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

| June 23, 2018

Scroll to top

Top

Largest Archives -

CNN

This show has the largest transgender cast in TV history

June 21, 2018 |

Ryan Murphy, creator of hit television series like “Glee,” says he will donate all profits from his new series “Pose” to LGBTQ charities.
CNN.com – RSS Channel – World

Germany’s Largest Auto Makers Back Scrapping EU-U.S. Car Import Tariffs

June 21, 2018 |

Germany’s leading auto makers have thrown their support behind the abolition of all import tariffs for cars between the EU and the U.S. in an effort to find a peaceful solution to the brewing trade war.
WSJ.com: US Business

Germany’s Largest Auto Makers Back Scrapping EU-U.S. Car Import Tariffs

June 20, 2018 |

Germany’s leading auto makers have thrown their support behind the abolition of all import tariffs for cars between the EU and the U.S. in an effort to find a peaceful solution to the brewing trade war.
WSJ.com: What’s News Europe

Hawaii’s Largest Freshwater Lake Is No More

June 8, 2018 |

Kapoho Bay’s famous tidal pools, eaten up by lava from Hawaii’s Kilauea volcano this week, were apparently only dessert. On Saturday, Hawaii’s largest freshwater lake disappeared in hours as lava rushed into it, reports NPR . On its way to the ocean, the lava flow sent a plume of steam into…
Newser

BTC City – Slovenia’s Largest Shopping Center to Become a ‘Genuine Bitcoin City’

June 4, 2018 |

BTC City - Slovenia's Largest Shopping Center to Become a 'Genuine Bitcoin City'

Slovenia’s largest shopping destination is implementing strategies to become a “genuine Bitcoin City.” Coincidentally named BTC City already, the complex stretches 475,000 square meters and is filled with 500 retail stores. It was recently visited by the country’s prime minister who got acquainted with its bitcoin strategy. During his visit, the state secretary bought him a cup of coffee using cryptocurrency.

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

Prime Minister Visits BTC City

BTC City - Slovenia's Largest Shopping Center to Become a 'Genuine Bitcoin City'
Miro Cerar.

The Prime Minister of Slovenia, Miro Cerar, recently visited BTC City, a sprawling, 475,000 meter-squared commercial business and shopping complex in the capital city of Ljubljana.

Fintech startup Eligma has created a point-of-sale system which is being used in a number of retailers in BTC City, in an effort to convert it into a “Bitcoin City.” Describing the commercial complex as “a business and shopping ecosystem based on the latest technological solutions including blockchain, AI, and cryptocurrencies,” Eligma elaborated:

The purpose of his visit was to open the Beyond 4.0 international conference, dedicated to digital society and blockchain, as well as to get acquainted with BTC City’s strategy to become Bitcoin City.

During the morning meeting, Cerar received “a cup of ‘crypto coffee’ bought for him by Slovenian State Secretary Tadej Slapnik through the Elipay cryptocurrency transaction system,” the startup described.

BTC City - Slovenia's Largest Shopping Center to Become a 'Genuine Bitcoin City'
Slovenian Prime Minister Dr. Miro Cerar using Elipay. Photo credit: Eligma.

The first successful use of the Elipay wallet at the city was to pay, using bitcoin, at the complex’s waterpark in April. Eligma added that the app would also be able to use bitcoin cash and Elipay’s own loyalty rewards token in the near future.

BTC City to Become a ‘Genuine Bitcoin City’

Founded in 1954 as a warehouse and logistics enterprise, BTC company added many warehouses in the northeast of Ljubljana over time. In 1990, the complex was repurposed as a commercial shopping area and adopted the name BTC City. Ever since it has added large commercial ventures including a hotel, a sports complex, a casino, a multiplex cinema, a water park, and the tallest building in Slovenia, the crystal palace office park. With over 500 retail shops, BTC City’s website describes itself as “famous for being the largest and most popular European business, shopping, recreational/leisure and cultural center” in the country.

BTC City - Slovenia's Largest Shopping Center to Become a 'Genuine Bitcoin City'
A panoramic image of BTC City from the north.

With the latest initiative is to convert BTC City into “a genuine Bitcoin City,” the company claims that the new entity is:

The first of its kind in the world to provide its visitors, consumers and business partners with an ecosystem that will develop and integrate advanced technologies based on state-of-the-art approaches (blockchain, AI, VR [Virtual reality], AR [Augmented reality], ML [Machine Learning] and the world of cryptocurrencies).

BTC company believes that “Bitcoin City will create an open society which will enable users to pursue their missions as well as develop their business environments in line with their wishes, needs, and operating policies.”

BTC City - Slovenia's Largest Shopping Center to Become a 'Genuine Bitcoin City'

According to the plan posted on BTC City’s website, Eligma’s Elipay is already installed in a number of stores within the city such as Atlantis water park, Al Capone, Babadu, Bijoux modni dodatki, Big Bang, istyle, Vodno mesto San Martino, Sneakers, Minicity, and Kibuba. There are also some one-way cryptocurrency ATMs on the premises, as well as a Blockchain Think Tank and the “biggest crypto mining rig in Slovenia.”

BTC City - Slovenia's Largest Shopping Center to Become a 'Genuine Bitcoin City'

BTC company emphasized:

The development of BTC City into a Bitcoin City is an important step towards the realisation of BTC’s openness-oriented strategy, providing its customers and business partners with freedom and choice regarding their purchases with new forms of payment.

What do you think of BTC City turning into a Bitcoin City? Let us know in the comments section below.


Images courtesy of Shutterstock, Total Slovenia News, Wikipedia, Eligma, and BTC company.


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

The post BTC City – Slovenia’s Largest Shopping Center to Become a ‘Genuine Bitcoin City’ appeared first on Bitcoin News.

Bitcoin News

World’s Second Largest Search Engine Bans Crypto Ads

May 16, 2018 |

World’s Second Largest Search Engine Bans Crypto Ads

Melissa Alsoszatai-Petheo, of Microsoft’s Bing search engine, announced its advertising arm is banning all cryptocurrency advertisements. This follows market leaders such as Google, Facebook, and Twitter either severely restricting crypto ads or banning them altogether.

Also read: Ethereum Futures in US One Step Closer as CME Deal is Struck

Microsoft’s Bing Search Engine Bans Crypto Ads

Advertiser Policy Manager, Melissa Alsoszatai-Petheo, posted an update to Microsoft’s Bing search engine ad policy. Bing Ads to Disallow Cryptocurrency Advertising is the title of the company’s rather obvious move. “We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem,” Ms. Alsoszatai-Petheo began. “Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

World’s Second Largest Search Engine Bans Crypto Ads

Bing has consistently ranked a very distant second behind the Google juggernaut, which gobbles up better than 60% of search traffic on the internet. Google at the beginning of 2018 announced a far more specific series of cryptocurrency related prohibitions, down to defining contract for difference (CFDs) products.

It wasn’t too much later when Facebook followed, as we reported at the end of January, with “a new ruling issued on January 30, ‘ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency.’” Twitter too, a mere two months later, presented its new advertising policy, severely restricting initial coin offering (ICOs) and token sales.

World’s Second Largest Search Engine Bans Crypto Ads

Protection is the Pretext

“To help protect our users from this risk,” the notice from Bing continued, “we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.”

Other than seeking a press cycle of promotion, it does appear “scams” were a bit of a problem during 2017, according to Bing’s annual report. “Tech scams are widely used by bad actors and we rejected 25 million ads in this category in 2017,” they insisted. And under the banner of misleading ads, Bing noted how last “year, we took down 30 million such ads, 20,000 such websites and 43,500 bad actors.”

Do you think crypto ad bans will have a negative impact? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post World’s Second Largest Search Engine Bans Crypto Ads appeared first on Bitcoin News.

Bitcoin News

Investigation of South Korea’s Largest Crypto Exchange Upbit Continues

May 16, 2018 |

Investigation of South Korea’s Largest Crypto Exchange Upbit Continues

Since the South Korean prosecution started investigating Upbit, the country’s largest cryptocurrency exchange, more events have unfolded. While local media still discuss allegations and raise questions about Upbit’s business practice, some people believe that Upbit is already in the clear. The investigation continues.

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

The Allegations

Investigation of South Korea’s Largest Crypto Exchange Upbit ContinuesLocal media reported on Friday that South Korea’s largest cryptocurrency exchange, Upbit, is under investigation for alleged fraud. More information has surfaced since, casting doubt on whether the allegations can be considered fraud. No charges have been filed against Upbit at the time of this writing. However, the prosecutors have confiscated the exchange’s computers and records as part of the investigation.

On Monday, News1 Korea described:

Prosecutors searched Upbit for fraud charges triggered by coinless transactions, suspicion of insider trading during the listing process, and allegations of money laundering and leakage of money through US trading sites.

Liquidity Issue

Investigation of South Korea’s Largest Crypto Exchange Upbit ContinuesThe first allegation, the most heavily scrutinized, concerns the liquidity of some of the coins listed on Upbit.

The exchange currently lists 137 cryptocurrencies but not all of them have wallets. South Korean prosecutors are accusing the exchange of “book-trading” where Upbit facilitates the trading of cryptocurrencies without actually having the coins in its possession. Joongang Ilbo elaborated:

Of the more than 130 cryptocurrencies currently traded on Upbit, about 40 do not support e-wallets.

News1 also pointed out that there is a viewpoint among investigators that if users request a transfer or withdrawal of their coins all at once, then Upbit will not be able to return their money immediately, which would render the original transactions fraudulent.

However, some argue that “most domestic trading sites are adopting this method” except those that handle a small number of cryptocurrencies such as Bithumb, the news outlet conveyed, adding that if this method is found to be an “apparent fraud…[then] the industry will not be much affected.”

Upbit Calls It a Misunderstanding

Upbit says that this investigation is “something that comes from misunderstanding,” Joongang Ilbo reported.

Investigation of South Korea’s Largest Crypto Exchange Upbit ContinuesThe exchange has repeatedly dismissed the above accusation, emphasizing that it will secure the needed cryptocurrencies as soon as it has brokered a transaction for the coins without a wallet, the news outlet detailed. In addition, Upbit insists that it has “never bought or sold cryptocurrencies that it did not own since it opened last October.”

Furthermore, given Upbit’s exclusive partnership with the US exchange Bitrex, crypto experts believe that “the lack of understanding of the Upbit trading system that links the system with the overseas exchange has led to the suspicion of book trading,” the publication emphasized, adding:

Cryptocurrency traded in KRW is directly managed by Upbit, and when customers buy other virtual currencies…transactions are made through Bittrex under the responsibility of Upbit.

A representative of another crypto exchange explained that except for the won market, Upbit transactions are made through Bittrex. “It is a legitimate book deal, and the prosecutors seem to have misunderstood why they are selling cryptocurrencies that they do not have.”

Previous Internal Audit

Another factor at play is an article published by Money Today on Tuesday, referencing an internal audit which reportedly happened earlier this year. The news outlet quoted Lee Seok-woo, president of Dunamu Inc. which operates Upbit, saying that “In early March, when Upbit was suspected of only [conducting] book transactions without [holding the] coins…I have been notified that the amount of coins [in the books] is 100% identical to the number of coins” in the wallets.

Referencing the above article, Twitter user Crypto of Korea wrote, “Upbit claimed that they had the internal account audit…The audit shows that 100% of the coins are real, the ledgers all synced to their own wallets.”

Investigation of South Korea’s Largest Crypto Exchange Upbit Continues

Some people subsequently took Upbit’s claim as the exchange being clear of wrong-doing in this current investigation, while others remain more objective. Twitter user Nash wrote, “Not concluded yet. It’s just “Upbit’s claim.” Meanwhile, Korean media still raise questions about Upbit’s operations and seek more answers at the time of this writing.

Insider Trading and Money Laundering Concerns

The prosecutors are also reportedly looking into allegations of insider trading and money laundering surrounding Upbit, News1 Korea wrote, noting that “some investors have raised strong suspicion that there is insider trading” at the exchange. “It is suspected that a person who receives information from an Upbit employee about an upcoming listing [on Upbit] would have bought the cryptocurrency from [an] overseas trading site and sold on Upbit.”

Furthermore, the investigators alleged that “illegal business funds are more easily transferred from the domestic [exchange] to the US due to the linkage with Bittrex,” the publication described.

As for any fraud charges, a lawyer was quoted by the news outlet commenting:

It is difficult to judge it as a fraud because there is no victim. If the capital market law applies to the transaction site [Upbit], it is a criminal offense. The lack of a clear baseline law is a bigger problem.

Joongang Ilbo further asserted that according to the position of the country’s financial regulators, “cryptocurrency is not subject to the Capital Market Law because it is not a monetary product.” In the unlikely event that the prosecutors can apply the Capital Market Law to this case, commissions through book transactions would be considered criminal proceeds, the news outlet explained.

Do you think Upbit has done anything wrong? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and Upbit.


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

The post Investigation of South Korea’s Largest Crypto Exchange Upbit Continues appeared first on Bitcoin News.

Bitcoin News

South Korea’s Largest Crypto Exchange Upbit Under Investigation for Fraud

May 11, 2018 |

South Korea's Largest Crypto Exchange Upbit Under Investigation for Fraud

The largest cryptocurrency exchange in South Korea, Upbit, is suspected of fraud and is currently under investigation. The prosecutors have conducted searches at the exchange and confiscated computers and accounting records.

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

Upbit Under Investigation

South Korea’s largest cryptocurrency exchange, the Kakao-backed Upbit is suspected of fraud, according to local media. While maintaining that customers’ assets are still kept securely, the exchange posted the following statement on its website:

Upbit is currently under investigation by the prosecution, and we are working diligently. Upbit services such as all transactions and withdrawals are operating normally.

South Korea's Largest Crypto Exchange Upbit Under Investigation for FraudUpbit is currently the world’s fourth-largest cryptocurrency exchange and the largest in South Korea with a 24-hour trading volume of $ 1.812 billion at the time of this writing, according to Coinmarketcap. The exchange is affiliated with Kakao Corp which operates the country’s most popular chat app, Kakao Talk.

Suspected of Fraud

Crypto of Korea explained:

The company [Upbit] is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account…Korean prosecutors have conducted search and seizure against the nation’s largest cryptocurrency exchange, Upbit, on charges of fraud.

South Korea's Largest Crypto Exchange Upbit Under Investigation for FraudAccording to the publication, the financial investigation team of the Seoul Southern District public prosecutors’ office sent prosecutors and investigators to Upbit headquarters on May 10 and May 11 “to secure computer hard disks and accounting records.” More than 10 investigators were sent to Upbit, Money Today added.

“After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, we will decide whether and in what direction we will investigate further,” the prosecutors were quoted saying.

Accused of Deceiving Customers

Upbit allegedly “pretends to hold [virtual currencies] without holding virtual currencies,” the news outlet noted.

South Korea's Largest Crypto Exchange Upbit Under Investigation for Fraud“The prosecution believes that Upbit has entered [into] the computer system as if it had virtual currencies that it does not actually own, and deceived customers,” KBS elaborated. According to the prosecution, the Hankyoreh described, “Upbit has been suspected of carrying out ‘book-trading’ without holding virtual currencies in a wallet.”

The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have been investigating domestic crypto exchanges since March, according to Yonhap News. Their first target was Coinnest where the chairman, Kim Ik-hwan, was detained over embezzlement and fraud charges. According to Money Today, unlike Coinnest, there is no suspicion of embezzlement with Upbit.

Do you think Upbit is guilty? Let us know in the comments section below.


Images courtesy of Shutterstock and Upbit.


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

The post South Korea’s Largest Crypto Exchange Upbit Under Investigation for Fraud appeared first on Bitcoin News.

Bitcoin News

CNN

Largest child sacrifice in history discovered in Peru

April 28, 2018 |

More than 140 children were unearthed on the northern coast of Peru, in what may be the largest child sacrifice in history.
CNN.com – RSS Channel – Regions – Americas