CoinKhoj

🔒
❌ About FreshRSS
There are new available articles, click to refresh the page.
Yesterday — May 25th 2018Your RSS feeds

This Canadian Mining Group Mined 800 Bitcoins in 3 Months

By Conor Maloney

Hut 8 Mining Group, backed by Bitfury, mined 828 in Q1 of 2018. The Bitcoins are worth approximately $6.3 million at the time of writing even with the current bear trend that saw Bitcoin lose $1000 from its trading price over the last few days. The loss has resulted in a $3.1 million loss of profits for Hut Mining 8 Group overall.

It costs the company roughly $2029 USD to mine each Bitcoin, leaving the rest to profit. Hut 8 Mining Group reportedly generated $8.5 million in revenue overall and is leaning towards opening another mining facility in Canada. The company began mining in December 2017 at the all-time high value of Bitcoin. Despite the subsequent loss of market cap, CEO Andrew Kiguel has said that he’s pleased with how things have been going so far. The company raised $54 million USD recently to continue investing in the mining hardware they need to expand their operation.

The company has mined a total of 1,300 Bitcoins since December and are now seeking to construct a data center that will increase the mining capacity of the company by more than threefold. The facility is due to open in September 2018 in the City of Medicine Hat.

The CEO Andrew Kiguel had this to say about the new upcoming facilities:

“The City of Medicine Hat site will consist of an additional 40 BlockBoxes. Once operational, Hut 8 will own 57 BlockBoxes, representing a 335 percent increase from current mining capacity, securing our position as one of the largest publicly traded Bitcoin miners in the world, with a total of 66.7 MW of power capacity and 448 PH/s.

With this increase in BlockBoxes from 17 to 57, we expect that our daily mining production will increase significantly. We believe our City of Medicine Hat Facility will represent operational excellence and set a new global benchmark for industrial scale cryptocurrency mining operations.”

Hut 8 Mining Corp announced the plans to create “North America’s largest bitcoin mining datacenters” late last year, and major mining and blockchain specialist firm Bitfury ended up backing the project and selling them the data centers known as BlockBoxes exclusively.

Bitfury featured on the Forbes Fintech 50 list recently and have data center operations in the Republic of Georgia, Iceland, Norway and Canada, all locations where low-cost electricity plays a major role in enabling profitable Bitcoin mining amid rising Bitcoin energy costs. Bbitfury was founded in 2011 and from there worked on developing hardware and software solutions to be used in the blockchain and Bitcoin mining industries.

The post This Canadian Mining Group Mined 800 Bitcoins in 3 Months appeared first on Ethereum World News.

BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos

By Jamie Redman
BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos

Two Bitcoin Cash (BCH) proponents, Javier Barrera and Andrés Rivera, believe the evolution of cryptocurrency will be bolstered by the BCH network so they recently developed a payment processor called Bitek.co. The company offers merchant processing with payable invoices, and accounting services as the Bitek platform provides merchants with the ability to accept BCH and convert all or a percentage of the funds into Colombian pesos.

Also Read: Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Bitek: Promoting the Use of Bitcoin Cash in Columbian Markets

BCH Payment Processor Bitek Allows Colombian Merchants to Convert to PesosThere’s a new payment processor for the Bitcoin Cash (BCH) network called Bitek.co  — a system that allows merchants from Colombia to accept BCH and convert to pesos immediately if they choose. The business model is similar to the Bitpay service as Bitek offers BCH-based merchant processing, invoices, and accounting services its customers. Bitek also offers a community section on their website for merchants who want to announce they accept BCH. In order to use Bitek merchant who are interested need to register and fill out the necessary information for a payment gateway and receiving deposits in BCH and Colombian pesos.  

Bitek’s founder Javier Barrera recently spoke at the Satoshi’s Vision Conference in Tokyo, and detailed how his team is integrating BCH into Colombia’s retail market. Moreover, earlier this week Javier Barrera and Andrés Rivera explained their passion for Bitcoin Cash in an interview with the Latin American publication Diariobitcoin. The founders explain they believe BCH is a better Bitcoin and “it is the asset that best fits with the definition and the philosophical line proposed by Satoshi Nakamoto.” Bitek plans to educate residents in Colombia with meetups and educational programs throughout the region as the firm tells Diariobitcoin:

The objective is to promote the use of Bitcoin Cash in the national market.

BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos

BCH Meetups and Bitek’s Plan to Launch a Marketplace

Barrera explains that Bitek has three benefits for merchants looking for a BCH payment gateway such as accounting, liquidity with a remuneration in Colombian pesos, and protection from cryptocurrency volatility as BCH deposits can get the equivalent in pesos the same day. The exchange rate is based on estimates stemming from local exchanges and trading platforms like Bittrex. Just like other cryptocurrency payment processors, merchants have the ability to convert 100 percent of their funds into pesos or a fraction. 

Bitek plans to launch a marketplace as well that facilitates trades between buyers and sellers and payments made with Bitcoin Cash. Further Bitek has detailed it has been in talks with BCH-based firms such as Centbee and Nchain concerning future collaborations. The startup has also organized BCH meetups on a weekly basis at popular venues like the Revellion Cultu-Bar. Bitcoin Cash supporters seem pleased with another addition to the slew of companies offering BCH infrastructure services.

What do you think about the Bitek payment service? Let us know your thoughts on this subject in the comments below.


Images via Shutterstock, and Bitek.co


Want to find out how much Bitcoin Cash is worth in real-time or convert your portfolio into USD check out Bitcoin.com’s Bitcoin Cash Converter here!

The post BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos appeared first on Bitcoin News.

John MacAfee: EOS will Hit $32 by end of July 2018: IOTA, Tron, EOS, Litecoin and Stellar Lumens Price Analysis (May 25, 2018)

By Dalmas Ngetich

Because of today’s Tron Virtual Machine launch, traders should to capitalize on positive vibes around this event and Tron prospects in general. We are already seeing support not only on Tron but in all coins under our focus. As a matter of fact, the former is four percent in the green in the last 24 hours and odds are buyers might build up on yesterday’s gains. I recommend Tron buys with stops at 6.5 cents or there about whenever you initiate long trades.

EOS Price Analysis

It’s only a few days before the EOS-Ethereum split which would see EOS becoming independent and not syncing with the ERC-20 standards. So, before this happen it’s better to remain cautious and play by what EOS is advising. Currently, we have a list of exchanges that shall support the new EOS coin. That’s fine but the safest route you can take before this happens is to store your coin on the blockchain itself through plugins as MEW. From there, everything will be easy, just find the Binance EOS deposit address and move your EOS tokens from MEW to that specific Binance/BitFinex address. It’s that simple and there are plenty of guides to help you out.

Yesterday’s price development is but an assertion that EOS often leads market resurgence. What we have now is a double bar bullish reversal candlestick in the midst of steep bearish pressure. Now, before June 2 mainnet launch, I need to see confirmations of buy pressure and today should be a perfect litmus test. Whether EOS will test $32 or not depends on participation and that’s what we are reliant on.

The McAfee Short Term Predictions: pic.twitter.com/AVrKmkevLz

— John McAfee (@officialmcafee) May 22, 2018

A bullish candlestick today floating prices back above $13 is but a sign of strength and you should opt in with the recovery and aim for $22 or EOS ATHs as the first target.

Litecoin (LTC) Price Analysis

There is a lot of effort going on at the Litecoin Foundation and this is pretty nice. After their rather successful social media campaign, there have been some noteworthy conversions. One of them is iPayment INC which shall from now going forward process their payments via Aliant Payment. Aliant is a third party that works with merchants to facilitate seamless transactions.

There are pockets of bull pressure after yesterday’s rejection of lower prices at around $110. If indeed that was support then today we have to see a bullish candlestick with relatively high volumes pushing prices past $130. On the flip side, any dip and bear trend continuation below $110 and the next sell target would be $90.

Stellar Lumens (XLM) Price Analysis

Unlike yesterday and despite strong participation, sellers don’t have an upper hand over Stellar Lumens prices. There is basically a stall with buyers rejecting lower prices but still moving within May 23 bear candlestick. Because of that bear candlestick, chances are we might see a follow through with sellers finding shorting opportunities around 30 cents. However, if there is appreciation past 30 cents or 35 cents accompanied by above average volumes, then you should buy.

 

Tron (TRX) Price Analysis

Like EOS, Tron is but an ERC-20 token that complies with Ethereum standards. Now, while they are launching a gateway that would allow Ethereum DApp developers to easily switch camps from Ethereum’s EVM, TRX holders need not to worry.

During this launch, there won’t be any effect on TRX tokens. However, come June 25, 2018 when they shall officially split from Ethereum and launch their own coin, that’s where movement must happen. It must be done before the split or else coin holders risk losing their coins. What I advise now is shifting your coins-from a web, exchange or hard wallet-to reliable exchanges who they have announced would support the coin before June 20, 2018.

Currently, we are seeing TRX prices getting support. Our expectations were that prices would sink below 6.5 cents and perhaps find support at the lower limit of our mid range consolidation following May 23 depreciation.

In my view, today may see bulls building on yesterday’s rejection of lower lows and blast past 7.5 cents. In any case, today is special scenario.  It’s better to take chances and take advantage of the positive vibes surrounding today’s event. If prices edge past 7.5 cents, then buy and aim for 10 cents as before.

IOTA (IOT) Price Analysis

In the last 24 hours, IOTA is up 5 percent but for sure that doesn’t mean sellers should exit their trades. It will mean nothing if there is no confirmation and at least a buildup and a close above $1.5 main support line. That’s my take on IOTA and if it goes through, we should be better placed to gauge the strength of recovery and rejection of lower prices.

The post John MacAfee: EOS will Hit $32 by end of July 2018: IOTA, Tron, EOS, Litecoin and Stellar Lumens Price Analysis (May 25, 2018) appeared first on NewsBTC.

Adoption and Integration Positioning Ripple As a Global Commerce Lubricant: Ripple (XRP) Price-Technical Analysis (May 25, 2018)

By Dalmas Ngetich

For Ripple bears to cease, then we must either see strong fundamental announcement like any of ripple technology being adopted by a central bank or abnormal injection of buying volumes. This is the only way to stop this bearish skew. Otherwise, odds are, sellers might push prices towards 45 cents. As such, it’s but logical to trade with the trend and sell in lower time frames as long as prices remain below 60 cents.

From the News

When companies like Revolut respond to user demand by increasing their cryptocurrency offerings, good things happen to those added cryptos. In this case, Revolut are now availing Ripple and Bitcoin Cash to their customers. Ironically though, Ripple is inherently meant to be stable, soaking in speculative forces without huge swings.

🤩 With so much excitement surrounding #XRP, here is everything you need to know about one of the most talked about Cryptocurrencies. 🤓 https://t.co/o3zio8QTir

— Revolut (@RevolutApp) May 23, 2018

Ripple is simply but a facilitator, an agent for transferring value and a bridge allowing movement of fiat value from one jurisdiction to another during international transfers. Now, Revolut customers would be in a position to transfer their fiat holdings and instantaneously buy Ripple while increasing their investment in cryptocurrency. This fiat-crypto transfer is via Bitstamp, a Luxembourg exchange who shall be charging a 1.5 percent transaction fee.

Of course movements like these are encouraging and a reprieve now that we are in an incessant bear market which has since wiped more than $10 billion in Ripple market valuation. Nonetheless, we are still positive and asserting that Ripple is a 5+ year holding investment with chances that it would turn out to be the largest facilitator of international payments across the world in the future.

Ripple Market Cap

It would be even interesting if the number of global banks adopting xRapid pick up while not forgetting that some traditional and major remittance companies as Money Gram, Western Union have piloted the project. Speed, security and cost cuttings have all been checked so it’s up to willing start-ups to get up and leverage on Xpring initiative as they prop themselves and Ripple.

Ripple (XRP) Price Analysis

Weekly Chart

Like before, current lower lows is most likely a long covering. This is so especially if we take into account the alignment of previous weekly candlesticks. Notice that while we all agree that bears are truly in charge, the last five weekly bearish candlesticks are trying to reverse the last two weekly candlesticks by week ending April 22.

Then we saw that buyers were pushing prices higher and bouncing off previous support region. Unsurprisingly, this is the same level that sellers might retest at 45 cents. In my view, this is but an effort and result scenario. Here, previous supports are playing a key role acting as trend divisors.

Furthermore, besides, note that the last bullish candlesticks had an average 100 million in volumes. In contrast, the last five candlesticks average volumes stand at 35 million. This is why it is taking a whole lot of effort-five candlesticks-against two to reverse previous gains. Regardless of sentiment then, I remain positive of Ripple support. It’s conditional though. Prices must oscillate above 45 cents for this to be valid.

Daily Chart

Bears are in charge and as long Bitcoin sell off goes on, Ripple shall add to their losses. Of course, unless we see strong supports through volumes spikes buoying prices.

Yes, prices did not edge lower yesterday in line with May 23 break below main support. However, you should note that  trading volumes is incomparable to break down volumes. That’s May 23 bear candlestick volumes. We need similar participation levels and close above 60 cents for us to surely confirm Ripple buy pressure. Otherwise, considering this technical set up, selling in lower time frames and aiming for 45 cents would be ideal.

The post Adoption and Integration Positioning Ripple As a Global Commerce Lubricant: Ripple (XRP) Price-Technical Analysis (May 25, 2018) appeared first on NewsBTC.

American Express Taps Hyperledger Blockchain for Rewards Program Revamp

By Lester Coleman

American Express has deployed Hyperledger’s blockchain technology to make its Membership Rewards program more versatile, marking the first application of blockchain technology to a major U.S. financial services loyalty program. Under the revamped program, merchants will be able to create Membership Rewards offers on their own platforms to engage customers and at the same time

The post American Express Taps Hyperledger Blockchain for Rewards Program Revamp appeared first on CCN

Scammer tries to ransom dog for Bitcoin

By Conor Maloney

Online scammers have been targeting distraught pet owners by claiming to have their missing pets and extorting ransom money in the form of Bitcoin. Wisconsin woman Patricia Howell’s basset hound Happy went missing on Sunday 20 May, and Howell received messages from a con artist threatening to kill the dog if they didn’t receive $600 in Bitcoin.

“I was scared we would never see him again.”

She posted her notice on a site called Pawboost along with her personal details. The following day a tip-off from other Pawboost users led to the safe return of Happy – but minutes after the dog’s safe return, Howell received a threatening text message.

“I have your dog. Send $600 in Bitcoin to the Bitcoin address below.”

The scammer added “You have 5 days. After that I will sell it or kill it or whatever. When you pay I will leave it at a pet store with your contact info.

This number is a $20 throwaway phone. I will destroy it just after this message. Do not bother, the police cannot help you. You only have one shot at this. I will not contact you again.”

 

It’s possible that the scammer or scammers were actively trawling the message board to find the details of people with missing pets in an effort to exploit them during a difficult time. By refusing to send a second message, the scam is crafted so as to prevent victims from demanding proof that the scammer really has the pet – the scammers could conceivably be located anywhere in the world.

“I knew it was a scam because I had Happy, but it was heartless and cold and it was so mean-spirited,” Howell said.

While Howell didn’t fall victim this time, it’s easy to see how someone missing their pet could send the money in desperation. Howell filed a report with the Granville County Sheriff’s Office who are now investigating the scam. While this was the first reported case of such a scam that had come across the sheriff’s desk, he did tell CBS 17 news that he had heard of similar cases in the past.

“They need to find a better way to make money,” Howell said. “They need to leave people alone and realize that what they’re doing is hurtful and so cruel.”

Ethereum World News has written about the prominence of crypto-related scams before, with examples ranging from fake Twitter giveaways, phishing attacks, shady exchanges, paid promotion/shilling, market manipulation, and more.

The post Scammer tries to ransom dog for Bitcoin appeared first on Ethereum World News.

The Sweet Smell of Success: Unilever-Owned Schmidt’s Naturals Adds Bitcoin as Payment Option

By Dieter Holger

There are a lot of odd things you can buy with Bitcoin – spy gear, lasers, alpaca socks, and now, high-end deodorant.


‘Scent or Payment Method’

Deodorant maker Schmidt’s Naturals is the latest company to let online shoppers buy its products with Bitcoin. Co-founder and CEO Michael Cammarata claims Bitcoin has accounted for 5 to 10 percent of online sales since they started accepting the cryptocurrency on May 14.

“It’s starting to be a percent of sales more than we expected,” he said in an interview with Cheddar.

The all-natural deodorant comes in scents like lavender, tea tree, bergamot, and cedar and will set you back about $9, or 0.0011 BTC, a stick. Schmidt’s is the first company owned by hygiene giant Unilever to accept cryptocurrency as a payment method.

Cammarata said:

It kind of was actually a last minute surprise. We got a lot of consumers that are like, ‘Can we pay with Bitcoin’? We were playing around with the idea a little bit and our tech team was like, ‘Should we do this should not do it?’

But he admitted they “weren’t that shocked” when the company’s social media savvy consumers asked to pay with Bitcoin.

“We have a lot of millennials and highly socially active consumers,” he said.

Schmidt's Naturals Deodorant Bitcoin

Shopping with Bitcoin

You can make purchases on Schmidt’s Natural’s site using Bitpay, a widely available Bitcoin payments provider found on Shopify and in popular mobile games by Zynga. When it comes to e-commerce and online shopping, Bitpay is the most ubiquitous.

But the service has had its fair share of controversy. Newegg is a Canada-based online computer and electronics seller that uses Bitpay. The payment provider came under fire last month when a Newegg shopper accused Bitpay of taking more than their share when it comes to network costs.

Regardless, Bitcoin is becoming more widespread as a way to shop online. And as Schmidt’s Naturals co-founder said, it will take consumers demanding more payment options to see it more commonly accepted.

“Whether it be a scent or a payment method, we are very highly engaged with our consumer,” Cammarata said.

What do you think about paying for goods like deodorant with Bitcoin? Let us know in the comments!


Images courtesy of Schmidt’s Naturals

The post The Sweet Smell of Success: Unilever-Owned Schmidt’s Naturals Adds Bitcoin as Payment Option appeared first on Bitcoinist.com.

Chinese Startup to Use Blockchain to Track Wine Imports

By Thomas Delahunty

The Chinese wine industry is worth $2.8 billion. In attempts to improve trust, Shanghai-based startup VeChain is using blockchain technology to track imports to the city — the mainland’s second-largest market for imported wine — from vine to table.

VeChain: Using Blockchain to Build Trust in Wine Industry

To start, VeChain is teaming up with French producer Pierre Ferraud & Fils, whose 2017 Beaujolais Nouveau red wine is set to be verified on the blockchain platform.

How does it work? Shoppers in Shanghai scan a QR code, which provides them with details about the winery, the grape type, the date the bottle left the stock house, the date the wine landed in Shanghai, the date the wine hit shelves, as well as an 18-digit Chinese customs declaration number.

In attempts to further inform consumers, VeChain also plans to embed near field communications (NFC) chips near the wine stoppers in some more-premium wines. Once the chip is broken, users can no longer read or write data onto its blockchain, helping prevent refilling or mixing.

“The beauty of blockchain is that shoppers can see information about the whole life cycle of a bottle of wine from various sides, including vineyards, logistics and retailers,” said Fu Yu, a partner at VeChain who spoke with the South China Morning Post.

So far, 10,000 blockchain-enabled bottles have been shipped to retailer Shanghai Waigaoqiao Direct Imported Goods (DIG). This number is set to increase tenfold in 2019.

China’s Obsession with French Wine

The origin of a wine is the most important piece of information for Chinese consumers, according to studies by market research company Mintel Group. And France is their unrivaled favorite country of origin for all wines — red, sparking, white, or rose — according to a Mintel survey conducted last year.

Generally speaking, many major wineries already utilize ‘old school’ technology to prevent counterfeiting, using techniques like the laser etching of trademarks on bottles and bar codes that can identify the provenance of every bottle. But this method is limited as it does not follow wine along its entire production journey, and often lacks key information like a customs declaration number.

What VeChain and its partners are trying to do is carry out a verification of the entire supply chain. Brian Zhang, an independent wine consultant, said using new technologies at the very beginning of the production chain was a must, or the wine is ‘only as good as the weakest link in the chain.’

Warren Wang, an advisory partner at EY for Greater China, said blockchain was rising as a disruptive force to build a trust system as a traceable, tamper-resistant, and decentralized technology. He added that the foreign trade and luxury sectors, including premium wines, are among industries that can benefit most from it.

“In China, trustworthiness remains a weak spot and blockchain is well positioned to tackle the concern,” Wang said. “It’s still unfolding. In three to five years, we might see a killer application from the real economy.”

Featured image from Shutterstock.

The post Chinese Startup to Use Blockchain to Track Wine Imports appeared first on NewsBTC.

DOJ Is Investigating Bitcoin Price Manipulation

By Bill DeLisle

The U.S. Department of Justice has opened an investigation into cryptocurrency price manipulation on crypto exchanges. The investigation, first reported by Bloomberg, was revealed by four sources at the DOJ who requested anonymity because the investigation is private, and they are not authorized to comment on its continuation.

The DOJ is conducting its investigation in conjunction with the Commodity Futures Trading Commission, a regulatory body that, among other things, licensed Bitcoin futures contracts at exchanges Cboe and CME.

Reactions to the Alarming Frequency of ICO Scams
Related Story: Reactions to the Alarming Frequency of ICO Scams

As crypto markets grow in mind and market share, there is increasing concern that they are populated with bad actors bent on manipulation and malfeasance. Just this week, new research arrived indicating that an alarming amount of ICOs can be considered scams.

According to internet DOJ sources, this particular investigation concerns manipulation of Bitcoin and Ether.

What Are They Investigating?

Investigators are not concerned with crypto exchanges themselves, but with traders who may be taking advantage of the unregulated crypto environment to cheat the system. Specifically, the investigation is focused on spoofing and wash trading, which are methods for manipulating market sentiment toward a particular outcome.

For example, spoofing involves a trader submitting a deluge of orders for a cryptocurrency but then canceling the order when markets respond to the trader’s interest. This drives up the asset’s value and creates an environment where the trader can sell his holdings for a higher profit.

Meanwhile, wash trades occur when an investor trades with himself to produce a mirage of high market demand. This activity tends to draw in investors, which raises the price of the digital currency.

Both spoofing and wash trades are dishonest and illegal. In 2010, the Dodd-Frank Act banned both practices. Last January, Citigroup paid a $25 million fee because five traders in their organization spoofed Treasury futures.

However, crypto markets exist in a state of regulatory uncertainty, so dishonest investors have a much better chance of operating with impunity.

As John Griffin, a University of Texas finance professor told Bloomberg:

“There’s very little monitoring of manipulative trading, spoofing and wash trading…It would be easy to spoof this market.”

What Can They Do?

The CFTC is charged with monitoring futures markets, but they can initiate sanctions on markets associated with futures contracts. Because the investigation is still in the early stages, there is no indication of possible consequences should it discover fraudulent activity.

CEO of NASDAQ Would Consider Offering Regulated Cryptocurrencies
Related Story: CEO of NASDAQ Would Consider Offering Regulated Cryptocurrencies

Legal consequences aside, there is a practical component that crypto exchanges need to address. Last month, Gemini, a popular crypto exchange headed by brothers Tyler and Cameron Winklevoss, partnered with NASDAQ to help regulate cryptocurrencies on their exchange.

In March, the brothers floated a plan for self-regulation among cryptocurrency exchanges. Their idea includes the Virtual Commodity Association, an organization meant to self-regulate or police crypto markets. In a March interview, the Winklevoss twins explained:

“The key is regulation in a healthy manner to protect people.”

To date, no formal action has been taken by U.S. regulators or by the industry itself. For many, the idea of oversight shirks the original intention of digital currencies, but there is a growing consensus that some systems will be necessary to guarantee that markets are trading authentically.

To be sure, an investigation is not necessarily an implication of guilt, so we will be looking closely to see what the DOJ’s official findings convey.

The post DOJ Is Investigating Bitcoin Price Manipulation appeared first on CryptoSlate.

Zimbabwe High Court Reverses Central Bank’s Cryptocurrency Ban

By Jamie Redman
Zimbabwe High Court Reverses Central Bank's Cryptocurrency Ban

Just recently news.Bitcoin.com reported on the Zimbabwe-based exchange Golix filing a lawsuit over the recent Reserve Bank of Zimbabwe (RBZ) ‘cryptocurrency ban’ that was issued in a financial guidance circular earlier this month. Now, according to numerous regional reports, the Zimbabwe High Court has ruled in favor of the trading platform’s argument because the RBZ failed to show up to the trial.  

Also read: India’s Supreme Court Keeps Ban on Banks’ Crypto Services, For Now

Harare High Court Reverses RBZ Cryptocurrency Ban

Multiple regional news outlets and individuals on social media have reported that the Zimbabwe High Court has lifted the RBZ ban against cryptocurrency activities taking place within the country. The local digital asset exchange Golix decided to take the case to the High Court stating the RBZ had no right to enforce such laws and only the country’s parliament can issue a financial ban.

Zimbabwe High Court Reverses Central Bank's Cryptocurrency Ban

After the bank issued its Circular to Banking Institutions No. 2/2018: Virtual Currencies, many people thought the central bank effectively banned all cryptocurrency activities. Today, Golix and its legal team managed to get High Court judge Justice Alphas Chitakunye to overturn the ban.

On May 24 one of the legal team members, and a constitutional lawyer, Fadzayi Mahere, announced the victory to her Twitter followers stating:

RBZ ban on cryptos lifted by the High Court. Administrative justice is alive and well in this jurisdiction. Section 68 of the Constitution is our best friend.

Zimbabwe High Court Reverses Central Bank's Cryptocurrency Ban
The legal team fighting against the recent RBZ ruling in Zimbabwe.

Reserve Bank of Zimbabwe Representatives Fail to Attend Harare High Court Trial

Alongside Fadzayi Mahere, the Golix team was represented by another attorney named Hopewell Chitima. The legal team used Section 68 of the country’s constitution but no representatives from the RBZ showed up to the trial. Regional reports state that because of this action, the Harare High Court justice ruled in favor of the Golix team. High Court judge Alphas Chitakunye’s ruling states:

The ban issued by the Respondents [RBZ] through letter dated 15 May 2018 against Applicant directing it to cease operations, shut down its virtual currency exchange business and ordering the closure of its bank account with its banks is hereby reversed and set aside.

At the time of publication, there have been no statements made by the RBZ, the central bank’s registrar Norman Mataruke, or the RBZ governor, John Mangudya.

What do you think about the High Court lifting the RBZ ban? Do you think the central bank will respond to this ruling? Let us know your thoughts in the comments below.


Images via Fadzayi Mahere’s Twitter page, Shutterstock, and Pixabay. 


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.  

The post Zimbabwe High Court Reverses Central Bank’s Cryptocurrency Ban appeared first on Bitcoin News.

Light Shed on Cryptocurrency Taxation Rules: Ireland

By Alex Tomzack
Crypto Future

Ireland officials have released the Tax and Duty Manual with the target to clarify the situation with taxation of crypto-related activities. The rules and description notes that standard regulations apply to the cryptoverse.

The Irish gov agency that deals with taxation and customs – The Irish Revenue Commissioners, highlighted that the manual published does not determine or cover any regulatory aspect while it can be used as a reference for taxes.

Following the document-walkthrough, capital gains, income and corporation tax are fitting but should be analyzed separate. In general, businesses accepting crypto payments for goods or services should keep records of crypto transactions.

Until now no new or special rules have been made public which results with taxable profits to be set under current tax legislation.

The profits and losses of a company transacting in cryptocurrency must be reflected in accounts and are taxable under “normal CT rules,” the document states. Ireland’s Taxes Consolidation Act from 1997 recognizes that some businesses operate and prepare their accounts in a “functional currency” other than euro.

According to the authorities, keeping in mind that cryptos are still not considered functional currencies, accounts that are setup for tax purposes are to be maintained with traditional currencies.

“Profits and losses of a non-incorporated business on cryptocurrency transactions must be reflected in their accounts and will be taxable on normal income tax rules,”

The post Light Shed on Cryptocurrency Taxation Rules: Ireland appeared first on Ethereum World News.

Op-ed | GDPR and Blockchain: How the US’ Lack of Preparation Could Swing the Balance of Power to Europe

By Guest Writer

This op-ed on GDPR and blockchain was written by Robert Chu — CEO of Embleema, the patient-driven healthcare blockchain, and Former SVP at IMS Health (Now IQVIA) — and Alexis Normand, former Head of B2B of Nokia Digital Health Internet privacy advocates are surely disappointed by Mark Zuckerberg’s mid-April performance in front of the US

The post Op-ed | GDPR and Blockchain: How the US’ Lack of Preparation Could Swing the Balance of Power to Europe appeared first on CCN

ShipChain Pushes Back Against Securities Violations Claims

By Nikhilesh De
In a statement, ShipChain said it did not violate securities laws or offer its token for sale in South Carolina.

Kepler Pre-Sale White Listing Now Underway

By Bitcoinist.net

The gates of Kepler Technologies pre-sale white listing were opened on May 23 and it is currently possible for investors from all around the world to take part.


In order to participate, all you need to do is register and get whitelisted and then reserve the amount of KEP you are planning on buying during this stage. The pre-sale will begin on May 29 and last for three weeks, ending on June 19. There is a total amount of 4,000,000 KEP tokens for sale that will be topped off with a 30% bonus on all purchases.

The minimum investment amount is just 0.2 ETH and there is no maximum, making this a great opportunity for you to be part of something big. There is no guarantee as to when the tokens available during this stage will be sold out, so you better move quick. If Kepler’s Community Building Stage, during which Kepler was able to raise 2.7 million USD in an initial round of funding, is anything to go by, they will be in very high demand!

After already attending multiple conferences in international technology hotspots such as Hong Kong and Dubai, there are even busier days ahead for Kepler’s dedicated and hard-working team, as they will be attending Blockchaineum, central Europe’s biggest blockchain conference in Budapest, as well as traveling to Berlin for Blockshow Europe. These conferences have allowed Kepler’s charismatic leadership to forge partnerships that span the globe and ensure for Kepler to get the international recognition it deserves.

The main purpose of Kepler is the utilization of its platform, Kepler Universe. In the past, many great ideas weren’t able to be realized due to a lack of funding or a seemingly never-ending quest to find the right people for the job – this is where Kepler comes in. Kepler Universe is a vast ecosystem in which developers, investors, and innovators will finally be able to connect with like-minded individuals to realize projects in the fields of Robotics and AI. Smart Contracts and the use of a Special Purpose Entity under European jurisdiction for all deals protect the user’s best interests through technology and the law.

By investing in Kepler, you pave the way for a bright and technically-advanced future. Many industries, including medicine, energy, and agriculture, can benefit greatly from the opportunities offered by Kepler and even private households will be able to purchase robots and AI subscriptions with the purpose of reducing the many obstacles in everyday life. An investment in Kepler is not only that, but also an investment in hundreds of promising start-ups with world-changing ideas that might otherwise never be realized.

Keplertek invites investors from all over the world to invest in its progressive and revolutionary approach to change our future for the better!


Images courtesy of Keplertek

The post Kepler Pre-Sale White Listing Now Underway appeared first on Bitcoinist.com.

EOS (EOS) Price Double Digit Gainer: MainNet Launch

By Alex Tomzack

EOS/USD

After a major freefall of the digital asset token prices in the crypto-market, buyers are having their saying using the opportunity to step in very low. Accordingly, the pair EOS/USD is at 10.43% gain in the last 24-hours reaching the level of $12.24.

EOS Blockchain

Source: coinmarketcap

The most trading by volume per exchange is going for the Asian based platforms. Bithumb is leading with 19.63% volume in the last 24-hours for the EOS/KRW pair. Upbit follows up at 15.39% volume. Despite clearing the daily declining trend, the pair is struggling for now to break above $12.20 which could take some time. But, as the market in general is moving upward, the same wave probably will take EOS even higher.

EOS MainNet Launch

“EOS tokens will become frozen on the Ethereum blockchain on June 2, 2018 22:58:59 UTC. The mainnet launch will occur shortly thereafter.” – EOScountdown webpage.

Often when the market is not looking very good, cryptocurrency have an attraction-effect of pulling one enthusiast to divert attention to its technical intricacies. The technical side of the projects that we all are fans of.

EOS Investing

Picture – from the online countdown page.

EOS mainnet plans on being the most powerful platform for decentralized apps with superior smart contract capability to that of Ethereum. TRX and EOS are currently an ERC20 tokens which means you can use your Ethereum wallet address to send and receive them.

According to the Exodus Movement, which recommends registering your EOS address, all ERC20 tokens will be frozen on June 1;

“EOS Mainnet tokens are to be distributed in a 1:1 ratio to the ERC20 tokens held by registered addresses. The current ERC20 EOS tokens are simply placeholders. All tokens are said to be swapped for Mainnet EOS tokens after the launch of the Mainnet.”

Very similar to IOTA which was looking to find a way to solve existing problems and issues that cryptocurrencies are facing right now, EOS developers believe that the famous scaling problems are solved with which Bitcoin and Ethereum do deal quite a lot.

It is a platform which give the opportunity to developers to work on decentralized apps on a blockchain architecture and environment that plans to bring the best smart contracts tech into this platform.

EOS functions on the DPoS mechanism and has only 21 block producers who are responsible for validating each block. Having only 21 full nodes to confirm a transaction results in a net increase in the number of transactions that can be processed every second. Each block producer can mine only one block at a time. They take turns to mine a new block after every half a second.

The post EOS (EOS) Price Double Digit Gainer: MainNet Launch appeared first on Ethereum World News.

Bitcoin Gold Network Loses Millions From A 51 Percent Attack

By Nathan Graham
bitcoin-gold-network-loses-millions-from-a-51-percent-attack

A person or group made off with $18 million in bitcoin gold after gaining control of 51 percent of the network's hash power.

Monetary Authority Of Singapore Cautions Digital Token Exchanges

By Tim Prentiss
monetary-authority-of-singapore-cautions-digital-token-exchanges

The Monetary Authority of Singapore has shut down an ICO and issued a warning to eight digital token exchanges about possible securities law violations.

Google Could Have Offered Vitalik Buterin a Job

By Jose Antonio Lanz
Vitalik Buterin Describes Ethereum To The Average People and Why It's Important

A tweet published by Vitalik Buterin a few days ago revealed a possible job offer that Google would have proposed to the creator of the Ethereum network.

The tweet showed a screenshot of an email sent by an on-site engineering recruiter at Google that encouraged him to join the technology giant as an option that “make sense in the near future.”

 

A screenshot of the tweet. Vitalik Buterin deleted the original uncensored picture most likely due to privacy reasons.

 

Perhaps the reason that caused Vitalik to delete the Tweet was that the screenshot showed personal information about “Lizzie,” the woman responsible for sending the email.

Disclosure of personal information such as photographs and e-mails may have negative consequences for the affected person. It would also confirm a strategy that Google may wish to keep confidential.

However, after correlating the email address of the alleged screenshot with some social networks, it is easy to conclude that a person who works for Google indeed sent the said mail .

It is important to note that, even if the person works for Google, it does not necessarily mean that the email represents the opinion or interest of that company.

During the time the survey was online, the responses generated an intense debate in the community. The majority – 59% – were against Vitalik leaving the Ethereum Project.

Judging by Vitalik’s personality, the tweet may have had a more sarcastic or amusing connotation than a serious one. Vitalik is too committed to the Ethereum project just to put it aside.

An abandonment could have negative repercussions on the price of Ether, the Ethereum’s token, as Vitalik is seen as the mastermind behind that blockchain.

Currently, Vitalik has his time busy in several ambitious projects to improve the Ethereum network: The most outstanding is the Casper protocol -which would involve the migration from PoW to PoS.

Another significant development is Sharding technology —which would imply the possibility of adding blocks every less-than-10-seconds instead of the current 10 minutes.

Google Joins a Group of Prestigious Companies That Are Investing in Blockchain Implementations

On the other hand, Google confirmed their interest in the implementation of blockchain technologies. According to Bloomberg, a spokesperson said:

Like many new technologies, we have individuals in various teams exploring potential use of blockchain, but it’s too early for us to speculate about any possible uses or plans,

Google’s discussions with Vitalik could be a sign of the high level of interest and attention that Google is paying to these technologies.

At present several large companies seem to point to blockchain as an attractive technology: Facebook, Venrock, JP Morgan, Telegram, Goldman-Sachs, Amazon, are some examples of this trend.

The post Google Could Have Offered Vitalik Buterin a Job appeared first on Ethereum World News.

Bitcoin Gold Hacked for $18 Million

By C. Edward Kelso
Bitcoin Gold Hacked for $18 Million

It appears Bitcoin Gold (BTG) has been double spend attacked over and over again, totalling something in the neighborhood of $18 million at current prices. BTG forums seem to have been tracking the hack, going as far back as last week, monitoring the controversial coin’s hashrate, ultimately determining a 51% attack was under way.

Also read: Roger Ver and Ryan X. Charles Reveal the Future of Cash

Bitcoin Gold Gets $18 Million Haircut

“An unknown party with access to very large amounts of hashpower is trying to use ‘51% attacks,’” Bitcoin Gold forum poster Mental Nomad announced a week ago, “to perform ‘double spend’ attacks to steal money from Exchanges. We have been advising all exchanges to increase confirmations and carefully review large deposits.”

A founding economic principle of bitcoin was its alleviation of the double spend problem. It was a main stumbling block in the historical race to create a viable cryptographic monetary form – foiling a great many coders along the way. Satoshi Nakamoto solved it through a decentralized, distributed ledger confirmation process (blockchain). Going as far back as its genesis block from early 2009, users can be confident transactions aren’t rebroadcast. Like clockwork, 6 times an hour, blocks are added – copied to nodes within the universal network.

Bitcoin Gold Hacked for $18 Million
The offending wallet, according to the BTG team.

One way to achieve double spending is known as a 51% attack. It’s accomplished by bogarting the network’s computing power. With a majority, bad actors can get between the Nakamoto solution and transaction confirmations. By stymieing block completion in the usual manner, all sorts of mischief can arise: blockchain mining rewards redirected, users’ transactions reversed, etc. Not too long after, a double spending attack can commence, acting as the fiat equivalent to counterfeiting. Needless to type, any crypto suffering from such a problem is certain to immediately lose user confidence.

Such attacks are interesting for another reason, as Mental Nomad is careful to point out. “There is no risk to typical users or to existing funds being held. The only parties at risk are those currently accepting large payments directly from the attacker. Exchanges are the primary targets,” he assured last week. “It appears that actions on the part of the exchanges have deterred the attacker, for now.” And hitting exchanges tends to elicit little sympathy, at least initially, due to users being insulated. Exchanges are particularly vulnerable because they generally covet large deposits, which only compounds the problem in cases like these.

Bitcoin Gold Hacked for $18 Million

GTNjvCGssb2rbLnDV1xxsHmunQdvXnY2Ft

Over period of days, batches of BTG were deposited into exchanges supporting the forked coin, only to be sent back to the depositor’s wallet. The lag between such a transaction and some exchanges’ discovery is sufficient enough to nab tokens, doubling the filthy lucre. Exchanges trading bitcoin gold have responded by upping transaction confirmation filters, but evidently to no avail as the attacker gains ever-more BTG network control.

Bitcoin Gold team members seem to have communicated with some exchanges. “Requiring more confirmations greatly increases safety,” the forum details. “Until now, some Exchanges were operating with less than five confirmations required. We have been urging higher limits to prevent such an attack, and urging manual review of large deposits of BTG before clearing the funds for trading.” Indeed, according to BTG, “One of the targeted Exchanges reported that they strongly believe this attacker attempted to hit them with a double-spend of BTC in the past. In their words, ‘we are 100% sure that it is the same person, we found many associations between the accounts.’”

Bitcoin Gold Hacked for $18 Million
The traditional way BTC has been able to thwart double spend attacks.

Evidence put forward by the BTG team points to address GTNjvCGssb2rbLnDV1xxsHmunQdvXnY2Ft as the attacker’s wallet; mined coins, according to the forum post reside at GXXjRkdquAkyHeJ6ReW3v4FY3QbgPfugTx. More than 388,201.92404001 BTG were funneled through the wallet, totalling more than $18 million according to Bitcoin Gold Explorer. That a top thirty crypto by market cap can be so easily troubled is a giant of enough problem, but it could also take exchanges down in the process – something the ecosystem is very sensitive to since Mt. Gox. And though, for now, BTG is confident enough to suggest users are not at risk, history shows that can quickly be the case as an exchange freezes withdrawals in an effort to stop hemorrhaging.

Bitcoin Gold has been beset by controversies since its birth fork late last year, including a recent dust-up between BCH advocate Craig Wright and BTG founder Jack Liao. To be fair, however, it is not the only blockchain to suffer a 51% attack. Mere days ago, recently Chinese government highly rated coin verge (XVG) was made to heel, again. These pages reported XVG, “On the morning of May 22, Suprvona, one of the largest altcoin mining pools, informed its 19,000 Twitter followers that verge was suffering yet another 51% attack, causing all blocks to be rejected.”

Do you think the BTG hack spells doom for the coin? Let us know what you think of this subject in the comments below.


Images via Pixabay, BTG Block Explorer.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Bitcoin Gold Hacked for $18 Million appeared first on Bitcoin News.

‘I’ve Got More Money Than Your Country,’ Craig Wright Tells Rwanda

By Wilma Woo

NChain CTO and self-proclaimed creator of Bitcoin Craig Wright has told members of a conference in Rwanda that he “has more money than their country.”


Wright: ‘Quite Frankly,’ I’m Richer Than You

Speaking at the Transform Africa Summit 2018 in the capital of Kigali, Wright made various assertions about his abilities to transform Africa using blockchain technology.

The remarks formed part of a presentation titled “Bitcoin Cash: The Cryptocurrency & Blockchain For Africa.”

Wright, who is known to be infamously outspoken, has caused anger in the cryptocurrency industry on multiple occasions through the use of coarse language to support claims such as altcoin Bitcoin Cash’s superiority over Bitcoin and that he is the latter’s founder, Satoshi Nakamoto.

In Kigali, the Australian businessman appeared to continue the same traditions.

“The fact of the matter on this is you can open up and allow free trade, you can open up and allow your country to be more, or you can wait and hand money to a whole lot of people,” he told the audience, comparing himself to blockchain payments network Stellar. He then added this bombshell:

And I’ll say this quite frankly because I’ve got more money than your country.

Meet Craig Wright: Scammer, blowhard, psychopath and fake satoshi pic.twitter.com/Rd7bEcHsbB

— Dennis Parker⚡ (@Xentagz) May 23, 2018

Africa Looks Forward to ’20-30 Years’ Of Wright

The comments continue to resurface on social media after the conference, which ended May 10th, with Twitter analyst Dennis Parker describing Wright as a “scammer, blowhard, psychopath and fake satoshi.”

Seemingly unfazed by his tone, Wright nonetheless sought to reassure audience members of his providence.

Rwanda

“I’m here for the long term, I’m going to be here in twenty, thirty years, and eventually – I don’t care what you say – I’m going to be having solutions you’re using,” he had announced prior to the remarks about his personal wealth.

In April, Ethereum co-founder Vitalik Buterin publicly berated Wright at another conference, openly calling him a “fraud” and questioning “why he was allowed to speak” at the event.

What do you think about Craig Wright’s remarks to Rwanda? Let us know in the comments section below!


Images courtesy of AP, Shutterstock, and Twitter/@Xentagz.

The post ‘I’ve Got More Money Than Your Country,’ Craig Wright Tells Rwanda appeared first on Bitcoinist.com.

❌