Day: December 20, 2017

Ron Paul said today that he believes the U.S. government’s monetary policies have fueled the rise in the price of cryptocurrencies like bitcoin.

Large insurance companies make their profit by capitalizing on drivers that have good behavior. If a driver gets out of line, their insurance policy pays a set amount after the deductible and their price of insurance goes up. This penalizes bad drivers, yet insurers still make billions off the backs of good drivers in the process. And despite its growth this $7 trillion industry shows no real effort to innovate.

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InsurePal utilizes the blockchain`s decentralized ledger to incentivize good behavior by using social proof. Social proof allows for another to vouch for you by staking a sum of their choice. Endorsers are incentivized by a bonus that releases to them instantly. If no claims are made by the insured in a year, then the endorser keeps the bonus. If there is a claim, the endorser is penalized the amount of the insured’s savings, the bonus, and a penalty fee. The trust rating system will highlight the good drivers and endorsers that are credible.

InsurePal’s social proof offers an affordable means of car, health, and life insurance. They will also include insurance for transactions on the blockchain. Of course savings depends on what the insured pays on their current plan, but the potential to save is great with social proof, and InsurePal’s social proof also makes it possible to have multiple endorsers to mitigate their loss.

InsurePal’s technology is in the patent process for the U.S. with worldwide patent recognition being applied for as well. Their proof of concept, posted on their Github, details the patented technology. Key dates for implementation of InsurePal will be Q3 and Q4 of 2018. Then, InsurePal expects to receive a MGA licence from the UK market. Also in those quarters, they plan to begin obtaining a European license. More advancements will include the testing of the platform in the UK and creation of health and life insurances. InsurePal plans to expand to a number of different insurances as the platform matures with an emphasis on affordability in that market space. Insurepal will also expand into other services on the blockchain as the space develops.

InsurePal is also innovating by participating in the first case of assurance of transactions on the blockchain. How an insured transaction works is that party A and B decide that a beneficial trading relationship may occur over the blockchain. However they are not sure how to trust each other in transacting. With InsurePal, parties sign an arbitrage smart contract that details the time span for dispute and penalty for breaking the terms of the contract. If a party breaks the contract they will have up to so long to remedy the situation under the dispute. If the party does not improve their position in terms of the contract then the breaching party will pay the penalty. This insurance of transactions system is also nuanced by the trust rating system. The more approved transactions by a party also creates a trust score within the InsurePal ecosystem. The more trust a user has, the more transactions they are likely to receive.

InsurePal is expected to operate as a dAPP on the Ethereum network on the end for individual customers. On the B2B end, InsurePal will be introduced as a service.  InsurePal (IPL) will be the premier token used for the platform valued at $.10 a token with a hard cap of $18 million.  For more information, InsurePal is now active on the social media platforms Facebook, Twitter, and Telegram. They are anticipating their ICO crowdsale January, 16, 2018.

Litecoin (LTC) Founder Charlie Lee has sold and donated all his LTC in order to free himself from conflict of interest. He promises not to abandon the network.

Similar to most cryptocurrencies, buying and selling IOTA in exchange for fiat currency has proven to be a major challenge. Very few exchanges provide fiat currency gateways for altcoins these days, other than Litecoin, Ethereum, and Bitcoin Cash. Omoku plans to change all of that for IOTA, even though it is more of a broker than an actual exchange. It’s always good to have more platforms offering altcoins, as the demand for such currencies is reaching new heights.

Omoku is a Game Changer for IOTA

In the world of altcoins and other cryptocurrencies, converting to and from fiat will always be a challenge. For some reason, exchanges are less keen on opening additional fiat currency gateways for anything that isn’t Bitcoin, Litecoin, or Ethereum. South Korean exchanges are the only exceptions in this regard right now, although it is evident even they won’t give all cryptocurrencies a shot either.

Brokers play a big role in Europe, especially when it comes to converting between EUR and any cryptocurrency. The number of exchanges with EUR trading markets for anything but those three altcoins is very limited. Brokers, on the other hand, often support several dozen cryptocurrencies which can be bought with and sold for Euros. Litebit is a very popular option in this regard, although it is dealing with some very stiff competition right now.

For fans of the IOTA currency, a new European broker has hit the market. Known as Omoku, the platform is designed to facilitate the direct purchase of IOTA with euros. Thanks to SEPA bank transfers, funds can be transferred from customer to broker very quickly. More importantly, Omoku will not act as a custodian of user funds, as it will simply facilitate the transactions themselves. It’s an interesting approach, although it remains to be seen if this new service will be successful.

To make this platform even more appealing, Omoku has a minimum purchase amount of just 50 euro cents. This means anyone in the world can buy IOTA pretty quickly without having to spend a lot of money. Do keep in mind there is a transaction fee of 0.9% to take into account, although it is still pretty low for a company offering brokerage services. It is something the IOTA community will certainly appreciate.

Moreover, the security aspect of this service should not be underestimated either. Since Omoku doesn’t hold onto customer funds, it is protected from hacks. More specifically, no money will be lost by the company or its customers unless someone changed the company’s bank account information altogether. A data breach could still affect this service, but that’s something no one can really avoid at this point.

It is good to see more companies focus on providing convenient fiat currency gateways for top altcoins. IOTA has certainly become very popular in recent months, and it seems that trend may continue for quite some time to come. How Omoku will fare under the EU’s new KYC and AML guidelines for cryptocurrency purchases remains to be determined. All things considered, it’s a positive development for the IOTA community as a whole.

The post How Bulletproofs Could Make Bitcoin Privacy Less Costly appeared first on Bitcoin Magazine.

A company seeking to create the world’s first decentralized hedge fund has been hit with a class action alleging a fraudulent issuance of securities.

As a Bitcoin owner, one of the worst feelings is losing access to your wallet or private key. After all, storing your Bitcoin is done in such a way they can’t be recovered without key information. This is only normal for most people, but it is confusing for others. Thankfully, there may be a solution in sight to recover lost passphrases and passwords. Although hypnotherapy is not necessarily the best way to go, it seems to work quite well for some.

Not everyone would go to great lengths to recover a Bitcoin wallet password or recovery seed. Noting this information down is of the utmost importance. However, people can still lose access to this information for many different reasons. The file containing this information is lost, stolen, or destroyed. Thankfully, a Bitcoin wallet can often be imported into a new solution if you have the necessary information. Hypnotherapy can be of great help to remember passwords and recovery seeds in this regard.

Hypnotherapy to Recover Lost Bitcoins

More specifically, there is a hypnotist in South Carolina specializing in this type of activity. This person helps people recall forgotten passwords or find misplaced storage devices. It can be well worth checking out if you have a Bitcoin wallet on a USB device you can no longer find. Jason Miller, the hypnotherapist, does charge a fee of one Bitcoin plus 5% of the money recovered. This means he has to be very certain about his skills. It is an interesting business model, though, and some people seemingly want to explore in a time of need.

Especially people who bought BTC years ago will benefit from this solution. We often hear stories about people losing access to a wallet. In most cases, they misplaced the device or can’t remember the password. Using hypnotherapy to recover this information makes a lot of sense. At the same time, hypnotherapy is still “frowned upon” in social circles these days. That’s a bit unusual, considering this method has scientific roots. It’s not just smoke and mirrors, nor does it require any “belief” in the system either.

Whether or not people will use such a method to recover their bitcoins, remains to be seen. It is certainly true a lot of coins have been lost forever. Or that is what we think, at least, unless the wallets have recovered over time. Jason Miller may certainly be onto something in this regard. He claims the collection of techniques used should yield satisfactory results. Only time will tell if that is the case, though. There are other ways to recover lost bitcoins, but hypnotherapy may be the least “intensive” way to go about things.

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The South Korean Financial Supervisory Service does not plan to regulate cryptocurrencies, citing the fact that virtual currencies are not “actual types of currency”.

CoinLion is a powerful trading platform that makes managing digital assets easy and efficient. The platform contains a unique portfolio management tool combined with a publishing and promotional toolset that rewards users for building and sharing portfolios, strategies, and information relating to the management of digital assets.

“CoinLion will make managing hundreds of digital currencies easy and efficient and will empower the everyday user to take control of their digital holdings,” said CEO Joshua DeWitt

The CoinLion Platform consists of three main components working together to maximize the user trading experience. The first is a digital currency exchange focused on giving users the best trading experience possible. The second is a portfolio management tool that allows for the creation and management of cryptocurrency portfolios. The third component is a publishing and promotional toolset that allows users to grow and build their following by creating and share portfolios, strategies, and information with other users.

The CoinLion Portfolio Management Tool allows users to create and manage multiple portfolios simply and efficiently. A user may use the portfolio management tool to purchase multiple cryptocurrencies allocated by quantity, amount or percentage. Features within the portfolio management tool allow users to reallocate portfolios and submit multiple orders with a single click.

Using the Publishing & Promotional Toolset users can choose to publish portfolios, strategies, and content for others to track or use in exchange for LION. The portfolio management tool lets users create portfolios, share them with other users and or across their social media channels. Portfolio creators can define a cost in LION for allowing users the right to track and duplicate a shared portfolio.

CoinLion has its own token, LION, and will be launching the token sale December 18, 2017.

“LION is quite a powerful token,” said CTO Justus Luthy.

Lion is the native token that interacts within the platform helping users learn, build, and grow. LION creates an ecosystem that rewards and incentivizes users to share and create portfolios, strategies and research related to the management of digital assets. CoinLion says they will generally not limit the uses of LION.

Within the platform users can use LION to track and duplicate portfolios, trade for free within the LION market, receive discounted trading when holding LION, create and manage multiple portfolios using the portfolio management tool, access research and analytics within the CoinLion research library, access to ICOs launched on the platform at a discounted rate, promote portfolios and content on CoinLion and other platforms and the list goes on.

CoinLion plans to launch the platform Q3 of 2018 and plans to launch a demo version before the token sale.

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The post CoinLion Announces A New Digital Currency Trading Platform appeared first on NEWSBTC.

The US SEC suspends the trading of The Crypto Co. stocks until Jan. 3, 2018 due to concerns over sale of shares by ‘insiders’ and potential manipulation.

NYSE Arca has filed with the SEC for a proposed rule change that would allow for the listing of two exchange-traded funds tied to bitcoin futures.