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

| November 18, 2018

Scroll to top

Top

Bitcoin Archives -

The Daily: New Woe for ICOs, Bitcoin Cash Trading Resumes

November 17, 2018 |

The Daily: New Woe for ICOs, Bitcoin Cash Resumes Trading

In Saturday’s edition of The Daily, we examine Q3’s figures for initial coin offerings, and ponder where they go from here in the wake of fresh SEC scrutiny. We also take a look at how exchanges are reacting to the Bitcoin Cash fork. Some platforms have already enabled deposits and withdrawals, while others are waiting till the dust has settled.

Also read: SEC Settles Charges With Two ICO Issuers

Exchanges Respond to the Bitcoin Cash Fork

In the build-up to the Bitcoin Cash (BCH) hard fork on Nov. 15, cryptocurrency exchanges outlined their plans for dealing with the event. Bitfinex and Poloniex permitted trading of the ABC and SV coins in advance of the split. Others, such as Bittrex, permitted BCH trading throughout the event, but most paused trading for a few hours, before reopening with two BCH markets active, to represent each side of the divide. All cryptocurrency exchanges, however, paused BCH deposits and withdrawals while the fork took place.

The Daily: New Woe for ICOs, Bitcoin Cash Trading Resumes
At the time of publication, ABC is 16 blocks and 53.3% ahead by PoW, compared to SV.

Bittrex is one of the first major exchanges to have resumed BCH deposits and withdrawals, having assigned the BCH ticker to the ABC implementation. “Confirmations have been temporarily increased to 20 for deposits,” tweeted the exchange. “Bitcoin SV (BSV) balances are in accounts.” Most exchanges have been more circumspect, however. Binance has yet to re-enable bitcoin cash deposits and withdrawals, and is adamant that the BCHABC and BCHSV tickers are staying for good. So far, 50% of all exchanges have deemed the ABC implementation to be BCH, including Cobinhood, Bibox, and Bitmax.

ICOs Raised $ 1.8 Billion in Q3

ICOrating.com has published its quarterly report into the health of the token market. It notes that $ 1.8 billion was raised by initial coin offerings (ICOs) in Q3 of 2018, which pales in comparison to the $ 8.3 billion raised in the previous quarter. 57 percent of all ICOs in Q4 failed to reach $ 100,000 and just 4 percent of projects secured an exchange listing. Other noteworthy statistics to emerge from ICOrating’s report include the fact that in Q3:

  • The median return from tokens was 22 percent
  • 67 percent of all dapp ICOs failed
  • 43 percent of all projects were based in Europe
  • The number of projects with utility tokens decreased by 10 percent

This latter statistic can be expected to decline further in the months to come, as enforcement by the U.S. Securities and Exchange Commission (SEC) dampens enthusiasm for utility token ICOs.

The Daily: New Woe for ICOs, Bitcoin Cash Trading Resumes

SEC Clamps Down Hard on ICOs

The cryptocurrency community has been reacting to yesterday’s news that the SEC has issued its first penalties to ICOs for securities violations. These landmark cases confirm that ICOs cannot simply claim their coin is a utility token in the hope this will exempt them from securities law. “The SEC is working their way up the ICO totem pole, starting with the most obvious and easiest targets until they have the accumulated weight of caselaw to tackle the big ones,” opined Nic Carter. This sentiment was echoed by other figures, including legal experts Preston Byrne and Stephen Palley.

The SEC has instructed the ICOs it penalized to compensate investors in fiat currency for their losses. This includes any claimants who sold their tokens at a loss. As a result, there has been speculation that the SEC’s ruling may result in selling pressure from ICOs forced to liquidate their cryptocurrency holdings.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock and ICOrating.com.


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

The post The Daily: New Woe for ICOs, Bitcoin Cash Trading Resumes appeared first on Bitcoin News.

Bitcoin News

Free Keene Activists Launch Bitcoin Embassy New Hampshire

November 17, 2018 |

Keene, New Hampshire is well known city for libertarian philosophies and more recently as a hotbed for cryptocurrencies. On Monday, Nov. 12, crypto advocates from the region have announced the launch of a new educational center called the Bitcoin Embassy New Hampshire.

Also Read: Libertarian Hotspot the Free Keene Project Bolsters More Crypto-Adoption

New Hampshire Bitcoin Embassy Offers Free Bitcoin 101 Classes

Free Keene Activists Launch Bitcoin Embassy New HampshireCryptocurrency and libertarian activists from Keene New Hampshire have been steadily pushing digital currency adoption for a while now. This past Monday the group of advocates from the region, who also run the city’s active cryptocurrency Meetup group, revealed the launch of the Bitcoin Embassy New Hampshire. The embassy will be an educational center dedicated to teaching people all about digital assets, explained the creators. Further, the organization now joins the other state embassies located in the U.S. like the Atlanta Bitcoin Embassy operated by the Austrian economist Jeffrey Tucker.

Additionally, the group from Keene have explained the new embassy will offer free “Bitcoin 101” classes for visitors. “With the goals of education, networking, and inspiration, head ambassador and instructor Chris Rietmann opened the doors to the Bitcoin Embassy NH in October and has already created a “Bitcoin 101” class that is free to take,” explained the Free Keene blog. “Donations are certainly welcomed if you find the class valuable and classes are also available for those looking to learn how to accept crypto at their businesses.”

Free Keene Activists Launch Bitcoin Embassy New Hampshire
Chris Rietmann Gives “Bitcoin 101” Class at Bitcoin Embassy NH.

Spreading Cryptocurrency Adoption Across the Free State

The crew from the Free Keene blog and members of the community have been spreading cryptocurrency adoption relentlessly lately on all fronts. Recently, the group got a number of merchants to accept digital assets in the city such as a dentist, Indian restaurant, hair salon, and vape shop. Then, this past August, news.Bitcoin.com reported on the group creating Cryptotip.org, a platform that allows users to create simple paper tips funded with bitcoin cash.

The Bitcoin Embassy New Hampshire has received positive media coverage within the region as well. The embassy’s members have explained that the story has been covered by NH Public Radio, the Keene Sentinel, and a front-page story in the Monadnock Shopper News. Additionally, the embassy had a discussion and presentation concerning Bitcoin’s first hash war that started on Nov. 15. 

The creators of the embassy state that the organization has more development plans for the future and people can discuss the embassy using Telegram. For people who want to visit the new Bitcoin Embassy New Hampshire, the center is open Tuesday through Sunday and is located inside Route 101 Local Goods in Keene, NH. Check out the video below at the Bitcoin Embassy NH in which members discuss the recent BCH hash war. 

What do you think about the Bitcoin Embassy New Hampshire? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Pixabay, and the Free Keene blog.


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Free Keene Activists Launch Bitcoin Embassy New Hampshire appeared first on Bitcoin News.

Bitcoin News

ECB Official Decries Bitcoin as ‘Evil Spawn’ of Financial Crisis, Ripple Consolidates Lawsuits

November 16, 2018 |

ECB Official Decries Bitcoin as 'Evil Spawn' of Financial Crisis, Ripple Consolidates Lawsuits

In recent regulatory news, an executive board member of the European Central Bank (ECB) has given a dismissive appraisal of bitcoin and rejected the prospect of central banks issuing state-backed digital currencies in the foreseeable future. In other news, Ripple Labs has moved to consolidate three lawsuits into a single federal suit, while the police have arrested eight individuals in Tokyo who are suspected of involvement in a $ 68.4 million cryptocurrency pyramid scheme.

Also Read: French Financial Regulator Estimates ICOs Have Raised $ 21.9B Globally

ECB Board Member Dismisses Prospect of
Central Bank-Issued Virtual Currencies

ECB Official Decries Bitcoin as 'Evil Spawn' of Financial Crisis, Ripple Consolidates LawsuitsBenoit Coeure, an executive board member of the ECB, has issued a critical appraisal of bitcoin and cryptocurrency in general. He described them as “the evil spawn of the financial crisis” in a recent speech at the Bank for International Settlements in Basel.

“Bitcoin was an extremely clever idea,” Coeure stated. “Sadly, not every clever idea is a good idea.”

Coeure was also dismissive of the prospect of central bank-issued virtual currencies becoming a reality within the next 10 years. “There is broad agreement that a central bank digital currency, in whatever form, is unlikely to be issued within the next decade,” he said.

Ripple to Take Lawsuits to Federal Court

ECB Official Decries Bitcoin as 'Evil Spawn' of Financial Crisis, Ripple Consolidates LawsuitsRipple Labs has moved to consolidate three ongoing class-action lawsuits the company faces into a single federal suit. Various lawyers have described the move as “slick” and exhibiting “tactical brilliance.”

The suits were filed by David Oconer, Vladi Zakinov and Avner Greenwald, who are collectively seeking more than $ 167 million in damages on behalf of “thousands” of investors. Ripple is seeking for the case to be heard at the U.S. District Court for the Northern District of California. The combined number of plaintiffs involved in all of the cases exceeds 100.

Tokyo Police Arrest 8 Over
$ 68.4M Pyramid Scheme

ECB Official Decries Bitcoin as 'Evil Spawn' of Financial Crisis, Ripple Consolidates LawsuitsPolice in Tokyo have arrested eight men for their alleged involvement in a pyramid scheme that duped roughly 6,000 investors out of an estimated 7.8 billion yen ($ 68.4 million) worth of cryptocurrency. The individuals are suspected of violating Japan’s Financial Instruments and Exchange Act by failing to register their business operations with the relevant authorities.

Investors were recruited at events such as seminars, where they were promised monthly returns of between 3 percent and 20 percent. Six of the eight individuals who were arrested have reportedly confessed to the allegations made against them.

Last month, a group of 73 individuals who fell victim to the scheme filed a lawsuit with the Tokyo District Court. They are seeking 370 million yen ($ 3.276 million) in damages.

Do you think Ripple will be successful in consolidating the three lawsuits it faces into a single federal suit? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Wikipedia


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post ECB Official Decries Bitcoin as ‘Evil Spawn’ of Financial Crisis, Ripple Consolidates Lawsuits appeared first on Bitcoin News.

Bitcoin News

Hash Wars: The Bitcoin Cash Hard Fork Has Begun

November 15, 2018 |

Today Thursday, Nov. 15, a majority of the cryptocurrency community is fixated on the contentious Bitcoin Cash (BCH) hard fork and watching the spectacle with great anticipation. At approximately 1:00 p.m. EST miners backing both implementations started the fork process in order to change the Bitcoin Cash protocol ruleset. Currently, at the time of publication, the chain has split and the Bitcoin ABC side of the chain is three blocks ahead of the forked SV chain. 

Also read: The Daily: Coinbase Blesses Binance, Game Day for BCH

Hash Wars: The Bitcoin Cash Hard Fork Has BegunThe day is here for the highly anticipated BCH network hard fork, with the protocol set to undergo some consensus rule changes. However, this particular ruleset change has two different competing client implementations that are incompatible — Bitcoin SV and Bitcoin ABC. There’s been a lot of debate and name-calling across social media, but today many BCH proponents believe hashrate will ultimately trump internet chatter.

According to data from Coin Dance cash, at approximately 1:00 p.m. EST the first ABC block was found by the mining pool Bitcoin.com at block height 556767. Bitcoin.com mined another block at height 556767 with the new Bitcoin ABC implementation’s ruleset. After the first block was mined, Bitmain CEO Jihan Wu congratulated Bitcoin.com on the social media platform Twitter.

Hash Wars: The Bitcoin Cash Hard Fork Has Begun
The first Bitcoin SV block to be mined

Then at around 1:22 p.m. EST the first Bitcoin SV block was mined at height 556767 by Mempool, cementing the bifurcation of the Bitcoin Cash chain. Not long after, SV Pool found another block at height 556768, giving the chain a total of two blocks. Bitcoin.com then found block 556769 on the ABC side of the chain and then captured blocks 556770, and 556771.

Hash Wars: The Bitcoin Cash Hard Fork Has Begun
The current state of both chains at 1:55 p.m. EST on Nov. 15, 2018

Bitcoin.com’s pool then found blocks 556772, and 556773, giving the ABC chain a five-block lead. BTC.com found the next block at height 556774 on the ABC side of the chain, but the SV chain found a few more blocks (556769, 556770 and 556771). Even though data sites have been lagging due to the traffic, the SV chain has been slower at showing blocks processed. At 1:55 p.m. EST the ABC chain had a three-block lead ahead of the SV chain.

There are a number of places online where people can continue watching the fork unfold in real time, as many analytical data sites are available. Coin Dance cash has a lot of information on its website, including recently mined BCH blocks, hashrate and distribution, and node count. The website Ramen.chopsticks.cash shows four charts containing separate BCH implementations, including Bitcoin ABC, SV, Unlimited, and Naybc. Colors correspond to the ECMH signature of each block’s content and help distinguish equivalent blocks, regardless of transaction ordering, the website explains. Forkmonitor.info, a tool created by Bitmex, shows multiple BCH nodes and monitors the chaintips for any bifurcation. Similarly, the data site Fork.btc.com also shows viewers whether or not the BCH chain has split in a visual fashion. Users can also monitor Twitter and the Reddit forum r/btc for opinions concerning the BCH fork.

Even though the fork has commenced, it is highly recommended not to transact on either chain until the dust has settled between both chains and one chain gets a significant lead over the other. There is a chance a BCH transaction could be replayed on both chains by accident, unless the sender has already split the coins using some of the tools available online. The websites mentioned above — Twitter, r/btc, and especially news.Bitcoin.com — will have a lot of eyes on the network’s stability over the course of the next several hours and days to come, and we’ll continue to report on the matter.

What do you think about the Bitcoin Cash network hard fork? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Twitter, Coin Dance, Fork Monitor, and Pixabay.


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Hash Wars: The Bitcoin Cash Hard Fork Has Begun appeared first on Bitcoin News.

Bitcoin News

Bitcoin ATMs Most Common Scam Payment Method in Australia

November 15, 2018 |

Bitcoin ATMs Now Most Common Scam Payment Method in Australia

The Australian Taxation Office (ATO) has warned taxpayers to be “on high alert” for phone scammers demanding payment through bitcoin ATMs. It said payments via BTC cash machines have now overtaken iTunes vouchers as the most common method of scam payment reported to the tax authority.

Also Read: IMF: Central Banks Could Issue Digital Currency

Tax Month November Is Prime Time for Fraudsters

Around one million Australians are due to pay their taxes to the ATO on Nov. 21. In a statement on Wednesday, ATO assistant commissioner Kath Anderson said fraudsters are growing increasingly sophisticated. They hope to exploit vulnerable people, often using aggressive tactics to swindle people out of their money or personal information, she lamented.

Bitcoin ATMs Most Common Scam Payment Method in Australia

“November is a prime time for scammers as they know lots of people have tax bills to pay. Be wary if someone contacts you demanding payment of a tax debt you didn’t know you owed,” Anderson warned.

She added that the tax collector “will never ask you to make a payment into an ATM or via gift or prepaid cards such as iTunes and Visa cards, or direct credit to be paid to a personal bank account.” If uncertain about the legitimacy of a call, Anderson advised taxpayers to “hang up and call us.”

 Bitcoin Scams on the Rise

Incidents of bitcoin scams are on the rise throughout the world. In November last year, police in Canada said more than 40 people had lost 300,000 Canadian dollars (U.S. $ 228,000) to phone scammers, who compel victims to make bitcoin ATM deposits on the threat of arrest for tax default.

Bitcoin ATMs Most Common Scam Payment Method in Australia

Similarly, a Canadian woman suing for $ 48,125 sent to a phone scammer over a bitcoin ATM lost her court case in October. A judge of the Charlottetown Provincial Court ruled that the fiat money deposited by the woman into the teller machine belonged to Instacoin ATM Canada Inc., owners of the digital cash dispensing unit.

In Australia, scammers have made off with $ 1 million Australian dollars (U.S. $ 720,000) since the beginning of July after fooling people over tax according to the ATO. During the period, the tax body attended to more than 28,000 reported cases of scam attempts.

Anderson, the tax office assistant commissioner, stated that ATO officials would never demand immediate payment of a debt, use aggressive or rude behavior, or threaten taxpayers with arrest. She said:

That’s just not how we do business. We understand that it can sometimes be difficult to pay tax bills on time, so we urge anyone who is worried about paying to contact us as soon as possible as there are a range of ways we can help.

Phishing for Financial Information

Australians with tax bills of under $ 72,000 have the option to set up a payment plan with the authority, said Anderson, warning people against sharing their personal information with strangers. Since July, about 6,000 taxpayers have given away their personal or financial information to fraudsters through phishing scams.

Bitcoin ATMs Most Common Scam Payment Method in Australia

“Your identifying information like tax file numbers, bank account numbers or your date of birth are the keys to your identity, and can be used by scammers to break into your life if they are compromised,” she warned. Some of the signs that give away scammers include aggressive or abusive behavior, threats of immediate arrest, and requests for payment through bitcoin ATMs or gift cards.

What do you think about the rising incidences of bitcoin ATM tax fraud in Australia? Let us know in the comments section below.


Images courtesy of Shutterstock.


The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page

The post Bitcoin ATMs Most Common Scam Payment Method in Australia appeared first on Bitcoin News.

Bitcoin News

Preparing for the Looming Bitcoin Cash Fork

November 14, 2018 |

Preparing for the Impending Bitcoin Cash Fork

On Nov. 15, the Bitcoin Cash (BCH) network faces a contentious fork and many BCH users have been wondering what to do with their funds before the consensus changes. In order to address some questions concerning the upcoming fork, news.Bitcoin.com has outlined some of the options available for BCH proponents.

Also read: A Look at Bitcoin Replay Attacks and Self-Managed UTXO Protection

Pre-Fork Preparations

Cryptocurrencies fork from time to time and more often than not, upgrades are usually quite smooth. However, every once in a while some consensus changes can be controversial and ultimately lead to a blockchain split. At the moment the Bitcoin Cash fork planned for Nov. 15 is in dispute, and the two development teams, Bitcoin ABC and Bitcoin SV, have not yet come to an agreement.

Preparing for the Impending Bitcoin Cash Fork
The two Bitcoin Cash implementations, Bitcoin SV and Bitcoin ABC, have two different ruleset changes that will be incompatible and could lead to a chain split on Nov. 15.

After hearing about the fork on social media and cryptocurrency-centric forums, many newcomers have asked if they should prepare for the consensus change, especially when it may result in a split. There are plenty of options available for people who possess bitcoin cash, but in the end, the decision will ultimately differ with each individual and organization.

‘Sit and Wait’ with Custodial and Noncustodial Services

Many cryptocurrency veterans who have already experienced a number of disputed consensus changes, especially ones that have led to blockchain splits, will likely tell you to “sit back and wait.” Nobody truly knows the outcome, so basically, the “sit and wait” method doesn’t take much effort. However, there are a couple of things to think about. For example, if you use a noncustodial wallet that gives you the ability to possess your own keys, whether it be a 12-24 word mnemonic phrase or a file, then the “sit and wait” process is considered a safe method by experienced crypto-enthusiasts. No matter what happens, your current funds, as well as any future split coins, will sit while you hold your private keys.

Preparing for the Impending Bitcoin Cash Fork
People holding BCH in noncustodial wallets should make sure they have backed up their wallets before the fork. If the chain splits, the keys provide access to funds on both chains. 

If you don’t use a noncustodial wallet to hold your BCH, then you can still do the “sit and wait” method with an exchange. This choice is made if an individual trusts their service provider to handle the consensus change properly. Most people know the golden rule that “if you don’t hold your keys, you don’t own bitcoin,” but some people still hold funds on exchanges in spite of this warning. The good news is that an overwhelming majority of exchanges have supported split coins in the past. If a split takes place again, a number of trading platforms may honor both chains, but that depends on whether or not the networks are reliable.

However, it is all entirely up to each exchange in regard to how they deal with the fork and a split. There could be a chance that only one chain will be viable in the eyes of a given business, and the course of action will effectively be that company’s decision. It will also mean each company will be in control of the situation and may not honor another chain’s withdrawals for a period of time, if at all.

In contrast to holding your funds in a noncustodial wallet, using an exchange means you are subject to the company’s protocol during a fork. In the days leading up to this fork, most exchanges have told customers they will pause BCH deposits and withdrawals for an unknown period of time. This action will take place just a few hours prior to the consensus changes, and a list of infrastructure providers and their contingency plans can be seen here.

Splitting, Waiting for Split Services and Full Node Options

Some users advocate splitting coins and there are a few ways to go about this process. For instance, the Electron Cash developers have introduced a splitting mechanism and a user guide on how to split coins using the Electron Cash wallet plugin, which was released last week. The tool was created by the BCH developers Mengerian, Mark Lundeberg and Jonald Fyookball. They built it to give users the ability to add “replay protection” by using the script that is valid on the Bitcoin ABC client.

Preparing for the Impending Bitcoin Cash Fork

BCH users can also search for a coin-splitting source online. Following the fork, for instance, BCH proponents can send a small fraction of BCH to the Cashgames.Bitcoin.com platform and then send the funds back to themselves. Cashgames.bitcoin.com plans to help split a wallet’s UTXOs right after the fork, so users can withdraw split coins right away. The small fraction of BCH sent back to the original wallet will come from a parent transaction that used OP_CHECKDATASIG, which in turn will give the existing UTXOs held within the wallet “replay protection.” Bitcoin.com’s Faucet, Cash Games and Mining Pool services will send BCH originating from an output using OP_CHECKDATASIG.

If the blockchain bifurcates, users can also choose to patiently wait until more splitting tools and services are offered by BCH infrastructure providers. With some of the prior forks in the past, after the split, some wallets introduced more robust splitting tools and most exchanges also split coins for their customers.

Obviously, those who are programming-savvy can choose to rely on their own options when dealing with the ruleset changes. Coin splits can also be done with other opcodes, including one of the new opcodes proposed by the Bitcoin SV implementation. BCH proponents who are technically inclined can use various methods to either split their UTXOs or keep them valid on all chains. Some BCH supporters will be running several full node clients and will be monitoring all of the BCH implementations. Others will be using the Chopsticks API, which will fetch the transaction hash across four BCH clients: ABC, BU, SV and Naybc.

As with anything, life is made up of an infinite amount of choices, and cryptocurrency investment is no different. The best way to make good decisions is by being well-informed and talking with others who are experienced for advice. 

What will you be doing for the Nov. 15 BCH consensus changes? Let us know what you think about this subject in the comments section below.

Disclaimer: The methods described in this editorial guide are intended for informational purposes only. In any given cryptocurrency situation there are always multiple methods that are ultimately made by the decisions of the user. There are various steps mentioned which are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the final decision-making process to do anything is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.


Images via Shutterstock and Bitcoin.com


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Preparing for the Looming Bitcoin Cash Fork appeared first on Bitcoin News.

Bitcoin News

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

November 14, 2018 |

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

Japan’s GMO Internet has postponed the shipments of its two lines of 7nm bitcoin mining rigs. A representative of the company has clarified the situation to news.Bitcoin.com, noting that some refunds have already been issued. In addition, the company is planning to relocate its mining operations.

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

Shipments Postponed

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining EquipmentGMO Internet announced on Monday that it has postponed the shipments of its 7nm ASIC bitcoin mining equipment. The company has two lines of mining rigs: B2 and B3. The former was scheduled to start shipping at the end of October and the latter in November.

A representative of GMO revealed to news.Bitcoin.com on Tuesday that the shipments of both lines have been postponed, elaborating:

It is because the parts we need for our mining machines are actually very difficult to acquire right now … It is difficult to acquire some of the electronic components, such as resistors, due to the tight global supply-demand balance.

He added that the company has not decided whether to ship any miners this year.

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

GMO Internet launched the B2 line in June and the B3 line in July. In August, the company upgraded the B3 case shape design in order to improve its cooling performance and operational stability. Both B2 and B3 are priced at $ 1,999 and are sold out.

The representative emphasized that refunds will be issued to any customers who ask for them, noting:

We asked our customers whether they wish us to refund at the time of delay announcement. So far, we have already completed issuing refunds to customers who demanded them.

Relocating Mining Operations

Through its Swiss subsidiary, GMO engages in three mining business areas: in-house mining; developing, manufacturing and selling mining machines; and cloud mining.

On Nov. 5, the company released the monthly report of its mining business which shows that 595 BTC and 875 BCH were mined in October. GMO’s total hashrate increased to 674 PH/s during the month from 479 PH/s in the previous month.

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining EquipmentIn its quarterly earnings presentation, the company still says it aims “to become No. 1 in the field of cryptocurrency.”

The internet giant further detailed that its mining business recorded a loss during the third quarter even though the expansion of mining facilities progressed as planned. The company attributed the loss to a small net sales increase of only 1.249 billion yen ($ 11 million) year-on-year “because of a decline in profitability due to the deteriorated macro environment including stagnant bitcoin price and an increase in hash rate,” reiterating:

Cryptocurrency mining business experienced a decline in profitability due to a downturn in the macro environment.

At Monday’s press conference, GMO Internet’s founder and CEO, Masatoshi Kumagai, unveiled his company’s plan to relocate its mining operations in an effort to boost profitability by lowering electricity and production costs.

The GMO representative confirmed the plan to news.Bitcoin.com. However, he noted that the details of location and timeframe are “under consideration at this moment,” emphasizing that “we have not decided it yet.”

What do you think of GMO postponing the shipments of its 7nm bitcoin mining equipment? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet.


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

The post Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining Equipment appeared first on Bitcoin News.

Bitcoin News

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

November 13, 2018 |

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

Bitcoin Group SE has bought 100 percent shares of investment bank Tremmel for an undisclosed amount. This is the German digital currency exchange operator’s second acquisition in 2018. Bitcoin Group, which holds current assets of $ 40 million, said Tremmel allows it to issue its own cryptocurrency-related products, conduct proprietary trading and operate bitcoin ATMs.

Also Read: Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa

Acquisition to Expand Bitcoin Group Services Portfolio

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

The Frankfurt Stock Exchange-listed company operates Bitcoin.de, Germany’s only regulated digital currency exchange, trading BTC, BCH and ETH. It hopes to use Tremmel’s banking license to expand the range of its service portfolio. For example, Bitcoin Group said it is now possible for the trading platform to maintain an order book and even quote prices, while simultaneously ensuring more liquid trading.

“We are very pleased that in Tremmel Wertpapierhandelsbank Gmbh…we have been able to gain an excellently positioned partner with in-depth knowledge of the market,” Marco Bodewein, managing director of Bitcoin Group, said in an online statement on Nov. 12. “This will enable us to take the corporate development of Bitcoin Group SE to a new level,” he added.

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

The deal is expected to be completed in the first half of 2019, subject to approval by relevant regulatory authorities. Bitcoin Group did not disclose the actual purchase price, but said “it is in the lower seven-digit euro range.”

Rainer Bergmann, the previous sole shareholder and managing director of Tremmel, is to continue working at the investment bank in the same capacity. The bank, which trades shares, bonds and other stock exchange products on behalf of local and foreign banks, insurance companies and asset managers, will be expanded into a deposit-taking institution, Bitcoin Group said.

Restructuring

Digital currency exchanges are looking for growth in new areas or to consolidate existing positions to help boost revenue and minimize risk from an uncertain regulatory environment in their home economies.

Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure

In January, Bitcoin Group, which has 753,000 investors actively using its exchange to buy and sell digital assets, bought a 50 percent stake in financial investment broker Sineus Financial Services Gmbh, to diversify risk. “In the future, this will enable the group to offer additional financial services in the cryptocurrency sector,” the company said at the time.

For the first six months of this year, Bitcoin Group reported net profit increase of 306 percent to $ 3.85 million from $ 0.95 million a year earlier. Revenues tripled to $ 6.57 million from $ 2.1 million in the comparable period a year ago. Operating profit climbed 368 percent to $ 5.64 million. The exchange said about $ 707.6 million worth of BTC was traded on the platform at the end of last year, when the price of the cryptocurrency peaked at $ 20,000.

After close Tuesday, shares of Bitcoin Group were down 0.36 percent at $ 31.41 in Frankfurt trading. Over the past 52 weeks, the stock has reached a low of $ 28.02 and a high of $ 97.18.

What do you think about Bitcoin Group’s latest acquisition? Let us know in the comments section below.


Images courtesy of Shutterstock.


The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page

The post Bitcoin Group SE Buys Investment Bank Tremmel for Undisclosed Figure appeared first on Bitcoin News.

Bitcoin News

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

November 13, 2018 |

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

There are less than two days left until the Bitcoin Cash (BCH) network faces a contentious hard fork and BCH markets are showing some unusual activity. They are being driven by heavy trading volumes that have doubled in the last two days, while BCH/USD short positions on Bitfinex have touched an all-time high. At the moment, bitcoin cash is trading for $ 529 per coin with more than $ 900 million worth of global swaps in the last 24 hours.

Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide   

Cryptocurrency Rally Stalls

As news.Bitcoin.com stated during our last markets update, all eyes are on bitcoin cash prices before the pending fork and this is still the case. On Tuesday, Nov. 13, the overall cryptocurrency economy is valued around $ 214 billion with over $ 13.3 billion in global trade volume over the last day. Currently, bitcoin core (BTC) prices are hovering around $ 6,359 with a market valuation of about $ 110.4 billion. BTC prices are down 0.64% over the last 24 hours and down 0.95% for the last seven days. The second highest valued market held by ethereum (ETH) is valued at $ 21.5 billion today and one ETH is swapping for $ 209. Ripple (XRP) has dipped in value as well and the token is down 0.12% over the last 24 hours. Spot markets show one XRP is trading for $ 0.52 and ripple trade volume is around $ 579 million. Lastly, stellar (XLM) markets are down quite a bit as markets have lost over 3% today and one XLM is trading for $ 0.26.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Top 10 digital asset markets on Nov. 13, 2018, 12:00 p.m. EST.

Bitcoin Cash (BCH) Market Action

Even though it looks as though some of last week’s BCH spurred digital asset rally has stalled, a lot is going on behind the scenes. One BCH is trading for $ 527 per coin and the total market valuation is around $ 9.9 billion this Tuesday. According to statistics, bitcoin cash has the fourth largest trade volume just below tether (USDT) and ETH. This is because BCH trade volume has spiked considerably over the last day as the 24-hour volume is steadily approaching $ 1 billion. The trading platforms swapping the most BCH today include Lbank, Okex, Binance, Hitbtc, and Bitfinex. BTC is the largest pair trading with BCH and captures 39.5% of the market. This is followed by USDT (30.9%), USD (12.4%), ETH (7.1%), and QC (3.8%).

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Bitcoin cash daily chart on Nov. 13, 2018, at 12:00 p.m. EST.

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour chart and the daily on Bitfinex and Bitstamp shows BCH bears have managed to push the bitcoin cash price down and suppress the value over the last few hours. Similar to our last markets update, the short term 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA trendline. This confirms the path toward the least resistance is still the upside at the time of writing. On the 4-hour chart, the Relative Strength Index oscillator is meandering in the middle (44-56) and not giving much indication toward the next move.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD Bitfinex 4-hour. Nov. 13, 2018.

Order books show bulls need to surpass the current suppression and prices above the $ 560 range to gain some more leeway. On the backside, order books show some solid foundations between the current vantage point and $ 485. Again, there is a massive buy wall at $ 445 which could hold for a decent period of time. However, the moving averages and current MACd show things may not be so dismal in the short term and the massive trade volume injected in the BCH ecosystem in the last 24 hours suggests a quick and unexpected trend change could definitely be in the cards.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD 30-min. on Bitstamp. Nov. 13, 2018.

Chain Split Token Markets and Short Positions

As mentioned above, the clock is ticking towards the pending Bitcoin Cash network fork slated for Thursday, Nov. 15. Additionally, BCH/USD short positions on Bitfinex are still riding extremely high at the moment with people betting the currency’s value will plummet. Yet some traders believe the massive BCH daily trade volume coupled with short positions at an all-time high is a recipe for danger for margin traders without equity and many short positions could get “rekt.”

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD short positions on Bitfinex. Nov. 13, 2018.

Many traders have also been watching the BCH futures markets on Poloniex with BCH-ABC and BCH-SV being swapped against USDC and BTC pairs. At the moment, BCH-ABC is trading for $ 385, USDC and BCH-SV is around $ 139 per token. Moreover, Bitfinex has announced introducing new “chain split tokens” (CSTs) on Nov. 13 allowing traders to swap futures with the CSTs that have the dedicated ABC and SV symbols “BAB” (ABC implementation) and “BSV” (SV implementation). It’s safe to say that lots of eyes will continue to remain focused on the BCH market activity and possible reaction before the fork.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard appeared first on Bitcoin News.

Bitcoin News

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment

November 13, 2018 |

In today’s edition of The Daily, we feature an upcoming bitcoin cash token backed by physical diamonds and an American coffee company that has decided to add cryptocurrencies to its payment options. Additionally, we look at a public mining company that may get a dual listing in Canada, as well as the latest investment by Bitfury.

Also Read: GMO Internet Reports Crypto Exchange Profit Up Over 34% in Q3 2018

Rosetta Coffee Adopts Bitcoin Payments

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentRosetta Coffee, a specialty coffee company based in Lynchburg, Virginia, and Outer Banks, North Carolina, has announced that it will soon adopt cryptocurrency payment options. On the client-facing side of the business, transactions will go through Shopping Cart Elite’s e-commerce platform. With this, the online store will be able to accept BCH, BTC, BCD, DASH, ETH, LTC and XZC.

Rosetta Coffee emphasized that farmers will also directly benefit from the new process, as part of its commitment to purchasing fair-trade coffee. “Cryptocurrency allows them to receive payment directly and immediately without paying a middleman. They will be able to take home more of what they earn,” said Aaron Skeen, co-founder of Rosetta Coffee. “We think this is awesome and it aligns directly with our mission. In the coming weeks and months, we’ll be working with farmers to iron out this process and make it more accessible.”

Hello Diamonds Developing BCH Token

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentHello Diamonds, a part of the Cyprus-based Hello Group — which acquired the domain Bitcoincash.io earlier this year — is developing a new token backed up by physical diamonds. The company revealed that the “Diamcoin,” which is scheduled for launch in the first quarter of 2019, will be based on a bitcoin cash (BCH) smart contract protocol.

“The Bitcoin Cash network allows for fast and cheap transactions and this is fundamental to our reasoning,” the developers explained. “We firmly believe that the Bitcoin Cash smart contracts will be the best choice for Hello Diamonds and we aim to scale and be the world’s most used stablecoin.”

The token will use the Wormhole protocol, which creates the WHC “second layer” on top of the BCH network, a process which Hello Diamonds concluded “scales much better than Ethereum.”

Bitfarms Seeks Listing in Canada

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentTel Aviv Stock Exchange-listed cryptocurrency mining company Bitfarms has started the regulatory process to examine the potential of having its shares listed on a Canadian exchange. The Canada-headquartered company has filed a preliminary prospectus with the Ontario Securities Commission, which was made available to the public on Nov. 12. It details a potential business arrangement between Bitfarms and a newly created Canadian private company, Bitfarms Canada, for the planned move.

“We are currently evaluating a listing in Canada as we endeavor to grow Bitfarms’ visibility, improve our access to capital and streamline expenses,” commented Wes Fulford, chief executive officer of Bitfarms. “Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructure and cryptocurrency mining companies having listed and raised significant capital over the last 12 months.”

Bitfury Invests in Institutional Crypto Company

The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest InvestmentBitfury Group, the San Francisco-based manufacturer of bitcoin mining hardware — which recently completed an $ 80 million private placement funding round — has announced a new investment of its own. The company has acquired an undisclosed but “substantial” minority stake in Final Frontier, a specialist cryptocurrency investment firm operating out of Switzerland’s so-called “Crypto Valley” region.

This move is meant to help Bitfury to develop institutional-grade financial products and services for professional investors. “This is a groundbreaking partnership between a blockchain technology firm and an experienced team from traditional finance,” said Valery Vavilov, CEO of Bitfury. “With the blockchain space institutionalizing, we consider it an important step forward for the entire ecosystem and for our own mission to be the world’s leading full-service blockchain company.”

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


Images courtesy of Shutterstock.


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

The post The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment appeared first on Bitcoin News.

Bitcoin News