Day: January 26, 2018

There are many reasons why so many people use the Coinbase exchange. One of the main factors is that the company supports both credit and debit cards to buy Bitcoin and other supported currencies. Unfortunately, it seems there are some issues with these payment methods. A lot of customers have complained about extra charges when using a payment card on Coinbase. It seems such transactions are now considered “cash advances”, which is not a positive development.

Using a Payment Card on Coinbase Becomes More Expensive

Over the past few weeks, we have seen both Visa and Mastercard crack down on cryptocurrency-related activity. The suspension of debit cards issued by Wavecrest has sent shockwaves throughout the cryptocurrency community. According to Visa, the company has zero intention to facilitate or process cryptocurrency-related transactions. It seems that statement also applies to regular branded payment cards used on specific Bitcoin platforms.

More specifically, there are a lot of customers complaining about extra fees when buying cryptocurrencies on Coinbase. This mainly affects Bitcoin purchases, but it is certainly possible that purchasing altcoins could yield similar results. For some reason, using this exchange may now cost an additional 3% of the purchase price, even though Coinbase itself is not charging this fee. Instead, it seems both Visa and Mastercard have changed the “status” of Coinbase – and potentially other cryptocurrency exchanges – in their system.

According to one comment, it is possible that Coinbase is now considered to be a “cash advance” service. This means the Merchant Category Code of this company has been altered, which is pretty much on par with using a payment card for gambling. There is an additional surcharge of up to 3% for every single transaction, which will be charged to customers directly. It seems this issue has been present for at least 36 hours now, although the exchange has not issued any official comments regarding these complaints.

If both Visa and Mastercard are indeed charging customers extra to purchase cryptocurrency, a very worrisome situation is created. It is convenient to use a credit or debit card to buy cryptocurrency, but it was only a matter of time until this good thing would come to an end. Credit card issuers have smartened up when it comes to how their cards are being used. With neither Visa nor Mastercard being too keen on cryptocurrencies as a whole, decisions like these were bound to happen when Bitcoin and its consorts became too popular for their own good.

So far, it seems Coinbase is not aware of this situation, but they may start to investigate this matter soon enough. Card issuers such as Visa and Mastercard could classify all cryptocurrency exchanges as cash advance merchants, which would make buying cryptocurrency more expensive all over the world. If things get out of hand, the only option left to users will be wire transfers. Unfortunately, a lot of banks have been cracking down on this activity as well in recent months, which is another problem.

It is unclear if this situation only pertains to specific financial institutions. It seems safe to assume that Visa and Mastercard are themselves enforcing this new rule upon banks, although there has been no clarification in this regard. Regardless of who made this decision, it is evident the global crackdown on cryptocurrency activity is far from over. With major card issuers now turning their backs on Bitcoin and altcoins, it only shows how little control consumers have when it comes to using their money as they see fit.

Imigize.io is a blockchain startup that has developed a revolutionary method to transform the global online clothing and footwear market by providing an open database on the degree of fitting, obtained for each customer by the technology of contactless 3D fitting.

The innovative idea has caught the interest of customers and attracted the attention of serious investors. Closed pre-sale preparation is underway now, but pre-sale will begin at 9:00 am GMT on January 15, 2018.

Internet buyers of clothes and shoes online are often clearly disappointed with the results of their purchases. Every 2nd item doesn’t fit. It makes online stores seek a way out of this looming danger of market stagnation.

The path that Imigize Service Blockchain offers is a win-win solution on how to break a deadlock.

Imigize Service Blockchain creates a transparent, protected against manipulation, without restriction and bias in the data system, which will give all the ecosystem participants the opportunity to acquire and manage necessary information in automatic mode.

How is the BigData formed and what type of data is it?

Customer’s anthropometric data.

All customers make anthropometric scans of their body using stationary scanners installed in places of public access or at home, using the mobile app. Imigize transforms anthropometric data to 3D models.

Digital passport of shoes and clothes.

Next, for remote selection of size, the Imigize service needs to know the internal three-dimensional volume of shoes and clothes to be bought. The data is obtained in the Industrial Centers of shoes and clothes scanning, built by Imigize in locations of its global production (China, Vietnam, Thailand…).

This eliminates the problem of excess costs on logistics and allows online stores obtaining digital goods immediately after its production.

Software sizing algorithm is embedded in an online store and when a customer inserts their ID code, the algorithm instantly correlates their anthropometric parameters with 3D models of the clothes and shoes internal volume and selects a product, suitable by size, and feeling of comfort.

Customers anthropometric data, digital data on actual internal volume of the clothes and shoes, its degree of fitting, level of comfort for buyers, all this is information of immense value for all participants from customers to sellers and manufacturers in the online market.

Imigize service can become a system-forming factor for building a new ecosystem with the technology of the Imigize Service Blockchain, creating and uploading the new free database in the global online clothes and footwear market.

Service Imigize Blockchain (ISB) ecosystem aims to unite all players from the production and online clothing and footwear trade field. It is built on a new level of confidence in the technology of contactless fitting that provides convenience, reliability and low cost of purchases of clothing and footwear online.

Service Imigize creates an information chain from production to consumption and expects a connection to this system of new market participants like financial institutions interested in investing in efficient production, rating agencies that assess manufacturers on the criteria of clothes and shoes comfort, web search engines, as well as others, up to state regulators.

Imigize Service Blockchain is an ingenious exercise of decentralized capacity to store and provide access to information on the global market of online clothes and footwear sales. It is of great interest to all participants.

Imigize opens a new page in the history of the trade of the whole industry, using blockchain technology and solving real problems of online trading.

The best bonuses on the pre-ICO in first 2 weeks, starting on 15 January 2018.

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.

Coincheck, one of Japan’s largest digital exchanges, has said that over $530 million of NEM was lost after it was illicitly sent outside the venue, spooking the cryptosphere where the collapse of the exchange Mt. Gox four years ago still lingers in investors’ minds. Over the past several hours NEM, which is the 10th largest cryptocurrency by market value, fell 14% to $.81 cents. Bitcoin dropped 4% and Ripple fell 8.3%.

Company officials said during a late night press conference at the Tokyo Stock Exchange that they didn’t know how the $530 million NEM coins went missing — whether it a domestic or foreign threat — but that it’s working to ensure the safety of client assets. The press conference, though, did little to pacify the investors and journalists who were present. According to reports, the CEO barely spoke, and when asked about security weaknesses, a long pause was followed simply with an apology, not an admission of guilt or weakness.

Coincheck issued a series of tweets before the press conference, saying: “We have suspended the deposit, withdrawal, buying and selling of NEM. We’re sorry for causing you great inconvenience and making you worry.” It also announced that it had suspended trading for all cryptocurrencies apart from Bitcoin: “Currently we’re suspending the buying and selling of altcoin except for BTC. We’re sorry to cause you great inconvenience. Thank you for your understanding.”

Cryptocurrency exchanges, many of which operate with little to no regulation, have suffered a spate of outages and hacks amid the trading boom that propelled Bitcoin and its peers to record highs last year. Like Bitcoin, NEM is a cryptocurrency built on top of blockchain technology, but it uses a more environmentally friendly method to confirm transactions, according to its website. Bitcoin mining, on the other hand, requires significant computing power.

Japanese exchanges started cropping up last fall, as the government gave its blessing for fully compliant markets. But as the case of Coincheck shows, those markets are still vulnerable to attacks, and Coincheck has yet to receive a license, according to the website of Japan’s financial regulator. Coincheck, founded in 2012, is headquartered in Tokyo’s Shibuya district, an area popular with start-ups that was also home to Mt. Gox.

The post $530 Million Worth of NEM Stolen From Japanese Cryptocurrency Exchange appeared first on NewsBTC.

Katy Perry posts her crypto-themed nails on Instagram and joins the cryptocurrency craze. #NEWS

Ethereum is getting closer to deploying new technology that would allow the network to scale, its founder Vitalik Buterin said. 

Cryptocurrency is one of those industries where things tend to change on a daily basis. Until a few days ago, few people had heard of IOSToken, yet it is suddenly among the top 50 currencies ranked by market cap. With so few people knowing what this project is all about, now is a good time to see what its team plans to do in the coming months and years. It is evident that unique cryptocurrencies and tokens can thrive, assuming they have the necessary vision and technology.

What is IOSToken all About?

As some people might have expected, IOS has nothing to do with Apple’s mobile operating system. Instead, it relates to the so-called Internet of Services, which purports to provide a solid infrastructure for new service providers. Developing a native token for the Internet of Services is an opportunity well worth exploring, especially when the team focuses on high TPS, privacy, scalability, and a secure blockchain. All of these are things which other currencies may also be able to provide, but letting online service providers offer better services to their customers is an interesting train of thought.

How Will That be Achieved?

Using a bunch of fancy words is very different from building the infrastructure necessary to make IOSToken succeed in the coming years. First of all, the project uses Efficient Distributed Sharding technology to improve the scalability of this network. It claims to “dynamically partition” the IOS network into subspaces through a bias-free stochastic process. Again, these are a lot of words which mean very little to the average consumer or online business.

Suffice to say this business model allows for unprecedented transaction throughput. In a perfect scenario, we may be looking at tens of thousands of transactions per second, if not more. From a business point of view, such numbers are more than necessary when it comes to processing data or transactions. The consensus mechanism of IOSToken is based on Proof-of-Believability, which eliminates the need for mining altogether. The believability of network nodes is calculated based on their contributions and previous behavior. By combining this aspect with algorithmic randomness, network participants should have no issues whatsoever.

Additionally, the IOSToken project focuses on HUDS, which serves as a decentralized and secure way to store information. There is also room for dApps and smart contracts, two concepts which have almost become synonymous with blockchain technology. Last but not least, there is a fair and transparent feedback system which gives users a way to rate completed services. It is all very interesting, although it remains to be seen if the world has been waiting for a product of this magnitude.

Is There a Future for IOSToken?

Based on current market sentiment, it is safe to say IOSToken is either a pump-and-dump token or the next big thing in cryptocurrency. The project has attracted a fair amount of investment from entities such as Sequoia, Nirvana Capital, and DFund. Moreover, it has a total supply of 21 billion tokens, of which less than 6.8 billion are in circulation right now. Thanks to the major value appreciation, the project is looking at a market cap of over US$760 million already. Whether or not these numbers warrant major interest in IOSToken is difficult to say. However, the absence of a clear roadmap is rather worrisome at this point.

Bitcoin payment specialists Bitgo have announced the acquisition of Kingdom Trust, an investment firm with custody of over $12 billion in assets. The move will enable the South Dakota-based Kingdom Trust Company to offer custodial cryptocurrencies such as bitcoin, ripple, and ethereum to its investors. This will make it easier for traditional investors to enter the lucrative crypto markets without needing to assume responsibility for safeguarding their holdings.

Also read: Dr. Doom (Professor Nouriel Roubini) Calls Stablecoin Tether a Scam

Bitgo Expands Its Kingdom

Bitgo is the web’s best known cryptocurrency payment processor, responsible for over $10 billion of transactions a month, much of which comes from major bitcoin exchanges. Its purchase of Kingdom Trust is an interesting one for a number of reasons. Two years ago, it would have been hard to envisage a day when a bitcoin company would be acquiring a firm from the world of traditional finance, not least one with 100,000 customers and $12 billion of assets in its care.

Announcing the news, Bitgo CEO Mike Belshe said: “Global financial markets have longed for an end-to-end solution offering both the technology to secure digital currencies as well as the legal and compliance controls necessary to integrate into mainstream financial portfolios…Kingdom Trust has served as a 40 Act qualified custodian for almost a decade and has developed the expertise required by institutional investors necessary for compliance with the Act.”

Double Digit Gains for the 1%?

The move, subject to approval, will suit both parties, enabling Bitgo to grow its brand and tap into a previously inaccessible market, and giving Kingdom Trust a means to ease into the burgeoning world of bitcoin, ethereum and all the rest. As an independent qualified custodian, Kingdom Trust enables registered investment advisors (RIAs) to manage the assets of high-net worth individuals – the 1% in other words. These are the sort of people who have neither the time or inclination to open a Coinbase account, but who are happy for RIAs to make astute investments on their behalf, and right now, crypto is where the money’s at.

Kingdom Trust provides custody solutions for “individual investors, investment sponsors, family offices, advisory firms, broker-dealers and various other investment platforms”. In addition to stocks, bonds, and commodities, those monied individuals now have another item to add to their basket in the form of cryptocurrency.

Do you think bitcoin companies buying up traditional finance companies is likely to become a trend? Let us know in the comments section below.

Images courtesy of Shutterstock, and Bitgo.

Need to calculate your bitcoin holdings? Check our tools section.

The post Bitgo Snaps Up Kingdom Trust, Paving the Way for Custodial Cryptocurrency Offerings appeared first on Bitcoin News.

Moria, the world’s first royalty paying decentralized investment platform targeting the field of precious metals extraction is now available for purchase by qualified investors.

Moria is a groundbreaking project that combines the proven investment vehicle of gold mining with the latest in blockchain infrastructure. As such, it is the first cryptocurrency that has value in and of itself because it pays royalties based on gross  revenues of an existing  Colorado gold mine with a long history of producing tens of thousands of ounces of gold.

Moria has the unique quality of paying quarterly royalties to Token holders commencing in the first quarter after the close of the ICO. The Moria Token takes some of the best attributes of crypto-currency and corporate bonds, combining them to give investors opportunities for gain in the Tokens themselves as well as an income generated from  gold mining revenue earned by GS Mining Company LLC, the issuer of the Moria Tokens.

Token holders (both ICO and subsequent purchasers) will receive pro- rata quarterly payments equal to 10% of the Company’s previous year’s gross gold mining revenue capped at an amount which equals 20% of the ICO price per Token. These royalty payments will be made quarterly. In the event revenue is insufficient to make a full annual 20% payment, the deficiency will accrue, be carried over and paid from future revenues, thus guaranteeing a 20% annual payment. Notwithstanding such payment structure, for the 18 months following the ICO, all token holders will receive quarterly payments at the annual 20% rate. All payouts will be made in Ether and paid to Token holders by means of the Company’s blockchain technology

GS Mining Company  operates the Bates Hunter gold mine in Central City, Colorado. It extends over 35 acres of ground cover and consists of a series of proven gold veins. There is an approximate eight-hundred-foot shaft in place, with past mining only to the 300 foot level. Other area mines have extended recovery to 2200 feet. Expert reports of the Bates Hunter mine infer substantial gold resources at lower depths. Current reporting and vein mapping put the future potential value (just to 2000 feet) at over $2 billion, with potentially billions more at greater depths.

The Moria ICO is an opportunity for investors around the world to participate in the Company’s revenue generation through ownership of Tokens, which not only pay royalties but have the potential to increase in value like other cryptocurrency. The Moria Token is offered under onshore and offshore exemptions from U.S. registration requirements. For the initial sale, U.S. accredited investors and all non-U.S. investors, subject to their local laws, will be eligible for participation in the Moria Token sale.  

Links:

Website

Whitepaper

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Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “infer”, “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain

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.

Blockchain could be the next step for improving governance services. #SPONSORED

Japanese exchange Coincheck has confirmed that about $533 million-worth of cryptocurrency has been stolen from its digital wallets.

Everyone knows technology plays a big role in China. Especially in the financial sector, there are plenty of interesting technology-related developments to keep an eye on. The use of QR codes has increased exponentially over the past few years. Surprisingly, street beggars are now using this technology as a way to collect money. 

QR Codes Serve Different Purposes

Given the popularity of mobile and digital payment solutions, it’s not surprising to see QR codes become more commonplace. Even popular payment tools such as WeChat Pay and Alipay have integrated QR technology in their wallet solutions. With consumers using their smartphones for ordinary purchases on a near-daily basis in China, it is only normal that people would try to bring more use cases for this technology to the table.

Surprisingly, the newest use case involves street beggars asking for money with the help of boards or baskets with QR codes on top of them. Rather than asking passersby to take out their wallets and look for spare change or a bill, they can simply scan the code and complete a payment of their choosing. It is a rather interesting turn of events for many reasons. Begging for money is slowly entering the digital era.

On paper, it makes a lot of sense for street beggars to embrace this technology. Not only will it increase their chances of getting some money from people, but it also shows how QR codes can be used for social good in multiple ways. As QR codes become the new normal, it is evident that cash and other traditional payment methods are slowly on the way out in China.

However, this is not the only evolution taking place among Chinese street beggars. Some beggars are going as far as using traditional point of sale machines to collect payments from passersby, which is both interesting and worrisome. Entering a payment card in an unverified PoS terminal can result in getting one’s card details stolen, which is something to be wary of at all times.

Perhaps the most interesting takeaway from all this is that most beggars seemingly have access to (cheap) smartphones capable of dealing with these payment applications. China is home to very low budget phones, after all, and if this method will increase a beggar’s chance of getting money, it may very well be worth the investment. How they decide to spend this money once it has been received is a different matter altogether. WeChat Pay and Alipay have made major inroads across convenience stores and other businesses, which means there isn’t even a need for a bank account when using these services.

It will be interesting to see if the trend of beggars using QR codes becomes more commonplace in other parts of the world. Outside of Asia, the use of QR codes for payments is still very limited, mainly because most merchants and retailers have no interest in experimenting with this technology. That will eventually come to change, but it’s unclear if QR technology will ultimately prove to be a temporary trend.