Day: March 30, 2018

Bitcoin’s price is currently hovering at around $6,900. This is a $500 drop from where it stood yesterday, but about $300 stronger than today’s low of $6,600.

At press time, most cryptocurrencies appear to be in the red. Ethereum has grazed a new low, and is presently trading at about $376, while Ripple has lost an additional $0.10 and is trading in the $0.40 range.

The consistent price drops and volatile nature of cryptocurrencies are causing several financial establishments to lose trust in them. Thus, more banks are taking what they consider to be necessary stances against digital assets and working to prevent customers from purchasing or using them.

The latest blockade comes by way of the Bank of Montreal (BMO). As one of Canada’s largest monetary institutions, a memo was leaked by an alleged Reddit user claiming to be a bank employee. The memo explained that all cryptocurrency purchases had been stopped as of March 28, and that users would no longer be allowed to use credit or debit cards – either business or personal – to purchase digital currencies on popular exchanges.

The memo states:

“Effective immediately, BMO will be blocking cryptocurrency merchant transactions. This decision was made due to the volatile nature of cryptocurrencies, and to better protect the security of our clients and the bank.”

BMO now joins a long list of Canada, U.S. and U.K.-based banks – including JPMorgan, Citigroup, Capital One and Halifax – to work against cryptocurrencies.

A big reason for bitcoin’s latest drop may stem from Hong Kong-based exchange OKEX. The popular trading platform enforced a rollback of futures trading following what executives called “irregular sell-offs.” On March 30, staffers posted a note on the company’s support page stating that all weekly, bi-weekly and quarterly futures contracts would be fulfilled, but that all contracts beyond the set closing date would be cancelled out.

This caused a futures liquidation that led to the removal of hundreds of contracts. Ultimately, bitcoin’s price was lowered to nearly $4,700 for a brief period on the exchange, though the currency has managed to sustain at least a marginally healthy level of resistance in the U.S.

Despite the harsh news, some analysts continue to remain optimistic. Head of Mobile at Revolut Edward Cooper, for example, doesn’t feel that the price drop has anything to do with news stories. Instead, he suggests it’s part of a “cooling off” period from all the hype that came about in 2017. He points out that similar occurrences were witnessed in both 2011 and 2013, and yet bitcoin emerged from the ashes stronger than ever and with sturdier footing.

“The price swings in crypto that are caused by news stories are generally much more extreme than we are seeing now,” he recently commented. “ICOs and cryptocurrencies have faced much more serious problems in the past and have emerged stronger. This time is not going to be any different.”

He further explained that events like these are bound to happen again in the future as cryptocurrency technology continues to adapt and “find itself,” and that users are going to have to get used to price swings here and there if their investments are to survive.

The chairman of the National Bank of Kazakhstan told Sputnik News it is seeking an all-encompassing ban on cryptocurrency exchanges and mining.

This article originally appeared on Bitcoin Magazine.

AZCentral.com

Mesa bitcoin trader convicted of money laundering AZCentral.com A federal court jury convicted a Mesa bitcoin trader on five counts of money laundering Thursday. Thomas Mario Constanzo – known online as “Morpheus Titania” – was arrested in April 2017 and accused of taking nearly $165,000 from undercover agents ... and more »

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The regulation of blockchain and cryptocurrency poses many issues. This is especially true in India, considering that the country’s government has been pondering such measures for some time now. Big was people’s surprise when one state government suddenly announced it would adopt blockchain technology for DNA sequencing.

An Interesting Connection between Blockchain and DNA

There are many ways to use blockchain technology in the real world. Not all of these use cases may appear evident at first, but the options shouldn’t be overlooked by any means. It is expected that up to 2 billion genomes will be sequenced by 2025. Storing all of that information in a safe, secure, and non-centralized way will be quite a challenge.

After all, the last thing people want is to see this information fall into the wrong hands. Building a secure and reliable solution for genome sequencing data will require some out-of-the-box thinking. For the Indian government, there is only one possible solution: using a blockchain. More specifically, the government of Andhra Pradesh will use Shivom’s blockchain-based global DNA ecosystem to make this vision a reality.

This particular state in India currently has a population of over 60 million people. All of their genomes will be sequenced between now and 2025. Maintaining the privacy of citizens’ DNA data is a top priority, yet it will require an innovative approach. Using a blockchain infrastructure seems to make a lot of sense. With the help of Shivom, a pilot project will be created to determine the viability of this technology.

Shivom’s co-founder and CEO, Dr. Axel Schumacher, commented as follows:

Whilst diversity is all around us in the physical world, it is still lacking in the existing genomic data available to researchers around the world. This results in exclusion, as minority and under-represented groups miss out on the benefits from advances in predictive and personalized medicine because abnormal genomic variations that exist in their ethnic or geographical location will not be present in the data that researchers are working with.

While this partnership is a big step in the right direction, nothing has been set in stone just yet. It is still possible the trial won’t be successful, even though Shivom has built up a reputation in the world of blockchain-based healthcare solutions. It is good to see a local government in India acknowledge blockchain technology may hold some of the answers in this regard.

Assuming this project is successful, blockchains may become the new go-to method to keep consumer DNA information private and accessible. It is evident the current centralized method of using databases poses significant risks. Whether or not a distributed ledger will solve all of those problems is a different matter altogether. Giving consumers full ownership of their DNA data certainly sounds like something most people will readily agree with.

Seoul intends to create its own cryptocurrency and develop a better environment for Blockchain and virtual currency projects, says mayor. #NEWS

DB Insurance — one of South Korea’s four biggest property and casualty insurers and the company that holds South Korean cryptocurrency exchange Youbit‘s policy — has denied a claim that the exchange filed after a hack in December of last year drained it of “about 17% of [its] total assets.” Youbit claimed that the insurance money, which could have added up to $2.8 million total, would be used to pay out customers affected by the hack.

According to Yapian, Youbit’s parent company, the insurer had accused it of rushing to acquire the policy (which had taken effect just weeks before the hack) and for failing to make certain important disclosures during the negotiating process. Yapian denies both charges and accuses DB Insurance of fabricating obstacles to avoid having to cover the claim. A spokesperson for DB Insurance confirmed yesterday that the company had rejected Yapian’s requests, but declined to disclose a reason why.

Security

Security has become a critical concern for the cryptocurrency industry, which is facing increased scrutiny from regulators around the world. Earlier this month, Japan’s Financial Security Agency (FSA) suspended operations of the exchanges Bit Station and FSHO in attempts to protect customers’ assets. Late last year the South Korean government fined BTCKorea.Com Co., operator of the country’s second-largest crypto exchange, Bithumb, after a hack compromised the personal information of thousands of its users.

And let’s not forget Coincheck: in January a hack netted cybercriminals 523 million NEM tokens, worth over $425 million at the time. Eventually, the hack was blamed in part on Coincheck’s bad security protocols, where customers’ tokens were stored in a non-secure wallet.

The company responded to the hack immediately by making a statement that it would reimburse 90% of the value of the stolen coins. Since then customers have enacted two separate class-action lawsuits that accuse Coincheck of paying out at lower rates that is fair for customers.

Centralized Exchanges

These issues help to highlight the fact that centralized cryptocurrency exchanges are not the safest places to store coins. The centralization of various components of the trading platforms provide an opportunity for hackers to break into systems to steal user data, sensitive financial information, and even reallocate user funds.

A large majority of attacks against these platforms have been made possible due to lax security method employed by the firms that operate them; when looking to store your own coins, it’s important to research what security features an exchange utilizes.

Look for 2FA — two-factor authentication — for logins, PGP-encrypted email communication, and email and SMS alerts. These are the basic hallmarks of any safe cryptocurrency exchange. Exchanges should also store most of its users’ funds offline in cold storage. Additionally, exchanges should undergo regular financial audits to show proof of reserve, and security audits to show that its platform is well-guarded against attacks and potential technical issues.

The post South Korean Exchange Youbit Denied Insurance Claim Following December’s Devastating Cyberattack appeared first on NewsBTC.

Check for the latest trading suggestions #PRICE_ANALYSIS

We are all used to thinking that there is no such thing as “free.” If anyone is offering something for free, it’s either a bait, a scam, or you’ll need to barter it for something else, or it is something of substandard quality that has little value anyway. And definitely, there is no such thing in our world as “free money.”

There is, though, free money in the cryptocurrency world. Because it follows no rules, regulations, or standards of the traditional market. It has its own values, systems, set of ethics, and ecosystem.

The cryptocurrency world has its unique lingo which is expanding as we speak, as the market doesn’t stop evolving. In this post, we will talk about one crypto term, “airdrop.”

How is this possible

We all know that companies like organizing marketing campaigns to raise awareness about their services or products.

Cryptocurrency airdrops are exactly that – distribution of coins for free done by blockchain-based startups which realized this way they can generate more interest and exposure for their products. The word about the Airdrop and that particular token spreads among the community, raising the awareness, which in turn increases the trading volume of a particular coin when it gets listed on an exchange.

So-called tokens play the role of money here. These can be in most cases exchanged to Bitcoin/Ethereum or other coin of choice, or directly cashed out.

Compared to an ICO or Initial Coin Offering, which involves a private sale (for big investors purchase tokens), often followed by a public sale round (small investors purchase tokens), airdrops doesn’t involve any purchasing and are really giveaways.

How to get free coins

Participating in an Airdrop is simple. You sign up for an Airdrop by filling out a form, give your wallet’s address for receiving coins, and free tokens land in your wallet a few weeks later.

The only requirement may be that a recipient has coins from the relevant blockchain (most often Bitcoin or Ethereum) stored in their wallet. Sometimes the process involves completion of tasks by the user in order to qualify for the airdrop (often a tweet or a post share).

As an example, in 2017, the cryptocurrency exchange platform Binance carried out an airdrop of 500 TRX. In order to qualify, an account holder had to have at least 0.003 BTC, or the equivalent in other cryptocurrencies, and to have completed at least one transaction on the account.

There are two types of airdrops. The surprise ones and the ones that are announced beforehand. Already established blockchain-based enterprises sometimes like to reward loyal members of their community by sending free coins randomly. In the second type of Airdrops, smaller blockchain-based startups make airdrop announcements beforehand to get the buzz going.

The first step is to sign up for online services that provide timely information about cryptocurrency airdrops. There are services that will send you such alert, see websites like Airdropalert.com or Airdropaddict.com. Also follow the respective coin’s Twitter accounts, Telegram groups, as well as online cryptocurrency airdrop forums to be in the know about new airdrops.

The second step is cryptocurrency wallets. It is a good idea to get an ERC20 compatible multicurrency wallet (any wallet that supports the Ethereum blockchain) since the majority of the cryptocurrency tokens in the market are ERC20 tokens. Additionally, a Bitcoin wallet, it will be handy for many airdrops too. An airdrop will sometimes require a specific wallet called “a non-exchange wallet.” This is simply a wallet that isn’t located on exchange sites such Binance or Coinbase. Reputable non-exchange wallets include Exodus and Jaxx.

The third step is your contact details. You’ll most likely need a Telegram account on your smartphone. And a phone number: if you want to avoid giving out private information, set up a free one on Google Voice.

Be vigilant!

Be aware of scams when considering participating in airdrops. Because the cryptocurrency industry is poorly regulated at the moment, there are many actors who set up whole new crypto startups just for the purpose of scamming users out of their money.

It is important to be on the lookout, so as not to fall a victim of fraudulent airdrop campaigns. Some airdrops are designed to hack wallets and steal private keys. Always confirm the authenticity of a cryptocurrency airdrop campaign by doing your research before participating in it.

Another great idea, which is also pricier, is to store all your crypto assets in a hardware wallet (both BTH and ETH supported).

The post All You Need to Know about Crypto Airdrops appeared first on NewsBTC.

This article originally appeared on Bitcoin Magazine.

Over the years, there has been some interesting synergy between cryptocurrency, blockchains, and artwork. The SHA256art gallery houses many different types of artwork, all of which have been inspired by the cryptocurrency craze over the past nine years.

The SHA256art Gallery Concept

Although some people may feel differently, the cryptocurrency industry has spawned some amazing artwork. So many different feelings, opinions, and subjects come together when talking cryptocurrency. For art creators, it is evident there is a lot of inspiration to tap into. As such, the SHA256art gallery was created with a very specific vision in mind.

First of all, the art gallery allows artists to remain anonymous when they submit their artwork. The gallery is also the medium of exchange between artists and buyers, which does lend a bit more credibility to the venture. It is evident there is a growing cryptocurrency art industry as of right now, and owning some of these unique pieces will become more appealing as time progresses.

All of the artists selling their work within the SHA256art gallery will sign their work with a cryptocurrency wallet address. The same address is used for all works of that particular creator to avoid any unnecessary confusion and friction. These wallet addresses are an excellent way of providing credibility and authenticity to the artwork created, while still providing artists with the anonymity and pseudonymity they desire.

The artwork itself is purchased through the Bitify platform. This particular auction site was designed to boost overall Bitcoin and Litecoin adoption in a meaningful way. All of the paintings found within the SHA256art gallery can be found on Bitify, which is where interested parties can bid against one another. Any auction finishing without bids will be relisted in the future, but with a lower opening price. This process will repeat itself until the item in question is sold successfully.

By taking this innovative approach to artwork and cryptocurrency, the SHA256art art gallery is certainly one of the more creative ventures to keep an eye on. Whether or not this initiative will spark a lot of interest is difficult to gauge, but it is certainly a very different approach from what we are used to. Bringing cryptocurrency-themed artwork to the masses will be quite challenging, to say the least.

Ventures like this one may get more people excited about cryptocurrencies in general. It has become evident there is a ton of potential in this industry, but it remains to be seen whether or not these artworks will spark more positive discussions. For now, anyway, most of the focus is on the Bitcoin price, potential regulation, and the like. 

Major Polish bank partners with Blockchain company Coinfirm to provide a DLT-based document management system. #NEWS

The Malta Gaming Authority has recently published guidelines on crypto and Blockchain application in the gaming industry. #NEWS

This article originally appeared on Bitcoin Magazine.