The city of Salamanca in the U.S. state of New York is reportedly establishing a moratorium on cryptocurrency mining operations in the city. This will stop crypto miners from “using up all the residents’ power and effectively make all of them get a price increase on their utility bills,” a member of the city’s council explained.
The Common Council of the city of Salamanca in New York voted unanimously on Wednesday to approve Local Law No. 2 for 2018 and impose “a moratorium on commercial cryptocurrency mining operations in the city,” the Salamanca Press reported.
The news outlet described that according to the local law:
A moratorium would temporarily stop applications or proceedings, or the issuance of approvals or permits, for cryptocurrency mining operations in the ‘electric service area’ of the city of Salamanca.
The purpose of this moratorium is for the city to have “the opportunity to consider zoning and land use laws and municipal electric department regulations before commercial cryptocurrency mining operations result in [an] irreversible change to the character and direction of the city,” the publication conveyed. A public hearing on the local law will be held on September 12.
Salamanca council member Timothy Flanigan, who sits on the city’s Board of Public Utilities (BPU), explained that the BPU “does not yet have all the rules and regulations in place to properly deal with cryptocurrency operations.” Citing the sheer amount of energy crypto mining uses, he added that “this moratorium buys the city time to get rules in place without a blow to the electric system.”
Emphasizing the need to ensure that residential customers continue to have cheap power, he elaborated:
The thing that this [moratorium] will do is devoid people of using up all the residents’ power and effectively make all of them get a price increase on their utility bills because somebody else is using up all the cheap power.
A few other cities in the U.S. have introduced similar measures. In March, commissioners of a power district in Washington State’s Chelan County launched “an emergency moratorium on new high-density load hookups to give staff time to develop a plan for dealing with the demand for electricity from digital currency miners.” In the same month, the City Council of Plattsburgh, New York, adopted a local law prohibiting mining operations in the city, as news.Bitcoin.com reported.
Another small town in upstate New York, Massena, had a similar concern in July. The city’s regulators decided to charge crypto miners a higher rate for energy instead of imposing a moratorium.
What do you think of cities imposing moratoriums on crypto mining? Let us know in the comments section below.
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Facebook executive David Marcus will no longer serve on the board of U.S. exchange Coinbase to avoid “appearance” of a conflict of interest
Thai actor Jiratpisit Jaravijit has been released on a 2 million Thai baht (approximately US$60,000) bail following his arrest over alleged money laundering in a bitcoin fraud case. As part of the conditions for his release, the actor popularly known as ‘Boom’ will be required to remain in Thailand. The 27-year-old television and commercials actor
The post Thai Actor ‘Boom’ Released on Bail in US$24 Million Bitcoin Fraud appeared first on CCN
In the world of blockchain consensus algorithms, there are many different options to choose from. Proof-of-weight is one of the rather unusual solutions, although it is an interesting take on customization and scalability. Getting users excited about this model through incentivization remains its biggest challenge.
Defining Proof-of-Weight as just one algorithm would do it injustice. Instead, this concept combines a wide range of blockchain consensus algorithms which all try to achieve the same goal through slightly different means. It is based on the Algorand consensus model.
For those unfamiliar with Algorand, it is a protocol that confirms transactions very quickly. This is achieved through a Byzantine agreement protocol capable of scaling to many users. Reaching consensus on a new network block is guaranteed without the risk of a fork. Weighted users play an integral role in this process, hence the term Proof-of-Weight.
Every user on a network utilizing Proof-of-weight has a “weight” attached to them. This weight is based on how much money that user holds in their account. As long as the overall weighted fraction of the users are honest – usually two-thirds or greater – the network will remain secure. This method also protects the network from double-spend attacks.
Under the hood, Proof-of-weight mechanisms can create a committee – made up of random network users – to run each step of the protocol. As such, the protocol will ensure the majority of committee members are honest, while also introducing some degree of centralization. No major Proof-of-weight cryptocurrencies rely on the committee structure at this time, but it is an aspect to keep in mind regardless.
While some people may see similarities between Algorand and Proof-of-stake, they are not the same. In a PoS environment, the number of tokens held at any given time determines the amount of additional rewards users earn. Proof-of-weight uses a completely different weighted value. In the case of Filecoin, it depends on how much IPFS data users are storing at any given time. Chia uses Proof-of-space and proofs of time to achieve consensus.
Although Proof-of-Weight has a lot of merit, it is not a consensus model that major cryptocurrencies will adopt anytime soon. Keeping users incentivized to participate in such networks is very difficult, as they don’t earn rewards. This can be addressed by developers in many creative ways. However, at its core, Proof-of-weight is not designed to generate passive revenue streams.
While Bitcoin (BTC) marks yet another day trading in the red, the world’s leading currency is widening its lead in the market cap race, whose total share is now above 50 percent, the biggest since December 2017.
It’s safe to say that Bitcoin 00 has seen far better days than the last week. Throughout the period, the cryptocurrency lost near 20 percent of its value.
At the time of writing this, however, Bitcoin dominance – or its share market cap percentage in the cryptocurrency market is now above 50 percent – the highest since mid-December 2017.
According to CoinMarketCap, the total market capitalization of Bitcoin is currently valued at $105 billion.
Tom Lee, Co-Founder & Head Analyst at Fundstrat Global Advisors, recently noted that rising Bitcoin dominance is a sign that a recovery is in order.
The sharp decline in Bitcoin’s price 00 was purportedly triggered by the SEC’s announcement that they will delay the decision on the much anticipated Cboe-backed VanEck/SolidX bitcoin ETF proposal. Oddly enough, though, this move was well anticipated and expected.
Apart from that, the last few weeks saw a string of positive news, which failed to trigger any positive price movement.
ICE announced a new project – a digital asset platform dubbed Bakkt in collaboration with marquee companies such as Microsoft, Starbucks, BCG, and others. According to popular cryptocurrency trader and owner of investment firm BKCM LLC Brian Kelly, this was the “biggest news of the year for Bitcoin.”
Goldman Sachs are reportedly going to start managing Bitcoin for its clients, responding to their serious interest.
What do you think of Bitcoin’s price? Do you think it will keep freefalling? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock
The post Bitcoin Dominance Hits 2018 High Despite Price Slump appeared first on Bitcoinist.com.
To being this piece, the XRP community needs to be commended once again for bringing the above fact to light. Twitter user @Ianbins brought it to the attention of Ethereum World News when he stated the following in reply to another tweet. The initial tweet was with regards to the 3 pending lawsuits against the Ripple company. @Ianbins would comment the following:
Nice to know but Apple is in like 60 lawsuits…. it just turned a $1T it’s normal in big business.
The full twitter thread can be seen below:
Nice to know but Apple is in like 60 lawsuits…. it just turned a $1T it’s normal in big business pic.twitter.com/Y5O20AUOJC
— Ian Northing (@Ianbins) August 11, 2018
@Ianbins was responding to a tweet that stated that one of the pending lawsuits against Ripple will be heard in federal court rather than in the Courts of the State of California where it was initially filed. This then means there is a possibility of the federal court ‘joining’ all three lawsuits into one to expedite the process.
This then brings us to the other fact that the Apple company is facing almost 60 class-action lawsuits for secretly throttling and/or slowing down old phones belonging to existing users. 60 pending lawsuits means that Apple is facing 20 times more court cases than Ripple yet it just broke the $1 Trillion market capitalization only a few days ago. The current market cap of AAPL stands at $1.01 Trillion at the moment of writing this.
Analyzing our favorite remittance coin of XRP, its market capitalization stands at $11.673 Billion at the moment of writing this. AAPL’s market cap has eclipsed that of XRP by 86 times yet it has more ‘trouble’ in the courts than the Ripple company.
Also to note is that XRP and Ripple are two completely different entities. Therefore, any lawsuits affecting Ripple, should logically not affect the value of XRP. In the case of Apple, its stock of AAPL is part and parcel of the parent company.
Therefore, it can be concluded that XRP has faced too much FUD due to the 3 pending lawsuits against the Ripple company which is a completely different entity. One explanation could be that the crypto-markets only became popular around June last year when the media started covering Bitcoin (BTC). In the case of Apple, it did its IPO back in December 12th, 1980 and at $22 per AAPL. Since then, the Apple company has more or less dominated the industry of computing and smartphones.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
Over the past 24 hours, the crypto market has recorded a loss of $18 billion, as major cryptocurrencies including Bitcoin, Ether, EOS, and Bitcoin Cash dropped by 4 to 13 percent. While Bitcoin ended the day with a 4 percent decline in its value, Ether, the native cryptocurrency of Ethereum, plummeted by 13 percent against
The post Bitcoin and Ethereum Fall Substantially in $18 Billion Crypto Market Wipeout appeared first on CCN
To further guarantee the circulating supply of TRX would not suddenly increase in the crypto-markets, the TRON Foundation did two things after the project’s Mainnet was launched back on June 25th. The first thing they did, was the immediate coinburn of 1 Billion TRX that reduced the total distribution of the coins to 99 Billion. The second thing that the Tron team did, was to lock up 33.25 Billion of their very own TRX till January 1st, 2020.
The lock up was further done in 1,000 different accounts to further protect the stash of digital assets. By distributing the coins, the Tron Foundation reduced the probability of losing all the coins at one go due to a hack or a number of hacks.
It is with this background that Justin Sun announced just hours ago, that they have created a query tool for anyone who wants to check the 1,000 addresses and their corresponding TRX values. In the tweet, Justin stated the following:
Last month, considering the safety of digital assets,
@Tronfoundation locked 33,251,807,424 #TRX in 1000 addresses of #TRON mainnet, in order to let #TRONICS search these addresses more conveniently, we made a query tool, feel free to search now.
The Tron Network is continually gaining new accounts as well as increasing the volume of transactions per day. On August 7th, the daily transactions on the Tron Network numbered 128,438. This number, via Tronscan, currently stands at 185,987 transactions per day. The most recent peak in daily transactions was experienced on August 8th when this number reached 215,811.
The number of accounts on the network has also increased from 92,175 on August 7th, to current values of 171,997. This is an increase of 86.6% in just 4 days.
It is therefore not surprising that Justin Sun has predicted that the Tron network will soon surpass the Ethereum network in terms of daily transactions.
The post Here Is How You Can Track Tron’s 33.25 Billion TRX Frozen Till 2020 appeared first on Ethereum World News.
Financial software developer Intuit has been awarded a patent for processing BTC payments via SMS and we’ve covered the details in today’s edition of Bitcoin in Brief. Also in The Daily, Brave browser plans to enable BAT tips for tweets and Reddit posts, cryptocurrency is projected to constitute 5 percent of the portfolios of US investors next year, and in Thailand, a famous actor has been arrested for an alleged crypto investment fraud.
California-based company Intuit, a financial software developer, has been awarded a patent for processing bitcoin core (BTC) payments via text messages (SMS), according to a filing published by the US Patent and Trademark Office on August 7. The patent that outlines a system to transfer BTC funds by sending text messages on smartphones was filed back in 2014. According to its abstract:
The method includes receiving, by a payment service, a payment text message comprising a payment amount and an identifier of a payee mobile device, validating the payment text message based on a payer balance of a virtual payer account maintained by the payment service for the payer […] transferring, in response to creating the virtual payee account, the payment amount from the virtual payer account to the virtual payee account […].
Despite the prolonged consideration of the patent application, Intuit has been continuously developing its crypto-cash payment solutions in the meantime. Earlier, the company announced it had reached a partnership agreement with the payment provider Veem to build a system for processing international cryptocurrency payments.
Brave, the privacy-oriented web browser that supports opt-in ads and crypto payments between users and website publishers like Twitchers and Youtubers, is now planning to expand its service to Twitter and Reddit. The startup intends to introduce support for the two platforms in the fourth quarter of this year, according to an announcement quoted by CNET.
To take advantage of the tipping system, which uses Brave’s basic attention token (BAT), users have to enable the payments in the browser. Then, if another Brave user decides that a tweet or a post is worth rewarding, they can send a BAT tip. “The model will be tipping – a user likes a tweet and can give BAT to the tweeter, and optionally tweet back that he tipped,” the company explained. The mechanism for Reddit users will be similar.
Brave is essentially trying to redefine how online advertising works. Its browser is blocking ads by default and people’s attention is rewarded with tokens. BAT payments can be made between users, publishers and advertisers. The opt-in system allows anyone who sees a Brave-placed ad to get a portion of the revenue from the advertiser. Brave claims to have more than 20,000 verified publishers and 3.25 million monthly active users who can send and receive BAT tips. The Brave browser project was funded through an Initial Coin Offering (ICO) and launched by Mozilla co-founder Brendan Eich.
Despite declining prices of most cryptocurrencies amidst a continuous bearish trend in crypto markets this year, a new survey has found that digital coins are becoming a permanent part of many investment portfolios in the US, decreasing the dominance of traditional instruments such as stocks, bonds and real estate. The authors of the study have detected a growing desire among US investors to get exposed to cryptos, considered by many to be the next big asset group.
The Harris Poll survey, conducted on behalf of the American Institute of CPAs (AICPA), has established that cryptocurrencies will represent 5 percent of the investments of those 35 percent of Americans that consider themselves investors or plan to invest in 2019. At the same time, Exchange Traded-Funds (ETFs), which have received much attention in the crypto space recently, account for 8 percent of the projected investments.
The study has attempted to assess the knowledge and awareness of cryptocurrencies among active investors in the United States. According to the published results, their levels remain relatively low with almost half of the respondents admitting having little or no understanding of the matter. “Cryptocurrency appears to be foreign to many investors. The survey found that nearly half of U.S. adults (48 percent) are not familiar with Bitcoin, Ethereum, or Litecoin,” the AICPA commented on the findings.
Police in Thailand have arrested Jiratpisit “Boom” Jaravijit, a famous Thai actor, for his alleged participation in a fraudulent crypto-investment scheme. According to local media reports, he lured a foreign national into investing 797 million baht (~$24 million USD) in digital currency. Mr. Jiratpisit, who was apprehended on Wednesday after the Thai Criminal Court issued an arrest warrant in July, has been also charged with collusion in money-laundering.
The actor is one of seven suspects who allegedly committed the crime, The Bangkok Post reported. Law enforcement officials said they acted after receiving a complaint that the accused had defrauded the foreigner into sending them the money in bitcoin (BTC). The fraudsters assured the person the funds would be used to buy shares in companies that had invested in the Dragon Coin digital currency. The investor, identified as the Finnish national Aarni Otava Saarimaa, met the suspects in June, 2017. The Thai actor has denied the charges.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock.
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The post Bitcoin in Brief: BTC via SMS Patented, Brave BAT Tips for Tweets and Posts appeared first on Bitcoin News.
Things are not looking all that great for the cryptocurrency industry as a whole. Almost all currencies have lost a lot of volume over the past few hours, even though it remains unclear what is driving this sudden downturn. The NEO price, for example, is getting battered by the hour, resulting in a very steep decline.
Although the year 2018 is not a positive one for the cryptocurrency industry as a whole, there have been some interesting changes. For Bitcoin, the price momentum has caused a lot of problems, and it seems altcoins are not faring much better. The NEO price is a great example of what the future holds, as it has dropped to $18.27
This sudden decline represents a massive 14.12% decrease of the NEO price over the past 24 hours. Although such a steep downturn is not exactly unusual in the cryptocurrency world, something will have to change if this momentum is to be turned around sooner or later. As of right now, there is no indication this particular cryptocurrency momentum will see positive changes, but the industry remains unpredictable first and foremost.
As one would come to expect, the NEO price decline is also triggered by a massive decrease in the NEO/BTC ratio. For some unknown reason, the altcoin has lost 10.57% compared to the world’s leading cryptocurrency. Combined with Bitcoin’s own setback in USD value, it is only normal the NEO price continues to head down this slippery slope first and foremost.
For a weekend, the overall cryptocurrency trading volume remains incredibly low. Again, not entirely surprising given this week’s momentum, but it is still a worrisome sight overall. This has also caused the NEO trading volume to dip a bit, as just $76.8m in trades have been recorded over the past 24 hours. Most of this volume is made up of people selling NEO, rather than buying it.
As of right now, Binance is leading the charge in terms of NEO trading volume. If one looks[ past the excluded exchanges and volumes on CMC, Binance is twice in the top two, with its USDT and BTC pair. Bitfinex comes in third place with a USD pair, followed by LBank’s BTC and USDT pairs. BitForex is excluded twice with its ETH and USDT pairs, although it remains unclear why this is the case.
It seems rather evident the current NEO price momentum does not favor this altcoin too much. In fact, one could argue the NEO price will continue to decline for quite some time to come, and maintaining a value above $18 may prove to be a lot more difficult than originally assumed. Even so, the weekend has only just begun, and there is still a good chance the situation turns around before next week comes around.
On Thursday, investors awoke to a promising sight — a $300 candle that brought Bitcoin’s price off a $6,150 low — so some thought that the worse for over for the market. But, as some investors were lured into a false sense of security, the market fell even further to establish new year-to-date lows.
As some like to describe the current state of the cryptocurrency market, “there’s blood on the streets!” Taking a glance at cryptocurrency prices as it stands, it becomes quickly evident that blood of may as well be on the streets of this nascent industry.
On Friday afternoon, Bitcoin unexpectedly fell by over $350 dollars, from $6,425 to a low of $6,025 on the back of an influx of selling volume. This bearish movement quickly cascaded throughout the whole market, with altcoins experiencing a similar decline. With this move, the valuation of all cryptocurrencies has established a new year-to-date low at $209 billion.
As is a common theme in any market, investors did their best to draw connections to announcements and this price drop. Some speculated that this was a direct result of the SEC’s recent verdict to delay a final decision on the fate of the VanEck and SolidX ETF. Many saw this ETF as a long time coming, as cryptocurrency industry leaders have been trying their hand at creating this form of an investment vehicle for years now.
Stepping back, one could note that this move is likely courtesy of an extended downtrend off Bitcoin’s most recent peak at $8,500. As NewsBTC editor and crypto analyst Joseph Young noted in a recent tweet, why should an announcement expected by many lead the market to tank on such a drastic scale?
Why would the delay of a Bitcoin ETF, which was expected by the vast majority, lead the market to tank suddenly by a massive margin? When in fact news hasn't been affecting crypto exchange market as seen in the case of NYSE/ICE?
OTC sell-off or just strong downtrend more likely.
— Joseph Young (@iamjosephyoung) August 8, 2018
Joseph noted that this pullback can be largely attributed to stronger downtrend or a substantial over-the-counter sell-off, which may push crypto prices lower for the time being. But as is the multi-faceted nature of this market, this drop off could also be a result of any combination of technical and fundamental factors.
Many technicians see $5,800 as the next vital stop for Bitcoin, as this specific level has proven to have been a strong line of support in prior bouts of downward price action.
It has become apparent that traders have been doing their best to take advantage of this downtrend, with Nick Cote pointing out that the value of open short positions has eclipsed the value of long positions. While the difference may be of a small margin, this event goes to show that investor sentiment is quickly turning bearish.
— Nick Cote – Pizpie (@mBTCPizpie) August 10, 2018
But, while investors have been making bank off short positions, CryptOrca noted that “(a) trap is about to be set and all profits (will get) smoked.”
Shorts making serious $ … confidence growing … positions getting bigger … trap about to be set and all profits smoked.
— CryptOrca (@CryptOrca) August 9, 2018
For now, it remains to be seen whether CryptOrca’s call for a bear trap is in motion. But, while the Rothschild family name may make decentralized activists quiver in range, as Baron Rothschild once said, “the time to buy is when there’s blood in the streets.”
Featured Image From Shutterstock
The post Crypto Market Crumbles To New Year-To-Date Lows, Where Does it go Next? appeared first on NewsBTC.
On 10th August 2018, the Tron (TRX) Foundation announced that it had successfully completed the acquisition of the Blockchain.Org domain name. Justin Sun believes that Blockchain.Org will be a one-stop aggregated data, search engine platform. The announcement further stated that:
It will be a platform that offers big data analysis, project evaluation, information search and other services for users in the blockchain field. Justin also encourages others in the industry to participate and build a platform to help the growth of blockchain industry.
By collecting ‘big data’, the Tron project will get a better understanding of what its community wants as well as what the general blockchain ecosystem needs during current and future market conditions. Users can also use the analyzed data to get more information about various projects that are in the blockchain industry. BlockcChain.org will continually analyze the needs of the blockchain ecosystem and offer viable solutions.
Three factors that will be key in TRON analyzing big data will be its volume, speed and type. In terms of volume, TRON will need to observe and keep track of what is happening on social media, websites and existing search engines. TRON will then need to process this data as quickly as possible to provide accurate and updated feedback to the users of Blockchain.Org. Finally, the type of information analyzed will be in the form of text, images, pdf, video and more.
The Tron foundation has also recently acquired the file sharing platform of BitTorrent. Tron also has a working Mainnet and recently released the Tron Virtual Machine that will take the platform to a new level. One of the key goals of the Tron project is to decentralize the web and its infrastructure. The project has offices in Beijing and San Francisco with plans of more expansion around the globe.
The post Tron (TRX) Foundation Successfully Acquires BlockChain.Org appeared first on Ethereum World News.
South Korea’s Ministry of Science and ICT will promote the training of blockchain technology as part of an effort to prepare young people for what it calls the “Fourth Industrial Revolution.” Blockchain technology is included in courses that have recently been announced by the Ministry of Science and ICT. The Ministry of Science and ICT
The post South Korean Government to Promote Blockchain Training as Part of ‘4th Industrial Revolution’ appeared first on CCN
Another day, another celebrity-endorsed ICO. This time, it’s one of Australia’s most well-known cricketers, Michael Clarke. However, cricket fans on Twitter have their own take.
Many believe that celebrities lend a certain degree of credence and authenticity to the brands that they endorse. This authority will, in theory, encourage the masses to whip out their wallets and buy the product. This seems to be the modus operandi of certain ICO platforms as well.
While the industry is still in a nascent phase, its continued popularity has seen many famous names like Floyd Mayweather and even Paris Hilton lend their support to what they hope will be the next big thing to hit the industry.
Next in line is well-known former Australian cricketer, Michael Clarke. According to SmartCompany, Clarke is now batting for team Global Tech. The Brisbane-based startup has been thrust into the spotlight, although not necessarily for their business vision.
Critics have sent some harshly-worded tweets at Clarke lambasting him for his involvement in the platform, which doesn’t seem to have anything to do with cricket. Clarke’s Twitter, on the other hand, had nothing but good things to say about the new partnership:
I am really excited to be involved with Global Tech. Their ambition and drive is something that I resonated with straight away and I can’t wait to learn more about blockchain technologies.
However, some tweeps are under the impression that this new venture is more about getting that endorsement cheque than learning about the industry. If the AUD $10 million soft cap is reached, Clarke will receive AUD $400,000 and, if the AUD $50 million dollar goal is reached, the former cricketer will walk away AUD $2 million richer.
Not everyone is a fan of the celebrity endorsement approach. JP Thorbjornsen, the founder of blockchain-based platform CanYa, believes that start-ups should focus on the product itself and not on getting famous names on board. In reference to the collaboration, he said:
It’s just marketing hype before they have any products in development. If Global Tech wanted to assure a contributor of their ability to roll out a product and deliver, there should be a live exchange I could trade on, instead of spending money to get this endorsement.
Global Tech has raised AUD $4.15 million thus far.
Clarke isn’t the only cricketer making industry headlines. Imran Khan, Pakistan’s famous all-rounder, has traded pitch for parliament as a member of the country’s National Assembly. However, as Pakistan looks to be on the precipice of a possible financial crisis, cryptocurrencies seem to be a viable alternative to the country’s own fiat currency.
How do you think that celebrity endorsements affect the popularity and bottom line of an ICO? Let us know in the comments below!
Images courtesy of Shutterstock.
The post Twitter Takes a Swing at Former Cricketer for ICO Endorsement appeared first on Bitcoinist.com.
The crypto-markets have continued to decline into the weekend due to the delay of the Bitcoin ETF by the SEC. The total market capitalization is threatening on getting to levels below $200 Billion. Current levels are at $209 Billion.
A quick analysis of Bitcoin (BTC) shows that the King of Crypto has been falling in value from mid December and from peak levels of $20,000. It then touched a new low on June 29th when it was valued at around $5,880. This marked 6 months since BTC started free-falling in the markets with a decline of 70.6% in the same time period. The current value of BTC at $6,145 indicates that we could witness levels below $6k once again. This possibility has caused panic in the crypto-verse but Bitcoin has survived worse periods of turmoil and come out victorious as shall be elaborated.
Zooming back in time to November 2013, BTC had experienced a massive bull-run to new highs of $1,149. The King of Crypto would then start declining due to the prolonged Mt. Gox saga that was slowly unfolding in the background. BTC would not show signs of recovery up until August 2015 and at levels of $203. Doing the math, that was a drop of 82.3% in a period of 21 months.
From August 2015, BTC would gradually increase to the levels we witnessed last December. This was a period of 28 months of constant gains in the markets. Therefore, we can use the past to sort of have a general feel of what is happening and what we are patiently waiting for.
Mt. Gox exchange was launched on July 18th 2010 by Jed McCaleb (founder of Ripple and Stellar). Mt. Gox was short for “Magic: The Gathering Online eXchange”. By March 2011 it had been purchased by French developer and BTC enthusiast Mark Karpelès.
On June 19th, 2011, the first security breach happened. This breach caused the price of BTC to fraudulently drop to $0.01 after a hacker used credentials from a Mt. Gox auditor’s compromised computer to transfer a large number of bitcoins illegally to himself. Consequently accounts worth approximately $8,750,000 in BTC were affected. Mt. Gox managed to ‘fix’ the issue.
By April 2013 to early 2014, the exchange was processing 70% of all BTC trades online. On 2nd May 2013, CoinLab filed a $75 million lawsuit against Mt. Gox, alleging a breach of contract. The companies had formed a partnership in February 2013 which would soon turn sour.
On an unrelated issue, Mt. Gox suspended withdrawal in US Dollars on June 20th, 2013. On August 5th, 2013, the exchange announced that it was incurring losses due to crediting deposits which had not fully cleared, and that new deposits would no longer be credited until the funds transfer was fully completed.
In November 2013, Wired Magazine reported that customers were experiencing delays of weeks to months in withdrawing cash from their accounts. The article said that the company had “effectively been frozen out of the U.S. banking system because of its regulatory problems”. This was the beginning of the end of Mt. Gox.
The post Here Is How Bitcoin (BTC) Has Survived Worse, Including the Mt. Gox Saga of 2013/2014 appeared first on Ethereum World News.
The rout has continued into the weekend as crypto markets plummeted to another low for the year. Another $20 billion has been dropped from markets as they slid below $210 billion for the first time in nine months.
Bitcoin failed to hold support at $6,400 and has dropped 4.7% on the day to $6,150. If the bears do not release their stranglehold it could easily fall below $6k and into dangerous territory. This is bad news for Ethereum which is at its lowest point for a year, down 11.4% to $320.
Altcoins are getting smashed with the majority of them dumping double figures. In the top ten, Ripple’s XRP is taking the biggest hit with a nosedive of 10.8% to $0.30, almost back to the price it was before things took off in December. Litecoin is also suffering heavily with a 10% slide to $56.60 and another yearly low. The rest are down between 6 and 8 percent as stablecoin Tether climbs the market cap charts.
Neo is in a world of pain with a 16% crash to $18, its lowest point since September 2017. Likewise with Iota, down 15% to $0.526, and Tezos shedding 14% to $1.40. All coins in the top twenty are in a bad way, Dash and Ethereum Classic have also lost double figures and the rest are not far behind. The only altcoin in the green in the top one hundred at the moment is Nxt which is up 8.4%. Metaverse ETP and Huobi Token are making marginal gains but nothing significant.
The only upside for Bitcoin is that its market dominance is now over 50% as the altcoins get dumped. The one year chart is looking very bubble like now as all altcoins return to their mid-2017 levels.
Total crypto market capitalization has dumped 7% on the day to around $209 billion. A new 2018 low was reached a few hours ago when $20 billion left the markets in 18 hours plunging them down to just over $207 billion. Trade volume has remained at $13 billion but it is all one way at the moment – out of the cryptocurrency door. The words ‘fomo’, ‘lambo’ and ‘moon’ are now distant memories as hodlers lick their wounds and uninstall their Blockfolio app.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post Hodlers Are Hurting, Cryptos Crushed with Another $20 Billion Dumped appeared first on NewsBTC.
“A very large portion of ‘gig economy’ startups are at the core, basically just a dispute resolution system, a reputation system, and a search engine. If you’re looking to build a decentralized version of one, maybe consider focusing on one component,” – Vitalik Buterin
After running the Listia P2P marketplace for over 9 years, the Ink Protocol team realized that the problems they were trying to solve could be generalized across all types of marketplaces. Building on those years of experience and learning from over 100M items traded on Listia, they launched a decentralized transaction system that can be used on any marketplace. The system includes self-sovereign reputation, decentralized escrow, and dispute resolution.
Ink Protocol’s decentralized transaction system is a great way to focus, as Vitalik recommended. Taking this tip a level higher, the team projected that a self-owned reputation that can move from one marketplace or app to another will change the way people buy and sell online. Ink Protocol took these two critical points into account as well as a third, 2M items listed using XNK ensures mass adoption, making XNK one of the largest real-world consumer applications on a blockchain.
Seller reputation is an important asset because buyers often choose sellers on the basis of their reputation. This is particularly true when the quality of the goods or services are hard to measure and the parties cannot perfectly predict the outcome of the transaction. As a consequence, the seller will be mindful of building and maintaining a good reputation through the information that buyers have about the seller, including previous transactions and the reports of other buyers.
Buyers will often pay higher prices from a seller with a better reputation and prefer marketplaces like eBay, Amazon, and Etsy, rather than taking a risk with lower prices from a seller with a lower reputation. As a result, sellers work extremely hard to maintain a pristine seller reputation through great customer service, fast shipping, and quality products. Craigslist, OLX, and Facebook Marketplace have an extremely wide reach and are free to use. There are no transaction or listing fees in most cases but the same problem exists here, you have no idea from whom you are buying.
Ink Protocol endeavors to take away the monopolistic power from marketplaces which have the ability to modify your reputation, censor, or otherwise filter out your feedback, and most importantly, they are able to charge extremely high fees (20–30% in some cases) because they own your reputation data and you are now locked into their platform. The only way for sellers to use and benefit from this hard-earned reputation is to continue selling in that marketplace.
Self-sovereign reputation frees sellers from the confines of any specific centralized or decentralized marketplace and allows them to sell on any platform they want, such as managed online marketplaces, classifieds-style online marketplaces, social media, decentralized marketplaces, offline marketplaces (such as farmers markets and flea markets), and service marketplaces.
As designed, the Ink Protocol enables buyers to have full control over the content of each individual feedback rating, and feedback will only be tied to a verified transaction. This way the system continues to incentivize sellers to work hard on customer service, fulfillment, and quality while it allows the seller to be the main beneficiary of all this hard work. The data is completely free from any centralized party or marketplace. Buyers get peace of mind, and sellers get a transferable reputation that frees them from the confines of centralized marketplaces.
Ink Protocol is a decentralized reputation and payment protocol looking to bring transferable reputation to P2P marketplaces. It is currently live on the Listia platform and plans to expand to other P2P marketplaces where the lack of reputation is a major driver for centralization and monopolistic practices. No wonder excitement is brewing after hearing about the largest deployment and best use case for the blockchain so far.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of NewsBTC.
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Bitcoin has long been at the forefront of the crypto industry; and it seems with the market’s most recent move downwards, Bitcoin’s dominance over the rest of the market may continue, or at least for a little while longer.
The crypto market dropped by a collective 7% in the past 24 hours, but Bitcoin has been doing better than others. At the time of writing, Bitcoin has currently posted a loss of 5%, while cryptos like Ethereum, XRP, and Litecoin have fallen by over double that percentage figure. However, the three aforementioned altcoins aren’t alone in their double-digit decline, with dozens, if not hundreds of altcoins seeing 24-hour declines that eclipse 10%.
This widespread capitulation in altcoins has led Bitcoin’s dominance figure to surpass 50% for the first time since December’s BTC boom.
But, this was not an overnight occurrence, with altcoins seeing a dominance pullback for the better part of three months, rising from a May low of ~36% to 50% as we stand today. Today’s market drop only helped this figure move over the ever so important 50% level.
While Bitcoin’s relative strength surprised more than a few investors, to an assortment of experienced traders, this comparable astronomical rise was to be expected.
As reported by NewsBTC earlier this week, Tom Lee, the head of research at Fundstrat, explained why BTC has been seeing a dominance run. Speaking to CNBC viewers, the Fundstrat executive highlighted Bitcoin’s history from a market perspective, drawing attention to the asset’s historical command over the industry, as it held 80% of crypto’s market share for just shy of 8 years.
Lee went on to draw attention to last year’s altcoin upswing, where ICOs and overly-ambitious projects became a crypto investor’s preferred investment vehicle. This resulted in Bitcoin’s dominance falling to an all-time low at 37%, with many altcoin proponents expecting Bitcoin to further recede into obscurity. But against all odds, altcoins recently saw a substantial pullback as the Bitcoin permabull explained in the following statement:
“Bitcoin’s dominance has been creeping up… So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE’s announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood. So I think that Bitcoin dominance is actually showing that the market is reacting to what is good news.”
Others industry leaders, like Mike Novogratz and Peter Smith, expect much of the same for Bitcoin, as they both see this specific asset outperforming the market in the near future. As they explained, the recent news cycle, specifically regarding institutional investment, indicates that institutions hold more interest in Bitcoin than altcoins.
I don’t see $btc dominance pulling back any time soon. Lots of cool institutional projects coming and most will start with bitcoin. Stay long.
— Michael Novogratz (@novogratz) July 31, 2018
Not only does dominance move in-line with news, but Bitcoin may also undergo a dominance surge amidst a bearish market, as a capital flight occurs from the more volatile altcoins to the foremost digital asset. While long-term dominance trends may be predictable, in the short-term, its anyone’s guess. Therefore, traders tend to stay away from altcoins due to the short-term unpredictability of the cryptocurrency market. As Crypto Randy Marsh jokingly puts it, “trading alts is a massive game of hot potato.”
Trading alts is a massive game of hot potato
— Crypto Randy Marsh (@nondualrandy) August 11, 2018
Featured Image From Shutterstock
The post Bitcoin Eclipses 50% Crypto Market Dominance For First Time Since December appeared first on NewsBTC.
The Japanese financial regulator has finished the on-site inspections of 23 cryptocurrency exchanges. The agency found many problems and has released a report outlining them. The regulator will use the findings to tighten its review procedures of new crypto exchange applicants, including over 100 companies that have been waiting to be reviewed.
Japan’s top financial regulator, the Financial Services Agency (FSA), announced Friday the results of the on-site inspections of 23 cryptocurrency exchanges operating in the country.
Seven out of the 23 are fully licensed crypto exchanges; the rest are “deemed dealers,” which are exchanges that have been allowed to operate while their applications are being reviewed by the agency. The FSA started inspecting these exchanges after the hack of Coincheck in January.
The inspection reveals a sloppy reality that the maintenance of the internal control system has not kept up with the rapid expansion of transactions. The risk was not evaluated for each virtual currency…and it was judged that securing necessary personnel for countermeasures such as money laundering was insufficient at multiple vendors.
Furthermore, the agency found that “the total assets of the exchanges rapidly expanded to more than 6 times in one year,” the news outlet conveyed. The FSA is also concerned that there are fewer than 20 executives and employees at most places, with assets under custody of “3.3 billion yen [~US$30 million] per person” on average.
The FSA will make full use of the findings from the inspections when reviewing new applicants. Since the hack of Coincheck, the agency has not approved any crypto exchanges.
According to Nikkei, three companies are currently being reviewed, including Coincheck. The publication reiterated:
It is expected that exchange registration that had virtually stopped after the Coincheck incident will be resumed. In the future the examination will be tightened, such as evaluating the effectiveness of the business plan…and the internal control system on-site.
At present, there are over 100 companies waiting to be registered. According to Business Insider Japan, they include megabanks, major IT companies, and major securities companies. While some have already submitted applications to the FSA, several have only gone through one consultation with the agency. An FSA official told the publication that he would like those wanting to be registered to examine the inspection report and “first compare [the findings] with the situation of their company.”
What do you think of the FSA’s inspections and findings? Let us know in the comments section below.
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The post Japan Unveils Results of On-Site Inspections of 23 Crypto Exchanges appeared first on Bitcoin News.
Residents of Washington D.C.’s upscale Chevy Chase neighborhood have been targeted by Bitcoin scammers claiming theyre poised to reveal “dark secrets” to the target’s wives. Despite the claims, there’s just one problem.
Most of the Chevy Chase neighborhood’s well-off residents would shudder at blackmail threats like this. but there’s just one problem. According to the Washington Post, targets of the D.C.-based blackmail campaign have revealed that they aren’t even married.
The targets of the latest Bitcoin 00 scam were able to avoid a poorly-crafted attempt at extortion. It seems bachelor status was their saving grace, as the scammers fell-flat of their goals. These eligible Chevy Chase residents remained keen enough to spot the scam. Others may not have been so lucky, and this is due in part to the large magnitude of targets the scammers hone in on, according to the Washington Post:
FBI Washington Field Office spokesman Andrew Ames says these scammers tend to flood high-income neighborhoods, trying to fool at least one person.
Reports show that the scamers targeted their victims through the postal service. One target, Jeffery Strohl,
[…] says he received a Nashville-postmarked letter from “GreySquare15” demanding a Bitcoin “confidentiality fee” worth $15,750. After his initial shock, he figured it was a scam. He posted about it on a community listserv to find he was far from the only Chevy Chase resident to receive such letters.
Lucky for guys-without-wives like Stohl, the scammer’s tactics came up short. Still, it is worth considering how those who are in wedlock may deal with the same kind of ransom attack.
Scams like this are plentiful. As Bitcoinist reported on Friday morning, the PGA Championship recently fell victim to a bitcoin ransomware attack linked to promotional material for the Tour.
From a wider perspective, these scamming attempts don’t just target sporting bodies and wealthy Washingtonians. They also prey on healthcare organizations like hospitals, as Bitcoinist reported last January.
While seemingly nobody is completely safe from this variety of attack, the unmarried residents of Chevy Chase can rest easy for another night.
What are your thoughts on wising up to potential scammers? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock
The post Bitcoin Scammers Extort Bachelors With Blackmail — Over Non-Existent Wives appeared first on Bitcoinist.com.