Day: February 18, 2018

Fraud and theft are two very real problems in the world of cryptocurrency. Unfortunately, it seems these problems will only be getting worse as time progresses. One cryptocurrency trader in Chicago has been charged with fraud for allegedly stealing US$2 million worth of Bitcoin and altcoins from his employer. This action was taken to cover personal financial losses due to bad trading. It is a very worrisome development, although the investigation is still underway as we speak.

Another Cryptocurrency-related Theft

If there is one positive aspect of Chicago, it is that there have never been criminal prosecutions involving cryptocurrencies up to now. Not long ago, a Chicago-based cryptocurrency trader was charged with fraud for stealing money from his employer. It is believed he stole up to US$2 million worth of Bitcoin and other currencies to cover his prior trading losses. The culprit, Joseph Kim, was charged with one count of wire fraud and decided not to enter a plea.

Kim is an assistant trader for Consolidated Trading. This Chicago-based firm trades increasingly popular cryptocurrencies, including Bitcoin and some of the top altcoins. Between September and November, the company saw money being sluiced to unofficial accounts, eventually adding up to US$2 million in losses. The company’s Bitcoin and Litecoin balances were slowly drained as Kim moved funds to his personal account. He also went through the trouble of forging statements to hide the theft.

For the time being, Kim has a bond set at US$100,000 and cannot travel between Northern Illinois and Arizona. The latter location is where Kim has one of his residences, which is why the area is off limits for the time being. Moreover, Kim gave up his passport and agreed to additional restrictions imposed on him. It seems he is all too aware of the problems he caused and the theft he committed. For a 24-year-old, the theft was a rather desperate move, to say the least.

With the rise in popularity of Bitcoin and other cryptocurrencies, it is not surprising to see people become desperate to get their hands on it. Rather than buying and holding Bitcoin, some people will look for an easy way in the hopes of getting away with it. As the federal prosecution of Joseph Kim shows, the truth will always come out eventually, and no theft will go unpunished. Cryptocurrencies are not suited for criminal use whatsoever, as it is impossible to hide the truth for long.

It is unclear what punishment awaits Kim, though. If the one charge of wire fraud sticks, he will spend a lot of time in jail in the future. More importantly, it will effectively destroy any career he may have left in the financial sector. Stealing money from your employer – cryptocurrency or otherwise – is always unacceptable. This sends another clear warning to anyone else with similar aspirations not to pursue this avenue.

It is highly likely we will see more thefts involving Bitcoin and other cryptocurrencies in the future. After all, this new form of money has attracted a lot of attention, and a lot of people still assume it is anonymous. Moreover, governments consider Bitcoin and altcoins to be perfect tools for criminals, even though they are clearly not to be used in such a capacity. Most currencies lack privacy and anonymity features, and hence aren’t suited for criminal purposes. Additionally, these markets are not liquid enough to move vast amounts of money without leaving digital breadcrumbs revealing one’s identity.

As the summer vacation is coming up and families will be spending lots of time together. Some family members are planning to travel around as well. During this break, for most of them their smartphone is the tool of choice for staying in touch with their family and entertainment.

But which apps will kids actually enjoy? Which are useful to parents? And which ones can the whole family use productively? Which app can work a family support system to inspire and engage the whole family? Here are 10 must have apps for your family based on their application in real life.

#1 Health & Wellness Motivation App – CircleCare

Android | iOS

Want to motivate your family to stay healthy? Want to share precious family moments privately on every step of the way? CircleCare got you covered! CircleCare is a perfect health and wellness App to build a private support network for families, where you can share, care and inspire your loved ones to stay healthy. It has got useful features like family locator, medication reminder, step counter and blood pressure & sugar record keeping system. Once you add your whole family on the app, you can motivate them to follow healthy lifestyle and get the peace of mind by knowing that they are active and in good health.

#2 PHOTOS/MEMORIES – Flickr

Android | iOS

Planning to capture a lots of snaps during the holidays from your smartphone, but running out of space? Don’t worry, because Flickr got you covered. Flickr app gives a gigantic 1,000GB of photo-storage space on their cloud for free!! You can also access it from your home PC, which is handy if you’re using multiple smartphone devices to capture photos.

#3 For Family Entertainment/Movies – Netflix

Android | iOS

One of the biggest movie streaming services online. Although you might not find some of the newer ones, but there is already a good amount in stock. From a smartphone app, you can stream it onto any HD television. You can also add “profiles” to your Netflix account so each family member gets a separate My List, Recommendations, and Viewing History.

#4 Parental Control – Kids Place & OurPact

Android | iOS

One of the main concerns for kids and smartphone is coming across pornography or violent content. Kids Place – Parental Control app is probably the best solution out there on android. For iOS devices OurPact is a good alternative. Both of these apps allows the parents to set specific app for the kids to access and safeguard their private data. The app can also disable some function like calls, SMS or downloading new apps temporarily.

#5 Health Advice/Symptom Checker – WebMD

Android | iOS

WebMD is now the second most visited health website in the world. Before you enter the app you should know that it’s a double edged sword. That said, WebMD is probably the best single app for quickly checking symptoms & nutritional information. In cases where it’s not really an emergency and medical help is not around WebMD can be give the parents temporary piece of mind.

#6 Location Based Service – Yelp

Android | iOS

Looking for a local business in your area for some household maintenance work? Yelp app is there for your rescue. In yelp you can not only find the local service providers around you, you can also look at the reviews provided by the customers who used their service before and choose the most efficient candidate to get the job done. How big is their database? Imagine you are traveling with a five year old and all of a sudden he needs to use the toilet, just search with the term “bathroom”. Instantly it will show you the nearest options using its location service.

#7 Holiday Assistant – Trip Advisor

Android | iOS

Want to save the cost of hiring a local tour guide and spend the money on your shopping for kids? Download Trip Advisor app.  It’s one of the most useful travel review app around. With it you can find the nearest tourist attractions, restaurants and check out real reviews.

#8 Family Schedule Manager – Cozi Family Organizer

Android | iOS

Sometimes keeping your family’s schedule straight can feel impossible. Download Cozi Family Organizer to help get everyone organized. This App is especially beneficial for busy families. It consolidates your whole family’s calendar, to-dos and shopping lists in one place, so that there is no overlap between two of them.

#9 Family Locator App – Life360

Android | iOS

For parent who want to keep tab on their children’s whereabouts when they are not at home or in transit, Life360 is the perfect solution. It shows family members location on real time and whenever someone arrives at their destination, it notifies their family members. The app also has a panic button, which can be really handy in case of an emergency to alert family members for help.

#10 Baby Names – Baby Names

Android | iOS

Expecting your first child? Can’t decide on a name? Get Baby Names App. Because it is by far the coolest little app you could hope for. It is more thorough than any other naming app by quite some distance, even compiling data on what names are most popular among engineers — and movie stars — so you can search by something as random as possible!

All the apps mentioned here have plenty of alternatives as well on the app store and play store. So, if one of them does not satisfy your requirement for some reason, go ahead and try the alternatives. After all, when it comes down to your family, you should not take any chances.

Have I missed anything? Please let me know in the comments so that I can add that to my future update.

Poland’s Central Bank admits to secretly funding Youtubers to publish anti-crypto content. #NEWS

The cryptocurrency markets once again find themselves in an awkward position. Most weekends result in rather boring trading action, and this week is no different. With most markets suffering from a small retrace, it’s all the more remarkable to see the Siacoin price rise to nearly $0.03 again.

Siacoin Price Make Small Positive Moves

As is usually the case on a Sunday, the cryptocurrency markets start off the day with small to medium losses. For most currencies, this means a decline of 3-5%, which is not exactly spectacular by any means. Some currencies even lose over 10%, although that is only a matter of time until things go back to normal. For some reason, most markets tend to dip on Sunday, even though there is never any real reason for doing so.

There are a few exceptions to this seemingly negative trend, which is always good to see. The Siacoin price is a great example, as it noted medium gains against Bitcoin and a small USD increase. At the time of writing, the Siacoin was on the verge of breaking $0.03 again, even though it seems the earlier attempt has been rejected successfully. It is possible there isn’t sufficient momentum to try this rush again, but we will have to wait and see how things play out.

With a small 3.44% gain in USD value, the Siacoin price is doing exactly what most people had hoped for. There is also a 4.74% increase against Bitcoin, which is rather interesting. In most cases, a declining Bitcoin price will result in altcoins losing ground in the BTC ratio as well. For Siacoin, that situation is rather different as of right now, although the 4.74% gain is not exactly spectacular either. Even so, it’s better than what most top altcoins can do right now, thus it makes sense people want to pay attention to it.

With just $65.95m in 24-hour trading volume, Siacoin isn’t exactly the most liquid of markets. That is not entirely new either, as this particular currency has never seen high trading volumes. That doesn’t mean there is no real interest in this project, but it seems it just isn’t too popular among the exchanges tracked on Coinmarketcap. Most investors still want coins to flip for quick profits, and Siacoin is not on that list by any means.

It seems over half of the Siacoin volume comes directly from South Korea’s Upbit exchange. Bittrex is not too far behind in volume, whereas Poloniex is only third because the main exchanges’ alternative pairs generate less volume.With both Bittrex and Upbit claiming the fourth and fifth spot as well, it is rather evident few people actively care about Poloniex right now. This doesn’t seem to hinder the Siacoin price momentum in the slightest, by the look of things.

For now, it remains to be seen what we can expect from the Siacoin price moving forward. More specifically, there is a lot of positive momentum in place, but the overall cryptocurrency market trend seems to be rather bearish, like most Sundays. The market is well worth keeping an eye on, especially if this trend remains intact when the Bitcoin value starts to go up once again. For now, Siacoin is underway to hit that $1bn market cap once again, but another nudge is needed to push it over that hump.

The business model most people attribute to initial coin offering doesn’t always hold up. The recent Telegram “ICO” shows how some of these offerings are no longer accessible to the public.

Changing the ICO Business Model

If Telegram’s recent funding is an example, the concept of an ICO is no longer public. While the company raised $850m, their way of doing so raises a lot of questions. An initial coin offering is usually open to non-accredited and accredited investors alike. Everyone can contribute money and receive something in return for doing so.

Telegram initially decided to use the ICO model to develop their TON blockchain. Additionally, some funds will be used to maintain the popular messenger service itself. Given the global popularity of this messaging service, a lot of people hoped to invest in this company with the money they could spare.

Unfortunately, these plans can never be executed. The company targeted venture capital firms and accredited investors first and foremost. By offering discounts for Telegram’s Gram token, the pre-sale resulted in raising $850m. This is well beyond the initial $600m target projected by the company itself. However, it is this odd approach which leaves a lot of people confused.

ICO vs VC Funding vs IPO

By targeting venture capital firms and accredited investors, the Telegram ICO is not all that different from traditional VC funding. Instead of receiving company stock, investors now received a Gram token. With this token, users can enjoy Telegram’s own independent payment system. It can be sued to bypass remittance fees, moving funds privately, or issue micropayments.

The 2018 ICO process;

– Private pre seed round – 95% discount
– Private seed round -90%
– Seed round -85%
– Friends and Family round -75% bonus
-Syndicate pre sale -60%
– Private pre-ICO -50% bonus
– Pre ICO -40% Bonus
– Public ICO

— Ran NeuNer (@cryptomanran) February 18, 2018

Moreover, by not allowing the public to participate, Telegram’s venture also resembles an IPO. Most of the total token supply and associated discounts are reserved for private rounds, the pre-ICO, and the eventual “public” ICO. Assuming the general public gets access to this Gram token, it remains to be seen if any bonuses will remain by that time. Additionally, with the pre-ICO raising more money, there are fewer tokens left to distribute during future rounds of funding.

These bonuses will also give accredited investors and VC firms a better chance of making a profit. Lower-priced tokens will increase in value based on demand. In the case of Telegram, that demand for Gram is overwhelming during these early stages.  Later investors will be left to proverbially “hold the bag”, so to speak. It is evident this change in ICO business model will not be to everyone’s liking. Mainstream fundraising will not change anytime soon, regardless of what “term” they use to designate this effort.

The post Telegram Raised $850 Million, But Was it an ICO? appeared first on NewsBTC.

The Ethereum fund recovery standardization proposal on Github is now open again for user debate. #NEWS

A recent op-ed paints all ICOs with the same brush, claiming every one of them offers securities subject to SEC scrutiny. That is simply not the case.

Analysts all over the world remain divided on the Bitcoin price topic. This currency’s value will likely soar to $25,000 in the next twelve months, say several respected analysts.

What Comes Next for the Bitcoin Price?

Bitcoin and other similar currencies have seen a major price drop in early 2018. Most markets lost nearly 50% of their value in a matter of weeks. Many people assume this is the end for cryptocurrency as we know it. True aficionados are not too bothered by this yearly cycle. Tone Vays, a New York-based analyst and consultant, remains positive about the future Bitcoin price.

In Vays’ opinion, Bitcoin will recover sooner rather than later. He is not too sure how high the value will go when the markets start to stabilize again. Reaching six-digit figures will prove to be virtually impossible at this stage. A more “modest” Bitcoin price of $25,000 by year’s end is in Vays’ books right now. Ronnie Moas, another famous Bitcoin enthusiasts, thinks along the same lines. His prediction puts the Bitcoin price at $28,000 at some point throughout 2018.

That optimism is not shared by everyone in the industry. James Rickards, strategic director at financial analytics firm Meraglim, is extremely bearish. Having a more balanced view from both sides of the spectrum is always needed. According to Rickards, the current valuation of Bitcoin is still far too high. Given the speculative nature of this cryptocurrency, it is evident the markets can swing in either direction. Rickards added :

“I don’t know how anybody could set and justify a price target that high for this year. I think bitcoin is going to go to $200. The only residual use is for criminals, and it will keep grinding down.”

Bitcoin Futures and South Korea

Speaking of interest in Bitcoin, there are some positive signs as well. We see a growing interest in Bitcoin futures offered by CME. Their volume for February 2018 currently sits at 1,101. It is the second-highest number for this week, indicating people have high expectations for the Bitcoin price moving forward. CBOE, on the other hand, has seen a volume of 4,225. These numbers are still low, but a definite improvement compared to a few weeks ago. The five-day average volume for both companies is rising. That won’t automatically translate to a higher Bitcoin price, though.

Last but not least, things are moving along in South Korea again. After a few rough weeks, the premium price for Bitcoin is increasing. This is often the result of lower market liquidity and people being forced to pay more per BTC. Bithumb and Upbit trade Bitcoin at nearly $11,400. The Western world trades $900 to $1,000 lower as of right now. This discrepancy has been present before as well. When it happened previously, the global value per Bitcoin soared to $19,000. History may very well repeat itself in this regard.

The post Bitcoin Price Will Double by End of 2018, Says Researcher appeared first on NewsBTC.

Years after it was written off as a joke, dogecoin continues to prove useful, this time factoring into a major ethereum test.