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| November 15, 2018

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CNN

An entire town in New Zealand is for sale

October 30, 2018 |

Some people buy houses. Some people buy apartments.
CNN.com – RSS Channel – World

7-Year-Old Convinces Town to Change Name for Halloween

October 29, 2018 |

A Long Island town is changing its name to “Hauntington” for Halloween at the urging of a 7-year-old resident, the AP reports. Newsday reports second grader Angelica Dee Cunningham was all smiles when she learned Huntington was making the one-day switch Wednesday. The town council unanimously approved the switch last…
Newser

The Daily: Global Cryptocurrency M&As Rise, US Town Halts Mining

October 22, 2018 |

The Daily: Small Town Takes a Break From Mining, Industry Consolidation Ahead

In today’s edition of The Daily, we look at how the current bear market is facilitating consolidation in the global cryptocurrency industry. We also focus on recent calls by an intergovernmental organization to tighten up rules on virtual assets throughout the world, as well as a story about a small U.S. town that has banned cryptocurrency mining for a period of one year.

Also Read: Celebrity ICO Endorsers Face Legal Blowback Over Alleged Fraud

Market Consolidating in
Response to Low Prices

The Daily: Small Town Takes a Break From Mining, Industry Consolidation AheadBearish sentiment in the cryptocurrency market has driven an industry-wide increase in mergers and acquisitions, with such deals spiking by more than 200 percent year on year in 2018. According to figures compiled by JMP Securities for Pitchbook, 115 deals have already been announced throughout the world this year, with roughly 30 more expected by the end of December. That compares with just 47 mergers and acquisitions that were completed in all of 2017.

“You’re seeing a mispricing of assets,” Satya Bajpai, head of digital assets investment banking at JMP Securities, told CNBC. “Even for great businesses, the value of the token remains correlated to bitcoin, which can create an ideal opportunity for strategic acquirers.”

A growing number of established companies are using the downturn to buy startups. They are mainly pursuing such deals to gain access to human resources, as talent is in short supply, rather than to simply secure new products and technologies.

“As soon as a company becomes interesting, they get bought,” said Bajpai. “The deal size may still remain small, but the number of deals will increase because that’s the most viable and fastest way to grow in this environment.”

The Daily: Small Town Takes a Break From Mining, Industry Consolidation Ahead
Source: JMP Securities

Global Group Calls for Strict Rules on Virtual Assets

The Daily: Small Town Takes a Break From Mining, Industry Consolidation AheadThe Financial Action Task Force, a Paris-based intergovernmental organization that aims to stamp out money laundering and terrorism financing, issued a clarification last week regarding recent recommendations it has made on how to regulate virtual assets. It said that all countries throughout the world need to take coordinated action to prevent the use of such assets to fund terrorism and criminal activities.

“All jurisdictions should urgently take legal and practical steps to prevent the misuse of virtual assets,” said the organization, which is known as Groupe d’action financière in France. “This includes assessing and understanding the risks associated with virtual assets in their jurisdictions, applying risk-based [anti-money laundering and counter-terrorism financing] regulations to virtual asset service providers and identifying effective systems to conduct risk-based monitoring or supervision of virtual asset service providers.”

The organization is expected to set its own rules on the mandatory oversight of cryptocurrency businesses by June. Countries that fail to comply may be added to a blacklist. Beyond exchanges, the organization also wants national governments throughout the world to start imposing more regulations on initial coin offerings and encrypted wallet providers.

Community to Take ‘Break’ From Mining

The Daily: Small Town Takes a Break From Mining, Industry Consolidation Ahead
The Priest Rapids Hydroelectric Dam

The city council of Ephrata, a municipality of about 8,000 people in the U.S. state of Washington, has voted to ban new cryptocurrency mining operations for the next 12 months. According to the Columbia Basin Herald, local residents have complained about the noise emanating from mining facilities in the area. In addition, the authorities want to determine how such businesses fit in with the area’s electricity infrastructure.

“The noise was like an ocean. And I tried to pretend it was the ocean, but that gets old, 24/7, 24/7, 24/7,” complained Ephrata resident Donna Huesties, whose home overlooks one of the city’s mining outfits.

Kathleen Allstot, a member of the city council, said that the temporary ban would give the local authorities the chance to assess the implications of allowing mining businesses to operate in the community. In particular, she said that the one-year “break” will give Grant County Public Utility District — the main regional electricity supplier and operator of the Priest Rapids Dam and Wanapum Dam hydroelectric projects — a chance to determine how to provide power to mining businesses.

Only one council member, Matt Moore, voted against the decision. He said that he dissented over concerns about the potential economic impact of the ban.

“Economics will be the deciding factor,” Moore told the newspaper. “If this is an economical business, and this is one of the ideal places to situate it, I don’t want to surrender any economic opportunity, big or small.”

What do you think about today’s news tidbits? 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 The Daily: Global Cryptocurrency M&As Rise, US Town Halts Mining appeared first on Bitcoin News.

Bitcoin News

Florida Coast Now ‘Devastated Town, USA’

October 12, 2018 |

The death toll from Hurricane Michael, one of the strongest storms ever to hit the mainland US, now stands at 11 , and authorities fear they will find more bodies as they search devastated communities in the Florida Panhandle and elsewhere. NBC News reports that 1.5 million people were without…
Newser

Game of Thrones Brings Unwanted Masses to Town

September 21, 2018 |

Marc van Bloemen has lived in the old town of Dubrovnik, a Croatian citadel widely praised as the jewel of the Adriatic, for decades, since he was a child. He says it used to be a privilege, per the AP . Now it’s a nightmare. Crowds of tourists clog the entrances…
Newser

India Small Town Layman Falls For A Conman: First MLM, Then Wallet Theft

September 11, 2018 |

First MLM, Then Wallet Theft – Why A Small Town Layman Falls For A Conman?

The growing incidence of bitcoin multi-level marketing (MLM) scams in countries like India is a two-pronged wake-up call. First, has a small town investor become more gullible than ever? Second, and more scary, is bitcoin – with all its complexity and novelty mixed with explosive growth – making it easy for vampires to confuse newborns?

Also Read: Denmark just saw a new form of money laundering 

The MLM Pied Pipers

From Amit Bhardwaj to Dr. Saxena; From Gaincoin, Onecoin, those $ 300 million dollar frauds, the Ponzi scheme onslaught, to the very recent Coinsecure wallet hack (reportedly as big as $ 2.7 million) – Indian investors have a lot of good reasons to think of cryptocurrency as analogous to fraud. If someone is not manipulating them with corny MLM, then there is someone else all packed at an airport with millions of stolen coin lining his pockets.

Ashok S, a frequent investor in emerging finance alternatives in a tier-3 city in India, likens bitcoin to another Amway – and straight off the bat. “It is as risky and as manipulative as any MLM. One can only make money by adding new chain-members. When a chain saturates, the profits stall automatically.” He has not invested in bitcoin yet after a bad experience with another financial MLM two years back. Yes, in his assessment, bitcoin equals to MLM.

Turn to a young guy in Jodhpur who invested in 6 bitcoin on the advice of a ‘tech-savvy’ acquaintance only to find coins vanishing from his account because the adviser himself logged in somehow and stole it all. The accused is now in judicial custody but the victim has burnt his hands well for trying anything like that again.

First MLM, Then Wallet Theft – Why A Small Town Layman Falls For A Conman?
He knows better?

Isn’t this fog the very ground for scammers to breed on? To help the likes of Amit B easily dress bitcoin in a MLM format? Nischal S, CEO, Wazirx explains that bitcoin and MLM are completely different but also notes how until a year ago, people were being sold MLM under the name of bitcoin. “Let’s take the Bitconnect scam, for example. Traders were sold on the Bitconnect token because of huge MLM.”

Ask Sidharth S, founder, CREBACO (Credit Rating for Exchanges, Blockchains and Coin Offerings) and he would also recall hundreds of people who have been duped under MLM in India. “No investor wants to lose their money. That’s why it was important for us to bring credit rating in this space. We study management, technology and security aspects by doing all the checks and white-hacks we can.”

But how well can we guard ourselves when a technology veteran, who is at the very helm of any exchange or wallet we trust our money with, decides to run off by pulling a smart heist?

Meet the sly and slick flute player

Mukesh C, a cyber forensics expert who has been assisting police and cyber crime cells in India for some years now, is freshly back from helping Delhi cops in investigating the Coinsecure case. “The accused did not confess anything initially. We had to apply forensics and detailed interrogations to get to the truth. It was easy for him because he was a key person in the company and a crypto scientist himself (with dual citizenship in India and Australia). Some 434 coins stolen and people still not aware of vulnerabilities hiding between hot wallet and cold wallet transfers. The man was smart enough to exploit technical parts and also delete server logs.”

Everyone – from users to cops to investigators – is still trying to wrap heads around new technologies. “People need to know that someone is watching their wallets and devices all the time and waiting for just the right minute to whisk it all away.” He stresses. Well, if only people were listening.

Greed breeds weeds

In the reckoning of finance expert Mohit G from New Delhi, thorough verification before getting into anything is required for the people behind it. But potential investors get attracted to fake proposals. “I get almost daily invites on social media with promises to double the BTC investment,” Mohit G lamented.

First MLM, Then Wallet Theft – Why A Small Town Layman Falls For A Conman?
Being cyber literate will help

A worrying state of cyber-illiteracy is what will help cyber crime further if people do not become more aware and smart about protecting their devices, keys and understanding of new technologies – cautions Mukesh C.

Scams happen due to lack of awareness and Sidharth argues that except for the private-key part, which people often do not know of, bitcoin is simply impossible to hack for anyone. “If you guard your private keys well, you can never be hacked.”

Korea and Berlin stand out as examples worth emulating in Sidharth’s eyes. “There, people are crypto-aware and educated. That makes a lot of difference.” That’s the way ahead and exchanges like Digifinex are investing strongly in user awareness on areas like security tools, phishing, public wi-fi and keys. Wazirx also shares that now people have learned from incidents, and become more aware of such Ponzi schemes.

Let’s hope that understanding technology better helps users instead of abusers as we move forth.

Why do you think it is easy for fraudsters to fool bitcoin users? Let us know in the comments section below.


Images courtesy of Shutterstock


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The post India Small Town Layman Falls For A Conman: First MLM, Then Wallet Theft appeared first on Bitcoin News.

Bitcoin News

Drag Queen Story Hour Sparks Small Town Furor

September 2, 2018 |

Once upon a time, in 2015, a writer in San Francisco named Michelle Tea got the idea for “Drag Queen Story Hour”: men in full drag reading children’s books to kids and parents in programs aimed at providing “positive and unabashedly queer role models.” Since then, Drag Queen Story Hours…
Newser

Bitcoin-Themed Hostel Opens in Scenic Brazilian Town of Paraty

August 26, 2018 |

Bitcoin-Themed Hostel Opens in Scenic Brazilian Town of Paraty

Located between the mountains and the sea not far from Rio de Janeiro, Paraty is renowned among travelers to Brazil for its scenic views. It features waterfalls, tropical beaches, an historic Portuguese colonial town, and now a Bitcoin-themed hostel.

Also Read: This Week in Bitcoin: Islamic Exchange, Self-Regulation, Social Trading

Bitcoin Hostel in Paraty, Brazil

Hostel Bitcoin is an accommodation for crypto tourists in Paratay, Brazil. According to its Booking.com listing, it features a shared lounge and a bar, and provides access both to the historical town center and the hiking trails. It was created by Alessandro Santos, an architect and engineer which has lived in the city for more than three years.

The owner told local Brazilian media source, Portal do Bitcoin, that all the services offered at the establishment, including meals and tours can be paid for with cryptocurrency. The decision to accept this new means of payment, said Santos, was born of the observation that the many foreigners who visit the area are interested in Bitcoin. “I am well on the route of the waterfalls, where several jeeps pass daily with these tourists and the attention they give to the theme is notorious,” he explained. “Some even ask the jeeps to stop to take photos of the inn,” he added.

Bitcoin-Themed Hostel Opens in Scenic Brazilian Beach Town of Paraty

Expanding the Local Community

At first only BTC will be accepted at Hostel Bitcoin, but the owner said he plans to eventually accept whatever coins they “can get through a simple account of an exchange like Bitrex.” There are also plans to sell crypto at the hostel, but the owner was not able to share more information just yet “because of a confidentiality agreement.” In addition, the owner of the hostel said he intends to lead a movement to boost the acceptance of cryptocurrency in the area. “I believe that, having a good acceptance, we will be able to expand to the other inns and restaurants in the city,” Santos said.

Bitcoin-Themed Hostel Opens in Scenic Brazilian Beach Town of Paraty

If you are looking to visit a cool crypto-themed place but can’t make it to Brazil, we recently featured a new venture in China. Hash House is a BCH-accepting cafe and coworking space in the city of Xi’an, home of the famous Terracotta Army.

Are people more likely to frequent a cryptocurrency themed business? Share your thoughts in the comments section below.


Images courtesy of Shutterstock and Booking.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 Bitcoin-Themed Hostel Opens in Scenic Brazilian Town of Paraty appeared first on Bitcoin News.

Bitcoin News

Cops Probe Town of 11 People After Vanishing

August 12, 2018 |

Everyone in the town of Larrimah is being investigated for the disappearance of Paddy Moriarty—and that means all 11 people. Authorities are poking around this dusty Australian pitstop after Moriarty, a day laborer, vanished along with his dog one night last December, the New York Times reports. Top suspects…
Newser

TMZ

Lil Wayne Gets American Music Awards for Country Hits, Sorry Little Big Town

August 2, 2018 |

Lil Wayne done gone country as a member of Little Big Town, at least that’s what the good people at the American Music Awards think … TMZ has learned. Clearly, somebody done screwed up and sources familiar with the blunder tell us Weezy just…

TMZ.com