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Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies

June 18, 2018 |

Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies

Japan’s SBI Virtual Currencies has added support for two major cryptocurrencies in addition to the one trading pair that its crypto exchange service, Vctrade, launched with. Users who pre-registered prior to the launch can now trade BTC, BCH, and XRP against the Japanese yen.

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

BTC and BCH Trading Now Supported

SBI Virtual Currencies, the cryptocurrency exchange subsidiary of one of Japan’s largest financial services groups, has announced support for two major cryptocurrencies. Starting Monday, June 18, customers can start trading BTC/JPY using the exchange’s Vctrade service. This is in addition to the BCH/JPY trading pair which the exchange started offering on June 8.

Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies

Popular Japanese Twitter user Ihayato, who has 177K followers, tried out the service for BCH and XRP. He tweeted his experience (loosely translated from Japanese):

SBI virtual currency exchange, spreads [are] tight. 3 yen for XRP and about 3,000 yen for BCH.

He further noted, “I do not think that there are merits to utilize here in the present situation. [But] I expect [there will be] in the future.”

Three Trading Pairs

Japan’s SBI Crypto Exchange Adds Two Major CryptocurrenciesSBI Virtual Currencies is one of the 16 government-approved crypto exchanges in Japan. The company launched the Vctrade crypto exchange service on June 4 with just the XRP/JPY trading pair. Currently, the service is only available to a limited number of users who pre-registered; the full launch is expected next month. With Monday’s announcement, the exchange now offers three trading pairs: BCH/JPY, BTC/JPY, and XRP/JPY.

For all three cryptocurrencies, customers can trade between 500 yen (~US$ 5.5) and 5 million yen (~$ 45,261). Alternatively, they can place their orders in cryptocurrencies of between 0.0001 and 40 BCH, 0.0001 and 5 BTC, or 10 and 70,000 XRP.

Japan’s SBI Crypto Exchange Adds Two Major CryptocurrenciesAccording to local media, SBI Group said at the company’s third-quarter earnings press conference that there is a possibility of adding ether (ETH) in the future. However, the company also indicated that it would not support smaller cryptocurrencies, Impress Corporation conveyed.

To gain market share in the crypto space, SBI Group plans to convert users from its existing securities business, which the group says is already the largest in Japan. SBI Securities “is number one in the share of individual stock trading value, number of accounts, deposits and profitability,” the group wrote. SBI Securities currently has approximately 4.17 million accounts.

What do you think of SBI crypto exchange adding the two cryptocurrencies? Do you think many more will be added? Let us know in the comments section below.


Images courtesy of Shutterstock, SBI Virtual Currencies, and Ihayato.


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The post Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies appeared first on Bitcoin News.

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As Korean Crypto Exchanges Step Up AML Compliance, Banks Are Failing

June 18, 2018 |

As Korean Crypto Exchanges Step Up AML Compliance, Banks Are Failing

As the South Korean government steps up its anti-money laundering (AML) oversight, major crypto exchanges in the country are voluntarily complying while banks are reportedly failing to meet the guidelines for compliance. South Korea has also been discussing ways to boost crypto-related AML measures with the U.S.

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

Government Concerned About Bank’s AML Compliance

As Korean Crypto Exchanges Step Up AML Compliance, Banks Are FailingSouth Korea’s AML directives currently do not apply to cryptocurrency exchanges directly. The government has made banks responsible for monitoring and reporting any crypto-related money laundering activities.

In an effort to comply with the country’s AML directives, most major South Korean banks have been adding compliance officers.

NH Nonghyup Bank, for example, “recently created an independent unit exclusively to handle compliance-related issues,” the Korea Times reported on Friday, adding that the bank increased the number of its employees working in that unit from 16 to 23. Nonetheless, the Joongang Daily noted on Saturday:

Despite the effort, Korea’s financial watchdog, the Financial Supervisory Service [FSS], warned that the bank has not sufficiently improved its internal control system.

Collaborating with the US

South Korea has also been collaborating with the U.S. to boost AML measures relating to cryptocurrencies. The Korea Times described:

U.S. Treasury Secretary Sigal Mandelker has discussed with FSC Vice Chairman Kim Yong-beom how to boost anti-money-laundering measures especially related to crypto-assets in addition to international cooperation measures.

As Korean Crypto Exchanges Step Up AML Compliance, Banks Are FailingHowever, the U.S. has found Korean banks’ AML measures to be inadequate. South Korea’s top financial regulator, the Financial Services Agency (FSC), said Friday that the New York Department of Financial Services (NYDFS) “has notified the financial regulator of its plan to investigate Korean banks [with operations in New York] that are suspected of failing to meet compliance guidelines.”

As Korean Crypto Exchanges Step Up AML Compliance, Banks Are FailingThe U.S. regulator has already fined Nonghyup Bank $ 11 million “for inadequate control and a compliance system against money laundering,” the Joongang Daily conveyed, adding that the NYDFS “will start probes into six Korean banks operating in New York either by the end of this month or next month.” They are “Nonghyup Bank, Woori Bank, KB Kookmin Bank, Shinhan Bank and two state-run banks – the Industrial Bank of Korea and the Korea Development Bank,” the publication detailed, elaborating:

Since penalties from the New York DFS would damage the reputation of Korea’s financial industry in general, local financial regulators are also working to encourage the banks to strengthen their control and compliance systems.

The list includes banks that are providing real-name services to crypto exchanges: Nonghyup Bank, Shinhan Bank, and the Industrial Bank of Korea. They are responsible for ensuring that the crypto accounts they service are AML compliant.

Crypto Exchanges Voluntarily Complying

As Korean Crypto Exchanges Step Up AML Compliance, Banks Are FailingIn South Korea, the Financial Intelligence Unit (FIU) is responsible for money laundering prevention and illegal fund flows, including terrorist financing. The FIU collaborates with the FSS to ensure that banks are adhering to AML rules. Both agencies report to the FSC.

Crypto exchanges are currently not directly regulated by the FIU or the FSS, but the regulators have proposed bringing them under the two agencies’ jurisdiction.

Meanwhile, the largest crypto exchanges in the country are voluntarily upgrading their AML and internal control systems. Bithumb has blocked 11 countries from using its platform and reduced withdrawal limits for accounts that are not using the real-name system. The Kakao-backed Upbit has adopted Thomson Reuters’ system for the same purpose. 23 crypto exchanges have also agreed to comply with the self-regulation standards set by the Korean Blockchain Industry Association.

What do you think of how the South Korean government, banks, and crypto exchanges handle AML measures? Let us know in the comments section below.


Images courtesy of Shutterstock, NYDFS, and the Korea Times.


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

The post As Korean Crypto Exchanges Step Up AML Compliance, Banks Are Failing appeared first on Bitcoin News.

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Etoro Is Launching an OTC Crypto Trading Desk for Institutions

June 17, 2018 |

Etoro Is Launching an OTC Crypto Trading Desk for Institutions

While the major banks are taking their time with offering OTC crypto trading, new entrants to the space are stepping up to fill the void. Social investing platform Etoro, which focuses mainly on retail traders, is now expanding into the institutional segment with a new cryptocurrency offering.

Also Read: This Week in Bitcoin: An End to 51% Attacks and Who Controls Bitcoin?

New Crypto Trading Desk for Hedge Funds

Etoro Is Launching an OTC Crypto Trading Desk for InstitutionsEtoro, which recently announced that it is expanding into the US with ten cryptocurrencies, is reportedly setting up an over-the-counter (OTC) trading desk in London for institutions wishing to trade on cryptocurrencies. The platform is connected to fifteen cryptocurrency exchanges from which to pool liquidity and is also said to be planning to launch one by itself. The move is explained as answering demands from hedge fund owners who expressed interest in experimenting with crypto trading.

“We are launching an OTC desk for institutions. We’ve seen more and more interest from corporates and institutions,” CEO Yoni Assia told Business Insider. “We’ve actually set up our corporate team here in the UK to start setting up accounts to trade on eToro. We’ve announced that we’re launching the exchange as well so, between the exchange and the OTC desk, we’re also starting to serve more potential institutions and financial institutions.”

The Growing Institutional OTC Crypto Market

Etoro Is Launching an OTC Crypto Trading Desk for InstitutionsInstitutional OTC desks help big players whose massive transactions might move the markets if they were done in the open. And trading outside popular exchanges can also be seen as risk management, for trying to avoid losing funds in the case of another exchange hacking incident.

In the US, Circle Financial and Cumberland Mining operate OTC crypto services and Goldman Sachs was reported to be in the process of entering the field, although its CEO has denied the rumors. Additionally, JP Morgan and Fidelity are said to be assessing a move into the space. In the UK, Barclays was reported as supposedly considering launching a crypto trading desk back in April. And financial industry insiders, like David Mercer the CEO of LMAX, which recently launched a physical crypto exchange dedicated to institutional clients, expect UK banks would eventually join the market next year. In the meanwhile, big players have also set up their own private network for OTC trading, buying and selling billions every month among themselves via Skype.

“I think there is growing institutional demand and interest of public investors to understand whether they can join the party,” Etoro CEO Assia said. “That is something we definitely see out there. We see more and more public market players and big banks who are interested in this space and feel left out because they’re not allowed to invest in crypto or ICOs.”

Are London banks in risk of losing hedge fund to new trading desks if they won’t support cryptocurrency? 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 Pulse, another original and free service from Bitcoin.com.

The post Etoro Is Launching an OTC Crypto Trading Desk for Institutions appeared first on Bitcoin News.

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Six Fake Crypto Exchange Sites Busted by Ukraine’s Cyberpolice

June 17, 2018 |

Six Fake Crypto Exchange Sites Busted by Ukraine’s Cyberpolice

The cybercrime combating unit of the Ukrainian police has uncovered a network of fraudulent crypto trading websites. Four people are suspected of offering the fake online exchange services. They have maintained at least six platforms luring cryptocurrency traders with deceptive messages.

Also read: Survey: 13% of Net-Savvy Ukrainians Own Cryptocurrencies

Police on the Lookout for More Fake Exchangers

Officers from Ukraine’s Cyberpolice have exposed an organized group of scammers who created a network of fake online exchangers offering conversion of cryptocurrencies. According to a press release issued by the National Police, a number of sites have been used to deceive and defraud unsuspecting citizens who wanted to trade their cryptos.

“The criminal group consisted of four people […] possessing specialized knowledge and skills in programming,” the NPU’s press service said. They had set up their own CMS-system to manage the websites’ content. The platforms imitated the activities of legitimate online cryptocurrency exchangers, supporting multicurrency conversion, and even displayed fictitious positive ratings and reviews.

The victims were invited to transfer their money to digital wallets registered with forged identification documents under false names of foreign citizens. After receiving some funds through a particular platform, the scammers would close it and open a new one, law enforcement officials explained.

Six Fake Crypto Exchange Sites Busted by Ukraine’s Cyberpolice

So far, Ukrainian police have found at least six fake websites: moneycraft.info, swapex.net, myexchanger.lv, iconvex.net, likechange.biz, and wowex.online, Financial Club reports. Most have been taken down already, with one now redirecting to sites with pornographic content. Investigators believe there are more undiscovered websites and have asked the public to report suspicious platforms to rv@cybercrime.gov.ua.

Six Fake Crypto Exchange Sites Busted by Ukraine’s Cyberpolice

Three of the suspects, aged between 20 and 26 years, have been implicated directly in the six established fraud schemes. They are all residents of the city of Dnepropetrovsk. The police have opened criminal proceedings against them under Section 3 of Article 190 (Fraud) of Ukraine’s Criminal Code.

Officers have already conducted authorized searches at the addresses of the suspects. They have seized computer equipment, including flash drives, as well as bank cards and mobile phones that were used by the scammers. The Cyberpolice unit is currently studying the identified websites to determine the size of the fraud.

Six Fake Crypto Exchange Sites Busted by Ukraine’s Cyberpolice

Ukraine’s Booming Crypto Trade

In the last couple of years, Ukraine has been experiencing a growing interest in cryptocurrencies with a rising trend in crypto trading volume. According to the latest reports, the estimated daily crypto-hryvnia turnover on the three major Ukrainian exchanges, Exmo, Kuna and BTC Trade UA, reaches $ 1.9 – $ 2 million USD (~$ 700 million, yearly). The total is likely to be even higher, as at least eighteen other trading platforms and more than 4,000 individual traders are believed to provide exchange services, both online and offline.

A recently conducted survey found that 72 percent of Internet-savvy Ukrainians know what cryptocurrency is and another 23 percent have heard about it. At least 13 percent of those using the world wide web possess digital coins, the poll confirmed. A number of Ukrainian officials have declared owning digital assets on their tax returns.

According to a new report titled “Green Book: Cryptocurrency Market Regulation”, Ukraine is among the top 10 countries in the world in terms of number of cryptocurrency users, while local companies have created 25 new digital coins, raising $ 132 million in less than two years.

Six Fake Crypto Exchange Sites Busted by Ukraine’s Cyberpolice

Cryptocurrencies, however, and the fintech industry as a whole, remain largely unregulated. Three draft laws have been introduced in the Rada since October, with no real progress so far. These are the bill “On the Circulation of Cryptocurrency in Ukraine”, the law “On Stimulating the Market of Cryptocurrencies and Their Derivatives”, and a supplementary draft amending the tax code to cover crypto incomes and profits.

Multiple government officials and institutions have insisted on adopting proper crypto regulations, and Ukraine’s Cyberpolice is one of them. In January, the cybercrime combating department shared its concerns about cryptocurrencies and called on the government to either ban them or legalize them “as soon as possible.”

Do you think regulations can effectively ban fraudulent platforms and support legitimate exchanges? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock, Financial Club, National Police of Ukraine.


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 Six Fake Crypto Exchange Sites Busted by Ukraine’s Cyberpolice appeared first on Bitcoin News.

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Dutch AFM on Licensing Requirements for Institutions Invested in Crypto

June 17, 2018 |

Dutch AFM on Licensing Requirements for Institutions Invested in Crypto

The Dutch financial regulator, The Netherlands Authority for the Financial Markets (AFM) has published a letter addressed to new and currently existing institutions invested in cryptocurrencies. The letter seeks to inform that certain cryptocurrency investment activities may require licensing from the AFM, however, expresses “serious doubts” as to “whether managers of investment institutions in cryptos can meet the requirements for licensing.”

Also Read: Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain’s Official Account

Dutch Financial Regulator Issues Letter to Investment Institutions Operating With Cryptocurrencies

Dutch AFM on Licensing Requirements for Institutions Invested in CryptoThe letter seeks to address individuals seeking to apply as an administrator of an investment institution in cryptos, in addition to “existing […] administrator[s] of an investment institution active in cryptos, or [individuals] planning an investment institution to manage cryptos.”

The AFM states that it is placing the “heavy requirements” on institutions investing in cryptocurrencies due to “strong concern[s]” as to whether managers of investment institutions who invest in cryptos are able to meet the full licensing requirements. The AFM’s concerns principally regard “the sharp increase in interest in new market parties to provide these services in combination with the usually limited knowledge about applicable regulations,” which generally results in “ignorance” as to how to meet “supervisory standards in practice.”

The AFM also requests that investment institution inform the agency regarding “any desired expansion of [cryptocurrency] product offering[s]” well in advance of providing such.

Licensing Requirements for Dutch Investment Institutions

Dutch AFM on Licensing Requirements for Institutions Invested in CryptoThe AFM to clarify what circumstances in which the administrator for an investment institution will be required to seek licensing from the regulator. The letter states that the “threshold value for an administrator of (an) open-end investment institution (s) [is] €100 million [approximately $ 1,162 million USD].”

“An administrator of an investment institution must obtain a number of important licenses to [meet] licens[ing] requirements,” the AFM continues. “These requirements are intended to include to protect the interests of retail investors and to ensure the proper functioning of retail investors market. No distinction is made between different forms of investing.”

The AFM has “drawn up a number of questions” that administrators of institutions invested in cryptocurrencies will be required to answer in order to apply for the required licensing. Said requirements pertain to the institution’s liquidity management, valuation protocols, the product development process, and storage considerations.

What is your response to the AFM’s new licensing apparatus for institutions invested in cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, www.afm.nl


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 Dutch AFM on Licensing Requirements for Institutions Invested in Crypto appeared first on Bitcoin News.

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Wendy McElroy: Crypto Can Create a “Perfect” Political System

June 16, 2018 |

Crypto Can Create a “Perfect” Political System

The Satoshi Revolution: A Revolution of Rising Expectations
Section 3: Decentralization
Chapter 8, Part 6
Crypto Can Create a “Perfect” Political System

The anarchists…work not for a perfect social state, but for a perfect political system. A perfect social state is…totally free from sin or crime or folly; a perfect political system is merely a system in which justice is observed, in which nothing is punished but crime and nobody coerced but the invader.

-Victor Yarros, American anarchist, lawyer, and author

The perfect society is embodied by the institutions that individuals create and through which they function. The same is true of a dystopian society. That’s why institutional analysis is essential to understand how freedom and totalitarianism work. One institution is cryptocurrency, which profoundly affects other institutions of society, and reaches far beyond the financial ones.


What is an Institution?

The Random House dictionary defines an institution as “a well-established and structured pattern of behavior or of relationships that is accepted as a fundamental part of a culture, such as marriage,” voting, or bankruptcy. An institution is any stable and widely-accepted mechanism for achieving goals within society. The term applies to wide-ranging and complex concepts, such as “family,” “the free market,” “common law,” “religion,” and “the state.”

Not all institutions are compatible, however, because some pursue antithetical ends; free-market crypto and the central banking system are a stark example. Crypto is a spontaneous and decentralized empowerment of individuals; the banking system is a centrally-planned and unified expression of government control. As a practical matter, a society often contains the two institutions in uneasy parallel, but their antagonistic goals lead to inevitable conflict. Government will attempt to regulate or ban free-market crypto because, otherwise, the free market will do what it does when left unfettered: prevail.

Modern society is a political war zone: the culture war, a race war, weaponized media, class warfare against the 1%, the drug war, a war for democracy, militarized police, the new Cold War, a war on terrorism… One battle provides a common theme for them all. It is a warfare over the structure and goals of competing institutions. Every social conflict involves a clash of institutions that express different ideologies, including cryptocurrency. Created by anarchists using break through technology, it is at war with governments’ desire to regulate and to own it. Technology versus government. Freedom versus control.

Generally speaking, there are two types of institutions: spontaneous, and designed. An example of a spontaneous institution is the family. In Western culture, at least, no one predetermines who will marry and produce children; those decisions are left to the individuals involved. All spontaneous and non-violent institutions express freedom in how they function. By contrast, an example of a designed institution is the public-school system, which is created by authorities and experts who impose their vision upon children at tax-payer expense.

Not all designed systems are equal, however, and some can also be vehicles of freedom. These are voluntarily-designed free-market systems, such as a car factory or a tuna fish cannery. Factories may impose rigid rules, because producing a specific product requires them, but everyone who “obeys” does so willingly and from self-interest, which usually comes in the form of a paycheck. The pivotal question for a designed institution is whether it is coerced or voluntary. All coercive institutions express government or violence in how they function. Everyone who “obeys” does so without the option of saying “no.”

Free-market cryptocurrency is highly-designed and entirely voluntary. Central banks may offer a veneer of being voluntary–for example, people are not compelled to become customers—but the entire economy is regulated so as to prohibit alternatives that refuse to act as an arm of government. The same arguments are deployed against them as against crypto. Free-market financial institutions are said to be scams for tax evaders and other so-called criminals, such as drug dealers. They defraud honest people, who foolishly trust them with money. The true motivation of suppression is unspoken: alternative financial institutions threat the government’s monopoly on money and commerce. And, so, Institutionalized violence—that is, law enforcement—is used against the competition; it is justified as protection against occasional crime and against the poor judgment of individuals left to decide for themselves. 


What is Institutional Analysis?

Institutional analysis examines the dynamics by which institutions of society express and define laws, customs, and culture. It asks: What is an institution’s purpose, the rules by which it functions, its impact?

Parallel institutions that purport to serve the same purpose are often compared through a process called “comparative institutional analysis.” An example is to compare how the Federal Reserve creates currency with how an alternative system, such as cryptocurrency, does so. A good starting point of analysis is the competing assumptions upon which a centrally-designed institution and a free-market one rest. The first system uses mathematical representations, historical precedent, and market manipulations to produce currency, because it believes an economy can be scientifically engineered by authorities and experts. The second system realizes that human beings are fallible, driven by fluid preferences, by self-interest, and other factors that cannot be predicted, only analyzed in retrospect. Central banking grounds itself in mathematical models, which can be jiggered or false, and in central authority, which can lie or be badly mistaken. Free-market alternatives ground themselves in human behavior that faces the quick feedback of consequences, and which may be unwise, but not false.

Comparative analysis looks at the structures and procedures of competing institutions, which will determine what they produce. It does not consider motivations. In other words, as long as specific procedures are followed, the motivations are irrelevant. A worker in a hat factory may intend to produce wedding gowns. As long as he follows the workplace rules, however, the result will be a hat. A police officer may believe in Murray Rothbard’s free-market-anarchist model of justice, but as long as he follows police procedure, he will enforce laws that punish peaceful behavior. Only by breaking the rules can the hat maker and honest officer achieve their personal goals.

Comparative analysis also considers the differing impact of parallel institutions. For example, what can appear to be the ‘chaotic’ nature of spontaneous institutions provides a huge benefit to society—innovation, which cannot be centrally designed. Its powerhouse is the ability of creative people to adapt to changing circumstances. The adaptation can be lightning-fast, as with crypto, and successful adapters are richly rewarded by fortune that favors the first to arrive. Late arrivers are also rewarded, however, because an innovation will survive only if it provides value.

In 300 BD, the Chinese Taoist philosopher Chuang-tzu wrote, there has been such a thing as letting mankind alone; there has never been such a thing as governing mankind with success. Good order results spontaneously when things are let alone.”

By contrast, centrally-engineered institutions stifle innovation because their structures and procedures resist all feedback, their flaws are embedded and protected. The institutions serve the interests of an elite class, not of individuals or society.


The Institutional Ripple-On Effect of Free-Market Crypto

The effect of crypto on authorized financial institutions is well-known. But such a massive door to freedom does not merely crack open; it bursts all its hinges, and shakes up other institutions of society. To touch upon several, in passing:

Foreign Policy. Food is frequently used as a weapon of foreign policy. A recent article in Free Thought Project describes how blockchain is bypassing the weaponization of food: “Revolutionary Blockchain Tech is Helping Disaster Victims & Feeding the Hungry Without Government.” Crypto allows needy nations and individuals to skirt economic sanctions imposed upon them by the powerful. It makes it more difficult to starve people for political advantage.

Domestic Policy. When Venezuela’s government devalued the Bolivar by removing three zeros from the currency, citizens flocked to the free-market alternative of bitcoin, with which they were already familiar. Crypto rescues businesses; it saves lives; it can topple governments.

The Social Control of ‘Vice’. “Operation Chokepoint” was an Obama-era banking policy that attacked allegedly undesirable but legal businesses, such as selling medical marijuana. The banking system closed accounts, canceled credit cards, and refused all services to miscreant customers. The practice is being revived. Banks are targeting marijuana outlets, sex workers (legal or not), and gun businesses. Increasingly, these sellers are turning to crypto to sustain their livelihoods.

Protection of Free Speech. After circulating documents that embarrassed governments, Wikileaks faced a banking blockade that killed its access to donations, which were its life-blood. Wikileaks opened donations to bitcoin, and wealth poured in. Censorship was sidestepped.

The Free Flow of Information. Intellectual property (IP) prosecutions are usually based on following the money and uncovering the individual at the other end. Since crypto can be close to anonymous, that strategy is gutted. For those who reject the validity of IP, as I do, this is an amazing ‘good’ for the global flow of information.

Immigration Policy. Immigration and temporary migration are often based on the possibility of sending money back home. But migrants are often “unbanked” or pay huge fees to do so, with their families waiting days for the transfers. Trump has threatened to cut off this incentive for migration by closing down channels of transmission. Fast, cheap transfers of crypto will be incredibly difficult to control.

The Strangle-Hold of Lawyers and Courts. Smart contracts are legally binding agreements that use software to execute themselves. Smart contracts are on the path to becoming ubiquitous, from real estate deals to insurance claims, which dramatically reduces the need for lawyers.

The Autonomy of the Family. Inheritance taxes are heinous because they are double taxation; family wealth that has already been taxed is relooted by governments. Crypto can invisibly divide assets among loved ones.


Conclusion

The preceding is a passing taste of how profoundly cryptocurrencies are redefining the institutions of society.

To grasp the scope of the institutional revolution, however, it is necessary to focus contrast more intensely on the two fundamental human institutions. In his classic work, the German sociologist Franz Oppenheimer identified one of them in his book The State (1914). The other is Society.

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters


Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

The post Wendy McElroy: Crypto Can Create a “Perfect” Political System appeared first on Bitcoin News.

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Hollywood Stars in Movie About Crypto Money Laundering

June 16, 2018 |

Hollywood Stars in Movie About Crypto Money Laundering

A crime thriller called Crypto is reportedly being filmed, featuring a money laundering agent and a case involving cryptocurrency. Among the cast of the movie are Hollywood actors Kurt Russell, Luke Hemsworth, Alexis Bledel, Beau Knapp, Jeremie Harris, and Vincent Kartheiser.

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

A Crypto Thriller

Hollywood Stars in Movie About Crypto Money Laundering
Kurt Russel.

An upcoming crime thriller called Crypto is currently filming in New York, according to the Hollywood Reporter.

The cast includes a number of Hollywood stars including Kurt Russell, Luke Hemsworth, Alexis Bledel, Beau Knapp, Jeremie Harris, and Vincent Kartheiser, the media outlet detailed on Friday.

The movie reportedly takes place in a U.S. government agent’s “remote New York hometown,” the publication continued, noting that it is “where his father (Russell) and brother (Hemsworth) are struggling to maintain their family farm in a changing economic landscape.” The Reporter described the movie’s plot:

Crypto centers on a young anti-money laundering agent (Knapp) tasked with investigating a tangled web of corruption and fraud…The agent quickly finds himself enmeshed in a dangerous underworld populated by a mysterious art dealer (Bledel), a cryptocurrency enthusiast turned cyber-sleuth (Harris) and a corrupt accountant doing the bidding of ruthless clients (Kartheiser).

The Cast and Production of Crypto

Hollywood Stars in Movie About Crypto Money Laundering
Alexis Bledel.

Leading actor Beau Knapp was the main character of the sci-fi thriller The Signal. He also starred in Netflix’s recently-canceled series Seven Seconds. Alexis Bledel grew up on the set of the Gilmore Girls and won an Emmy for her role as Ofglen in Handmaid’s Tale last year.

Hollywood veteran Kurt Russell has been constantly featured on the silver screen since the 1960s. Among his most famous roles is Snake Plisskin in the 1981 classic Escape from New York. Luke Hemsworth, of Westworld fame, was also in a couple of older brother Chris Hemsworth’s Thor movies. Vincent Kartheiser of Mad Men and Jeremie Harris of Legion are also accomplished TV actors with many credits under their belts.

Hollywood Stars in Movie About Crypto Money Laundering
Beau Knapp.

According to the news outlet, this indie film is directed by John Stalberg Jr, who directed the 2010 movie High School, starring Adrien Brody and Colin Hanks. Crypto is written by Carlyle Eubank and David Frigerio, who previously co-wrote The Signal. Producer credits include Frigerio, Jordan Yale Levine, and Jordan Beckerman.

Stalberg commented, “I am overjoyed to be working with such an incredible cast to bring this timely, thrilling story to life.” Levine elaborated:

Cryptocurrency has captured the attention and imagination of consumers and entrepreneurs all over the world but has never been explored in film in such a nuanced and exciting way.

Bitcoin at the Movies

Hollywood Stars in Movie About Crypto Money LaunderingCrypto will not be the first movie to feature a cryptocurrency. The first to debut in cinemas worldwide was the well-received 2015 Lionsgate feature film Dope. The following year Vietnamese audiences enjoyed Bitcoin Heist, which was similarly focused on crime surrounding bitcoin.

Another crypto-themed movie that has been announced is called Bitcoin, which features a suburban father trying to convert bitcoin from an anonymous account into cash to save his family after he lost his job. This movie was announced back in December 2016 and, according to Imdb, is currently in the pre-production stage.

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


Images courtesy of Shutterstock.


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

The post Hollywood Stars in Movie About Crypto Money Laundering appeared first on Bitcoin News.

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UK Company Launches Crypto Mining Electric Bicycle

June 16, 2018 |

UK Company Launches Crypto Mining Electric Bicycle

50cycles, a specialist electric bicycle manufacturer, has revealed what it has described as the world’s first range of cryptocurrency mining e-bikes. Toba, the new series of crypto mining bikes, are estimated to generate approximately £20 (approximately $ 26.5 USD) worth of ‘Loyalcoin’ per 1,000 miles ridden.

Also Read: Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

UK Company Reveals Cryptocurrency Mining E-Bike

UK Company Launches Crypto Mining Electric BicycleFounded in 2003, UK-based 50cycles describes itself as a specialist in “advanced electric bikes.” In what the company is claiming as a world first, 50cycles has revealed the ‘Toba’ – a cryptocurrency mining electric bicycle.

The company’s founder and chief executive officer, Scott Snaith, told media “This is not only the first electric bike of its kind, but it will also be the first product ever to be tokenized and which issues reward for use.”

Mr. Snaith describes the ‘pedal-powered crypto miners’ as being indicative of the company’s desire to engage with new technologies, stating “We have always been a company that moves ahead of the times by embracing the latest technology. Just like we saw the potential in electric bikes in Tokyo 15 years ago, we now see the promise and future in blockchain technology, cryptocurrency, and product tokenization.”

Cyclists to be Rewarded in ‘Loyaltycoin’

Bike owners are unable to choose which cryptocurrency is mined, with each of the electric bikes exclusively mining for ‘Loyaltycoin’, a token which will be redeemable in exchange for products available on the 50cycles website, or can be exchanged for leading cryptocurrencies through Loyaltycoin’s platform. At the time of writing, Loyaltycoin appears to have only been trading for approximately ten days, with current prices appearing poised to fall to record lows below $ 0.0044 USD.

Mr. Snaith stated, “At the moment we are working with Loyaltycoin to reward our customers but eventually the Toba bikes will have their own digital coin which will become one of thousands of currencies of the future, and the Toba will allow riders to become an integral part of its growth.”

The Toba bikes will hold their unique private key as proof of ownership, and customers will be able to monitor how many Loyaltycoin tokens they have generated through a mobile app. The bikes are expected to be delivered to customers in September.

Innovative Mining Experiments

UK Company Launches Crypto Mining Electric BicycleIn recent years, the cryptocurrency community has witnessed increasingly creative attempts to recycle energy for the purpose of virtual currency mining.

Last year, reports detailed the owner of a Tesla S who had installed a graphics processing unit (GPU) based cryptocurrency mining rig in his car to capitalize on the unlimited supercharging program made available to most owners of Telsa’s S and X models.

Last month, Motherboard reported on “Lee” – a man who sought to repurpose the heat generated through cryptocurrency mining to warm his bath. Lee described his experiment as being “a little too effective,” stating that he “left it running all day as it produced baths of up to 122F/50C. Dangerously hot, especially as I have a few pets who could fall in if they somehow gained access to the bathroom. I took the experiment down to preserve the safety of my living space. Safety is an absolute priority to me.”

What consumer products do you think will be next to mine for cryptocurrency? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Cyclingindustrynews


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Overstock Generates “Between $68,000 and $120,000” in Crypto Weekly

June 15, 2018 |

Overstock Generates "Between $  68,000 and $  120,000" in Crypto Weekly

During a recent address to the Heritage Foundation in Washington, D.C, Jonathan Johnson, the former chairman and current member of the board for Overstock, sought to emphasize that payments in the form of bitcoin comprise a steadily growing source of revenue for the company.

Also Read: Cryptocurrency Games Have Invaded the Most Popular App Stores

Former Overstock Chair Detail’s Retailer’s Cryptocurrency Revenue

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyJonathan Johnson, the former chairman of Overstock, one of the first major companies to accept bitcoin as a means of payment, has detailed the revenues generated by the company in the form of cryptocurrency payments whilst speaking to the Heritage Foundation.

“We have somewhere between $ 68,000 and $ 120,000 a week in cryptocurrency revenues; people buying sheets and toasters using bitcoin or Ethereum or other coins,” Mr. Johnson told the conservative think-tank.

Advantages of Accepting Crypto

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyMr. Johnson sought to convince attendees of the advantages cryptocurrency offers to businesses over orthodox payments forms.

The Overstock board member stated: “We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards.”

“When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It’s like a cash transaction. For us, that is a much cheaper way of doing business,” Mr. Johnson added.

Crypto as Democratizing Force

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyThe former Overstock chairman described cryptocurrency and distributed ledger technology as having a democratizing effect upon access to financial services and fundraising mechanisms.

Mr. Johnson stated “Today, so many of us can’t participate in the capital markets the way accredited investors or well-connected investors can. And those of us that are trying to raise money have a hard time crowdfunding or raising money in a democratized way.”

Despite praising the democratizing of fundraising processes through cryptocurrency, Mr. Johnson stated that Medici Ventures, Overstock’s investment firm of which he is president, “is not invested in a single ICO, in large part because the regulation around them is still very hazy.”

Mr. Johnson also expressed his belief that the cryptocurrency sector should operate without regulation, stating “We should not be regulating this technology. If there are uses of it that need regulation, maybe.”

Do you think that more retailers will begin accepting cryptocurrency payments? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Medici Ventures


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 Overstock Generates “Between $ 68,000 and $ 120,000” in Crypto Weekly appeared first on Bitcoin News.

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Estonia Grants License to Crypto Trading Software Provider Ibinex

June 15, 2018 |

Estonia Grants License to Crypto Trading Software Provider Ibinex

Ibinex, a company that specializes in white-label solutions for cryptocurrency exchanges, has obtained a license to operate in Estonia. Besides exchange services, it also plans to offer both hot and cold wallets within the regulatory framework of the tech-savvy, crypto-friendly Baltic nation.

Also read: Estonia Grants Licenses for Wallet and Exchange Services to Coinmetro

EU Registered Exchange and Wallet Provider

Estonia Grants License to Crypto Trading Software Provider IbinexAuthorities in Estonia have granted a license to Ibinex, a provider of white-label solutions for crypto exchanges and cryptocurrency trading software. In a post in the news section of its website, the company called the development “a big feather in the cap,” noting that it compliments its membership in The Financial Commission, an independent self-regulatory organization, since August, 2017.

The new Estonian license will allow Ibinex to provide a wide variety of exchange services and solutions for cryptocurrency traders, including fiat to crypto, crypto to fiat, and crypto to crypto transactions. The firm effectively enters the cryptocurrency exchange sector as a trading platform registered in an EU jurisdiction.

Estonia Grants License to Crypto Trading Software Provider Ibinex

Ibinex is not going to restrict itself to only exchange operations. The company plans to start providing crypto wallet services, as well – both hot and cold wallets, which will be offered within the Estonian regulatory framework, the press release quotes its Chief Executive Officer, Simon Grunfeld. Ibinex will generate unique security keys for its users and will safely keep their encrypted keys. The platform will also offer storage and transfer of cryptocurrencies for their clients.

“This is the first of many licenses and registrations to come. Ibinex is excited to be one of the first licensed exchanges to be in accordance with Estonian legislation,” Grunfeld commented. The CEO of Ibinex also noted that “We’re seeing more formations of regulatory rulings for cryptos in the EU region, and due to this progressive stance, companies like ours can find a compliant framework, from which to operate under.”

A Crypto-Friendly European Jurisdiction

Estonia Grants License to Crypto Trading Software Provider IbinexEstonia, one of the smallest European nations in terms of both territory and population, became the first EU member-state to propose the creation of a national cryptocurrency. Tallinn has recently backpedaled on its plans to issue the “Estcoin”, following criticism from the European Central Bank. In September, the bank’s president, Mario Draghi, stated that “No member state can introduce its own currency” in the Eurozone.

Nevertheless, the government intends to proceed with a limited scale project and Estcoin may eventually be used to support transactions within the Estonian e-resident community. The program has issued ID cards to 35,000 foreign nationals so far, the majority of which are from Finland, Russia and Ukraine.

This and other decisions and comments by Estonian officials prove that the country remains a truly crypto-friendly jurisdiction, willing to open its doors to more and more companies from the industry. Earlier this month, authorities in Tallinn granted licenses for wallet and exchange services to Coinmetro, another cryptocurrency trading platform which will operate from within the European Union.

Estonia Grants License to Crypto Trading Software Provider Ibinex

Estonia’s neighbors are definitely not lagging behind. Cryptocurrencies are gaining popularity throughout the Baltic region, where businesses from multiple sectors, including real estate, online trade, the hospitality industry, and even healthcare, are already accepting crypto payments, as news.Bitcon.com reported. Some of them are offering their services globally.

Latvia has partially recognized cryptocurrencies for taxation purposes. Authorities in Riga said that bitcoin could “function as a means of exchange” and 20% tax was imposed on capital gains from crypto deals. Meanwhile, Lithuania has adopted comprehensive guidelines for cryptocurrency and initial coin offerings. According to some reports, the country accounts for up to 10% of all funds raised through ICOs last year.

Do you expect more crypto companies to obtain licenses in Estonia and the neighboring Baltic states? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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