Trading Crypto: Effective Technical Traders Should Be Having A Scalping ‘Field Day’ With BTC Trading Range

Bitcoin overnight trading (US CST) sees some downside after 6600 was tested. This is not a true resistance area but as discussed over the past few months has provided a pivotal area for BTC throughout the bear market this year. 

After being rejected here, price continued downward as BTC has technically only “retraced” less than 1/2 of the previous leg down* – a sign of higher downside risk. Therefore, the 6460 active downside protection area was hit exactly during the formation of the last 4-hour candle.

BTC has maintained step-ladder-like price action to see the 6600 mark broken but ultimately still struggles to find a point past this area. Keep in mind that the next true resistance area to beat is at 6800 firm. However, 6400 support also continues to hold.

 

Price action has been hanging in the balance between the two – giving an indication of how much indecision remains in the market at this time. Thus, 6460 downside protection remained active to protect profits by keeping any continued fallout to a minimum.

The next stage to watch for will be a channel formation if BTC holds the current area firm while slowly creeping to the upside. This will be shown with the next 24 hours of trading.

Stochastic levels now maintain a downward course, however, they still look to seek overbought (>80) levels. This will trigger continued buy signals near the 6500 area if stochastic pivots once again.

MACD has now crossed to the downside and gives additional reason to protect profits.

BTC is currently a No Play/Sell at this time.

Futures Traders – trade the trend. The short-term trend is short, however, it may pivot if channel formation is at hand. Capital conservation is important at this time – no trade scenario until confirmation of patter + trend.

The post Trading Crypto: Effective Technical Traders Should Be Having A Scalping ‘Field Day’ With BTC Trading Range appeared first on Abacus Journal – Cryptocurrency News.

JP Morgan Identifies Three Companies Whose Stock Could Benefit From Blockchain

Investment bank J.P. Morgan Chase has named three companies whose stock could benefit from their deployments of blockchain technology.

Investment bank and financial services firm J.P. Morgan Chase has identified three public companies whose stock it believes will benefit from their applications of blockchain technology, CNBC reported Nov. 8.

In a note to clients, J.P. Morgan reportedly forecast that IT companies will deploy blockchain in the same way that many firms claim to benefit from machine learning and artificial intelligence (AI). As Cointelegraph reported yesterday, some companies have started to drop using the term “blockchain,” as they believe the word is overhyped and too often used as a marketing ploy.

However, J.P. Morgan outlined three companies that will purportedly create “material incremental growth opportunities” from the technology.

Per J.P. Morgan, those beneficiaries are American content delivery network and cloud service provider Akamai Technologies Inc., San Francisco-based tech and digital transaction management services firm DocuSign, and cloud-based platform provider for the mortgage finance industry Ellie Mae.

J.P. Morgan recommended that investors “should be looking to identify where the opportunity to replace a middleman is the biggest, or where trust is needed where none exists, or what companies are the best positioned to offer blockchain as a service (BaaS).”

Software equity research analyst at J.P. Morgan Sterling Auty explained how each firm fit J.P.  Morgan’s criteria. Auty reportedly said that Akamai could power its business through BaaS as many customers would rather use blockchain as a service than develop the technology from scratch.

DocuSign can already reportedly connect a blockchain network to its systems. Specifically, DocuSign aims to digitize the entire contracting process on its platform. “Over time we could see much of the platform being based on blockchain, basically shifting its centralized security model for the distributed model of blockchain,” Auty said.

Regarding the third company, Ellie Mae, J.P. Morgan said that real estate is the most “obvious” use case for blockchain. Auty reportedly commented:

“Utilizing blockchain to manage the entire mortgage process could bring trust among parties and use of smart contracts could help automate various tasks (inspection, income/employment verification.”

In October, a study of J.P. Morgan’s digital transformation initiatives revealed that blockchain is a key technology for the bank’s roadmap. The study covered the firm’s digital transformation roadmap, with blockchain listed as the first in a range of cutting-edge technologies that are being pursued by the bank — including big data, cloud, AI, and robotics.

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Author: Ana Alexandre

JP Morgan Identifies Three Companies Whose Stock Could Benefit From Blockchain

Investment bank J.P. Morgan Chase has named three companies whose stock could benefit from their deployments of blockchain technology.

Investment bank and financial services firm J.P. Morgan Chase has identified three public companies whose stock it believes will benefit from their applications of blockchain technology, CNBC reported Nov. 8.

In a note to clients, J.P. Morgan reportedly forecast that IT companies will deploy blockchain in the same way that many firms claim to benefit from machine learning and artificial intelligence (AI). As Cointelegraph reported yesterday, some companies have started to drop using the term “blockchain,” as they believe the word is overhyped and too often used as a marketing ploy.

However, J.P. Morgan outlined three companies that will purportedly create “material incremental growth opportunities” from the technology.

Per J.P. Morgan, those beneficiaries are American content delivery network and cloud service provider Akamai Technologies Inc., San Francisco-based tech and digital transaction management services firm DocuSign, and cloud-based platform provider for the mortgage finance industry Ellie Mae.

J.P. Morgan recommended that investors “should be looking to identify where the opportunity to replace a middleman is the biggest, or where trust is needed where none exists, or what companies are the best positioned to offer blockchain as a service (BaaS).”

Software equity research analyst at J.P. Morgan Sterling Auty explained how each firm fit J.P.  Morgan’s criteria. Auty reportedly said that Akamai could power its business through BaaS as many customers would rather use blockchain as a service than develop the technology from scratch.

DocuSign can already reportedly connect a blockchain network to its systems. Specifically, DocuSign aims to digitize the entire contracting process on its platform. “Over time we could see much of the platform being based on blockchain, basically shifting its centralized security model for the distributed model of blockchain,” Auty said.

Regarding the third company, Ellie Mae, J.P. Morgan said that real estate is the most “obvious” use case for blockchain. Auty reportedly commented:

“Utilizing blockchain to manage the entire mortgage process could bring trust among parties and use of smart contracts could help automate various tasks (inspection, income/employment verification.”

In October, a study of J.P. Morgan’s digital transformation initiatives revealed that blockchain is a key technology for the bank’s roadmap. The study covered the firm’s digital transformation roadmap, with blockchain listed as the first in a range of cutting-edge technologies that are being pursued by the bank — including big data, cloud, AI, and robotics.

Bitcoin Cash: Pre-Fork Trading Doesn’t Bode Well for Craig Wright’s Camp

Partisans in the looming Bitcoin Cash civil war now have the opportunity to put their money where their mouths are, and that money is quickly piling up on one side of the debate. Poloniex Opens Pre-Fork BCH Market Earlier today, cryptocurrency exchange Poloniex became the first crypto trading platform to allow users to trade coins

The post Bitcoin Cash: Pre-Fork Trading Doesn’t Bode Well for Craig Wright’s Camp appeared first on CCN

University of Guelph Joins Left to Build Mesh Networks in Canadian North

Guelph Left Mesh

The School of Computer Science at the University of Guelph has partnered with an award-winning startup to revolutionize connectivity across Northern Canada.

The Maple Ridge-based tech company Left has teamed up with the University of Guelph to launch a $2.1 million project with Mitacs to spread Mitacs’ patented mobile mesh network to a wide range of remote communities in Canada.

This is the largest partnership the School of Computer Science has ever undertaken, incorporating “120 graduate student internships over five years, from universities across Canada.” Left and Mitacs are providing the majority of the funding for this project, while the cooperation of universities across Canada will lay the groundwork for an ambitious connectivity project.

Mitacs’ platform, RightMesh, operates as a traditional mesh network for internet connectivity. As University of Guelph Professor Jason Ernst put it, mesh networking “allows people to connect with each other using the Bluetooth, Wi-Fi or Wi-Fi Direct capabilities built into smartphones, even if those phones are currently offline.”

Essentially, devices which are physically able to connect to the internet are able to act as nodes in an ad hoc network, so that individual devices can connect to these nodes, and these nodes can in turn connect to the internet. As long as the Wi-Fi or Bluetooth-enabled devices are connected to a device that is itself connected to the internet, these devices can tap into the internet off of this connection.

Such an ambitious project was made possible through the combined efforts of these tech companies and the participating universities of Canada. As the press report stated, places like “the Inuit community of Rigolet, Nunatsiavut, where climate change has negatively affected food security, health and wellness, and personal safety” will reap some of the largest benefits.

Rigolet was a testing ground for this project in 2017, and Ernst claimed that it showed great promise in “providing life-saving data without dependence on traditional internet.” Even as traditional infrastructure has been wholly unable to provide this community with reliable access to many comforts of life, hooking into RightMesh has enabled free and decentralized internet access without additional costs. Now, this new partnership will improve access in Rigolet and bring access to many other communities in Northern Canada as well.

Dan Ruimy, a member of the Canadian Parliament, believes it is a good sign that Vancouver-based companies are partnering with companies like Left from elsewhere in Western Canada to bring about such wide innovation. “For many years, Vancouver has been the lone driving force of tech innovation in the area,” said MP Ruimy, adding that this is “a project that helps bridge Canada’s digital divide.” With projects like this, tech innovation and tech access can spread across the nation in multiple ways.

This article originally appeared on Bitcoin Magazine.

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Author: Landon Manning

Binance Launches Research Arm For “Institutional-Grade Research Reports”

Binance research

Popular cryptocurrency exchange Binance announced today that it has launched a new division dedicated specifically to industry analysis.

In a November 8, 2018, announcement, Binance described some of the responsibilities of this new division, which has been dubbed Binance Research. The research is “focused on the creation of institutional-grade research reports” and has “the aim of increasing transparency and improving the quality of information available within the crypto space.”

To this end, Binance has paired the official public announcement of this new division with some of the research that it has already been doing before going public. The articles that have gone live concurrently are examples of the kind of content that this new division will generate in the future.

Research first dropped a report on the development of the Loom Network, assessing its capabilities by a wide number of metrics. Not only does the report list the accomplishments and milestones of the projects, but it also provides data and graphs on its historical price data, key features, token sale data and even the specific wallet addresses that hold more than 90 percent of said tokens.

The report on GoChain has a similar level of depth in its findings, providing everything from short biographies on lead developers to snippets of the actual code, as well as including all of the previously mentioned metrics of sales history and more.

For a first-day release of this new division, the existing research and analysis appear to be comprehensive in depth and scope.

Binance Research has promised to release a third set of analytics on Pundi X “with more set to be regularly released over the coming weeks.”

This article originally appeared on Bitcoin Magazine.

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Author: Landon Manning

Canadian University Shuts Down Entire Network After Mining Attack

Last week St. Francis Xavier University in Nova Scotia, Canada reportedly shut down its entire computer network for four days due to an attempted mining attack.

Entire Network Brought Offline

An official statement published on the university’s website on Nov. 4 stated they were bringing their network slowly back online after an attempted crypto-jacking. The statement read:

“On Thursday, ITS, in consultation with security specialists, purposefully disabled all network systems in response to what we learned to be to be an automated attack on our systems known as ‘crytpocoin mining.’” 

It went on to add:

“At this time, there is no evidence that any personal information within our network was breached, however, ITS will continue to analyze and monitor for suspicious activity in the days and weeks ahead. ITS has also implemented heightened security measures in response to this event.”

University officials also required students and faculty to change their passwords following the incident to regain access to campus resources.

The breach interfered with access to email accounts, WiFi, debit transactions, online courses, and storage drives hosted on the school’s network comprised of 150 servers, according to Canadian news outlet CBC.

An Ongoing Cyber Threat

A spokesperson for the university said they’d never seen a cyberattack like this before, but it marks the latest in a string of attempts to hijack the computing power of others and bend it toward mining crypto.

Hackers Using Software Vulnerability Stolen From the NSA to Illicitly Mine Crypto
Related: Hackers Using Software Vulnerability Stolen From the NSA to Illicitly Mine Crypto

In most cases, crypto-jacking of host computers occurs via phishing schemes designed to covertly install illicit mining malware on unsuspecting machines. CryptoSlate reported in September that hackers were using the Eternal Blue vulnerability in old Windows systems to illicitly mine Monero. More sophisticated schemes actually install legitimate software on the host computer, like a fake Adobe Flash updater that actually installs the program, but runs crypto-jacking malware in the background.

In most cases of such cyber attacks, poor “digital hygiene” is to blame. Old systems go unpatched or without important security updates. Employees click on emails from senders they don’t recognize. The end result is a largely avoidable cyberattack that can, in cases like this one at St. Francis Xavier, mean the disruption of important systems.

Institutions like this with large networks make attractive targets for crypto-jackers, as they stand to gain more computing power from a single attack. For its part, the university says it will be stepping up its security measures.

“We will be investigating opportunities like increasing our sensitivity settings within our security systems,” said St. Francis Xavier spokesperson MacKenzie in an interview with CBC. “We’ll also be looking into taking old systems offline.”

The post Canadian University Shuts Down Entire Network After Mining Attack appeared first on CryptoSlate.

Reddit Co-founder: Bear Market is Good for Crypto Innovation

Alexis Ohanian has spoken about the current state of the cryptocurrency markets.

The Reddit co-founder believes that the dwindling prices experienced throughout 2018 are good for the space and will allow those committed to it to work with fewer distractions.

Ohanian Silent on Previous Ether Price Call

One of cryptocurrency’s most committed bulls, Alexis Ohanian, has stated that the current bear market is actually good for the digital asset and blockchain industry.

Ohanian founded the wildly successful social news forum Reddit from his university dorm room in 2005. A few years later the site became a useful resource for Bitcoiners and this gave the entrepreneur a rare early opportunity to observe, engage with, and learn about the community and tech.

This led to Ohanian developing a keen interest in cryptocurrency and blockchain technology.

In 2013, he decided to take a more hands-off approach to Reddit and pursue a venture capital fund known as Initialized Capital. The early stage investment group has previously invested in Coinbase and other crypto-related startups.

In a recent interview with Breaker Mag, Ohanian was joined with his Initialized Capital partner Garry Tan to discuss the state of cryptocurrency as well as what the pair looked for in terms of blockchain startups to invest in.

The Initialized Capital co-founders first addressed their approach to picking prospects from the digital currency space. Tan told the publication that there was little difference between how they evaluate blockchain firms and non-crypto ones. He said if the company in question was able to outperform the competition then it mattered little if they were centralised or decentralised. Ohanian supported this point, but added that Initialized Investments believes blockchain can provide “better, cheaper, faster” services.

The interviewer then addressed current market conditions. In response to a question about whether Ohanian and Tan believed the current bear market to be permanent or simply a passing phase, the pair agreed that prices would eventually resume an upwards trajectory. Commenting on what could break the downtrend, Tan stated:

“How it comes out of the current crypto winter, we still think it will come back to real use cases.”

Rather than dwelling on the dropping prices, the partners instead focused on the positives of such a bear market. For them, the bursting of the late 2017 bubble allows those developing projects to concentrate on more important matters than price. Tan said:

“The last time this happened, Bitcoin went from north of $1,000 down to $250, and that winter lasted years. People started losing hope, and out of that came etherium [sic]. Truly useful things come out of the nadir of the last hype cycle.”

Ohanian added that the price action had pushed many speculators away from the market. For him, such a move causes the space to realign and “really incentivises the people who are building to just build.”

Interestingly, during the interview there was no mention of Ohanian’s early 2018 price call for ether tokens. The Reddit co-founder famously stated in May that he believed the number two digital asset on earth would reach a staggering $15,000 this year.

With the price floating around the $213 mark at the time of writing, a prediction that looked far-fetched then now looks all but impossible.

Related Reading: Reddit Co-Founder Bullish on Bitcoin Despite Current Price Slump

Featured image from Shutterstock.

The post Reddit Co-founder: Bear Market is Good for Crypto Innovation appeared first on NewsBTC.

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Author: Rick D.

Reddit Co-founder: Bear Market is Good for Crypto Innovation

Alexis Ohanian has spoken about the current state of the cryptocurrency markets.

The Reddit co-founder believes that the dwindling prices experienced throughout 2018 are good for the space and will allow those committed to it to work with fewer distractions.

Ohanian Silent on Previous Ether Price Call

One of cryptocurrency’s most committed bulls, Alexis Ohanian, has stated that the current bear market is actually good for the digital asset and blockchain industry.

Ohanian founded the wildly successful social news forum Reddit from his university dorm room in 2005. A few years later the site became a useful resource for Bitcoiners and this gave the entrepreneur a rare early opportunity to observe, engage with, and learn about the community and tech.

This led to Ohanian developing a keen interest in cryptocurrency and blockchain technology.

In 2013, he decided to take a more hands-off approach to Reddit and pursue a venture capital fund known as Initialized Capital. The early stage investment group has previously invested in Coinbase and other crypto-related startups.

In a recent interview with Breaker Mag, Ohanian was joined with his Initialized Capital partner Garry Tan to discuss the state of cryptocurrency as well as what the pair looked for in terms of blockchain startups to invest in.

The Initialized Capital co-founders first addressed their approach to picking prospects from the digital currency space. Tan told the publication that there was little difference between how they evaluate blockchain firms and non-crypto ones. He said if the company in question was able to outperform the competition then it mattered little if they were centralised or decentralised. Ohanian supported this point, but added that Initialized Investments believes blockchain can provide “better, cheaper, faster” services.

The interviewer then addressed current market conditions. In response to a question about whether Ohanian and Tan believed the current bear market to be permanent or simply a passing phase, the pair agreed that prices would eventually resume an upwards trajectory. Commenting on what could break the downtrend, Tan stated:

“How it comes out of the current crypto winter, we still think it will come back to real use cases.”

Rather than dwelling on the dropping prices, the partners instead focused on the positives of such a bear market. For them, the bursting of the late 2017 bubble allows those developing projects to concentrate on more important matters than price. Tan said:

“The last time this happened, Bitcoin went from north of $1,000 down to $250, and that winter lasted years. People started losing hope, and out of that came etherium [sic]. Truly useful things come out of the nadir of the last hype cycle.”

Ohanian added that the price action had pushed many speculators away from the market. For him, such a move causes the space to realign and “really incentivises the people who are building to just build.”

Interestingly, during the interview there was no mention of Ohanian’s early 2018 price call for ether tokens. The Reddit co-founder famously stated in May that he believed the number two digital asset on earth would reach a staggering $15,000 this year.

With the price floating around the $213 mark at the time of writing, a prediction that looked far-fetched then now looks all but impossible.

Related Reading: Reddit Co-Founder Bullish on Bitcoin Despite Current Price Slump

Featured image from Shutterstock.

The post Reddit Co-founder: Bear Market is Good for Crypto Innovation appeared first on NewsBTC.

Two Teachers Mine for Ethereum Using School’s Power

Teachers mine for ethereum

Teachers Mine for Ethereum: Mining for cryptocurrency comes with its controversy. Energy consumption is already the most eyebrow-raising aspect. So what about using the local school’s computers to mine for Ethereum… during school time? Oh, and you’re the principal of the school.

This is exactly what happened in Hunan Province, China.

Teachers Mine for Ethereum: What Happened?

According to Hong Kong news outlet HK01, two Puman Middle School principals were caught using the school’s power to mine Ethereum.

The school’s general manager noticed the computers’ fans were louder than normal and this …

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Author: Maria Ohle

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws

The Korean Bar Association, whose membership is mandatory for all lawyers in the country, has campaigned publicly for the government to pass a number of cryptocurrency-related laws. The group specifically proposes regulation for crypto exchanges, initial coin offerings, domestic and foreign crypto transactions, and cryptocurrency funds.

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

Lawyers Press Government for Crypto Laws

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsThe Korean Bar Association on Thursday lobbied the government “to quickly establish a legal framework to help develop the blockchain-based virtual currency industry and protect investors,” Reuters reported.

“It is rare for the Korean Bar Association, membership of which is mandatory for all local lawyers, to campaign publicly for specific technological or business interest groups,” the news outlet noted.

At a press conference held at the National Assembly on Thursday, the president of the association, Kim Hyun, was quoted as saying:

We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws
Representatives of the Korean Bar Association at the press conference on Thursday.

Crypto-Related Proposals

The Korean government is currently working on the legal framework for initial coin offerings (ICOs) which it banned in September last year “without disclosing legal grounds,” News1 wrote, elaborating:

The Korean Bar Association specifically proposed the direction of regulating cryptocurrency trading sites, ICOs, domestic and foreign cryptocurrency transactions, and cryptocurrency fund products.

The group urges the government to adopt clear legal legislation related to crypto exchanges to prevent activities such as wash trading, insider trading, and money laundering, Chosun explained.

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsThe association also presses for regulations in accordance with the Foreign Exchange Transactions Act for domestic and foreign crypto transactions.

Furthermore, instead of prohibiting investments in cryptocurrencies, the group proposes permitting certain types of organizations with expertise and qualifications to trade them.

The association asserted:

Even in the United States, where regulations on securities are strict, the law permits fund operations using cryptocurrencies as an underlying asset and futures trading.

Security ICOs

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsFor ICOs specifically, the association proposes applying the existing securities laws such as the Capital Markets Act or Financial Investment Business Act to security tokens, covering both domestic and foreign ICOs entering the Korean market, News1 detailed.

In addition, the group says the country’s Financial Services Commission (FSC) should “specify in advance the obligation to submit related documents such as a whitepaper” for ICOs of foreign companies entering the domestic market.

Meanwhile, FSC Vice Chairman Kim Yong-beom said on Wednesday that “The financial authorities will release the results of the actual initial coin offering situation this month.” The government is evaluating the outcome of its ICO survey conducted in September.

What do you think of the Korean Bar Association urging the government to pass these cryptocurrency-related laws? Let us know in the comments section below.


Images courtesy of Shutterstock, the Korean Bar Association, and Chosun.


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

The post Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws appeared first on Bitcoin News.

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws

The Korean Bar Association, whose membership is mandatory for all lawyers in the country, has campaigned publicly for the government to pass a number of cryptocurrency-related laws. The group specifically proposes regulation for crypto exchanges, initial coin offerings, domestic and foreign crypto transactions, and cryptocurrency funds.

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

Lawyers Press Government for Crypto Laws

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsThe Korean Bar Association on Thursday lobbied the government “to quickly establish a legal framework to help develop the blockchain-based virtual currency industry and protect investors,” Reuters reported.

“It is rare for the Korean Bar Association, membership of which is mandatory for all local lawyers, to campaign publicly for specific technological or business interest groups,” the news outlet noted.

At a press conference held at the National Assembly on Thursday, the president of the association, Kim Hyun, was quoted as saying:

We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws
Representatives of the Korean Bar Association at the press conference on Thursday.

Crypto-Related Proposals

The Korean government is currently working on the legal framework for initial coin offerings (ICOs) which it banned in September last year “without disclosing legal grounds,” News1 wrote, elaborating:

The Korean Bar Association specifically proposed the direction of regulating cryptocurrency trading sites, ICOs, domestic and foreign cryptocurrency transactions, and cryptocurrency fund products.

The group urges the government to adopt clear legal legislation related to crypto exchanges to prevent activities such as wash trading, insider trading, and money laundering, Chosun explained.

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsThe association also presses for regulations in accordance with the Foreign Exchange Transactions Act for domestic and foreign crypto transactions.

Furthermore, instead of prohibiting investments in cryptocurrencies, the group proposes permitting certain types of organizations with expertise and qualifications to trade them.

The association asserted:

Even in the United States, where regulations on securities are strict, the law permits fund operations using cryptocurrencies as an underlying asset and futures trading.

Security ICOs

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsFor ICOs specifically, the association proposes applying the existing securities laws such as the Capital Markets Act or Financial Investment Business Act to security tokens, covering both domestic and foreign ICOs entering the Korean market, News1 detailed.

In addition, the group says the country’s Financial Services Commission (FSC) should “specify in advance the obligation to submit related documents such as a whitepaper” for ICOs of foreign companies entering the domestic market.

Meanwhile, FSC Vice Chairman Kim Yong-beom said on Wednesday that “The financial authorities will release the results of the actual initial coin offering situation this month.” The government is evaluating the outcome of its ICO survey conducted in September.

What do you think of the Korean Bar Association urging the government to pass these cryptocurrency-related laws? Let us know in the comments section below.


Images courtesy of Shutterstock, the Korean Bar Association, and Chosun.


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

The post Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws appeared first on Bitcoin News.

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Author: Kevin Helms

Kraken Is The Safest Exchange, OKEx, Huobi Pro And Bitstamp Among The Riskiest: Report

btc-exchange

With crypto exchanges being a favorite target for hackers, placing your cryptos at the safest hands should be a priority for any crypto investor. And according to a report by cyber security firm Group IB, the safest exchange is the long-serving U.S-based exchange, Kraken. The report considered a variety of factors that included the level of technical security, the rigidity of the KYC and AML procedures and the reliability of the password protection protocols. It rated the world’s second-largest crypto exchange, OKEx and recently-acquired European exchange, Bitstamp among the riskiest exchanges.

How Safe Is Your Exchange?

In the first nine months of 2018, close to $1 billion worth of crypto has been stolen by hackers. A great majority of this was stolen from crypto exchanges, an indicator of just how crucial it is to put your crypto holdings with an exchange that has put in place sufficient security.

According to Group IB’s report, the San Francisco-based Kraken is the undisputed safe haven. Kraken was the only exchange that the report deemed worthy of being on ‘the most secure category.’

The Moscow-based cyber security firm partnered with CryptoIns, an online crypto insurance platform to develop a framework that categorized exchanges into four groups in order of risk. Those in the first were deemed the most secure and cheapest to insure, with those in the fourth being deemed extremely risky and almost impossible to insure.

Kraken was the only exchange in the first category. Speaking to tech magazine The Next Web, a spokesperson from Group IB explained that “the base insurance rate is 2.5 percent per quarter, with a discount applied depending on the group.” With the maximum discount being 50 percent, Kraken’s insurance rate stood at 1.25 percent, the lowest in the industry.

In the second group came in a big number of exchanges, the most notable of which is U.S giant Coinbase Pro and Bittrex. For this group, the insurers would demand a 1.5 percent premium to insure the digital assets.

The largest group of exchanges belonged to the third group, a group in which the insurance rate stood at 1.9 percent. The world’s largest exchange by daily trade volume, Binance belonged to this group, with other notable exchanges being the Circle-owned Poloniex, bitcoin derivative trading platform BitMEX, the controversial Bitfinex and South Korean giant Bithumb. Peer-to-peer trading platform LocalBitcoins was also included in the group, as was ERC-20 wallet, MyEtherWallet.

Exchanges in the fourth group were considered extremely risky and almost uninsurable. They included the Luxembourg-based Bitstamp which was recently acquired by a South Korean investment firm, Zaif, TopBTC, and Bit-Z. Bit-Z and TopBTC are the 19th and 24th largest exchanges by trade volume respectively according to CoinMarketCap. Yobit, an exchange that has recently been rocked by accusations of price manipulation was deemed the most insecure exchange.

Even after being pursued for the reasons behind labeling an exchange as too risky to insure, Group IB and CryptoIns stated that the information was confidential.

The post Kraken Is The Safest Exchange, OKEx, Huobi Pro And Bitstamp Among The Riskiest: Report appeared first on NullTX.

Square’s Bitcoin (BTC) Profits Jump $500,000 in Q3

Bitcoin (BTC)

US financial service company Square (NYSE:SQ) just announced that its Q3 Bitcoin (BTC) revenue jumped up from its previous earnings in Q2. Square detailed its full company earnings in a shareholder letter released yesterday.

In the third quarter of 2018, we continued to drive strong growth at scale. $SQ https://t.co/HPhSMfVgac

— Square IR (@SquareIR) November 7, 2018

Bitcoin (BTC) Revenue Q3 2018

Square released a full digest of its total earning and financial activities. The release was far more colorful and interactive than most public companies’ earnings reports. It included …

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Author: Chelsea Roh

$43 Million in Bitcoin Trades Help Square Beat Q3 Earnings Estimates

Square, the merchant payment service provider which thrives on its mobile card readers and applications, has posted its third-quarter shareholder report, and it includes $43 million in bitcoin revenue. Slim Margins on Bitcoin Overall, they’ve made 51 percent more than they did last year up to this point, and revenue is 68 percent better than

The post $43 Million in Bitcoin Trades Help Square Beat Q3 Earnings Estimates appeared first on CCN

BAKKT BELIEF: BEAR MARKET BUSTER: Bakkt Narrative Has Believers Anticipating The ICE Initiative Can Jump Start Crypto Bull Market

Bakkt is set to begin trading it’s ‘physically deliverable’ Bitcoin futures on December 12th. The narrative that surrounds Bakkt within the crypto community is that this could be the institutional catalyst that breaks the dam that currently is holding the stagnate price and overall 2018 crypto bear market in place.

Given the scale of the Bakkt architecture and the ‘bones’ on which it is being built (Intercontinental Exchange, or ICE, own and operates nearly all of the meaningful commodities exchanges across the globe – and Bitcoin has been dubbed a commodity by the CFTC) many believe that the largest global investment banks and UHNW clients will rush to the relative safety of Bakkt’s offering. Given the juxtaposition of purchasing Bitcoin via a crypto exchange in Mexico or Malta – family office types will be much more comfortable trading Bitcoin (futures) via the same pipes that gold, silver, and oil futures are traded.

**A quick reminder as to what Bakkt is and will be doing:

Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency, and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.

As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearinghouse plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing on December 12, 2018, after receiving CFTC review and approval. These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearing house plans to create a separate guarantee fund that will be funded by Bakkt.

In a detailed tweet thread, one of the most respected legal minds in the crypto space put together a clear summary of what Bakkt is about to embark on and how it could positively affect the crypto markets. Below are his thoughts and included links that give context to Bakkt’s potential influence:

Via Jake Chervinsky of Kobre and Kim LLP:

“Bakkt is a brand new platform for institutions, merchants & consumers to trade, store & spend digital assets. It was announced three months ago on August 3 in a detailed Fortune article that’s still one of the best sources of information on it today: Bakkt Fortune article.”

“Bakkt’s goal is to make digital assets easier to buy, sell, store & spend. Bakkt will start by offering one-day, physically-settled bitcoin futures contracts. That means if you buy a futures contract from Bakkt, you get actual bitcoin the next day. Bakkt Medium Article – Kelly Loeffler.”

“One of Bakkt’s most exciting features is the company behind it: the Intercontinental Exchange (ICE), the 2nd largest owner of financial exchanges in the world, including the NYSE. ICE has also attracted big-name partners to the project, like Microsoft, Starbucks, and BCG.”

“CE entering crypto feels like a big deal. It’s an established, respected & powerful player in the finance industry. In other words, large institutions trust ICE with their money, including those institutional investors who many people think are key to the next bull run.”

“Also noteworthy is the fact that Bakkt will custody & deliver real bitcoin. That means institutional inflows would reduce supply & thus (maybe) increase price too. This is different from other regulated futures markets like CME & CBOE, which only deal in cash-settled futures.”

“Bakkt will roll out in two phases. Phase one, set for December 12, is a futures contract where one contract = one bitcoin. This isn’t too useful for commercial transactions–nobody buys stuff in increments of one bitcoin–but it’s perfectly fine for institutional investors.”

“Phase two is a mystery. Bakkt hasn’t said what it is or when it’s coming. Given all the talk about “spending” via Bakkt, I’m guessing it’s some type of consumer-grade payment system. Maybe the kind you’d use at Starbucks to buy coffee with bitcoin. We’ll have to wait and see.”

“n the minds of many, Bakkt’s launch has become a full-fledged narrative for when & how the bear market will end. It plays the same role as bitcoin ETFs as a trusted vehicle to bring that sweet institutional money into the space, but without all the trouble of SEC approval.”

“Hype aside, some people have lingering concerns about Bakkt. The big question is if Bakkt will try to financialize bitcoin in a harmful way, such as through the use of hidden leverage. The leading voice on this issue is , who you must already be following by now.”

“n what seemed like a response to Caitlin’s critiques, Bakkt’s CEO, Kelly Loeffler, wrote a Medium post explaining that: – all bitcoin trades on Bakkt will be fully prefunded, and – Bakkt will not use any leverage, commingling, or rehypothecation. Bakkt Medium post on transparency.”

“Despite Bakkt’s response, Caitlin sees open questions here. Her point is that nothing can be taken for granted when Wall Street financializes scarce assets, so we need to see Bakkt’s paperwork before drawing conclusions. The devil is in the details. Per Caitlin Long: ‘No. Big open question=will lend coins in its warehouse?Rehypothecation could happen at any of 3 levels (futures contract, clearinghouse, warehouse)-Bakkt has only answered regarding futures contract. Warehouse is where it would normally happen & that question not answered.’”

“As for Bakkt’s paperwork, what are we waiting for & when is it coming? Since Bakkt plans to sell futures, it falls under the regulatory jurisdiction of the US Commodity Futures Trading Commission (CFTC). Selling futures without getting CFTC approval first is mostly illegal.”

“But Bakkt falls under an exception to the rule requiring advance approval. ICE is already a CFTC-registered “designated contract market,” so it has the ability to “self-certify” a futures product for listing without prior CFTC approval. It just has to file its papers first.”

“A designated contract market like ICE can file a self-certification submission as late as one business day before initial listing. That means ICE technically doesn’t have to file Bakkt’s papers until Tuesday, December 11 for Bakkt to launch futures on Wednesday, December 12.”

“But just because ICE can self-certify Bakkt’s futures contracts doesn’t mean Bakkt can totally ignore regulatory approval. The CFTC still has jurisdiction over self-certified financial products. Bottom line: if the CFTC doesn’t want a futures contract to trade, *it won’t.*”

“Consider the process that CME & CBOE went through to get approval for their bitcoin futures last year. Both of them ended up self-certifying, but only after *months* of negotiations with the CFTC & changes to their products. The CFTC explains here: https://www.cftc.gov/PressRoom/PressReleases/pr7654-17.”

“As for timing, CME & CBOE self-certified several days before launch. Both of them filed their self-certifications on December 1, 2017. CBOE launched 9 days later on December 10. CME launched 17 days later on December 18. Who knows if Bakkt will follow a similar timeline.”

“Assuming Bakkt does go the self-certification route, its papers will go live on the CFTC’s database here: (). I’m guessing the CFTC will also put out a press release like the one they did for CME & CBOE. All eyes on the CFTC website for news on Bakkt.”

So a few remaining open questions that seem to have easy answers. CFTC licensing/certifications approval is clearly a foregone conclusion or else Bakkt wouldn’t announce a date certain for trading to commence. They would have all manner of egg on their face should they not have clear assurance that licensing/certification is a non-issue.

As stated by the above tweets the CME and CBOE received their certifications a mere 9 and 17 days before their launches. So there is precedence for ‘close to the bell’ approvals.

The remaining issue is whether or not Bakkt will provide the catalyst to end the bear market and push the crypto ecosystem to new highs, as well as new levels of adoption. The infrastructure is in the packaging for Bakkt – but packaging is one thing and real-world implementation and use are another altogether.

Should Bakkt pull off Bitcoin inclusion in the Starbucks mobile app (the largest mobile payment system in the US, by the way), then the Bakkt experiment will almost certainly be seen as a massive 2019 success story.

The cynics would point out that CME and CBOE futures didn’t prove to make any meaningful changes in the crypto markets direction, so why should Bakkt be any different? Let’s hope that the cynics are wrong.

The post BAKKT BELIEF: BEAR MARKET BUSTER: Bakkt Narrative Has Believers Anticipating The ICE Initiative Can Jump Start Crypto Bull Market appeared first on Abacus Journal – Cryptocurrency News.

Altcoins Drop After Week of Gains, Bitcoin Stable Near $6,500

After a week of massive gains for multiple altcoins, the market surge has now cooled off and many are trading down over 2%. Just as the market surge was led primarily by Ripple (XRP) and Bitcoin Cash (BCH), they have also been the worst affected by today’s drop.

At the time of writing, Bitcoin is trading just below $6,500 at its current price of $6,460. Although it fell slightly (just over 1%) from yesterday’s levels, it is still firmly in the middle of its long-established trading range between $6,200 and $6,700.

Investors should note that BTC’s proven level of support is in the $6,200 region, as its price has bounced multiple times when bears push it into the bottom of its trading range. Its resistance point that bulls must break decisively in order for further highs to be discussed is likely in the $6,700 region, as that is where BTC has historically been rejected while trading in the aforementioned range.

Altcoins Trading Down After Weeks of Bullish Volatility

During Bitcoin’s long period of sideways trading, altcoins have seen some decent levels of volatility, mainly being led by XRP and BCH.

Over the past week, these two cryptocurrencies have been the best performers, trading up 11% and 40% respectively from their weekly lows. Despite having a good week, they have also been today’s worst performers, with XRP trading down nearly 6% on the day, and BCH trading down 4.5% in 24 hours.

XRP’s recent price rise has likely been the result of a new round of swirling Coinbase listing rumors, which, although largely baseless, typically arise during periods of high buying activity.

Bitcoin Cash’s meteoric rise has been the result of its upcoming hard fork event, which is scheduled to occur on November 15th. This event will reward BCH holders with free tokens, which is the main factor behind its massive price rise.

Recently, cryptocurrency exchange Poloniex announced that they would be adding support for pre-fork trading ahead of the Bitcoin Cash hard fork.

In an announcement, the exchange explained that:

“Starting today, Poloniex is offering customers the option to trade two tokens at the center of the debate about the pending Bitcoin Cash (BCH) hard fork: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).”

They further noted that this is the first time they have ever added support for pre-fork trading, and that the new feature is being implemented in an effort to stay innovative.

Related Reading: Binance Announces Support of Upcoming Bitcoin Cash Hard Fork

Analyst Explains That Multiple Altcoins Have Reversed Downtrends 

Despite seeing a pullback today, one prominent analyst explained that many altcoins have actually reversed their downtrends that have been in place since earlier this year.

“After pullbacks to the lower end of narrow trading ranges last week, a growing number of ALTs [altcoins] bounced back to reverse downtrends that have been in place since the April-May highs and in some cases since the beginning of 2018,” Robert Sluymer, a technical strategist at Fundstrat Global Advisors, explained while speaking to MarketWatch.

Over the next few days, it will become increasingly clear whether or not the recent volatility was simply a temporary movement, or if it signals a larger end-of-year trend.

Featured image from Shutterstock.

The post Altcoins Drop After Week of Gains, Bitcoin Stable Near $6,500 appeared first on NewsBTC.

Altcoins Drop After Week of Gains, Bitcoin Stable Near $6,500

After a week of massive gains for multiple altcoins, the market surge has now cooled off and many are trading down over 2%. Just as the market surge was led primarily by Ripple (XRP) and Bitcoin Cash (BCH), they have also been the worst affected by today’s drop.

At the time of writing, Bitcoin is trading just below $6,500 at its current price of $6,460. Although it fell slightly (just over 1%) from yesterday’s levels, it is still firmly in the middle of its long-established trading range between $6,200 and $6,700.

Investors should note that BTC’s proven level of support is in the $6,200 region, as its price has bounced multiple times when bears push it into the bottom of its trading range. Its resistance point that bulls must break decisively in order for further highs to be discussed is likely in the $6,700 region, as that is where BTC has historically been rejected while trading in the aforementioned range.

Altcoins Trading Down After Weeks of Bullish Volatility

During Bitcoin’s long period of sideways trading, altcoins have seen some decent levels of volatility, mainly being led by XRP and BCH.

Over the past week, these two cryptocurrencies have been the best performers, trading up 11% and 40% respectively from their weekly lows. Despite having a good week, they have also been today’s worst performers, with XRP trading down nearly 6% on the day, and BCH trading down 4.5% in 24 hours.

XRP’s recent price rise has likely been the result of a new round of swirling Coinbase listing rumors, which, although largely baseless, typically arise during periods of high buying activity.

Bitcoin Cash’s meteoric rise has been the result of its upcoming hard fork event, which is scheduled to occur on November 15th. This event will reward BCH holders with free tokens, which is the main factor behind its massive price rise.

Recently, cryptocurrency exchange Poloniex announced that they would be adding support for pre-fork trading ahead of the Bitcoin Cash hard fork.

In an announcement, the exchange explained that:

“Starting today, Poloniex is offering customers the option to trade two tokens at the center of the debate about the pending Bitcoin Cash (BCH) hard fork: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).”

They further noted that this is the first time they have ever added support for pre-fork trading, and that the new feature is being implemented in an effort to stay innovative.

Related Reading: Binance Announces Support of Upcoming Bitcoin Cash Hard Fork

Analyst Explains That Multiple Altcoins Have Reversed Downtrends 

Despite seeing a pullback today, one prominent analyst explained that many altcoins have actually reversed their downtrends that have been in place since earlier this year.

“After pullbacks to the lower end of narrow trading ranges last week, a growing number of ALTs [altcoins] bounced back to reverse downtrends that have been in place since the April-May highs and in some cases since the beginning of 2018,” Robert Sluymer, a technical strategist at Fundstrat Global Advisors, explained while speaking to MarketWatch.

Over the next few days, it will become increasingly clear whether or not the recent volatility was simply a temporary movement, or if it signals a larger end-of-year trend.

Featured image from Shutterstock.

The post Altcoins Drop After Week of Gains, Bitcoin Stable Near $6,500 appeared first on NewsBTC.

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Author: Cole Petersen

Bitcoin Mass Adoption Will Happen Naturally

Bitcoin mass adoption

Bitcoin mass adoption, contrary to popular belief, will not occur by “educating” the public. Instead, this transition will happen naturally as young generations become increasingly familiar and confident in this technology.


Not Understanding Bitcoin is Their Job

Let’s face it. Bitcoin’s biggest naysayers are typically in their twilight years, unlike most Bitcoin users and investors. Paul Krugman, Warren Buffet, the head of the Bank for International Settlements, Agustin Carstens, for example, are all over 60 years old.

But don’t hand them a copy of The Bitcoin Standard just yet. You see, not only is their time running out, but their credibility actually depends on them not understanding Bitcoin.

It is, therefore, doubtful that these geriatric gentlemen will change their minds anytime soon after they called it everything from a Ponzi to “rat poison squared.”

Agustin Carstens BIS

Agustin Carstens

“Cryptocurrencies do not fulfill any of the three purposes of money. They are neither a good means of payment, nor a good unit of account, nor are they suitable as a store of value. They fail dramatically on each of these counts,” Carstens said in July, warning young people not to create their own money.

Yes, Bitcoin is a Threat

But every new disruptive technology has faced harsh criticism from incumbents whose predictions now seem so obviously wrong in retrospect. Some notable examples include William Orton, President of Western Union, who stated in 1876:

This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication.

President of the Michigan Savings Bank who advised Henry Ford’s lawyer, Horace Rackham, not to invest in Ford, said in 1903:

The horse is here to stay but the automobile is only a novelty — a fad.

Even computer pioneer Bill Gates, Microsoft co-founder, said in 1981:

No one will need more than 637KB of memory for a personal computer. 640KB ought to be enough for anybody.

With each day, Bitcoin is becoming an increasing problem that just won’t go away for the old guard. Nor is it a static technology. It has been running 24/7 for over a decade now with 99.98% uptime. And the longer it exists, the more people will start to question the credibility of these money magnates.

Yes, Bitcoin undermines banks by empowering individuals to be their own bank. But Bitcoin takes it even further. It completely separates money and seignorage from the state and central banks. The implications of this idea are just as groundbreaking as the separation of church and state.

So despite cryptocurrencies still being only a drop in the global economy’s ocean, it speaks volumes that the old guard is scrambling to plug the cracks in the dam.

Generation Bitcoin

At ten years old, Bitcoin’s fundamentals are getting stronger with each passing day, while undermining any critic crying “Bitcoin is dead.” Meanwhile, the younger, tech-savvy generations are witnessing Bitcoin’s staying power.

In fact, the millennial generation, in particular, has a deep distrust for banks in the wake of the 2008 financial crisis. This group doesn’t invest in stocks like their Boomer counterparts and is already comfortable using digital money from their smartphones. Hence, it is no surprise that millennials (ages 18-34) comprise the biggest share of Bitcoin users today.

How Icon (ICX) and Others Skirt South Korean Restrictions

What’s more, in 8 years, there will be no person under 18 years old who have lived in a world without Bitcoin, which has been working flawlessly their whole lives. This will be the reality for everyone born in 2009 and beyond.

“Their trust in bitcoin will be as profound as their trust in gravity,” one Twitter user succinctly wrote.

So when will this holy grail mass adoption happen?

In some places like Venezuela, it’s already permeating public consciousness out of sheer necessity. Elsewhere, it is simply a matter of time. Simply put, Bitcoin mass adoption will first happen slowly, and then fast.

[Editor’s note: Credit to Twitter users @C_ruhf and @The1Brand7 for inspiring this piece]

How do you envision the mass adoption of cryptocurrencies? Share your thoughts below! 


Images courtesy of Shutterstock, Twitter

The post Bitcoin Mass Adoption Will Happen Naturally appeared first on Bitcoinist.com.

Zambia: Three Arrested in $2.4 Million Cryptocurrency Investment Scheme

Three individuals are currently out on bond in Zambia after being arrested over charges related to a cryptocurrency investment scheme they had operated. The three suspects — Hilda Agnes Raubenheimer, Orient Rio Zekko, and Tapiwa Chirwa — are directors of cryptocurrency investment firm Heritage Coin Resources Limited, per the Zambian Watchdog. They allegedly collected more

The post Zambia: Three Arrested in $2.4 Million Cryptocurrency Investment Scheme appeared first on CCN

Latest Release of Badger Wallet Supports SLP and Wormhole Tokens

Latest Release of Badger Wallet Supports SLP and Wormhole Tokens

On Wednesday, Nov. 7, the developers of the Badger Wallet announced the team had released Badger version 0.0.7, the first bitcoin cash wallet that supports sending and receiving both Wormhole and Simple Ledger Protocol tokens. Additionally, the wallet’s latest release includes a decentralized application programming interface (API), alongside Cash-ID authentication abilities.

Also read: Huobi Opens Office in Russia, Plans Startup Accelerator and Mining Hotels

Badger Wallet Now Supports Multiple Token Protocols

During the first week of October, a group of Bitcoin Cash (BCH) developers from the organizations Spendbch, Bitbox, 21st Century Motor Company, and the Simple Ledger Protocol (SLP) released a new BCH extension wallet called Badger that supports BCH-based tokens. News.Bitcoin.com had previously tested the wallet, but at the time the client did not support tokens. Now the application’s developers have released Badger version 0.0.7, an implementation that supports both Simple Ledger Protocol (SLP) and Wormhole tokens. The developers have explained on the Reddit forum r/btc that Badger is the first wallet client that supports bitcoin cash, tokens from two different projects, and BCH-powered decentralized applications.

The latest Badger wallet release supports both SLP and Wormhole tokens.

The Badgerwallet.cash website provides downloads for both Firefox and Google Chrome browsers. Anyone familiar with the Metamask wallet for Ethereum and ERC-20 tokens will find that Badger’s wallet is very similar. The wallet is fairly intuitive for anyone with basic knowledge of cryptocurrency wallets as well as basic bitcoin cash transactions.

For users who want to utilize the more advanced features, Badger 0.0.7 can also create a payment button that acts as a paywall for content. For instance, Spendbch published instructions on how people can create a custom Badger payment button with just 23 lines of code. The Badger developers have also produced a working demo of the payment button which can be tested on the website.

Badger can be integrated with Cash-ID.

Testing the Badger Client’s New Feature by Sending 21 Million SLP Tokens

Badger allows applications to authenticate an account with the Cash-ID protocol which can also provide more efficiency by showing previously purchased content. The Cash-ID concept is an open protocol developed by Jonathan Silverblood and it provides users with the ability to sign in to web pages and unlock content by using their bitcoin cash keys. The Badger wallet currently uses a bitcoin cash address for demonstration for Wormhole tokens and a Simple Ledger address for SLP tokens.

A few weeks ago news.Bitcoin.com reviewed the SLP system and created 21 million Agoracoins. We used the coins to send them to Badger for testing.

News.bitcoin.com previously tested the SLP version of Electron Cash and created some demo SLP tokens called Agoracoins. After downloading the new Badger client we decided to test Badger again and sent 21 million Agoracoins to the wallet. The tokens were broadcast to the wallet almost instantly and the transactions can be viewed on the SLP token explorer. Wormhole tokens require one confirmation before updated balances are displayed on the Badger interface.

Over the last few months, there has been a lot of token projects out there like the Cashpay Solutions BCH Colored Coins project, Clemens Ley’s Bitcoin Token project, and the Keoken platform launched by the Bitprim development team. Badger wallet doesn’t issue tokens but has managed to add two types of tokens into a desktop extension wallet and seems to be open to various token protocols. However, Badger does have its own token called BGR and developers have explained the creation will be the utility token of the Badger platform. According to the website, applications that accept the token will get discounted time on Bitbox Cloud and BGR will be used for other types of service discounts.

What do you think about the latest Badger Wallet release and the Wormhole and SLP token support? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Badger Wallet, Electron Cash, and SLP. 


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

 

The post Latest Release of Badger Wallet Supports SLP and Wormhole Tokens appeared first on Bitcoin News.

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Author: Jamie Redman

Latest Release of Badger Wallet Supports SLP and Wormhole Tokens

Latest Release of Badger Wallet Supports SLP and Wormhole Tokens

On Wednesday, Nov. 7, the developers of the Badger Wallet announced the team had released Badger version 0.0.7, the first bitcoin cash wallet that supports sending and receiving both Wormhole and Simple Ledger Protocol tokens. Additionally, the wallet’s latest release includes a decentralized application programming interface (API), alongside Cash-ID authentication abilities.

Also read: Huobi Opens Office in Russia, Plans Startup Accelerator and Mining Hotels

Badger Wallet Now Supports Multiple Token Protocols

During the first week of October, a group of Bitcoin Cash (BCH) developers from the organizations Spendbch, Bitbox, 21st Century Motor Company, and the Simple Ledger Protocol (SLP) released a new BCH extension wallet called Badger that supports BCH-based tokens. News.Bitcoin.com had previously tested the wallet, but at the time the client did not support tokens. Now the application’s developers have released Badger version 0.0.7, an implementation that supports both Simple Ledger Protocol (SLP) and Wormhole tokens. The developers have explained on the Reddit forum r/btc that Badger is the first wallet client that supports bitcoin cash, tokens from two different projects, and BCH-powered decentralized applications.

The latest Badger wallet release supports both SLP and Wormhole tokens.

The Badgerwallet.cash website provides downloads for both Firefox and Google Chrome browsers. Anyone familiar with the Metamask wallet for Ethereum and ERC-20 tokens will find that Badger’s wallet is very similar. The wallet is fairly intuitive for anyone with basic knowledge of cryptocurrency wallets as well as basic bitcoin cash transactions.

For users who want to utilize the more advanced features, Badger 0.0.7 can also create a payment button that acts as a paywall for content. For instance, Spendbch published instructions on how people can create a custom Badger payment button with just 23 lines of code. The Badger developers have also produced a working demo of the payment button which can be tested on the website.

Badger can be integrated with Cash-ID.

Testing the Badger Client’s New Feature by Sending 21 Million SLP Tokens

Badger allows applications to authenticate an account with the Cash-ID protocol which can also provide more efficiency by showing previously purchased content. The Cash-ID concept is an open protocol developed by Jonathan Silverblood and it provides users with the ability to sign in to web pages and unlock content by using their bitcoin cash keys. The Badger wallet currently uses a bitcoin cash address for demonstration for Wormhole tokens and a Simple Ledger address for SLP tokens.

A few weeks ago news.Bitcoin.com reviewed the SLP system and created 21 million Agoracoins. We used the coins to send them to Badger for testing.

News.bitcoin.com previously tested the SLP version of Electron Cash and created some demo SLP tokens called Agoracoins. After downloading the new Badger client we decided to test Badger again and sent 21 million Agoracoins to the wallet. The tokens were broadcast to the wallet almost instantly and the transactions can be viewed on the SLP token explorer. Wormhole tokens require one confirmation before updated balances are displayed on the Badger interface.

Over the last few months, there has been a lot of token projects out there like the Cashpay Solutions BCH Colored Coins project, Clemens Ley’s Bitcoin Token project, and the Keoken platform launched by the Bitprim development team. Badger wallet doesn’t issue tokens but has managed to add two types of tokens into a desktop extension wallet and seems to be open to various token protocols. However, Badger does have its own token called BGR and developers have explained the creation will be the utility token of the Badger platform. According to the website, applications that accept the token will get discounted time on Bitbox Cloud and BGR will be used for other types of service discounts.

What do you think about the latest Badger Wallet release and the Wormhole and SLP token support? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Badger Wallet, Electron Cash, and SLP. 


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

 

The post Latest Release of Badger Wallet Supports SLP and Wormhole Tokens appeared first on Bitcoin News.

US SEC Charges, Fines EtherDelta Founder with Operating Unregistered Securities Exchange

U.S. securities watchdog charges Zachary Coburn, founder of crypto trading platform EtherDelta, with operating an unregistered exchange.

The U.S. Securities and Exchange Commission (SEC) has charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange, a press release by the SEC reveals Thursday, Nov. 8.

EtherDelta, which served as a secondary marketplace for trading ERC20 tokens, allows its users to buy and sell digital assets by means of an order book and smart contracts based on the Ethereum blockchain.

According to the SEC, over an 18-month operating period, EtherDelta’s users placed more than 3.6 million orders for tokens, including ones that are considered securities by U.S. federal laws.

The regulator notes that most of the orders were executed after the DAO report that SEC had released in June 2017. Under the current law, EtherDelta was obliged to register in U.S. or to apply for an exemption; however, the SEC notes that the platform failed to do so.

According to the regulator, EtherDelta founder Coburn neither admitted nor denied the findings, but he consented to cooperate and to pay the state $300,000 in unlawful profits. Moreover, he agreed to pay $13,000 in prejudgment interest and a $75,000 penalty. The SEC also states that it would have imposed a greater fine if Coburn had failed to cooperate with the investigators.

As Cointelegraph previously reported, the SEC suspended securities trading in October of Nevada-based firm American Retail Group, Inc. for making false claims that its cryptocurrency trading activities were approved by the regulator.

In early November, the SEC reported that it is currently taking action against “dozens” of fraudulent Initial Coin Offerings (ICOs). The annual enforcement report for the 2018 fiscal year mentioned several illicit ICOs, three of which defrauded investors of over a combined $68 million.

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Author: Ana Berman

US SEC Charges, Fines EtherDelta Founder with Operating Unregistered Securities Exchange

U.S. securities watchdog charges Zachary Coburn, founder of crypto trading platform EtherDelta, with operating an unregistered exchange.

The U.S. Securities and Exchange Commission (SEC) has charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange, a press release by the SEC reveals Thursday, Nov. 8.

EtherDelta, which served as a secondary marketplace for trading ERC20 tokens, allows its users to buy and sell digital assets by means of an order book and smart contracts based on the Ethereum blockchain.

According to the SEC, over an 18-month operating period, EtherDelta's users placed more than 3.6 million orders for tokens, including ones that are considered securities by U.S. federal laws.

The regulator notes that most of the orders were executed after the DAO report that SEC had released in June 2017. Under the current law, EtherDelta was obliged to register in U.S. or to apply for an exemption; however, the SEC notes that the platform failed to do so.

According to the regulator, EtherDelta founder Coburn neither admitted nor denied the findings, but he consented to cooperate and to pay the state $300,000 in unlawful profits. Moreover, he agreed to pay $13,000 in prejudgment interest and a $75,000 penalty. The SEC also states that it would have imposed a greater fine if Coburn had failed to cooperate with the investigators.

As Cointelegraph previously reported, the SEC suspended securities trading in October of Nevada-based firm American Retail Group, Inc. for making false claims that its cryptocurrency trading activities were approved by the regulator.

In early November, the SEC reported that it is currently taking action against “dozens” of fraudulent Initial Coin Offerings (ICOs). The annual enforcement report for the 2018 fiscal year mentioned several illicit ICOs, three of which defrauded investors of over a combined $68 million.

Jameson Lopp on Ethereum, Ethereum Killers, and ETC (Crypto Insider Interview with Vlad Costea)

On October 16th 2018, Jameson Lopp has agreed to do an exclusive interview with Crypto Insider’s Vlad Costea. The hour-long discussion, which has been published and transcribed in its entirety, contains plenty of brilliant moments where the cypherpunk approaches intricate topics and provides his knowledgeable expertise. Given the value of these explanations, we have decided to offer you small bits that are easier to consume and digest.

The first piece that we’ve chosen is a nearly seven-minute introspection on the state of Ethereum. At first, Mr. Lopp expresses his thoughts on the Casper Proof of Stake implementation by referring to a recent testnet consensus failure. He then becomes slightly more optimistic in regards to the ways in which the sharding system can bring a greater and more impressive throughput. Finally, the Casa HODL engineer implies that he agrees with the Ethereum Classic version on a philosophical level, but expresses his concerns regarding the reduced financial capital and manpower the original Ethereum blockchain benefits from.

 

Below you will find a full transcript of Jameson Lopp’s comments:

 

Vlad: Do you think that the Ethereum people will do a good job with their Casper implementation? Because there seem to be a lot of rumors and a lot of talks about Vitalik’s version or Vlad Zamfir’s version. They seem to have different philosophies, they might have reached at this point, when they saw all these Ethereum killers just take away some of their market share… they might have reached some sort of consensus and maybe they want to speed up the implementation because it has been almost 2 years or even more…

Jameson Lopp: I mean yeah, they’re on the bleeding edge of creating these new consensus protocols, and it looks like they’re constantly rethinking the work that they’ve done. And it’s hard to believe that they have stumbled upon the optimal version of whatever this protocol should be because it’s still changing. I think just a few days ago they had a consensus failure of their testnet, and that in itself doesn’t mean that the whole thing is flawed, but at the very least they have some bugs that need to be worked out. When it comes to building these type of networks, you can never be 100% sure that it’s bug-free. It more comes down to “Well, the system has been running for this long and it’s securing this many millions or billion dollars in assets, and it has not been successfully attacked.” So we have to wait and see this type of deals before we evaluate it better.

Vlad: So do you think that Ethereum will ultimately be its own killer, in the sense that you have EOS, Tezos, NEO and plenty of other projects. But do you think that Ethereum will overcome its issues and just get back its community and its part of the market?

Jameson Lopp: I think that if and when they do deploy their Proof of Stake system, there are a lot of people holding onto their Ether because they want to stake it and they want to basically earn interest on those tokens that they have been holding onto. So that would create like a new sense of enthusiasm and whatnot. I think the big question for me is actually the scalability of their sharding implementation and how that changes the security model, because from what I’ve read about it very drastically changes the security model from a fully-validating node on the network today (which I would argue that there aren’t that many of Ethereum) to eventually become this sharded node of which we only see a tiny aspect. It’s about observing how it ends up playing off of other shards or whether or not there are consensus failures between the shards and how that’s all handled. It’s a big question mark and it’s going to be very interesting to see how it plays out.

But I think if they do succeed in the sharding plan, the last I saw is that they were estimating 200x throughput. Which is pretty significant, but you still come across this fundamental issue of doing all of these computations on the blockchain. Even if it’s a sharded blockchain, it’s very difficult to foresee how you end up having this world computer that is actually used in a mainstream level. Personally, I believe that Ethereum will become adopted more as a protocol and as a virtual machine than the main Ethereum network. And we’ve actually seen this happen, as there’s a number of different private and permissioned networks out there that are based on the Ethereum Virtual Machine. Even RSK, which is the Bitcoin sidechain, supports the Ethereum Virtual Machine. So I think that Ethereum has showed us a very clear use case of having this more generic developer-friendly smart contract language. It’s a bigger question to my mind how the final form of that is being adopted and implemented is. And it may not be on the main Ethereum network.

Vlad: Do you think that ETC has it right in their approach in that they support immutability they want to be what the original project wanted to be about at the same time they don’t seem to alleviating issues in scalability and they haven’t had any issues because they were not challenged up to this point. Do you think sometime in the future they might fail or maybe succeed in their attempt in the internet of things and maybe have smaller applications. Not necessarily like Crypto Kitties which will freeze their blockchain but at the same time they are permissionless. Anyone that wants to deploy on their blockchain could and depending on their malevolence may freeze their blockchain.

Jameson Lopp: I would say I would align philosophically with the Classic developers more but I think there are also at a huge disadvantage simply because it is such a smaller group. They don’t have the same manpower and skills basically dedicated to building out that network. So from that standpoint it could be more challenging for them to be a serious contender in this space.

Vlad: That is very diplomatic of you, you did not make any assumptions about the future other than saying it could be challenging. I can take that, now let’s get back to Bitcoin.

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Will EtherDelta Charges Lead to the Demise of Decentralized Crypto Exchanges?

The US Securities and Exchange Commission (SEC) has charged Zachary Coburn, a co-founder of decentralized crypto exchange EtherDelta, for operating an unregistered national securities exchange. SEC Charges EtherDelta Founder With Operating an Unregistered Exchange https://t.co/KYRBmn2UHw — SEC_News (@SEC_News) November 8, 2018 In its official statement, the SEC also emphasized that EtherDelta illicitly distributed unregistered securities

The post Will EtherDelta Charges Lead to the Demise of Decentralized Crypto Exchanges? appeared first on CCN

Crypto Doom and Gloom: Banking CEO Says There’s “No Interest” from Institutions

The CEO of Revolut has claimed that large institutional clients, which are often cited as the drivers of the next crypto bull run, have shown very little interest in investing in assets like Bitcoin and Ethereum.

Revolut CEO: Institutional Investors Show “No Interest” in Crypto

While speaking at the Web Summit 2018 in Lisbon, Portugal this week, Nikolay Storonsky, CEO of digital banking startup Revolut, revealed that institutional investors aren’t yet ready to enter the cryptocurrency market as speculators believe. This is due to an overall lack of appetite for and interest in cryptocurrencies, reports Bloomberg.

“There is no interest from big institutional investors so far,” Storonsky said.

“Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients,” he explained.

The cryptocurrency community, which has been battered and beaten during the ongoing 11-month-long bear market, has held out hopes that institutional investors would show interest in cryptocurrencies – even more specifically Bitcoin – once the market found its bottom and showed some stability.

However, as the market begins to show behavior that suggests the bottom may be in, pundits like Storonsky and Larry Fink, BlackRock’s CEO, are still skeptical their clients have interest in the emerging asset class.

Fink recently expressed his skepticism, stating that his firm wouldn’t launch a crypto-related ETF until the market became more “legitimate.” San Francisco-based cryptocurrency exchange and services provider Coinbase, was recently rumored to have tapped BlackRock’s expertise in preparing to launch a crypto ETF.

Institutions Not Interested in Crypto? Wall Street Prep Proves Otherwise

The comments made by the two CEOs should be respected and considered valid given their position of power and influence, and due to their deep understanding of their client’s needs.

However, the fact that Wall Street mainstays like Fidelity, Goldman Sachs, and others, are ramping up efforts in aggressively establishing crypto trading platforms appears to prove that institutional clients are indeed showing interest.

Last month, Boston-based asset manager responsible for $7.2 trillion in customer assets, Fidelity Investments, launched a separate new branch focusing on cryptocurrencies like Bitcoin and Ethereum called Fidelity Digital Asset Services. The firm revealed it was already working on on boarding some 13,000 clients.

Related Reading: Fidelity Becomes First Wall Street Firm with Crypto Desk

Multinational investment bank Morgan Stanley, in their latest update to a report dubbed “Bitcoin Decrypted: A Brief Teach-In and Implications,” claimed that Bitcoin was a “new institutional investment class,” and had been for the better portion of the last year. 

Not only that, but parent company of the New York Stock Exchange, ICE, is preparing to launch their Bakkt trading platform that offers physically-settled Bitcoin futures contracts in the next month, which many believe could start a bull run.

Goldman Sachs, Barclays, Nasdaq, Citigroup and many more traditional banking firms have all expressed interest in preparing their own cryptocurrency products. Long-standing businesses like these evolve and stay competitive by developing products that their customers will buy into.

With a seemingly endless slate of traditional investment firms eager to enter the space, some type of appetite for investing in cryptocurrencies must be present – no risk averse company would go into a project expecting their customers to give it a hard pass.

Featured image from Shutterstock.

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Author: Tony Spilotro