Opinion: There are lessons to be learned from the past. #OP-ED
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Saturday, 31 March 2018
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The president accuses the online retail giant of scamming the US Postal Service.
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Thailand releases long-expected crypto tax regulations, former Thai Finance Minister warns against “conservative instincts” leading to “draconian regulations” #NEWS
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Gazprombank will start crypto transactions pilot in Switzerland following on heels of January announcement by Sberbank of opening a crypto exchange in that same country #NEWS
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![Stellar [XLM]](https://cryptocurrencynews.com/wp-content/uploads/sites/3/2018/03/6a00e553872d13883301b7c8709af5970b-e1522519471990.jpg)
This week the entire cryptocurrency market hit a year low and closely scraped going under the $250 billion mark.
Source: CoinMarketCap
Many speculate that the reason for this week’s dip is due to the Bitcoin futures, but the impact the futures have on the greater market remains a mystery to most.
Most coins within the top 100 are in the green today, let’s take a look at a few that are outperforming the rest.
Stellar [XLM]
It was just announced that the tech giant IBM (NYSE:IBM) ...
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The week began with news that Twitter’s ban on cryptocurrency ads was taking effect immediately, affecting an industry already taking a hit in interest worldwide. Studies are showing that internet searches are on the decline. But things are looking a little more optimistic in areas like South Korea, which seems poised for growth. Indeed, it was announced that cryptocurrencies will be accepted in over 6,000 South Korean stores over the coming months.
Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry. Subscribe to our newsletter here.
This week's tories contributed by Jeremy Epstein, Nick Marinoff and Amy Castor
Twitter Abruptly Bans Cryptocurrency Ads — Beginning Today
Less than two weeks ago, the social media giant announced it was developing new policies which would lead to the eventual ban of cryptocurrency and ICO-related advertisements on its platform. That ban suddenly took effect on March 27.
“We are committed to ensuring the safety of the Twitter community,” said a company representative. “As such, we have added a new policy for Twitter Ads related to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
Cryptocurrency Interest: Is It on the Decline, and Could It Spike Again?
Following a three-month period of drooping prices, it appears interest in bitcoin and digital currencies is falling to new lows, and the market value is sinking along with it. In addition, interest in bitcoin and cryptocurrency related jobs is generally on the decline, though blockchain gigs remain stable enough. Some regions, like India, on the other hand, are seeing job growth.
What we’re probably witnessing is a “shift” in interest, not necessarily a lack of regard for cryptocurrencies; instead, interest may be adapting as people learn more. Analysts are still predicting that overall interest in crypto could spike again later this year. Many remain bullish on virtual assets, particularly bitcoin, and suggest it could reach new price highs by the summer of 2018.
Cryptocurrency Exchange Bitfinex Plans Move to Switzerland
Bitfinex, the fifth-largest cryptocurrency exchange by 24-hour trading volume, is looking to hoist itself out of Hong Kong and settle in Switzerland. As confirmed by sources close to Bitfinex, the exchange is already in talks with Swiss authorities.
Jean-Louis van der Velde, CEO at Bitfinex, hints that a move to Switzerland would bring a renewed transparency to the business. “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” he said.
Op Ed: Why Korea Could Be the First Cryptocurrency-Powered Nation
Korea has many of the pieces of the puzzle to become the first “Crypto-Powered Nation,” one that runs on blockchains and supports a crypto economy.
Cryptocurrency awareness and adoption are already widespread throughout the country. The end result is that the crypto-infrastructure is in place to handle a large number of customers and almost everyone there has heard of the concept.
The current government, led by President Moon Jae-in, relies heavily on the support of the young adult population. Not surprisingly, this is the same demographic that is highly invested in crypto-assets. As a result, the government is likely to support balanced regulation when it comes to cryptocurrencies. “The government needs the young people to stay in power, and young adults love crypto. They are not going to mess that up.”
Between the money coming in and going out, Korean exchanges and the network of providers that support them are seeing a huge amount of activity. The end result is that they are being forced to innovate on security and scaling solutions. The in-country knowledge could ultimately trickle down to benefit other South Korean companies in the blockchain industry. This, in turn, would give them a competitive advantage by allowing these companies to test and refine a lot of these systems at enterprise scale within the country.
Combine all that with an intense culture of achievement, a drive for economic success and an increasingly global outlook as the country has vaulted to become one of the top 10 economies worldwide, and you have the recipe for a powerful cycle of innovation.
South Koreans Will Be Able to Pay in Cryptocurrency at Over 6,000 Stores
Popular South Korean cryptocurrency exchange Bithumb is partnering with digital payment service provider Korea Pay Services (KPS) to pave the way for widespread digital asset adoption in the country. Both companies are working to give over 6,000 of the country’s retail outlets the option of accepting cryptocurrency payments for goods and services.
Executives say they are seeking to launch these new services by summer of 2018, then increase the number of stores to 8,000 by the year’s end.
This article originally appeared on Bitcoin Magazine.
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The FBI’s recent PSA tells crypto investors to be careful about contacting alleged “tech support” due to noted increase in tech support scams to steal crypto holdings #NEWS
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Operator of Japanese crypto exchange GMO Coin establishes new group to increase security measures for customer information #NEWS
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BTC and ETH are trading above the psychological price points of $7,000 and $400 today after a week of sinking prices #NEWS
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The superhero flick's strength lies in the fact that it didn't shy away from addressing issues of black identity.
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Favorite artist sold out? Now you can attend through virtual reality. #SPONSORED
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42 percent of plastic surgeons have seen patients specifically looking to up their selfie game. You don't need surgery; you need math.
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When you're done painting eggs and munching on candy, check out these Easter tech deals.
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Cancer-fighting robots, hacked tax returns, dumping old PCs and more: Tech Q&A
Is there anything that I can do to stop the annoying robocalls promising me free cruises, vacations, and scams?
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Autonomous vehicle crashes don't look like human driven ones.
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A surprise discovery announced a month ago suggested that the early universe looked very different than previously believed. Initial theories that the discrepancy was due to dark matter have come under fire.
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American prosperity depends on what we will make in the future, not what we made in the past.
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The company says a Model X vehicle involved in a fatal crash in the US was in Autopilot mode.
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In an interview with WIRED, French President Emmanuel Macron describes his plans to enhance the country's AI efforts—and differentiate them from those in the US.
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Friday, 30 March 2018
Insurance firm refuses $2.8 mln claim by hacked crypto exchange Youbit, citing failure to disclose information, which exchange sees as excuse not to pay. #NEWS
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Businesses are being given the chance to buy a block of ad space in a 1 mln pixel image, with a start-up planning to get it seen by millions #SPONSORED
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Seoul intends to create its own cryptocurrency and develop a better environment for Blockchain and virtual currency projects, says mayor. #NEWS
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Check for the latest trading suggestions #PRICE_ANALYSIS
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Internet infrastructure company Cloudflare appears to be preparing to launch a service to encrypt traffic to the computers that look up web addresses.
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Because it didn't protect all user passwords equally, Under Armour's breach was worse than it had to be.
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Hong Kong–based cryptocurrency trading platform OKEx announced on March 30 that it was rolling back on all futures transactions due to what executives deemed an “irregular sell-off.”
The exchange issued the following statement on its support page:
To prevent forced-liquidations due to price differences after the settlements in ‘bi-weekly’ and ‘quarterly’ futures contracts, we will rollback the transactions as mentioned, and all futures contracts will be delivered at 00:00 Mar 31, 2018 (Hong Kong Time). Further announcement will be made if there are any changes in delivery time.
The post explained that all weekly, bi-weekly and futures contracts would be fulfilled, but that after delivery, “all open orders” would be canceled and “all holding positions” would be closed at the delivery price. The incident allegedly caused the price of bitcoin to fall (albeit briefly) below the $5,000 mark on the exchange, which in turn led to “massive liquidations” and hundreds of contracts being “wiped out.”
One particularly scary moment occurred when a disgruntled user arrived at the exchange’s headquarters carrying a bottle of poison. The customer claimed to have lost nearly $11 million through the forced liquidations and threatened to take his own life by ingesting the substance.
OKEx says it always has “customers’ best interests at heart” and that the platform is “dedicated to providing the best products and technologies to protect [their] customers.” Following the sell-off, transactions were suspended for several hours, and executives issued an apology for what had occurred.
The team eventually posted a follow-up notice explaining what they planned to do in the future to prevent similar events from occurring again:
All the rollbacks have been completed. Withdrawal and Futures Trading will be resumed at 00:00 Mar 31, 2018 (Hong Kong time). In light of this incident, we are going to update our ‘Price limit rules’ for Futures Trading at 00:00 Mar 31, 2018 (Hong Kong Time) for better risk control. There will be more related improvements, and we will notify you in further announcements after they are launched.
Presently, all rollbacks have been completed and futures trading has resumed, but not everyone is convinced the problem has come to an end. Several customers are criticizing OKEx and its current systems, saying that they do not have the capabilities “to prevent what might be termed as the intended activities.” And others are suggesting OKEx may have been trying to manipulate bitcoin’s price through the liquidation, though the company has not yet acknowledged these charges.
At press time, bitcoin has fallen by nearly $700 from where it stood on March 29, and is now trading at approximately $6,700.
This article originally appeared on Bitcoin Magazine.
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"The Paper Airplane Guy" John Collins shows us how to fold planes that do loops, flap their wings, and fly world-record distances.
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Major Polish bank partners with Blockchain company Coinfirm to provide a DLT-based document management system. #NEWS
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The Malta Gaming Authority has recently published guidelines on crypto and Blockchain application in the gaming industry. #NEWS
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Intel, one of the world’s largest semiconductor companies, has filed a patent for a new Bitcoin mining chip accelerator. Entitled “Bitcoin Mining Hardware Accelerator with Optimized Message Digest and Message Scheduler Datapath,” the patent was originally submitted in September of 2016, but is now being released for the first time.
Bitcoin and cryptocurrency mining has long been under scrutiny for the excessive energy it allegedly uses. Countries like Iceland, for example, admit that more energy is used to mine Bitcoin than to power its residences, while cities like Plattsburgh, New York — a once-popular haven for commercial Bitcoin mining — have imposed strict moratoriums to lessen miners’ growing needs and the surging costs of electricity.
Intel claims to have found a more reasonable and cost-effective way to mine bitcoins. The patent says the product can decrease energy use by up to 35 percent while lowering financial requirements and mining more bitcoins in the process.
The document reads:
Because the software and hardware utilized in Bitcoin mining uses brute force to repeatedly and endlessly perform SHA-256 functions, the process of Bitcoin mining can be very power-intensive and utilize large amounts of hardware space. The embodiments described herein optimize Bitcoin mining operations by reducing the space utilized and power consumed by Bitcoin mining hardware.
Intel explains that one of the most expensive and rigorous steps involved in any mining venture is finding the 32-bit field. The value is set so that the block hash contains a nonce, or a solid set of zeros. After computation is complete, these zeros are attached to the “hash of the transaction hashes in the blockchain” and other headers.
The traditional 256-bit hash that the document discusses is less than a “pre-defined threshold value.” There are two primary computational blocks involved: a message scheduler and a message digest. Both blocks work together to combine several 32-bit words and 32-bit additions, which can thus bring energy use down.
Several problems exist, however, within the present mining community. Energy costs in most of the United States are increasing, while other nations like China — prime locations for mining operations due to their low-priced energy supplies — have sought to slow cryptocurrency innovation by “clamping down” on Bitcoin miners or limiting available energy.
Perhaps the largest problem stems from bitcoin’s current price. At press time, one bitcoin is trading for roughly $6,600 — a massive drop from the $8,000+ mark seen earlier this week. Figures like Fundstrat’s Thomas Lee now say that Bitcoin mining is no longer profitable, with most miners either breaking even or falling short between what they earn and what they’ve spent to extract coins.
Randy Copeland, an Intel partner and the president of Velocity Micro, says that Intel’s new accelerator could change things for the better. Speaking with CRN, Copeland explains, “Once this new Intel technology comes to market, more people will mine again because it’s profitable again, driving down the market value of the coins and finding a new market balance that will again put locations with lower electricity costs back at the advantage.”
This is not Intel’s first attempt to enter the cryptocurrency arena. Last May, the company partnered with healthcare transaction service provider PokitDok to help bring blockchain technology to the healthcare industry. Executives also joined hands with Chinese media and tech firm Tencent in September to collaborate on a new blockchain solution.
Later in October, Intel partnered with hardware wallet developer Ledger to store digital currency on the company’s platform.
Intel’s actions could prove to be significant. Patents among some Bitcoin companies have been deemed “unethical,” as the original Bitcoin software is available freely as open-source software. In addition, patents for Bitcoin mining products present concerns regarding the decentralized nature and competitiveness of the industry. If one company is able to use significantly less resources and thereby operate more efficiently, that venture may wind up the single or dominant party, while the rest make a permanent exit — a situation that could result in reduced decentralization and security.
The recent Blockchain Defensive Patent License (BDPL) is seeking to provide a more open arena for Bitcoin miners. Should a Bitcoin- or blockchain-based company enter the agreement, they must share all their patents with “other license holders” as long as those holders are also members. The BDPL imposes strict regulations that deny blockchain companies specific rights to certain patents or products, and penalizes “licensees who attack the patents licensed” to other members.
It will certainly be interesting to see if Intel, with its latest technology, decides to follow in the spirit of other Bitcoin mining companies and become the BDPL’s newest affiliate.
This article originally appeared on Bitcoin Magazine.
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Publication of a 2016 memo stating "maybe someone dies" in a terrorist attack coordinated on Facebook reveals just how thoroughly its quest for growth influenced the company.
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The city of Atlanta has entered its eighth day crippled by a cyber attack. NPR's Ailsa Chang talks with WABE's Tasnim Shamma about how the city is coping.
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France and Germany never shied away from asserting their sovereignty online. Will it work the same with Blockchain regulation? #IN_DEPTH
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Bittrex, a U.S.-based cryptocurrency exchange, has issued a trading pair between tether (USDT) and TrueUSD (TUSD), two stable tokens pegged to the U.S. dollar. While tether is issued by Tether, TrueUSD is issued by TrustToken.
Unlike other cryptocurrencies, stable tokens are pegged to the value of traditional money. In this case, tether and TrueUSD are both pegged to the U.S. dollar, so that one token is worth one dollar.
Stable tokens are useful in that they protect traders from market volatility. The question is, why would one exchange offer two types of dollar tokens? The answer is, it would allow traders who are worried about the long-term viability of one token over the other to hedge their bets by owning one or the other or a little of both. By a similar logic, listing two tokens could also protect the exchanges, particularly those like Bittrex, that do not carry crypto-fiat pairs and depend on stable tokens to maintain liquidity.
Tether vs. TrueUSD: A Brief Comparison
Tether is closely linked to the cryptocurrency exchange Bitfinex, and questions still linger around whether the $2.3 billion in tether issued so far are backed by actual dollars. So far, no third-party audit has taken place to prove that is the case, and Bitfinex has been opaque about its banking relationships.
Also, because the identities of the people who own tether are not always clear, the movement of the token across national borders has raised concerns about money laundering and, consequently, Tether’s risk of being shut down at some point.
In contrast, TrustToken, which began trading on Bittrex earlier this month, is marketing itself as a safer bet. “TrueUSD offers token-holders full collateral, regular auditing, and legal protections to redeem TrueUSD for USD,” the company wrote in a blog post.
Also, while Tether is built on the Omni Layer (formerly Mastercoin), a platform that issues tokens on the Bitcoin blockchain, TrueUSD is an ERC20 token controlled by a smart contract on the Ethereum blockchain. TrustToken says that when users send in fiat, their money is kept in an escrow account that only they have access to, and that they can reclaim their underlying fiat at any time.
At the moment, TrustToken is applying for a license in order to serve as a money service business to boost trader confidence that TrueUSD is backed by actual dollars.
This article originally appeared on Bitcoin Magazine.
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Automakers recall cars all the time, but Tesla just doesn't need any more problems right now.
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This week, we ask: Can Apple re-win the hearts and minds of educators?
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Air Force pilot snaps amazing Northern Lights pictures
A U.S. Air Force pilot has captured incredible close-up pictures of the Northern Lights from the cockpit of his plane.
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Inside HQ Trivia: The booming business of mobile trivia
It's the smartphone trend that has people dropping what they're doing in the middle of the day, all for a chance to earn some cold hard cash.
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Large swaths of Earth are already safe from falling space debris.
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As always, EU has the ambition to regulate anything around the world. But is it possible? #EXPERT_TAKE
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On March 19, 2018, in an op-ed published by the French news website, Numerama, France’s Minister of Finance and Economics, Bruno Le Maire wrote what appears, at least at first glance, to be an uncharacteristically optimistic exposition on the profound and pioneering nature of cryptocurrency and blockchain technology:
“A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens,’ crypto-actives or not. It promises to create a network of trust without intermediaries, to offer increased traceability of transactions and, overall, to make the economy more efficient.”
The op-ed is a message to the French public that this emerging technology will be an agent of change — both disruptive and beneficial. According to Le Maire, blockchain technology and cryptocurrencies “could upset daily practices in the banking and insurance sectors, financial markets, but also patents and certified acts.” He goes on to warn what has been echoed by leaders of other nations, that there should be anticipated consequences for traditional players.
“Let’s not be mere spectators: become actors in this revolution,” he urged. Le Maire goes on to state that France’s policy should be benevolent yet cautious. He expressed weariness for the chaotic nature of decentralization by questioning speculative products, investor security and the ever-present possibility that the technology could be used to launder or fund criminal activities.
“Clarifying the law to attract innovation, identify risks without hindering our ecosystem, that's our approach,” wrote Le Maire. He goes on to advocate for a former French central bank governor, Jean-Pierre Landau, who has been assigned to further investigate cryptocurrencies to formulate a proposal for a more navigable regulatory framework.
The op-ed concludes with, “Il s’agit là du rôle de la France: Être force de proposition pour construire le monde de demain,” which loosely translates to, “This is the role of France: Be proactive in building the world of tomorrow."
Blockchain Bisque
Le Maire’s op-ed is uncharacteristic for two reasons. First, the news website, Numerama plays to an audience who are in favor of the open source movement. Founded as Ratiatum in 2002, the publication originally focused only on peer-to-peer and culture-related topics until it was rebranded as Numerama. While Numerama is said to defend the “free-sharing culture” and “respect of privacy,” a reader (Mmastoc) complained in the comments section of the mismatch between Numerama and the blunted public-announcement style of Le Maire’s op-ed, “For pity’s sake, I beg you, not the government soup.”
The sentiment is repeated in some way by several other commentators; the point being, that a publication as critical of centralized authority as Numerama publishing a public message about cryptocurrency adoption by the central government gives an overly optimistic, if not artificial and incomplete, view of government policy.
The other reason why the op-ed comes across as ineffectual is its vague optimism toward less cryptocurrency regulation. Based on what has happened earlier this year in France and other nations, Le Maire’s cryptocurrency policy, and by association the French government’s, has tended to lean hard toward heavier regulation.
For instance, Jean-Pierre Landau — the central banker for whom Le Maire advocates in the op-ed and has entrusted to build a regulatory framework for cryptocurrency — is a notable Bitcoin skeptic who denounced the cryptocurrency back in 2014 in his own op-ed for the Financial Times. Landau’s argument is that currencies need central banks to be successful so that adjustments to the monetary supply can be made; therefore, bitcoin’s scarcity (small supply) will be insufficient to satisfy demand and, as a result, the economy as a whole.
While it might not be clear what Landau thinks four years later, Le Maire appointed Landau to lead a working group for the purpose of regulating cryptocurrencies back in the middle of January 2018.
G20 Discussions
Shortly after Le Maire’s op-ed, world leaders met in Argentina for the G20 Summit and, specifically, the greatest event for cryptocurrency regulation so far in 2018. Despite the changing views of Mike Carney, governor of the Bank of England and chairman of the Financial Stability Board (FSB), who has eased up on cryptocurrencies, France has advocated for a regulatory framework for cryptocurrencies that they are now pursuing with Germany. This cooperation is evidence that the call from German central banks for effective regulation of virtual currencies on a international scale is an opinion shared by many French authorities.
These developments, no doubt, are linked to an increased regulatory focus on cryptocurrencies in other countries such as China, South Korea and the U.S. Future cryptocurrency regulation will almost certainly require international cooperation for it to move forward ,given these recent developments and the cross-border attributes of cryptocurrency in general.
The G20 ultimately determined that cryptocurrencies should be regulated as property for now, though it is likely they will be regulated as their own unique asset class as time moves on. World leaders also left the G20 with an agreed upon notion to have effective regulations in place by July 2018.
Bitcoin’s Hope for French Liberty?
If France has recently decided to cultivate a suitable environment for cryptocurrency, credit is due in large part to Laure de La Raudière. Raudière is a republican who represents the Eure-et-Loir department in the National Assembly of France (lower house of the bicameral parliament of France).
She was also appointed in early February to lead the National Assembly’s “Mission d’information.” The purpose of the mission has been to investigate blockchain technology in France and abroad to produce reports that will inform legislators on topics related to how the technology can be used and should be regulated. The mission is expected to take no more than six to seven months since February, meaning it should be wrapping up around the time the G20 world leaders will reconvene for regulation consensus.
Though French authorities appear determined not to let the technological innovation of cryptocurrencies and blockchain technology to pass them by, time will tell where they will inevitably fit on the global regulation spectrum. L’Autorité des Marchés Financiers (AMF) has also gone after specific cryptocurrency players who are not registered with the AMF.
In an article from February, Raudière was quoted as stating something much more optimistic and yet, less vague,
To avoid mis-legislating, you have to understand. I have always enrolled in this approach of technology education, focusing on highlighting the repercussions of the prohibition of a technology. For example, at the time of the HADOPI debate, amendments aimed at banning peer-to-peer technology; it revealed a total misunderstanding that technology can be used to achieve illegal things but also to accomplish extremely positive things.Most of the time, it's not the technology you have to ban, but the way it's used.
This article originally appeared on Bitcoin Magazine.
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Under Armour: 150 million MyFitnessPal accounts were hacked
Under Armour announced a hack of its MyFitnessPal exercise application, saying that as many as 150 million user accounts were compromised. The breached data includes names, email addresses, and passwords but no financial data.
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Welcome to Day 14 of Crypto Madness – Semi-Finals Round 2!
We at cryptocurrencynews.com, CCN, are pleased to bring the fans the ICO showdown.
Today’s competitors: Sapien ICO vs. Truegame ICO.
It’s our second and final round of semi-finals. Who will make it to the finals? Vote for your favourite to push them forward!
Check out Day 13 of Crypto Madness
The RulesEach match-up winner will not be based on the project’s specific concept, whitepaper, or team. Instead, in the ultimate test, the winner will be decided by popular ...
Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.
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Audi’s experts are testing a Blockchain solution for improving internal logistics processes. #NEWS
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Leaked Facebook 'ugly truth' memo about the social network’s growth sparks controversy
A leaked Facebook memo from an outspoken senior executive that details the risks associated with the social network’s pursuit of growth has sparked controversy.
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WIRED Columnist Virginia Heffernan on how a hacker flattered his way into taking over her Twitter account.
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Bitcoin futures price mayhem sees one trader threaten suicide at OKEx’s Hong Kong office. #NEWS
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Cointelegraph talked to the creator of Dogecoin about Bitcoin forks, the crypto community and plans for 2018. #INTERVIEW
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There are other ways to write #MeToo.
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Atlanta isn't the SamSam ransomware strain's first victim—and it won't be the last.
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Singapore’s Blockchain Challenge offers prizes to projects that promote Blockchain adoption. #NEWS
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By KEVIN ROOSE from NYT Technology https://ift.tt/2E7z0qg
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For those who have recently injured or lost their dominant hand, everything from apps to bungees exist to ease the frustration.
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A ban for Uber, a challenge to Tesla, and Jaguars for Waymo.
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Boeing's WannaCry run-in is a reminder to patch your systems
WannaCry is making headlines again, and this time it hit a major target: Boeing.
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