Image Image Image Image Image Image Image Image Image Image Image Image

| June 26, 2019

Scroll to top

Top

news.bitcoin.com Archives - Page 348 of 544 -

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM

May 23, 2018 |

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM

South Korean cryptocurrency exchange Korbit has announced that it will no longer support the trading of five cryptocurrencies: dash, monero, zcash, augur, and steem. This announcement came just days after hacked Japanese exchange Coincheck confirmed the delisting of privacy coins.

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

Farewell to Five Cryptocurrencies

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEMKorbit, one of South Korea’s largest cryptocurrency exchanges, announced this week that it will be delisting the cryptocurrencies currently offered through its Other Digital Assets service.

“We will bid farewell to the Other Digital Assets service through a gradual termination of the buy and sell functions for the following coins,” Korbit wrote, adding that the affected coins are dash (DASH), monero (XMR), zcash (ZEC), augur (REP), and steem (STEEM).

This service gives Korbit users access to the above five cryptocurrencies in addition to those regularly supported by the exchange: BTC, XRP, ETH, BCH, ETC, LTC, and BTG.

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM

For the five affected cryptocurrencies, Korbit emphasized that the buy functionality will be terminated “After 15:00 on 05/28/2018” and the sell functionality “After 15:00 on 06/21/2018.” However, the exchange hinted at the possibility of re-listing some of them at a later date, elaborating:

We strive to facilitate secure trades of more cryptocurrencies, but we have yet to determine the date for resumption of trades of the affected coins. We thus advise you to protect your interests by either selling or withdrawing the said cryptocurrencies.

Reason for Termination

Korbit’s announcement does not give the reason why the five cryptocurrencies are being dropped other than stating, “We are fully committed to building the most secure place for you to trade cryptocurrencies.”

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEMFurthermore, there have been no reports of the South Korean regulators pressuring crypto exchanges to drop privacy coins, unlike the Japanese regulator.

Since Coincheck was hacked in January, the Japanese Financial Services Agency (FSA) has strengthened oversight of crypto exchanges including setting new criteria for their registration. One of them concerns the types of cryptocurrencies listed. “Those granting a high level of anonymity and easily used for money laundering will as a general rule be banned,” Nikkei reported.

South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEMSubsequently, Coincheck announced just days before Korbit that it is dropping DASH, XMR, ZEC, and REP after it received a business improvement order from the agency. STEEM is not listed on Coincheck.

The reason Korbit is dropping STEEM may be related to a notice the exchange posted on May 8, stating:

Due to external issues, STEEM withdrawals are being suspended indefinitely.

What do you think of Korbit dropping these cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock, Nikkei, and Korbit.


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

The post South Korean Crypto Exchange Korbit Drops XMR, ZEC, DASH, REP, and STEEM appeared first on Bitcoin News.

Bitcoin News

Bitcoin in Brief Wednesday: McAfee Predicts Bull Run as Crypto Markets Dip

May 23, 2018 |

Bitcoin in Brief Wednesday: McAfee Predicts Bull Run Lead by Institutional Investors as Crypto Markets Dip

In today’s Bitcoin in Brief, internet security expert John McAfee expects bulls to come back to the crypto market, despite recent drops in prices across the board. Billions will be pumped by institutional investors, he predicted in a tweet. Meanwhile, a new study has shown that the mood of investors, rather than economic indicators, actually determines the value of cryptocurrencies. Also, do you want to know when Paypal will support crypto payments?

Also read: Bitcoin in Brief Tuesday: Crypto Revolution Starts Reshaping Global Politics

Institutional Investors to Pump Billions in Crypto

John McAfee expects a bull run on cryptocurrency markets in the near future. Billions will be pumped by institutional investors, the internet security expert predicted in a post on the microblogging platform Twitter this week. McAfee claims this will lead to significant changes in the market capitalizations of the leading cryptocurrencies, but also those of most altcoins.

Bitcoin in Brief Wednesday: McAfee Predicts Bull Run Lead by Institutional Investors as Crypto Markets Dip“Institutional investors are preparing to enter the cryptocurrency market with a vengeance,” McAfee said in his tweet. He explained that they are generally long term investors that will spend billions on the market. “Expect the top ten coins to go through the roof fairly quickly. The bulk of altcoins will soon follow,” the software guru wrote. Admitting he had no more information than his followers, John McAfee advised them to check the recent news and use their heads.

McAfee was probably referring to several recent announcements indicating possible developments in that direction. Earlier this month, reports suggested that Goldman Sachs is going to launch a bitcoin trading operation to buy and sell bitcoin futures on behalf of institutional clients. More recently, US crypto exchange Coinbase announced new services meant to attract big money players such as crypto hedge funds. The plans include the launch of a crypto custodian service and a suite of tools specifically designed for institutions called Coinbase Prime. The San Francisco-based company has also discussed with regulators the possibility to apply for a banking license.

However, McAfee’s optimistic prognosis coincides with the return of the bears to the cryptocurrency market. The price of bitcoin (BTC) has just dropped below the $ 8,000 mark, hitting a month’s low. Bitcoin Cash (BCH) is currently trading at over $ 1,000 (at the time of writing). John McAfee has previously predicted that the price of bitcoin will reach $ 1 million USD by the end of 2020.

Study: Investors’ Mood Determines the Value of Cryptocurrencies

According to a new study published by Warwick Business School, the value of cryptocurrencies is determined primarily by the mood of investors and not so much by economic factors or indicators. Assistant professor of finance Daniele Bianchi has found that the price patterns of the 14 largest cryptocurrencies reflect past returns of investors, combined with the hype and emotion experienced as they watch the value climb or fall. The research is titled “Cryptocurrencies as an Asset Class: An Empirical Assessment,” the Independent reports.

Bitcoin in Brief Wednesday: McAfee Predicts Bull Run Lead by Institutional Investors as Crypto Markets Dip

According to the author, this behavior can be attributed to the fact that bitcoin and other cryptocurrencies fall outside the remit of governments or financial institutions. Investing in digital currencies is therefore more similar to buying equity in a high-tech firm rather than a normal currency, he notes. Bianchi also points out that the study shows limited similarities between bitcoin and gold. At the same time, because of the high volatility of the prices of the biggest cryptocurrencies, they can hardly be seen as a reliable savings instrument.

CFO: If Bitcoin Gets ‘Better’, Paypal Will Support It

Bitcoin in Brief Wednesday: McAfee Predicts Bull Run Lead by Institutional Investors as Crypto Markets DipJohn Rainey, the Chief Financial Officer of Paypal, has stated in a recent interview that the payment platform will proceed with a bit more caution towards cryptocurrencies. At the same time, he admitted that if cryptocurrency stabilizes in the future and becomes “better currency”, his company will “certainly support that”. Rainey added that the volatile crypto swings threaten the viability of the businesses Paypal is working with.

“If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction,” Paypal CFO told CNBC. “You could have something that appeals to consumers, but if merchants don’t accept it, it’s of little value. Right now, we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and is a better currency, then we’ll certainly support that,” Rainey elaborated.

Despite Paypal’s current position on cryptocurrencies, a recent patent filing revealed that the payment provider might be considering expanding its exposure to the crypto ecosystem. Reports came out in March this year that Paypal has filed a new patent application with the US Patent and Trademark Office for an “expedited virtual currency transaction system”. Back in 2016, it was reported that the company had applied for another crypto-related patent – one that envisages the development of a payment module accepting bitcoin, litecoin and dogecoin.

What are your thoughts on today’s topics in Bitcoin in Brief? Let us know in the comments section below.


Images courtesy of Shutterstock.


Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post Bitcoin in Brief Wednesday: McAfee Predicts Bull Run as Crypto Markets Dip appeared first on Bitcoin News.

Bitcoin News

PR: Essentia Re-Opens Whitelist for 2000 Additional Applications

May 23, 2018 |

Essentia Re-Opens Whitelist for 2000 Additional Applications

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.

On Wednesday, May 23rd, 2018 20:00 (SGT), we are planning to open the whitelist for an addition of 2000 applicants.

The KYC/AML procedure was recently opened for applicants interested in taking part in the Essentia ICO. Shortly after the announcement, we received more than 100,000 applications for the whitelist. Due to that fact we had to temporarily close the whitelist application.

Due to increased interest in the project and crowdsale, we decided to grant an additional time window to sign up for the whitelist and perform the KYC/AML procedure.

If you are not sure what you have to do to get whitelisted, check out the dedicated post.

Just a little reminder, Essentia successfully raised over $ 20m during the pre-sale at the beginning of May. With the pre-sale successfully completed, we will begin with the public ICO on June 7th, 2018. A total of 595 million ESS tokens will then be distributed among all the participants (pre-sale+public crowdsale).

Take part in the coming decentralized revolution!
Join the whitelist on the 23rd of May!

To be a part of their growing community join their Telegram channel https://t.me/essentia_one/.

Contact Email Address
matteo@essentia.one
Supporting Link
www.essentia.one

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: Essentia Re-Opens Whitelist for 2000 Additional Applications appeared first on Bitcoin News.

Bitcoin News

Chilean President Considering Regulation of Cryptocurrencies

May 23, 2018 |

Chilean President Considering Regulation of Cryptocurrencies

The Chilean president, Mario Marcel, has made comment seemingly in favor of developing a regulatory apparatus for virtual currencies. The apparent openness to regulating cryptocurrencies contrasts significantly from the recent banking embargo targeting virtual currency recently witnessed in Chile.

Also Read: Spanish Regulator Open to Approving Funds Investing Directly in Cryptocurrencies

Chilean President Discusses Benefits of Regulating Cryptocurrencies

Chilean President Considering Regulation of CryptocurrenciesDuring a forum recently held by Chile’s Finance Commission of Deputies, President Marcel made comments indicating that his administration is considering developing a legislative apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Presently, cryptocurrencies are entirely unregulated in Chile, and are not legally recognized as a means of exchange or securities.

Mr. Marcel spoke in favor of developing an effective means through which to monitor the cryptocurrency markets, stating that “Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks,” adding that “These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.”

By contrast, President Marcel warned that developing an ad hoc regulatory apparatus could risk providing a false “sense of security” whilst failing to effectively manage associated risks.

Despite the comments, Mr. Marcel still questioned whether or not a regulatory framework for virtual currencies is warranted in Chile, stating “Considering that these assets exist in the country, there is an associated industry and people who own them, it is questionable if it would be appropriate to change this situation.”

Chile Changes Course After Recent Cryptocurrency Banking Embargo

Chilean President Considering Regulation of CryptocurrenciesThe apparent openness on the part of the Chilean administration to developing a regulatory apparatus for cryptocurrencies comprises a significant a departure from the recent banking embargo experienced in Chile.

In March, two Chilean cryptocurrency exchanges, Buda and Crypto Mkt, requested clarity on the position of the country’s banking association regarding virtual currencies after numerous banks suddenly terminated their accounts with the exchanges. At the beginning of April, both exchanges, in addition to a third exchange, Orionx, received notice from Banco del Estado de Chile (Banco Estado) that their accounts with the country’s sole state bank would soon be closed.

During mid-April, the Buda sought to appeal against the account suspensions. The action would prove successful, with Chile’s anti-monopoly court ordering two of ten banks to re-open Buda’s accounts.

The verdict led to the Chilean Minister of Economy, Development, and Tourism, José Ramón Valente, issuing a statement seeking to emphasize the government is “not in favor [of] or against [cryptocurrencies], but simply see them as another innovation.”

Do you think that Chile will move towards developing a permissive regulatory apparatus for cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia, http://corporativo.bancoestado.cl


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

The post Chilean President Considering Regulation of Cryptocurrencies appeared first on Bitcoin News.

Bitcoin News

Verge Struck by Second PoW Attack in as Many Months

May 23, 2018 |

Verge Struck By Second PoW Attack in as Many Months

Accident-prone altcoin verge has been crippled by yet another mining attack. A little over a month after being subjected to a 51% attack, the network is once again at the mercy of a malevolent attacker who is rejecting blocks and profiting handsomely off the carnage caused. The repeat attack illustrates the risks faced by low hashrate Proof of Work coins.

Also read: Verge Is Forced to Fork After Suffering a 51% Attack

Verge Does a Verge Special

Verge Struck By Second PoW Attack in as Many Months
The 51% attack in action

On the morning of May 22, Suprvona, one of the largest altcoin mining pools, informed its 19,000 Twitter followers that verge was suffering yet another 51% attack, causing all blocks to be rejected. The attack was spotted by the same individual who uncovered the previous attack in April. In a post on the Bitcointalk forum, “ocminer” wrote: “Since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions”.

The entity responsible was coining in $ 1,000 a minute and is believed to have made $ 1.7 million already from the attack. Predictably, verge’s fans assigned the attacker’s motivations to “an act of hate” designed to FUD their altcoin. This theory gained short shrift on the Bitcointalk forum, with one commenter retorting: “Verge is being targeted because it has shitty coding and an incompetent developer. This hack is the result of the terrible job he did ‘patching’ the previous hack.” The original attack involved exploiting one of the five hashing algorithms verge uses (most cryptocurrencies such as bitcoin only use one). This time around the attacker is believed to have used two algos after renting power from a service such as Nicehash and then using it to find all the new blocks.

Followers of the official Verge Twitter account, meanwhile, will have had no idea why their coin is dumping, because the team doesn’t like to share bad news:

As understatements go, that tweet is right up there with the account’s previous one in relation to last month’s attack.

Verge: Good for Porn, Bad for Everything Else

Verge (XVG) has had a roller-coaster year to say the least. Despite pumping off the news of a major paid partnership, which transpired to be with Pornhub, it’s been rocked by mining attacks. As one redditor quipped on r/Cryptocurrency, the attacker “is securing his lifetime porn hub membership”. Only days ago, a Chinese agency ranked verge’s blockchain level with bitcoin itself, placing it joint 13th out of 28 cryptocurrencies.

Verge Struck By Second PoW Attack in as Many Months

The price of XVG has dropped significantly since the attack came to light, mirroring that of bitcoin gold, which was hit by an almost identical attack four days ago, leading to double spend attacks and forcing the BTG team to issue a warning to exchanges to be alert to large fraudulent deposits being made. Incidents such as these illustrate the difficulty of securing smaller PoW chains. It is not inconceivable that a time might arrive when only BTC, BCH, and a handful of other chains of note are secured by PoW, with lesser altcoins forced to migrate to Proof of Stake to mitigate 51% attacks.

Do you think 51% attacks on lower hashrate coins are inevitable? Let us know in the comments section below.


Images courtesy of Shutterstock.


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

The post Verge Struck by Second PoW Attack in as Many Months appeared first on Bitcoin News.

Bitcoin News

Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical Context

May 23, 2018 |

Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical Context

Professor Robert Shiller, who received the 2013 Nobel prize in economics and is famous for the Case-Shiller Index, published an article on Monday talking about the way the allure of bitcoin fits previous attempts to reinvent money.

Also Read:  Crypto Revolution Starts Reshaping Global Politics

Historical Precedents

Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical ContextThe main question Shiller was trying to answer is how cryptocurrency users can maintain a high level of enthusiasm in the face of constant warnings that it’s all just a big scam. Instead of comparing bitcoin to past technological solutions, as has been done many times before, he puts it in the context of time-based and electricity-backed experimental forms of alternative money.

Putting the technology of Bitcoin on the same level as primarily political movements, he also compared it to attempts to reshape how governments and economies operate. And while novel ideas by communist and technocratic thinkers have failed, the Euro – which was devised to help unite former warring nations – is still around.

Revolutionary Zeal Is Not Enough

Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical Context
Nobel Prize Laureate Robert J. Shiller

After reviewing these past examples, Shiller explains that: “Each of these monetary innovations has been coupled with a unique technological story. But, more fundamentally, all are connected with a deep yearning for some kind of revolution in society. The cryptocurrencies are a statement of faith in a new community of entrepreneurial cosmopolitans who hold themselves above national governments, which are viewed as the drivers of a long train of inequality and war.”

“And, as in the past, the public’s fascination with cryptocurrencies is tied to a sort of mystery, like the mystery of the value of money itself, consisting in the new money’s connection to advanced science. Practically no one, outside of computer science departments, can explain how cryptocurrencies work. That mystery creates an aura of exclusivity, gives the new money glamour, and fills devotees with revolutionary zeal. None of this is new, and, as with past monetary innovations, a compelling story may not be enough,” he concluded.

Whether it’s true or not that only computer scientists understand cryptocurrencies today, it is certainly accepted that having a story is not enough by itself, which is why bitcoin entrepreneurs continue to work on exciting use cases that are only made possible with this revolutionary technology.

What should the bitcoin community make of the professor’s observations? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock, Bengt Nyman.


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 Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical Context appeared first on Bitcoin News.

Bitcoin News

Golix Exchange Files Lawsuit Against Reserve Bank of Zimbabwe’s Cryptocurrency Ban

May 23, 2018 |

Golix Exchange Files Lawsuit Against Reserve Bank of Zimbabwe's Cryptocurrency Ban

On May 13 2018, the Reserve Bank Of Zimbabwe (RBZ) issued guidelines in a circular that detailed cryptocurrency activities taking place within the country are now banned. The RBZ further stated that domestic digital currency operations had sixty days to become compliant. Local reports now reveal the Zimbabwe-based cryptocurrency exchange Golix plans to take the central bank to court for banning digital assets, as the firm emphasizes that the RBZ has no authority to ban cryptocurrencies across the country.

Also read: How Bitcoin Cash Can Avoid the Same Mistakes as Bitcoin Core, Part 4 of 4

Reserve Bank Of Zimbabwe Faces Legal Backlash

Last week cryptocurrency enthusiasts and businesses in Zimbabwe got some bad news as the central bank decided to ban all digital currency activities. The RBZ warned about the ‘risks’ involved with cryptocurrencies and told financial institutions not to deal with digital asset businesses.

Golix Exchange Files Lawsuit Against Reserve Bank of Zimbabwe's Cryptocurrency Ban
The Reserve Bank of Zimbabwe released a circular which effectively banned cryptocurrencies this month.

The ban would affect Localbitcoins trades within the region alongside the country’s three exchanges Golix, Bitfinance, and Styx24. News.Bitcoin.com spoke with Golix representative Tawanda Kembo last month when the exchange installed a Bitcoin ATM. Our newsdesk also received an email from the Golix exchange shortly after the ban.         

“On Friday, the Reserve Bank of Zimbabwe issued a statement to all banks instructing them to stop providing bank accounts to cryptocurrency companies within the next sixty days,” the Golix exchange explains.  

This means that unless the central bank changes its position prior to the expiry of the sixty-day window, you will not be able to send or receive fiat currencies for cryptocurrency trades.  

Golix Exchange Files Lawsuit Against Reserve Bank of Zimbabwe's Cryptocurrency Ban
According to the regional publication Zimeye.net, Golix is taking the Reserve Bank of Zimbabwe to the High Courts.

Golix Files a Lawsuit Against the RBZ with the High Court

Shortly after the email, the regional publication Zimeye.net reported that Golix was now planning to “slap a lawsuit” against the RBZ for issuing a countrywide cryptocurrency ban. Golix says they are taking the central bank to the High Court and state that the RBZ governor has no experience with managing a local currency giving him no right to ban it. The exchange argues that the central bank has no authority to ban digital currencies and only parliament has the means to make such laws.  

”I submit that the ban in effect outlaws and classifies as illegal Applicant’s operations,” a Golix official said to the Zimeye publication.

The respondents are in fact purporting to classify the trade in cryptocurrency as illegal. That will amount to law making, a function that belongs to the legislature and not the respondents. Respondents are thus clandestinely usurping Parliament’s law making powers.

Golix Has Yet to Receive Instructions From Their Bank — Continues Business as Usual

News.Bitcoin.com reached out to Golix for further information on this lawsuit but has yet to hear back from the exchange. According to other reports, even though the RBZ has issued a ban in its circular to banking institutions concerning virtual currencies, Golix is still organizing an initial coin offering (ICO). “Thus far we are yet to receive instructions from our bank as to what will happen, if at all anything. Once we do, we will update,” an official from the Golix exchange detailed.

What do you think about the Golix exchange slapping a lawsuit against the Reserve Bank of Zimbabwe? Let us know your thoughts on this subject in the comments below.


Images via Shutterstock, Pixabay, and Golix. 


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

The post Golix Exchange Files Lawsuit Against Reserve Bank of Zimbabwe’s Cryptocurrency Ban appeared first on Bitcoin News.

Bitcoin News

CFTC Publishes Advisory On Listing Cryptocurrency Derivatives

May 22, 2018 |

CFTC Publishes Advisory On Listing Cryptocurrency Derivatives

The United States Commodity Futures Trading Commission (CFTC) has issued an advisory for exchanges and clearinghouses providing guidance pertaining to the assessment and listing of cryptocurrency derivatives.

Also Read: Bitcoin in Brief Tuesday: Crypto Revolution Starts Reshaping Global Politics

CFTC Issues Advisory Regarding Cryptocurrency Derivatives

CFTC Publishes Advisory On Listing Cryptocurrency DerivativesThe CFTC’s Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) have issued a “joint staff advisory that gives exchanges and clearinghouses registered with the CFTC guidance for listing virtual currency derivative products.” In addition to providing guidance regarding “listing a derivative contract based on virtual currency,” the advisory “clarifies the CFTC staffs’ priorities and expectations in its review of new virtual currency derivatives to be listed.”

Amir Zaidi, the DMO director, stated that “The CFTC staff is committed to providing regulatory clarity as much as possible. As the virtual currency market continues to evolve, CFTC staff will seek to provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations.”

The advisory specifically outlines requirements pertaining to “Enhanced market surveillance,” “coordination with CFTC staff”, “Large trader reporting,” “Outreach to […] market participants,” and “risk management.”

Brian Bussey, the DCR director, said: “CFTC staff is providing this information, in part, to aid market participants in their efforts to design risk management programs that address the new risks imposed by virtual currency products. In addition, the guidance is designed to help ensure that market participants follow appropriate governance processes with respect to the launch of these products.”

CFTC Chairman Discusses Advisory at NASAA Conference

Christopher Giancarlo, the CFTC chairman, mentioned the guidance for cryptocurrency derivatives during a recent speech at the North American Securities Administrators Association (NASAA) conference.

Mr Giancarlo Mr. Giancarlo described the CFTC as having “been at the regulatory horizon on virtual assets,” and stated that the “CFTC staff advisory […] reflect[s] CFTC staff’s current thinking based on our growing experience with virtual currency derivatives,” adding that “As new products are brought forth, staff will reevaluate and revisit the advisory, as necessary, to address any new and emerging issues.”

Do you think cryptocurrency derivatives will be considered a mainstream financial product in ten years? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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

The post CFTC Publishes Advisory On Listing Cryptocurrency Derivatives appeared first on Bitcoin News.

Bitcoin News

CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning

May 22, 2018 |

CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning

CNBC’s Fast Money hosts and panel were on the defensive during a recent broadcast, as some viewers accused the network of shilling for bitcoin cash (BCH). And, truth be told, CNBC has been showing the decentralized cryptocurrency an inordinate amount of love lately. A segment by a popular analyst, where he forecasts even bigger things for BCH, only added fuel to some trolls’ fire. Chairman Mow is not amused.

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

CNBC Predicts Bitcoin Cash to Moon, and Soon

Wednesday in the US is known colloquially as Hump Day, the point at which the weekend seems closer. It’s also the day more and more cryptocurrency enthusiasts are tuning in to CNBC’s Fast Money program, a self described “post-market show,” hosted by Melissa Lee with contributions from well regarded traders.

Trader Brian Kelly, founder and CEO of BKCM LLC, was asked to detail just why it is he’s so bullish on bitcoin cash. In introducing his plasma-fronted segment, Ms. Lee read what appears to be a month-long trend, describing bitcoin cash as having “vanquished” the likes of bitcoin core (BTC), down 5%, litecoin down 9%, and ripple down 21% while BCH remained positive at 6% price growth.

CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning

Mr. Kelly asked viewers to simply look at what he refers to as catalyst factors, aspects of a digital asset, no matter what the asset, that might have caused it to gain traction in price going forward. In the case of bitcoin cash, Mr. Kelly cheered the latest development among its mining community to pool portions of rewards toward building a fund for future development. He compared it to an app store where devs pile on uses for a smartphone previously unthought of or dreamed of but not implemented. BCH, he insisted, wasn’t the only project to do something like this, and he even managed to sandwich in the word “potentially” when describing price prospects.

He also equated more on-chain development with potential use cases, and use cases, then, with, well, usability and appeal to more people in the eventual hope of more adoption. Curiously he described the mining community’s latest move as a kind of cartelization, though benevolent, words and phrases that immediately rile most cryptocurrency enthusiasts. He acknowledged it, however, as a potential negative.

Let the Market Decide

Ultimately it all comes down to the market, Mr. Kelly noted. He turned to charting, where over the past year or so BCH has followed the broader crypto market with incredible highs back in late 2017, a precipitous drop in 2018, and a recent stabilization if not slight uptick. Drawing a horizontal line across the screen, Mr. Kelly described bitcoin cash as mostly holding support levels for the moment, a good sign. He called his squibbles and markings “a good looking chart” and a “place I want to buy.”

Ms. Lee then peppered Mr. Kelly with questions from viewers. Asked if he was in to bitcoin cash for the long term, he turned diplomatic. He reminded viewers he was a trader, moving in and out of positions quickly. He wants to invest in the coin that eventually becomes the global currency, living up to crypto hype. For now, Mr. Kelly said, bitcoin core (BTC) has a massive network effect advantage, but that could change.

CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning

Yet another viewer asked if Mr. Kelly had ever actually used BCH to buy something, and if not then what is its use? Mr. Kelly said he had not used bitcoin cash, but that his interest is only in its speculative value. He did say he’d used bitcoin core to buy things and to send money, and so he understands its ultimate power. The final question in the segment got Mr. Kelly laughing, as a person asked if he was indeed Roger Ver. When Ms. Lee effectively ended the spot, she was keen to emphasize CNBC and her program take exactly no money to promote anything on the show, and how no one has any connection to BCH beyond an investment.

The strangest reaction by far came from BTC ambassador Samson Mow. Mr. Mow’s personality in the debate between BTC and BCH is often dismissive, above-it-all. He knows, you don’t, and you simply need to get in line. Humorless. Uncharitable. Superior. That’s all excusable, and there’s always been such an element in tech (the more obnoxious sort tend to come from Silicon Valley), but his reaction to the CNBC segment described above places him in rarified air. With a picture of a shadowy figure behind bars, Chairman Mow typed, “Collecting some gems for @SEC_Enforcement @SEC_News to take a closer look at @CNBCFastMoney @CNBC pumping and dumping altcoins on their viewers. Enough is enough. If you have more tweets, post below and I’ll add them to the Moment.” That’s right, a lower-level crypto spokesperson is advocating use of jail to punish opinions different from his. Yikes.

Trader sees bitcoin cash breaking out, here’s why from CNBC.

Are you excited about BCH adoption and innovation? Let us know what you think of this subject in the comments below.


Images via Pixabay, CNBC


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

The post CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning appeared first on Bitcoin News.

Bitcoin News

70+ Investigations: 40 Regulators Crack Down on Suspicious Crypto Schemes

May 22, 2018 |

70+ Investigations: 40 Regulators Crack Down on Suspicious Crypto Schemes

Forty regulators in the US and Canada are reportedly collaborating in the largest coordinated crackdown on cryptocurrency scams to date by state and provincial officials. The operation has triggered over 70 investigations so far, with 35 cases completed or pending.

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

Mass Crackdown

The North American Securities Administrators Association (NASAA) said Monday that US and Canadian securities regulators have launched nationwide investigations on suspicious cryptocurrency investment schemes, the Washington Post reported. This is “the largest coordinated crackdown to date by state and provincial officials on bitcoin scams,” the news outlet wrote. CNBC elaborated:

More than 40 state and provincial watchdogs are participating in ‘Operation Crypto-Sweep,’ which has triggered at least 70 investigations so far.

70+ Investigations: 40 Regulators Crack Down on Suspicious Crypto SchemesNASAA is a voluntary association whose members are securities administrators from states, provinces, and territories in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico. According to its website, the association is the oldest international organization devoted to investor protection.

The association, which helps coordinate Operation Crypto-Sweep, confirmed that “as many as 70 investigations have been opened in the sweep, with more expected in the coming weeks.” Furthermore, the Washington Post detailed, “As many as 35 cases are pending or already completed, with some resulting in cease-and-desist letters warning the alleged schemes that their unregistered activity violates state securities law.”

The efforts focus on “unregistered securities offerings that promise lucrative returns without adequately informing investors of the risks” as well as initial coin offerings (ICOs), the regulators explained.

Fighting Fraud

By posing as members of the public, the NASAA task force found roughly 30,000 crypto-related domain name registrations, the news outlet described, adding that “Many of the alleged scams use fake addresses, slick marketing materials and promises of over 4 percent daily interest,” the news outlet described. “A few have even used unauthorized photos of high-profile individuals, such as Supreme Court Justice Ruth Bader Ginsburg, to portray themselves as aboveboard.”

70+ Investigations: 40 Regulators Crack Down on Suspicious Crypto SchemesThe director of enforcement at the Texas State Securities Board, Joseph Rotunda, was quoted saying, “Although the international task force’s work is far from complete, my suspicions have already been confirmed: The market for cryptocurrency investments is saturated with fraud, and our work is only revealing the tip of the iceberg.”

Last week, the Wall Street Journal published a study showing that out of 1,470 ICOs, 271 were found to contain “red flags that include plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.” Investors have poured more than $ 1 billion into these 271 ICOs, the publication added. In addition, a Chinese government-backed industry organization also published its fake crypto analysis last week, claiming that its monitoring system has detected 421 fake cryptocurrencies.

Massachusetts’ Secretary of the Commonwealth, William Francis Galvin, emphasized on Monday:

Not every ICO or cryptocurrency-related investment is fraudulent, but we urge investors to approach any initial coin offering or cryptocurrency-related investment product with extreme caution.

NASAA president and the director of the Alabama Securities Commission, Joseph Borg, explained that “consumers face higher risks of being misled at a time when the intense demand for bitcoin has prompted many retail investors to take extreme steps to gain exposure to the currency, such as taking out a bigger mortgage.”

What do you think of Operation Crypto-Sweep? Let us know in the comments section below.


Images courtesy of Shutterstock and NASAA.


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

The post 70+ Investigations: 40 Regulators Crack Down on Suspicious Crypto Schemes appeared first on Bitcoin News.

Bitcoin News