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U.S. stocks are higher Tuesday morning as investors applaud strong first-quarter results from companies including machinery maker Caterpillar, appliance maker Whirlpool and Fifth Third Bancorp. Smaller companies made big gains, an optimistic sign for the U.S. economy. Bond yields continue to rise…
Sweden’s public broadcaster says police in Oman have conducted two autopsies on the body of Grammy-nominated electronic dance DJ Avicii, who died Friday at age 28.
Japan’s largest cryptocurrency exchange Bitflyer has contested media reports that the Japanese financial regulator has deemed its user verification process to be insufficient. Nonetheless, the exchange admitted to being in talks with the authority and has implemented additional measures.
Reports of Financial Regulator’s Concerns
The largest Japanese crypto exchange by volume, Bitflyer, has issued a statement in response to media reports that the Financial Services Agency (FSA) has asked the exchange to strengthen its user verification procedure after determining it to be insufficient.
Nihon Keizai Shimbun reported last week that, unlike many other exchanges in Japan, customers were able to trade cryptocurrencies at Bitflyer “even with insufficient identity verification.” According to Japanese law, customers must mail verification document to the exchange as part of the know-your-customer (KYC) requirements.
While “A normal dealer will take 1 to 3 weeks” from account opening to trading, the news outlet noted that trading within 24 hours is possible at Bitflyer. Since speculators often try to time the market and profit before the price drops, “exchange operators who can start trading earliest are attractive,” the publication explained.
Bitflyer quickly contested this report, claiming that “the contents reported are different from the facts,” adding:
The company has implemented measures such as money laundering and terrorist financing…and has been discussing with the authorities concerned.
The exchange clarified that its discussion with the FSA is healthy, emphasizing that “We are strengthening countermeasures as one of the most important management issues” throughout the company.
Recently, the FSA has been actively inspecting crypto exchanges, particularly those that have been allowed to operate while their applications are under review. Among the 16 fully licensed exchanges, only GMO Coin and Tech Bureau have been issued business improvement orders so far.
Strengthening User Verification Measures
In its statement, Bitflyer clarified that prior to offering trading services to customers, the exchange asks for “Personal information, transaction purpose, occupation, [and] PEPs (those who occupy an important position in foreign governments etc.)” Users must also submit identification materials by registered mail. The exchange clarified:
We provide services only when we can confirm the agreement of the materials…If there is an error or inadequacy, service provision will not start. Also, in the event that the address is found unknown, the sale and purchase transaction is limited immediately.
Bitflyer further detailed its fraud prevention practice for Japanese yen withdrawals to bank accounts and unauthorized IP addresses. Countries with “risks of laundering and terrorist financing are subject to strict vigilance,” the exchange detailed, adding that “We will make strict verification by strengthening our customer support system in the future.”
Despite contesting media reports, Bitflyer announced some changes “After consultation with the agency,” the exchange wrote. Effective April 26, the exchange will not allow customers to send cryptocurrencies or withdraw Japanese yen until their identities and addresses have been confirmed by registered mail. In addition, purchasing high-value goods with bitcoin through the exchange is also only possible after the exchange has received the customer’s registered mail.
What do you think of Bitflyer strengthening its user verification process? Let us know in the comments section below.
Images courtesy of Shutterstock, FSA, Bitflyer.
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The post Bitflyer Contests Reports of Insufficient Customer Verification Process appeared first on Bitcoin News.
At least 257 dead in Algerian military plane crash as witness reports victims jumping out of aircraftApril 11, 2018 | dailybusinessnews
Some of the 257 people killed Wednesday in an Algerian military plane crash tried to jump off the jet before it went down in flames, a witness says, as authorities hunt for the cause of one of the African nation’s worst-ever air disasters.
President Donald Trump called out Russian President Vladimir Putin by name on Sunday for backing Syrian President Bashar al-Assad and warned of a “big price” after reports of a chemical weapons attack in Syria almost a year to the day since the US struck a Syrian air field after a previous attack.
CNN.com – RSS Channel – World
Two people have now been reported dead among dozens of cases of synthetic marijuana users who’ve turned up to Illinois hospitals in recent weeks complaining of severe bleeding. Per CNN , the over 50 cases all involve hospitalizations in and around Chicago, where complaints have ranged from bloody noses to bloody…
Huawei Technology Ltd., the Chinese smartphone and telecom equipment maker, says its 2017 profit rose 28.1 percent, boosted by strong sales for its enterprise and consumer units.
Media outlets are touting what would amount to a major shake-up of cryptocurrency exchanges, Bitarg Exchange selling off a little less than half its business to Yahoo Japan. Reports even detailed how Yahoo Japan (YJFX) would then launch still another exchange built on Bitarg’s system by spring of next year. As of March 23, Bitarg is vigorously denying press accounts, insisting they were instead “studying various possibilities.”
Also read: Bitcoiners Demand More Crypto CFDs and Spread-Betting in the UK
Bitarg Denies Yahoo Japan Rumors
A Bitarg statement with the salutation 株式会社ビットアルゴ取引所東京 代表取締役 尹 煕元, google translated as, “Bit-Argo Exchange Co., Ltd. Tokyo Representative Director Yoon Hee Yuan,” came after rumors of a done deal surfaced between the exchange and Yahoo Japan, according to an unsigned Nikkei Asian Review article.
The Nikkei headline and subtitle read, “Yahoo Japan to open cryptocurrency exchange; First step to be taken next month — tie-up with Bitarg Exchange Tokyo.” The online post insists, “The two companies have reported their capital tie-up plan to the FSA [(Financial Services Agency)].”
It goes on to detail how “Yahoo Japan next month will acquire 40% of operator Bitarg Exchange Tokyo, then launch a full-blown exchange in April 2019 or later. The Yahoo Japan exchange will be newly built but based on Bitarg’s system. Yahoo Japan will make additional investments in Bitarg, which is registered with the Financial Services Agency, early in 2019,” calling such moves “a realignment in the cryptocurrency exchange business.”
A Tantalizing Head Scratcher
For its part, Bitarg called out the Nikkei post in particular, as it “reported that our company accepted the investment from Weijay FX Corporation (100% subsidiary of Yahoo Japan Corporation) and will make a capital alliance, but this case it is not what we announced. Based on the recent environmental changes surrounding the virtual currency industry, we are studying various possibilities, including capital and business tie-ups with other companies, in order to further strengthen the system and management, […],” google translate clunkily phrased. “There is nothing we did. We will respond promptly when deciding the facts to be announced in the future,” Ms. Yuan urged.
Still, the article is a tantalizing read, filled with specifics, including how the purchase of Bitarg shares “will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services,” and “YJFX will pay about 2 billion yen ($ 19 million) for a 40% stake in Bitarg. The stake will be made up of outstanding shares and newly issued stock.”
The report also noted more investments will be made through yet another YJFX subsidiary during early next year, and that as soon as April of this year Yahoo Japan big wigs will spend “about a year” at Bitarg working on the new exchange configuration, internal controls, customer management, and corporate governance, … leaving outside observers scratching their heads.
Do you think they’ll merge? Let us know in the comments!
Images via Pixabay, Bitarg.
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The post Japan Exchange Bitarg Denies Yahoo Acquisition Press Reports appeared first on Bitcoin News.
The hype around so called applications of “blockchain technology” is nothing new, as many people have successfully used it to get free publicity for themselves, riding the coattails of Bitcoin’s success. But while it so far was limited mainly to promoting ICO tokens and inflating stock prices, now it seems to have crossed a border into political affairs. Today the people behind the election process in the African nation of Sierra Leone had to publicly come out to correct the record about “the world’s first blockchain elections.”
C++ and SQL, No Blockchain
Mohamed Conteh the Chairman of the National Electoral Commission (NEC) of Sierra Leone, the constitutionally-mandated organization supervising voter registration and all public election in the country, has come out to make it clear for the public that despite multiple media reports to the contrary, no distributed ledger technology was used during the country’s 7 March national elections. He stated that “the NEC has not used, and is not using blockchain technology in any part of the electoral process.”
Following the chairman’s statement, the commission even publicly revealed its exact technology used in the process to clear up any misconception. “The National Electoral Commission uses an in-house database to tally election results. This database was originally developed for the elections held in 2012. It was then expanded and updated, prior to the 2018 elections. The database was developed in C++ and runs on MS SQL – neither of which are open source applications. And it does not use Blockchain in any way.”
World’s First Blockchain Elections Hype
The false narrative that the NEC is trying to counter is that the country, which is struggling with having a fair, free and peaceful elections as it is still recovering from years of civil war, has been the testing ground for some kind of groundbreaking foreign technology. The source of this confusion is a Swiss startup which was an international observer during the process and published its own results as if it was working with the NEC, which many publications around the world ran with without questioning any of the claims.
Local Freetown entrepreneur Morris Marah told RFI: “It would be like me showing up to the UK election with my computer and saying, ‘let me enter your counting room, let me plug-in and count your results,’ they basically took a paper card of the results and put it on their system. That’s what everybody else is doing, that’s not new.”
Tamba Lamin, technical architect for the Sierra Leone Open Election Data Platform, stated: “[we] are deeply concerned about the misleading headlines being propagated on the internet…Agora is claiming undue credit for doing nothing that helped the people of Sierra Leone…we find this unethical and insulting to the people of this country. The results tallied and published by Agora had no impact on the 2018 Elections. All we ask for is that the company does the right thing and retract the fake news otherwise we will be forced to take any recourse available to us.”
Should crypto news sites just stick to reporting on real currencies like bitcoin and leave the blockchain technology hype for companies to dupe investors with? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post Mainstream Media Reports of “Blockchain Elections” in Sierra Leone Are All Fake News appeared first on Bitcoin News.
New Reports suggest that Nvidia is going to launch a mining GPU sooner than previously expected. The graphics unit comes with features that cryptocurrency miners will find attractive. According to leaked specifications, the Inno3D card is based on the gaming GeForce GTX 1080 Ti.
New Card Good for Mining Ethash Coins
The leading manufacturer of video processing hardware Nvidia is going to launch a dedicated mining graphics card, according to new media reports. Preliminary specifications suggest that the Inno3D model is be based on GeForce GTX 1080 Ti. It is said to be a cutdown clone of the gaming card, but will feature customization targeted at cryptocurrency miners.
The upcoming lineup will be powered by a version of the older “Pascal” chips, which were installed in GTX 1080 Ti and Titan-branded cards. Unlike the gaming products, the mining card will offer custom configuration for the memory and faster performance, but it won’t have a video output.
The card uses Inno3D’s Twin X2 cooler design, with two fans and five heat pipes. No bracket for attaching to a mining frame is seen on leaked pictures, although according to Crypto Mining Blog, a standard PC bracket will be provided as an accessory.
The P102-100 GPUs are similar to Nvidia’s P104-100 cards. They are equipped with CUDA cores 3200, with base clock at 1582 MHz. The physical memory is 5 GB in size, GDDR5X type, with 320-bit interface and 11 Gbps clock. The memory bandwidth is 400 GB/s. They come with PCIe Gen1 x4 bus support and two 8-pin PCI-E connectors. The maximum thermal design power is 250 Watt.
P102-100 will offer the following hashrates: ETH ~47 mhs; ZEC ~660 Sol/s; XMR ~879 hs. The data provided by Inno3D is for reference only. The GPUs are optimized for mining Ethash coins. Currently, there is no information about the price of the new graphics card.
Shifting Winds, Changing Expectations
Strong sales in the crypto segment last year have forced major manufacturers to take measures to adapt to growing market demand. It has been reported that more than 3 million graphics cards were bought by cryptocurrency miners in 2017, with sales reaching $ 776 million. Advanced Micro Systems (AMD) announced intentions to increase production. It has been rumored that Nvidia was preparing to offer a new “Turing” card dedicated for mining applications.
More recent reports, however, suggest that companies fear decreasing demand, caused by market and regulatory risks. Tech sites announced Nvidia had decided to postpone the launch of “Turing” until at least July, and might even scrap plans to offer a mining GPU. AMD has also shared concerns of dropping card sales in 2018. Then, winds shifted again, with information about a new player entering the mining GPU market. Hardware manufacturer Asrock is expected to join the competition in April. The company may introduce its own graphics processing unit, which will be based on AMD chips.
Inno3D will offer crypto miners another specialized product sooner than previously expected. Last year Nvidia released two graphics cards dedicated for mining. P106-100 and the P104-100, based on the previous-generation “Pascal” design, were sold through other companies, including Inno3D. Using “Pascal” chips, P102-100 cards may be offered as a cheaper alternative to the “Turing” cards, which should be based on the new Volta architecture.
Do you think reports of new dedicated mining GPUs hitting the market indicate optimistic expectations for the crypto sector? Share your opinions in the comments section below.
Images courtesy of Shutterstock, Crypto Mining Blog.
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The post Nvidia Mining GPU to Be Launched Sooner Than Expected, Reports appeared first on Bitcoin News.