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| November 13, 2018

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One LA Weekly owner sues the rest, alleging they’ve pillaged the company

August 28, 2018 |

Nine months after a mysterious new company bought LA Weekly, one of the company’s owners is suing the rest, alleging they have mismanaged the alternative weekly, pillaged it for their own gain and improperly kicked him out of the management team.

In addition to damages and other compensation, David…


L.A. Times – Business

The Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-Crypto

August 19, 2018 |

The Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-Crypto

In this week’s daily editions of Bitcoin in Brief we reported on McAfee’s “Doomed” wallet, a panic in the altcoin markets, Binance’s new fiat-to-crypto platform in Liechtenstein and much more. The most commented-on article during the week covered a situation in the UK, where banks are targeting cryptocurrency owners – having their assets frozen and accounts locked without warning.

Also Read: Pantera Capital Raises Over $ 70 Million for Its Third Crypto Fund

Paxful to Build Second School in Rwanda

A cheerful story published on Monday was about Paxful, which launched the #BuiltWithBitcoin program in 2017 by donating $ 50,000 for the construction of a nursery school in Rwanda, starting to sponsor the construction of a second school in the African country. Planned for students aged 6-15 in the Nyamata Sector of Rwanda’s Bugesera District, the company jump-started the project with a $ 20,000 donation. Total construction is estimated to cost $ 100,000, with the balance to be collected through an online crowdfunding campaign. Donations can be made via BTC, BCH, ETH, LTC and Dash. And Paxful vowed to match all community donations until the $ 100,000 goal is met.

Altcoin Panic

The Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-CryptoThe altcoin markets bleeding red was the big story on Tuesday. Sentiment in crypto community forums all around the web turned very dark as panic set in. With cryptocurrencies such as Iota, BNB, and Vechain nursing 20% losses in a single day – 25% in the case of the latter – the market was looking very ugly indeed. The total value of the cryptocurrency market has dropped to $ 194 billion at the time of publication, with BTC dominance reaching 53.5%. Just three cryptocurrencies in the top 100 were showing signs of green at the time, and predictably they were all stablecoins.

Stoners Drop Crypto From IPO

On Wednesday we reported that popular cannabis magazine High Times won’t accept cryptocurrencies for its IPO after all. According to a filing with the SEC, the company’s previous statement about it was a mistake. The announcement was “distributed in error as the Company will not be accepting bitcoin as payment for shares” High Times claimed. While it would have been fair to assume another company might have gotten cold feet due to the current bear market, or that it was somehow intimidated by the regulators behind the scenes, in this case it is indeed possible that whoever wrote that original announcement was just stoned out of their mind at the time.

McAfee’s “Unhackable” Wallet Is Doomed

The Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-CryptoOn Thursday it was reported that security researchers claimed they successfully sent signed transactions with John McAfee’s “unhackable” Bitfi wallet. And someone had even been able to demonstrate root control of the device by installing the classic video game Doom on it. McAfee reacted by twitting: “A video played on your Bitfi wallet has nothing to do with the safety of your funds. This is amateur hour, not a hack! Any device with a computer and screen can be used to play games. I should start watching my YouTube videos on Bitfi wallet.” He later added: “Laughing so hard I can barely catch my breath. “Hackers” play Doom, play videos, root the device, play music on the BitFi wallet. We dont charge extra for those facilities. No-one has taken the coins from our pre-loaded wallet. No one will. Isn’t this what matters?”

Binance Launches Fiat-to-Crypto in Liechtenstein

On Friday we reported that Binance is launching a fiat-to-crypto trading platform in Liechtenstein. Using a joint venture with LCX, they plans to build up a team of up to 15 professionals for the Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform. The new exchange will offer trading for Swiss francs (CHF) and Euros (EUR) against major cryptocurrencies and promised to add more trading pairs in the future. Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.”

Buy Hairspray with Bitcoin

The Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-CryptoAn interesting story we covered on Saturday: you can now buy fancy hairspray with bitcoin. R+Co, the beauty collective founded by stylists Howard McLaren, Thom Priano, and Garren, has begun incorporating BTC and BCH payments into its business model, women’s style magazine The Cut revealed. R+Co’s president Dan Langer said: “Blockchain technology is going to be one of the future disruptors in the beauty industry. It will allow consumers the ability to leverage their data and purchase behavior in all kinds of new shopping ways… from reviews to rewards to product benefits. In order to stay at the forefront of this emerging thinking we wanted to integrate components of it while still in its early stages – like paying with Bitcoin – and learn with it as it evolves.”

UK Banks Target Cryptocurrency Owners

The most commented-on article during the week covered the situation in the UK, where banks have been targeting cryptocurrency owners. People who 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 person even claims to have had their house raided and computer equipment seized in a follow-up operation by police. Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? 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 Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-Crypto appeared first on Bitcoin News.

Bitcoin News

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall

August 12, 2018 |

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall

In this week’s daily editions of Bitcoin in Brief we reported about Coinbase increasing trading limits, Shapeshift acquiring Bitfract, Okex launching a white label platform called Coinall, and much more. The most commented-on article during the week covered the ‘Rich Dad, Poor Dad’ author, Robert Kiyosaki, which came out in favor of cryptocurrencies.

Also Read: Opera Browser Opens Its Built-in Cryptocurrency Wallet to Desktop Users

New Education Centers

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallA number of new academic education centers around the world devoted to the research of the technology behind cryptocurrency were featured on Monday. China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), a financial advisory services provider, has reached an agreement with Tsinghua University to establish an “Industry Trusted Blockchain Application Technology Joint Research Center”. The Istanbul Blockchain and Innovation Center was inaugurated at Bahçeşehir University. And Seven Stars Cloud Group, Inc. (NASDAQ: SSC), the fintech firm of Chinese media tycoon Bruno Wu, has announced that it will be establishing its global headquarters for technology and innovation, called Chain Valley, in Connecticut, transforming a Uconn campus into a center for research.

Robinhood Crypto Expands Service

On Tuesday, we reported that Robinhood, the US stocks app, has added another two states where cryptocurrency trading is now supported for its clients, Iowa and Georgia. The app also now supports Ethereum Classic (ETC), in addition to its previous offering of BTC, BCH, ETH, LTC and Doge. In total, Robinhood Crypto is now available in 19 US states. Additional stories included a Chinese user of Okcoin who is suing the exchange over his missing bitcoin cash following last year’s fork and a cybersecurity research that found trading venues experienced a massive surge of user data leaks.

Coinbase Increases Trading Limits

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallThe main story on Wednesday covered a few new developments at Coinbase. Users are now able to buy digital coins right after they deposit funds from their bank account, cutting down a process that took days of waiting before. The company also announced an increase of the daily trading limits for US users, and for verified customers, the maximum allowable purchase will jump from $ 25,000 weekly to $ 25,000 per day. The exchange also noted that once the funds are transferred, there are no longer any limits to how much users can buy or sell at a time. The exchange also informed its clients of the completion of its final testing for the addition of ethereum classic (ETC).

Shapeshift Acquires Bitfract

A couple of investments by established crypto companies made headlines on Thursday. Shapeshift completed the acquisition of Bitfract, a software firm which recently developed a service that allows users to swap from one cryptocurrency to many in an instant. Following the sale, the tool will be maintained and continue to operate, and the functionality that the platform provides (multiple output transactions) will be incorporated into Shapeshift’s core platform. Bitmain made a $ 3 million seed investment in Tribeos – a digital advertising platform built on Bitcoin Cash (BCH), utilizing smart contracts to fight ad fraud.

Okex Launches White Label Platform

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallOn Friday, we reported that Okex launched a new platform called Coinall, a white label solution which is part of its Open Partnership program that started a couple of months ago. Participants in the Open Partnership program will now be able to take advantage of a variety of services offered by the exchange, including its clearing system, cold and hot storage, applicable anti-money laundering (AML) and know your customer (KYC) procedures. Developers also claim that it is an autonomous, community-run crypto-trading platform.

Crypto Expected at 5% of US Investments

A study that found that digital coins are becoming a permanent part of many investment portfolios was featured on Saturday. The Harris Poll survey, conducted on behalf of the American Institute of CPAs (AICPA), has established that cryptocurrencies will represent 5 percent of the investments of those 35 percent of Americans that consider themselves investors or plan to invest in 2019. At the same time, the study found that “cryptocurrency appears to be foreign to many investors. According to the survey, nearly half of U.S. adults (48 percent) are not familiar with Bitcoin, Ethereum, or Litecoin.”

Rich Crypto Dad, Poor Fiat Dad

The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches CoinallThe most commented-on article during the week covered the author of the best-selling book ‘Rich Dad, Poor Dad’, Robert Kiyosaki, which has spoken in favor of cryptocurrencies during a recent podcast. Mr. Kiyosaki described the fiat US Dollar as a government “scam” and predicted that precious metals and cryptocurrencies will outlast fiat currencies as the people’s money. Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.

The post The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall appeared first on Bitcoin News.

Bitcoin News

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer

August 5, 2018 |

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer

In this week’s daily editions of Bitcoin in Brief we reported about China hiring a cryptographer, McDonald’s unveiling Maccoin, Bitmain getting richer and much more. The most commented-on article during the week covered Paul Krugman’s new attack on the idea of cryptocurrency on the pages of The New York Times.

Also Read: $ 37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

Vitalik Wants More Crypto Cards

On Monday, we reported that the founder of Ethereum, Vitalik Buterin, seems to think that there is too much effort to bring cryptocurrencies to Wall Street rather than Main Street. The crypto influencer twitted: “I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $ 5 to $ 100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”

Bitmain Gets Richer

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets RicherThe big news on Tuesday was that  Bitmain has added another $ 2 billion to its valuation, making the Chinese mining behemoth worth a whopping $ 14 billion ahead of its IPO. Bitmain reportedly pulled in a profit of $ 1.1 billion in Q1 of 2018 alone. To place that in context, the total value of all BTC mined in the same period was around $ 1.3 billion. It seems there really is more money in selling shovels than in chasing digital gold. There’s no official date for Bitmain’s IPO yet, other than that it’s coming “very soon”.

McDonald’s Unveils Maccoin

An interesting story we covered on Wednesday is that to celebrate the 50th anniversary of the Big Mac, McDonald’s has announced the Maccoin, a “limited edition global currency” backed by the Big Mac. Starting at lunch time on August 2, customers can receive a Maccoin with the purchase of a Big Mac at 14,000 participating restaurants across the US. For the rest of the year customers can redeem their Maccoin for a free Big Mac at participating McDonald’s restaurants in the US and in more than 50 participating countries. The company said that more than 6.2 million Maccoins will be distributed globally in over 50 countries while supplies last.

Poloniex Under Investigation

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets RicherOn Thursday, it was reported that the Delaware-based cryptocurrency exchange, Poloniex, has been placed under investigation by the US Department of Justice (DoJ). The move follows a number of complaints from users who had been denied access to their account profiles. The Chief Special Investigator of the Investors Protection Unit (IPU) at the DoJ has reportedly sent out an email to a number of selected active Poloniex users on July 25, asking them to revert back if they had encountered any difficulties when using their Poloniex accounts.

China Hires Cryptographer

On Friday, we reported that the government of China is looking to hire a cryptographic specialist for one of its censorship agencies. The job posting published by the Chinese Public Broadcasting Research Institute under the State Administration of Radio and Television states that the applicants should be competent in cryptography and ready to “follow the advanced technologies in the field of blockchain and cryptocurrency.” According to the ad, the best candidate for this particular position should be a tech specialist with knowledge and skills in cryptographic algorithms and optimization. The job includes monitoring and developing tools to analyze the threats stemming from different cryptographic applications.

Governor of Jeju Gets a Bitcoin.com Wallet

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets RicherOn Saturday, we reported that Won Hee-ryong, the governor of Jeju in South Korea, has presented some ambitious plans for his province and they involve cryptocurrency adoption with the help of Bitcoin.com and Bitcoin Cash (BCH). He wants to turn Jeju Island into Korea’s Crypto Valley and has already made proposals for that to the country’s National Assembly. Won met with Bitcoin.com CEO Roger Ver who promised to contribute to the realization of the project and support the efforts of the governor. Mr. Ver showed Mr. Won how to download and install the Bitcoin.com wallet on his smartphone.

Paul Krugman is Wrong Again

The most commented-on article during the week covered the famed economist who’s made a career out of being wrong about things, Paul Krugman. The professor attacked the idea of cryptocurrency again on the pages of The New York Times. He wrote, among other things, that: “If speculators were to have a collective moment of doubt, suddenly fearing that Bitcoins were worthless, well, Bitcoins would become worthless.” Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Blockinpress.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer appeared first on Bitcoin News.

Bitcoin News

The Weekly: Musk Bots Blocked, US Crypto Candidate, a Herd of Institutional Investors

July 29, 2018 |

The Weekly: Musk Bots Blocked, US Crypto Candidate, a Herd of Institutional Investors

In this week’s daily editions of Bitcoin in Brief, we reported about Twitter blocking ETH scambots mimicking Elon Musk, a US presidential candidate who accepts crypto donations, the expected arrival of a ‘herd of institutional investors’ and much more. The most commented-on article during the week covered the latest development of the ongoing legal battle in the Ross Ulbricht case.

Also Read: The Iranian Government Is Preparing to Launch Its Own Cryptocurrency

TCAP Explores Market

The Weekly: Musk Bots Blocked, US Crypto Candidate, a Herd of Institutional InvestorsOn Monday, we reported on another indication that mega banks are looking to enter the crypto dealing market. TP Icap plc (LSE:TCAP), one of the largest connectors between banks’ traders in the financial, energy and commodities markets, has set up a ‘working group’ to explore how it should approach cryptocurrencies. The crypto working group includes some of TP Icap’s most senior executives. Additional stories included: Hashflare stoping its SHA-256 cloud mining contracts, encrypted email service Tutanota integrating cryptocurrency support and Huobi launching a new service for companies that wish to offer a white label exchange of their own.

A ‘Herd of Institutional Investors’

The main story on Tuesday was that Michael Novogratz expects more financial institutions to be coming into the crypto space soon. A “herd of institutional investors” is headed towards cryptocurrencies, the prominent hedge fund manager said in a speech at Blockchain Week Korea. Other headlines included an upcoming crypto-custody service meant to answer increasing demand from high-net-worth and institutional clients in Hong Kong, and a study which reveals that about 30% of Brazilians are interested to invest funds in cryptocurrencies in the near future.

Crypto Crime Blotter

The Weekly: Musk Bots Blocked, US Crypto Candidate, a Herd of Institutional InvestorsIn Bitcoin in Brief on Wednesday, we covered a number of stories related to crime from around the cryptosphere. These included an exchange operator that plead guilty to securities fraud for trying to hide that hackers stole approximately 6,000 bitcoins from his venue, a scammer that was fined over $ 1.9 million for bitcoin and binary options fraud, London City police academy adding a cryptocurrency course for teaching cops on anti-money laundering related purposes, and a new type of bitcoin-demanding ransomware attack against porn viewers in Israel.

Skrill Launches Crypto Trading

On Thursday, we reported that Skrill, the online payments service formerly known as Moneybookers, has enabled its wallet users to instantly buy and sell cryptocurrencies, including BTC, BCH, ETH and LTC, using more than 40 supported fiat options. The new service is available in over 30 countries and the company plans to roll it out to additional markets and extend the service to its mobile app and Paysafe’s Neteller digital wallet in the next few months. In other news: The White Company, a concierge and luxury marketplace, surpassed $ 100 million in cryptocurrency sales and transactions; Bitmex, an exchange offering cryptocurrency trading with very high leverage, reported more than 1 million BTC traded on the platform in the 24-hours period closing July 24; and AMD suffered a decline in GPU mining related sales in Q2, 2018.

Musk Bots Blocked

The Weekly: Musk Bots Blocked, US Crypto Candidate, a Herd of Institutional InvestorsThe big news on Friday was that Twitter is now finally automatically locking any unverified account that changes its display name to Elon Musk, the CEO of Tesla and Spacex. This only came after Musk recently pointed out the impressive skills of the scammers who are designing bots to mimic high profile people like himself and flood the social network with fake ETH giveaways. In other news, an “anonymized” currency that can fluctuate wildly does not deserve to be considered as a medium of exchange, according to Mastercard President and CEO, Ajay Banga, who called cryptocurrency “junk.”

US Crypto Candidate

On Saturday, we reported that Democrat Andrew Yang’s campaign has begun accepting crypto donation for the 2020 US presidential election. The announcement released by his team to “our crypto donors” reads: “We currently accept Bitcoin and anything on the ERC20 standard.” It also comes with instructions on how to donate cryptocurrency and notes that the maximum for individual donations is set at the fiat equivalent of $ 2,500. We also reported that Kickico experienced a security breach, with 70,000,000 KICK stolen – equal to $ 7.7 million. According to an announcement from the company, Kickico restored full control over the its smart contract and will return all stolen Kickcoins to their holders.

No Murder-for-Hire Indictment in Silk Road Case

The most commented-on article during the week covered the latest development of the ongoing legal battle in the Ross Ulbricht case. The Maryland district US Attorney filed a motion to dismiss a 2013 three-count indictment against the online marketplace Silk Road operator which included murder-for-hire allegations. Join the discussion.

The Weekly: Musk Bots Blocked, US Crypto Candidate, a Herd of Institutional Investors

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.

The post The Weekly: Musk Bots Blocked, US Crypto Candidate, a Herd of Institutional Investors appeared first on Bitcoin News.

Bitcoin News

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into Politics

July 22, 2018 |

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into Politics

In this week’s daily editions of Bitcoin in Brief, we showcased stories about politicians trying to enforce their will on the cryptocurrency ecosystem around the world, thus pushing companies that are big enough to join the money-in-politics game.

Also Read: Malta Stock Exchange to Develop Two New Platforms for Security Tokens

Bitmain Expands R&D in Israel

On Monday, we reported that Bitmain Technologies Ltd., the Beijing-headquartered bitcoin mining hardware (ASIC chips) producer, plans to expand its research and development center in Israel and expects to triple its workforce in the country. Bitmain explained that it would recruit more than 40 researchers, programmers, engineers and marketing personnel to its development center in Ra’anana, to be added to the 15 employees there today. And in exchange-related news, we reported that Poloniex launched an official mobile app and Cobinhood added USD fiat trading.

Blackrock Probes Market

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into PoliticsBlackrock, the world’s largest asset manager with over $ 6 trillion in assets under management, made headlines on Tuesday by probing the crypto market. Reports have popped up the day before that the company has created a ‘working group’ to explore how it can take advantage of the hot new alternative investment instruments. CEO denied that Blackrock is setting up any crypto trading capabilities or received demand for it from its clients. However, he did confirm that the company is studying the performance of cryptocurrencies to be prepared for the eventuality in the future. In other interesting news, Bitpay was granted a New York Bitlicense and Coinbase claimed to get an approval from SEC and FINRA for its securities license acquisition – a claim it later walked back from.

Jersey Introduces Requirements for ICO Projects

On Wednesday, we reported that the Financial regulator of Jersey, the UK self-governing dependency, has introduced requirements for Initial Coin Offerings (ICOs). A new ‘guidance note’ document listed a number of requirements that apply to ICO issuers and described certain procedures and processes that should be followed in order to mitigate and manage the risks for retail investors. Projects are expected to apply anti-money laundering and counter-terrorism financing measures as well as inform investors about the risks.

Anti-Crypto Politician Backed by Payments Firm

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into PoliticsOn Thursday, we reported about US Representative Brad Sherman (Democrat-California) who blasted cryptocurrencies at a House Financial Services Committee hearing entitled “The Future of Money: Digital Currency”. Members of the community were quick to point out that his top financial contributor for 2017-2018 is Allied Wallet – a payments processor offering credit card, ACH and other services that stand to lose out from wider cryptocurrency adoption.

“We should prohibit U.S. persons from buying or mining cryptocurrencies,” Rep. Sherman proclaimed. “Mining alone uses electricity which takes away from other needs and-or adds to the carbon footprint. As a store [of value], as a medium of exchange, cryptocurrency accomplishes nothing except facilitating narcotics trafficking, terrorism, and tax evasion.”

Belarus’ New Standards for Crypto Exchanges

On Friday, we reported that, having legalized crypto-related activities earlier this year, Belarus is now fine-tuning and expanding the regulatory framework. The Hi-Tech Park in Minsk (HTP) is currently developing standards for companies operating crypto exchanges and providers of services related to issuing and placement of tokens. According to local media reports, state bodies and representatives of the legal and tech communities in the country are involved in the process. The new set of rules and regulations is intended to supplement the basic framework outlined in the presidential decree. A legal expert added that entities in the field will be obliged to prove charter capital of at least $ 500,000.

Coinbase Dives Into Swamp

The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into PoliticsThe big news on Saturday was that Coinbase has formed its own political action committee in order to raise money that can be spent on American elections. The company needs to keep US regulators off its back so it can continue to operate as a crypto exchange in the land of the free, and one day soon list securities as well. Having a political lobby that promotes its interests is an obvious move for a company that makes as much money as Coinbase, but one that smaller ventures won’t be able to match.

Peter Schiff: BTC Will Plummet

The most commented-on article during the week covered the recent appearance by the noted gold bug and bitcoin skeptic Peter Schiff on The Joe Rogan Experience podcast. Schiff blasted the world’s most popular decentralized money, insisted that a recent debate between him and the CEO of Shapeshift on the subject was rigged, and explained why he believes BTC’s price will crash further to $ 1,000 and lower. Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.

The post The Weekly: New Regulations, Blackrock Probes Market, Coinbase Gets Into Politics appeared first on Bitcoin News.

Bitcoin News

The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades Europe

July 8, 2018 |

The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades Europe

In this week’s daily editions of Bitcoin in Brief we reported about Coinbase opening the floodgates for institutional money, the new crypto law in Malta, and a move by Bittrex to invade the European market. We also covered, in this week’s most commented-on article, Nobel laureate economist Paul Krugman’s trolling of XRP and BTC supporters.

Also Read: No Insider Trading, Market Manipulation and Misleading Ads – Malta’s New Crypto Law

Fake Trezor Wallet Website

The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades EuropeOn Monday, we reported that hardware wallet manufacturer Trezor has issued a warning to clients about a phishing attempt against its users. A fake Trezor Wallet website was served to some users who attempted to access  the legitimate address (wallet.trezor.io). The signs point toward DNS poisoning or BGP hijacking. Thankfully, the fake wallet has been taken down by the hosting provider. However, Trezor asked clients to remain vigilant and report all suspicious sites as it is possible that this attack method will be used again in the future. Additional stories included the floods in China that took out enough mining farms to make a dent in the global hash rate, and a couple of big new investments in the field.

Coinbase Custody Opens

The big story on Tuesday was that the new institutional offering Coinbase Custody officially opened for business. The service will be onboarding crypto hedge funds, exchanges and ICO projects over the coming weeks. It provides secure storage for institutions in both the US and Europe, and the company hopes to bring this offering to Asia as well, before the end of the year. The service currently supports BTC, ETH, LTC and BCH, and is expected to open the floodgates for big institutional money looking for cryptocurrency exposure. In other exchange-related news, Hitbtc responded to John McAfee’s accusations that the venue is “killing poor people”,  BTCC officially launched its new platform, and Huobi announced the postponement of Hadax voting.

Buying Crypto is Too Hard?

The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades EuropeOn Wednesday, we reported that the complicated process of purchasing cryptocurrencies is the biggest obstacle for new investors entering the crypto space. This was according to a recently released survey of 1,000 US residents designed to profile crypto holders and better understand how they are using their digital coins. The poll also attempted to gauge the cultural perceptions surrounding cryptocurrency ownership. Another study found that despite regulatory pressures and other issues like bad publicity due to fraudulent or unsuccessful projects, Initial Coin Offerings (ICOs) have raised $ 11.8 billion through May 2018.

Malta Enacts Crypto Law

The big news on Thursday was that the parliament of Malta had given the final approval for three bills meant to create a welcoming regulatory framework for crypto ventures. The bills enacted into law are the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. We took a deep look into the law and found a number of issues that can have an impact on traders and exchanges such as prohibitions on insider trading, market manipulation and misleading ads or ICO whitepapers.

Bittrex Invades Europe

The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades EuropeOn Friday, it was reported that Bittrex has released details of a new venture with Invest.com. The pair will be creating a digital asset trading platform, to open to EU traders initially. It will feature over 200 tokens whilst leveraging Invest.com’s knowledge of derivative trading, equity trading and portfolio management. And another six letter domain, Crypto.com has been sold for millions.

Bitcoin Enters Indian Politics

On Saturday, it was reported that the Indian National Congress (INC), one of the two leading parties in the country, accused its major political opponent, the ruling Bharatiya Janata Party (BJP), of being complicit in a “bitcoin scam”. INC spokesman Shaktisinh Gohil demanded a judicial probe into the alleged money-laundering scheme using the cryptocurrency. Additional stories covered some BCH-related projects and services, as well as the latest incarnations of the blockchain technology.

Paul Krugman Trolls Ripple

The most commented-on article during the week covered the verbal attack on XRP by Nobel laureate economics professor and New York Times columnist, Paul Krugman. “If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?” tweeted Krugman. He was prompted by a colleague’s recent article regarding a push by Ripple’s XRP to urge users to do more than just speculate. Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? 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 Pulse, another original and free service from Bitcoin.com.

The post The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades Europe appeared first on Bitcoin News.

Bitcoin News

Overstock Generates “Between $68,000 and $120,000” in Crypto Weekly

June 15, 2018 |

Overstock Generates "Between $  68,000 and $  120,000" in Crypto Weekly

During a recent address to the Heritage Foundation in Washington, D.C, Jonathan Johnson, the former chairman and current member of the board for Overstock, sought to emphasize that payments in the form of bitcoin comprise a steadily growing source of revenue for the company.

Also Read: Cryptocurrency Games Have Invaded the Most Popular App Stores

Former Overstock Chair Detail’s Retailer’s Cryptocurrency Revenue

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyJonathan Johnson, the former chairman of Overstock, one of the first major companies to accept bitcoin as a means of payment, has detailed the revenues generated by the company in the form of cryptocurrency payments whilst speaking to the Heritage Foundation.

“We have somewhere between $ 68,000 and $ 120,000 a week in cryptocurrency revenues; people buying sheets and toasters using bitcoin or Ethereum or other coins,” Mr. Johnson told the conservative think-tank.

Advantages of Accepting Crypto

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyMr. Johnson sought to convince attendees of the advantages cryptocurrency offers to businesses over orthodox payments forms.

The Overstock board member stated: “We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards.”

“When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It’s like a cash transaction. For us, that is a much cheaper way of doing business,” Mr. Johnson added.

Crypto as Democratizing Force

Overstock Generates "Between $  68,000 and $  120,000" in Crypto WeeklyThe former Overstock chairman described cryptocurrency and distributed ledger technology as having a democratizing effect upon access to financial services and fundraising mechanisms.

Mr. Johnson stated “Today, so many of us can’t participate in the capital markets the way accredited investors or well-connected investors can. And those of us that are trying to raise money have a hard time crowdfunding or raising money in a democratized way.”

Despite praising the democratizing of fundraising processes through cryptocurrency, Mr. Johnson stated that Medici Ventures, Overstock’s investment firm of which he is president, “is not invested in a single ICO, in large part because the regulation around them is still very hazy.”

Mr. Johnson also expressed his belief that the cryptocurrency sector should operate without regulation, stating “We should not be regulating this technology. If there are uses of it that need regulation, maybe.”

Do you think that more retailers will begin accepting cryptocurrency payments? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Medici Ventures


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Bitcoin News

Nigerians Trade $4 Million in Bitcoin Weekly, despite Warnings

February 19, 2018 |

Nigerians Trade $  4 Million in Bitcoin Weekly, despite Warnings

Nigerians are trading close to $ 4 million worth of bitcoin a week on 13 local exchanges, despite multiple warnings by authorities against investing in cryptocurrencies. Experts have called on the government to rethink its position and adopt smart regulations, “allowing innovation to move forward”. Regulators need to understand how it works before applying bans, analysts say.

Also read: Malta to Give “Peace of Mind” to Crypto Companies

Warnings Have No Effect on Nigerians

Regulators and legislators in Nigeria have taken a hardline stance on cryptocurrencies. The latest manifestation of their attitude came in the form of an investigation into bitcoin trading ordered by the Senate. There have been multiple warnings from other institutions, as well. Last year the Central Bank of Nigeria stated that “virtual currencies” were not legal tender and told banks their dealings with cryptos were at their own risk. The Nigerian Deposit Insurance Corporation has warned Nigerians that they cannot rely on consumer protection when trading cryptocurrencies.

Nigerians Trade $  4 Million in Bitcoin Weekly, despite WarningsHowever, all those warnings have not changed hearts and minds, as the latest trading data shows. The value of bitcoin has decreased since last year, but interest in the most popular cryptocurrency is yet to wane in Nigeria, Leadership reports. Nigerians have continued to invest, trading weekly up to N1.389 billion worth of bitcoin (>$ 3.8 million) in February after an average of N1.299 billion (<$ 3.6 million) recorded at the end of December.

Up to 13 cryptocurrency exchanges are currently operating in Nigeria. Trading on local platforms scored a weekly record high of almost 1.95 Nigerian Naira worth of bitcoin in mid-December, as news.Bitcoin.com reported. The amount is equal to $ 5.4 million USD under current exchange rates.

Innovation First, Then Regulation

Nigerians are investing in other cryptocurrencies, as well, and the total has reached $ 4.7 million weekly, according to Emeka Okoye, software developer and chief architect at Cymantiks Nigeria. He urged government institutions to rethink their approach to regulation. The expert said criticism would only fuel further speculation and encourage the use of cryptos by criminals. Okoye advised Nigerian regulators to adopt “smart regulation”, rather than outright ban:

It is an attitude of allowing innovation to move forward and let regulation follow. It is about the consumers and not about the players.

If authorities ban cryptocurrencies, they would be outlawing a tech tool, the analyst explained. Then “outlaws will use these tools, and you have no control – people will have to live with the consequences” Okoye warned. He also said that regulators need to understand the situation properly before applying any bans.

Nigerians Trade $  4 Million in Bitcoin Weekly, despite Warnings“Do they understand how it works? I can build a crypto exchange that is not domiciled in Nigeria and they cannot regulate it. I also have a foreign card and they cannot control what I do with it?” the expert pointed out.

Emeka Okoye thinks that cryptocurrency will not entirely replace fiat money but will complement it by providing for easier and more convenient transfers of wealth. In his opinion, the current trend of speculation, which is driving the value of cryptocurrency, is a distraction from its real value.

Do you think Nigerian authorities will listen to experts and change their policy towards bitcoin and the crypto sector in general? Tell us in the comments section below.


Images courtesy of Shutterstock. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Nigerians Trade $ 4 Million in Bitcoin Weekly, despite Warnings appeared first on Bitcoin News.

Bitcoin News

Stocks have their biggest weekly jump since 2013

February 16, 2018 |

Stocks closed out their strongest week in five years Friday and have now recovered more than half of the losses they suffered in a plunge at the beginning of the month.

Investors got back to buying stocks almost as quickly as they started dumping them. The gain Friday was the sixth in a row for…


L.A. Times – Business