Rememberful Bitcoin News.
Interested in cryptocurrency investment? Never invest more than you can afford to lose…and read this article.
Interested in cryptocurrency investment? Never invest more than you can afford to lose…and read this article.
While Bitcoin continues to rise in terms of market value and spread in terms of awareness and usage in many different countries, things aren’t going so well for it over in Indonesia. As of today, the local regulator has influenced two major Bitco…
While Bitcoin continues to rise in terms of market value and spread in terms of awareness and usage in many different countries, things aren’t going so well for it over in Indonesia. As of today, the local regulator has influenced two major Bitcoin payment platforms to shut themselves down, as it does not recognize Bitcoin … Continue reading Indonesian Bitcoin Exchanges Close Down amidst Regulatory Pressure
The post Indonesian Bitcoin Exchanges Close Down amidst Regulatory Pressure appeared first on NEWSBTC.
Barron’sBitcoin throwdown: Analysts spar on whether the cryptocurrency is a good deal or too riskyCNBCAndrew Left, a noted bitcoin short seller, squared off with Tom Lee, a noted bitcoin enthusiast, Wednesday on CNBC. Left has said he is short Bitcoin …
Barron's | Bitcoin throwdown: Analysts spar on whether the cryptocurrency is a good deal or too risky CNBC Andrew Left, a noted bitcoin short seller, squared off with Tom Lee, a noted bitcoin enthusiast, Wednesday on CNBC. Left has said he is short Bitcoin Investment Trust, while Lee has told investors bitcoin could go to $25,000 or higher from its current ... Bitcoin: When the Only Game in Town Looks Like a Bargain Analyst Tom Lee Says The Bitcoin Investment Trust Could Triple From Here TOM LEE: Bitcoin is an important asset for investors to own |
Futurism |
Apple’s Co-Founder Says Bitcoin Is Better Than Gold
Futurism Apple co-founder Steve Wozniak is betting on Bitcoin, saying that the cryptocurrency could become a better standard of financial value than gold or the U.S. dollar. Wozniak argued that Bitcoin is more stable and less prone to arbitrary supply changes. |
Futurism | Apple's Co-Founder Says Bitcoin Is Better Than Gold Futurism Apple co-founder Steve Wozniak is betting on Bitcoin, saying that the cryptocurrency could become a better standard of financial value than gold or the U.S. dollar. Wozniak argued that Bitcoin is more stable and less prone to arbitrary supply changes. |
The European wing of the RAND Corporation, a US think tank, has argued for a slow-and-steady process for developing possible blockchain standards.
The European wing of the RAND Corporation, a US think tank, has argued for a slow-and-steady process for developing possible blockchain standards.
What should you do with SegWit2x just around the corner? Is it time to freak out? Probably not.
What should you do with SegWit2x just around the corner? Is it time to freak out? Probably not.
Recent reports indicate that Indonesia’s central bank has decided to crack down once again on Bitcoin, stating that it represents neither a legal nor recognized medium of exchange and payment in the country. Indonesia resumes past position on digital currencies Back in February 2014, Reuters reported that Indonesia had decided to ban the use of digital currencies. A press statement issued by the country’s central bank at the time read: “Bitcoin and other virtual currencies are neither currency nor legal payment tools in Indonesia. People are advised to be careful about Bitcoin and other virtual currencies”. Shortly thereafter, the country decided to
Recent reports indicate that Indonesia’s central bank has decided to crack down once again on Bitcoin, stating that it represents neither a legal nor recognized medium of exchange and payment in the country.
Back in February 2014, Reuters reported that Indonesia had decided to ban the use of digital currencies. A press statement issued by the country’s central bank at the time read: “Bitcoin and other virtual currencies are neither currency nor legal payment tools in Indonesia. People are advised to be careful about Bitcoin and other virtual currencies”.
Shortly thereafter, the country decided to reconsider its position on digital currencies, and hence turned a blind eye to individual users, bitcoin exchanges, and business services involving digital currency use.
It seems the latest announcement has already led to the closure of Toko Bitcoin and Bitbayer, two Bitcoin payment platforms operating in Indonesia. Bitbayer, an alternative to services like BitPay, has announced it will cease its services as of November 1st. Users are encouraged to withdraw all of their funds before the end of this month. Additionally, Toko Bitcoin, which was popular for allowing customers to purchase electricity vouchers along with phone credits, has decided to stop accepting the digital currency as a means of payment.
While reports indicate that there was no official request made by the central bank towards these two companies, it is important to point out that its governor, Agus Martowardojo, stated that Bitcoin was not a legal method of payment and that if used as such, action would be taken. Not long beforehand, the digital currency could be used as a method of payment as long as prices were denominated in Indonesia’s national currency, the rupiah.
This decision is likely to have a negative impact on numerous fintech businesses and start-ups operating within Indonesia, as most will now have to reconsider their niche or move their operations somewhere else. However, Bitcoin exchanges will continue to operate freely in the region.
Based on these reports, what do you think about the central bank’s latest crackdown on digital currencies in Indonesia? Let us know your thoughts in the comment section.
Wall Street Journal |
Bitcoin’s Sectarian Battles Heat Up
Wall Street Journal The truth is getting messy in the world of cryptocurrencies. The digital currency bitcoin was created with a unique feature—a public online ledger, not controlled by any one party, that contains the immutable trading history of the entire network. It … |
Wall Street Journal | Bitcoin's Sectarian Battles Heat Up Wall Street Journal The truth is getting messy in the world of cryptocurrencies. The digital currency bitcoin was created with a unique feature—a public online ledger, not controlled by any one party, that contains the immutable trading history of the entire network. It ... |
The head of a Chinese investment bank says he believes bitcoin’s underlying technology is more important than the cryptocurrency itself.
The head of a Chinese investment bank says he believes bitcoin’s underlying technology is more important than the cryptocurrency itself.
CoinDesk |
China Renaissance CEO: Blockchain More Important Than Bitcoin
CoinDesk Fan Bao, the CEO of China Renaissance, said in an interview with CNBC that while bitcoin’s market may be a bullish one, he believes that underlying blockchain tech is more attractive and “probably the most disruptive technology…in the financial … |
CoinDesk | China Renaissance CEO: Blockchain More Important Than Bitcoin CoinDesk Fan Bao, the CEO of China Renaissance, said in an interview with CNBC that while bitcoin's market may be a bullish one, he believes that underlying blockchain tech is more attractive and "probably the most disruptive technology...in the financial ... |
“Trustlessness” is a term often
quoted as a feature of blockchain technology but what does that mean and is absolute
zero trust a myth or really true? Praised as one of the characteristics that
make the blockchain so revolutionary, a trustless system is one where two peers
can enter a virtual hand shake agreement, i.e. smart contract, without relying on a
trusted third party to facilitate.
Blockchains are good at being
permissionless and having decentralized tasks that are recorded on an auditable
ledger, yet not all blockchains are completely trustless, and achieving full
trustlessness is challenging if not impossible. Even
an open-source project like Bitcoin that is constantly being reviewed can have
trust issues, not from the code but by the developers and reviewers of the
code. So trustlessness is more of a term describing an ideal state on the
blockchain where code is law with the caveat that humans write code and to err
is human.
Before looking at how a fully
trustless blockchain can be implemented by privacy advocates like Particl — an open-source project that is building
a decentralized ecommerce application on the blockchain — let’s look at the
obstacles standing in the way.
I Trust
You, Until I Don’t
We’re conditioned to think of
trust as a good thing. Traditionally, positive human relationships have
required a level of trust. From an economic perspective, however, trust has significant
downsides.
The greatest drawback is that trust
can be broken. When you engage in a transaction with someone you believe to be
trustworthy, but then they fail to deliver the promised goods or services, you
suffer. In
addition, trust is not efficient. It has to be cultivated and you have to
invest time in evaluating how much another party can be trusted before you
engage in a trade.
Blockchain technology can be
leveraged to overcome the risks and inefficiencies that are associated with
trust. With
the right approach, it’s possible to make reliable transactions on the
blockchain without knowing or trusting the person or group you are dealing with.
That is because the blockchain can be used to enforce good behavior.
In Particl’s case, by creating
a simple smart contract, you can ensure that if one party in a transaction
fails to uphold their end of a deal, the blockchain can automatically cancel
the transaction or punish the misbehaving party in another way. In effect, this
feature makes it impossible for a malicious user to profit by taking advantage
of the trust that another user places in them without inflicting harm on
themselves as well.
The
Trustless Challenge
If you buy or sell something
using Bitcoin, you don’t automatically gain protection against being cheated: default
Bitcoin transactions are non-reversible. The ability of the blockchain to
enable transactions that are both trustless and reliable is difficult because
it needs to be done without the intervention of a third party. In conventional
trading contexts, transactions are typically policed by a central authority that
evaluates claims about broken trust and responds accordingly. For example, if a
seller cheats you on eBay, you can complain to eBay and request a refund. These
authorities also charge fees or percentages of sales revenue whether they are
used or not.
The downside to this approach
is that it compromises privacy. In order to provide this protection against
broken trust, a platform like eBay oversees transactions. It knows what buyers
and sellers are doing. With a two-person trustless escrow, in contrast, reliable
transactions can be implemented without the oversight of a third party. You
don’t have to lose privacy to gain reliability.
The tricky thing about
achieving true trustlessness on a privacy-focused blockchain is that it doesn’t
happen by default. Although multiple times more efficient than building trust
in public, smart contracts still need to be signed and the exchange of goods or
services still needs to happen. The beauty is that an agreement can be made and
successfully carried out even if one or both parties don’t fully trust each
other.
A Trustless
Solution
Particl leverages Bitcoin as
the underlying blockchain protocol, but adds privacy enhancements that make it
possible for users to perform transactions that are trustless, reliable and
private. In an innovative development, PART transactions do not require users
to write smart contracts themselves. Instead, this feature is built into the
platform.
Central to Particl’s approach
to trustless transactions is mutually assured destruction (MAD) escrow. MAD
escrow is a special type of smart contract that prevents either party from
profiting in the event that one cheats during a transaction.
In addition, because the smart
contract is enforced automatically via the blockchain, Particl developers play
no role in overseeing transactions. Their platform guarantees privacy while
achieving trustlessness at the same time. Two people from anywhere in the world
can enter into a binding agreement that is only finalized when both agree it is
completed.
Blockchain technology’s promise
is that users are no longer bound by the inefficiencies and risks associated
with trust in order to make transactions. Most blockchains, however, do not yet
implement truly trustless transactions. Particl is an exception, as it was developed
with trustlessness at its core from the start. Particl developers aim to “square
the circle” by delivering trustless ecommerce without compromising reliability
or privacy.
The post Trustlessness in Action: Particl’s Model appeared first on Bitcoin Magazine.
“Trustlessness” is a term often
quoted as a feature of blockchain technology but what does that mean and is absolute
zero trust a myth or really true? Praised as one of the characteristics that
make the blockchain so revolutionary, a trustless system is one where two peers
can enter a virtual hand shake agreement, i.e. smart contract, without relying on a
trusted third party to facilitate.
Blockchains are good at being
permissionless and having decentralized tasks that are recorded on an auditable
ledger, yet not all blockchains are completely trustless, and achieving full
trustlessness is challenging if not impossible. Even
an open-source project like Bitcoin that is constantly being reviewed can have
trust issues, not from the code but by the developers and reviewers of the
code. So trustlessness is more of a term describing an ideal state on the
blockchain where code is law with the caveat that humans write code and to err
is human.
Before looking at how a fully
trustless blockchain can be implemented by privacy advocates like Particl — an open-source project that is building
a decentralized ecommerce application on the blockchain — let’s look at the
obstacles standing in the way.
I Trust
You, Until I Don’t
We’re conditioned to think of
trust as a good thing. Traditionally, positive human relationships have
required a level of trust. From an economic perspective, however, trust has significant
downsides.
The greatest drawback is that trust
can be broken. When you engage in a transaction with someone you believe to be
trustworthy, but then they fail to deliver the promised goods or services, you
suffer. In
addition, trust is not efficient. It has to be cultivated and you have to
invest time in evaluating how much another party can be trusted before you
engage in a trade.
Blockchain technology can be
leveraged to overcome the risks and inefficiencies that are associated with
trust. With
the right approach, it’s possible to make reliable transactions on the
blockchain without knowing or trusting the person or group you are dealing with.
That is because the blockchain can be used to enforce good behavior.
In Particl’s case, by creating
a simple smart contract, you can ensure that if one party in a transaction
fails to uphold their end of a deal, the blockchain can automatically cancel
the transaction or punish the misbehaving party in another way. In effect, this
feature makes it impossible for a malicious user to profit by taking advantage
of the trust that another user places in them without inflicting harm on
themselves as well.
The
Trustless Challenge
If you buy or sell something
using Bitcoin, you don’t automatically gain protection against being cheated: default
Bitcoin transactions are non-reversible. The ability of the blockchain to
enable transactions that are both trustless and reliable is difficult because
it needs to be done without the intervention of a third party. In conventional
trading contexts, transactions are typically policed by a central authority that
evaluates claims about broken trust and responds accordingly. For example, if a
seller cheats you on eBay, you can complain to eBay and request a refund. These
authorities also charge fees or percentages of sales revenue whether they are
used or not.
The downside to this approach
is that it compromises privacy. In order to provide this protection against
broken trust, a platform like eBay oversees transactions. It knows what buyers
and sellers are doing. With a two-person trustless escrow, in contrast, reliable
transactions can be implemented without the oversight of a third party. You
don’t have to lose privacy to gain reliability.
The tricky thing about
achieving true trustlessness on a privacy-focused blockchain is that it doesn’t
happen by default. Although multiple times more efficient than building trust
in public, smart contracts still need to be signed and the exchange of goods or
services still needs to happen. The beauty is that an agreement can be made and
successfully carried out even if one or both parties don’t fully trust each
other.
A Trustless
Solution
Particl leverages Bitcoin as
the underlying blockchain protocol, but adds privacy enhancements that make it
possible for users to perform transactions that are trustless, reliable and
private. In an innovative development, PART transactions do not require users
to write smart contracts themselves. Instead, this feature is built into the
platform.
Central to Particl’s approach
to trustless transactions is mutually assured destruction (MAD) escrow. MAD
escrow is a special type of smart contract that prevents either party from
profiting in the event that one cheats during a transaction.
In addition, because the smart
contract is enforced automatically via the blockchain, Particl developers play
no role in overseeing transactions. Their platform guarantees privacy while
achieving trustlessness at the same time. Two people from anywhere in the world
can enter into a binding agreement that is only finalized when both agree it is
completed.
Blockchain technology’s promise
is that users are no longer bound by the inefficiencies and risks associated
with trust in order to make transactions. Most blockchains, however, do not yet
implement truly trustless transactions. Particl is an exception, as it was developed
with trustlessness at its core from the start. Particl developers aim to “square
the circle” by delivering trustless ecommerce without compromising reliability
or privacy.
The post Trustlessness in Action: Particl's Model appeared first on Bitcoin Magazine.
In Canada, steps are being taken to bring Initial Coin Offerings (ICOs) within the regulatory framework. TokenFunder, a Toronto-based startup that helps other startups launch and manage ICOs, is the first company to win approval for an ICO by the On…
In Canada, steps are being taken to bring Initial Coin Offerings (ICOs) within the regulatory framework. TokenFunder, a Toronto-based startup that helps other startups launch and manage ICOs, is the first company to win approval for an ICO by the Ontario Securities Commission (OSC).
While some ICOs have come under regulatory scrutiny lately, TokenFunder CEO Alan Wunsche believes that ICOs can be done right, with built-in safeguards to avoid fraud.
Wunsche said in a press release issued to Bitcoin Magazine:
“TokenFunder has been working with the Ontario Securities Commission’s LaunchPad for the past year to define an innovative funding model for businesses. Our offering will give investors the comfort of knowing that they are purchasing a security that can stand up to the scrutiny of regulation.”
The OSC decision allows TokenFunder Inc. to launch their ICO November 1, selling FNDR tokens to retail investors who can then launch their own ICOs on TokenFunder’s platform which is being built on the Ethereum blockchain.
TokenFunder was given “relief” for a year from current regulations covering investors. This includes an exemption from registering as an investor and an exemption from a limit to the amount that can be raised in one offering.
Wunsche notes that many firms using ICOs to raise investment funding are not able to verify where the funds are coming from making it risky to raise money this way. He believes that there is a safe way to use ICOs and is offering the expertise to provide investor protection within a sound regulatory framework.
Like many jurisdictions around the world, the Ontario government is looking for ways to regulate ICOs without stifling innovation and driving startups to other jurisdictions.
To date, some startups are holding ICOs without regulatory approval saying that their tokens or coins are not securities.
TokenFunder offers an ICO process that they claim will build trust in digital finance through the use of best practices, including smart contracts to build in legal compliance and regulatory compliance to ensure that investor’s rights are protected.
TokenFunder offers token launch advisory services and is designed to operate within applicable securities laws and de-risk offerings and purchases of coins for both issuers and purchasers by providing, among other things, a regulatory approved platform and related support.
TokenFunder co-founder Laura Pratt said in a press release:
“A unique feature of our FNDR token is that it lets investors share in the future success of the platform. TokenFunder has innovative KYC and AML compliance safeguards, which investors don’t receive with unregulated ICOs. After the completion of our ITO, our vision is to enable other companies to launch ITO’s using our platform. It is a myth that regulation is in the way… it’s the right way.”
TokenFunder is a graduate of the OSC’s regulatory sandbox, part of the Canadian Securities Commission network of sandbox initiatives.
LaunchPad is the Ontario sandbox with largely provincial jurisdiction but is also part of the federal securities experimental program. Its goal is to help new fintech startups work outside the current regulatory system and navigate a financial terrain that is largely based on traditional systems that may not work for new cryptocurrency and blockchain startups.
The Blockchain Association of Canada (BAC) has been lobbying the province’s finance minister and others for more appropriate regulations for the new digital age.
Executive Director Kyle Kemper, on behalf of the BAC told Bitcoin Magazine:
“This is a first step in building a common understanding between all stakeholders around the potential, risks and opportunities of the token economy.
“This ruling demonstrates that the OSC is adapting to a changing landscape and recognizes the need to support entrepreneurs leveraging blockchain technology. The Blockchain Association of Canada looks forward to assisting in developing a regulatory environment that supports continued innovation. The BAC congratulates the TokenFunder team for achieving this impressive milestone.”
The post TokenFunder Wins Approval to First OSC Regulated ICO Launch appeared first on Bitcoin Magazine.
The last few weeks have seen numerous countries propose and debate Bitcoin regulation. Recent reports now indicate that this week, the Australian Parliament will vote on a bill meant to further strengthen the country’s laws against money laundering. Exchanges to register with AUSTRAC To put things into perspective, the proposed laws mainly consist of granting the financial intelligence regulator of Australia, AUSTRAC, a bit more power, thereby allowing the institution to check up on digital currency exchanges operating within Australian territory. Apart from this, digital currency exchanges would reportedly have to register with a new regime, most likely with stricter protocols to be enforced. What’s more,
The last few weeks have seen numerous countries propose and debate Bitcoin regulation. Recent reports now indicate that this week, the Australian Parliament will vote on a bill meant to further strengthen the country’s laws against money laundering.
To put things into perspective, the proposed laws mainly consist of granting the financial intelligence regulator of Australia, AUSTRAC, a bit more power, thereby allowing the institution to check up on digital currency exchanges operating within Australian territory. Apart from this, digital currency exchanges would reportedly have to register with a new regime, most likely with stricter protocols to be enforced.
What’s more, the new laws also would make it an offense for anyone who is not registered to provide exchange services for digital currencies. Therefore, a person who continuously buys and sells Bitcoin alongside altcoins could theoretically be committing an offense.
In a parliamentary speech back in August when the bill was originally drafted, the Australian Justice Minister, Michael Keenan, stated that businesses which trade digital assets for fiat and vice versa will be required to register with AUSTRAC, maintain an AML/CTF program, and report threshold transactions as well as matters deemed suspicious.
While some considered Australia to have a positive attitude toward digital currencies a while back, this isn’t the case anymore, given the current laws and restrictions being put into place. As the Australian Criminal Intelligence Commission (ASIC) put it: “Virtual currencies, such as Bitcoin, are increasingly being used by serious and organized crime groups.”
It is interesting to see this approach playing out, as there are numerous members of the industry who are either with or against these laws. For instance, some believe that the new laws will be good, as they’ll grant investors and consumers more confidence in the ecosystem. There are, however, others who think that these laws are a bit too harsh for individual and private Bitcoin use.
Based on all of the above, what do you personally think about the new anti-money laundering laws and Bitcoin regulations on which the Australian parliament will soon vote? Let us know your thoughts in the comments.
St. Petersburg Social Commercial Bank (SPSCB) and MyWish plan to start a joint project following the decision of the Central Bank concerning cryptocurrency regulation. The project will open new opportunities for managing crypto assets in various real s…
St. Petersburg Social Commercial Bank (SPSCB) and MyWish plan to start a joint project following the decision of the Central Bank concerning cryptocurrency regulation. The project will open new opportunities for managing crypto assets in various real situations. The development and popularization of the blockchain industry create a demand for the development of services for … Continue reading Cryptocurrency Will Become Available for the Most Part of the Population of Russia
The post Cryptocurrency Will Become Available for the Most Part of the Population of Russia appeared first on NEWSBTC.
ICObazaar is a platform for blockchain startup and crowdsale evaluation. The company’s mission is to help potential investors in the crypto space make more informed decisions. In addition to providing their own ratings for all ICOs on the platform, the company just this week launched a user review system to gather ICO evaluations from the crowd. Now registered ICObazaar users can evaluate upcoming ICOs and potentially get rewarded in crypto for producing reviews that are valued by other users on the platform. Why user reviews ICObazaar believes that many potential investors in the blockchain space can provide real insight
ICObazaar is a platform for blockchain startup and crowdsale evaluation. The company’s mission is to help potential investors in the crypto space make more informed decisions.
In addition to providing their own ratings for all ICOs on the platform, the company just this week launched a user review system to gather ICO evaluations from the crowd.
Now registered ICObazaar users can evaluate upcoming ICOs and potentially get rewarded in crypto for producing reviews that are valued by other users on the platform.
ICObazaar believes that many potential investors in the blockchain space can provide real insight into the viability of a given project from a variety of perspectives, ranging from finance to business, to blockchain technology to cryptocurrency regulation/law.
The company encourages reviewers to research projects and write reviews that they themselves would find helpful when deciding whether or not to invest in a given ICO.
The idea behind the system is to reward users for producing rigorous reviews, where the value of the review is determined not by the company itself, but by other potential investors.
The review system offers any ICObazaar user a chance to earn crypto in exchange for evaluating upcoming ICOs. Each user can review any given upcoming ICO only once. Reviews are then up/downvoted by other users. On the ICO launch day, the five users whose reviews earned the most upvotes receive rewards in crypto, deposited into their ICObazaar accounts.
To start reviewing ICOs and earning crypto on ICObazaar, all you need to do is sign up on the platform and choose an upcoming ICO to evaluate. The rest is up to the crowd.
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.