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Dancing With the Devil: ‘Cashing Out’ Cryptos Into Fiat Not So Easy


Dancing With the Devil: 'Cashing Out' Cryptos Into Fiat Not So Easy

Economy & Regulation

Bitcoin and other cryptocurrency assets are precious and some of them have grown over 1300 percent in value this year. Although, with the price on exchanges being higher than ever before its now a bit more difficult for those who want to ‘cash out’ or make significantly large purchases without being watched by the prying eyes of tax collectors and governments.

Also read:Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Buying That Lambo May Not Be So Easy

Lately across social media and forums, you can find posts written by individuals who have ‘cashed out.’ Maybe they bought a luxury car like a Lambo, paid off their mortgage, or cleared their student loans with cryptocurrency gains. However some of conversations online concerning how to cash out detail how difficult it is without being watched, or being stopped by the third party payment processors.

Dancing With the Devil: 'Cashing Out' Cryptos Into Fiat Not So Easy
With cryptos so valuable, many people think that they can casually buy a Lambo these days.

For instance exchanges like Coinbase, Bitstamp, Kraken, and many others require a good amount of verification to revert bitcoins to fiat or vice versa. And just because you are approved it doesn’t mean you’ll be able to throw US$100,000 worth of BTC down on an exchange and expect to have the funds sent to your bank account without issue. The exchange may cancel the process even after the sale has been made. Furthermore, on the bank side, your financial institution may also stop you from cashing out large sums or freeze your account.

Typically in the U.S. and many other regions, anything between $5,000-10,000 deposits and withdrawals are monitored for money laundering and tax evasion. In essence, if you want to exit back to fiat using an online exchange to process $5-10K, you have to trust all the third parties will execute the deal as promised. Also if it’s a regulated, exchange trades in amounts mentioned earlier are likely monitored.

Two-Way Bitcoin ATMs and Taking It to the Streets With Localbitcoins

Then maybe you say to yourself, “well I could sell my funds to a two-way BTM.” Well, most of the two-way bitcoin automated teller machines only allow users to sell $200-500 per day. At that rate to cash out $10,000 worth of bitcoin, you would have to visit the BTM for twenty days straight and pay a 7-10 percent fee as well. Another talking point that always enters the conversation is those who believe it’s simple to use Localbitcoins to cash their BTC into fiat. In some areas of the world it’s easy to do this, but in countries like the U.S., they are arresting large Localbitcoins sellers for illegal money transmission and other charges.

Dancing With the Devil: 'Cashing Out' Cryptos Into Fiat Not So Easy
Selling bitcoin on the streets also has risks.

Further, it takes quite a bit of time and well-executed trades to become a trusted trader on the peer-to-peer platform. Much like eBay, it’s not easy to build robust reputation immediately. Lastly, if you choose to try and get direct cash for your BTC from Localbitcoins traders in person, you have to be completely comfortable with the deal and your surroundings. There have been many instances of street traders being robbed or scammed during a trade.

‘Someday Neo, You Won’t Have To’

It’s true many cryptocurrency enthusiasts have been able to cash out using the methods mentioned above, but there are always risks involved with converting back to fiat. Some people don’t care as they’ve done nothing ‘wrong’ and have no problem shelling out 33 percent for capital gains or other taxes involved. Also, there are many different ways people have found to be a reliable way to sell large amounts of cryptocurrencies as well. This includes people who know someone at an exchange, someone who is friendly with a miner or big over-the-counter (OTC) dealers.

Dancing With the Devil: 'Cashing Out' Cryptos Into Fiat Not So Easy
Some people believe they won’t have to ‘cash out’ into fiat.

Lastly, there are cryptocurrency advocates who just don’t care about the difficulties presented when going back to fiat. These people have the firm belief that digital assets like bitcoin, ethereum, and a few anonymous coins just might be the world’s dominating currencies. The “someday I won’t have to” exit back to fiat people exist in significant number and believe the renminbi, dollar, euro, and yen are doomed.

Do you think it’s difficult to exit back into fiat? Do you think you will never go back to nation state-issued currencies? Let us know about your experiences selling large sums of cryptos and exit strategies in the comments below.

Images via Shutterstock, the Matrix, and Pixabay. 

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PR: mBit Casino Adds Litecoin, Bitcoin Cash and Dogecoin


mBit Casino Adds Litecoin, Bitcoin Cash and Dogecoin

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

It has just been announced that mBit Casino will now support 3 new cryptocurrencies, making them one of the first major Bitcoin casinos to support Dogecoin as well as 3 of the 5 largest cryptocurrencies based on market capitalization. Starting today, players can gamble online at [mBitCasino.com] using Bitcoin, Bitcoin Cash, Litecoin and Dogecoin.

Before mBit Casino added support for these new currencies, gamblers were limited to playing online with Bitcoin. As cryptocurrencies and altcoins continue to gain popularity, more and more Bitcoin owners are diversifying their holdings with digital currencies like Litecoin, Dogecoin and Bitcoin Cash.

Recent Issues with Bitcoin

All of the recent problems associated with the scaling of Bitcoin (such as increasing TX fees and slower confirmation times) have made it more difficult for crypto enthusiasts to gamble online, as the options for casinos who support cryptocurrencies like LTC, DOGE and BCH is almost non-existent.

A representative of mBit Casino recently commented on their move to support these additional cryptocurrencies:

“This transition has been an important one. We noticed exceptional Bitcoin transaction fees in recent weeks as the blockchain got clogged with unconfirmed transactions. By adding support for cryptocurrencies like LTC, DOGE and BCH, our players will be able to spend much less on transaction fees. We also hope it will lead to faster confirmation times and a more fluent gaming experience.” ~ Philip Aaker, CEO of mBit Casino.

In the beginning of 2018 mBit will be adding even more currencies to their platform beyond BTC, LTC, BCH and DOGE. The most popular cryptocurrency will include Ethereum, which is scheduled to be integrated in mid-January.

Gambling with Cryptocurrencies Made Easy

If you owned Litecoin, Dogecoin or Bitcoin Cash before today and wanted to gamble online, you would often have to jump through hoops to do so. The process involved selling your cryptocurrency for Bitcoin on a third party exchange site, waiting for the trade to clear and sending the BTC to your casino wallet; a long and complicated process.

That process has just been simplified via mBit Casino, because gamblers can now play slots, table games, video poker and other popular games using their favorite digital currencies without having to convert them back and forth to BTC through a third party.

Playing at mBit Casino

This recent move means that mBit Casino’s existing Bitcoin games – including popular slots and table games from a wide range of well-known online gaming providers – are now available to players in each of these new currencies. If you want to use cryptocurrencies to gamble online, you can begin your journey at mBit Casino by signing up for an account and funding it with any of their supported coins.

Once the funds have been sent to your wallet at mBit Casino, your account will be credited as soon as the transaction appears on the blockchain of that currency. After that, you’ll be able to start playing real-money cryptocurrency games instantly!

Cryptocurrency Bonuses at mBit Casino

If you don’t already have an account, make sure you sign up now so you can play with a 110% bonus on top of your first deposit using Bitcoin, Bitcoin Cash, Litecoin or Dogecoin! The welcome bonus is automatic, and is credited to your account virtually instantly upon depositing.

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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Cryptocurrency Influencers Accused of Aiding Pump and Dumps


Cryptocurrency Influencers Accused of Aiding Pump and Dumps

Markets and Prices

Social media influencers are marketing manna, coveted for their highly engaged audience who hang on their every word. Sites such as Tomoson and Meltwater link brands with influencers who are eager to spread the word – for a fee. In the cryptocurrency space, however, where influential figures can send coins soaring via a single tweet, the practice is controversial. A number of prominent individuals now stand accused of promoting pump and dumps.

Also read:Investors Call Foul Play as Coinbase Parries Insider Trading Accusations

The Price of a Tweet

Cryptocurrency traders, who dispense advice which newcomers gratefully lap up, don’t give away their skills for free. They earn something in return, from buying their recommended picks before these tips are shared, and also via referral links to exchanges. These practices are at least transparent, and few would take issue with a cryptocurrency influencer profiting from their own knowledge. But what about influencers who do little more than shill a coin before sitting back and watching the carnage unfold?

Cryptocurrency Influencers Accused of Aiding Pump and Dumps

One figure whose name regularly crops up when pump and dumps are mentioned is John McAfee. The maverick programmer and playboy has been a vocal entrant to the world of cryptocurrency and he’s been quick to spot its potential. Specifically, he’s been swift to spot its potential for lining his pockets. With a Twitter audience of over half a million hanging on his every word, he’s taken to pumping altcoins with aplomb. Telegram trading groups now encourage followers to activate McAfee tweet alerts so they’re ready to pile into the next coin he recommends.

Cryptocurrency Influencers Accused of Aiding Pump and Dumps

The Dark Art of Social Marketing

Social media influencers are meant to disclose when they’re being paid to promote a product or service; numerous celebrities have run into trouble after failing to do so. The cryptocurrency world is murkier, however, exacerbated by its village-like feel, in which everyone seems to know everyone, and exchanging favors are all part of doing business. With influencers taking payment in cryptocurrency, transparency is all but impossible. Many thought leaders are happy to enter into such arrangements, but a handful have demurred, claiming to have turned down offers of $10,000 or more to shill tokens and ICOs.

Cryptocurrency Influencers Accused of Aiding Pump and Dumps
Computer security expert John McAfee alleges his account was hacked.

Most influencers aren’t as brazen as McAfee, whose huge follower count and exhortations to buy trigger frenzies that cause small coins to soar before slumping almost as fast. Things reached farcical levels on Wednesday when the anti-virus software tycoon’s “Coin of the week” tweet was replaced by a flurry of tweets in as many minutes shilling various coins, all of which experienced flash pumps.

The last on the list, before McAfee regained control of his allegedly hacked account, was ripple, accompanied by the promise that it would soon be coming to Coinbase. It is presumably no coincidence that ripple then rose 8%, overtaking bitcoin cash to become the third largest cryptocurrency, with 24-hour trading volume exceeding ethereum.

Cryptocurrency Influencers Accused of Aiding Pump and Dumps

With Great Power Comes Great Responsibility

Even when they’re not trying to manipulate markets, cryptocurrency influencers can unwittingly cause prices to fluctuate. This is especially true with coins that are synonymous with a single developer, such as litecoin and ethereum. Both projects’ leads, Vitalik Buterin and Charlie Lee, carry great weight on Twitter. Even a passing recommendation, such as Buterin mentioning Omisego or Lee praising Decred, has a significant short-term impact on prices. Morbidly, the untimely death of either figure would dramatically affect the markets. In fact, fake news of Vitalik Buterin’s death fleetingly did just that earlier this year.

Cryptocurrency Influencers Accused of Aiding Pump and Dumps
Vitalik Buterin.

If influencers such as John McAfee are to be taken at their word, they are simply trying to raise awareness of promising cryptocurrencies. But even so, their actions inspire copycat scammers. McAfee has had to distance himself from numerous fake accounts ran by scammers seeking as much as 25 BTC to shill a coin. In the intertwined world of cryptocurrency, eliminating conflicts of interest and the power of personalities seems an impossible ask. Thanks to its market share and decentralized nature, bitcoin is largely immune from pump and dumps. For every other cryptocurrency, however, it’s open season, and there’s no shortage of influencers lining up to take aim.

Do you think it’s wrong for cryptocurrency influencers to shill coins? Let us know in the comments section below.

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Ross Ulbricht’s Fate in the Hands of the US Supreme Court


Ross Ulbricht’s Fate in the Hands of the US Supreme Court


Ross Ulbricht formally submitted a writ of certiorari to the Supreme Court of the United States (SCOTUS), seeking a hearing for the overturn of a decision upheld this year by the Second Circuit Court of Appeals. Mr. Ulbricht’s double-life sentence without the possibility of parole is at stake.

Also read:Bundesbank Board Member: No Plans to Issue State-Backed Cryptocurrency

Ross Ulbricht’s Fate in the Hands of the US Supreme Court

Ross Ulbricht Files Supreme Court Appeal

“Ross William Ulbricht respectfully petitions for a writ of certiorari to review the judgment of the United States Court of Appeals for the Second Circuit in this case,” read the terse beginnings of a landmark plea to literally the last resort for Mr. Ulbricht.

Writ of certiorari orders the lower court, which upheld Mr. Ulbricht’s conviction and sentence, to deliver its records so that the Supreme Court may review them and decide if further examination is necessary. The SCOTUS is a nine member body which acts as the final arbiter in legal matters. Currently the Court has five members considered more conservative, while four are thought to be on the permissive side. Neil Gorsuch, recently appointed by President Trump, is said to be not bad on 4th Amendment issues, one of the grounds on which Mr. Ulbricht’s appeal is based. Ross Ulbricht’s Fate in the Hands of the US Supreme Court

There’s still a while to go before anything concrete can be known. The SCOTUS is under no obligation to pick-up the petition. In fact, of the 7,000 or so they receive per year, they’ll hear at most 150, a niggardly .02 percent. Very often the Circuit Courts are the final word in the great majority of cases. And of the appellate courts, the 2nd Circuit has a comparatively low reversal rate by the SCOTUS, so even if the case is ultimately heard that is no guarantee Mr. Ulbricht will see relief.

The generally agreed test for the SCOTUS to hear a writ involve cases of national significance, to establish a precedence, or put to rest existing contradictions in decisions. Four of the justices must vote to accept a case. Justices’ clerks are in charge of first reviewing the writ, and it is they who write a summary and recommend hearing. Justices then take their recommendations to a conference for a final decision as to whether full hearing is warranted.

Ross Ulbricht’s Fate in the Hands of the US Supreme Court

Two Questions

Mr. Ulbricht’s appeal focuses on two questions, according to the writ: “1. Whether the warrantless seizure of an individual’s Internet traffic information without probable cause violates the Fourth Amendment. 2. Whether the Sixth Amendment permits judges to find the facts necessary to support an otherwise unreasonable sentence.”

The United States Constitution is odd in the sense the bulk of the document describes what government does, its various functions, and then come amendments to those functions. The first ten are known as the Bill of Rights, and they specifically forbid government from certain transgressions, no matter the excuse. Ross Ulbricht’s Fate in the Hands of the US Supreme Court

The relevant portion of the Fourth Amendment under consideration reads, “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause[.]” The relevant Sixth Amendment portion reads, “In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury[.]”

According to a memorandum obtained by Brian Doherty of Reason, “This case presents two important questions of constitutional law with broader significance for the rights of criminal defendants generally,” writes lead attorney Kannon K. Shanmugam. “First, the Second Circuit affirmed the government’s warrantless collection of Mr. Ulbricht’s Internet traffic information by relying on the third-party doctrine, which the Court is reviewing in a different context this Term in Carpenter v. United States….This case would afford the Court an ideal opportunity to address how the doctrine applies to Internet traffic information,” he claims.

Ross Ulbricht’s Fate in the Hands of the US Supreme Court

Law for the Digital Age is Badly Needed

Mr. Doherty explains, “Shanmugam, a former law clerk to the late Justice Antonin Scalia, has argued 21 previous cases before the Supreme Court, has had at least five wins there, and has a good record of a 36 percent success rate in having cert petitions granted by the Court from 2012-2015 (and a 38 percent such success rate from 2013-2017),” which bodes well for Mr. Ulbricht.

Warrantless searches are at play, potentially, in the case because information used against Mr. Ulbricht was gathered under the “third party doctrine.” This allowed law enforcement to effectively search his IP address and personal laptop, which are presently thought to be available publicly over the internet through a modem or telecommunications company. The doctrine stems from before a time when internet service and laptops and phones were a person’s everyday lifeblood, and as such is in great need of updating. Is this information citizens are knowingly making public? Or, is such information assumed to be private? It’s all the difference in the world.

Ross Ulbricht’s Fate in the Hands of the US Supreme Court
Kannon K. Shanmugam

Also of grave concern is Mr. Ulbricht’s sentencing itself. “Ulbricht’s Sentencing Guidelines range would have resulted in a recommended sentence of, at most, 30 years in prison,” Mr. Shanmugam insists, but the judge took into account, beyond a jury, accusations never proven, including murder, to assess punishment. Mr. Doherty writes, “The Second Circuit in his initial appeal ‘reluctantly affirmed, concluding that the alleged murders for hire separated the case from an ordinary drug crime.’”

For the broader bitcoin community, Ross Ulbricht is someone many feel a debt is owed. Silk Road, according to many, provided a safer environment for buyers and sellers of products disliked by governments. The earliest use cases of bitcoin, cryptocurrency, were proven viable and, it’s not too far to claim, valuable due to such fearless experimentation. A great many enthusiasts view Mr. Ulbricht as someone who the government picked-on to send a horrible message.  

What do think of Ross Ulbricht’s chances? Let us know in the comments section below.

Images courtesy of Pixabay, FreeRoss.org.

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Crypto-Community Grows Skeptical of Bitcoin Forks


Crypto-Community Grows Skeptical of Bitcoin Forks


Over the past couple of months, there’s been a “forking fever” taking place as many people have decided to create their own form of the original Bitcoin protocol. A few weeks ago we reported on the ‘Bitcoin God’ snapshot-clone started by the well-known Chinese investor Chandler Guo. Now another snapshot fork is due to happen on December 28 at block height 501,451 called Segwit2x. With so many snapshot-clones being created out of thin air many cryptocurrency enthusiasts are getting leery towards these projects and are even calling them downright “scams.”

Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions

Another BTC Snapshot Plans to Launch on December 28

Crypto-Community Grows Skeptical of Bitcoin Snapshots Supposedly on December 28 a new form of bitcoin will join the long list of BTC blockchain clones created this year. The latest so-called ‘fork’ will be dubbed “Segwit2x,” after the project that failed to reach consensus this past November. Unlike the vast quantities of clone projects that don’t even have a codebase, the new Segwit2x project does have available code on Github for review. The Segwit2x clone plans to make some significant changes to the legacy codebase such as using the X11 algorithm, a high block generation rate, a Unique address format, and it will increase the block size to 4MB.

Satoshi Labs CTO: ‘No Trezor Support for Segwit2x’

Alongside this, the project promises replay attack protection will be implemented. The founder of the new Segwit2x bitcoin clone is Jaap Terlouw, a developer based out of the Netherlands. The Segwit2x infrastructure is slim with only five exchanges supporting the token, two wallets, and three mining pools. The Segwit2x project has a variety of social media accounts and forum domains as well. The cryptocurrency community is very skeptical of this token, and many people consider it “shady” like a good number of snapshots born this year. The project is discussed quite a bit on the Reddit forum /r/bitcoinscamcoins. Even the co-founder and CTO of Satoshi Labs says the new Segwit2X fork is a “scam” stating on the Trezor subreddit:   

No support for this scam.

Crypto-Community Grows Skeptical of Bitcoin Snapshots

Cryptocurrency Proponents View Bitcoin God As Unholy

Another project that was allegedly born on Christmas day is the Bitcoin God snapshot created by Chandler Guo. The Chinese investor has been tweeting out pictures of the snapshot to his 10,000 followers over the course of the past week. However, Bitcoin God is also listed as a scam coin on Reddit forum mentioned above, and cryptocurrency enthusiasts do not seem to trust this project, even with Guo behind the operation. For instance, one sketchy issue revealed on December 27 was a phishing site claiming to be tied to the Bitcoin God project has been trying to steal people’s private keys. Additionally, the Trezor co-founder also believes the Bitcoin God project is a “scam.”     

“God is a scam, and we don’t support it — They list Trezor and other brands without authorization and any reason,” explains Satoshi Lab’s Pavol Rusnak.

Crypto-Community Grows Skeptical of Bitcoin Snapshots

Crypto-Enthusiasts Think BTC Snapshots Look Tacky Like a Polaroid Picture

Many people are starting to see that a large portion of these snapshots do not have any infrastructure support or a working network. Basically, a snapshot is a replica of the bitcoin blockchain prior to the block height scheduled by the development team. The blockchain is not much different than a Polaroid copy, but there are alternative features added like algorithm changes and block size adjustments. Lately, there’s been a vast amount of snapshots: Diamond, Platinum, United, Lightning, Ruby, God, and more. Most all of them have been deemed ‘shady’ by the community for a multitude of reasons. Tomorrow there will be one more added to the list in 2017 with the birth of Segwit2x.

What do you think about all of these forks taking place this year? Let us know in the comments below.

Disclaimer:Bitcoin.com does not support these snapshots, forks and the project’s associated products & services. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Never reveal your private keys online to unknown sources.

Images via Shutterstock, Pixabay, the SW2X website, and Bitcoin God’s Twitter. 

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South Korea Outlines New Attempts to Dampen Crypto Markets


South Korea Outlines New Attempts to Dampen Crypto Markets

Economy & Regulation

The government of South Korea held a meeting on Thursday to discuss measures to deal with the growing trend of cryptocurrency speculation. The regulators clarified the clampdown on virtual accounts as well as other measures to end anonymity. In addition, the Ministry of Justice suggested an even more extreme measure.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Clampdown on Virtual Accounts

Much of the discussions on Thursday centered on the subject of virtual accounts that are issued by banks for cryptocurrency exchanges. The government announced, according to Yonhap:

It [the government] is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb virtual currency speculation.

South Korea Outlines New Attempts to Dampen Crypto MarketsThis follows the regulators’ previous announcement on the virtual account clampdown that is part of the “emergency measures” on cryptocurrency regulation, which news.Bitcoin.com reported earlier this month. Even before the emergency measures were announced, banks anticipated the ban and already stopped issuing new virtual accounts, news.Bitcoin.com also reported. This would effectively put some exchanges out of business.

Ending Anonymity

Hong Nam-ki, the minister of the Office for Government Policy Coordination, explained at the Thursday meeting, as reported by Yonhap:

Under the measure, only real-name bank accounts and matching accounts at virtual currency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned…The Financial Intelligence Unit and the Financial Supervisory Service will carry out joint inspections to make sure that such real-name transactions will take root at an early date.

South Korea Outlines New Attempts to Dampen Crypto MarketsThis announcement followed the government’s efforts to make banks identify virtual account owners. When the regulators released their emergency measures, they asked banks to confirm the identity of virtual account owners, as new.Bitcoin.com previously reported. However, banks said at the time that they could not comply, citing that they “only issue virtual accounts to the exchanges and do not know whom the virtual accounts are issued.”

To comply with the regulation in the future, banks are now building a system to identify virtual account owners in collaboration with the Korean Blockchain Association. The association has been working on self-regulation with 40 companies, including 14 crypto exchanges.

Ministry of Justice’s New Attempt

Despite repeated warnings by the government of the risks of cryptocurrency trading, Hong pointed out that:

Speculation has shown little signs of abating, with values of many cryptocurrencies excessively higher at home than abroad.

South Korea Outlines New Attempts to Dampen Crypto MarketsThe Ministry of Justice, which heads the task force to spearhead regulations, has been a proponent of extreme measures. Earlier this month, the ministry suggested a blanket ban on cryptocurrencies in South Korea. However, this proposal was not adopted in the emergency measures.

During the Thursday meeting, Hong mentioned that the Justice ministry suggested “shutting down cryptocurrency exchanges.” However, the meeting’s minutes do not indicate whether other ministries support this idea.

Furthermore, Hong reiterated that the government will strengthen requirements of local exchanges to prevent money-laundering and toughen punishments for crypto-related crimes. The government will also put restrictions on cryptocurrency advertisements.

What do you think of the Korean government’s new attempts to discourage crypto trading? Let us know in the comments section below.

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PR: EtherZero — a Revolutionary Ethereum Hard Fork, Forking on 19th Jan 2018


EtherZero - Ethereum Hard Fork

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Although there are many bitcoin fork outside, there are only few Ethereum fork on the way. The two already announced Ethereum fork had some trouble with its fork height and changes several time, which lead to a result that many trade platform’ trust has been lost.

However, this time, a new Ethereum hard fork, EtherZero, wish to change the current situation , it may become the most successful Ethereum hard fork that the history has ever had.

So now let’s find out together what the EtherZero really is and what on earth outstanding charateristics they have:

Important things comes first:

Fork height: 4936270 block
Time: Jan 19th 2018 GMT 19:00-21:00
Allocation: Total supply is about 116 million ETZ
Each ETH distributes 1 ETZ
Reserve 20 million ETZ for subsequent development
Newly increased: about 6 million ETZ per year (about 5% inflation and declining year by year)

About the team:

Currently EtherZero team is made up by 20 people, these people are from different country, also we are cooperating with many famous DAPP development workshops from India and East Europe, most of our team member are professional DAPP developers, although we are not famous for now, the techniques are no questioning here.

Innovation point:

You may be curious about the masternode sytem, here is a more specific explanation of it:

Our idea is to improve and stabilize the market value of ETZ, and we are trying to get ETZ’s market value at 10% of the Ethereum in the short term. The masternode can benefit more cash users. We expect the initial access node to be 10 thousand ETZ, 45% of the rewards to the miners, 45% to the masternodes, and 10% to the self-governing communities.

If EtherZero made its market value up to 10% of the Ethereum, the unit price would reach 70 US dollars theoretically. We welcome those who are interested to join EtherZero node system.

Developer friendly:

Based on the DAPP in the Ethereum, the deployment of the ETZ chain can be completed after a few changes. The ETZ team will give a detailed technical change plan in the future.

Road map:

We are also sincerely inviting those who has resource superiority to join our team , or our EtherZero foundation. Let’s work together to make a career. For the outstanding contributors, we will give ETZ gifts generously later.

Besides, EtherZero team also warmly welcome those big merchants and board game companys who wish to cooperate. Don’t miss the chance to see how great EtherZero are!

Contact us at:

Facebook: https://www.facebook.com/EtherZero-554760518194015/
Twitter: https://twitter.com/etherzero_org
Github: https://github.com/etherzero
Telegram: https://t.me/joinchat/HUFB8hDQEH127gOPou8JBQ
Bitcointalk: https://bitcointalk.org/index.php?topic=2607526.0

Contact Email Address
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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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The North American Bitcoin Conference Returns to Miami Bigger Than Ever


The North American Bitcoin Conference Returns to Miami Bigger Than Ever


The North American Bitcoin Conference (TNABC) is coming back to the sunshine state after cryptocurrencies and blockchain assets had a phenomenal year in 2017.

Also read: Belarus Legalizes Cryptocurrencies and ICOs – Tax-Free for Five Years

BTC Miami Is Back With Over 2000 Registered Attendees! Limited Seats Remain

The North American Bitcoin Conference Returns to Miami Bigger Than EverDuring last year’s TNABC event in Miami, everyone was in high spirits as the price of bitcoin climbed to $900 per BTC. Since then the currency has gained over 1,300 percent in value, reaching a high of close to $20,000 per coin. Further, the initial coin offering (ICO) movement has brought the blockchain extravaganza to a whole new level as participants have found a vehicle to fund distributed ledger projects. It’s safe to say a lot has changed since TNABC 2017, and the upcoming event held at the spacious James L Knight Center on January 18-19 is sure to be a thrilling experience. Moreover, on January 17 there will be a kick-off party at the world-famous South Beach hotel, The Clevelander, and on January 18th there will be a massive networking event at E11even nightclub, also in Miami.

The North American Bitcoin Conference Returns to Miami Bigger Than Ever

Meet Crypto-Developers and Blockchain Luminaries

The North American Bitcoin Conference 2018 will be the perfect environment for both newcomers and veterans within the digital currency space. This year’s TNABC will have a wide variety of well-known speakers from blockchain movers and shakers, venture capitalists, developers, and more. Keynote speakers this year include Halsey Minor, the founder of CNET, Blockchain Capital’s Brock Pierce, Craig Sellars, Jack Wu, CEO of Wanchain, Diego Gutierrez Zaldivar, CEO of RSK Labs, Dreamteam’s Alexander Kokhanovskyy, and much more.

With the cryptocurrency space moving at warp speed, Keynote CEO, Moe Levin, is super excited for this year’s TNABC.

“This year we are happy to host over 50 ICOs and our partner Victory Square Technologies is giving away $100,000 to the top three pitches,” Levin told news.Bitcoin.com this week:

This is unprecedented demand and we couldn’t be more excited to be producing this event. We’ve got over 2000 registered attendees, and over 100 exhibitors — This is absolutely the most direction-setting event in the industry.

Blockchain and Crypto-Infused Exhibits, Education, and of Course Downtown Miami

In addition to the lineup of speakers, there will be many exhibits throughout the halls of the James L Knight Center at TNABC 2018. There will be lots of education happening, as well as individuals who are fully emerged in the blockchain space who will share their insight. Visitors will learn how the blockchain will rapidly progress businesses on the global level. People will learn about the “Tokenization of Things” and how cryptocurrencies, and ICOs, are revolutionizing pre-existing funding models. Furthermore, there will be many discussions about the biggest blockchain project at the moment, Bitcoin with conversations revolving around its price, scaling, and the infrastructure being built around its network.

The North American Bitcoin Conference Returns to Miami Bigger Than Ever
TNABC tickets are selling like hot-cakes with only limited seats available.

TNABC will be sure to excite anyone looking to learn about blockchains and cryptocurrency solutions. And those individuals who already have a good understanding of blockchain technology can come and gain more insight into this ever-growing universe. Due to the cryptocurrency industry growing exponentially, this year’s TNABC will have a lot more discussions and exhibits. So come join us at one of the biggest blockchain events of the year in beautiful downtown Miami — Get your early bird tickets today before last-minute pricing begins.

All sponsorships for TNABC 2018 have sold-out and there are over 2,000 registered attendees tickets are now limited.

Will you be attending The North American Bitcoin Conference this year? Let us know in the comments below.

Disclaimer: news.Bitcoin.com is a sponsor of the TNABC event and media partner. 

Images via TNABC, Bitcoin.com, and the Clevelander.

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Huobi CEO Announces 100 Million RMB to Compensate WAX Investors


Huobi CEO Announces 100 Million RMB to Compensate WAX Investors


Huobi CEO Li Lin said on Tuesday that he will use 100 million CNY to compensate users for their investment losses in the WAX project. 

Also Read: Several Bitcoin Exchanges Are Closing Their Doors to New Traders

Huobi CEO Announces 100 Million RMB to Compensate WAX Investors

A Pump-and-Dump Incident

Huobi.pro launched an ICO token, WAX, on December 20. The opening price of the token was about 10,000 CNY (0.09 BTC) and was pumped up to over 40,000 CNY (0.36 BTC) on the very first day, gaining 6,000% more than its ICO price (6.6 CNY). Users at Huobi felt excited to buy more WAX, believing that the token could be the star of 2017 in the crypto world. But their investment turned out to be a disaster, as the price fell in the following five days to as low as 2 CNY per WAX.Huobi CEO Announces 100 Million RMB to Compensate WAX Investors

When the price dumped, and enthusiasm declined, investors began to do their homework. They noticed that Huobi.pro deleted the project overview and whitepaper of WAX on its website by the 22th. Worse still, when they visited the WAX blog, they realized that Huobi.pro under-reported he total amount of WAX in circulation. On its website, Huobi said WAX was capped at 180 million in total, but investors claim to have discovered a ten-fold inflationary 1.8 billion total in WAX.

News.bitcoin.com entered a Huobi.pro Telegram group and found that some investors even bought WAX at the highest price of 0.36BTC. Group members subject to losses formed an alliance to collect evidence that Huobi.pro deliberately manipulated the token price. So far, over 100 investors went public with their real names and have reported Huobi.pro’s potential misconduct to local police.

Huobi’s Two Announcements

On their website, Huobi announced on 24th:

“The WAX project suddenly increased their token size without informing users and the platform, we will do our best to assure they compensate our users.”

The announcement was deleted right away. Later that night at 9:00pm, Huobi.pro released another announcement, saying WAX is a promising project that met all conditions to be listed at Huobi.pro. “The Wax team made the expansion split, and the original total amounts split to ten-fold, about 1.85 billion. In the Medium post, the Wax project announced that the change was for smaller deals which will support more applications in the future. This change was from WAX’s blog, but the WAX team had not informed Huobi Pro through a formal business procedure,” says Huobi.pro. “And the Wax team has indicated that they are willing to compensate users’ loss due to the temporary expansion. Huobi Pro will also make compensation to the users who are affected by this split. And the specific compensation details are still under negotiation.”

Questions Remain Unanswered

But investors have more questions about this potential pump-and-dump incident. WAX ICO participants revealed that they didn’t receive any WAX until 21st. If true, who was it selling WAX a full day before? What kind of role did Huobi play?Huobi CEO Announces 100 Million RMB to Compensate WAX Investors

Instead of answering these questions, Huobi CEO Li Lin on the 26th announced that the company would spend 100 million CNY to compensate WAX investors. He said, “Huobi will always puts users first. I, as operations department of Huobi.pro, should learn from the incident to better service our users.” WAX price increased 17.55% in reaction to the announcement.

What do you think of the pump-and-dump? What role did Huobi play in the incident? Let us know your comments below. 

Images courtesy of Shutterstock, Huobi.pro. 

Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

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EU Central Banker: “Stop Calling the Bitcoin a Coin”


EU Central Banker: “Stop Calling the Bitcoin a Coin”


European Union central bankers are becoming increasingly vocal on the subject of the world’s most popular cryptocurrency, bitcoin. Its precipitous price increase this year seems to coincide with wide-ranging statements, including the digital asset’s threat or lack thereof. Recently, the governor of the National Bank of Belgium (NBB) explained that more people should be warned about the decentralized currency and how it isn’t a currency at all.

Also read:Bundesbank Board Member: No Plans to Issue State-Backed Cryptocurrency

Jan is Not a Bitcoin Fan

“We have to embrace the innovations and the efficiency gains that this can generate for the payment system,” NBB governor Jan Smets explained when asked about the possibility of a state-backed crypto for the Union. His answer came after a barrage of disparaging comments regarding cryptocurrencies’ market leader.

The NBB is Belgium’s central bank and part of the of the Eurosystem which comprise members of the European Central Bank. Mr. Smets, 66, has been its governor since 2015 after serving under two prime ministers as a cabinet chief. In addition to his NBB duties he participates in a dozen boards, academic and financial.  

Quoted in De Vrije Markt, Mr. Smets explains, “We need to warn people about the bitcoin, and people who invest in bitcoins can lose a lot.” With its being woven into new financial products, the digital currency could potentially be catastrophic for wider economies due to its volatile nature.  “Even if the risks are small at the moment,” Mr. Smets acknowledges.

EU Central Banker: “Stop Calling the Bitcoin a Coin”
Jan Smets of the EBB

Not a Coin

The last time a memorable statement was made by NBB regarding bitcoin came back in Summer of 2014 during a joint statement with its Belgian Financial Services and Markets Authority. In it, they warned about its not being legal tender, hacking, fluctuations and the usual litany of risks bitcoiners are all too familiar with. Prior to that statement, Belgium was thought to be at the forefront of crypto in Europe, at least in some circles.

Three and a half years laster, Mr. Smets worries about the purchasing power of the decentralized currency, pointing to its lack of stable backing such as that which the euro has with its tether to the European Central Bank. Bitcoin’s price moving from 1,000 USD at the beginning of 2017 to around 15,000 USD only buttresses his argument, he believes.

Finally, the EU central banker urges: “Let’s stop calling the bitcoin a coin. Unlike the euro, the bitcoin is not guaranteed by a central bank or government as a means of payment, so the bitcoin is not a currency,” he explained. 

What do think about the EBB governor’s comments? Let us know in the comments section below.

Images courtesy of Pixabay.

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