Day: September 21, 2017

Miami and UAE realtors take advantage of the Bitcoin network for the real estate transactions

The Free Society Foundation is in the process of realizing a libertarian and crypto-anarchist dream. Currently, the organization is taking steps to purchase a piece of land from governments hoping it will be the first truly sovereign country to exist. 

Also read: Money Psychology: How Cryptocurrency Makes Us More Compassionate (Part 1)

Free Society Foundation

The project was brought to life by Free Society Foundation founder, Olivier Janssens, and other well-known libertarians and cryptocurrency figureheads. They said initial interest by surrounding countries has been positive, and talks are proceeding smoothly. 

The announcement states, “They are in preliminary talks with governments to purchase sovereignty and autonomy over a piece of land. ‘When we started contacting governments, interest was much higher than initially anticipated,’ says Mr. Janssens, who has been working on the project for the past several years.”

Janssens went on to say the project has $100 million USD from private funding and they plan to use these funds to get the country running.

 Other Attempts at a Free Society

The announcement also elaborated on how previous attempts at creating a free society or community have fallen short. Other projects were overly complicated or burdened by bureaucratic politicking.

“Genius in its simplicity by just purchasing sovereignty, it seems this is the first idea that really has a chance of succeeding. In the past, many libertarians have attempted the feat by trying to claim disputed land or by building floating ocean structures. Unfortunately, none of them were successful – either due to push-back from existing governments or being unrealistically complicated,” stated the Foundation’s press release.

Needless to say, the founders of the project are optimistic for the current project. They seem urgent to finally create a society free of government oversight and violence. Bitcoin.com’s very own CEO, and co-founder of The Free Society Foundation, Roger Ver, provided his perspective:

“I’m incredibly excited to be part of this project that will finally create a society based on voluntary interactions instead of government force.”

Do you think this new libertarian and cryptocurrency-based country will succeed? Will governments and other entities try to smash it? Would you become a part of it? Share your thoughts in the comments section below!

Images courtesy of Shutterstock and The Free Society Foundation

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The post Free Society Foundation Plans to Establish Libertarian Country appeared first on Bitcoin News.

A new audit of the complex and controversial zcash key generation ceremony has found any serious security compromises were unlikely.

Check the hottest price review to find out what’s going on in the market

A notable asset manager who focuses primarily on gold had a harsh word for the cryptocurrency market crazy this week: “garbage.”

The CoinDash project attracted a lot of attention during its ICO. Establishing a new type of trading platform will not be easy, but the team feels they can pull it off. Unfortunately, their ICO was hit by a major theft of coins, which saw an unknown assailant steal 10,000 ETH. Considering the vast amount of money this represents, losing these funds could have crippled this or any other project. However, the money was returned without any issue, which raised a lot of questions.

CoinDash Funds Returned by Hacker

In cryptocurrency, there have been plenty of incidents involving hacks and scams. In virtually every case, the stolen money is never returned to its rightful owner. That is not entirely surprising, as most hackers can successfully steal millions of dollars without too many repercussions. Converting stolen money to cash or other forms of ready-to-use money is often quite difficult, though.

Given the transparency of most cryptocurrencies, anyone can follow blockchain-based transactions in real time without dedicated software. In the case of the CoinDash ICO, the 10,000 ETH theft was tracked to a fake address pretty quickly. Unlike what most people would come to expect, the funds were apparently not converted to fiat or otherwise used.

Instead, the CoinDash team claims that an unknown assailant returned the money to them without any additional problems or demands. That was a very unusual resolution, considering 10,000 ETH has a value of around US$3 million right now. It does not make any sense for a hacker to part with some or all of his or her stolen money willingly and return it to the rightful owner. Nor does it appear any white hat hackers were involved in the process of recovering money. It is a very unusual situation, to say the least.

It does appear 488 ETH was converted using ShapeShift a while ago. The remaining 10,000 ETH were simply sent back to one of CoinDash’s Ethereum wallets. This is pretty unexpected and it raises a lot of questions as to why the hacker returned the money in the first place. Some people will question this “hack” in the first place, considering such a happy ending would not occur under normal circumstances. The transaction ID is there for everyone to see, though.

Converting such a large amount of Ether to any other currency will attract a lot of attention. It is not something one can just sell on an exchange and get away with. All exchanges perform thorough Know Your Customer (KYC) verification, which would allow them to link one’s identity to a theft such as this one. That is not something any hacker wants to risk, for obvious reasons. Then again, just returning the money without any official explanation is pretty gutsy regardless.

One could say the CoinDash team successfully dodged a major bullet now that the money has been returned. After all, losing around US$3 million worth of funds could effectively cripple an ICO. Thankfully, the team can now go ahead with their project in an effort to revamp the cryptocurrency trading industry. It remains to be seen if CoinDash will be successful, though things could get very interesting over the coming months.

JP Morgan’s chief executive, Jamie Dimon, might be getting into some trouble with Swedish financial authorities for market abuse when he called bitcoin a “fraud” last week.  

Also read: Bitcoin Proponents Respond to JP Morgan Executive’s Statements

JP Morgan Reported to Swedish Financial Supervisory Authority for Market Manipulation After Chief Executive’s Public Statements Against Bitcoin  

Just recently JP Morgan Chase chief executive Jamie Dimon got the cryptocurrency community all riled up when he called bitcoin a “fraud.” Further, after Dimon’s statements and bitcoin markets slumped, JP Morgan Securities Ltd., purchased a bunch of bitcoin-based exchange-traded notes for its clients. Now according to reports, an algorithmic liquidity provider headquartered in London called, Blockswater says Dimon breached certain statutes from the European Union’s Market Abuse Regulation (MAR) articles.

Public Assertions Made by Jamie Dimon Are Considered ‘Market Abuse’ That Harmed the Interests of Investors

Blockswater believes Dimon abused the market by giving out misleading information in order to influence the price for the company’s own interests. Market manipulation is a criminal offense within EU laws after being harmonized by the Financial Services and Markets Act seventeen years ago. The UK liquidity provider believes something smells fishy between Dimon’s recent bitcoin statements and JP Morgan buying up BTC-notes for clients after the price dip.     

“Jamie Dimon’s public assertions did not only affect the reputation of bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system,” said Blockswater executive Florian Schweitzer.  

Dimon’s Statements and his Company’s Recent Purchasing of Bitcoin Exchange Traded Notes for Clients Smells Fishy

The company says it has filed a ‘market abuse’ report with the Swedish Financial Supervisory Authority, after JP Morgan’s team purchased bitcoin derivative notes for clients on the Stockholm-based exchange Nasdaq Nordic. Schweitzer says the fact that JP Morgan purchased the bitcoin exchange-traded notes before and after the chief executive’s public statements, it “smells like market manipulation.”

According to the news outlet City A.M., the Blockswater startup’s daily operations deal with blockchain-based assets like bitcoin. The publication’s columnist Courtney Goldsmith reached out to JP Morgan for comment, but the company declined to provide a statement.

What do you think about Jamie Dimon and JP Morgan being reported to the Swedish financial authorities for market manipulation? Let us know what you think in the comments below.

Images via Shutterstock and AP Photo/Richard Drew

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The post Jamie Dimon’s Bitcoin Statements Reported as Market Abuse in Sweden appeared first on Bitcoin News.

Y Combinator, Silicon Valley-based startup accelerator, is looking at blockchain in order to boost access to startups for investors.

It is now Thursday evening and we have come to the end of the European session in our bitcoin price trading efforts. In this morning’s analysis, we discussed our hope that we would seek some degree long-term upside revaluation in the bitcoin price, ideally, this revaluation kickoff with a breakout at or near one of … Continue reading Bitcoin Price Watch; Not What We Wanted But Not All Bad

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