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This week the Bitcoin Cash network has gained more infrastructure and support from a variety of crypto-based businesses. Additionally, the digital asset has seen increased trade volume, and its price has been holding steady after the big dip that affected the entire cryptocurrency market ecosystem.
Bitcoin Cash Markets Consolidate for the Next Move
So far the Bitcoin Cash (BCH) blockchain is 8037 blocks ahead of the core chain (BTC) since it was born on August 1, 2017. At the time of publication, the BCH chain is operating at 11.8 percent of the BTC chain’s difficulty, and it is 4.8 percent more profitable to mine BTC right now. Since the inception of BCH, the digital asset has grown exponentially in value in just a few short months, and today one BCH is averaging $ 1,225 per token. After this weekend the currency’s market saw a significant spike in trade volume, capturing over $ 400Mn each day over the past 48 hours. The currency swapped the most with BCH right now is BTC, as it represents roughly 51 percent of BCH trades on February 27. This is followed by tether USDT (20.7%), the USD (16.2%), and the Korean won (8%).
Bitcoin Cash markets have seen some gains since the February 25th rally got started, and the price has recovered quite a bit since hitting a low of $ 760 on February 6. The 100 Simple Moving Average (SMA) is above the longer-term 200 SMA after crossing hairs just a few hours ago. This indicates the path to resistance is on the upside and bulls have a chance to regain the $ 1,650 high it reached on February 18. RSI and Stochastic oscillators are heading northbound as well following tight correlated movements with BTC market indicators.
Order books show big sell walls in the $ 1,300 region, but after those walls there seems to be smoother seas ahead. BCH will likely have pit stops in the $ 1,600 and the psychological $ 2,000 territory if market prices manage to make it past resistance. On the back side, order books show some solid foundations between $ 1,200-1,000. If the Displaced Moving Average is broken at $ 1,000, testing the $ 700 territory again would be likely. For now, BCH markets look like they will continue to rally northbound with the rest of the digital assets recovering from this past weekend’s losses.
New Infrastructure Support and a Telegram Tip Bot
Bitcoin cash has also gained some infrastructure support this week. For instance, the Indian company Unocoin has launched a multiple cryptocurrency asset exchange and will list BCH. Another popular wallet provider Bread (formally Bread Wallet) has announced its multi-currency client will be released soon with full BCH support.
“We have to build a fully autonomous SPV wallet, and it has to work — We can’t get away with standing up some bitcoin-ABC nodes and changing some RPC calls. That being said, it’s already done and in final testing phase. In fact, if you’d like to test, please email me,” explains a developer from Bread.
In addition to the wallet support, the BCH community now has a beta Telegram tipping-bot called the tipmebchbot. The bot allows Telegram users to tip each other BCH, but the program is in a testing stage for now. “This software is highly experimental and may lead to loss of funds. The author takes no responsibility for your money,” explains the Bot’s Github repository.
Alongside the Telegram bot news, BCH fans will soon be able to purchase bitcoin cash using a debit or credit card through the company Paybis. The firm says they are thrilled to announce that customers will be able to use cards to purchase BCH almost instantly with help from its processing partner Simplex. According to Paybis, users will be able to buy $ 20,000 weekly and $ 50,000 USD monthly.
BCH Community Remains Positive
Overall bitcoin cash proponents are optimistic the price will regain strength, and more infrastructure will soon follow. Additionally, there are two big conferences dedicated to focusing on the BCH ecosystem coming this spring hosted by Bitcoin Unlimited and the firm Coingeek. Further, there’s been a lot of discussions revolving around the development of ‘colored coins’ and the community has been talking about this subject with great fervor. Lastly, BCH supporters are waiting for Bitpay to implement BCH invoices soon which will open the cryptocurrency to a vast array of merchants and services that accept cryptocurrency payments.
What do you think about the BCH ecosystem growth over the past couple of weeks? Let us know your thoughts in the comments below.
Images via Bitcoin Cash, Tipmebchbot, Unocoin, Bread, and Paybis.
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One of the world’s most affluent persons, Bill Gates, appears to have bought in to the rhetoric of popular media and government law enforcement accounts. Recently, Mr. Gates and his wife submitted to a Reddit Ask-Me-Anything (AMA), and Mr. Gates gave some unusual views on cryptocurrency.
Also read: How To Regain Control From Nanny Zuck
Bill Gates Was Once Pro Crypto
The popular social media billboard platform, Reddit, is famous for its innovative feature, Ask-Me-Anything (AMA). It’s a freewheeling, open (mostly) question and response thread placing constituents or fans in near direct contact with the connected, famous, powerful.
Microsoft founder Bill Gates, 62, for close to a quarter century has occupied the title of Forbes‘ richest person in the world. Estimates in the many tens of billions float about Mr. Gates, as he’s since retired from active corporate and software development duty and instead become a philanthropist of the first order. Indeed, he and notorious bitcoin skeptic Warren Buffett derived The Giving Pledge, handing over half their wealth to foundations, attracting other billionaires to do similarly in the process.
Questions during Mr. Gates’ sixth AMA revolved from the silly to topically pertinent, and inevitably headed toward cryptocurrency. Askur1337 put it straight: “Whats [sic] your opinion on Crypto Currencies?” In truth, it isn’t entirely obvious just what Mr. Gates believes. As far back as 2014, he’d lauded the decentralized currency. He insisted to Bloomberg then, “Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
A year later, he’d come off such optimism, explaining bitcoin could “make moving money between countries easier and getting fees down pretty dramatically,” but “bitcoin won’t be the dominant system. We need things that draw on the revolution of bitcoin, but bitcoin alone is not good enough.” It was enough to have some crypto news outlets refer to Mr. Gates as a “bitcoin enthusiast.”
Death Caused by Crypto Fairly Direct
It’s pretty clear now such characterization is far, far off the mark. “The main feature of crypto currencies is their anonymity,” Mr. Gates began his rather terse answer in this year’s AMA. The hard truth is, of course, cryptocurrency is largely pseudo anonymous, and truly ghost cryptos are few and far between.
Nevertheless, Mr Gates continued, “I don’t think this is a good thing. The Governments [sic] ability to find money laundering and tax evasion and terrorist funding is a good thing,” repeating cannards long ago discarded by sober analysts. “Right now crypto currencies are used for buying fentanyl and other drugs,” he typed, “so it is a rare technology that has caused deaths in a fairly direct way.”
The qualifier there, “fairly,” allows some wiggle room if Mr. Gates is ever cornered by such a statement. Blaming cryptocurrency as a cause of death because a few have used one to ingest the other is oddly hysterical for Mr. Gates. A simple thought experiment should suffice: consider all the overdoses prior to crypto’s genesis in 2009. Had, at any time, anyone, including Mr. Gates, an intensely public figure asked for comment continuously, ever blamed government fiat paper money? Has anyone ever linked ATM cards, debit cards, the technology of plastic credit cards to have “caused deaths in a fairly direct way?”
What do you think drove Mr. Gates’ change? Let us know in the comments section below.
Images courtesy of Pixabay, Reddit.
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Several lawyers have discussed some of the challenges that arise from cryptocurrency ownership during divorce. The anonymous nature of cryptocurrencies creates the possibility for spouses to accumulate wealth that is concealed from their partner. However, this often can lead to parties searching for “pots of gold” that don’t exist.
Cryptocurrency Holdings Complicate Divorce Proceedings
Several lawyers specializing in divorce have shared some of the issues that are now arising during the judicial separation process as a consequence of cryptocurrencies.
One of the major challenges posed by cryptocurrencies is the ability for an individual to hide assets from their partner, owing to the anonymizing qualities of cryptocurrency. Toby Yerburgh, the head of family law of Collyer Bristow in the UK, recently told media that “Often in a divorce one spouse is looking for a pot of gold that doesn’t exist. But with cryptocurrencies, it’s possible the pot does exist.”
Mr. Yerburgh attests to having begun to receive cases involving one party suspecting that the other is failing to disclose cryptocurrency holdings following the spike in the popularity of virtual currencies last year.
Lawyers Seek to Educate Themselves Regarding Cryptocurrency
Victoria Clarke of UK-based Stowe Family Law, stated “Cryptocurrencies make things complex if you have a spouse who’s determined to hold on to their money, same as if they were hiding assets overseas. We have the tools to trace Bitcoin. The difficulty is that some lawyers don’t necessarily understand it yet — you need knowledge of the asset you’re trying to get hold of.”
The president-elect of the American Academy of Matrimonial Lawyers, Peter Walzer, states that many American lawyers are seeking to better understand cryptocurrencies in response to their increasing persistence as an issue during the matrimonial separation.
“I’m getting calls from lawyers all over the US trying to get familiar with the language around cryptocurrencies. We have to learn some new words for old ideas,” Mr, Walzer said. Jonathan Fields of Massachusetts-based firm Fields and Dennis described cryptocurrency as “now” comprising “a standard part of our discovery process. I will make sure I’ve got the right language and questions to ensure a partner discloses their cryptocurrencies.”
Uncovering Evidence of Cryptocurrency Ownership Comprises Long and Uncertain Process
Jo Carr-West of UK-based law firm Hunters stated that cryptocurrencies are “creating another layer of distrust that we haven’t had to deal with before,” adding that “The public perception that there is a lack of a paper trail causes the anxiety.”
Concerns that a spouse may be concealing undisclosed cryptocurrency holdings from their partner can add considerable time and expense to the divorce process, as the services of a digital forensics expert are often required in order to scour for evidence of hidden crypto. However, cryptocurrencies held offline will leave scant digital footprints, resulting in little guarantee that the efforts to evidence concealed holdings will prove fruitful.
“Courts Are Being Faced With a Challenge It Doesn’t Have the Power to Deal With”
Vandana Chitroda, a partner at Royds Withy King, has emphasized that challenges that the significant volatility in the virtual currency markets poses in attempting to estimate the value of cryptocurrency holdings during a divorce. “It’s not as straightforward as valuing your ordinary shares and investments, Mrs. Chitroda said. “There will have to be valuations made at every step in the proceedings. You would then have to agree a value on the date of the final hearing.”
Mrs. Chitroda also stated that “The courts are being faced with a challenge it doesn’t have the power to deal with,” adding that “The courts have only recently started allowing people to send documents to court using email. We’re going to really have to run to keep ahead of all of this. It’s a big challenge for all of us. We’re trying hard to educate ourselves and be ready.”
Do you think that cryptocurrencies pose unique challenges to divorce proceedings? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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PR: Education Ecosystem Announces Token Exchange Listings and Chance to Win Three Tesla Model S CarsFebruary 28, 2018 | dailybusinessnews
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.
Education Ecosystem (LiveEdu) has announced that their Education token will be issued to crowdsale contributors and also listed on exchanges this week.
CEO, Dr. Michael J. Garbade had this to say, “As ICO contributors know, due to legal restrictions we could not start work with centralized exchange listings until our ICO Round I was closed. This issue slowed us down but we have made progress with the help of our advisors. We have already closed deals with three exchanges where Education tokens will be listed, namely Bibox, Gate.io and Exchange 3. Exchange 3 will announce the listing themselves due to their policy. Our goal after these three listings is to get listed on two Tier 1 exchanges with whom we are currently in discussion. All of these exchanges will list Education tokens with ETH and BTC pairs.”
Gate.io will list Education tokens on Thursday, March 1, 2018 and Bibox on Friday, March 2, 2018. Both Gate.io and Bibox will give away a Tesla Model S and Education tokens if you participate in the trading and deposit competitions. You can be the owner of a brand new Tesla. Apart from the five centralized exchanges above, you can also trade Education tokens soon on Etherdelta, IDEX, Liqui, and Tidex.
Token name: Education
Symbol : LEDU or EDU
Token address: 0x5b26C5D0772E5bbaC8b3182AE9a13f9BB2D03765
Internal Ecosystem Competition
The Education Ecosystem is also running their own internal community competition where people can participate and win prizes.
1st Prize : Tesla Model S
2nd Prize: 50,000 Education tokens
3rd Prize: 50 Nano Ledger S Hardware wallets
4th Prize: Education token cups, tote bags, etc.
Read more about how to enter this competition in their blog article for a chance to win one of the prizes.
About Education Ecosystem
Education Ecosystem (LiveEdu) is a decentralized learning ecosystem that teaches people how to build complete products in future technological fields. They are building the YouTube for online education and professional development. You can also describe their ecosystem as the next-generation Lynda.com. Unlike existing online education platforms, LiveEdu is not focused on beginners, but mainly intermediates to experts. People learn on LiveEdu by watching how peers build real projects and can also download all project resources and files. The new LiveEdu platform is set to launch in 2018 and will start with eight main topics which encompasses several subcategories: Artificial Intelligence, Cybersecurity, Game Development, Data Science, Cryptocurrencies, Programming, Design, and Augmented and Virtual Reality.
Project creators in the Education Ecosystem will build 10,000 projects for these topics. In 2019, the ecosystem will be opened for all topics. For now LiveEdu is an app blockchain company and using ERC20 smart contracts, but in 2021 LiveEdu will build its own protocol. Simply put LiveEdu is building the Steemit for professional development and targeting the $ 306 billion professional development market.
Website and Social Media
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.
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More than 3 million graphics cards have been sold to cryptocurrency miners in 2017, with sales reaching $ 776 million, a new report revealed. According to a major manufacturer, prices of GPUs will continue to increase in 2018, despite expectations of decreasing demand in the mining sector.
Rising Mining Costs to Slow Down Demand
Over three million Graphics Processing Units (GPUs) have been sold to cryptocurrency miners last year, Jon Peddie Research announced in its latest report. The total sales of video cards have reached $ 776 million, according to the market research firm, which does not expect prices to go down in the near future.
The study covers data from the top three producers of GPUs – AMD, Nvidia and Intel. Recently, Advanced Micro Devices acknowledged shortages of its Radeon cards because of their use in mining applications. The company plans to increase their production, as news.Bitcoin.com reported.
AMD’s main competitor, Nvidia, admitted the demand by miners had exceeded its expectations in the last quarter of 2017. In an attempt to guarantee that gamers would be able to get their share, the company asked retailers to limit the number of graphics cards that can be purchased at a time. Miners usually buy the latest GPU’s in bulk, leaving empty shelves.
Nvidia CEO Jen-Hsun Huang has said that the company is working to address supply issues. It has been reported that Nvidia may reveal a new “Turing” card dedicated for mining. GPUs are mainly utilized in mining altcoins like ethereum and monero, as bitcoin requires more powerful, specialized hardware.
The report also says that overall GPU shipments in Q4 have decreased by 1.5% from the previous quarter and 4.8% year on year, mainly due to lower sales in desktop and notebook applications. However, the indicator is still above the ten-year average of -3.40%. While the market shares of Nvidia and Intel have shrunk by 6% and 2%, respectively, AMD has seen an 8.1% increase.
GPU Prices to Go Up This Year
According to the president of the market research company, “gaming has been and will continue to be the primary driver for GPU sales, augmented by the demand from cryptocurrency miners.” Dr. Jon Peddie expects a decrease in that demand, as margins drop with increasing utilities costs, while the prices of GPU’s go up because of short supply. He also said that gamers can offset those costs by mining when not gaming, but prices will not drop in the near future.
Nvidia has also stated that GPU prices will continue to go up in 2018, according to some publications. The hardware marketplace Massdrop claims the manufacturer informed them to expect prices to continue rising through the third quarter of the year, as reported by many tech sites.
The availability of memory for the graphics units is another major factor that can influence supply and price rates. Shortages of RAM have already been reported. AMD has announced it would work with suppliers to overcome the deficit, as the two main types of memory used in its RX cards, GDDR5 and HBM2, are in short supply.
What are your expectations about the development of the GPU market? Tell us in the comments section below.
Images courtesy of Shutterstock.
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This week the ‘bitcoin-friendly’ financial institution Silvergate Bank sold 9.5 million shares that raised a sum of $ 114Mn USD during the common stock sale. Some of the capital injection was provided by the venture capital firm Digital Currency Group who welcomed Silvergate Bank into the company’s growing list of partners and subsidiaries.
‘Bitcoin-Friendly’ Bank Raises $ 114 Million in Private Placement
Silvergate Bank is a financial institution that has bolstered bitcoin-based companies for quite some time. Silvergate was known for providing banking services to crypto-startups when other banks refused to work with those types of companies. According to the company, the bank has a relationship with fifteen cryptocurrency-focused businesses, and in April of last year, Silvergate collaborated with the blockchain surveillance company Elliptic. Moreover, back in 2014 the president and CEO of Silvergate Bank, Alan Lane discussed bitcoin at California Bankers Association meetings.
On February 26 Silvergate revealed it had raised $ 114Mn and the funds will promote further growth in a nationwide financial tech deposit initiative. “Our recent private placement is a major milestone in the history of Silvergate, increasing our equity capital by over 120%,” said Dennis Frank, Silvergate’s chairman during the announcement. However, the investors who helped raise the capital were not disclosed throughout the bank’s press statements.
“Our greatly increased capital base will support our growth and enable us to continue making investments in technology and people that will improve efficiency and productivity, and expand the products and services offered to our business customers,” Silvergate’s CEO Lane said yesterday.
A Few Hours Later Digital Currency Group Welcomes Silvergate Bank Into the DCG Family
Then a few hours later the venture capital firm Digital Currency Group (DCG) revealed it had invested in Silvergate’s private placement.
“We are thrilled to welcome Silvergate Bank to the DCG family of companies,” explains DCG to its Twitter followers.
The New York-based firm DCG created in 2015 has its hands in a lot of cryptocurrency and blockchain based startups within the industry. The company was founded by Barry Silbert, and its 114 investments cover companies like Ledger Wallet, Bitgo, Bitpay, Blockstack, and more. The relationship with Silvergate Bank may help its investment companies with a more robust banking relationship. Many crypto-businesses and bitcoin-based debit card providers have been having difficulties with financial institutions over the past few months. The announcement from DCG concerning investing in Silvergate also follows the venture firm welcoming Poloniex to the DCG family as it has a stake in the company Circle Pay.
“Huge news from DCG portfolio company Circle Pay — We are thrilled to welcome Poloniex to the DCG family,” the company declares.
What do you think DCG investing in Silvergate Bank? Let us know your thoughts on this story in the comments below.
Images via Shutterstock, Silvergate Bank, and DCG.
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A UK man living in Amsterdam is facing up to five years in prison for allegedly helping people by exchanging fiat cash for bitcoin which was used to buy drugs. He supposedly started by growing cannabis himself but soon found the bitcoin business to be more profitable by itself.
Amsterdam Bitcoin Mule
The Dutch Public Prosecutor has demanded that the court give a 38-year-old British man five years in prison for allegedly laundering about €11.5 million in bitcoin between 2014 and 2016. This money is suspected as originating from illegal drugs deals and the trade of other prohibited goods on dark web marketplaces, the Public Prosecutor said on Wednesday.
According to the allegations, the man living in Amsterdam profited by taking bitcoins from his clients and exchanging them for fiat cash, charging an “unusually high” commission of between 5 to 8 percent. This hefty commission was the price customers paid for anonymity, the Prosecutor said – the suspect carried part of the risk and was paid handsomely for it.
The suspect allegedly used his personal bank account to exchange the bitcoin, and then withdrew cash from ATMs for his clients. Millions of euros were exchanged in this way, the Prosecutor said. The suspect and his spouse earn very little in otherwise legal income, the Netherlands Times reported.
More Profitable Than Growing Weed
The British man is also suspected of growing cannabis plants as the Dutch police allegedly found plenty of plantations photo on his computer at his previous home. “He thought he had seen a gap in the market and jumped into it”, the Public Prosecutor said. “He started with a cannabis plantation, sold the harvest on the dark web and was paid in bitcoins. Soon he noticed that he no longer needed the weed to make a substantial turnover and a fine profit.”
The accused man himself still proclaims his innocence and claims that all his customers were honorable citizens who were not involved in any form of illegal trade. The Dutch court is expected to deliver its verdict in early March.
Does five years sound excessive for such a victimless crime, if proven? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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In less than six hours, zclassic will fork to create bitcoin private, a new privacy-oriented coin that uses zk-snarks to obfuscate transactions. Holders of bitcoin and zclassic will both be eligible to receive bitcoin private (BTCP) on a 1:1 basis. There’s just one problem: 93% of all zlcassic (ZCL) is on Bittrex exchange, which until today had neglected to pass comment on whether it would support the fork. As the price of ZCL has dropped sharply, bagholders have expressed their anger at Bittrex’ slowness to act.
Bitcoin Private Angers the Public
Bitcoin private has been a long time coming, with the fork of zclassic announced back in December of last year. Since then, traders have been steadily accumulating ZCL, causing its price to rise from $ 4 in early December to a high of almost $ 200. Everyone knew that ZCL would dump hard, but few expected it to do so before the fork. In the last 48 hours that’s what’s happened though, as the coin has plunged to a low of $ 73, a drop of 50% in less than a week.
It had been widely assumed – or at least hoped – that Bittrex would support the fork. Given that 93% of the trading volume comes from the U.S. exchange, it has the power to largely make or break the launch of bitcoin private. As ZCL bagholders have vented their frustrations, other traders have crowed about selling the coin days ago, leading to acrimony. The fork is scheduled to take place on February 28 around 5pm UTC.
The exchange finally broke its silence just hours before the fork was due to occur. In a statement, it wrote: “Bittrex will NOT be supporting the market for Bitcoin Private but due to issues with the Zclassic wallet, we will offer Zclassic holders on Bittrex partial support through claiming and withdrawing BTCP…Bittrex will suspend the Zclassic market approximately 15 minutes before the snapshot time and perform an on-exchange snapshot of ZCL balances. The market will re-open after 5pm UTC once the on-exchange snapshot is complete.”
The exchange probably won’t be listing BTCP as a tradable coin, it seems, and it certainly won’t be issuing bitcoin private on a 1:1 basis to BTC holders. While ZCL holders were relieved to learn this news, for some traders the announcement was a case of too little, too late.
A Good Idea Badly Executed?
The arguments for and against bitcoin private have been rehashed enough times. Given zclassic’s reliance on Bittrex for trading volume, it seems odd that Rhett Creighton and his team wouldn’t attempt to come to some sort of informal agreement with the exchange in advance. Without Bittrex’ promise of participation, the whole affair was bound to create bad blood and get the launch of bitcoin private off to a controversial start. Nevertheless, there has been nothing preventing traders from withdrawing their zclassic to a wallet or sending it to an exchange that has promised to support the fork in advance, such as Cryptopia.
Historically, Bittrex has been reluctant to support bitcoin forks, with bitcoin gold the last to be listed on the exchange. Other exchanges, including Hitbtc and Kucoin, have announced that they will issue BTCP to BTC holders, but Bittrex – which isn’t exactly famed for its communication – remained silent right up until the last possible moment, before finally caving to public pressure. While zclassic holders are entitled to feel aggrieved at Bittrex’ lack of action, exchanges are not obligated to dispense forked coins like free candies.
For those who truly believe in bitcoin private, the price of zclassic in the run-up to the fork is largely irrelevant. All that matters is that they move their ZCL to a supporting wallet or exchange, sit tight, and let the fork take its course. For traders, simply chasing the pump, going all-in on a coin that was already up 5,000% in three months was always going to be a risky move.
Do you think Bittrex should have declared its support for BTCP sooner? Let us know in the comments section below.
Images courtesy of Shutterstock, and Coincodex.
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Forget the debate about whether bitcoin is a store of value or a currency. What everyone can agree upon is that it is a store of drama. And where there is drama in bitcoin over the last couple of years, Australian computer guru Craig Wright is often in the thick of it. Filed on Valentine’s Day and released yesterday, Mr. Wright is being sued for upwards of 5 billion dollars by the estate of his former business partner, now deceased David Kleiman. At issue are hundreds of thousands of bitcoin, business relationships, integrity, and the still-going suspicion Mr. Wright might be Satoshi Nakamoto.
Also read: How To Regain Control From Nanny Zuck
Craig Wright Is Sued for Billions
$ 5,118,266,427.50 USD is a big number, and it’s the amount plaintiff Ira Kleiman claims is owed the estate of David Kleiman, his brother, by notorious cryptocurrency enthusiast Craig Wright. According to certain statements Mr. Kleiman, the deceased, partnered with Mr. Wright in various forms, and the two were apparently around at the inception of bitcoin and the chance to get in on the cheap to the tune of roughly one million tokens.
That sum would be divided, the plaintiff asserts, with Mr. Kleiman receiving about 300,000 bitcoin.
At some time after the agreement, as Ira Kleiman alleges in his 38 page lawsuit against Mr. Wright, and Mr. Kleiman’s death in 2013, attempts to fudge the deceased man’s portion in Mr. Wright’s favor occured. Mr. Wright, as of this writing, has not responded officially.
The filing is riddled with juicy morsels such as “It is unclear whether Craig, Dave, and/or both created Bitcoin. For reasons not yet completely clear, they chose to keep their involvement in Bitcoin hidden from most of their family and friends. It is undeniable, however, that Craig and Dave were involved in Bitcoin from its inception and that they both accumulated a vast wealth of bitcoins from 2009 through 2013,” a point of contention for the last few years at least.
Is He or Isn’t He
Craig Wright, of course, is perhaps best known for either claiming to be Bitcoin’s creator, Satoshi Nakamoto, as way to hedge against press accounts; for claiming the title as an elaborate hoax; claiming to be Satoshi as a way to shield others; a tortured genius who became exasperated with skeptics, or an insufferable publicity hound and scam artist. Readers pick.
What is clear are the odd lengths to which Mr. Wright went about his claim/hoax/whatever, going so far as to fly no less a personage than bitcoin luminary Gavin Andresen to London in order to make the case, or non-case. Mr. Andresen, for his part, left convinced Mr. Wright was Satoshi, though he kept an eye toward skepticism. It was all very confusing. Those efforts, however, might now contribute to the charges against Mr. Wright.
It’s also par for the course in civil lawsuits of this sort to engorge one’s opponent as a maniacal super villain, capable of the worst trickery. Again, at this point, we haven’t Mr. Wright’s side of things.
Nevertheless, it is put forward that Mr. Wright conspired against the ignorance of Mr. Kleiman’s family after his death in 2013. Because Mr. Kleiman’s heirs were unaware of their family member’s bitcoin efforts and potential bounty, “Craig perpetrated a scheme against Dave’s estate to seize Dave’s bitcoins and his rights to certain intellectual property associated with the Bitcoin technology. As part of this plan, Craig forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him. Craig backdated these contracts and forged Dave’s signature on them,” the filing states.
Law Firm Is No Joke
Mr. Kleiman reportedly signed away his bitcoin, Mr. Wright is said to have explained, due to another lucrative business offer in Australia. That venture went belly up, with Mr. Wright accused of tax avoidance, and the lawsuit demands this is why Mr. Wright’s home was subsequently raided with Mr. Wright escaping to London.
From there, it appears Mr. Wright attempted contact with the deceased man’s family, making sure his computer equipment was not comprised. The lawsuit details emails of the sorted mess, and attempts to forward the narrative Mr. Wright did everything in his power to exclude the family from a bounty they’re sure he still has tucked away. Elaborate forgeries are examined, along with prospects of wallets containing as much as 650k in bitcoin.
Still, passages such as “In March 2008, just a few months before Satoshi’s paper on the Bitcoin protocol was published, Craig wrote Dave an email stating: ‘I need your help editing a paper I am going to release later this year. I have been working on a new form of electronic money. Bit cash, Bitcoin . . . [y]ou are always there for me Dave. I want you to be part of it all,’” jump out at readers. But, again it is important to emphasize, such types of evidence can be manufactured or just simply coincidental rather than implying what readers’ wish.
Popular media accounts in Gizmodo and Wired, investigating Mr. Wright’s correspondence, along with interviews he’s done, are cited as evidence to both his character and claims of bitcoin wealth – none of which bodes well for Mr. Wright in this instance. There even appears to be correspondence with the deceased man’s brother, confirming an arrangement to split bitcoin in the hundreds of thousands.
Mr. Kleiman’s estate and its claims might be laughed off as frivolous or reaching, but they’ve hired Boies, Schiller & Flexner, a mostly New York-based law firm. Boies is noteworthy for representing Vice President Al Gore in the Supreme Court Bush v. Gore case which decided a presidency, along with representing the government in its antitrust case against Microsoft. Boies routinely ranks as a top law firm in class actions, antitrust, appeals, product liability, white collar, securities litigation, and in profits per partner and per lawyer.
Readers especially interested in where the Satoshi aspect of all this leads are encouraged to deep dive Kim Nilsson’s Wizsec blog, Kleiman v Craig Wright: The bitcoins that never were. Whether readers are more or less convinced about Mr Wright’s claims or non-claims, one constant remains: bitcoin’s store of drama will continue on for some time.
What do you make of the lawsuit? Let us know in the comments section below.
Images courtesy of Pixabay. Kai Sedgwick contributed sourcing.
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Low-income areas in the city of Detroit are seeing a bunch of cryptocurrency-based automated teller machines (ATM). According to local reports, ATMs are popping up in great number in liquor stores, gas stations, and cash-checking locations.
Detroit Michigan Sees a Crypto-ATM Invasion
Detroit is a well known industrial city and Michigan’s most populous city. However, the region has been dealing with a tumultuous economy and the city residents have been suffering from financial hardships for years. That hasn’t stopped a large influx of bitcoin ATMs from being installed in the city as Detroit now has over 29 machines. The regional newspaper the Detroit News reveals that most of these devices reside in areas with a shortage of banks and low-income housing areas like Inkster, Highland Park, Taylor, Hamtramck, and Pontiac. There are 15 more crypto-ATMs on the outskirts of Metro Detroit as well. Ayman Rida, an executive from a company called ‘International Bitcoin’ installed a good chunk of the machines located in the Metro Detroit region.
“My company installed 15 Bitcoin ATMs last year in Detroit,” explains Rida in an Interview. Rida says most transactions are roughly between $ 70-80 USD. “Last year, the business grew very, very good at the locations,” Rida adds.
Services for the Unbanked and Underbanked
Cryptocurrency proponents in the area believe the Detroit crypto-ATMs help the underbanked within the region. Although, some law-enforcement officials believe some of the action may be helping facilitate illegal activities and money laundering. A cryptocurrency researcher from a Washington, D.C.-based think tank, the Foundation for Defense of Democracies (FDD) believes bitcoin in Detroit is probably being used for both of those theories.
“The truth is, it could be both scenarios,” Yaya Fanusie explains. “It’s a guess because the technology is new — We need time to collect data,”
The fact that [Bitcoin ATMs] are in the kind of areas you describe, only says how much digital currency is growing worldwide — Bitcoin has sort of grown as way to provide services to the unbanked and underbanked.
Despite the Concerns From Lawmakers Cryptocurrency Use Is Thriving in Detroit
According to the local news outlet, 14 Detroit stores in the Metro region with bitcoin ATMs were contacted, but none of the owners wanted to make a statement. The FDD researcher Fanusie doesn’t believe that money laundering is a big issue for crypto-ATM owners in Detroit. Fanusie emphasizes, “That kind of money would essentially be noticed by federal regulators — But if you want to use them to pay a local drug dealer, say $ 50 to $ 100, then maybe it’s OK, effective.”
Michigan and the Detroit region is home to quite a few bitcoiners. Besides the bitcoin ATMs, there are large Meetup groups as well. The ‘Michigan Bitcoiners’ Meetup has over 988 members that congregate in Detroit. The ‘Detroit Blockchainers’ Meetup has 488 members, and the group holds a weekly meeting in Metro Detroit where attendees can trade cryptocurrencies with other people in person.
“Come trade cryptocurrency like it’s 1792,” the Detroit Blockchainers state.
What do you think about cryptocurrency ATMs popping up in great number in the city of Detroit? Let us know in the comments below.
Images via Shutterstock, Pixabay, and the Detroit Blockchainers Meetup.
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