Day: October 8, 2017

The entire court case involving Alexander Vinnik will drag on for quite some time to come. It seems the Russian government isn’t too pleased with the Greek court which approved his extradition to the US. After all, Vinnik is a Russian citizen. His extradition to the US will cause political friction, to put it mildly.

Alexander Vinnik Case Gets More Complicated

No one can deny the arrest of Alexander Vinnik has caused a lot of friction in the geopolitical landscape. A Russian national being apprehended in Greece and facing extradition to the United States creates a rather volatile political cocktail, to say the least. Now that a Greek court has ruled that Vinnik must be extradited to the US, the Russian government has publicly voiced its displeasure with the ruling, claiming it to be “unjust”. It remains to be seen whether the decision can and will be overturned, however.

Most readers will recall the reason for Vinnik’s arrest, as he was the alleged operator of the notorious BTC-e exchange. While that platform is now defunct – and half of its users’ money has been lost in the process – the company is resuming its services under the WEX brand. So far, there has been no evidence of Vinnik actually being the operator of BTC-e. Moreover, his role in the larger scheme of “laundering money and identity theft” also has yet to be determined.

While there is solid evidence of BTC-e laundering 95% of all global ransomware proceeds, it remains to be seen whether or not Vinnik was involved in this process at any point. There does not appear to be solid evidence to back up such claims, but one never knows what the future may hold. We do know Vinnik and his lawyers plan to fight the extradition verdict as early as next week, although their efforts may ultimately be in vain.

That being said, the involvement of the Russian foreign ministry may serve to complicate things considerably. For now, there is no indication that the Russian government’s involvement will go beyond the aforementioned statement, but its wording leaves very little to the imagination. While this verdict may appear unjust, it remains to be seen whether the Greek court will take it into consideration. Right now, that would seem to be rather unlikely.

A Russian foreign ministry spokesperson commented as follows:

“We consider that the verdict is unjust and violates the norms of international law. Greek authorities received a request from the Russian attorney general that Vinnik be extradited to Russia” which “should have priority, as Vinnik is a Russian citizen. Such a ruling is all the more surprising considering the context of friendly relations between Russia and Greece…we hope the relevant Greek authorities will take into account the request of the Russian attorney general (at appeal).”

It is expected the final decision regarding Vinnik’s extradition will be made by Greece’s justice minister in the next few days. It is evident there is some friction between Greece and Russia in this regard, as both countries have been at odds ever since Vinnik was arrested on July 25.  Rest assured this is not the last we will hear about his ongoing investigation, as Vinnik will remain a person of interest for quite some time to come.  

If you’ve been in the online gambling industry as long as we have chances are good you experienced the old ‘wild west’ days. Back then a bunch of trigger-happy cowboys dotted the landscape while regulation was just a byword and often frowned upon when it pitched up in conversations.

Fast forward to today it’s a different story altogether, regulation is key and plays a pivotal role in keeping licensed online casinos in check. In other words the random number generators (RNG) of the casino games stocked in their game libraries must be audited regularly to ensure safety, they must endorse responsible gaming, reward regular depositors and have on going promotions where players can earn additional rewards.

When Bitcoin entered the online gambling arena the crypotcurrency ushered in the dawn of a new wild west era. Due to its centralized nature many governments feel that the time has come to properly regulate it.

Why Bitcoin is the Way to Go

Bitcoin or any other cryptocurrency offers both online casinos and players a slew of advantages. Transactions fees are practically zero, there are no chargebacks, it’s anonymous and cash outs are cleared within a few minutes. When compared to traditional operators, Bitcoin casinos are far more transparent thanks to its blockchain technology.

There have been isolated cases of crypto theft and other nefarious activity associated with the digital currency, much like the early days of online gambling. When new technology and large amounts of cash are involved cloak and dagger stuff will occur, unfortunately it’s the nature of the beast. However, cryptocurrencies like Bitcoin has a built in security feature that’s a country mile ahead of any fiat currency.

Even in a highly regulated gambling environment like the UK, players still become frustrated with the standard deposit and withdrawal methods, not to mention chargebacks. When you play at a Bitcoin casino there are no chargebacks because once the transaction is placed on the blockchain it cannot be reversed. As a result it gives Bitcoin casinos and players peace of mind, or so to speak. Furthermore, once a transaction is made on the blockchain it can be traced and seen by the relevant parties.

Bitcoin is Transparent

When discussing cryptos and blockchain technology transparency is a word we hear a lot. Every transaction providing you know how to do it can be viewed on the blockchain. The last bit is important especially when it comes to using blockchain technology in the gambling industry. Before Bitcoin can become the mainstay of the online gambling world the ‘who’ issue must be addressed first. Luckily the blockchain has been build specifically for this.

What Does ‘Provably’ Fair Mean?

The first thing Bitcoin casinos tell you about their games is that they are ‘provably fair’. With the odd case of pirated software our industry is no longer plagued by operators using underhanded methods to further their cause. In most cases the games are completely random and fairness is guaranteed.

”Players like to be in control of their cryptocurrencies. This is one of the main reasons why Bitcoin was created, it gives control back to the individual.”

How does the ‘provably fair’ model work? Before a bet is made a part of the seed (string of text) is placed, you will then be presented with a hash (another string of text) that only you can create with your seed and a seed provided by the Bitcoin casino which results in the hash. Herewith a simplified explanation how it works:

Seed A + Seed B = hash

The roll of the dice or spin on the slot reel is presented by the hash which is an alphanumerical string. Now, if a Bitcoin casino tries to tamper with its gaming platform it won’t succeed, here’s why. Before you placed a bet it showed you a string of characters, a specific string only has a single outcome. The best bit to us is that the fairness of each and every game for that matter can be verified by anyone who knows how to view it.

The crypto solutions for gambling must have built-in AML (anti-money laundering), KYC (know your customer), additional regulatory features and responsible gaming policies. This is where government regulation comes in. Not only must they ensure that these solutions are kept but  they guarantee the long-term success of cryptocurrency-friendly online casinos.

Operators must not alienate their Bitcoin customers by imposing stringent terms and conditions banks and regulatory authorities are guilty of. Players want to avoid it all cost since they prefer to remain anonymous.

Why Regulation is Important

”Education along with a mindset of compliance are essential ingredients of a successful future between crypto and gambling.”

Before Bitcoin or any other crypotcurrency can fully emerge from the shadows it must foster a sustainable working relationship in regulated online gambling markets (Nevada, New Jersey, UK and Europe). The Double C Foundation has been established expressly for this. It’s a non-profit organization based in the Isle of Man that educates, promotes and encourages the use of cryptcurrencies in the internet gambling business.

There’s an ocean of potential crypto gamblers out there, before new customers can be roped in regulators must address the challenges Bitcoin faces today. Since the gambling industry is always the first to use technology, it must be the catalyst that drives new regulatory mechanisms. To do this it must educate players, itself and the powers that be. Casinowhizz.com

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Alaska is not a place a lot of people associate with cryptocurrency and digital assets these days. That isn’t entirely surprising, even though it seems things are changing rapidly there as we speak. A bill has been signed into law in the state which pertains to how cryptocurrency belonging to deceased individuals should be accessed and managed. The revised Fiduciary Access to Digital Assets Act will set an interesting precedent for the rest of the US.

Alaska Sets an Interesting Cryptocurrency Precedent

One of the things few people like to think about is their own death. Despite the best efforts by scientists all over the world, we are still mortal shells with limited lifespans. For those of us involved with cryptocurrency, dying can create a whole new set of problems for the people we leave behind. After all, it is difficult to set up a “will” for cryptocurrency assets unless you make ample preparations on your own accord. Even then, the recipients may not necessarily care all that much about the digital asset wealth either.

In the state of Alaska, government officials have been giving the concept some serious thought, by the looks of things. More specifically, Governor Bill Walker signed a revision to the Fiduciary Access to Digital Assets Act this past Friday. That may not sound like a big deal, but it is a major improvement for cryptocurrency users active in the state. Alaska now has a recognized legal framework to determine how one’s digital assets can be handled by a trusted custodian. Digital assets will include cryptocurrencies, which creates some opportunities worth exploring.

Having the option to entrust your digital wealth to a custodian may sound like taking a step backward. However, this means said custodian is bound by law to only undertake specific actions associated with the digital assets in question. For example, it becomes perfectly legal to entrust a custodian with your Bitcoin balance and have this third party pass on your wealth to your offspring in the future. This doesn’t only apply to cryptocurrencies, mind you, but it is definitely one of the best use cases associated with this new form of money.

Interestingly, the revised Fiduciary Access to Digital Assets Act includes a section dedicated to cryptocurrency holdings. This form of money has long been considered a legal gray area, but that situation has finally come to change. Any Alaskan is now allowed to use online tools to direct a custodian to a designated recipient. Moreover, these tools can be used to avoid disclosing some or all of one’s digital assets. Even if an online tool is not used for these purposes, individuals can still use a will, trust, or other record to achieve the same purpose.

It is not hard to see why this new legislation could set an interesting precedent for other US states – and perhaps even countries – to follow in the future. In this day and age of digital money, we need to come up with new ways to safeguard our digital wealth and ensure no money is lost in the process. Especially where cryptocurrencies are concerned, such solutions are in high demand right now. None of us will live forever, and now is a good time to successfully secure our wealth for our family members and future generations.

Although this bill only relates to the state of Alaska, it is not unlikely we will see other states adopt similar guidelines in the future. Although this topic of conversation may make some people rather uncomfortable, subjects like these need to be given proper thought. It is good to see one state’s governor be rather open-minded in this regard.

Bitcoin vs. dollar. Could IMF issue a new international reserve currency? Read about possible crypto scenario.

Which logic has Chinese government been showing towards Bitcoin? Find out what Chinese investors think.

There have been many areas of the economy over the past fifty years that have come and gone. Often, the product or service being offered is lost because of technology, and sometimes the structure of the business sector lends itself to unfairness.

However, one sector that has not undergone a major upheaval is the freelancer world. Imbalanced fee practices, confusing and unfair settlement systems, and a complex system for growing a business have all opened a door among freelancers for a new platform that is more fair and transparent.  Enter the Blockchain technology of Coinlancer.

Fees galore

Freelancing can often feel like getting squeezed in a vice. To get jobs, freelancers are often willing to work for pennies on the dollar of what an in-house employee would be paid. And even as they work on those jobs, looming over them is the fee structure of their platform. Some platforms take as much as 20 percent, directly off the top, before the freelancer pays taxes, etc.

Coinlancer has created just such a system – transparency, openness about job pricing, and a simple and incredibly flat 3 percent fee. Because the company has utilized Blockchain technology to create the platform, decentralization has resulted in a system that can afford to reduce fees, and offer better service.

Been demoted lately?  

Fees aside, freelancers face painful constraints in how they obtain business on most platforms. Often platforms have special designations for freelancers that drive them to the top of searches. This is a huge benefit, but the way to get that standing is confusing and complex. Often users get demoted for no apparent reason, damaging their business and risking their livelihood.  

Coinlancer on the other hand, puts the power of rankings into the hands of the  freelancers to decide via the ‘Freelancer Tribunal.’ The tribunal is a decentralized (users are the members of the tribunal) governance panel for ruling on platform mistakes and concerns. On the Coinlancer platform, freelancers are free to make rules that are best for everyone.

The Freelancer Tribunal can also arbitrate disputes, hear evidence, and rule with authority within the platform. These rulings are then binding, though they are issued by peers, which is a huge benefit.

Stick it to the…coin

Most freelancers have faced the pain of getting ripped off by someone. They’ve agreed to do some work for a fixed rate, turned in the work, and suddenly discovered that the funds escrowed by the platform have suddenly vaporized, and there’s nothing to track it down. Its tough to get ripped off.

Coinlancer solves this issue with one simple financial maneuver, the Coinlancer token. Because all transactions must take place within the platform, the token can be used to receive or make payment and can also be exchanged on outside exchanges. Once tokens are escrowed, they cannot be moved, and the blockchain protects the escrowed funds in this way.

What’s more, as the platform grows, the value of the tokens will likewise grow in a commensurate way. This means that freelancers and employees holding tokens will suddenly have an investment as well as a business too.

Joining up

Coinlancer is poised to change the freelancing world forever by making a platform that is fair for employers and employees alike. The market is ready for a shift, and the Coinlancer model may be just the thing that the industry needs to come alive again.

The Coinlancer ICO is simple – just go to the site and follow the plan. The pre sale has already begun, October 4, and the token launch will start on October 14 and end November 15. The company has already received encouraging support, with a group of angel investors providing $5 mln in pre-ICO funding.

Disclosure: This is a Sponsored Article

With so many different cryptocurrencies in circulation today, interesting projects are bound to come out of the woodwork. Although more than 90% of all currencies will ultimately peter out of existence, there are some interesting concepts to keep an eye on. Ever since Dogecoin became wildly popular, we have seen a fair few clone coins. EtherDoge is one of those clones, although there may or may not be more to it than originally assumed.

EtherDoge is a Mysterious Currency

At first glance, the EtherDoge project may not look all that spectacular. It appears to be a copy of Ethereum utilizing a Dogecoin-esque logo and branding. Bringing together Ethereum and Dogecoin into a brand new currency may not have necessarily been the smartest idea by the developers, although everything should be given a fighting chance in the world of cryptocurrency. Whether or not EtherDoge can succeed remains to be seen, though.

It seems most hard facts about EtherDoge are purposefully being kept from the public for the time being, though the developers are inviting everyone to join their Slack channel as a way to learn more about this currency. Outside of Slack, one will not necessarily find too much in the way of details on what this project entails or why it’s remotely unique. That’s troubling, as every new currency needs some technology to make it stand out in the first place.

Without any verifiable information outside of the project’s “WOWPaper”, it remains to be seen whether or not people will be convinced this is a worthwhile project. Just because it combines the names of Ethereum and Dogecoin doesn’t mean it will be automatically successful whatsoever. Dogecoin has its own use cases and support, whereas Ethereum mainly focuses on the technical crowd these days. If both those concepts come together in an effective way, things will get very interesting for EtherDoge.

That said, it was a very strange decision to not inform the public about this currency in the first place. As of right now, there is no relevant information on social media, Reddit, or elsewhere. There doesn’t even appear to be a professional website associated with the project. It will be very difficult for people to take EtherDoge even remotely seriously until the concept becomes a lot clearer. People by and large will not hop into a Slack channel for a project they aren’t passionate about.

According to one “ChiefShibe”, some public announcements were to have been made within the coming weeks. That comment was made 13 days ago and nothing has happened since. This does not necessarily instill any confidence whatsoever, as it only raises more questions on the project’s viability. We do know EtherDoge will be an ERC20 token issued on the Ethereum network, with a 2.7 billion token soft cap. Remarkably, there was a private pre-sale which gained little to no public attention.

All things considered, it remains to be seen what will happen to EtherDoge in the future. The concept may appear pretty appealing, but there doesn’t seem to be anything tangible that makes this currency stand out right now. Advertising itself as the “Future of Doge” may not go over too well with DogeCoin community members. Until we learn more about this concept, there will be little to no interest in EtherDoge by the majority of the community.

Reuters, the leading news network will soon have Hedge Project’s CCX30 cryptocurrency indices listed alongside its mainstream counterparts like S&P500 and others. With the inclusion of CCX30 on a popular global news media outlet, the cryptocurrency market is poised to handle extra attention it is going to get soon from mainstream investors and financial institutions … Continue reading Breaking News! Hedge Project’s CCX30 Cryptocurrency Indices to Be Listed on Reuters

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Craig Wright has almost become a cult figure in the world of Bitcoin. That is not necessarily for the right reasons, though. He continues to claim he is the one and only creator of Bitcoin known as Satoshi Nakamoto. Vitalik Buterin recently asked Wright to “stop being a fraud”. An interesting discussion that will certainly … Continue reading Vitalik Buterin Asks Craig Wright to “Stop Being a Fraud”

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