of the email, Wright strongly disapproves of Ver’s allegiance.

Ver opened the video by screen-sharing and reciting Wright’s correspondence:

“If you want a war…

I will do 2 years of no trade. Nothing.

 

In the war, no coin can trade.

If you want ABC, you want shitcoins, welcome to bankruptcy.

 

It was nice knowing you.

Bitcoin will die before ABC shits on it. I will see BCH trade at 0 for a few years. Will you?

 

Side with ABC, you hate bitcoin, you are my enemy. You have no fucking idea what that means.

You will.

 

I AM Satoshi. Have a nice life. You will now discover me when pissed off.

And so. You could have had proof. Your choice.

 

Fuck you.

Craig.”

After sharing the email and bringing Wright’s maturity into question, Ver contrasted the controversial crypto figure’s words with those of fellow Bitcoin SV proponent and gambling entrepreneur Calvin Ayre. The Bitcoin.com owner stated that he likes Ayre and paraphrased his response to his decision to side with Bitcoin ABC:

“Hey Roger, wherever you’re ready to rejoin the camp that supports economic freedom, we’re here ready for you. That seems like something a sane person would say.”

Throughout the video, Ver displayed a mixture of confusion and exasperation whilst explaining how he felt about the disagreement. The man formerly known as Bitcoin Jesus stated that he believed the fork would pass rather uneventfully. He compared it to the Y2K bug, saying that most likely there would be no long-term split but it didn’t hurt to be prepared for that outcome:

“I think it’s probably unlikely that there will be a long-term fork, especially because there’s no replay protection… The only way you can prepare for [the fork] in the long-term is to make sure you can treat the two coins as separate coins.”

To illustrate his point, Ver reminded viewers of the mess that was made of the Ethereum hard fork following the DAO hack. Since some exchanges did not implement replay protection, customers and exchanges lost money.

Ver then mused on which chain would have the majority support if there was a long-term split. Drawing on hash rate evidence, the early Bitcoin investor stated that ABC would have a “significant majority”. He supported this with data from Poloniex, an exchange which has launched futures trading for Bitcoin SV and Bitcoin ABC already:

“At the moment, it’s about 1:10 in favour of ABC but I think the volume’s pretty light still.”

During the video, Ver is clearly not enamoured by the prospect of another hard fork less than 18 months after that which created Bitcoin Cash in the first place. He even goes as far as to empathise with the “Bitcoin Core” position prior to the August 2017 fork:

“One thing that I guess I have learned… The core people previous were really really opposed to any sort of contentious hard fork and I think there’s some merit to being afraid of that. We’re seeing right now the damage that can be caused by having contentious hard fork.”

Later in the video he also states:

“I wish everyone could all just get along but that’s not reality… I wish that we could build a cryptocurrency that enables more economic freedom for the entire world.”

However, Ver does acknowledge that it was only thanks to the ability of one minority group to reject the majority and fork off that created his pet project originally.

Finally, the Bitcoin millionaire finally offered up some words of advice for those Bitcoin Cash holders concerned about the outcome of a fork:

“Hold you coins in a wallet in which you control the private key. That’s always pretty good advice.”

It was not just Roger Ver who has weighed in on the email though. Many prominent commentators and participants in the space have taken to Twitter to voice their opinion. Jihan Wu, the CEO of mining hardware giants Bitmain, tweeted:

Meanwhile, Emin Gün Sirer referred to the outburst from Wright as a “meltdown”:

Finally, CNBC’s Crypto Trader presenter Ran Neu-Ner posted a tongue-in-cheek poll referencing Wright’s bout of megalomania:

Related Reading: Roger Ver Hints at Launching a Bitcoin Cash-Centric Exchange

Featured image from Shutterstock.

The post Crypto Community Responds to Fake Satoshi’s “F**k You” Email to Roger Ver appeared first on NewsBTC.

Crypto Community Responds to Fake Satoshi’s “F**k You” Email to Roger Ver

Two of Bitcoin Cash’s most high-profile supporters have fallen out over the pending BCH hard fork. Craig “Fake Satoshi” Wright sent an abusive email to Roger Ver earlier this week. Yesterday, Ver responded.

Ver Supports Bitcoin ABC, But Thinks the Whole Fork Dispute Could Resolve Itself

In a video posted to the Bitcoin.com YouTube channel, one of cryptocurrency’s earliest proponents and investors, Roger Ver, has responded to an email sent from self-proclaimed Satoshi, Craig Wright.

The two early Bitcoin pioneers have each sided with one of the opposing camps in the November 15 hard fork (Ver is with ABC and Wright backs Bitcoin SV). Evidently, from the wording of the email, Wright strongly disapproves of Ver’s allegiance.

Ver opened the video by screen-sharing and reciting Wright’s correspondence:

“If you want a war…

I will do 2 years of no trade. Nothing.

 

In the war, no coin can trade.

If you want ABC, you want shitcoins, welcome to bankruptcy.

 

It was nice knowing you.

Bitcoin will die before ABC shits on it. I will see BCH trade at 0 for a few years. Will you?

 

Side with ABC, you hate bitcoin, you are my enemy. You have no fucking idea what that means.

You will.

 

I AM Satoshi. Have a nice life. You will now discover me when pissed off.

And so. You could have had proof. Your choice.

 

Fuck you.

Craig.”

After sharing the email and bringing Wright’s maturity into question, Ver contrasted the controversial crypto figure’s words with those of fellow Bitcoin SV proponent and gambling entrepreneur Calvin Ayre. The Bitcoin.com owner stated that he likes Ayre and paraphrased his response to his decision to side with Bitcoin ABC:

“Hey Roger, wherever you’re ready to rejoin the camp that supports economic freedom, we’re here ready for you. That seems like something a sane person would say.”

Throughout the video, Ver displayed a mixture of confusion and exasperation whilst explaining how he felt about the disagreement. The man formerly known as Bitcoin Jesus stated that he believed the fork would pass rather uneventfully. He compared it to the Y2K bug, saying that most likely there would be no long-term split but it didn’t hurt to be prepared for that outcome:

“I think it’s probably unlikely that there will be a long-term fork, especially because there’s no replay protection… The only way you can prepare for [the fork] in the long-term is to make sure you can treat the two coins as separate coins.”

To illustrate his point, Ver reminded viewers of the mess that was made of the Ethereum hard fork following the DAO hack. Since some exchanges did not implement replay protection, customers and exchanges lost money.

Ver then mused on which chain would have the majority support if there was a long-term split. Drawing on hash rate evidence, the early Bitcoin investor stated that ABC would have a “significant majority”. He supported this with data from Poloniex, an exchange which has launched futures trading for Bitcoin SV and Bitcoin ABC already:

“At the moment, it’s about 1:10 in favour of ABC but I think the volume’s pretty light still.”

During the video, Ver is clearly not enamoured by the prospect of another hard fork less than 18 months after that which created Bitcoin Cash in the first place. He even goes as far as to empathise with the “Bitcoin Core” position prior to the August 2017 fork:

“One thing that I guess I have learned… The core people previous were really really opposed to any sort of contentious hard fork and I think there’s some merit to being afraid of that. We’re seeing right now the damage that can be caused by having contentious hard fork.”

Later in the video he also states:

“I wish everyone could all just get along but that’s not reality… I wish that we could build a cryptocurrency that enables more economic freedom for the entire world.”

However, Ver does acknowledge that it was only thanks to the ability of one minority group to reject the majority and fork off that created his pet project originally.

Finally, the Bitcoin millionaire finally offered up some words of advice for those Bitcoin Cash holders concerned about the outcome of a fork:

“Hold you coins in a wallet in which you control the private key. That’s always pretty good advice.”

It was not just Roger Ver who has weighed in on the email though. Many prominent commentators and participants in the space have taken to Twitter to voice their opinion. Jihan Wu, the CEO of mining hardware giants Bitmain, tweeted:

Meanwhile, Emin Gün Sirer referred to the outburst from Wright as a “meltdown”:

Finally, CNBC’s Crypto Trader presenter Ran Neu-Ner posted a tongue-in-cheek poll referencing Wright’s bout of megalomania:

Related Reading: Roger Ver Hints at Launching a Bitcoin Cash-Centric Exchange

Featured image from Shutterstock.

The post Crypto Community Responds to Fake Satoshi’s “F**k You” Email to Roger Ver appeared first on NewsBTC.

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Author: Rick D.

France Considers a Flat Capital Gains Tax for Bitcoin

The finance commission in France’s lower house of parliament has reportedly backed plans to decrease taxes on bitcoin sales, putting it on the same level as the standard capital gains tax.


30% Flat Tax on Bitcoin Gains

Reuters reports that the finance commission in the lower house of the French parliament has backed plans to ease taxation on bitcoin gains to flat 30 percent. At the current moment, bitcoin gains are reportedly taxed at 36.2 percent rate.

It’s worth noting that this is just the initial hearing and that the amendment isn’t in force yet. In order for it to be enacted, the broader parliament needs to approve it as part of the budget bill.

More or Less?

Earlier in April, it was reported that the country’s Council of State has moved to reconsider the way gains stemming from the sale of cryptocurrencies are regulated.

According to those reports, the Council could consider cryptocurrency gains as profits made of “movable property” and, hence, would be subjected to a tax at the flat rate of 19 percent which is substantially lower than the 30 percent backed by the finance commission.

Champs-Elysees and Arc de Triomphe

In any case, the country has been fairly active in terms of legislation in the field of cryptocurrencies. In October Bitcoinist reported that France is considering enacting a framework which would govern crypto-asset intermediaries. Should it be approved, fiat-to-cryptocurrency exchanges and custodians of cryptographic keys would have to undergo a mandatory registration with the AMF.

These moves are part of the country’s efforts to get a hang on the field. Earlier this year, the French Finance Minister Bruno Le Maire called for making France the epicenter of cryptocurrency and blockchain-based technologies, admitting his previous position on the field:

I was a neophyte a year ago, but now I’m passionate. It took me a year. Let us show a lot of pedagogy with our fellow citizens to make France the first place of blockchain & crypto-active innovation in Europe.

Should Bitcoin be subject to capital gains tax? Share your thoughts below!


Images courtesy of Shutterstock

The post France Considers a Flat Capital Gains Tax for Bitcoin appeared first on Bitcoinist.com.

Who Created Bitcoin? Early Developer Jeff Garzik Gives His Best Guess

Jeff Garzik, historically one of the major early contributors to the Bitcoin codebase and later a lead developer at BitPay, doesn’t know who created the flagship cryptocurrency. However, he has an educated guess. Speaking in an interview with Bloomberg, he spoke to his suspicions of the actual creator of Bitcoin. He has one of the

The post Who Created Bitcoin? Early Developer Jeff Garzik Gives His Best Guess appeared first on CCN

Binance CEO: Business Still Good, Despite Exchange Volume Drop

Speaking with CNBC Africa, Binance CEO Changpeng Zhao said that despite lower trade volumes, the business is still “profitable.”

Binance cryptocurrency exchange CEO Changpeng Zhao said that the company is not concerned over low trade volumes caused by the current market slump, according to an interview with CNBC Africa posted on YouTube Nov. 8.  

Speaking on CNBC Africa’s “Crypto Trader” show, Changpeng Zhao — also known as CZ — said that the exchange is not worried by a volume drop of almost 50 percent since last month, when the market became “very stable.”

According to Zhao, Binance currently has one tenth of the trading volume it did in January 2018, but is still trading far above the volumes the exchange had “two or three years ago.” The business is “still profitable,” Zhao said.

When asked if Binance is still opening new accounts “at an accelerating rate,” Zhao said that the exchange is still signing up new users, but not as much as in January or February, which was “a very crazy period.”

In terms of the amount of cryptocurrency that Binance holds, Zhao stated that it is increasing very steadily, especially for Bitcoin (BTC) because “it is a constant volume coin.” Moreover, the exchange is seeing an increase of customers depositing BTC. Zhao also suggested that markets are experiencing a slow down period.

The decrease in the trading volume leads to prices stabilization, Zhao stated, and when people trade less, they usually shift coins to their wallets. However, Binance has seen the opposite. “When we see an increase in BTC holdings over time, that means that most likely people are not moving BTC to us,” he said.

Speaking about possible catalysts for market movement, Zhao said that he has no answer since “it is very hard to predict which one would be the trigger,” although he said he would bet on the entrance of institutions into the industry, as they will ostensibly bring more stable and regulated coins.

In October, investor and digital currency advocate Mike Novogratz predicted that institutional investors will start entering the market in the first or second quarter of 2019, which will result in new highs for the BTC price. Prior to that, Novogratz stated that the cryptocurrency market had found its bottom. “Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,” he said.

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Author: Ana Alexandre

Binance CEO: Business Still Good, Despite Exchange Volume Drop

Speaking with CNBC Africa, Binance CEO Changpeng Zhao said that despite lower trade volumes, the business is still “profitable.”

Binance cryptocurrency exchange CEO Changpeng Zhao said that the company is not concerned over low trade volumes caused by the current market slump, according to an interview with CNBC Africa posted on YouTube Nov. 8.  

Speaking on CNBC Africa’s “Crypto Trader” show, Changpeng Zhao — also known as CZ — said that the exchange is not worried by a volume drop of almost 50 percent since last month, when the market became “very stable.”

According to Zhao, Binance currently has one tenth of the trading volume it did in January 2018, but is still trading far above the volumes the exchange had “two or three years ago.” The business is “still profitable,” Zhao said.

When asked if Binance is still opening new accounts “at an accelerating rate,” Zhao said that the exchange is still signing up new users, but not as much as in January or February, which was “a very crazy period.”

In terms of the amount of cryptocurrency that Binance holds, Zhao stated that it is increasing very steadily, especially for Bitcoin (BTC) because “it is a constant volume coin.” Moreover, the exchange is seeing an increase of customers depositing BTC. Zhao also suggested that markets are experiencing a slow down period.

The decrease in the trading volume leads to prices stabilization, Zhao stated, and when people trade less, they usually shift coins to their wallets. However, Binance has seen the opposite. “When we see an increase in BTC holdings over time, that means that most likely people are not moving BTC to us,” he said.

Speaking about possible catalysts for market movement, Zhao said that he has no answer since “it is very hard to predict which one would be the trigger,” although he said he would bet on the entrance of institutions into the industry, as they will ostensibly bring more stable and regulated coins.

In October, investor and digital currency advocate Mike Novogratz predicted that institutional investors will start entering the market in the first or second quarter of 2019, which will result in new highs for the BTC price. Prior to that, Novogratz stated that the cryptocurrency market had found its bottom. “Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,” he said.

Daily Crypto Roundup 11/9/2018

An interview with ETC’s Donald McIntyre, Bitfinex struggles, AT&T and T-Mobile lawsuits, and Bitcoin comments and predictions filled crypto headlines today. Take a minute to brush up on the news.

Interview: Donald McIntyre (ETC Dev Team) On The Advantages Of Ethereum Classic

Crypto Insider recently got the chance to interview Donald McIntyre of the ETC development team.

Ethereum is a much talked about crypto asset and platform. But ETC sees less conversation.

“If you follow him on Twitter, you will discover that he is one of the most vocal advocates of the original Ethereum blockchain, and he can go as far as calling other crypto community members out in order to point out his perspective on the subject matter”, explained Crypto Insider about McIntyre.

McIntyre disagrees with the move to Proof-of-Stake (PoS) for ETH. McIntrye sees ETC as a one-of-a-kind cryptocurrency and even lobbies for ETC over ETH.

Read on Crypto Insider

For Bitfinex Users, Dollar Withdrawals Are Now A Weeks-Long Struggle

Bitfinex has made headlines over the past many months. Today sees an article chronicling users struggling with exchange withdrawals – still.

News dates back almost a month for this ordeal, with users facing asset withdrawal difficulties. CoinDesk reports of Bitfinex customer Jamie West stating – “I am still waiting for my money – 17 business days after the event,” … “[t]hey even had the cheek to charge £309 for 24-hour express service”.

CoinDesk also details the struggles of several other customers as well.

Read on CoinDesk

Bitcoin Trailblazer Jeff Garzik Says Bitcoin ‘Unquestionably A Success’ As Store Of Value

Bloq CEO and Co-Founder Jeff Garzik is known for his time spent in the crypto space, dating back many years.

A recent interview with Bloomberg showed Garzik stating of Bitcoin – “It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success”.

CoinDesk explains Garzik’s history in crypto, stating: “In Bitcoin’s infancy, Garzik, now 44, reportedly corresponded privately with Nakamoto via email and the Bitcointalk forum, ahead of the Nakamoto’s much-mythologized, abrupt disappearance in 2011”.

Read on CoinTelegraph

U.S. Law Firm Files Claims Against AT&T, T-Mobile Over SIM Swap-Enabled Crypto Thefts

News yesterday showed accusations against T-Mobile and AT&T regarding stolen funds.

“SIM-swapping – also known as a ‘port-out scam’ – involves the theft of a cell phone number in order to hijack online financial and social media accounts, enabled by the fact that many firms use automated messages or phone calls to handle customer authentication” reported CoinTelegraph.

One crypto asset holder was reportedly hijacked for more than $621,000, via the above tactics. AT&T had previously stated the safety of the customer’s account prior to the theft.

T-Mobile was also listed in association with similar customer thefts and difficulties.

Read on CoinTelegraph

Bitcoin To $250k By 2023 Prediction Is ‘Absolutely Solid,’ Says Tim Draper

Recent news shows crypto figure Tim Draper still backs his prediction of a $250k Bitcoin by the year 2023, with the possibility for even 2022.

Bitcoinist reported Draper explaining during the recent Web Summit conference -“I have a pretty good sense of what’s going on four, five, six ten years from now because that’s my business – to meet with young entrepreneurs who are putting a future into my mind”.

Read on Bitcoinist

The post Daily Crypto Roundup 11/9/2018 appeared first on Crypto Insider.

Craig Wright Fooled Me: Roger Ver States As Tension Looms Over The Upcoming Hard Fork

bch

By now, everyone in the cryptocurrency industry is aware of the upcoming Bitcoin Cash hard fork. The currency – which is itself a hard fork of Bitcoin – has been on the spotlight in the recent past as two factions have emerged with different ideas on its future. While much of the disagreement has been civil, it has emerged that the leader of one faction, Craig Wright, has escalated the issue. In a video released yesterday, November 8, Roger Ver revealed an email sent to him by Wright which sounded a lot like a threat. Ver then went on to give his thoughts on the upcoming hard fork, including why he thinks Bitcoin Cash ABC, which he supports, has the upper hand.

‘Those That Disagree Can Fork Off’

“It’s never easy to admit that you’ve been fooled. Maybe I’ve been fooled. Maybe.”

This was the opening statement by the divisive Roger Ver. Ver, a figure who is loved and loathed in equal measure in the crypto industry, then went on to reveal an email allegedly sent to him by the even-more-controversial Craig Wright. Wright has described himself as the elusive Satoshi Nakamoto, an assertion that has been challenged by many, including Vitalik Buterin who called him a fraud.

In the email, Wright didn’t mince his words, severally stating that Bitcoin ABC will die and that those who back it are enemies of Bitcoin. “If you want ABC, you want shitcoins, welcome to bankruptcy,” read part of the email. However, what caught the eye the most was the ending which sounded much like a threat. It read:

Side with ABC, you hate bitcoin, you are my enemy. You have no f***ng idea what that means.

You will.

I AM Satoshi. Have a nice life. You will now discover me when pissed off.

Ver went on to criticize the ‘immaturity’ the email exposed stating that “it wasn’t the sort of thing that a forty-something-year-old mature businessman would say.” In contrast, he stated that other Bitcoin SV supporters such as the renowned billionaire Calvin Ayre had been ‘mature’ about the difference in opinion.

Not surprisingly, Ver expressed confidence that Bitcoin Cash ABC will have the upper hand.

I think the hash rate and the ecosystem dictates that ABC is going to have significant majority. At the time of recording this video, only one exchange has launched a futures market for ABC and SV coins. At the moment it’s 10 to 1 in favor of ABC, but I think the volume is pretty light still… [….] At the very center of the spirit of Bitcoin Cash is that if the minority disagrees with the majority, they have the right to fork away and have their own coin and do what they want.

With the hard fork being just days away, major exchanges have announced that they will support both ABC and SV depending on the viability of the SV chain. They include Coinbase, Binance, OKEx and Huobi, with other exchanges expected to follow suit.

The post Craig Wright Fooled Me: Roger Ver States As Tension Looms Over The Upcoming Hard Fork appeared first on NullTX.

Investor Lawsuit Brought Against AT&T, T-Mobile for SIM Swapping Hacks

Swim Swap Lawsuit

Leading cryptocurrency investor law firm Silver Miller Law has filed suit against cell phone giants AT&T and T-Mobile on behalf of several digital asset investors who were victims of the identity-theft tactic known as “SIM swapping.” The suit alleges that both companies possessed flaws in their security systems and failed to properly train their employees to work against hackers seeking to gain access to users’ smartphones.

SIM swapping occurs when a hacker gathers information on a potential victim, such as their phone password, answers to their security questions and their financial holdings. Once they have the data they need, the hacker will contact the person’s cell phone provider and claim that their SIM card has been lost or damaged and request that a new one be activated, with the end goal of accessing the victim’s finances — in this case, cryptocurrency.

The lawyers at Silver Miller Law claim that many of their clients had their crypto wallets drained via SIM swapping techniques, including one individual — an AT&T holder — who had roughly $621,000 stolen despite the phone company’s assurances that security had been beefed up following an earlier hack attempt on his account. Two other instances involved T-Mobile clients, who were ultimately robbed of $400,000 and $250,000 respectively.

This is not the only SIM jacking case brought against AT&T; the mobile carrier is also the subject of a separate $224 million lawsuit brought on by Michael Terpin, the founder of angel investment group BitAngels. Terpin claims that the company’s weak security protocols led to his loss of roughly $24 million in crypto funds through two separate SIM swap attacks.

In a deposition filed in August, Terpin claims that the hackers obtained access to his phone number with the help of an AT&T customer service representative. The hackers were then able to access his cryptocurrency wallet and steal funds.

Terpin states, “What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner.” He is now seeking roughly $200 million in damages.

Silver Miller Law has developed a reputation in the space for bringing investor-led lawsuits to court. Notable judgments and settlements in the firm’s history include Liu v. the Florida-based cryptocurrency exchange Cryptsy, in which roughly $50 million (approximately 11,300 BTC) was ordered returned to the company’s many traders and investors. It has also filed suits against Coinbase for its alleged mishandling of December 2017’s bitcoin cash listing.

This article originally appeared on Bitcoin Magazine.

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Author: Nick Marinoff

South Korean Crypto Exchange Pure Bit Exit Scams with 13,000 Ether: Report

According to Korean blockchain news provider Blockchain ROK, newcomer exchange Pure Bit has effectively exit scammed with at least 13,000 in investor Ethereum in hand. As evidence of the scam, BROK points to the fact that the exchange’s CEO has changed his name on popular Korean social media network Kakao to “I’m sorry” in the

The post South Korean Crypto Exchange Pure Bit Exit Scams with 13,000 Ether: Report appeared first on CCN

Square Generates $43 Million in Bitcoin Revenue in Q3, Profits Reach $500,000

Mobile payments and merchant services provider Square, Inc. has revealed its Q3 revenue report, and with it has shared some positive growth in Bitcoin-related revenue.

Square Shows Steady Continued Growth in Bitcoin Revenue

According to Square’s third quarter 2018 revenue report, the mobile payment firm generated $431 million in adjusted net revenue – beating FactSet analyst projections of $414 million. The growth represents a 68% year-over-year increase of adjusted revenue. Total net revenue reached $882 million in Q3 2018, representing 51% year-over-year growth.

Of the $882 million in net revenue, Bitcoin-related transactions generated $43 million in revenue for Square in the third quarter of the year, up $6 million from the $37 million generated in Q2. Bitcoin-related profits were also up, reaching over $500,000 for Q3.

In Square’s Q3 earnings report, the company highlights why it doesn’t include Bitcoin in its adjusted revenue figures, suggesting the company’s goal is simply to expose customers to Bitcoin for the time being.

“We deduct Bitcoin costs because we consider our role in the Bitcoin transactions to be facilitating customer access to Bitcoin. Since we only apply a small margin to the market cost of Bitcoin when we sell Bitcoin to customers, and we have no control over the cost of Bitcoin in the market, which tends to be volatile, we believe deducting Bitcoin costs is a better reflection of the economic benefits as well as the Company’s performance from the Bitcoin transactions,” the report read.

Bitcoin was added to the Square Cash app last November for testing, then rolled out to its wider customer base in January of this year, allowing users to send, buy, and sell the leading cryptocurrency by market cap.

Related Reading: Jack Dorsey Wants To Help Bitcoin Become Global Currency

Square’s CEO, Jack Dorsey, who also serves as CEO of Twitter, is among the world’s most outspoken Bitcoin promoters. Dorsey believes that Bitcoin has the potential to some day become the single global currency used across the internet.

Square Shares Slip Despite Beating Revenue Projections

Square’s reported Q3 revenue beat out investor expectations, however, shares of the mobile payment company have since dipped due to concerns stemming from the company’s fourth quarter outlook.

Square forecasted 12 cents to 13 cents a share in adjusted earnings, while the FactSet consensus called for 15 cents. Square shares were down as much as 10.6% yesterday, but is starting to rebound.

Square, Inc’s market cap fell from a one-month high of $34.19 billion on Wednesday, to $30.27 billion today, wiping out nearly $4 million in just two days as investors look for more profitable ventures. Despite the downturn, Square boasts a larger market cap than Dorsey’s other business, the popular social media platform Twitter. Twitter’s market cap is currently $25.75 billion. For comparison, Bitcoin’s market capitalization is currently $111 billion. 

Square shares have been a profitable investment throughout 2018, – far more profitable than investing in Bitcoin itself – achieving over 125% growth over the past year.

Featured image from Shutterstock.

The post Square Generates $43 Million in Bitcoin Revenue in Q3, Profits Reach $500,000 appeared first on NewsBTC.

Swedish Man Sentenced After Sending Bomb to Crypto Firm Over Lost Password

A Swedish man was sentenced to six and a half years in prison after sending a bomb to employees of the Cryptopay Bitcoin wallet, debit card service, and exchange platform.

A Swedish court has sentenced a man to six and a half years in prison after he sent a "potentially lethal homemade bomb” to a U.K.-based crypto firm, BBC reports today, Nov. 9.

Jermu Michael Salonen, 43, faced several charges in the Stockholm District Court, including sending a bomb to Cryptopay employees in London, and mailing a white powder to Swedish politicians — including the prime minister.

Salonen was allegedly attempting to take revenge on the firm for refusing to change his password on the Cryptopay platform in August 2017. As BBC reports, Cryptopay refused the request, as such a change would contravene company policy.

Salonen sent an explosive device in a padded envelope addressed to two Cryptopay employee’s in Hackney, London in November 2017, and the package was delivered to an accounting firm previously used by Cryptopay.

Several months later in March 2018, a worker at the office began opening the package, but stopped when he became suspicious of the contents. The package was referred to the Met Police Counter Terrorism Command who forwarded DNA information from the bomb to Interpol, alerting Swedish authorities to Salonen’s activities. According to BBC, Salonen was already known to Swedish police.

Founded in late 2014, Cryptopay is a Bitcoin (BTC) wallet, debit card service, and exchange for U.K. and European Union clients. Cryptopay co-founder George Basiladze told Cointelegraph that the firm had changed offices a “few months before the parcel was delivered.” No one was hurt in the incident, and “none of [Cryptopay’s] employees have ever worked at that address.”

Following the recent news, Cryptopay subsequently tweeted that resetting a password is “no problem,” in case it is forgotten:

Password

Source: Cryptopay Twitter

On Oct. 31, a number of firms in Amsterdam faced another case of crypto extortion by email, with an anonymous individual threatening an attack with hand grenades if they did not send 50,000 euro ($57,000) to his Bitcoin wallet.

Earlier this year, Cointelegraph reported that Russian crypto blogger and trader Pavel Nyashin has been found dead in his apartment in Saint Petersburg. Nyashin had been previously assaulted, when attackers stole around $425,000 in cash after he boasted of his crypto wealth online. While an investigation was opened subsequently in May, there is still no news on the matter.