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Bitcoin Mining Manufacturer Canaan Files for Hong Kong Stock Exchange IPO

May 17, 2018 |

Bitcoin Mining Manufacturer Canaan Files for Hong Kong Stock Exchange IPO

Canaan Creative Co. Ltd, the Chinese company behind the Avalon lineup of hardware equipment which produces ASIC mining chips and rigs, has officially submitted a listing application to Asia’s third-largest equities market – the Hong Kong stock exchange.

Also Read: HTC to Launch Its Own Cryptocurrency-Focused Smartphone, Exodus

$ 1 Billion IPO

Bitcoin Mining Manufacturer Canaan Files for Hong Kong Stock Exchange IPO

Canaan posted a preliminary prospectus on Tuesday revealing it brought in a revenue of 1.3 billion yuan in 2017 and that its net income jumped over 600% to 361 million yuan. Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG and CMB International Capital Ltd. are named as joint sponsors of the proposed offering in the preliminary prospectus. The filing did not specify the amount Canaan will try to raise in the public offering but it is widely expected to be around $ 1 billion.

The Chinese ASIC cryptocurrency hardware market grew to 7.3 billion yuan in 2017 from just 50 million yuan in 2013, Canaan revealed in the filing, and consultant Frost & Sullivan extrapolates, that it will reach 28.6 billion yuan by 2020. The exact target date for the stock listing Canaan has in mind was not made public, and might change along with other details as the matter is evolving, but a person with knowledge of the situation told Bloomberg the company aims to start trading as soon as July 2018, just about two months from now.

Canaan to HK

Bitcoin Mining Manufacturer Canaan Files for Hong Kong Stock Exchange IPOThe Hong Kong market wasn’t the company’s only possible avenue for listing. Last year Canaan was known to be looking to list on China’s National Equities Exchange and Quotations, an over-the-counter market, and earlier this year it was reportedly examining its options for a US-based IPO. The company didn’t explain why it eventually picked Hong Kong but it is safe to assume that the less hostile regulatory approach on the island, compared to both mainland China and the US, played a part in the decision.

Back in April, we reported that the company employs around 200 people in Beijing and Hangzhou, mostly in R&D, and is looking to hire more. Canaan might use its chip development know-how and capabilities to create an unexpected new lineup of products. These can include home appliances such as television sets that mine cryptocurrencies “while you sleep.” Other developments include chips to power artificial intelligence (AI) applications and of course new hardware for mining additional cryptocurrencies.

Should all stock investors add an ASIC producer to their portfolio to get exposure to the bitcoin market? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto Rules

May 17, 2018 |

Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto Rules

In today’s edition of Bitcoin in Brief we’re focusing on developments in the realm of international politics and economics regarding cryptocurrencies. The Organization of Economic Cooperation and Development is looking into the possible uses of digital coins and the associated technologies. Kazakhstan is calling for the adoption of common crypto rules by the United Nations, while Iran and Russia are thinking about using cryptocurrency in bilateral trade.  

Also read: Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates Komainu

OECD Explores Cryptos and ICOs

Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto RulesThe Committee on Digital Economy at the Organization of Economic Development and Cooperation (OECD) has started exploring blockchain-based cryptocurrencies and Initial Coin Offerings (ICOs). The international body also wants to help governments of member-states develop and implement legislation aimed at protecting consumer rights in electronic trade.

According to Elina Sidorenko, head of Russia’s interdepartmental group working to assess risks and opportunities associated with cryptocurrencies, the OECD will be used as a platform to discuss matters related to cryptos and token sales. These discussions will be held in the context of ensuring the safety of consumers of financial services, she said in a post on her Telegram channel.

The OECD and the Financial Action Task Force on Money Laundering (FATF) recognize the role of cryptocurrency as a means of payment and accumulation, Sidorenko emphasized. Both organizations also view ICOs as a good mechanism to attract funding, she added. “I hope that the generally positive rhetoric on cryptocurrencies in the OECD will not change,” the Russian official said, promising to keep her followers informed on further developments.

Astana Calls for UN Crypto Rules

Kazakhstan’s President Nursultan Nazarbayev thinks that the time has come to adopt common, international rules on cryptocurrencies with the help of the United Nations. “Most countries are actively exploring the possibility to adapt their regulations to the current configuration of the financial system. At the same time, the disconnected actions of different states will lead to inefficiency. It is necessary to develop general rules,” he insisted, quoted by Zakon.kz.

During the Astana Economic Forum, Nazarbayev noted that Kazakhstan’s own project to issue an assets-backed cryptocurrency called G-Global has won institutional support from international organizations. The initiative “has been mentioned on multiple occasions during the G20 summit. Last week the Council of Foreign Ministers at the Organization of Islamic Cooperation, which includes more than 50 nations, adopted a resolution to support it,” the president revealed.

Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto Rules

Kazakhstani officials have previously said that G-Global will be designed as a crypto “backed by assets, not just trust.” These assets have not been specified so far but the Central Asian country is rich in natural resources. Kazakhstan is the leading economy in the region, generating 60% of its GDP, primarily through the oil and natural gas industry.

Recent reports that Kazakhstan’s central bank is preparing legislation to ban the sale and purchase of cryptocurrencies, as well as crypto mining, have been dismissed by representatives of the local crypto community. According to Leonid Muravjov, VP at the Blockchain and Crypto Technology Association of Kazakhstan, the government is actually spending huge amounts of money to digitize the economy, which is currently heavily reliant on the export of mineral resources.

Kazakhstan and Belarus to Cooperate on Blockchain

Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto RulesAstana and Minsk intend to strengthen their ties in the field of blockchain implementation. Kazakhstan and Belarus have signed a memorandum of cooperation that will allow experts from the two former Soviet republics to exchange experience and improve their competitiveness on the world stage through wider adoption of new technologies. Both countries are members of the Eurasian Economic Union (EAEU).

“The bottom line is that this (blockchain) is a multinational technology, and the development of some real solutions, both at state level and in the private sector, does not make sense in the context of a single state. The memorandum aims to develop the most optimal solutions through exchange of experience and personnel, and to share already working solutions based on blockchain technologies and cryptocurrencies,” said Stanislav Baskov, Director of the Belarussian Distributed Ledger Technologies Association.

According to a press release by Astana Hub, Kazakhstan’s IT Park, the agreement was signed during the international expo TIBO – 2018 in Belarus. It would allow Kazakhstan to take advantage of the Belarusian experience in blockchain and cryptocurrency integration. Recently, Minsk legalized crypto-related activities for entities registered with its Hi-Tech Park with a presidential decree that came into force on March 28.

Iran and Russia to Create Crypto Alternative to SWIFT

Recognizing the opportunity to minimize dependence on the US dollar, Iranian authorities have turned their attention to cryptocurrencies. Iran’s central bank has commenced work on proposals to use cryptocurrency in international trade, as requested by the parliamentary Committee on Economic Affairs, Interfax reported.

Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto Rules“Cryptocurrencies offer a good opportunity to circumvent the use of the dollar, and also replace the SWIFT system,” said Mohamad Reza Purebrahimi, who heads the commission. Teheran has established cooperation with Russia on the matter following a meeting with the chairman of the Economic Policy Committee of the upper house of Russia’s parliament, Dmitriy Mezentsev. Purebrahimi said that the two countries may be the first to use cryptocurrency in bilateral trade transactions.

“Against the backdrop of US pressure, the expansion of settlements in national currencies, as well as the possible use of payment systems like [the Russian] Mir and the Iranian Shetab is promising,” Mezentsev commented. According to official sources quoted in Moscow, Russia may put its version of SWIFT, the SPFS, on blockchain as early as next year.

What are your thoughts on the highlights in today’s Bitcoin in Brief? Tell us in the comments section below.


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The post Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto Rules appeared first on Bitcoin News.

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Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

May 17, 2018 |

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Cryptocurrency markets are losing some gains today, as most digital assets are down between 3-15 percent during this morning’s trading sessions on May 16, 2018. The overall cryptocurrency market cap has shaved a few billion in losses since our last markets update, leading to the valuation of all 1,600 cryptocurrencies hovering around $ 374Bn today. During the last 24-hours Bitcoin Cash (BCH) value has dropped 10.4 percent and prices are around $ 1,258 per BCH. Bitcoin Core (BTC) prices have also dipped, but by only 5.6 percent with one BTC priced at $ 8,234 at the time of publication.

Also read: Circle Raises $ 110Mn With Plans to Launch USD-Backed Coin

BCH Markets Down 20% This Week

At least three-quarters of the entire cryptocurrency ecosystem has lost value today as many coins are seeing losses this Wednesday. Total 24-hour trade volume for today’s trading session is around $ 22.6B worth of exchanges. Bitcoin Cash markets have lost a bit of value since yesterday as the network experienced an upgrade which increased its block size to 32MB. BCH trade volume is thinner than the week prior as only $ 1Bn has been traded during the last day. The top five exchanges swapping the most BCH during today’s trading sessions are Okex, Bitfinex, Huobi, Upbit, and Hitbtc. Both the South Korean won and tether (USDT) BCH trading pairs have seen exponential volumes but BTC still dominates pairs by 34 percent. The BCH/BTC pair is followed by tether (USDT 25.4%), USD (22%), KRW (14%), and the EUR (1.4%).

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
BCH/USD market action on May 16, 2018, according to Satoshi Pulse.

BCH/USD Technical Indicators

Looking at the four-hour BCH/USD chart on Bitfinex the price is seeing some deep triangular consolidation at the moment. The MACd is on the rise after the initial dip took place and show more improvement could be in the cards. RSI levels show the oscillator is around 38 right now, showing oversold conditions seem imminent. Looking at the two Simple Moving Averages indicates the path to resistance to the upside still looks obtainable as the short term 100 SMA rides above the longer term 200 SMA trend line. Looking at order books on the upside, BCH bulls need to muster up the strength to break past $ 1,330-1,355 in order to make headway northbound. On the flipside, if the dips continue there are some solid foundations between the current vantage point and $ 1,210.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
Bitfinex — BCH/USD May 16, 2018, at 10 am EDT.

A Brief Glimpse at Overall Cryptocurrency Market Action

The entire cryptocurrency ecosystem is seeing pretty decent losses today even though there’s been loads of good news coming from the industry this week. The number one cryptocurrency market cap held by Bitcoin Core (BTC) is wavering just below the $ 8,400 region with $ 7Bn in trade volume over the past 24-hours. Ethereum (ETH) markets has seen some dippage as well, as prices have lost 4 percent today. One ETH is hovering just above $ 700 USD at the time of publication. Ripple (XRP) markets are seeing heavier losses around 6.3 percent as one XRP is $ 0.69 cents today. Lastly, the fifth highest capitalization has been a contested position for a while now as many coins have been filling this area over the past year. EOS has held the number five spot for a few weeks now but its markets are down 11.7 percent today as one EOS is averaging $ 12 per coin.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
The top ten cryptocurrencies today according to Satoshi Pulse.

The Verdict: Mid-May Market Action is Lackluster but Positivity Remains

So far, the mid-May bull run lots of enthusiasts were hoping for has been nothing but a fizzle this week. Many believed cryptocurrencies would begin to see larger gains after the Consensus conference in New York started but that forecast never came to fruition, at least not yet. The only coins that are doing well today are a few miscellaneous tokens and stablecoins like tether (USD, and TrueUSD showing traders are likely using these ‘stable’ currencies as shelter from the current storm). Optimism and positivity among traders on social media and trader groups on Telegram still seems bright, even though markets have shaved some decent gains over the past 72-hours.

Where do you see the price of BCH and other cryptocurrencies headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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The post Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets appeared first on Bitcoin News.

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Bitcoin Cash Community Sees OP_Code Innovation After Upgrade

May 17, 2018 |

Bitcoin Cash Community Sees OP_Code Innovation After Upgrade

It’s been well over a day since the Bitcoin Cash (BCH) network upgraded its protocol, and the consensus rules now come with a 32MB block size. Although the block size increase is quite a feat, BCH developers have also expanded the network’s default data-carrier-size to 220 Bytes and re-enabled some old Satoshi OP_Codes that were previously removed from earlier codebases. Now over the past 24-hours, lots of people have been playing around with the new BCH features.

Also Read: Bitcoin Cash Upgrade Milestone Complete: 32MB and New Features

Experimenting With the New Bitcoin Cash OP_Codes

Lots of BCH community members have been discussing the new OP_Code features and the additional space added to the network’s default data-carrier-size. The first signs of people messing around with the new features came from the Memo and Blockpress developers as both platform’s increased posting character limit from 79 to 217.

Bitcoin Cash Community Sees OP_Code Innovation After Upgrade
Both Memo and Blockpress (featured above) now have 217 characters.

This means users of both social media applications can now post more content and everything is saved on-chain. Then shortly after the fork, another OP_Code feature was shown to the community by Openbazaar developer Chris Pacia.

The First Tree Signature on the Bitcoin Cash Blockchain

Pacia built the first tree signature on the Bitcoin Cash blockchain by utilizing the OP_CAT functionality  which creates a more efficient multi-signature combination. The Openbazaar programmer explains for addresses with a large number of keys, a tree signature can use less data. “For addresses with a large number of keys a tree signature can use less data. And unlike normal OP_CHECKMULTISIG, it doesn’t require you to expose the keys that were not used in the signing,” Pacia explains to the BCH community on May 15. Moreover, Pacia shows his demonstration via a block explorer URL which indicates it was a 1 of 8 multi-sig tree signature.

Bitcoin Cash Community Sees OP_Code Innovation After Upgrade
Chris Pacia’s multi-sig tree.

Many individuals were very impressed with the new multi-sig operation that shows innovation in multi-signature technology, and one that could add more BCH privacy in the future. Pacia details his example is a subset of MAST  which stands for ‘Merkelized Abstract Syntax Trees.’ MAST could improve BCH privacy because certain multi-sig scripts could be kept hidden.

“This is like a subset of MAST,” Pacia explains.  

MAST is more general but can’t be done with the current opcodes as far as I know — If we had OP_EVAL then we could I think.

An OP_Code Puzzle With a Message in the Script

After the tree signature our Chief Technology Officer, Emil Oldenburg, also experimented with the Satoshi OP_Codes and created a ‘transaction puzzle.’ When the puzzle is solved it contains a secret message within the hashed script.    

“I made a fun little transaction puzzle with one of the new OP_Codes,” Oldenburg explains.

The puzzle is solved with the string “BCH is the best Bitcoin”. The script is <String1> <String2> OP_XOR OP_HASH256 <hash1> OP_EQUAL. It’s solved by finding the secret String1 that when XORed with String2, after hashing should be equal to hash1.

Etching the Bible’s 23,000 Verses Into the Bitcoin Cash Blockchain

Lastly, another anonymous user is pushing the ‘arbitrary data spam debate’ to the ultimate level. The Twitter handle UK Cryptocurrency showed the cryptocurrency community that a BCH address is currently writing the first testament of the King James Bible to the Bitcoin Cash blockchain at 1sat/Byte. Looking at the Bitcoin Cash transaction ID its Memo states:

1 In the beginning, God created the heaven and the earth.

Transactions following this continue to be written in the BCH chain with each verse that’s found in the King James Bible.

Bitcoin Cash Community Sees OP_Code Innovation After Upgrade
This address is etching the entire Bible into the blockchain.

UK Cryptocurrency estimates that the entire Bible may cost around $ 100 USD (0.08 BCH) and add around 8MB to the BCH chain. Of course, many Bitcoin Cash fans were excited to see the many OP_Code developments unfold so fast and expect more innovative ideas will sprout down the line.

What do you think about all the OP_Code experimentation over the past day? Let us know what you think about this subject in the comments below.


Images via Shutterstock, Reddit, the Bitcoin.com Block Explorer, and Blockpress. 


Want to see all those Memo posts and OP_Codes in the BCH Chain? Check out Bitcoin.com’s Block Explorer today!

The post Bitcoin Cash Community Sees OP_Code Innovation After Upgrade appeared first on Bitcoin News.

Bitcoin News

US Government Launches Scam Crypto Site

May 17, 2018 |

US Government Launches Scam Crypto Site

In an effort to get ahead of the next round of scams, the US Securities and Exchange Commission (SEC) created and published its own version of an initial coin offering (ICO) scam website. It’s a rather innovative way at approaching investor education in the brave new world of cryptocurrency.

Also read: Federal Reserve Pres: People Want Dollar, Not Volatile Crypto

SEC Posts ICO Scam Site

“Combining the two most growth-oriented segments of the digital economy,” the mock SEC website reads, “blockchain technology and travel, Howeycoin is the newest and only coin offering that captures the magic of coin trading profits AND the excitement and guaranteed returns of the travel industry. Howeycoins will partner with all segments of the travel industry (air, hotel, car rental, and luxury segments), earning coins you can trade for profit instead of points.”

US Government Launches Scam Crypto Site

It really is a novel idea. SEC Chairman Jay Clayton explained, “The rapid growth of the ‘ICO’ market, and its widespread promotion as a new investment opportunity, has provided fertile ground for bad actors to take advantage of our Main Street investors. We embrace new technologies, but we also want investors to see what fraud looks like, so we built this educational site with many of the classic warning signs of fraud. Distributed ledger technology can add efficiency to the capital raising process, but promoters and issuers need to make sure they follow the securities laws. I encourage investors to do their diligence and ask questions.”

And it is also more than ironic how “on it” the SEC has been when it comes to crypto and all things ICO. Enforcement subpoenas are flying all around the United States in search of the next conviction. Ironic, because, of course, so little, comparatively, has been done similarly with regard to mainstream financial scams: The Great Recession is probably a perfect example. Crypto, while often ‘poo-poo’d’ as largely irrelevant and no threat, does appear to occupy more and more time and space in SEC moves.US Government Launches Scam Crypto Site

Nevertheless, SEC Chief Counsel, Owen Donley, detailed how fraudsters “can quickly build an attractive website and load it up with convoluted jargon to lure investors into a phony deal. But fraudulent sites also often have red flags that can be dead giveaways if you know what to look for.” The webpage www.howeycoins.com is an in-house SEC project they were able to construct in relatively little time. Howey is derived from the landmark 1946 U.S. Supreme Court decision, SEC v. W.J. Howey Co.  Its decision guides the definition the regulator uses to this day in determining what constitutes a security: “a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

Pretty Much Spot On

Some of the better lines are eerily spot on. “We anticipate OVER 1% daily returns, with DOUBLE 2% returns on Tier 1 investors in pre-ICO stage secured purchases,” Howeycoin promises. “The average registered coin return over a two month period in 2017 was an amazing 72%. Based on market conditions, including record-setting prospects in both the digital asset and travel industries, we expect to surpass that BEFORE the Tier 2 offering closes. HODL! We also forecast a minimum growth rate of between 7% to 15% annualized, making Howeycoins attractive for long-term investment. In addition, Howeycoins can serve as a GUARANTEED hedge against inflation and market loss.”US Government Launches Scam Crypto Site

Clicking on the live links brings surfers to a reveal landing page: “If You Responded To An Investment Offer Like This, You Could Have Been Scammed – Howeycoins Are Completely Fake!” the banner blares. “Fortunately, frauds like these often have a number of ‘red flags’ that can help you tell if the so-called ‘investment opportunity’ is really a scam. Our bogus site is a mash-up of a number of different things we’ve seen – any particular fraud may be harder to spot than the red flags here. Here are some of the signs of fraud that are on the Howeycoins site – we hope reviewing these may help you recognize a real fraud in the future!”

In the interest of clarity and fairness, seeing as how the legacy financial world has been around decades and decades longer than crypto and ICOs, it’d be wonderful for the SEC to use some this new found creativity to mock their own: investment bank come-ons, bail out scams, etc. We won’t be holding our breath.

Do you think this tactic will be effective? Let us know your thoughts in the comments below.


Images via Shutterstock, SEC.


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The post US Government Launches Scam Crypto Site appeared first on Bitcoin News.

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Thailand Waives 7% VAT for Individual Cryptocurrency Investors

May 17, 2018 |

Thailand Waives 7% VAT for Individual Cryptocurrency Investors

Thailand’s Revenue Department has announced that it will waive the 7% value-added tax for individual cryptocurrency investors. The country began regulating digital currencies and initial coin offerings on Monday, putting the Thai Securities and Exchange Commission (SEC) in charge of the regulations.

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

VAT Exemption

The decree to provide the legal framework for cryptocurrencies and initial coin offerings (ICOs) in Thailand went into effect on Monday.

Cryptocurrency transactions are currently subject to income tax for both private companies and individual investors, Nation Multimedia explained. Saroch Thongpracum, Director of Legal Affairs of the country’s Revenue Department, announced at a press conference on Tuesday:

The Revenue Department will waive value-added tax for people trading in cryptocurrencies on exchange markets approved by the Securities and Exchange Commission (SEC).

Thailand Waives 7% VAT for Individual Cryptocurrency InvestorsHowever, Mr. Saroch emphasized, “Individuals will still have to pay a 15 percent capital gains tax, also known as a withholding tax, on income earned in a transaction.”

The VAT waiver for individual cryptocurrency traders aims to “reduce their tax burden,” the publication noted, adding that the Revenue Department “would issue a regulation waiving the 7 percent VAT for individual investors.”

Furthermore, the news outlet detailed, “Under the new law, private companies launching ICOs have to pay corporate income tax on the funds they raise from the exercise.”

Full Regulations Expected Next Month

Thailand Waives 7% VAT for Individual Cryptocurrency InvestorsAccording to the decree, the Thai SEC will be the primary regulator of digital assets. Three groups of crypto operators will be regulated: brokers, dealers, and ICO portals. They must obtain licenses from the Finance Minister, according to the department’s spokesperson.

The SEC chief says that the Commission expects to issue regulations on cryptocurrencies and ICOs by the end of June after holding a public hearing. “The public hearing will take 2-3 weeks because investments in digital tokens are complicated and carry high risks,” the Bangkok Post reported SEC secretary-general Rapee Sucharitakul conveying. During this time, ICOs are banned in the country.

The news outlet then quoted Mr. Rapee elaborating:

The new regulation aims to provide protection for general investors since only investors who have knowledge of ICO issuance or digital-asset transactions should be allowed to engaging in this kind of trading.

Meanwhile, the Bank of Thailand (BOT) announced that it will wait for the SEC to release more details of the regulations before it will take any action, Assistant Bank of Thailand governor Chantavarn Sucharitakul told the publication. The central bank has previously requested financial institutions in the country to refrain from dealing with cryptocurrency transactions.

What do you think of Thailand waiving 7% VAT for individual crypto investors? Let us know in the comments section below.


Images courtesy of Shutterstock and Thai SEC.


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Investment Platform Etoro Launches in the US with 10 Cryptocurrencies

May 16, 2018 |

Investment Platform Etoro Launches in the US with 10 Cryptocurrencies

Social trading platform Etoro is expanding into the US. Pre-registration has already begun. Initially, 10 cryptocurrencies will be offered, but the company plans to add more throughout the year. The company’s crypto business has boomed in recent years, with 70% of its users reportedly trading cryptocurrencies.

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

Etoro Launching in the US

Social investment platform Etoro has announced that it is expanding into the US market. CEO Yoni Assia unveiled the company’s plans at the Consensus conference on Tuesday. According to the announcement:

The launch will initially enable U.S.-based users to invest in 10 cryptocurrencies, with more to be added throughout 2018. Users will have access to a community feed and tools, letting them engage in conversations about cryptocurrencies and follow the investment strategies of other U.S. users.

Investment Platform Etoro Launches in the US with 10 CryptocurrenciesLaunched in 2007, Etoro is regulated in Europe by Cyprus Securities and Exchange Commission and in the UK by the Financial Conduct Authority. The company says it has more than 10 million registered users across 140 countries in Europe, Asia, and Australia, with an accumulated capital funding of more than $ 162 million. Currently, its website shows 247,387,974 open trades on the platform.

Assia commented, “Etoro will continue to focus on simplicity and user-friendliness so that more diverse groups will feel welcomed into the global crypto community.”

Pre-Registration Begins for US Users

The company explained that US users can join the waiting list for the platform starting on May 15. “Users will be able to experience the interface and perform mock cryptocurrency investments via a virtual portfolio,” its announcement details, adding:

The 10 cryptocurrencies that will be initially available are: bitcoin, ethereum, litecoin, XRP, dash, bitcoin cash, stellar, ethereum classic, NEO, and EOS. Etoro intends to integrate several more cryptocurrencies throughout 2018.

Investment Platform Etoro Launches in the US with 10 Cryptocurrencies“The platform will offer U.S. investors three ways to access the crypto markets,” Etoro described. The first way is “by manually investing in a coin.” The second is “by automatically copying the trades of other traders on the platform to benefit from their knowledge and investment expertise.” The third is “by investing in a Crypto Copyfund which provides a diversified portfolio of major crypto assets.”

A Copyfund is Etoro’s investment product aimed at helping investors minimize long-term risk, its website states. “Once you invest in a Copyfund, your capital is professionally managed by Etoro’s investment committee. Each Copyfund’s performance is analysed in depth and rebalanced automatically to maximise its gain potential.”

Etoro’s Booming Crypto Business

In January last year, the platform added cryptocurrencies. According to Fortune, “In recent years, the company’s crypto business has boomed with 70% of its users trading digital currency.”

Investment Platform Etoro Launches in the US with 10 Cryptocurrencies
Yoni Assia.

In an interview with the news outlet, Assia predicted that Etoro’s “unusual social media features would help it gain a foothold” in the US. “Those features let users create a public profile of their investments, which in turn allows others on Etoro to track and copy their trading decisions.”

Commenting on the crackdown by the US Securities and Exchange Commission (SEC) targeting tokens that resemble securities, Assia told the publication that he is confident “the digital assets Etoro plans to list are currencies not securities.” He expects Etoro will list as many as 15 tokens by the end of the year, the news outlet conveyed, adding that the company also “plans to open a global wallet and exchange service later this year that is aimed at institutional traders.”

Currently, the aforementioned ten cryptocurrencies are already being offered on the platform for non-US users.

Investment Platform Etoro Launches in the US with 10 Cryptocurrencies

What do you think of Etoro launching in the US? Let us know in the comments section below.


Images courtesy of Shutterstock, Medium, and Etoro.


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The post Investment Platform Etoro Launches in the US with 10 Cryptocurrencies appeared first on Bitcoin News.

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32MB Blocks Means Bitcoin Cash is Prepared for Mass Adoption

May 16, 2018 |

32MB Blocks Means Bitcoin Cash is Prepared for Mass Adoption

On May 15, 2018, the Bitcoin Cash (BCH) network upgraded the chain’s base block size from 8MB to 32MB. The software advancement makes blocks big enough to process lots of transactions over time  which gives developers plenty of breathing room to adjust the size if it starts getting closer to its limit. Unfortunately, many misdirected individuals assume the BCH chain will start processing 32MB blocks right away, which could lead to a blockchain chain that’s much larger in gigabyte size and takes longer to download. However, this is not the case right now at all, because BCH miners process blocks that are often still under 1MB, as the 32MB code is only set to ensure the network is capable in the future.

Also Read: Bitcoin Cash Upgrade Milestone Complete: 32MB and New Features

The Successful 32MB Block Size Increase Paves a Path for Mass Adoption

After the Bitcoin Cash network upgraded yesterday and even before the fork, a few misguided individuals asked why there was a need to raise the block size fourfold when 8MB blocks were not filling just yet. The reason developers raised the limit to 32MB is likely because the software is perfectly capable of handling such a task in the future. Right now block size limits are set by the miner, and developers are there to help set the capacity so blocks cannot get full in the immediate future, and fees will remain low for quite some time. Unfortunately for the Bitcoin Core (BTC) network, Core developers let the block size fill beyond capacity, and fees became unreliable during the last quarter of 2017. The 32MB BCH block size adjustment ensures this will not happen to the BCH network down the road, even when transaction usage becomes as extreme as 2017’s last quarter.

32MB Blocks Means Bitcoin Cash is Prepared for Mass Adoption
The Bitcoin Cash (BCH) community and developers are not afraid of forks and protocol upgrades. The May 15th upgrade is the second successful hard fork on the BCH network.

Looking at BCH blocks on Coin Dance — a website which records BCH chain data currently shows that mining limits are being set by the mining pool. Over the past nine months, there have been a few 2,4, and 8MB blocks processed, but typically blocks have been a megabyte or less. So in essence, once miners decide its necessary to increase the block sizes they process, they will do so based on transactions and adoption increasing over time. In fact, current data also shows the Bitcoin Core (BTC) chain is still 34.4GB larger than the Bitcoin Cash chain.

32MB Blocks Means Bitcoin Cash is Prepared for Mass Adoption
After the block size increase miners are not processing 32MB blocks, the upgrade was meant to ensure they can handle that capacity in the future.

 Transaction Data Shows Daily BCH Transactions Has Increased by 186% in Nine Months  

At the moment Bitcoin Cash transactions per day are less than BTC as there are roughly 20-25,000 daily BCH transactions. But there’s also been a misdirected notion that the BCH chain isn’t getting much use, but this is simply untrue as data shows over the past nine months that BCH daily transaction percentage rates have increased. The decentralized currency BCH has seen a steady incline (186%) of use since the August 1 fork and the expansion of BCH transactions are now only 5-10,000 transactions less per day than the Litecoin (LTC) network — a cryptocurrency that has been around for 7 years. This is due in part to many Bitcoin Cash-based on-chain platforms like the tipping bot Tippr, the social media apps Memo and Blockpress, and other applications that help increase BCH usage.

32MB Blocks Means Bitcoin Cash is Prepared for Mass Adoption
In just nine months Bitcoin Cash has more than doubled its transaction count, and the BCH daily transaction rate is just below LTC’s daily transactions per day.

32X the Capacity is Merely Preparation for the Future of Bitcoin Cash Adoption

Essentially the bottom line is the software is now capable of processing 32MB blocks as it was previously capable of 8MB blocks. So far BCH miners had proven the capability of mining much larger blocks than 1MB multiple times, clearing thousands of transactions from the mempool. After the successful fork on May 15, some BCH supporters are already asking developers to remove the block size limit entirely.

32MB Blocks Means Bitcoin Cash is Prepared for Mass Adoption
The hilarious TX Highway has updated to 32 lanes.

Moreover, we know from testing that the Bitcoin software is capable of processing gigabyte blocks, and research studies further suggest the network could handle terabyte blocks as well. Unlike other digital asset developers, BCH programmers have set the bar high for capacity based on the known advancements in scaling a cryptocurrency network. Instead of saying “we don’t need to scale now,” the 32MB increase establishes a base block size that can efficiently handle 32X more transactions than the BTC network’s highest daily transaction rate recorded this past December.

What do you think about the 32MB block size upgrade? Do you think that the developers should remove the capacity limit entirely? Let us know your thoughts in the comments below.


Images via Pixabay, TX Highway, Bitinfocharts.com, and Coin Dance. 


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.  

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“Stablecoin” Trueusd Pumps After Binance Listing

May 16, 2018 |

“Stablecoin” Trueusd Pumps After Binance Listing

It’s customary for cryptocurrencies to pump after securing a Binance listing. Every week a handful of tokens enjoy the “Binance bounce”, gaining as much as 50% in a matter of hours. Trueusd (TUSD) was meant to be different though. It’s a stablecoin whose job is to stay as close to the US dollar as possible. And yet, when Binance announced that it was adding TUSD, the unthinkable happened.

Also read: Circle Raises $ 110Mn With Plans to Launch USD-Backed Coin

How Trueusd Became a False Stablecoin

Stablecoins are a burgeoning industry, with scores of projects seeking to create tether alternatives that provide stability, each pegged against the US dollar. Circle has just announced plans to launch its own stablecoin, and news.Bitcoin.com recently profiled several other new contenders, including Trueusd, which was described as:

A collateralized stablecoin backed by USD held in escrow accounts. It’s basically a more transparent tether and is available on Upbit and Bittrex – where it’s even tradable against tether.

On May 16, Binance became the latest and largest exchange to announce its intention to list TUSD. Up until this date, the coin had performed as expected, with scarcely a wobble from its dollar peg. But then Binance released its news and TUSD went on a run to rival even the pumpiest of altcoins. At 3:36am ET, Trueusd was trading at $ 0.997. In the space of 22 minutes, it jumped to $ 1.18 and by 5am was at $ 1.39, a 39% rise for a coin whose defining characteristic is that isn’t meant to rise.

“Stablecoin” Trueusd Pumps After Binance Listing

Stability? What Stability?

In a short blog post, Binance declared that it would “open trading for TUSD/BNB, TUSD/BTC and TUSD/ETH trading pairs at 2018/05/18 04:00 AM (UTC). Users can now start depositing TUSD in preparation for trading.” It added: “Note: TUSD is a stablecoin. The value is designed to be 1 TUSD = 1 USD.” That design clearly doesn’t account for the power of a Binance listing. This is despite Trust Token, the team behind TUSD, claiming “Our open source smart contracts ensure a 1:1 parity between TrueUSD and USD in the accounts.”

“Stablecoin” Trueusd Pumps After Binance Listing

Ironically, in pumping by 39%, TUSD may have just proven its unsuitability as a stablecoin, and strengthened the case for tether. Tether may be opaque, but at least it works, staying resolutely close to its dollar peg at all times. Trueusd seems to have spiked due to traders FOMO-ing into the coin. It is unclear whether all of these buyers were aware that they were purchasing a supposed stablecoin. The price will settle down eventually, and return to its designated price. Traders may be left wondering, however, whether a stablecoin that can appreciate by almost 40% might also be capable of diminishing in value.

Do you trust Trueusd to hold its value in future? Let us know in the comments section below.


Images courtesy of Shutterstock and Saroshi Pulse.


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The post “Stablecoin” Trueusd Pumps After Binance Listing appeared first on Bitcoin News.

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HTC to Launch Its Own Cryptocurrency-Focused Smartphone, Exodus

May 16, 2018 |

HTC to Launch Its Own Cryptocurrency-Focused Smartphone, Exodus

With HTC entering the race, a second cryptocurrency supporting smartphone created by a major electronics manufacturer is now on its way to the market. Could this be the start of a trend by all device makers to embed features such as hardware wallets into phones to help increase sales among more tech savvy consumers?  

Also Read: Samourai Wallet Creates App for Transactions Over Mesh Networks

Exodus From Fiat to Crypto

HTC to Launch Its Own Cryptocurrency-Focused Smartphone, ExodusTaiwanese consumer electronics manufacturer High Tech Computer Corporation or HTC (TWSE: 2498), will release its own cryptocurrency-focused smartphone. The company has announced it is developing a “blockchain-powered” device that will be based on Google’s Android operating system which will be named Exodus.

The phone is expected to contain a universal wallet and a “built-in secure hardware enclave” supporting cryptocurrencies and dapps (decentralized applications). HTC reportedly also wants to create its own network with each phone serving as a node to facilitate trading within it. Finally, the company is examining the possibility of selling the device for cryptocurrency as well. “Through Exodus, we are excited to be supporting underlying protocols such as Bitcoin, Lightning Networks, Ethereum, Dfinity, and more,” Phil Chen who is responsible for the development told Thenextweb. “We would like to support the entire blockchain ecosystem, and in the next few months we’ll be announcing many more exciting partnerships together.”

Cryptocurrency Support as Killer App

HTC to Launch Its Own Cryptocurrency-Focused Smartphone, ExodusIf you follow the electronics market carefully, you must know that HTC has not been doing so well in recent years despite creating some great devices. In that context it is possible to imagine that the company is betting on a cryptophone to give it a more edgy brand to attract privacy-minded young people and the more tech savvy crowd. However, other companies have explored the field before HTC and it is thus possible that many more will soon feature built-in cryptocurrency support in their devices.

Earlier this month we reported on the technical details that have emerged about Sirin Finney, an ultra secure mobile device promising to keep your cryptocurrency transactions private. The phone will feature an embedded cold storage wallet, and will be built by the same company that builds the iPhone, Foxconn. And back in March of this year, the Chinese smartphone maker Huawei was rumored to be in serious talks with Sirin Labs about the device too.

How long until all new phones will support crypto as default? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post HTC to Launch Its Own Cryptocurrency-Focused Smartphone, Exodus appeared first on Bitcoin News.

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