Day: August 3, 2018

During a recent conference in South Korea, Binance CEO Changpeng Zhao responded to questions about the company’s relationship with controversial stablecoin Tether. He acknowledged that “concern is always there,” according to regional reporting. Binance is one of the largest holders of Tether.

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

Binance CEO Voices Concern Over Tether

According to Anca Faget of Romania-based Coindoo, the CEO of Binance, Changpeng Zhao, responded to questions about the company’s relationship with controversial stablecoin Tether. One question came from Ran Neu-Ner who asked about the impact a Tether crash would have on Binance.

Mr. Zhao answered, “We have seen fiat currencies go down in history a lot. Probably more times than they have been in cryptocurrencies. So yes, the concern is always there and that’s also why we’re listing other stable coins as well, so we actively promote other stable coins including True USD and others.”

Binance launched in the summer of last year with an initial coin offering that raised around $15 million. It’s a cryptocurrency exchange, catering to a multi-language, international clientele. This year has been a busy one for the exchange. On its way to a very ambitious goal of earning $1 billion this year, Binance invested in a Maltese bank, is attempting to conquer the South Korean market, and recently teamed up with Libra Credit.

Tether and Bitfinex 

Mr. Neu-Her also asked about the connection between Tether and Bitfinex. Many in the ecosystem have long accused both of bitcoin price manipulation, with some actually attributing the entire price run-up of 2017 to Tether’s inflation (another study, however, came to the opposite conclusion).

“I haven’t personally seen their bank accounts,” Mr. Zhao assured, “but from a logical point of view they have so many profits from their regular exchange business, they don’t need to do anything crazy about the Tethering. I think the reason they cannot release their bank account details is because if they release whichever bank they’re using, then the bank account gets shut down,” the CEO said at a Korea Blockchain event.

Ironically, accusations against Tether have slowed toward the middle of this year. When yet another study suggests a Tether collusion, this time between it and Kraken, the exchange took to its blog and blasted journalists whom it felt understood little how its business works. Last month Tether brought in an establishment figure to head its compliance division, perhaps in an effort to assuage future fears.

How important is Tether to the ecosystem? Let us know in the comments section below.

Images via Pixabay, Binance, and Tether.

Be sure to check out the podcast, Blockchain 2025; latest episode here.

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The world’s second largest manufacturer of bitcoin miners, Canaan Creative, has unveiled what the company describes as the world’s first bitcoin mining TV set.

Also Read: High Times Becomes the First IPO to Accept Cryptocurrencies

Canaan Creative to Launch Avalon Mining Television

Canaan Creative has announced that it plans to sell a 43” television set that doubles as a bitcoin mining rig – dubbed the “Avalonminer Inside.”

Canaan, the world’s second largest manufacturer of mining rigs, stated that its television is equipped with A3210 16nm ASIC chips and is capable of processing at a power of 2.8 terahashes per second. Canaan also states that the Avalon mining TV is powered by artificial intelligence, can calculate the profitability of bitcoin mining in true-time, will include a voice control feature, and features 4K resolution.

The television will also facilitate the purchase of entertainment content or physical gifts through Canaan Creative’s platform. Canaan has indicated that it plans to predominantly sell the Avalonminer Inside to businesses intending to distribute the TVs to retail customers.

Canaan Expands Product Line

Earlier this year, Canaan filed for initial public offering with the Hong Kong stock exchange. According to its filing, the company took in $1.3 billion yuan (approximately $200 million USD) during 2017 – comprising a 27-fold increase in its year-over-year revenue. The company sold almost 300,000 Avalon mining rigs in 2017, reportedly representing 19.5% of the processing power generated by the global mining industry.

In its filing, Canaan indicated its desire to expand its product line, stating: “If we cannot maintain the scale and profitability of our single line of system products and, at the same time, offer new products, our ability to continue to grow will suffer.”

Beijing-based analyst, Xiao Lei, has largely dismissed the project, describing the mining television as “look[ing] more like hype,” adding “It will be more meaningful if these companies are able to embed the mining function into existing major TV brands.”

The company has indicated that it has no plans to develop additional cryptocurrency-centric home appliances.

What is your reaction to Canaan’s mining TV? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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It appears that US banking giant Citigroup is looking into crypto products, according to an insider at the bank.

In April, an initial expression of interest was expressed by the group through a report entitled ‘Bank of the Future: The ABCs of Digital Disruption in Finance’, suggesting in the report that in the future banks will need “senior leadership teams to be focused on digital transformation” for their future well-being.

Although this is rather a broad statement, a contact at the bank has reportedly come forward and suggested that things have moved on since that statement, saying that Citibank “has moved beyond thinking about crypto” and now wants to look at it terms of a consumer product.

The current debate, particularly among major Wall Street financial institutions, is whether to take a wholehearted plunge into cryptocurrency and some are now dabbling around the futures market to see how it pans out. This kind of toe-dipping is mainly driven by customer pressure, whilst the banks continue to deal with the world outside which is still driven largely by apprehension and skepticism when it comes to cryptocurrency.

Such concerns reportedly led to Citibank’s Head of Consumer Crypto Asset Innovation title removed from her LinkedIn page for just that guilt by association scenario.

Although Citigroup has not confirmed the suggestion that it is considering moving down the crypto road, it has signed up for IBM’s trial blockchain project with USD 5 trillion a day foreign exchange settlement provider CLS.

There may be a suggestion of a hint in the recent 128-page Citigroup report though. It lists use cases for smart contracts, is also pro-Ripple and suggests that Bitcoin isn’t losing steam but banks may well be under some pressure.

Wednesday’s US Treasury Department statement that cryptocurrencies are “poised to impact innovation in financial services”, may well give some credibility to Citibank’s plans if they turn out to be a credible reflection of the company’s future direction.

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Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Korea

Exchanges could lose SME tax relief: South Korean exchanges could lose tax relief for small and medium enterprises (SMEs).

A new draft bill in the South Korean National Assembly may set the course for the abolition of the tax waiver that gave tax exemptions to small businesses from 50% to 100% on income or corporate tax in the first five years of operations.

Under the new revised laws, cryptocurrency exchanges could become financial institutions, causing them to fall under the jurisdiction of Financial Services Commission (FSC).

Philippines

Securities and exchange commission releases draft of ICO regulations: The Philippine Securities and Exchange Commission (SEC) has released a draft of regulatory guidelines that would be consulted by the government before passing any laws.

The proposed regulation requires startups and companies file applications with the SEC entailing future function of tokens and business operation of the company. The applications will need to be made within 90 days of the commencement of the token pre-sale.

The new move is seen as a way to stop illicit ICOs operating in the country.

China

Xiong’an City set to pilot Dream City Initiative between government and ConsenSys: In a first, the Chinese city of Xiong’an will pilot a new program that will transform the city into a “dream city”. The project is a collaboration between crypto platform ConsenSys and the Chinese government and backed by President Xi Jinping himself.

Urban development in China in the last three decades has been massive and new cities have been developed just to address the increasing need for mega cities in the country. The dream city move will see the city become a leading tech hub for the country.

According to Joseph Lubin, co-founder of Ethereum and Founder of ConsenSys:

“As one of our first major projects in the People’s Republic of China, we are excited to help define the many “use cases” that could benefit from the trust infrastructure enabled by Ethereum technology.”

The move will see the first time that a foreign crypto platform has been tasked with developing infrastructure in the country.

Hong Kong

23% of Hong Kong residents willing to invest in crypto: A survey conducted by the Hong Kong Blockchain Association (HKBA) has shown that around 23% of Hong Kong residents are considering to invest in cryptocurrencies.

The survey also revealed that a majority of the population had concerns regarding the cryptocurrencies including its mechanism but was willing to give them a chance because they were new.

Vietnam

Crypto mining farm found abandoned, investors missing $35M: A Vietnamese crypto mining farm owner has reportedly absconded with over USD 35 million of investor funds.

The Sky Mining Business offered investors a chance to buy shares of the coin mining company hardware and earn profit in Bitcoin. The packages included a one-time payment between USD 100 to USD 500 as well as personal use of mining device for up to ten months.

The CEO, however, had other plans as he is AWOL right now and none of the hardware and investment can be tracked down as of now. The Vietnamese authorities are in hot pursuit.

Thailand

Movie theater to accept crypto as government opens doors: The largest Thai movie theater chain, Major Cineplex, is now accepting cryptocurrency payments.

There are 143 theaters under the Thai chain right now, the largest one being the Paragon Cineplex in Bangkok. The company also has a presence in neighboring countries of Laos and Cambodia.

The move was allowed by the Thai Securities and Exchange Commission (SEC) that is proactive in allowing cryptocurrency use in the country.

Pakistan

Economic woes could increase crypto usage: Economic woes in the country could increase cryptocurrency adoption in the country as Localbitcoins.com traffic also experienced an uptick during the recent devaluing of the national currency.

Pakistan endured a grueling political campaign this year and the shortage of foreign currency such as US dollars could spell an increase in adoption of cryptocurrencies in the near future.

Australia

17 tons of almond exported to Germany using blockchain: The Commonwealth Bank of Australia (CBA) has said that the country has successfully exported 17 tons of almonds from Sunraysia to Hamburg, Germany using a newly implemented Blockchain platform for trading.

A live trial of the blockchain technology-based system was conducted by the CBA in a first. The managing director of Industrial and Logistics at CBA said:

“Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.”

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An NYSE trader said in an interview with Yahoo Finance that currently Bitcoin is “very iffy,” commenting on the establishment of BTC exchange Bakkt

A court in Thessaloniki, Greece has accepted an extradition request from Russia for suspected Btc-e operator, Alexander Vinnik. Last month, a French request for Vinnik’s extradition was also accepted by Greece.

Also Read: Markets Update: Monster Liquidations and Flash Crash Fear

Russian Extradition Request Accepted for Alexander Vinnik Accepted by Greek Court

A senior panel of judges has accepted a request from Russia to extradite Alexander Vinnik, a Russian native suspected of operating former leading cryptocurrency exchange Btc-e, where he faces charges of fraud.

At a hearing on Monday, Mr. Vinnik denied the allegations of fraudulent activity made by Russian authorities.

Alexander Vinnik’s Fate is Uncertain

The request has created uncertainty as to Mr. Vinnik’s fate, as just last month a Thessaloniki court ruled to extradite Mr. Vinnik to France, where he is accused of laundering 130 million Euros worth of funds stolen via ransomware that “defraud[ed] over 100 people in six French cities between 2016 and 2018.” Mr. Vinnik challenged the charges, asserting that his actions in question comprised merely “legitimate[ly] […] transferring e-money through a platform.”

“I was working this way. My job is to trade with Bitcoin,” Mr. Vinnik said in July. Emphasizing that he had continued to conduct said transactions whilst situated in Greece, Mr. Vinnik added: “Since I have committed all these offenses, why is Greece not persecuting me?”

In May, it was reported that Mr. Vinnik had confessed to Russian accusations of money laundering and other crimes.

Vinnik’s Lawyer Suspects French Request Will Lead to U.S. Extradition

Ilias Spyrliadis, Mr. Vinnik’s lawyer, has argued that the French extradition request would immediately lead to further extradition to the United States, stating “otherwise the U.S. cannot get him, since the extradition process was blocked.”

Mr. Vinnik was arrested on July 26th, 2017 by Greek police under the order of the United States Department of Justice (DOJ) whilst holidaying with his family in Halkidiki.

At the time, the DOJ described Mr. Vinnik as “the owner and operator of multiple Btc-e accounts, including administrator accounts, and also a primary beneficial owner of Btc-e’s managing shell company, Canton Business Corporation.” The DOJ stated that Btc-e comprised “an international money-laundering scheme that, by virtue of its business model, catered to criminals — and to cyber criminals in particular,” adding that “Through Vinnik’s efforts, BTC-e emerged as one of the principal means by which cyber criminals around the world laundered the proceeds of their illicit activity.”

What fate do you think awaits Alexander Vinnik? Join the discussion in the comments section below!

Images courtesy of Shutterstock, Wikipedia

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Russian Extradition Request Complicates Fate of Suspected Btc-e Owner appeared first on Bitcoin News.

Australian crypto travel company TravelbyBit has just been awarded a grant from the Queensland state government of AUD 100,000.

The company has a hand in numerous projects throughout Australia’s travel and tourism industry as becoming well known across the nation for the supportive role it has taken in promoting using digital currency for travel.

TravelbyBit CEO Caleb Yeoh said it was early days for crypto, and that there was strong support for it as a “social movement”. The company currently supports many new crypto enterprises in the hospitality industry including the new crypto project with Queensland’s International Airport retailers, which is off to a slow start with just a handful of transactions in the airport each day so far, worth between USD 5 and USD 55.

No project is too small for the company as it designs tourist routes within Australia and offers selected providers with their own TravelbyBit digital currency payment platform. The company allows customers to pay in a digital currency of their choice.

Queensland Innovation minister Kate Jones commented on the importance of Australia’s tourism industry both at State and Federal levels:

“Tourism is one of Queensland’s most important industries… TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.”

The crypto travel specialist is one of 70 companies that are to receive the state government s grant of AUS 8.3 million and hopes that the funds that TravelbyBit receive will help them to scale up its current operations.

Yeoh says that now 150 merchants across the country have tapped into Bitcoin payments through his company and says he is now targeting a different type of traveler:

“With this next phase of technology, we are targeting a different brand of tourist – the tech-savvy travellers from anywhere in the world who are looking to book their travel experiences ahead of their trip and use digital currency to pay for their travels.”

TravelbyBit currently accepts BTC, ETH, XEM and plans to accept BNB in the future.

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Turkey has established the country’s first university blockchain center to study blockchain technology and keep up with global digitalization

Ethereum’s new partnership will soon allow its users to attach their addresses to a top-level domain name

The EU Blockchain Observatory and Forum has released a report warning that the General Data Protection Regulation (GDPR) laws instated by the European Union (EU) earlier this year may prevent effective blockchain innovation taking place.

The Blockchain Innovation in Europe report cites a lack of clarity in the legal framework regarding personal data and blockchain technology as a major issue for entrepreneurs and developers working in the EU. The report states that it “can put a brake on innovation”.

Friction between GDPR and blockchain

One of the crucial issues discussed is the incompatibility with a decentralized blockchain network to erase person data, with GDPR giving citizens the right to have their information erased upon their request. To enforce these right, GDPR requires a central authority to be held accountable, something lacking in the structural nature of a decentralized blockchain network.

Permissionless blockchains can also not be guaranteed to comply with GDPR restrictions that require data to only be transferred to third parties outside of the EU who offer equal data protection regulations.

Thus, applications built on a blockchain are being threatened by unclear laws regulating them.

A need to update GDPR?

The report claims that these conflicts are not addressed because during the time GDPR policies were being constructed, blockchain was not as popular with developers, nor nearly as well known and utilized as it is now. This means that the laws were written with an implicit assumption any database would operate with a centralized authority for processing data.

However, the investigatory review does claim that blockchain could in the future evolve to become key in promoting data sovereignty and the further goals of GDPR. With more research and development, blockchain could theoretically have compliance supported in the code of platforms and applications.

For now though, with hope, the report will influence EU lawmakers to clarify what is required from blockchain developers to prevent the industry from moving out of the union.

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South America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Brazil

Exchange wins case against bank that closed its account: Brazilian cryptocurrency exchange Walltime has won a recent court battle against local fiat bank Caixa Economica Federal that chose to freeze its accounts with more than USD 200,000 in funds.

According to local Bitcoin website Portal do Bitcoin, Walltime won a preliminary injunction against its funds meaning that while the case isn’t finally decided, the exchange has now access to its funds in the interim period.

Walltime’s lawyer, Graziele Brandao said:

“Given that the nature of Walltime’s activity requires an open bank account in as many institutions as possible to facilitate 24/7 negotiations, Walltime suffered a lot of damage in that period.”

According to Brandao, the losses amount to much more than then quarter of a million dollars worth present in the bank at the time. It also lost some users because they weren’t able to withdraw and receive transactions through the bank.

The move follows a regional trend that involves banks illegally cracking down on exchanges and then exchanges winning cases in courts or temporarily getting their funds back as the case drags on.

Argentina

Government launches blockchain for public services: The government of Argentina has announced that it will have its own distributed ledger or DLT that will help provide service for various government agencies.

The blockchain will be called the Federal Blockchain of Argentina and is in development stages right now. The developers will help ensure that the platform is used to improve public processes and standardize private applications of the tech as well. There will be 15 stages of implementation overall.

OneCoin Ponzi postpones going public: The developers of OneCoin, a probable Ponzi coin scheme, have announced that they will be looking to push the release of their coin ahead in time due to issues faced by the company right now.

Back in 2017, the ROIs of the company crashed dramatically thus resulting in loss of coins and investment that had previously kept the organization afloat.

Venezuela

Government to peg local currency with Petro and reduce hyperinflation: The Venezuelan government is on yet another bold move as the embattled state decided to peg its Bolivar fiat currency to its fiat national cryptocurrency that is supposedly backed by oil. It has also decided to remove five zeros from the Bolivar that is suffering from hyperinflation.

Speaking to the nation Nicholas Maduro, the president of Venezuela said:

“The economic re-conversion will start on August 20 definitively with the circulation and issuance of the new Sovereign Bolivar.”

Venezuela’s considerable problems in the economy are well known and it will take a lot of effort and austerity from the government to solve the current issues. Petro has been seen as a viable alternative that can solve these problems and circumnavigate the heavy sanctions placed on it by the United States.

Chile

5,000 merchants now accept crypto payments in Chile: Bitcoin and cryptocurrency penetration in Chile is encouraging, as local payment company Flow and its new partnership with Cryptomkt exchange allow customers to pay for daily goods and services with cryptocurrencies.

The move is especially encouraging in the country as it comes in the backdrop of a Court of Appeals order that ruled banks banning exchanges accounts illegal. Flow is an integrated platform for the solution of transactions. It has more than 20,000 active customers and offers services in several mainstream online payment gateways including WebPay, and OnePay.

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Extended bear markets, like the one endured for the better portion of 2018, can often times be characterized as slow and dull. Long, drawn out bleeds across markets with little variation. However, one coin that has shown excitement despite this trend is KickCoin, whose recent events have been surprising, to say the least.

KickCoin (KICK) is the native currency behind the KICKICO platform, an ecosystem for crowdfunding via the ICO model. While many coins have continued to dwindle, the story for KICK has been quite different. The token entered July trading near all-time lows at US$0.035 and a market cap of $18 million, and as of now, is currently valued at $0.12 per coin with a market cap of over $63 million, a 3.5x growth in just a month. This is down somewhat from highs of $0.16 on August 2, when KICK emerged as a member of the top 100 on Coinmarketcap.com for the first time in its history.

However, the niche which KICK operates within does not explain this surge. The ICO model has seen dwindling activity, as July represented the month with lowest ICO funding since June of 2017. So how, then, did KICK gain so much with these overarching themes suggesting otherwise?

In the beginning of July, KICK started to see buy pressure due to rumors about insider trading in regards to upcoming news. A leaked whitepaper and suspicious job listings led speculators to buy the rumor, potentially in conjunction with insiders who also expected positive movements in the near future.

The team had quite an unconventional response, explaining that a community-driven project such as KickCoin has no “insiders” and thus all knowledge is public knowledge. The response continued with details confirming the rumors. A major project, U.Community, is being incubated by KICKICO investors. U.Comminuty will represent a blockchain protocol upon the UOS blockchain that will allow users to capitalize their reputation through participation in a “social capital ledger”.

The substantiation of these rumors accelerated the positive trends. Shortly following, news of an airdrop for U.Community’s UOS token to KICK holders further urged speculators to build their holdings. It is estimated that US$40 million worth of UOS will be airdropped to KICK holders who register for the white list.

While these events are certainly significant, a separate actuality seemed to have had the biggest effect on KICK’s price. Last week, hackers breached the KICKICO smart contract to steal close to US$8 million in KICK from holders throughout the community. Surprisingly, swift reaction from the team has mitigated the token from seeing serious price movements in regarding the initial hack.

Using the method employed by the hackers, the KickCoin team was able to reverse all theft and return the millions in KICK to original owners. The exploit was then patched to ensure it will not happen again. The hackers were unable to use any of the stolen funds and holders have been ensured that 100% of stolen tokens will be replaced.

The response to the hack, likely in synergy with other recent news, saw a major surge in KICK upon the ongoing price appreciation. The token rose 45% in price for its momentary position as a top 100 cryptocurrency by market cap.

Since its peak, the coin has partially retraced, down about 25% from the high. However, the trend suggest that, so long as news continues to unveil, speculators will continue to purchase. The date for the UOS airdrop has not yet been revealed, and its possible that this announcement could similarly have another huge effect on Kick Coin’s price.

In a mid-year report, Goldman Sachs Investment Strategy Group claims that “crypto mania” is a risk factor for the firm’s 2018 market outlook

If we may ask a legitimate question, what is draining crypto valuation and XRP in particular? With every new low, there is saturation of theories—flimsy and authoritative. No matter the explanation, it doesn’t really matter because at the end of the day, prices are down and your investment in XRP is taking a rather painful hit.

Today we summarize why, despite all the down turns, there are valid and encouraging reasons to stay put and wait for the next big XRP bullish run:

• First, let’s talk about the welcoming Malta. It’s quickly becoming a paradise shedding cryptocurrencies from all regulatory hostilities. While we realize how country’s leaders are positioning themselves to potentially tap the next wave of shaping technology, we also recognize that the country overtook South Korea. Malta is now the largest purchaser of XRP according to the latest Q2 Ripple Report.
• Secondly, for once let’s ignore market cap because that doesn’t measure interest from investors. Rather, instead focusing on market liquidity and what it means for XRP is worthy. XRP is a high liquid, on demand crypto that is available in many exchanges all over the world. Quidax is the latest in Africa to list XRP. However, what is catching my attention is how most as Bitrue realize the benefits of making XRP base. Of course, it’s unique but the prospects of fast settlements and cost savings is irresistible and sways decision makers.
• Thirdly, with liquidity comes independence and we have seen how XRP market participants did sync with Bitcoin. In fact the correlation is waning and that’s what the CEO of Ripple Brad Garlinghouse desires. We project that as XRP finds stability and becomes mainstream, its prices shall be moving independent from Bitcoin (BTC).

XRP Technical Analysis

XRP Daily Chart by Trading View

Overly, without sounding too repetitive, XRP traders are literally struggling to turn a profit-either long or short. It has been so for the last 61 days following that strong bearish engulfing pattern of June 22. From a technically angle, we have been treating that bar as a bear break out and why not? Its trading range is wide and volumes high.

But, for confirmation of that trade pattern and in line with our previous XRP technical analysis, we need strong break below 40 cents. The area between 45 cents and 40 cents marks our support and only then could we begin initiating shorts with targets at 15 cents. We were anticipating that to happen before the weekend but XRP for some reason found support and is up back and trading within a tight trade range. This means we are back to neutral.

All I’m saying is that we should be positive until after we see strong, convincing breaks above 55 cents. That’s when we should begin ramping XRP longs. Remember: the longer price accumulates, the stronger the break out, we have seen this happen many times before.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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