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All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to Improve

January 25, 2018 |

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to Improve

The South Korean Communications Commission has conducted a survey of major cryptocurrency exchanges in the country and found them to have insufficient customer data protection. Eight exchanges have been sanctioned, with 30 days to resolve their issues and safeguard their systems.

Also read: Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March

All Major Exchanges Are in Violation

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to ImproveThe South Korean Communications Commission (KCC) announced on Wednesday that it has sanctioned 8 cryptocurrency exchanges “a total of KRW141 million [~USD$ 132,540] in penalties for violating the Personal Information Protection Act.”

This announcement followed the agency’s on-site survey of 10 exchange operators, in collaboration with the Ministry of Science, Technology, and Information and the Korea Internet Development Agency (KISA). The KCC wrote:

Among the 10 surveyed companies, all eight companies, except the two companies which stopped providing related services during the survey period, were found to be in violation of the Information and Communication Network Act.

The 10 companies surveyed are Upbit, Ripple4y, Coinpia, Youbit, Korbit, Coinone, Coinplug, Eyalabs, Bizcoin, and Bizstore, according to Chosun. Bizcoin and Bizstore stopped their crypto-related services during the survey and were excluded from the list, the news outlet detailed. The country’s largest crypto exchange by volume, Bithumb, was previously investigated separately.

The Fines

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to ImproveThe KCC fined Upbit 20 million won (~$ 18,800), Ripple4y 15 million won, Coinpia 15 million won, Eyalabs 10 million won, Youbit 25 million won, Korbit 21 million won, Coinone 25 million won, and Coinplug 10 million won.

Upbit is one of South Korea’s largest cryptocurrency exchanges. It is backed by the operator of the country’s most popular chat app, Kakao Talk. Meanwhile, Youbit was already in the process of filing bankruptcy before the survey ended.

Bithumb was sanctioned by the KCC in December. The agency fined the exchange 60 million won (~$ 56,400) for leaking customer data.

KCC’s Rectification Measures

Lee Hyo-Sung, the KCC chairman, said that “We will try to reduce the damage of users through more strict sanctions” of any crypto exchanges that violate the Information and Communication Network Act. He elaborated:

While the security threats such as virtual currency speculation and hacking of handling sites are increasing, the actual situation of personal information protection of major virtual currency exchanges is very weak.

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to ImproveThe Commission has ordered all the exchanges to immediately stop all violations. They are to make corrections within 30 days and report the results to the KCC, the agency announced. The Commission also plans to provide guidelines and regular education for any exchange officers in charge of personal information protection.

To prevent unauthorized access to personal data, the KCC requires the exchanges to “install and operate an access control device such as an intrusion prevention system, [take] measures to prevent the tampering of the access record, [and take] encryption measures for secure storage and transmission of personal information,” the agency wrote.

The exchanges must also “establish and implement internal management plans,” including those “related to the management of virtual currency electronic wallets and cryptographic keys and the transmission of virtual currency transactions,” the KCC detailed.

What do you think of the privacy protection measures at South Korean exchanges? What do you think of the KCC’s actions? Let us know in the comments section below.


Images courtesy of Shutterstock and the KCC.


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

The post All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to Improve appeared first on Bitcoin News.

Bitcoin News

Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH

January 25, 2018 |

Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH

Last September the premier source for everything bitcoin-related, Bitcoin.com, launched our casino gaming platform Bitcoin Games. Since then we decided to create a portal that uses bitcoin cash (BCH), making things far cheaper for gamers playing their odds. Our new portal ‘Bitcoin Cash Games’ offers the same variety of provably fair games for BCH users who want to play for high stake jackpots.

Also read: South Korean Card Companies Block Transactions to Overseas Cryptocurrency Exchanges

Bitcoin Cash Games Has All of Your Casino Favorites

At Bitcoin.com we prefer cryptocurrencies and platforms that tie technology to the things we love, and that includes gaming. That’s why we’re pleased to announce our latest gaming section powered by the decentralized digital asset Bitcoin Cash (BCH). The BCH network and currency has proven itself to be reliable while also offering transaction fees so cheap ($ 0.01 or less) they are practically non-existent. And just like our other popular games’ portal tethered to the bitcoin core protocol, Bitcoin Cash Games offers all of your casino favorites.

Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH

Bitcoin Cash Games includes video poker, keno, craps, roulette, dice, slots, and blackjack. Additionally playing at our BCH gaming casino requires no registration, and using our platform is entirely anonymous. Further, there’s a 99 percent expected return while playing any of our games, and Bitcoin.com’s casino favorites are always provably fair.

“The reason that we can guarantee provably fair gaming is that your web browser supplies a random number that we must incorporate into the random number generator in a provably consistent way,” explains the Bitcoin Cash Games portal rules.  

Our server first shuffles the deck, and your computer then gives us a random number that we must use to repeatedly cut the deck. Since our servers do not know what random number your computer will send, we have no way of knowing how the shuffle will look in the end.

Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH

Bitcoin Cash Offers Cheaper Fees and Faster Deposits for Instant Play

Our latest gaming portal is filled with high stakes fun, and jackpot payouts are always instant. Users from nearly every location around the world can play except for the U.S. and a few other destinations. Due to regulation restrictions, U.S. law doesn’t allow gaming portals that use real money, but American residents can still play our games with test credits.    

Playing our games is easy as all a user has to do is deposit bitcoin cash into our gaming portal address, and in a matter of minutes they can play games like roulette or any other wager that tickles their fancy. At Bitcoin.com we look forward to offering a gaming site that allows for cheap and fast transactions using BCH for funding. We think our players who used our Bitcoin Games portal in the past will notice a big difference right away utilizing bitcoin cash. So check out Bitcoin Cash Games today for that high stakes gaming experience that uses cutting-edge technology!

Have you visited our gaming section yet? Let us know in the comments below.


Images courtesy of Bitcoin.com.


Bitcoin.com is not responsible for any gains or losses incurred while gambling on our website.

The post Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH appeared first on Bitcoin News.

Bitcoin News

PR: KuCoin Becomes First Cryptocurrency Exchange to List Coinfi (COFI) Token on Jan 29, 2018

January 25, 2018 |

KuCoin Exchange to List Coinfi (COFI) Token

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.

HONG KONG – KuCoin.com will become the first cryptocurrency exchange to list the much anticipated CoinFi (COFI) token, which powers CoinFi, the first decentralized market intelligence platform. The COFI token will be available for purchase on KuCoin via COFI/BTC and COFI/ETH trading pairs, and COFI token holders will be able to deposit their tokens into Kucoin on Jan 28, 2018 for next day trading.

“We’re very excited to have our initial token listing on KuCoin,” says CoinFi cofounder Timothy Tam. “KuCoin is a global crypto exchange from Hong Kong that has been rapidly rising in popularity, receiving over 2 million sign ups since its launch in September 2017. We’re thrilled to be a small part of this success story.”

CoinFi recently completed a $ 15 million USD initial coin offering (ICO) to further expand its technology and hedge fund-caliber trading tools for real-time news, data, and analysis on the crypto markets. With strong support from private contributors and surging ETH prices, the CoinFi token sale reached its $ 15 million USD hard cap a week in advance of the scheduled Jan 15 public sale. In lieu of a public crowdsale, CoinFi airdropped 9,375,000 COFI tokens to its 18,000+ whitelist members.

The COFI token provides access to CoinFi’s cutting edge crypto financial intelligence, and is also used within the CoinFi eco-system to compensate and leverage the power of the crowd in a unique token-for-information ecosystem.

The CoinFi founding team’s unique blend of Wall Street finance and crypto trading experience has attracted significant attention to the project. The CoinFi telegram channel was one of the fastest growing token sale communities in early 2018, growing from 6,000 users to over 20,000 users in under 1 week.

“The interest in CoinFi is exciting, but it’s also something we anticipated. Any trader who has spent significant time in the crypto markets recognizes the need for a platform like CoinFi”, says cofounder Nate Tsang. “Our mission of bringing Wall Street calibre tools to the blockchain resonates with everyday crypto investors – they see that the kinds of tools and on-demand financial analysis to which equities traders have access is severely lacking in the crypto space. Like the Bloomberg Terminal revolutionized the financial data market in equities, we expect CoinFi to do the same for crypto financial intelligence.”

More information about CoinFi’s crypto market intelligence platform, as well as its $ 15 million USD token sale, is available at https://sale.coinfi.com/

Interested parties can sign up to the KuCoin exchange and learn more about the CoinFi exchange listing via the following link: https://news.kucoin.com/en/coinfi-cofi-will-list-on-kucoin/

Contact Email Address
contact@coinfi.com
Supporting Link
https://news.kucoin.com/en/coinfi-cofi-will-list-on-kucoin/

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: KuCoin Becomes First Cryptocurrency Exchange to List Coinfi (COFI) Token on Jan 29, 2018 appeared first on Bitcoin News.

Bitcoin News

New Weiss Ratings for Cryptocurrencies Award No “A”s and Score Bitcoin a C+

January 25, 2018 |

New Weiss Ratings Show the Investment Potential of Major Cryptocurrencies

Financial ratings agency Weiss has just released its much-hyped cryptocurrency review. The eagerly-anticipated report rates 74 of the most popular cryptocurrencies on the market, scoring them from A to D. Such was the level of interest in the report, the company’s website was knocked offline as interest peaked on Wednesday morning. Weiss Ratings include some controversial scores for currencies such as bitcoin and ethereum that are sure to spark debate.

Also read: Analyst: IOTA Sharply Overvalued Due to “Overwhelming Evidence of Serious Flaws”

Crypto’s Award Season Arrives

Independent ratings agency Weiss Ratings was onto a winner the moment it announced it would be scrutinizing the cryptocurrency markets. Crypto enthusiasts were intrigued to see what an agency from the realm of traditional finance would make of their topsy-turvy and volatile world, in which meme coins can attain $ 1 billion market caps and tokens for vaporware projects can soar higher still. Wall Street was also keen to see what Weiss Ratings had to make of the crypto markets, and specifically which coins they would legitimize and which they would shun.

Monero’s lead developer wasn’t impressed.

Weiss So Serious

According to Weiss Ratings, bitcoin scores a C+ (“fair”) while ethereum earns a B (“good”), and steem a B-. That’s right: steem scores higher than bitcoin. No cryptocurrency earns the highest possible rating of an A. In a report issued today, the company explained: “A grade of A or B can also be interpreted as the investment rating equivalent of  “buy.” At the same time, investors should not be overly alarmed by a C rating.” Electing not to invoke crypto’s most famous meme, they continued: “It is a passing grade, and for investors, implies the equivalent of ‘hold.’” Grades of D and E, are the equivalent of a sell, with the release citing crypto minnows Novacoin and Salus as examples of a D.

Predictably, the few coins that gained the Weiss Ratings seal of approval today have jumped in price, with cardano and neo two of the big winners. Each was awarded a B minus (second only to ethereum and eos) and recorded double digit growth over the past 24 hours. The vast majority of coins on the list including bitcoin (C+) and bitcoin cash (C-) received average scores.

New Weiss Ratings Show the Investment Potential of Major Cryptocurrencies

Twas the Night Before Weissmas

The night before cryptocurrency’s Weiss Ratings were published, traders on 4chan’s /biz/ message board speculated over how their anointed coins would fare and debated the extent to which Weiss’ winners would pump off the good news. In advance of Weiss Ratings publishing the data, a number of purportedly leaked copies surfaced on the web. Some were evidently fakes, designed to manipulate market prices, but others were genuine. Depending on which version you read, NEM was either a B++ or a D and IOTA was either a C or a B+. 

A purported screenshot of the full report, which is paywalled.

Rate and Hate

Explaining the thinking behind the ratings system, Dr Martin Weiss told CNBC: “We have built a computer model that looks at cryptocurrencies from many different angles and proves a rational, rigorous and reasoned research that investors need so desperately in this space”.

New Weiss Ratings Show the Investment Potential of Major CryptocurrenciesThese criteria include a Risk Index, Reward Index, Technology Index and Fundamentals Index. These categories will be nothing new to crypto traders who’ve been accustomed to assessing coins in this manner for years. They don’t need Weiss Ratings’ ringing endorsement to understand these matters, but are shrewd enough to appreciate that the spotlight this sheds on the chosen cryptocurrencies will do their valuation no harm. “All else being equal, as a cryptocurrency overcomes its individual challenges, it’s likely to be upgraded promptly,” concludes the report.

Weiss Ratings was founded in 1971 and the agency has since gone on to rate more than 55,000 institutions and investments. While the accuracy of its cryptocurrency report is a matter of some debate, its very existence gives greater credibility to crypto assets in the eye of the masses.

Do you think Weiss Ratings carry great weight and do you agree with their findings? Let us know in the comments section below.


Images courtesy of Shutterstock.


Keep track of the bitcoin exchange rate in real-time.

The post New Weiss Ratings for Cryptocurrencies Award No “A”s and Score Bitcoin a C+ appeared first on Bitcoin News.

Bitcoin News

Estimate: Crypto Investments in Russia Reached $200 Million Last Year

January 25, 2018 |

Estimate: Crypto Investments in Russia Reached $  200 Million Last Year

Cryptocurrency investments in Russian startups have increased 10 times in 2017 when entrepreneurs set in motion more than 100 crypto-funded projects, according to a new estimate. Ordinary working people, however, remain wary. Only 8% of them would like to see their salaries paid partially in crypto. Nevertheless, Russians are optimistic about bitcoin and most of them predict it will be priced higher a month from now. 

Also read: New Research: 10% of Funds Raised in ICOs Lost or Stolen

Growth Dynamics: $ 20 Million to $ 200 Million

Estimate: Crypto Investments in Russia Reached $  200 Million Last YearNеw companies in Russia find it much harder to attract capital through traditional channels, as banks are reluctant to finance high-risk projects. Often they require substantial collateral for their loans. Venture capitalists, for their part, impose unfavorable conditions on new businesses. These facts of life, along with the growing popularity of cryptos, have been pushing Russian startups towards Initial Coin Offerings (ICOs).

More than 100 crypto-funded projects have started last year, compared to only 20 in 2016, CryptoBazar founder Oleg Ivanov told Izvestia. Experts think that the absence of strict regulations lies behind the dynamic growth. This catalyzes fundraising through ICOs but also leaves investors less protected. Cryptocurrency investments in Russian startups have increased 10-fold in 2017, reaching about $ 200 million, the capital-raising platform estimates. Only $ 20 million had been raised during the previous year.

It has been estimated that Russians conduct one in every five ICOs. A recent study placed Russia just behind the US and China, with a total $ 310 million raised through token sales so far. Russian teams have collected 11% of the total capital provided through coin offerings in the past four years ($ 260 million). Notable projects financed with cryptos include the mobile gaming platform MobileGo ($ 53 million), the Russian Mining Company ($ 45 million) and the supercomputer SONM ($ 42 million).

Estimate: Crypto Investments in Russia Reached $  200 Million Last Year

What cryptocurrency funding really shines with is the average rate of return. According to data published by CryptoBazar, it is reaching 30,000% in some successful ICO projects. The profitability is due to both the rising popularity of cryptocurrencies and their skyrocketing prices during the past year. If in the previous four years, companies had been able to raise an average of $ 2 million in a large-scale ICO project, in 2017 that indicator jumped to $ 22.6 million USD.

Regulation to Change Profits and Risks

High rates of return are anything but guaranteed. Early stage investments through coin offerings can also lead to incredibly negative numbers. That is why ICOs will not replace entirely “troublesome and expensive” IPOs (initial public offerings of stock), founder of Wirex cryptobank Dmitriy Lazarichev told Izvestia. The crypto market capitalization remains much smaller, but thanks to bitcoin and other coin investment opportunities, many new players have entered the market.

The absence of a legal framework to regulate ICOs puts entrepreneurs in a more favorable position than investors, experts warn. The question of taxation also awaits answers from authorities. Regulation proposals have been unveiled already and if implemented Russia will limit the capital collected through a single ICO and cap individual investments. Authorities in Moscow think of token sales as crowdfunding for small businesses and micro-investors. The legislation that the Ministry of Finance and the Central Bank have been preparing will also address settling legal disputes between the involved parties.

Estimate: Crypto Investments in Russia Reached $  200 Million Last Year

Workers Wary But Optimistic

Ordinary Russian employees do not equally share the enthusiasm of Russian crypto entrepreneurs. A recent study showed that more than half of Russians are aware of bitcoin. A new survey found, however, that only 8% of the respondents were willing to accept part of their salaries in cryptocurrency. Moreover, just 2% are ready to take only cryptos.

Sixteen hundred people took part in the survey conducted on January 18-20. Three quarters of them stated that they preferred to be paid in fiat, according to data released by the job-posting site Superjob. There are strong grounds for optimism, though. Russians predicted an average price of 12,507 USD, when asked what bitcoin would be selling for on March 1.

Do you feel optimistic about the future of cryptocurrency investments? Tell us in the comments section below.


Images courtesy of Shutterstock, CryptoBazar. 


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 Estimate: Crypto Investments in Russia Reached $ 200 Million Last Year appeared first on Bitcoin News.

Bitcoin News

PR: FLOGmall Ready to Share Revenue with Investors

January 25, 2018 |

FLOGmall Sharez Revenue with Investors

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.

A platform created for those looking to buy or sell various goods and services using tokens is announcing a new income opportunity. The international e-commerce platform FLOGmall is launching a revolution in the world of investment: it is ready to share revenue with token holders starting on the platform’s first day of operations. It would be as if Ebay, Amazon, or Alibaba shared profits with average people just because users are buying and selling goods and services on their platforms.

The project team has invented a specialized automatic token exchange service (ATES) for converting to other cryptocurrencies. Now anyone who wants to can monetize their investment immediately after the ICO phase is complete.

How Does It Work?

When buying FLOGmall tokens at the pre-ICO or ICO phase, users who want to become token holders receive a significant discount on acquiring them. Once the primary ICO has concluded, the platform will initiate the monetization process by providing additional services and functionality. The platform will make sure that the token exchange rate in the ATES will be higher than the rate during the pre-ICO and ICO.

Token holders will gain access to the ATES after the platform launches. They can use the ATES to exchange the tokens they received during the ICO phases both with sellers and other users of the platform’s services. In this way FLOGmall will share the platform’s revenue with token holders from day one. Token holders can also sell their tokens to any user who sees a potential for token growth as a result of the token being issued on the exchanges in the near future.

Practically all revenue received goes toward discounts to token holders.

Simple Math

The way FLOGmall hedges is that by artificially creating and maintaining a minimum official exchange rate for the token at 0.001 Ethereum creates a minimum nominal capitalization for the tokens and maintains the exchange rate at that level. In turn, this creates certainty that tokens can be sold near this value for an indefinite period (even if this token is not heavily traded).

If you are thinking in the long-term as a professional seller and view FLOGmall as a trading platform, then consider that by becoming a token holder during the pre-ICO and ICO, you receive a discount of up to 80% on the platform’s services after its launch.

If you are planning to use FLOGmall as a typical buyer, then by becoming a token holder during the pre-ICO and ICO you get the opportunity to exchange tokens for goods at an 80% discount.
Earning 300% a Possibility

Furthermore, the Mallcoin sale price is pegged to Ethereum and will change from one sale phase to the next. This means that as the Ethereum exchange rate rises, so does the Mallcoin exchange rate, and vice versa. For the convenience of ICO participants, the approximate USD value of Mallcoin will be displayed, automatically recalculated based on the current value of Ethereum as of the current date.
Potential income of 300% is achieved by acquiring Mallcoin (MLC) at the pre-ICO phase.

Potential income of 200% is achieved by acquiring Mallcoin (MLC) at the ICO phase, when the lion’s share of the tokens will be sold.

It is important to note that Mallcoin tokens will not be additionally issued in the future. Any tokens that are not sold will be destroyed.

About the Project

FLOGmall is a service without any real analogues. Stores will be displayed on FLOGmall in a new, unique format called LiveStore. The “live store” is a combination of blog and video content about sellers, stores, goods, and services.

This unique option allows sellers to make a video presentation for their store, personally address their target audience, publish video overviews for each product or service, as well as maintain a videoblog about important events or sales at the store, tripling online sales of goods through streaming.

When working with FLOGmall, sellers will no longer have a need for expensive marketing. FLOGmall makes it easy for them to create their own marketing campaigns to directly attract buyers.
Meanwhile, buyers will have the opportunity to purchase mass-market goods for cryptocurrency. Various electronics, appliances, clothing, and other day-to-day items will now be available to token holders.
New directions for services include real estate (renting, sales), digital marketing, financial services, etc.

Contact Email Address
alex.drofa.ra@gmail.com
Supporting Link
https://flogmall.com/

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: FLOGmall Ready to Share Revenue with Investors appeared first on Bitcoin News.

Bitcoin News

Vouching Bitfinex and Tether’s Bank Accounts Hold Nearly $3 Billion USD

January 25, 2018 |

Vouching Bitfinex and Tether's Bank Accounts Hold Nearly $  3 Billion USD

Zhao Dong, a prominent Chinese early bitcoin adopter and shareholder in Bitfinex, recently posted on Weibo seeking to provide anecdotal evidence as to the integrity of Bitfinex and Tether’s financial reserves. The post claims that Zhao Dong and Lao Mao, the chief executive of Big.one, have witnessed first hand the balances of Bitfinex and Tether’s respective bank accounts during a meeting with Bitfinex’s chief financial officer, Giancarlo Devasini. The post alleges that the combined bank accounts of Tether and Bitfinex hold nearly $ 3 billion USD.

Also Read: Rapper 50 Cent Has Millions in Bitcoin

Zhao Dong Seeks to Put Criticisms of Bitfinex and Tether’s Opaque Banking Practices to Rest

Zhao Dong

Zhao Dong, a well known Chinese early adopter of bitcoin, has published a post on Weibo claiming that he has personally seen the bank balances of Tether and Bitfinex first hand during a recent meeting with Bitfinex’s CFO, Giancarlo Devasini. Zhao Dong is a shareholder in Bitfinex, and has been described as one of China’s largest over-the-counter (OTC) traders.

According to a rough translation, Zhao Dong’s Weibo post states “Lao Mao (and I) just had a look at the USD account of Tether and Bitfinex in Giancarlo’s (Boss of BFX, CFO) room, in which Tether’s account holds 1.8x billion USD and Bitfinex holds 1.1x billion USD. The total number of the two accounts is around 3 billion USD, which is beyond the current circulated supply of USDT. This debunks all rumors around USDT.”

Big.one to Introduce USDT After CEO’s Meeting with Giancarlo Devasini

Lao Mao (left) and Giancarlo Devasini (right)

The chief executive officer of Big.one published a blog post following the trip, in which an interview between Mr. Devasini and one of Lao Mao’s associates is made public. In the interview, Bitfinex’s CFO claims that the “the team of Bitfinex has around 50 people”, and that the “Tether team does not work for money,” adding that “As an early bitcoin investor, the team has a sense of responsibility and mission.”

Seeking to quell criticisms and concerns relating to Bitfinex and Tether’s banking relationships and capitalization, Mr. Davasini also claims that the companies “are not in a position to fully disclose [their] bank accounts” as a consequence of “pressure from [the] US banking industry.” The CFO alleges that the “US banking industry is blocking Tether by various means,” adding that in future, “Tether may no longer anchor to [the] US dollar,” suggesting that the company may “use Euro, Japanese Yen, or other fiats instead.” Notably, the comments came just two weeks after Tether launched EURT – an ERC20 token intended to function as a hedging tool pegged to the value of the Euro.

The Big.one CEO concluded the post by stating “we can trust Tether and USDT,” also announcing that “Big.one will also list USDT as soon as possible.”

Lao Mao Apparently Reverses Opinion on Tether – Crypto Community Not So Easily Convinced

Zhao Dong and Lao Mao 'Vouch' That Bitfinex and Tether's Combined Bank Accounts Hold Nearly $  3 Billion USDThe comments comprise an apparent change of heart for Lao Mao, who during November 2017, published a post urging exchanges not to introduce USDT pairings. At the time, Lao Mao stated “we have appointed our partner with Goldman Sachs to conduct research on USDT,” describing the results of the research as “shocking.” The report criticized the company’s lack of banking transparency, and stated that “Bitfinex, the majority shareholder of Tether, arguably has access to Tether’s deposits at any time.” The report also criticized the internal memorandum issued by Friedman LLP that, at the time of release, Tether had misrepresented – claiming that such comprised an “audit.”

Despite the ‘vouches’ from Zhao Dong and Lao Mao, the cryptocurrency community appears to have remained skeptical regarding the integrity of Bitfinex and Tether’s accounts, with one of the most upvoted comments on Zhao Dong’s Weibo post stating “You need to present [an] audit report from a third party accounting firm or lawyer. Your word doesn’t count.”

Concerns pertaining to the opaque accounting practices of Bitfinex and Tether have heightening heading into 2018, following a dramatic explosion in the number of USDT in existence. The number of USDT in circulation grew from less than 10 million on January 1st, 2017, to reach almost 1.4 billion just 12 months later – despite all banking services to Tether and Bitfinex having been cut off by Wells Fargo on March 23rd, and neither company providing definitive evidence that they have successfully restored banking relationships since. Tether has since shown no signs of slowing down its production of new USDT, with 400 million new USDT being produced in four days just one week ago.

What is your reaction to the Zhao Dong and Lao Mao’s posts vouching for the integrity of Bitfinex and Tether’s bank accounts? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Twitter, Weibo


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The post Vouching Bitfinex and Tether’s Bank Accounts Hold Nearly $ 3 Billion USD appeared first on Bitcoin News.

Bitcoin News

TD Ameritrade CEO Says Young Investors Focused on Cryptocurrencies and Pot

January 25, 2018 |

TD Ameritrade CEO Says Young Investors Focused on Cryptocurrencies and Pot

This week Tim Hockey the chief executive officer of the large brokerage firm, TD Ameritrade, revealed that his company is seeing a “huge uptick” in investments from millennials tied to cryptocurrencies and cannabis.

Also read: The Marketing Ploys of Clones: Another Project Aims to Create a ‘Perfect Bitcoin’

Millennials Are Investing a Great Deal In Cannabis and Cryptocurrency

TD Ameritrade CEO Says Young Investors Focused on Cryptocurrencies and Pot Millenials are now the biggest investor demographic in the world, and according to the stock brokerage firm TD Ameritrade this group is investing heavily in cryptocurrency and reefer-related businesses with tradable shares. Just recently news.Bitcoin.com reported on TD Ameritrade offering its customers access to Cboe’s bitcoin-based futures product. The company revealed on December 18 that Cboe’s bitcoin derivatives launch had “adequate liquidity” and it was more comfortable with listing the product. TD also offers a variety of publicly traded shares of other types of digital currency and blockchain-based ventures.

During a recent interview Hockey explains there’s been a lot of younger investors these days mostly millennials. Hockey says the firm’s distribution strategy focuses on technology and other significant trends that are appealing to this demographic.   

“It seems to be working because our new accounts opened by millennials are up 72% year-over-year, and that’s driven by both our offerings as well as what’s of interest in the marketplace right now,” explains Hockey.  

Clearly, the two biggest stories of the quarter were the sectors of cryptocurrency and cannabis — Those are two sectors that didn’t even exist a few years ago and that has driven the skewing of our new accounts opened to the younger trader and younger investor.

 A Little Less Froth In 2018

TD Ameritrade CEO Says Young Investors Focused on Cryptocurrencies and Pot
TD Ameritrade’s Tim Hockey.

Hockey says the cryptocurrency market space is still not mature, and the recent excitement during the holidays was rather “frothy.” At the time Hockey said there was a lot of ‘fear of missing out’ (FOMO) and people wanted to participate when it was going up.

“Ever since the pricing has been normalized and there’s been a bit of a correction, then you’ve seen a little bit less froth, if you will, in the market,” notes the TD Ameritrade executive.

We’ve actually seen that in the first few weeks of January, crypto trades – not just the Cboe product, but companies that are related to blockchain – have contributed a couple of points less toward our trading activity.

Hockey says his company will remain focused on the younger generations and the millennial demographics’ investments. Lots of millennials use the Nebraska based TD Ameritrade as its one of the largest brokerage services worldwide allowing individuals and institutions to invest online.

“And what do younger clients need? They love technology, and we’ve got the platforms that are the best out there,” Hockey concludes.

What do you think about millennials investing in cryptocurrency and cannabis investments? Do you think this trend will continue? Let us know in the comments below.


Images via Pixabay, Twitter, and TD Ameritrade.


Want to create your own secure cold storage paper wallet? Check our tools section. 

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Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample

January 25, 2018 |

Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample

This week, Sander Wuyts, a Ph.D. student from the University of Antwerp (UAntwerp) and Vrije Universiteit Brussel (VUB) completed an extraordinary competition that involved bitcoin and DNA-related research. Wuyts was the first to decipher hidden messages in a tube of DNA in a scientific challenge where he won a single bitcoin for his accomplishment.

Also Read: Analysts and Bullion Dealers Notice a Relationship Between Gold and Bitcoin

Storing Data In DNA

Sander Wuyts considers himself a “DNA-junkie,” and he’s a big believer in science and technology. Back in 2015, the European Bioinformatics Institute professor, Nick Goldman, gave a presentation at the World Economic Forum in Davos that showed how DNA was an excellent method for storing data. Goldman says that DNA can last longer than existing thumb drives and today’s standard storage technology.

“Unlike a memory stick, for example, DNA lasts for a long time, long after the death of the ‘owner’ — It’s also very compact: you can store an incredible amount of information in a minuscule space,” explains Goldman.

Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample

Discovering the Magic of Cryptocurrencies

Following the presentation, Goldman started a contest for students called the “DNA Storage Bitcoin Challenge.” The competition involved individuals trying to decipher messages in a tube of DNA, and the deadline was January 21, 2018. When Goldman launched the contest, a bitcoin was only worth a few hundred dollars, and now the DNA contest prize was worth over $ 11,000. At the end of the professor’s presentation, sample tubes were handed out in Davos, and the tubes contained “the necessary information to claim the one bitcoin.”

Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample

Wuyts said it was more difficult to get his hands on a tube of DNA for the contest, but eventually, he obtained a sample. The Ph.D. student says just like many people in the world right now he was a big fan of bitcoin and the prize motivated him to enter the competition.    

“In addition, like the rest of the world, I’ve discovered the magic of cryptocurrencies about half a year ago, and got excited by especially the theory behind it — Thus, when I read the following tweet, it goes without saying that I was extremely enthusiastic,” Wuyts reveals in his personal blog.  

I still remember myself announcing to all of my colleagues that we should drop everything we’re doing and start solving this challenge — Now, just over one month later, I’m pleased to announce that I obtained one of these samples, decoded the DNA and successfully claimed the bitcoin!

Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample

Hodling the Prize Until the Time Is Right to Fund Further DNA Research

Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample
Sander Wuyts.

According to Wuyts a few of his colleagues organized a small hackathon using DNA sequencers, a specialized tool for reading out DNA. The student says after a few moments of “banging our heads against the wall” he cracked the message before the deadline. Wuyts says that the message contained instructions on how to claim the bitcoin, a few other notes, the logo of the European Bioinformatics Institute, and a sketch of James Joyce. As far as the bitcoin is concerned Wuyts explains that he plans on holding it until the right time.

“To be honest, I had my doubts about the feasibility of using DNA to store data and this challenge changed that — Now I know very well that this new technology offers great opportunities, maybe even for my own future research,” Wuyts concludes.  

I’m probably going to sell it [the bitcoin] when the time is right and then use some of the money for my research. With the rest of the money, I can thank the colleagues who helped me and celebrate my PhD in style.

What do you think about the DNA Bitcoin Challenge? Let us know your thoughts on this story in the comments below.


Images via Shutterstock, Twitter, and Sander Wuyts blog. 


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample appeared first on Bitcoin News.

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Oil Company Wants to Sell Bitcoin ATMs to Casinos, Stock Jumps 60%

January 25, 2018 |

Oil Company Wants to Sell Bitcoin ATMs to Casinos, Stock Jumps 60%

Despite the warnings of the Israeli regulator that it won’t tolerate bitcoin to get somehow backdoor listed on the Tel Aviv Stock Exchange, public companies keep pivoting into the field. The latest example is a firm that focused on oil refineries until now. All of a sudden it announced plans to sell bitcoin ATMs to casinos in Turkish occupied Northern Cyprus, and possibly Nigeria.

Also Read: Analyst: IOTA Sharply Overvalued Due to “Overwhelming Evidence of Serious Flaws”

Bitcoin Is the New Oil

Oil Company Wants to Sell Bitcoin ATMs to Casinos, Stock Jumps 60%Chiron Refineries LTD (TASE:CHR), a company which focuses on developing oil refineries in Africa, has announced to investors on Tuesday morning that it is entering the cryptocurrency market and its stock price quickly jumped up close to 60%. After an apparent prodding by the regulator the company issued a second announcement at the end of the trading day with extra information about the move.

Chiron, which only on Sunday reported an agreement to build a new oil refinery in Nigeria, has now decided to diversify its business into the “cryptocurrency accessibility” sector. The company signed an agreement with Crypto Technologies Ltd to set up a subsidiary in Northern Cyprus (the Turkish occupied part of the island), to be the sole distributor of its produces in the territory as well as Turkey itself. It also acquired an option to expand the distribution business to Nigeria within 12 months of the agreement.

Every Casino Needs a Bitcoin ATM

Oil Company Wants to Sell Bitcoin ATMs to Casinos, Stock Jumps 60%
Cratos Premium Hotel and Casino, Northern Cyprus, Kirenya (Girne)

Crypto Technologies Ltd is said to develop “a unique technology for the fast and secure selling and buying of cryptocurrency for end users, insured by an American insurance company.” Reading through the extended description it seems that the main product is an app which turns mobile tablets into bitcoin ATMs. It will supposedly be ready for distribution by the coming April.

Trying to assuage the regulator’s fears, Chiron added that the UI and the trading algorithm via APIs have already been developed, that it is unaware of any legal bans on cryptocurrencies in the intended regions and that it will not hold or mine bitcoin by itself. Additionally, the company explained that the potential clients for the products are not individuals but businesses, like casinos. Asked by Israeli media what connection the oil company has to any of this, Chiron’s lawyer explained that one of the owners has connections in Northern Cyprus and experience in the casino business.

Should all public companies be allowed to pivot into the bitcoin ecosystem? Tell us what you think in the comments section below.


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Oil Company Wants to Sell Bitcoin ATMs to Casinos, Stock Jumps 60% appeared first on Bitcoin News.

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