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She(256) Mentorship Program Aims to Help More Women Gain a Cryptocurrency Career

August 18, 2018 |

She(256) Mentorship Program Aims to Help More Women Gain a Cryptocurrency Career

She(256) is a clever name for a novel scheme. The female-focused mentorship program is designed to support women entering the cryptocurrency space. In doing so, the program will enable students to benefit from the guidance of a crypto OG – a seasoned professional whose business and technical experience should prove invaluable. The She(256) initiative has been broadly welcomed in most quarters of the cryptoconomy.

Also read: Bitcoin ETFs are a Terrible Idea: Andreas Antonopoulos

Mo’ Mentors, Mo’ Women

She(256) Mentorship Program Aims to Help More Women Gain a Cryptocurrency Career“Dear men of crypto, I would love to see many of you sign up to be She(256) mentors,” tweeted Jill Carlson. The cryptocurrency all-rounder is a recognisable and respected figure in an industry that is still overwhelmingly male-dominated. “Many of you have been the most important mentors and influences in my career,” she continued. “It matters more than you know when you support your female colleagues.”

The program she was referring to, She(256), is a University of California, Berkeley-led initiative that “presents the opportunity for a professional and young student or early-career young adult to learn from each other serving as guides and allies”. Few would argue with the basic rationale behind its ethos. Anyone who can recall their first foray into crypto, and the fledgling mistakes they made, personally and professionally, can surely appreciate the value in such an initiative.

Cryptocurrency, and the insular and often esoteric world it’s spawned, makes perfect sense once you’re battle-hardened and embroiled in it. For newcomers, however, the industry – which is notoriously unforgiving of incompetence and ‘newb mistakes’ – can seem daunting. This is true of all entrants to the world of cryptocurrency and blockchain technology, regardless of gender, skill set, or experience accrued in other sectors.

Breaking Barriers, Nurturing Talent

She(256) Mentorship Program Aims to Help More Women Gain a Cryptocurrency Career“In defining the blockchain paradigm..it is critical that those building up these far-reaching systems represent the diversity of our global population, explains She(256). “We wanted She(256) to be a movement that would have long-term impact on this burgeoning industry, by allowing more women to feel welcome in this space and by highlighting the work of women who are already making an impact in this field.”

There is nothing like this particular time, place, or industry that has ever existed in the past, which gives us the unique position to set a precedent. Blockchain is disruptive technology. So let’s disrupt the industry with more diversity.

How it Works

In practice, the (She)256 mentorship program will see mentors contacting their allotted student by phone or in person 1-3 times a month, augmented by emails and other communications. Participants are matched to their mentor or mentee for a period of one year initially, with the option to maintain contact thereafter. “For mentees, utilize your mentors and their industry expertise to ask questions, bounce off ideas, and seek direction. For mentors, provide guidance, learn from fresh perspectives, and serve as an anchor,” explains the website.

A number of well-known figures within the cryptocurrency space have thrown their weight behind (She)256, both in terms of promoting it and in volunteering to participate in it. There have been some dissenting voices, whose opposition seems to revolve around the belief that cryptocurrency doesn’t need diversity quotas; decentralized systems, by their nature, do not care for gender, identity, or any other characteristic that exerts sway in other spheres – they care only for the veracity delivered by cryptographic protocols, and the competency of the engineers who developed them.

Even without focusing on its appeal to “young female-identifying individuals” however, She(256)’s mentorship program is sure to help emerging talents find their feet and add value to the burgeoning cryptoconomy. And that can only be a good thing.

Do you think She(256) will help more women gain cryptocurrency careers? Let us know in the comments section below.


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The post She(256) Mentorship Program Aims to Help More Women Gain a Cryptocurrency Career appeared first on Bitcoin News.

Bitcoin News

Cryptocurrency miners’ demand for Nvidia computer chips evaporates

August 18, 2018 |

Nvidia Corp.’s nine-month crypto gold rush is over.

Sales of graphics chips to miners of cryptocurrencies such as ethereum dried up faster than expected, the Santa Clara company said. For a second quarter in a row, investors ignored Nvidia’s growth in its main markets and ditched the stock.

Nvidia’s…


L.A. Times – Business

US Judge Orders Alleged Hacker to Pay Bail in Cryptocurrency

August 18, 2018 |

US Judge Orders Alleged Hacker to Pay Bail in Cryptocurrency

A US federal judge has ordered an alleged hacker to pay the equivalent of $ 750,000 in cryptocurrency for bail. The man was charged with hacking video game company Electronic Arts (EA), obtaining in-game currency used to buy and sell in-game items, and selling access to online games though black-market websites.

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

Judge Orders Bail Payment in Crypto

US Judge Orders Alleged Hacker to Pay Bail in CryptocurrencyFederal Judge Jacqueline Corley has ordered a “hacker charged with illegally accessing computer network of [a] Bay Area company” to pay bail in cryptocurrency, the U.S. Department of Justice (DOJ) announced last week.

Martin Marsich, a 25-year-old Serbian and Italian national whose last known residence was in Udine, Italy, was arrested at the San Francisco International Airport on August 8 while boarding a flight to Serbia. At the federal court in San Francisco where he made his first appearance the next day, the DOJ described:

Magistrate Judge Corley ordered Marsich released to a half-way house on the condition that he post the equivalent of $ 750,000 in cryptocurrency for bail.

Judge Corley was frequently in the news last November for ruling in favor of the U.S. Internal Revenue Service (IRS) against Coinbase. She ordered the crypto exchange to turn over information about U.S. taxpayers who conducted crypto transactions during the years 2013 to 2015.

The Case and FBI Complaint

A Federal Bureau of Investigation (FBI) agent filed an affidavit in connection with the criminal complaint against Marsich on March 25. It states that “a video-game company headquartered in the Bay Area discovered that an individual had illegally accessed its internal computer network and granted access to parts of the company’s systems,” the Justice Department conveyed. “The intruder, later identified as Marsich, gained access to 25,000 accounts that allow customers to purchase items for use in video games.”

US Judge Orders Alleged Hacker to Pay Bail in CryptocurrencyFurthermore, the FBI complaint outlines that “Marsich allegedly used some of the information he obtained from the computer system to obtain in-game currency, used to buy and sell in-game items.” He was also accused of selling “access to the on-line game on black-market websites.”

According to the Daily Post, the Bay Area company is Electronic Arts Inc. (EA), a well-known American video game company headquartered in Redwood City, California. “After making the discovery of the intrusion, the company allegedly closed the stolen accounts and suffered a loss of approximately $ 324,000,” the DOJ further revealed, adding:

The complaint charges Marsich with intentionally accessing a protected computer without authorization to obtain information for the purposes of commercial advantage and private financial gain…and accessing a protected computer to defraud and obtain anything of value.

While clarifying that “a complaint merely alleges that crimes have been committed,” the agency noted that “If convicted, the defendant faces a maximum sentence of five years’ imprisonment, and a fine of $ 250,000, plus restitution if appropriate for each violation.”

Why Did the Judge Order Payment in Crypto?

US Judge Orders Alleged Hacker to Pay Bail in CryptocurrencySan Mateo County District Attorney Steve Wagstaffe was quoted by the Daily Post saying that he “had never heard of anyone bailing out of jail with cryptocurrency in any courtroom.” While acknowledging that cryptocurrency is now acceptable in a federal court, he believes that “a cryptocurrency bail would fly in San Mateo County Superior Court.”

Although the DOJ’s announcement does not specify the reason for bail payment in crypto, U.S. Assistant District Attorney Abraham Simmons explained that “judges can order many kinds of bail, including real estate owned by another person,” the publication conveyed and quoted him describing:

The judge could order just about anything…It really is quite broad…What the objective is is to get the defendant to comply with an order to appear later.

Simmons also said he was “certain” that if the value of the cryptocurrency were to fluctuate dramatically, either party could file a motion to change the bail amount. “I would imagine that either side would alert the court of an extreme change in the value of the asset, but it doesn’t mean that the court would care one way or the other.”

What do you think of Judge Corley ordering bail payment in cryptocurrency? Let us know in the comments section below.


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The post US Judge Orders Alleged Hacker to Pay Bail in Cryptocurrency appeared first on Bitcoin News.

Bitcoin News

Funds Frozen, Account Closed: UK Banks Target Cryptocurrency Owners

August 17, 2018 |

In a chilling but sadly all-too-familiar sequence of events, UK banks have been targeting cryptocurrency owners. Individuals who have cashed out large amounts of cryptocurrency – legitimately – have had their assets frozen and accounts locked without warning, fueled by fears of money laundering and a general distrust of bitcoin. One victim even claims to have had their house raided and computer equipment seized in a follow-up operation by UK police.

Also read: Altcoin Purge Begins: Okex Delists 28 Token Pairs

The Legacy Banking War on Cryptocurrency Ramps Up

Legacy banks have a history of freezing crypto-related accounts

Traditional finance and cryptocurrency have been uneasy bedfellows ever since the start, but it didn’t have to be this way. While some jurisdictions have belatedly welcomed cryptocurrency with open arms – think Gibraltar, Malta, and Liechtenstein, where Binance has just opened a fiat-crypto exchange – the majority have taken an antagonistic stance. The UK is a prime example; unless you’re a bigshot like Coinbase, which recently secured a deal with Barclays, don’t count on retaining access to a bank account if you dabble in crypto. On P2P site Localbitcoins.com, UK traders exchange large amounts of BTC every day, requesting, in most instances, that the bank pay-in reference is something benign and unrelated to crypto. To do otherwise is to play a dangerous game.

This week, one British cryptocurrency figure discovered, to his peril, the speed and severity of the crackdown that’s initiated once a UK bank deems an individual to be persona non grata. The man, who we’ll refer to as John, has been involved in cryptocurrency for many years, actively mining it, occasionally trading it, and operating as a senior figure in the project team for a top 100 cryptocurrency. He has no criminal convictions, and has always accorded to UK laws concerning financial regulations and taxation. He told news.Bitcoin.com:

I had my bank account frozen and my funds taken hostage by Clydesdale Bank without any warning or explanation…I was eventually told by the branch manager that it no longer wanted to do business with “these type of people” [i.e cryptocurrency users]

Locked Out Without Warning

Funds Frozen, Account Closed: UK Banks Target Cryptocurrency Owners
Clydesdale Bank cares a lot if you own cryptocurrency

John explains: “I tried to log in to my Clydesdale Bank current account (the one that I’ve had since childhood) late on Tuesday evening only to be presented with a message saying “Sorry, we’re no longer able to assist you online”. I then tried the app which said “Your account is locked, please call”. I called the help center only to be told that the guy on the other end of the phone also couldn’t access my account nor confirm whether or not my (six-figure GBP) balance was safe. I was told that he was completely unable to help and that I would need to call HQ in the morning.”

He continues: “I called HQ this morning and was put on hold for 20 minutes. When the guy came back, he told me that there was a letter in the post to me and that he couldn’t say anything more about what was happening or whether or not my balance was safe. So I requested to be put through to the most senior person available, who then told me that my account had been locked down but he was unable to tell me why, nor who put the lock on my account. He refused to even tell me which department placed the block. He told me that my only option was to go into my local branch and request a manual withdrawal of funds. However he explained that such a withdrawal would need to be approved by the bank and therefore I wasn’t guaranteed to get access to my cash.”

“My local countryside branch were as clueless as you’d expect. I sat watching the assistant phone head office to try to get to the bottom of WTF was happening. HQ refused to tell her while I was present so they instead went cloak and dagger by sending an email which she had to leave the room to go and check out. After another 20 minutes and a couple of phone calls that I could hear her make from the room next door, she finally reappeared with another guy who turned out to be the branch manager.”

“These Types of People”

John explains: “The branch manager sat down and explained that the bank had reviewed the transactions coming in and out of my account and decided that it no longer wanted to do business with “these type of people”. I immediately requested full withdrawal of my not insignificant balance to which he replied that he would need to seek approval for that to happen.”

UK Police Top up Budget With Proceeds From Sale of Seized BTCJohn’s experience is by no means an isolated case. In Britain, as in many other countries, cryptocurrency users are having something they’ve always known reaffirmed: you can’t trust banks with your money. Previous character, credit rating, and occupation are all worthless should a legacy financial institution take a disapproving view of your involvement in cryptocurrency. A few days prior to John being locked out by a bank he’d been with for over 20 years, another British citizen was enduring an even more harrowing encounter.

“Got raided yesterday at 6:30am for cashing out 500,000 in Bitcoin back in December 2017, arrested for money laundering and possession of criminal property in the UK,” he told fellow members of the /biz/ messageboard. When pressed for details he elaborated:

My Bitcoins that were cashed out were legit bought back in 2012/13 and they have seized some of my crypto too, seized my PC, all my USB and hard drives and raided my whole house and took me to the police station, got given a solicitor and interviewed, they asked where I found out about Bitcoin and said 4chan and a poker site.

Raided by the Police for Cashing Out

Funds Frozen, Account Closed: UK Banks Target Cryptocurrency OwnersThe anonymous /biz/ poster continued: “I was released [from police custody] same day at like 4pm, solicitor said shit went well and was released not on bail but was “under investigation” i.e we have fuck all on you but lol we’re holding your shit anyway. they searched my house and I believe they thought I was a drug dealer and were kind of disappointed they didn’t find anything like that so I am guessing they jumped to conclusions, it’s my bank who started this shit by freezing it.”

News.Bitcoin.com cannot verify this story, but the level of detail supplied, accompanied by a picture purportedly showing the search warrant the police presented, suggests that it is authentic. The man’s problems began when he tried to cash out from crypto, which caused Natwest bank to freeze his account. John, on the other hand, explained to news.Bitcoin.com that he had recently sold various material assets to fund a new business venture that required access to fiat. In other words, John hadn’t suddenly cashed out a large sum of cryptocurrency that might have triggered the incident. The mere possession of a reasonable sum of fiat currency, coupled with a history for selling smaller amounts of crypto, was enough.

Funds Frozen, Account Closed: UK Banks Target Cryptocurrency Owners
The warrant allegedly used to search the UK man’s house and seize his computer equipment

The /biz/ poster claims to have cashed out a significant amount of bitcoin in late 2017 partly to pay taxes, which he duly did with £110,00 of the money. This didn’t prevent him from falling under suspicion however. He asserts that the police “literally kidnapped me and stole my money on the basis of “we don’t know if you’ve committed a crime to obtain this money but lol we’re seizing your assets and raided your house.””

Funds Are Safu

John’s incident ended better than he at one point expected, with Clydesdale Bank eventually transferring his money to a new bank the man had hastily joined. He concludes: “I now have all of my funds in another account which I won’t name to prevent a repeat of this ridiculous discrimination. Being treated like a criminal (without proof nor cause) by an organisation that I’ve been loyal to for over 20 years has seriously pissed me off.”

Funds Frozen, Account Closed: UK Banks Target Cryptocurrency Owners
The /biz/ messageboard user explains how the police raid went down

There may come a day when cryptocurrency users are treated with dignity and respect by legacy financial institutions. By the time that day arrives, however, the crypto economy may have evolved to the stage where bitcoiners may no longer need the banks that shunned them.

Do you think banks unfairly target cryptocurrency users, or are they simply doing their job? Let us know in the comments section below.


Images courtesy of Shutterstock, and /biz/.


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The post Funds Frozen, Account Closed: UK Banks Target Cryptocurrency Owners appeared first on Bitcoin News.

Bitcoin News

Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

August 16, 2018 |

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency Hack

The cryptocurrency investor Michael Terpin is suing the large telecom firm AT&T because his mobile phone was compromised by hackers who stole $ 24M USD worth of digital assets. Terpin says he was hacked twice in less than a year and employees at AT&T participated in a SIM swap fraud.

Also read: Fivebucks.com: Meet the Freelancer’s Marketplace Powered by Bitcoin Cash

$ 24 Million in Digital Assets Stolen: Michael Terpin Blames AT&T

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency Hack
Michael Terpin

Michael Terpin the co-founder of Bitangels says he lost close to $ 24 million in cryptocurrencies, and he’s blaming the giant communications company AT&T. The 69-page lawsuit filed by the LA-based law firm Greenberg Glusker details that Terpin believes AT&T employees were involved in a SIM swap fraud which cost him the loss of a large number of digital assets. Major telecom services like AT&T, Verizon, and T-Mobile have all been accused of PIN and SIM swap fraud alongside alleged data breaches. According to Terpin an “insider” from AT&T cooperated with a malicious hacker.

“What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner,” the complaint reads.

According to an email statement,  AT&T says they “dispute the allegations” and they “look forward to presenting their case in court.”

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency Hack

Failure to Adhere to Privacy Commitments

Bitangels Co-Founder Sues AT&T for $  224 Million Over Cryptocurrency HackNot only does Terpin want his $ 24 million back but the investor also wants $ 200M in punitive damages. Terpin says within pages of the lawsuit that AT&T’s personnel have been accused of SIM swapping fraud in “numerous incidents.” Even though AT&T denies any wrongdoing in this specific case the telecom firm has had a lot of complaints about SIM swap transgressions in the past.

For instance, the New York State Division of Consumer Protection has issued a warning specifically about an “AT&T SIM-card switch scam.” On July 18, 2018, authorities arrested a man from Florida who was allegedly in charge of a giant “multi-state cyber fraud ring” that stole hundreds of thousands of dollars worth of cryptocurrencies. Police say they first heard about the SIM-card gang when a Mom from Michigan caught her son on the phone pretending to be an AT&T employee.

Terpin emphasizes in the complaint that he lost millions because, “AT&T’s willing cooperation with the hacker, gross negligence, violation of its statutory duties, and failure to adhere to its commitments in its Privacy Policy.”

What do you think about Michael Terpin suing AT&T for $ 224M? Let us know your thoughts on this subject in the comment section below.


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

The post Bitangels Co-Founder Sues AT&T for $ 224 Million Over Cryptocurrency Hack appeared first on Bitcoin News.

Bitcoin News

Cryptocurrency Market Plumbs New Depths in 2018

August 16, 2018 |

A broad investor retreat has pushed the market for digital currencies down 70% from its January high, reflecting user frustration over their modest inroads into commerce and a general shakeout in speculative investments.
WSJ.com: What’s News Asia

Bitwise Launches Three New Cryptocurrency Market Index Funds

August 15, 2018 |

Bitwise Launches Three New Cryptocurrency Market Index Funds

Why wait for an ETF? Bitwise Index Services, a subsidiary of Bitwise Asset Management, has announced the launch of three new indexes covering the mid-cap, small-cap, and total-market segments of the crypto market, as well as the renaming of its HOLD 10 Index as the 10 Large Cap Crypto Index.

Also Read: The Daily: Stoners Drop Crypto From IPO, Binance Launches Academy

Three New Cryptocurrency Market Index Funds

Bitwise Launches Three New Cryptocurrency Market Index FundsThe launch and rebranding of HOLD 10 means that company’s cryptocurrency index roaster now features four options for investors to choose from: 10 Large Cap Crypto Index (ticker: BITX); 20 Mid Cap Crypto Index (ticker: BITW20); 70 Small Cap Crypto Index (ticker: BITW70); and 100 Total Market Crypto Index (ticker: BITW100). The Bitwise Crypto Indexes are available throughout the established financial trading ecosystem, including via Bloomberg, Reuters, Factset, and other data aggregators. Additionally, the company also announced the creation of API access and complimentary benchmarking for hedge funds.

“Our indexes are built from the ground up to respond specifically to the cryptomarket,” said Matt Hougan, Global Head of Research. “The methodology draws on best practices from the modern indexing of equities, bonds, commodities, and fiat currencies, and pairs them with crypto-native factors to ensure the indexes are safe and replicable. We believe they are the best representation of the investable cryptoasset market in the world.”

Crypto Council

Bitwise also announced the launch of an index advisory board, featuring: Srikant Dash, former Global Head of Indexing for Bloomberg and Managing Director and Global Head of Research at Standard & Poor’s Indices; Spencer Bogart, Partner and Head of Research at Blockchain Capital; and Matt Hougan the Global Head of Research at Bitwise and former CEO of both ETF.com and Inside ETFs.

“One unique thing about Bitwise is the firm’s ability to blend deep, crypto-specific expertise with in-depth knowledge of institutional asset management and indexing,” said Bogart. “The Bitwise Crypto Index Advisory Board and the family of Bitwise indexes launching today are proof of that.”

Bitwise Launches Three New Cryptocurrency Market Index Funds
Performance Charts

“Well-constructed indexes and index-linked products are key to the development of efficient investment and risk management in any new asset class,” added Dash. “I am pleased to help Bitwise bring such tools to the rapidly evolving cryptocurrency market.”

Is this development good for the ecosystem? 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 Bitwise Launches Three New Cryptocurrency Market Index Funds appeared first on Bitcoin News.

Bitcoin News

Jamaica Stock Exchange Plans to Offer Cryptocurrency Trading

August 14, 2018 |

Jamaica Stock Exchange Plans to Offer Cryptocurrency Trading

The Jamaica Stock Exchange (JSE) has announced it plans to allow investors the ability to trade cryptocurrencies through the regulated stock exchange. According to the JSE, the Canadian-based Blockstation will help facilitate the crypto-trading services.

Also read: Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Jamaica Stock Exchange Plans to Facilitate Crypto-Asset Trades in 2018

Jamaica Stock Exchange Plans to Offer Cryptocurrency TradingThe Jamaica Stock Exchange is interested in offering its clientele the ability to invest in digital assets. The JSE announced on Tuesday that the organization is partnering with the company Blockstation by signing a memorandum of understanding (MoU). The MoU states the two firms will enable JSE customers the ability to trade blockchain tokens within a secure and regulatory framework. JSE says that Blockstation’s network is well suited for managing digital currency trades, and the clearing and settlement of blockchain tokens.

Satisfying Considerable Investor Interest in Digital Assets

The two organizations believe the agreement will be a milestone as it could become the first international stock exchanges that will allow cryptocurrency trades. At the moment only digital currency futures, options, and exchange-traded notes are traded in a regulated stock exchange type of environment. JSE has been working with Blockstation by completing tests and hosting a successful live workshop with brokerage members and local regulators.

“We are excited to implement this service with our clients, satisfying considerable investor interest in digital assets. We are also proud to be at the forefront of bringing innovation to capital markets,” explains Marlene Street Forrest, the Managing Director of the JSE.

We are very comfortable moving forward based on the training and support provided by Blockstation, and because their trading platform incorporates familiar compliance rules to ensure a fair marketplace.

Jamaica Stock Exchange Plans to Offer Cryptocurrency Trading

The Importance of Offering Digital Assets Through Regulated Financial Institutions

Since the JSE launched its principal stock exchange in Kingston, Jamaica the organization has seen a lot of development. To accommodate growth the JSE launched its online trading platform in 2015, which at the time was the first of its kind within the Caribbean, enabling clients to view market performance, and buy and sell securities. A broker member of the JSE from the firm Sagicor Investments, Kirk Brown, says the JSE decision to offer digital currency trading is paramount for the growth of this budding tech-driven economy.         

“It is very important for investors to be able to invest in digital assets through their traditional financial institutions,” Brown emphasizes.

It’s exciting to be at the cutting edge where digital currency demand meets safe reliable access.

What do you think about the Jamaica Stock Exchange planning to offer digital currency trading services? Let us know your thoughts on this subject in the comment section below.


Images courtesy of Shutterstock, and Pixabay.


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The post Jamaica Stock Exchange Plans to Offer Cryptocurrency Trading appeared first on Bitcoin News.

Bitcoin News

Firm Behind Japanese Cryptocurrency ‘Spindle’ to Relocate to London Amid Investigation

August 14, 2018 |

The Japanese cryptocurrency Spindle, known for being promoted by the Japanese popular singer, actor and talent Gakuto Oshiro (45), aka GACKT, has announced it’s withdrawing from Tokyo to relocate its headquarters in London, amidst rumors that the Tokyo Metropolitan Police is investigating unregistered sales of cryptocurrencies made by the company.

Also read: J-Pop Star GACKT Caught Between Crypto Company Spindle and Minister’s Gaffe

Japan Unsuitable for Crypto Business

GACKT told news.Bitcoin.com in an interview online that there is a considerable disparity in Japan compared to overseas in regard to crypto, explaining, “Black Star&Co. decided to move to London, where it originally started, because [in Japan] it takes a tremendous amount of time for various procedures to take place. [They decided] it would not be suitable for a cryptocurrency business, which essentially needs to be speedy, to remain in such an environment.”

Japanese Cryptocurrency Spindle to Relocate in London Amid Investigation
GACKT

Black Star&Co, the developer company behind Spindle, said it will withdraw from Tokyo to take up an office in London from August 15th, where it shall be known as Black Star Capital Ltd (UK). The company was earlier involved in a scandal that shook the Japanese Minister of Internal Affairs and Communications, Seiko Noda, accused by Japanese media of exercising pressure on a government investigation into a crypto exchange company.

In January 2018, Noda’s secretary and aide allegedly invited an agent of the Financial Service Agency (FSA) and a representative of the cryptocurrency exchange operator to her parliamentary office to ask general questions. As a cabinet minister, Noda was accused of exerting pressure on an official government investigation.

On July 19th, it was reported that the company tied to Spindle and GACKT was suspected by the FSA of violating the fund settlement law and that it had been slapped with a warning in mid-January 2018. The company, which began dealing its own cryptocurrency, Spindle, aka GACKT Coins in October 2017, received administrative guidance from the FSA in February 2018 to discontinue selling cryptocurrencies.

Japanese Cryptocurrency Spindle to Relocate in London Amid Investigation

However, the spindle (SPD) altcoin, which was listed on five foreign crypto exchanges in May, was pre-sold with one coin priced at 30 yen ($ 0.27 US), but the value later lowered to less than 0.4 yen ($ 0.0036 US). Investors who believed in GACKT, the promoter of Spindle, and purchased the coins made a significant loss. Moreover, GACKT and his allies sold immediately after the coin was listed, and made a lot money from doing so, news.livedoor.com reported. It was also reported that the Tokyo Metropolitan Police Cyber Crime Unit has been extremely attentive to such opaque transactions.

Spindle Investors Will Be Upset

In a press release, the company announced that it is moving its head office from Tokyo to London because it has more partners familiar with the technology and design in Europe and in the U.S. “We wish to keep in close contact with them,” the company said in the press release. “Given Japan’s current stance on [crypto] regulation and financial investments, it is difficult to expand further our business [here],” the company said in a statement. An individual involved in IT business told the Japanese press that Spindle had hired GACKT as a ‘publicity man’ in order to target Japanese people in general, including his fans. “If [GACKT] plans to move away from Japan now, many people will be really upset. Many will take this as he’s running away just before the authorities approach them,” the man told news.livedoor.com. The company also stated its intention to change its personnel related to project advisory.

“Japanese people are extremely dependent on statutory currencies issued by the country and the nation’s administration also has a low understanding of cryptocurrency itself,” GACKT told news.Bitcoin.com, “it is actually safer for investors to put Spindle in an infrastructure management where it can expand, grow and thrive,” he concluded.

What do you think of Spindle moving out of Japan as the police is reportedly investigating its earlier sales of spindle coins? Share your thoughts in the comments section below.


Images courtesy of Shutterstock and Paragon-style.com.


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 Firm Behind Japanese Cryptocurrency ‘Spindle’ to Relocate to London Amid Investigation appeared first on Bitcoin News.

Bitcoin News

An In-Depth Look at the Cryptocurrency Economy’s ‘Stablecoin’ Trend

August 13, 2018 |

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

Back in the early days, cryptocurrency enthusiasts used to laugh at the thought of a stable cryptocurrency pegged to a specific fiat currency like the US dollar. Although nowadays things have changed and the digital currency tether (USDT) captures more cryptocurrency trade volume than most of the leading nation-state issued fiat currencies like the USD and JPY. Moreover, the past year or so more ‘stablecoins’ have been entering the crypto-economy, and some individuals think stablecoins are necessary elements for the future of this technology.

Also Read: Wormhole Mainnet and Developers’ Guide Launched

The ‘Second Bitcoin White Paper’ Written by JR Willett Unleashes the ‘Stablecoin’ Idea in 2012

‘Stablecoins’ — whether you hate them or love them they have become extremely popular over the last two years, and tether (USDT) a digital currency that’s issued over the Omni Layer protocol has become a puzzling phenomenon. Asset­-pegged cryptocurrencies started being heavily discussed and written about in 2012 in J.R. Willet’s Mastercoin white paper, and around 2014 the concept really started gaining steam. There have been many attempts to create stable coins that failed miserably at pegging. The cryptocurrency, nubits (USNBT), was supposed to stay valued at one US dollar. Nubits stuck to around a dollar since it launched up until June 9, 2016, and then sunk below that point until September 6, 2016. Again the currency kept stable for a while all the way until March 21, and it hasn’t been able to keep the 1:1 ratio ever since then.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend    Tether the King of All Crypto-Dollars

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' TrendIn November of 2014, Reeve Collins revealed the project ‘Tether’ a blockchain based coin that’s issued using the Bitcoin Core (BTC) network utilizing the Omni Layer protocol. The Omni network can grant and revoke tokens created by metadata embedded in the BTC chain and the project’s prodigal son is USDT. Every USDT issued is allegedly backed by one US dollar and the creators claim all the funds are held in reserves by Tether Limited’s bank. This particular claim is extremely controversial and USDT has been the center of a lot of attention.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

Nevertheless, tethers have been consistently stable ever since its price was first recorded on Coinmarketcap in February of 2015. The use of tether has become a popular vehicle for traders looking for a safe haven during bear markets. Tether makes it easier for traders to not have to convert back and forth into fiat and USDT is used by lots of popular trading platforms. Exchanges who use USDT include Binance, Poloniex, Bitfinex, Okex, Huobi, Hitbtc, Bittrex, ZB.com, Bitforex, Fcoin, and there are many more. Because a lot of cryptocurrency prices have been floundering, tether has managed to make its way into the top ten digital currency market capitalizations as USDT is now in the ninth position.   

Maker Dao and Dai Tokens

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' TrendAnother interesting stablecoin that has remained fairly consistent so far is the digital currency dai, a token created using the Maker Dao. The Maker Dao is a protocol that’s built on the Ethereum network and essentially it uses the dollar conversion rate when it locks up tokens autonomously. Essentially a user deposits a blockchain-based asset as collateral which then, in turn, creates stable dai tokens. Since dai tokens were first recorded on Coinmarketcap’s (CMC) historical index on December 27, 2017, the price has remained stable between $ 0.99 and $ 1.02 per coin. Dai tokens are not as popular as Tether (USDT), and the platform is relatively new. However the Maker Dao and dai tokens are being regularly traded on decentralized exchanges (DEX), and other token trading platforms like Bancor, Radar Relay, and Ethfinex. Dai is used by these exchanges, and by the general public, for borrowing and leverage opportunities because the currency’s price remains valued at $ 1 USD consistently.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

The Trust Token Asset Tokenization Platform

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' TrendThen there’s the stablecoin called ‘trueusd’ — a coin that’s issued by the Trust Token Asset Tokenization Platform. The creators of trueusd (TUSD) claim that each token is backed by collateralized USD assets dispersed over various escrow accounts within the Ethereum-based Trust Token Platform. So much like tether (USDT) the trueusd tokens are said to be backed 1:1 with the US dollar, and at the moment the currency has a $ 60M market valuation. Exchanges have started using trueusd for stablecoin pairs much like how tether is used these days. Just recently the Indian exchange Zebpay announced using trueusd and the trading platforms Bittrex, and Binance also have listed the coin. Trueusd was first listed on CMC’s historical data on March 6, 2018, and the token has also remained stable between $ 0.99 and $ 1.01 per TUSD.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend

More Stable Coins Are Coming

The three stablecoins mentioned above are probably the most popular so far, and each one has seen significant adoption. The controversial tether (USDT) is the reigning champion of stable assets today. However, there are a slew of other stablecoins that are making their way into the crypto-economy, or plan on joining in the near future.

An In-Depth Look at the Cryptocurrency Economy's 'Stablecoin' Trend
A few new stablecoins planning to join Tether, Trueusd, and Dai. Kowala’s Kusd, Havven’s Eusd, and Vaultusd.

A stablecoin called kowala (KUSD) has recently partnered with the hardware wallet firm Ledger. Ledger devices will be able to send, receive, and store KUSD. Another stablecoin in the works is called NUSD, which is an EOS blockchain-based asset that was built by the Havven development team. Following that project is a smart contract platform that plans to collateralize its tokens called Usdvault (USDVAULT), with gold bullion that’s professed to be housed in Swiss vaults. The Vault creators claim the stable coin will be based off a 1:1 USD price ratio, but the asset’s 1:1 value is essentially backed by the precious metals located in Switzerland. Further not too long ago the unicorn cryptocurrency company Circle Invest explained it is working on a stablecoin as well that will be tied to the value of US dollars.

It seems that even though some of these coins are controversial, and people need to put trust in the claims that the assets are truly backed by a certain collateralized asset, so far they still continue to grow very popular. Of course, the main concern will always be whether or not these stable currencies are truly pegged to real US dollars, and if they’re not and they are based on the price ratio, can they hold the 1:1 values over time.

What do you think about stable coins like tether, dai, trueusd? Do you think this concept will continue to be popular in the cryptocurrency universe? Let us know what you think in the comment section below.

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Images via Shutterstock, Satoshi Pulse, Tether Limited, Trueusd, Dai Logo, and Pixabay.


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