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Time is out with its annual list of the 100 most influential people in the world, and the unnumbered list includes President Trump, of course. Ted Cruz wrote the accompanying blurb , explaining that Trump “is a flash-bang grenade thrown into Washington by the forgotten men and women of America.” Sure,…
The Trump administration on Tuesday escalated the brewing trade war with China by releasing a long list of imports that could soon be slapped with 25% tariffs.
The move is likely to be met with retaliatory action from China and could further rattle stock markets and raise fears of higher consumer…
The reboot bug has bitten FOX hard, and the biggest beneficiary is Tim Allen’s recently-canceled show, “Last Man Standing.” Our FOX sources tell us Allen’s show — which was controversially canceled last year — is now under serious consideration…
This week the U.S. Treasury Department issued guidelines on how the Office of Foreign Assets Control (OFAC) could add cryptocurrency addresses to the country’s sanction list.
Cryptocurrency Addresses to be Added to the U.S. Sanctions List
The U.S. government may soon have the ability to add cryptocurrency addresses to the Specially Designated Nationals (SDN) List. Coincidently the oversight advice happened on the same day President Trump signed an executive order banning the Venezuelan petro (PTR). The petro is mentioned among a variety of digital assets including BTC, ETH, LTC, NEO, XMR, and XRP.
The Treasury calls a cryptocurrency wallet “a software application (or other mechanisms) that provides a means for holding, storing, and transferring digital currency.” The report also describes a virtual currency and an address:
A [Digital Currency Address] is an alphanumeric identifier that represents a potential destination for a digital currency transfer.
OFAC May “Alert the Public” About Suspect Digital Currency Identifiers
Additionally, the agency issued guidance to those who have identified SDN owned wallets and addresses and ask them to report the news to OFAC immediately. Further, the Treasury says that the market itself, businesses, and cryptocurrency exchanges should work together to keep an eye on suspect addresses that might be on the SDN list.
“The digital currency address field on the SDN List provides the unique alphanumeric identifiers (up to 256 characters) for digital currency addresses and identifies the digital currency to which the address corresponds,” explains the OFAC report.
OFAC will use sanctions in the fight against criminal and other malicious actors abusing digital currencies and emerging payment systems as a complement to existing tools, including diplomatic outreach and law enforcement authorities — To strengthen our efforts to combat the illicit use of digital currency transactions under our existing authorities, OFAC may include as identifiers on the SDN List specific digital currency addresses associated with blocked persons.
The Treasury’s OFAC guidance does not go into great detail on how they will block these wallets and addresses or enforce the sanctions. According to the report, OFAC may “alert the public” about suspect digital currency identifiers.
What do you think about the Treasury adding cryptocurrency wallets to the SDN list? Let us know in the comments below.
Images via Shutterstock, OFAC, Pixabay
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Nearly an hour after her American Airlines flight was scheduled to leave Honolulu International Airport, passenger Lisa Hill heard the pilot announce that a maintenance problem would delay the takeoff.
The pilot gave fliers the option of getting off the plane but Hill, who was flying to Boston…
Hours after the Trump administration announced sanctions against 19 individuals and five entities in response to Russian meddling in the 2016 election, Russia vowed to respond in kind. Deputy Foreign Minister Sergei Ryabkov on Friday said Russia would be adding more Americans to its own sanctions list. “From the very…
For generation X-ers, old enough to remember a time when photographs were analogue and games consoles were 16-bit, brands such as Kodak and Atari evoke fuzzy nostalgia. Nothing perfect lasts forever though, and those companies which once dominated their respective spheres have not aged well. Many assumed these 80s stalwarts had already given up the ghost amidst growing financial problems. As it turns out, not only are the Kodaks and Ataris of the world still limping on, but they’re seeking an injection of new blood and fresh capital in the form of an ICO (Initial Coin Offering).
Also read: Kodak Getting Into Bitcoin Mining
The Childhood Companies Coming for Your Crypto
Kodak’s descent from photographic giant to failed firm desperately trying to find its niche is a sad one for anyone old enough to associate the name with better times. In the pre-digital age, companies such as Kodak and Atari were mainstays of popular culture. Times change and the companies that fail to innovate get left behind. Kodak’s sudden transformation into crypto miner and ICO entrant has already been picked apart. Atari’s has attracted less scrutiny, but bears many of the same hallmarks.
In 2013, Atari filed for bankruptcy which, coincidentally, was the same year that Kodak followed suit. Five years on and Atari is throwing its hat into the blockchain ring. The pattern is a predictable one now: company trading on former glories announces ICO. Stock leaps by over 50%. Reality settles in. Stock tumbles. The company once synonymous with such classic games as Space Invaders, Pac-Man, and Asteroids is now seeking to establish a reputation as a cryptocurrency pioneer, powered by its Atari Token.
You Nostalgia, You Lose
Brands are obliged to move with the times. The alternative is extinction. Thus it would be unrealistic to expect Atari to base its core business model around churning out retro consoles, just as it would be unrealistic to expect Kodak to turn a profit from selling photographic film. The entry of these brands into the crypto space is not in itself a cause for concern or recipe for mockery. Rather, it’s the way in which these firms have gripped onto this outstretched branch in a bid to break their fall that invites scepticism.
Investment research firm Kerrisdale Capital savaged Kodak’s proposed ICO, branding it “worthless” and the last grasp of a “dying relic of American manufacturing”. Little is known about Atari’s proposed cryptocurrency, other than that the company’s CEO Frederic Chesnais was quoted as saying: “Blockchain technology is poised to take a very important place in our environment and to transform, if not revolutionize, the current economic ecosystem, especially in the areas of the video game industry and online transactions”.
Until more information emerges, Atari deserves the benefit of the doubt. It is hard to shake the feeling though that these companies are less interested in blockchain’s disruptive potential than its ability to prop up their balance sheets. Beware of faded brands coming for your crypto and tainting your childhood memories into the bargain.
Do you think Atari’s entry into the cryptocurrency market is genuine or is it just a cash grab? Let us know in the comments section below.
Images courtesy of Shutterstock, and Atari.
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The post Atari Joins Growing List of Old Brands Trying To Revitalize Through Cryptocurrency appeared first on Bitcoin News.
Canada appears poised to become a new global hub for bitcoin miners. Already known to be attracting Chinese miners diversifying away from their home market with its cheap hydro-power electricity and cold climate, the country’s latest draw is easy access to capital. Firms such as Hut 8 are set to tap its welcoming market for early stage ventures.
Vancouver-based Hut 8 Mining Corp., a part of the Bitfury Group, is scheduled to list on the TSX Venture Exchange in Toronto, Canada this month. After its debut, Hut 8 will be 49 percent owned by the parent group, and the remaining stock in the hands of insiders and private placement investors.
It is planned that by mid of the year, Hut 8 will acquired 60 megawatts of Bitfury’s mining power in Canada and have an exclusive agreement with the parent company to develop new farms in all of North America, according to its investor presentation. Hedge fund mogul Mike Novogratz is also said to be financing the deal.
Bitfury reportedly has 172 megawatts of hashing power, mined over a million coins, and its yearly revenue was an estimated $ 350 million. And Chief Executive Officer Valery Vavilov puts the company’s market share at about 10 to 12 percent.
The Canadian Connection
Canada has been able to leverage its cold weather and cheap hydro-electric power to attract cryptocurrency miners, but in this case the came for another reason. The TSX allows firms to easily raise public funds, a critical point for Bitfury who needs to compete with the much larger Bitmain. “This industry’s dependency on highly efficient silicon can determine who wins and loses,” explained venture capital investor Bill Tai. “Part of this equation is access to capital. It’s very much like oil rigs, the more you can put up, the more output you’re going to get.”
Sean Clark, chief executive officer of Hut 8, commented: “This is about access to capital and scale. We found a perfect vehicle to capitalize incredibly quickly. Bitfury now is going to rebalance the global network.” He added that: “If the capital markets react as we expect them to, there’s the opportunity to vend in other parts of Bitfury. Potentially all of Bitfury – piece by piece.”
Is Canada becoming the new global hub for bitcoin mining? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
The post Bitfury’s North American Mining Proxy Hut 8 to List on TSX This Month appeared first on Bitcoin News.
A top newspaper in Malaysia has produced a guide on spotting homosexuals on the street. It may sound nuts, but the Guardian has some of the tips from the daily Sinar Harian . Gay men, it seems, are partial to facial hair and branded clothing, “like to wear tight clothes to…
Accusations of FUD, #fakenews and similar terms are sadly all too common in the crypto world. Startups in the field are many times headed by young people, sometimes bringing a needed fresh perspective and attitude, but a few appear to completely lack the maturity needed to run a public business. In the case of IOTA this is exacerbated by sycophants who enable this situation and rather attack critics than have an adult discussion.
IOTA Fans Try to Silence Critics
IOTA, the network behind the now 10th most valuable cryptocurrency in the world by market cap (MIOTA), is facing various criticism and doubts about its technological capabilities. While this should be expected for every project valued at almost $ 5 billion at such an early stage, promoters of IOTA are failing to accept this reality.
In the past few days, as more analysts raised questions about the project, IOTA fans lashed out even harder against critics, anonymously publishing hit pieces against some community influencers and trying to get others off of social media altogether. This is in addition to the standard operation method of IOTA whenever someone writes something they can’t handle, a childish or nasty ad hominem attack by the head of the team on Twitter followed by a barrage of similar insults by his minions (and likely many bots as the frequency seems to suggest).
Rather than reflect on the behavior that got them into hot water, IOTA promoters seem to be doubling down. They have embraced an ‘us vs. them’ mentality, wherein any reporter asking questions, any developer objecting to their non-blockchain solution, and even former investors who complain about their funds being stolen are all seen only as enemies attacking the group.
This is how an IOTA blogger described it today: “We decided to start an anti misinformation report that comes out daily if possible. A group of people is willing to help me with that. The reports will include timestamps, tweets, sources, names of the “attackers” and the FUD explained and corrected.” While this approach might intimidate some, it can not silence everyone in an ecosystem fraught with scams where fair judgment is needed.
— Andreas Brekken (@abrkn) February 11, 2018
Are IOTA promoters doing the right thing for the project by going after critics? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
The post Faced With Criticism IOTA Fans Try to Bully Growing List of Detractors appeared first on Bitcoin News.