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| August 15, 2018

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Turkish Bitcoin Volume Soars as Traders Flee the Lira

August 14, 2018 |

Turkish Bitcoin Volume Soars as Traders Flee the Lira

Trading volume on Turkish cryptocurrency exchanges has soared over the last 24 hours as citizens have sought refuge from the weakened lira. Turkey’s national currency has faced a torrid time on a day when President Recep Tayyip Erdogan accused the US of trying to “stab it in the back”. Trade volume on domestic exchange Btcturk is up 350% in the last 24 hours, with BTC capturing 38% of the action.

Also read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

Turks Seek a Haven from the Crumbling Lira

The Turkish lira (TRY) plunged to record lows against the US dollar today as tensions between the stricken nation and western counterparts ramped up. The embattled President Erdogan sees Turkey’s financial straits as a US-led plot to cripple the country, as opposed to the consequences of an imprudent economic policy that’s lead to rising inflation and spiraling debt accrued in foreign currency, exacerbated by borrowing to fund a construction boom.

Turkish Bitcoin Volume Soars as Traders Flee the Lira
The Turkish lira hit new lows against the US dollar today

While Turkey’s interior ministry has been threatening to take legal action against almost 350 social media accounts deemed to have made “provocative” comments against the lira, cryptocurrency holders have been busy exchanging their TRY for BTC, XRP, and ETH. After bitcoin core and the dollar-pegged tether (USDT), ripple and ether formed the leading trading pairs at Btcturk over the last 24 hours; the site also offers LTC.

Turkish Lira is the Third Worst Performing Fiat Currency This Year

Only the Venezuelan bolivar and Sudanese pound have performed worse than the Turkish lira, which is down 45% this year. While BTC has lost close to 54% this year, it’s looked a veritable fortress of strength against TRY of late, and with limited options for swapping their lira into a more stable currency, Turkish citizens have flocked to bitcoin. In addition to Btcturk, which has exchanged close to $ 14 million of BTC in the last 24 hours, regional exchanges Paribu, Koinim, and Koineks have witnessed a major increase in volume this week, as has Localbitcoins.com.

Turkish Bitcoin Volume Soars as Traders Flee the Lira
Trade volume (in USD) on Btcturk this week

Amidst rumors of Turkish banks ending support for customer accounts holding USD, and President Erdogan desperate to quell the flight to the currency whose issuing nation he blames for the lira’s plight, citizens are left with few places to turn. (Tether is the closest most Turkish traders can get to the US dollar right now.) While predictions of ‘hyperbitcoinization’ in Turkey may be premature, it is evident that cryptocurrencies such as BTC are proving a lifeline in nations whose fiat currency is devaluing by the day.

Do you think the Turkish lira can recover or will the flight to cryptocurrency increase? Let us know in the comments section below.


Images courtesy of Shutterstock, Xe.com, and Coingecko.


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

The post Turkish Bitcoin Volume Soars as Traders Flee the Lira appeared first on Bitcoin News.

Bitcoin News

Silk Road Questions Unanswered as Ulbricht Gathers 60K Clemency Signatures

August 13, 2018 |

Silk Road Questions Unanswered As Ulbricht Gathers 60K Clemency Signatures

Ross Ulbricht was sentenced to life in prison back in 2015 for operating the Silk Road marketplace but many people believe he should be set free. The Ulbricht family, aided by his new Twitter account @RealRossU, has managed to gather close to 60,000 signatures in a petition for his clemency. Meanwhile, many questions surrounding the government’s Silk Road investigation and the sale of Ulbricht’s bitcoins.

Also read: Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip

The Many Unanswered Silk Road Questions Suppressed by the US Government

Ross Ulbricht is serving a life prison sentence for operating the illicit drug marketplace called the Silk Road (SR). Many people believe the entire Ulbricht investigation was an abomination of justice as there are many instances of law enforcement manipulation and government cover-ups throughout the SR investigation and Ulbricht’s trial. Moreover, the family has explained many times that much of the details surrounding the SR investigation and the government’s evidence remains a secret. One example is the public auctions of seized bitcoins back in 2014 that allegedly were taken from Ulbricht’s laptop. Most of the results of the auctions are unknown except for the statements stemming from some of the winners like Tim Draper. Only the auction winners were notified by the US Marshals and the public has no idea about the exact specifics of the auctions, except for what they were told by the media.

Silk Road Questions Unanswered As Ulbricht Gathers 60K Clemency Signatures
The bitcoin auction Freedom of Information Act (FOIA) requests have remained unanswered for over 4 years.

Because the auction was done by a government agency, specifically the US Marshals Service (USMS), the public has a right to know the exact specifics of these auctions. However, to this day, the USMS has not disclosed the results of the 2014 bitcoin auctions even though there have been multiple FOIA requests for the information. Essentially the Freedom of Information Act (FOIA) says that any US citizen has the right to information and disclosures concerning financial transactions tied to government entities. This includes auctions tied to seized assets the USMS confiscates. In 2014 there were over 20 FOIA requests made to the USMS concerning the bitcoin auctions. According to the FOIA logs for 2014, nearly every request was answered throughout the entire list except for the FOIA requests for information concerning the bitcoin auctions. In fact, to this day the log shows each request remains unanswered except for one on August 22, 2014, that states the request was not reasonable. 

Silk Road Questions Unanswered As Ulbricht Gathers 60K Clemency Signatures

Ross Supporters Gather Close to 60,000 Signatures for His Clemency Petition

Over the past few weeks, support for Ulbricht has been huge since he started his own Twitter handle that posts with the aid of his family. The glaring law enforcement manipulation, the two rogue secret agents, and the unanswered questions regarding the sale of Ulbricht’s bitcoin stash paints a shady picture of so-called US justice. Which has, in turn, helped bolster support for Ulbricht’s cause even more so as many believe that his life sentence is completely unjust.

Silk Road Questions Unanswered As Ulbricht Gathers 60K Clemency Signatures

This week Ulbricht’s Change.org petition for clemency has garnered 59,077 signatures out of the 75,000 goal. In the petition, Ulbricht’s mother Lyn pleads with the public to help her fight for her son’s freedom and explains that the entire investigation and trial was a monstrosity.       

“Ross’s investigation, trial, and sentencing were rife with abuse — This includes corrupt federal investigators (now in prison) who were hidden from the jury, as well as prosecutorial misconduct, constitutional violations and reliance on unproven allegations at sentencing,” Lyn Ulbricht explains.

Ross did not get a fair trial and his sentence was draconian. Justice was not served.

What do you think about the many unanswered questions regarding the Ulbricht case and the bitcoin auctions? Do you think the government covered up certain elements of this case? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, FOIA requests 2014, and Twitter. 


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Silk Road Questions Unanswered as Ulbricht Gathers 60K Clemency Signatures appeared first on Bitcoin News.

Bitcoin News

Binance Denies 400 BTC Listing Quote; Accuser Responds “You are a F***king Liar”

August 13, 2018 |

Binance Denies 400 BTC Listing Quote; Accuser Responds, “You are a F***king Liar”

News.Bitcoin.com feature ‘Cryptowhispers’ reported on what has turned from rumor to an all-out verbal war between two well-known figures in the cryptoverse. It began last week when Christopher Franko, co-founder of the Expanse project, took to Twitter and accused popular exchange Binance of quoting 400 bitcoin to list a token. The exchange’s head, Changpeng Zhao, has since responded rather personally to Mr. Franko, and, well, all hell has broken out. Get some popcorn.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Binance Slams Expanse Co-Founder for Listing Quote Claim

“We don’t list shitcoins even if they pay 400 or 4,000 BTC,” the face of Binance, Changpeng Zhao, came out swinging on Twitter. He was responding to a string of tweets by Expanse co-founder Christopher Franko, who insisted Binance quoted him by email a price of 400 bitcoin core (BTC) to list his token.

Binance Denies 400 BTC Listing Quote; Accuser Responds, “You are a F***king Liar”

“ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee,” Mr. Zhao continued, “Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project!  Focus on your own project!”

Not five minutes later, Mr. Zhao went after Mr. Franko by name, removing any vagueness about his subject matter. “Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quote fees in email, and not in BTC. Project owners should be able to spot email spoofing, those who can’t should not issue a coin. The communication process/method tells a lot about a coin,” the Binance head scolded.

Binance Denies 400 BTC Listing Quote; Accuser Responds, “You are a F***king Liar”

“You are a Fucking Liar”

Mr. Zhao further mused publically how much of what amounts to dissatisfaction with Binance is just sour grapes. “All complaints about listing fee come from projects we did not list, ie, did not charge (did not even ask for a fee). It’s not the fee, it’s the project. Granted, there are many great projects out there we haven’t listed. Working on it,” he ended his Twitter rant. He went on to explain how he’s not involved in listing quotes for Binance.

Binance Denies 400 BTC Listing Quote; Accuser Responds, “You are a F***king Liar”

For his part, Mr. Franko of Expanse didn’t take Mr. Zhao’s tweets seriously. “You are a fucking liar. It’s that simple,” he tweeted a few hours later. “Right here,” Mr. Franko noted angrily, while attaching a chart (see below), “it shows that binance uses Google Apps (gmail) for MX.. Just like the signed email said it did… You cant fake the encryption buddy.  Punching down like this is beneath you.”

Binance Denies 400 BTC Listing Quote; Accuser Responds, “You are a F***king Liar”

And along those same lines, Mr. Franko chastised, “Instead of addressing it like a good leader and honorable man, he has decided to just come at me like this. The encryption doesnt lie. It came from his gsuite. The responsible way to handle things would be to approach me directly and get it straightened out. Not attack me.”

Which side do you believe? Let us know in the comments section below. 


Images via Pixabay, Developer David Shares contributed sourcing for this article. 


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

The post Binance Denies 400 BTC Listing Quote; Accuser Responds “You are a F***king Liar” appeared first on Bitcoin News.

Bitcoin News

Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

August 13, 2018 |

Crypto Café and Coworking Space Hash House Established in Xi'an, China

A new crypto cafe and coworking space, called Hash House, has been established in the city of Xi’an, China. It seems like a cool place to go whether you want to learn about the latest trends, develop your own project, or just grab a coffee for BCH.

Also Read: The Daily: Huobi OTC to Support Dồng, Dymon Asia Backs Crypto Platform

Say Hello to Hash House

Crypto Café and Coworking Space Hash House Established in Xi'an, ChinaHash House is a new crypto-themed cafe and coworking space in the Chinese city of Xi’an, the capital of Shaanxi Province and home of the famous Terracotta Army. After operating under the radar for about a month, the venture is planning to celebrate its official opening with a three-day “Blockchain Carnival” event in late August. Inside the cafe, Hash House have set up a mining exhibit that displays mining hardware and their history, cryptocurrency-themed decorations, and a crypto shop that sells related merchandise such as different hardware wallets from around the globe.

Serving as a crypto community center, Hash House also provides learning materials for free, such as white papers and relevant books. Every week the place will host seminars and meetups about different subjects to share the latest crypto news and trends to locals for free. And the cafe actually serves specialized food and drinks that can be paid for with Bitcoin Cash (BCH). Complementing the public cafe are professional development studios for relevant startups, offering a classroom, multiple meeting rooms, a 2000 square-meter exhibition area and 500 square meters of office space.

Giving Back to the Community

Crypto Café and Coworking Space Hash House Established in Xi'an, ChinaSpeaking with news.Bitcoin.com, the founder of Hash House, Kirk Su, explained the rationale behind the new venture. When he came back to China after graduating from Indiana University, Kirk noticed that actual adoption is still very low in his home country, outside the major coastal cities, compared to what he saw in the West. He was already involved in the crypto mining world for three years at that point and wanted to “give back to his community the culture of bitcoin because that is something that people deserve to know.”

The purpose of Hash House is to introduce new people to the concept of cryptocurrency and educate against any negative perceptions they might have, as the topic is often only reported by the general media regarding scams. And above all, the team will teach newcomers about the utility, history and legacy of Bitcoin Cash, which Kirk explains “is the real Bitcoin.”

By having a team who make Bitcoin-themed swag and drinks, as well as attractions like a Harley Davidson for sale for which the only crypto accepted is BCH, the place exudes a very cool vibe. Kirk explains that this, in addition to the various activities, gives people great photo-taking opportunities for social media, thus promoting Bitcoin Cash from the ground up to new people. And the attraction seems to be working, as the place has only been open for about a month and already people are flying in from all over China just to see it for themselves, Kirk says.

Are you looking forward to grabbing a coffee at Hash House next time you visit Xian? Share your thoughts in the comments section below.


Images courtesy of Hash House.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China appeared first on Bitcoin News.

Bitcoin News

PR: BITTECH Offers Two Mining Machines, Equipped with Mining Chips Using a Cutting-Edge 10 Nm Process Technology

August 13, 2018 |

BITTECH Offers Two Mining Machine, Equipped with Mining Chipsusing a Cutting-Edge 10 Nm Process Technology

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

BITTECH starts selling a new range of cryptocurrency mining hardware powered by 10 nm semiconductor chips (10 nm BT0010a and BT0010La mining chips). It is to be recalled that BITTECH introduced its first ASIC miner as early as mid-May, 2018. Bittech One based on 14 nm ASIC chip BT0014 is characterized by 28TH/s hashing power, while energy consumption makes 2200W.

A new range of mining hardware includes two models:
1. Bittech One Mini is a 10nm-based ASIC for private mining. ASIC is characterized by compact sizes, SHA-256-based 16TH/s hashing power, and 1150W power consumption. Retail price will make $ 880, including power supply unit. Pre-ordered mining hardware will be delivered as early as mid-September 15-25.
2. Bittech L-One is a new Scrypt-based solution for cryptocurrency mining (like LiteCoin). This is a 10nm BT0010La-based mining hardware with the hashing power of 2.3GH/s and energy consumption of 2600W. The miner is priced at $ 1970, including the power supply unit. Pre-ordered mining hardware will be delivered as early as mid-September 15-25.

BITTECH’s mining hardware based on advanced 10nm semiconductor chips is an “all-in-one” solution with Murata/Artesyn inbuilt power supply units, supporting hot replacement. Even a newbie can set up its unsophisticated and user-friendly software. All miners are covered by 180-days warranty.

BITTECH Limited was engaged in R&D with regard to 10 and 14nm advanced chips since early 2017. At the moment, the company has finished its R&D and offered own mining hardware to a wide range of customers. Aside from miners and chips, the company is going to establish four large data centers in Canada, Iceland, Estonia, and Russia. It has started the construction of Russia’s data center for 9000 miners with the total processing power of 21MW in April 2018. The company will lease a part of premises to its customers under colocation agreements.

More information about BITTECH:
Official website: bittech.cn.com
Twitter: twitter.com/bittechI

Press Contact Email Address
info@bittech.cn.com

Supporting Link
https://bittech.cn.com/news4

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

The post PR: BITTECH Offers Two Mining Machines, Equipped with Mining Chips Using a Cutting-Edge 10 Nm Process Technology appeared first on Bitcoin News.

Bitcoin News

The Daily: Huobi OTC to Support Dồng, Dymon Asia Backs Crypto Platform

August 13, 2018 |

The Daily: Huobi OTC to Support Dồng, Dymon Asia Backs Crypto Platform

In today’s edition of Bitcoin in Brief, we cover the addition of Vietnamese đồng fiat to Huobi OTC, venture capital fund Dymon Asia backing a new institutional crypto platform, and Paxful donations supporting the building of a second school in Rwanda.

Also Read: US Government to “Aggressively Pursue” Unregulated Services Around the World

Huobi OTC to Support Dồng

The Daily: Huobi OTC to Support Dồng, Dymon Asia Backs Crypto PlatformHuobi, the Singapore-headquartered trading venue, has announced its plan to support Vietnamese đồng transactions on its proprietary peer-to-peer trading platform, Huobi OTC. This means that Vietnamese traders can now use Huobi’s OTC trading platform to exchange between crypto and fiat currencies.

The OTC service is meant to act as an intermediary that reduces the risk of fraudulent activity for traders in countries where regulatory guidelines have not yet been established. With the addition of the Vietnamese đồng, Huobi’s OTC trading platform now supports 18 fiat currencies including CNY, USD, SGD, INR, CAD, AUD, KRW, CHF, TWD, RUB, GBP, HKD, NGN, EUR, IDR, PHP and KHR.

Dymon Asia Backs Crypto Platform

Dymon Asia Venture Capital Fund has announced it is backing LXDX, a cryptocurrency trading platform that offers technology services for exchanges, including software for public retail exchanges and private exchanges for institutional block trading. Dymon Asia Ventures is the venture capital arm of Dymon Asia Capital, an alternative investment manager headquartered in Singapore with approximately US$ 5 billion under management. The fund’s support is meant to help LXDX make the cryptocurrency space more accessible to investment banks and hedge funds.

CEO Joshua Greenwald said: “We built LXDX in response to the aversion conventional finance institutions have had to the cryptocurrency space. Joining forces with Dymon allows our team, with decades of trading experience, to bring the qualities of traditional lit and dark exchanges to these new markets.” Christiaan Kaptein of Dymon Asia Ventures added: “We are extremely pleased to be a part of LXDX’s mission to improve the infrastructure of cryptocurrency trading. We believe that blockchain investors deserve the reliability, performance, and professionalism found in traditional markets. We are thrilled to be supporting LXDX in their vision and execution of a more efficient trading system.”

Paxful to Build Second School in Rwanda

The Daily: Huobi OTC to Support Dồng, Dymon Asia Backs Crypto PlatformPaxful, which launched the #BuiltWithBitcoin program in 2017 by donating $ 50,000 for the construction of a nursery school in Rwanda, has announced today the latest development in its charitable initiative. The company will sponsor the construction of a school for students aged 6-15 in the Nyamata Sector of Rwanda’s Bugesera District. Paxful jump-started the project with a $ 20,000 donation. Total construction is estimated to cost $ 100,000, with the balance to be collected through an online crowdfunding campaign. Donations can be made via BTC, BCH, ETH, LTC and Dash. And Paxful vowed to match all community donations until the $ 100,000 goal is met. “The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency,” said Ray Youssef, CEO of Paxful. “We firmly believe that it can improve lives and make the world a better place.”

The new school is expected to be almost double the size of the first, with six classrooms and six full-time teachers serving up to 300 primary school students. It will include a cafeteria, a 35,000-liter potable water well, solar panels, and other resources for the education and enjoyment of students, staff, and faculty. “Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students,” said Yusuf A. Nessary, founder and president of Zam Zam Water, the humanitarian organization handling the project. “This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”

Latest Scare: Crypto Mining Students

The mainstream media loves to make sensationalist headlines out of cryptocurrency. And their latest scare story is a supposed “wave of crypto mining at colleges”. CNBC talked to just one student from Penn State who was GPU mining using the free electricity in his dorm room back in 2017 and turned it into a wide phenomena threatening to burden universities with growing new energy costs. The report claims that cyber security firm Vectra conducted a study of mining on eleven campuses and found evidence of mining in every school. Furthermore, they claim universities are witnessing students starting mining operations between one to four times every day. And to add more interest, they even tried to link mining to somehow making the schools more vulnerable to hackers.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: Huobi OTC to Support Dồng, Dymon Asia Backs Crypto Platform appeared first on Bitcoin News.

Bitcoin News

Create an Unforgettable Wallet Seed by Building a Memory Palace

August 13, 2018 |

Create an Unforgettable Wallet Seed by Building a Memory Palace

A 12 or 24-word recovery seed is the key to your cryptocurrency wallet. That’s why, upon creating it, you’re prompted to write it down and store it in a safe place. But what if you didn’t have to write it down? What if there was a virtually failsafe means of committing those words to memory, enabling you to recall them at a moment’s notice? As it happens, there is. It’s called a memory palace and, with a little practice, it provides an effective means of developing an unforgettable wallet seed.

Also read: An In-Depth Look at the Cryptocurrency Economy’s ‘Stablecoin’ Trend

Build a Memory Palace and Lock Your Crypto Away from Fire and Thieves

Create an Unforgettable Wallet Seed by Building a Memory PalaceIn his 2011 book “Moonwalking with Einstein: The Art and Science of Remembering Everything”, Joshua Foer details the astonishing exploits of “mental athletes”. The author embarks on a year-long quest to improve his memory with the help of professionals, the best of whom can memorize a deck of cards in under 30 seconds. The secret to the feat is the construction of a ‘memory palace’, a visual technique that was practiced by the Ancient Greeks and Romans. This mnemonic method calls for creating “an imaginary location in your mind where you can store images. The most common type of memory palace involves making a journey through a place you know well, like a building or town. Along that journey there are specific locations that you always visit in the same order.”

The technique can be used to memorize extremely long numbers and phrases. In 2005, Lu Chao, for example, recited pi to 67,890 places. Memorizing a 12 or 24-word seed, in comparison, should be child’s play, and it doesn’t call for incredible mental athleticism. Even if you’re the sort of person who struggles to recall where you left your keys and constantly forgets birthdays, committing a dozen words to memory should be within your grasp thanks to the highly visual technique involved.

Create an Unforgettable Wallet Seed by Building a Memory Palace

How to Create a Memory Palace

The title of Joshua Foer’s book – Moonwalking with Einstein – is a reference to one of the bizarre mental images he used as part of his mental journey to stash and then later retrieve a particular item. The more unusual the image you conjure, the better your chances of recalling it when required. As an example of how this might work in practice, let’s take the 12-word wallet seed cited on Bitcoin Wiki: witch collapse practice feed shame open despair creek road again ice least.

The particular ‘palace’ we’ll choose for this exercise is your childhood home. Picture it in your head: the color of the front door; the scent of the hallway; the layout of the rooms. Now, with that imagery at the forefront of your mind, prepare to revisit your home with your wallet seed in tow:

Create an Unforgettable Wallet Seed by Building a Memory PalaceAs you walk up the path, you hear a shriek and, looking up, see a witch upon a broomstick fall out of the sky and collapse onto the doormat. Alarmed, you sidestep her and turn the key in the door, catching the lock at the first attempt thanks to years of practice. You step inside and something brushes against your leg and miaows. You realize you didn’t feed the cat that morning, to your shame, and walk to the kitchen to make amends. You open the cupboard and despair at the realization that you forgot to purchase cat food at the store. Exiting your home, you jump in the car and drive past the creek as you take the same road again into town. The route is treacherous as the puddles freeze and ice starts to form, but feeding the poor cat is the least you can do.

That’s a pretty dumb story, but if you were to run through it enough times while visualizing your childhood home, there’s a good chance you’d be able to commit it to memory and keep it there. Of course, that’s not the only possible setting for your memory palace; you could choose the route of the paper round you used to cycle, a former workplace, favorite art gallery, or friend’s home. So long as it’s a place you know intimately, and the prompts you lay down as you traverse that ‘palace’ are as quirky as possible, you should have no trouble recalling them.

Why Use a Memory Palace?

Create an Unforgettable Wallet Seed by Building a Memory PalaceCommitting a seed phrase to memory may seem pointless when you could just as easily write it down and stash it in a safe place. But aside from the satisfaction to be derived from completing the exercise, there are practical benefits to be derived. Citizens of war-torn countries, or who live under despotic regimes, may be obliged to flee at short notice; knowing that their cryptocurrency remains retrievable, even if they’re obliged to escape with just the shirt on their back, will be of comfort. And for those who live in less turbulent lands, fire and theft can separate you from your seed for good. Even bank vaults aren’t entirely safe. Keep a physical copy of your seed with a backup in your head and you’ll be protected from acts of god, men, and anyone else intent on depriving you of your precious crypto.

Do you think a memory palace is an effective way of recalling a wallet seed, or is the risk of forgetting it too high? Let us know in the comments section below.


Images courtesy of Shutterstock, and Keepkey.


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

The post Create an Unforgettable Wallet Seed by Building a Memory Palace appeared first on Bitcoin News.

Bitcoin News

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEX

August 13, 2018 |

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEX

In recent news pertaining to cryptocurrencies, a Chinese court has rejected an appeal from a trader disputing a previous decision that mandated he repay the value of 5 BTC accidentally credited to his Coinnice account, the CEO of Binance has demonstrated the company’s upcoming decentralized exchange (DEX), and Okex’s head of operations has discussed the company’s recent “socialized clawback”.

Also Read: Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

Chinese Court Backs Exchange in Dispute Over 5 BTC Accidentally Credited to Trader

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEXA Chinese court has rejected an appeal made by a bitcoin trader who was recently mandated to repay the fiat value of 5 BTC accidentally credited to him by an exchange operated by Beijing Grape Technology Co. The 5 BTC had been credited to Li Jianfeng’s account as the result of a system bug on the then-operating Coinnice exchange on the 10th of March 2017.

The court had previously ruled that Mr. Jianfeng had no legal claim to the 5 BTC, and mandated that he return the fiat value corresponding to the BTC at the time of their liquidation. Mr. Jianfeng appealed on the basis of the exchange’s operations being illegal according to China’s “Notice of the People’s Bank of China and other departments on preventing the risk of bitcoin,” however, the court rejected the case due to said notice not being in effect at the time of the incidents in question.

Ultimately, the court ruled that Mr. Jianfeng must adhere to the contractual policies enforced by the platform, determining: “In this case, whether or not Coinnice’s establishment as a bitcoin trading platform has violated relevant rules, does not have any impact on Li’s liability to return the profits he received with no legal basis….As such, the court denies his appeal and the decision is final.”

CZ Demos Upcoming Binance DEX

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEXThe chief executive officer of Binance, CZ, recently uploaded a video to Youtube providing the first demonstration of the company’s upcoming decentralized exchange, Binance Chain. The CEO indicated the company’s plans for the DEX are moving significantly ahead of schedule and that the demo had taken place “one to two months later” than anticipated.

The preview demonstrated the “issuing or creating of a token,” the “listing of the token on the decentralized exchange,” and “trading of the token against another token on the decentralized exchange.”

Despite the demo, CZ stressed that the platform is “very much still in early-stage development,” adding that “there is still a ton of work to be done” before the finalization of the platform.

Okex Head of Operations Discusses Recent “Socialized Clawback”

Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEXThe Okex head of operations, Andy Cheung, has discussed the exchange’s recent “socialized clawback” that followed a $ 416 million liquidation that recently took place on the exchange’s futures markets.

Mr. Cheung stated that the liquidation and clawback were resultant from “merely a bad decision of a trader,” asserting that the exchange contacted the trader multiple times requesting that he “partially close the positions to reduce the overall market risks.” Despite such, Mr. Cheung stated that “the client refused to cooperate, which [led] to our decision of freezing the client’s account to prevent further positions [from] increasing. Shortly after this preemptive action, unfortunately, the BTC price tumbled, causing the liquidation of the account.”

Mr. Cheung described the incident as comprising a “valuable lesson” for Okex, asserting that despite the resulting socialized clawback, “From our data, we do not see any signs of the market sentiment being affected by this incident. We also do not see any signs of our customers’ sentiment being greatly affected. We would say this is a valuable lesson for us in improving our trading experience. We always encourage our customers to study the mechanism behind futures trading before joining the game to avoid unexpected losses.”

Although Mr. Cheung defended the company’s policies regarding socialized clawback, describing such as “balanc[ing] the interests between all parties involved” though stabiliz[ing] our platform’s operations” and “ensuring traders’ assets on our platform,” Mr. Cheung stated that Okex is “making efforts to eliminate the risk of large-scale clawback in the future.”

Are you surprised by the Chinese court’s decision to reject Li Jianfeng’s appeal? Share your thoughts in the comments section below!


Image courtesy of Shutterstock


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The post Exchanges Round-Up: Chinese Court Backs Coinnice Repatriation, CZ Demos Binance DEX appeared first on Bitcoin News.

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PR: NEM and Unibright Are Announcing a Strategic Partnership

August 13, 2018 |

NEM and Unibright Are Announcing a Strategic Partnership

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

NEM (“out-of-the-box”, enterprise-grade blockchain platform”) and Unibright (“blockchain agnostic integration framework”) are teaming up and start an official strategic partnership.

NEM and Unibright start a strategic partnership by adding NEM oriented code generation to the Unibright framework and adding Unibright to the NEMsp Program. Through this relationship, Unibright developers will receive blockchain training and certification through the Global NEMsp Network. The NEMsp (NEM Service Partner) Network provides qualified partners like Unibright with the technical skills and business benefits to integrate clients on the NEM Blockchain and scale regardless of industry, specialization or experience.

The partnership consists of:

– adding NEM as a target of Unibrights automatic blockchain code generation,
– adding NEM adapters to Unibright’s integration platform to connect NEM architectures to existing IT landscapes,
– qualifying Unibright as an official NEM Service Partner by training and certification through the Global NEMsp Network,
– working together on common customer projects, case studies and proof of concepts with industry partners and clients.

Kristof Van de Rek, Interim President of NEM.io states:

“The NEMsp Network is a scalable and repeatable program designed to expedite the adoption of NEM globally while creating value for our partners. Companies won’t need to have any internal technical staff to be able to build on the NEM Blockchain because a project can be completely developed and deployed by a NEMsp. Unibright puts that development on an even higher level by generating code automatically, and thus are a perfect fit to the NEMsp network. We look forward to a long and mutually beneficial relationship with Unibright.”

Marten Jung, founder and CEO of Unibright adds:

“We are convinced that enterprise clients will rely on those blockchain platforms that offer them the most robust base, the best scalability and the fastest “pilot-to-solution” outlook. NEM delivers on that in a very convincing and elegant manner. NEM is a perfect match to our framework, and we are very looking forward to filling this partnership with life.”

Unibright completed the initial training provided by NEM Solutions Architect, Joris Huybrechts, at Unibright’s main office in Bingen, Germany. Certification will follow after Unibright’ test project has been checked by a NEM Solutions Architect as a working solution.

NEM is an “out-of-the-box”, enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features which include: multi-signature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can “plug ‘n play” with NEM.

Unibright offers a unified framework, bringing blockchain technology and smart contracts to mainstream usage. With its “no-coding-needed” approach, smart contracts get generated, deployed and updated automatically into different blockchains. Unibright works with visual, usecase-related templates and also automatically integrates existing IT systems into the blockchain.

Press Contact Email Address
team@unibright.io

Supporting Link
https://unibright.io/

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

The post PR: NEM and Unibright Are Announcing a Strategic Partnership appeared first on Bitcoin News.

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Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

August 13, 2018 |

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam.

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

Mining Rig Imports Stop

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsBusiness and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 bitcoin and litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 bitcoin miners and 350 litecoin miners, Vietnam Biz reported Wednesday.

According to the HCMC Customs Department, businesses and individuals imported 3,664 crypto miners from the beginning of this year to August 6, most of which were Antminers from China. The news outlet reiterated:

According to information from the Customs Department of Ho Chi Minh City, from early July 2018 to now, organizations and individuals have stopped importing mining rigs.

According to the publication, four enterprises imported more than 3,000 machines this year; the rest were imported by “individuals and organizations [that] do not have [a dedicated] import tax code.” Viet Nam News added that “according to data from the General Department of Customs, Vietnam imported about 15,600 mining machines from 2017 to April this year.”

Mining Rig Import Ban Looming

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsThe lack of crypto mining rig imports follows the proposal by the country’s Ministry of Industry and Trade “to suspend the import of cryptocurrency mining machines in a move to improve the management of currency transactions in the country,” the publication detailed.

The ministry has gained support from a few other government agencies and the country’s central bank, the State Bank of Vietnam (SBV).

The ban was proposed because the country’s finance ministry became concerned that crypto mining rigs are “not on the list of goods banned from importation and are not subject to the list of specialised management or unsafe goods, so enterprises are easily allowed to complete the import procedures,” the publication explained, noting:

The use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authorities to manage. Thus it is easy for people to use cryptocurrencies as a currency or another method of payment, which is illegal in Vietnam according to the amended Decree 101 on non-cash payments.

In April, Vietnamese Prime Minister Nguyen Xuan Phuc signed a directive calling for stronger measures for cryptocurrencies. Xinhua described that “under the directive, credit institutions in Vietnam are not allowed to carry out cryptocurrency-related transactions and must swiftly report any suspicious activities.”

Do you think Vietnam will eventually ban the import of bitcoin mining rigs? Let us know in the comments section below.


Images courtesy of Pixabay.


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