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Thursday, May 31, 2018
Regulations Round-Up: SEC hits Titanium, Israeli Crypto Law Delayed, BTC Trading Legal for Chinese Citizens
In recent regulatory news, the United States Securities and Exchange Commission (SEC) has taken action against the Titanium Blockchain initial coin offering (ICO) for allegedly making false claims; the enactment of Israel’s cryptocurrency regulations have been delayed; and a Chinese professor has discussed the current legal status of bitcoin trading in China, asserting that it is currently not illegal for Chinese citizen to trade bitcoin.
Also Read: May Breaks 2018’s Down-Trend in Monthly Total Raised by ICOs
SEC Ceases Titanium Blockchain ICO for Elaborate False Claims
With North American regulators’ ‘Operation Cryptosweep‘ in high gear, news of regulatory action being taken against suspect initial coin offerings and investment schemes appears to break across the cryptocurrency world daily. The latest target of action from the United States SEC is Titanium Blockchain Infrastructure Services – which has become subject of a court order halting its ICO due to allegedly making fraudulent claims of business relationships with well-known businesses and the U.S. Federal Reserve.
An SEC press release states that the commission has “obtained a court order halting an ongoing fraud involving an initial coin offering (ICO) that raised as much as $21 million from investors in and outside the U.S.,” adding that the court also approved an emergency asset freeze and the appointment of a receiver for Titanium Blockchain Infrastructure Services Inc., the firm behind the alleged scheme.
The SEC complaint accuses the company’s president, Michael Alan Stollery, a/k/a Michael Stollaire, of having “lied about business relationships with the Federal Reserve and dozens of well-known firms, including PayPal, Verizon, Boeing, and The Walt Disney Company.”
Robert Cohen, the Chief of the SEC Enforcement Division’s Cyber Unit, stated: “This ICO was based on a social media marketing blitz that allegedly deceived investors with purely fictional claims of business prospects. Having filed multiple cases involving allegedly fraudulent ICOs, we again encourage investors to be especially cautious when considering these as investments.”
Israeli Cryptocurrency Regulations Delayed
The enactment of Israel’s cryptocurrency regulations, originally scheduled for this Friday, has been delayed until October.
Following last week’s publishing of a draft law pertaining to money laundering that included specific provisions pertaining to virtual currencies, Israel’s finance minister, Moshe, Kahlon, abruptly requested that the law not be passed until the bill is ratified.
“The existing ordinance for the prohibition of money laundering will lapse with the passing of the new law. The process of installing the new law, which includes public hearings, will take time. Consequently, there will be a period in which there will be no active legal provision concerning this matter, which will lead to a lack of clarity regarding the identification and reporting obligations imposed by the order on [the] prohibition of money laundering,” Mr. Kahlon said.
Manny Rosenfield, the head of the Israeli Bitcoin Association, has described the delay of the law’s passing as a significant setback for the country’s cryptocurrency industry. “The postponement of the law that deals with digital currencies will leave start-ups in the same situation, and will cause a situation in which these companies will have to think twice about whether or not to stay in Israel […] This is a blow that will hamper the efforts of Israel to become a leader in a rapidly developing field of technology,” Mr. Rosenfield said.
“It’s Not Illegal for the Public to Trade BTC” – Chinese Academic
Whilst speaking at The 2018 China International Big Data Industry Expo in Guiyang, Liu Xiaolei, a professor at the Guanghua School of Management of Peking University, argued that bitcoin trading is not currently an illegal activity for Chinese citizens to undertake, despite the China’s prohibition on cryptocurrency exchanges.
According to a rough translation, Liu Xiaolei stated of the legality of China’s citizenry trading bitcoin: “In terms of supervision, the state [has] not [made] such a gesture [so as] to say it is not allowed.” Liu Xiaolei added that “everyone, especially the common people who do not understand this new technology […] should be reminded […] not to follow suit, because it is still a very risky investment.”
Liu Xiaolei also argued that maintaining a ban on P2P cryptocurrencies is not practically viable.
Which jurisdiction do you think has adopted the most appropriate cryptocurrency regulations? Share your thoughts in the comments section below!
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Canadian Crypto Exchanges Push for Greater Regulatory Clarity
Representatives of Canada’s cryptocurrency industry are urging lawmakers to provide greater clarity regarding the regulatory obligations of cryptocurrency exchanges. In response to the absence of clear guidelines, a number of Canadian virtual currency exchanges have taken it upon themselves to voluntary register and report to Canada’s financial regulator.
Also Read: Markets Update: Volume Rankings Report for May 2018 – EOS Dominates Leading Exchanges
Canadian Crypto Exchanges Push for Greater Regulatory Clarity
Canadian media has reported that a number of local cryptocurrency proponents are calling for greater clarity regarding the regulatory apparatus governing the operations of virtual currency exchanges.
Joseph Weinberg of Shyft, a company providing identification verification services using blockchain technology, has argued that exchanges have been left in the dark as to their regulatory obligations. “Until you have regulators come out and say, ‘This is what you have to do,’ as an exchange, you’re kind of guessing and hoping for the best, which is a big problem,” Mr. Weinberg said.
Cole Diamond, the chief executive of Toronto-based cryptocurrency exchange, Coinsquare, stated: “We want to be regulated because ultimately we want to be able to provide certainty to our customers that we’re not some fly-by-night trading platform, that they can trust us.”
Canadian Exchanges Adopt Self-Reporting Practices
In the face of stark regulatory uncertainty, several Canadian exchanges have taken it upon themselves voluntarily to report to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac).
Mr. Diamond states that upon initially approaching Fintrac, “they told us we shouldn’t be registered there. We decided to do it anyway because we explained to them we don’t have anywhere else to go. We want to be regulated.”
Despite expecting taking early steps to ensure regulatory compliance will give his exchange a competitive advantage in the long run, Mr. Diamond notes that Coinsquare’s “revenue and trading volume could be at least five-times larger if we did not have an internal compliance regime”
Einstein Exchange CEO Anticipates Early Compliance Will Pay Off Long Term
Vancouver-based Einstein Exchange has also adopted a voluntary reporting regime with Fintrac, in addition to taking measures to minimize the risk of credit card occurring on its platform.
Michael Gokturk, the chief executive of Einstein Exchange, recounts that the exchange was hit with $8.3 billion USD worth of attempted fraud in a single day early into the exchange’s acceptance of credit card payments. “Our system went nuts,” Mr. Gokturk.
Mr. Gokturk added that whilst “It’s so easy to get into this market and it’s so easy to take advantage of the lack of regulation. The best exchanges will welcome regulation and transparency and that’s what we’re trying to do. We welcome it with open arms.”
Do you think that regulators worldwide will soon adopt clear regulatory apparatus for companies operating with cryptocurrencies? Share your thoughts in the comments section below!
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Austrian Financial Market Authority Stops ‘Active Managed Mining’ Operation
The cryptocurrency industry have created a host of legal questions as old definitions are forced on brand new innovations. Should switching between the most profitable coin to mine at each time be considered some type of fund management? Austrian regulators seem to think so.
Also Read: Bitcoin in Brief Wednesday: China Fights Impersonators and Fraudsters
Unauthorized Alternative Investment Fund Management
The Austrian Financial Market Authority (FMA), Austria’s integrated supervisory body, has announced that, by means of a procedural instruction, it prohibited the business model of Invia Gmbh, a Vienna-registered company offering financial services in conjunction with the mining of cryptocurrencies. This was done on the grounds of the FMA’s suspicion that the company was involved in the unauthorized management of an Alternative Investment Fund (AIF) as defined by the country’s relevant regulations.
The Regulators say that the venture was requested to cease the unauthorized business operation. Meanwhile, the procedure concerning this matter is still pending. Invia Gmbh is neither licensed by, nor supervised by, the FMA. The FMA adds that it has decided to communicate this information to the public after having received “a large number of inquiries from consumers.”
“Mining 2.0”
According to a promotional forum post from November 2017, Invia offers “Active Managed Mining”. In practice this means for clients that: “You do not have to decide for yourself which cryptocurrency is to be mined, this decides [SIC] the company and thus spares the most lucrative coin. You receive your payment in Ethereum or Bitcoin currency. The company lets a software play in the background, this software decides within 1 minute which coin is lucrative and turns around. This unique piece of software serves as a hardware control, aligning it with the ‘most profitable’ crypto currency [SIC] available at any given time. The minted Coin is then converted to Bitcoin or Ethereum. Thanks to this software, it is possible to produce more coins overall.”
This type of service is hardly new, as many cryptocurrency mining pools and clouds, as well as just software solutions, have been offering the same for years now. It is possible that by promoting the company to newbies in the field Invia triggered the FMA, which didn’t notice other services before.
Should active managed mining be considered similar to management of an investment fund, requiring an authorization? Share your thoughts in the comments section below.
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Ukrainian Companies Mint 25 Coins, Raise $132 Million
Ukrainian crypto businesses have created 25 digital coins in 2017 and 2018, raising more than $132 million through token sales, according to a new report. Cryptocurrencies are gaining popularity in the country, where the daily trading volume now reaches $1.9 million USD. The growing number of crypto users served by local exchanges has prompted calls for clear but light regulations.
3 Exchanges, 4,000 Traders
Over the past year and a half, Ukraine-based companies have attracted more than $132 million through Initial Coin Offerings (ICOs), when traditional IPOs (Initial Public Offerings) have made 0 dollars. This according to Ukrainian deputy Alexei Mushak, who took part in the presentation of a new report titled “Green Book: Cryptocurrency Market Regulation.” The legislator believes that it’s time for Ukraine to introduce light regulation to the industry, or crypto businesses will choose other countries like Malta, Gibraltar, Estonia, and even Belarus.
The authors of the study, associates at the BRDO (Better Regulation Delivery Office) analytical center, have tried to calculate the crypto turnover in various segments of the sector and determine the degree of state intervention needed for its further growth, Mind reports. The researchers have focused on market participants such as issuers of tokens, crypto exchanges, other online and offline traders, crypto miners.
Fifteen ICOs have been conducted in 2017 and the first half of 2018, the released document revealed. The total capital raised in the token sales amounts to $132.7 million. Dream Team ($38 million), Rentberry ($30 million) and Dmarket ($10.5 million) are the top three projects. Eight other ICOs have not disclosed the amount of the capital they have collected. Ukrainian businesses have so far created 25 cryptocurrencies, according to Financial Club.
The yearly crypto mining turnover in Ukraine exceeds $100 million dollars, the compiled data shows. There have been attempts to add mining to the country’s register of economic activities. In March, Ukraine’s economy minister ordered several government agencies and the National Bank to prepare the necessary documents to do so.
Ukrainians in the Top 10 of Crypto Users
The “Green Book” claims that Ukraine is among the top 10 countries in the world in terms of number of cryptocurrency users. The daily volumes of trading digital coins with Ukrainian hryvnia reaches $ 1.9 million. Three exchanges are currently operating locally – Exmo, Kuna and BTC Trade UA. Eighteen other trading platforms and more than 4,000 individual traders are also providing exchange services, both online and offline.
According to Alexander Kubrakov, Head of IT at BRDO, the government in Kiev is ignoring the crypto sector which exist de facto, but not de jure. Three bills have been introduced in Ukraine’s parliament since October – the draft law “On the Circulation of Cryptocurrency in Ukraine”, the bill “On Stimulating the Market of Cryptocurrencies and Their Derivatives”, and a supplementary draft amending the tax code to regulate taxation of crypto incomes and profits. No real progress has been made towards their adoption yet.
The BRDO experts propose gradual introduction of regulations. They think most outstanding issues can be resolved by regulators. On the first stage, the Ministry of Finance and the State Fiscal Service can issue clarification notices to define cryptocurrency as an intangible asset, and the State Service of Special Communication and Information Protection can declare mining a license-free activity.
On the second stage, the law “On the Prevention of Money Laundering” can be amended to integrate the concepts of “virtual currencies.” The analysts also believe that changes are necessary to identify the providers of exchange services for financial monitoring purposes. Currently, Ukrainian exchanges experience huge problems with bank accounts, and crypto traders can’t rely on clear guidelines regarding taxation.
The speakers at the presentation noted that if the lack of regulation initially benefited the crypto sector in Ukraine, now it is actually holding it back. The official government position is very important for its further development, they emphasized. According to Maxim Libanov, member of the National Securities and Stock Market Commission, the era of the gray market is already ending. “We see that the majority of market participants are no longer satisfied with this situation of legal uncertainty,” the official said.
Do you expect Ukraine to introduce lighter crypto regulations? Share your thoughts in the comments section below.
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PR: Patientory Stiftung Joins the Enterprise Ethereum Alliance
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.
Zug, Switzerland – Patientory Stiftung, a Swiss-based global nonprofit healthcare organization founded to educate and connect adopters of PTOY blockchain, a HIPAA-compliant blockchain that securely stores and manages health information in real time, today announced that it has joined the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative.
As a member of the EEA, Patientory Stiftung will collaborate with industry leaders in pursuit of ethereum-based enterprise technology best practices, open standards, and open-source reference architectures. Patientory Stiftung brings these industry leaders together at its Inaugural Blockchain in Healthcare Summit – North America on May 31, 2018. At that time it will also launch and make available the private, permissioned blockchain testnet network, PTOYNet.
“Patientory Stiftung foresees an exciting future for blockchain in the healthcare industry and is thrilled to merge the benefits of the EEA and its other members with what will happen next,” said Mohsen Shafaei, Managing Director of the Patientory Stiftung. “The EEA’s resources will play an integral role in making our vision a reality and we look forward to learning about Ethereum and leveraging its technology to benefit everyone.”
With more than 500 member companies, the EEA membership base represents a wide variety of business sectors from every region of the world, including technology, banking, government, healthcare, energy, pharmaceuticals, marketing, and insurance. The EEA’s industry-focused, member-driven working groups are each tasked with creating and delivering specific advancements to the development and use of ethereum-based technologies.
About The Enterprise Ethereum Alliance
The EEA is an industry-supported, not-for-profit established to build, promote, and broadly support Ethereum-based technology best practices, open standards, and open-source reference architectures. The EEA is helping to evolve Ethereum into an enterprise-grade technology, providing research and development in a range of areas, including privacy, confidentiality, scalability, and security. The EEA is also investigating hybrid architectures that span both permissioned and public Ethereum networks as well as industry-specific application layer working groups.
EEA will collectively develop open industry standards and facilitate collaboration with its member base and is open to any members of the Ethereum community who wish to participate. This open-source framework will enable the mass adoption at a depth and breadth otherwise unachievable in individual corporate silos and provide insight into the future of scalability, privacy, and confidentiality of the public Ethereum permissionless network. For additional information about joining EEA, please reach out to membership@entethalliance.org or visit www.entethalliance.org.
About Patientory Stiftung
The Patientory Stiftung, a global nonprofit healthcare blockchain organization connects healthcare industry adopters of the PTOY blockchain. The PTOY blockchain securely stores and manages health information in real time, and such storage and management is facilitated by a blockchain based token (called “PTOY”). The Patientory Stiftung facilitates the development of standards that are essential to the implementation and adoption of the PTOY platform and token in securely protecting and managing healthcare information. Such standards are necessary for interoperability and auditability and for transparency purposes. These activities will help ensure the safety, reliability and usability of the use of the PTOY platform by its members and the general public, a prerequisite to the wide acceptance of the PTOY platform as a viable means of transacting business by the public and the acceptance of the industry as a whole. To learn more, visit www.ptoy.org.
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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May Breaks 2018’s Down-Trend in Monthly Total Raised by ICOs
Estimates are indicating that the total sum of capital raised by initial coin offerings (ICOs) in May exceeded the total sum raised in April – comprising the first month-over-month increase in the total sum raised by ICOs in 2018 so far.
Also Read: Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward
Month-Over-Month Performance of ICOs Up for First Time in 2018
According to icodata.io, the total sum raised by ICOs in May has exceeded that which was raised in April – comprising the first instance in which month-over-month gain total for the funds raised through initial coin offerings has increased this year.
As of this writing, icodata.io estimates that ICOs have raised approximately $715 million USD during May – a more than 27% increase over April’s total of roughly $516 million.
Mean Total Raised by ICOs Declines in 2018
Although there are an increasing number of significant challenges now facing the ICO industry, such as advertising bans, heightened regulatory hostility in many jurisdictions, and widespread claims that the returns generated by ICOs for investors is declining, initial coin offerings appear to be thriving – with the total sum of funds raised through ICOs in 2018 (estimated to be approximately $5 billion as of this writing) having reached more than 82% of the roughly $6.1 billion raised in 2017.
The average sum raised by initial coin offerings has declined, however, with the mean total raised by 871 ICOs in 2017 equating to just over $7 million – half a million more than the mean total of almost $6.5 million raised by the 780 initial coin offerings of 2018 so far.
Year-Long EOS ICO Expected to Raise $4 Billion
Block.one’s roughly year-long EOS ICO will come to a conclusion on the 1st of June, with analysts predicting that the offering will have raised in excess of $4 billion – making it the largest ICO in history. The EOS initial coin offering began on June 26, 2017.
Despite the enormous sum raised, EOS has garnered controversy within the cryptocurrency community due to EOS’ terms explicitly stating that EOS Tokens do not have any rights, uses, purpose, attributes, “functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform.”
Do you think that the ICO bubble is loosing steam? Share your thoughts in the comments section below!
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Bitcoin (BTC) Price Watch: Bears Defend Channel Resistance
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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price Analysis, May ...
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Bitcoin Price May Be 'Fear Gauge' for Stock Market: VIX Analyst
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3 Popular Bitcoin and Blockchain Myths, Debunked
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Nobel Prize-Winning Shiller Claims Bitcoin May be Extinct in 100 Years
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Roger Ver on 'the Flippening': Ethereum Will Upstage Bitcoin Before the End of 2018
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Will Bitcoin and Crypto Payments Go Mainstream at the 2018 World Cup?
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Bitcoin [BTC] is like “storing money under your pillow” – Brian Stutland
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Bitcoin Today: Prices Stick Close to Flat as Trading Volume Remains Subdued
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Bitcoin is like Napster: an important flop, Ripple CEO says
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Austrian Financial Market Authority Stops 'Active Managed Mining' Operation
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Attention: This headline is allegedly under investigation for Bitcoin market manipulation
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Tezos Confirms Beta Release As Bitcoin Suisse Adds To Lawsuit Controversy
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Bitcoin [BTC] Mining Firm Trolls Warren Buffet With Billboards Outside His Office
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Bitcoin Bitcoin Bitcoin BITCOIN!! So Sue Us.
The Cease-and-Desist consisted of several scary-looking pages of legalese from a law firm representing “the owner of the BITCOIN trademark.”.
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Scotland Hospital Opens Rehab Center for Crypto-Trading Addicts
We all indulge in guilty pleasures from time to time. Whether it’s chocolate, alcohol or something completely different, everyone has something that tantalizes their senses. For some people, that “something” is cryptocurrency. Now, a hospital in Scotland is working to help those who have taken their love of crypto a bit too far.
Castle Craig Hospital — Scotland’s largest addiction treatment facility — has developed a center specifically dedicated to help cryptocurrency addicts. Representatives explain that “cryptocurrency users can get hooked by the volatile fluctuation of prices online which creates a ‘high’ when they buy or trade a winning currency” and that “this can be exciting but also addictive and … financially disastrous.”
Individuals addicted to crypto-trading show all the same signs and behaviors as gambling addicts; only this time, they are dealing with a 24/7 urge to mix and match digital assets despite suffering consistent (and occasionally devastating) losses.
“The high risk, fluctuating cryptocurrency market appeals to the problem gambler,” says Chris Burn, a gambling therapist at the hospital. “It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”
Josh Olszewicz, a popular crypto-trader and price analyst, agrees with the gambling analogy and says there are definite similarities between the two. Speaking with Bitcoin Magazine, he stated, “Many of the newer market participants treat crypto like a giant casino, and bet the farm on the equivalent of penny stocks only to lose all their money. It’s certainly no different than run-of-the-mill gambling addiction. You have people risking their rent money or lunch money and then it spirals out of control very quickly. Too many people treat crypto as a binary option, and just throw away money constantly.”
Olszewicz also pointed out that recent media coverage focusing on the get-rich-quick success stories in the crypto space tends to feed into the “euphoria, fear and greed” that can cloud people’s judgment.
The hospital offers patients many of the same treatments as they would to gambling addicts, including group therapy. Participants sit together and share the experiences that led them to their current situations.
Former gambling and cocaine addict Tony Marini now works as a counselor with the hospital and leads some of the remedy programs. He’s looking to help the patients find focus in their lives, which he believes is the key to overcoming any addiction.
“Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem,” he explained.
So, how does one know if they’re addicted to cryptocurrency? Castle Craig Hospital has produced a list of 10 questions that individuals can ask themselves. If they answer “yes” to 5 or more, they likely fall into the “addict” category.
Some of the questions include:
- Am I spending large amounts on cryptocurrency?
- Do I become restless or irritable if I try to cut down my screen time related to cryptocurrency?
- Do I carry on trading in cryptocurrency after losing money — to try to gain it back?
Despite the hospital’s insistence, many are unconvinced that cryptocurrency addiction is a valid issue. Niko da Costa Gomez, for instance, is a frequent cryptocurrency trader who’s been making a profit on his investments. He doesn’t think a crypto-based rehabilitation program is necessary, nor does he believe anyone can become addicted — unless they’re very rich.
Manav Singhal, CEO of blockchain startup Velix.ID, agrees and says the regular losses hospital executives speak of are just a natural part of the investment process.
“Profits and losses are just a part of the trading, and it is no different than trading any other kinds of securities,” he states. “Gambling addicts are just that — gambling addicts. They can choose any addiction they want, and it can be cryptocurrencies, but that doesn’t mean that a majority of cryptocurrency traders are addicts. There’re many reasons that make you trade cryptocurrencies frequently, given how fast things are changing in the industry.”
This article originally appeared on Bitcoin Magazine.
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Crypto On the Go: Prague Subway Gets 10 New Bitcoin ATMs
GENERAL BYTES, a Prague-based bitcoin ATM manufacturer, has installed 10 new cryptocurrency ATMs throughout the Prague subway. With this latest move, commuters using the busy Prague Metro can buy and sell virtual currencies on the go. One of the busiest metros in Europe, over 1.2 million people pass through the Prague subway daily.
The company published an update on its website where it provides a detailed description of the location of each ATM. The new machines were installed in Můstek, Nádraží Veleslavín, Dejvická, Florenc, Černý Most, Zličín, Pankrác, Flora, Skalka and Hlavní Nádraží.
According to Coinatmradar.com, the Czech Republic now has 46 bitcoin ATMs, with 34 of these ATMs concentrated in Prague. Of the 3,138 bitcoin ATMs manufactured globally, GENERAL BYTES has now manufactured 27.63 percent, with their machines installed in every major city in the world. Their ATMs support the purchase and sale of bitcoin, litecoin, dash and monero.
In conversation with Bitcoin Magazine, Martijn Wismeijer, Marketing Manager of GENERAL BYTES, described his company as "veterans in the blockchain space who have been there from the very beginning.” He pointed out that the company was “the first to introduce sending cryptos via email” as well as the creator of the first BATMOne models.
Wismeijer said his company offers "seven different cryptocurrency ATM models as well as a point-of-sale (POS) called CortexPay.” These crypto ATM models are all based on a similar code base; however, he also explained that, even though the machines were similar in code base, there are some minor differences in the hardware design and a range of additional features. These features include the capacity of the acceptor, dispenser and recycler combinations as well as the acceptance of multi-currencies on a single machine.
The ATM models are called the BATM series ATM. BATM is the name of the platform created by GENERAL BYTES for producing the ATMs. These machines are further divided into the BATMTwo series (one-way and two-way options) and the BATMThree series ATMs.
According to Wismeijer, the one-way BATMTwo series ATMs were chosen for this project as there are already many two-way ATM locations in and around the city. “Installing the one-way BATMTwo models allows GENERAL BYTES to showcase the possibilities that abound for clients brand-wise with the optional BATMStand which transforms the machines into a free-standing unit.”
Wismeijer explained that clients can either run and maintain their servers or they can use the company’s cloud-hosted server, which allows operators to run their software on GENERAL BYTES’ server for a small fee.
Cryptocurrencies in Prague
Prague has been a growing hotspot for everything crypto for a while now.
There hasn't been much definition or regulation of virtual currencies in the Czech Republic, and the government is seen to be somewhat friendly to cryptos.
The subject matter is, however, being discussed in government circles as the Czech National Bank published a paper titled "Don't be Afraid of Bitcoin," where it declared that "Prague is home to a strong community of cryptocurrency users," while playing down the potential threats of cryptocurrency to the traditional monetary system.
Last year, Alza became the "first large European retailer" to add cryptocurrency payments to its website and install two bitcoin ATMs in its showroom locations in Prague and Bratislava.
The hip and trendy Holešovice district in Prague is also home to the famous Cryptoanarchy Institute, Paralelni Polis, an organization that educates the public on cryptocurrencies. Prague is also home to a couple of crypto startups like SatoshiLabs (makers of Trezor hardware wallets).
This article originally appeared on Bitcoin Magazine.
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Blockchain, Digital Industry Court Hardin Generating Station
The Billings Gazette reported Wednesday that data processing and blockchain interests are the latest entities to court the ailing Hardin Generating ...
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Global Blockchain to Spearhead Development of Digital Wallet for Playboy Enterprises
VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (CSE: BLOC, BLOC.
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How Blockchain Startup SIMBA Chain Helps Enterprises Build Low-Latency dApps
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Blockchain technology: A beginner's guide
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Blockchain is Coming — Ready Or Not, Expert Warns Clinical Research Site Executives
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Blockchain and data processing interests could take over Hardin's troubled coal-fired power plant
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Tron Begins Transition to Its Own Blockchain
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Monster Products eyes $300 million ICO, hoping blockchain can revive its business
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Big Data and the Blockchain
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Chinese President Xi Jinping: Blockchain Reshaping Global Economic Structure
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These are the two big 'holy wars' that blockchain enthusiasts are fighting
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Research: The current state and predictions for the future of blockchain in the enterprise
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C-Suite Execs Are Quitting the Mainstream and Flocking to Blockchain
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China's President Sees Blockchain Bringing 'Breakthrough' Applications
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India's Telecom Regulator to Use Blockchain to Prevent 'Pesky' Telemarketing Spam
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FX settlement provider CLS invests in blockchain consortium R3
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How Blockchain for Recruitment Will Be Groundbreaking
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Goldman Sachs-Backed Tradeshift Eyes Blockchain After Successful $250 Mln Funding Round
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How the blockchain could help build a decentralized media economy
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UK Financial Regulator Launches 24 Cryptocurrency Investigations
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Weiss Ratings Releases 93 Free Cryptocurrency Grades This Week – With 7 Major Winners
Weiss Ratings, the only financial rating agency currently offering cryptocurrency reviews, has released its full list of 93 coins and tokens to the public ...
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UK Financial Conduct Authority To Investigate 24 Cryptocurrency Companies
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20 Cryptocurrencies to Bet the House On!
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BitcoinTV by World Crypto Network on YouTube
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Bifröst: A New Blockchain-Based Effort to Deliver Foreign Aid Payments
ConsenSys Social Impact has joined hands with MakerDAO and Dether to launch Bifröst, a crypto-to-fiat payment system built to expedite the delivery of cash donations to aid groups in conflict areas.
Bifröst was announced during a presentation today, May 29, at the Oslo Freedom Forum in Norway. Executives are planning to pilot the system this summer within certain regions of Southeast Asia and the Middle East.
“Collaborative solutions like these … are paramount to materializing solutions in the social sector,” said Robby Greenfield, ConsenSys Social Impact’s global technical lead. “The Bifröst initiative looks to overcome both the inefficiencies in international aid and the user experience obstacles preventing mainstream adoption of today’s decentralized applications.”
ConsenSys is a blockchain venture production studio that builds decentralized applications on Ethereum; its Social Impact arm is tasked with addressing some of the world’s most pressing humanitarian issues using blockchain-based solutions.
Bifröst, ConsenSys Social Impact’s first venture, works by using smart contracts on the Ethereum blockchain to enable peer-to-peer value transfers, thus creating a more direct process for individuals to donate to particular causes. Banks are also taken out of the equation, thereby reducing fees and allowing more donation funds to be given to aid groups. Once a donation is made, MakerDAO and Dether deliver the funds to the scheduled recipients.
MakerDAO is the creator of the Dai stablecoin, which is price-stabilized against the value of USD, while Dether is a decentralized mobile app that connects aid groups with local businesses that exchange cryptocurrencies for cash, making donations more accessible to international parties. Dether allows organizations to accept Dai donations and provides the cash equivalent to specified aid groups.
“With Dether, people on the ground can get cash quickly and seamlessly,” said company co-founder Hamid Benyahia. “Because Dether is a peer-to-peer system that only requires a mobile phone with internet access, aid workers can work with the local population instead of a centralized bank. This is critical for the two billion unbanked adults across the globe.”
Bifröst claims it can deliver payments to associations in less than three days. Payees also incur transaction fees of less than 1 percent. Under normal circumstances, payments are usually delivered between three and four weeks, while transaction fees of 10 percent or higher are common.
Bifröst is ConsenSys Social Impact’s first attempt to branch into product development. “The expansion of emerging technologies into the humanitarian sector is enabling us to address global issues in innovative ways,” said Ben Siegel, the company’s global project and partnership lead. “We are honored to be announcing this project alongside not only MakerDAO and Dether, but also the Human Rights Foundation who played a key role in the early ideation of the platform.”
This article originally appeared on Bitcoin Magazine.
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Bitwage Launches ICO Advisory Firm and New Payment Solutions
Bitcoin payroll and invoicing platform Bitwage, with operations in the U.S and the U.K., has launched two new products: Inwage, an advisory firm that creates and deploys solutions for launching initial coin offerings (ICOs); and Ether Inputs, an invoicing platform that allows ICO companies to pay employees in their preferred currency.
“The world of cryptocurrency is ever changing. While we strongly believe that Bitcoin is the greatest store of value ever seen, we also recognize the value of new forms of digitized assets,” said Jonathan Chester, president of Bitwage and Inwage, in a statement. “With our new ICO and Ethereum solutions, we are excited to help move this part of the industry forward.”
Inwage
ICOs offer alternative opportunities for companies to raise funds for their startups, but the process of creating and running an ICO project is often risky, complicated and expensive.
Inwage, created as an advisory firm, provides easy-to-deploy services for companies of all sizes to launch their ICOs. It offers a turnkey solution that comes with several features, including technical support, which ranges from smart contract development to initialization; security compliance and advice; and help with marketing and visibility of an ICO project.
Running an ICO often means dealing with large sums of money; this means the company could become a target for hackers. While Inwage offers companies the tools needed to process and hold their funds, it can also provide additional security consulting solutions by helping ICO companies set up enterprise-grade security protocols. Furthermore, it offers recommendations to avoid failures of smart contracts, as well as website security to protect all transactions carried out in the ICO.
Chester told Bitcoin Magazine, “Bitwage has processed $50 million with 0 hacks and has insurance for errors and omissions and cyberliability. An additional $50 million has been processed through the Inwage platform. Together, Bitwage has processed about $100 million.”
Finally, Inwage offers marketing services through its network of partners, targeting the U.S., European, Middle East and East Asian markets.
Ether Inputs
Bitwage has also launched Ether Inputs, a solution that allows ICO companies to pay workers in their preferred currency, which is especially useful in cases in which their employees are unable to hold bank accounts.
Chester said, “The new Ether Inputs will enable ICO companies to navigate a world that is not based solely on cryptocurrency.”
Companies can use Ether Inputs to fund their payroll using ether or bitcoin. Employees can also decide the percentage of their salary to be paid in either fiat or cryptocurrency.
The service was soft launched with successful ICO companies Aragon and Status in January 2018. Chester said, “Workers from Ether Inputs were receiving money in USD, Euro, GBP, ARG, and BRL” during the soft launch.
Bitwage has more products on the horizon, including cryptocurrency transactions and retirement solutions for U.S. crypto investors.
This article originally appeared on Bitcoin Magazine.
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Zcoin’s Merkle Tree Proof Release Seeks to Bring Back Fairer Mining
Zcoin, a privacy-focused asset, is launching a working version of MTP v1.2 (Merkle Tree Proof) — an ASIC-resistant proof-of-work (PoW) algorithm — on its testnet. Chinese mining conglomerate Bitmain had recently announced the release of an ASIC designed for mining the similar, privacy-based cryptocurrency Zcash, which ultimately led to some concerns in the cryptocurrency space, and Zcoin is looking to offer reassurance.
Founded in September of 2016, Zcoin was constructed to tackle decentralization and privacy issues on the blockchain. It was also the first currency to implement the Zerocoin protocol and provide financial privacy by using zero-knowledge proofs.
Created by Alex Biryukov and Dmitry Khovratovich in June 2016, MTP is designed to target miner centralization caused by ASICs and permit entry to the mining space for CPUs and GPUs. Speaking with Bitcoin Magazine, Zcoin’s Chief Operating Officer Reuben Yap explained how MTP works to demonopolize the cryptocurrency mining space.
“When you have specialized machines, X dollars will get you a hash rate 1000 times stronger than if I spend X dollars on a CPU or GPU, so if I spend $2,000 on a bitcoin ASIC miner, I’ll get a higher performance than if I spent $2,000 on a GPU rig,” he said.
“MTP’s aim is to make the price and performance as close to each other regardless of whether you use an ASIC, GPU or CPU, so no one can gain an unfair advantage through the use of specialized hardware. It is back to the idea of egalitarian mining where Satoshi was expressing one CPU per vote.”
Yap pointed out that ASIC manufacturers like Bitmain are not incentivized to sell miners at more affordable prices. But, by allowing people to use their existing hardware, without requiring something specialized to remain competitive, everyone can be kept “on fair footing as opposed to only the miner manufacturers having control.”
The system was first published in January 2018 and was used to strengthen algorithms against attacks found in both academic peer reviews and Zcoin-funded MTP bounty programs. MTP can handle large memory sizes from two to eight GBs, which pits it favorably against other leading PoW systems like Scrypt, Equihash and Cryptonight.
MTP also discourages the use of botnets — infected computers that are controlled to mine cryptocurrencies — as its high memory usage would likely alert users of infected systems due to heavy impacts on a system’s performance. Botnets have often taken advantage of ASIC-resistant algorithms in the past, though MTP requires considerably more memory for proof computation like mining than it does for proof verification.
Zcoin is now refining its MTP code to prepare the application for extended testing. It will also be launching bounties for open-sourced miners and pool software prior to its release on the main net.
This article originally appeared on Bitcoin Magazine.
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Kasey's Crypto Journey #10 - Looking At The Bigger Picture - By Kasey Nguyen
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Bitcoin is the market's new fear gauge, investor says
The answers to which way the market will move next may lie in bitcoin, said Brian Stutland of Equity Armor Investments. "Bitcoin is sort of becoming the ...
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Is bitcoin the new fear gauge for the market?
Futures Now trader Brian Stutland discusses the .VIX vs. bitcoin. With CNBC's Melissa Lee and the Futures Now traders, Tim Seymour, Karen ...
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Italy's Economic Pain Is the Bitcoin Price's Gain
But as the global financial markets are reeling, bitcoin is finally beginning to see the light of day again, and it could just have something to do with the ...
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Is bitcoin the new fear gauge for the market?
Futures Now trader Brian Stutland discusses the .VIX vs. bitcoin. With CNBC's Melissa Lee and the Futures Now traders, Tim Seymour, Karen ...
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Crypto Markets Make Slight Rebound After Bitcoin Touched Monthly Lows
Last week, blockchain venture capitalist Spencer Bogart predicted that Bitcoin will be trading “at least” above $10,000 by the end of 2018. Bogart said ...
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