Day: August 14, 2018

Increased security

The most significant contribution of blockchain in law, as Sachs sees, it is the potential it has in transforming security and protecting evidence during a trial. He notes that the UK courts are currently going through a GBP 1 billion modernization effort partially focused on digitizing processes to increase work efficiency.

For courts to move away from paper, instituting new technology poses a risk, especially in that digital evidence can be altered. Sachs writes that particularly when there is a long time between the original submission and the court date, data must be provably fully compliant with security and business processes.

The solution: an immutable network of evidence that can be presented in a courtroom with no questions as to the authenticity of the data. These are the strongest features of blockchain by design.

Blockchain may be a public artifact, Sachs discusses, but legal evidence would not be revealed to the public, merely IDs and hash codes. He writes: ”In this way, it becomes an incorruptible digital ledger.” Each transaction of the evidence would be recorded on the blockchain, while the evidence itself would remain completely private.

This removes the opportunity for any wrongdoers to forge documents or edit photographs once the evidence has been uploaded to the blockchain. It also could be just the beginning of further innovation in the legal sector with security now guaranteed, as Sachs outlines.

Blockchain in the UK

Sachs’ vision for blockchain in the legal system may well be established given the UK Financial Conduct Authority’s (FCA) blockchain bullishness. It recently announced the establishment of a collaborative entity, the Global Financial Innovation Network (GFIN), to pursue innovations.

The network’s purpose is founded on the concept of establishing a global blockchain knowledge-sharing “sandbox”.

The Bank of England has also nearly finalized its Proof of Concept (PoC) project that is looking to establish a Real Time Gross Settlement (RTGS) service to meet new financial challenges emerging from the changing landscape.

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Ripple the company and XRP the native coin within the RTXP protocol is having it rough from both planes—fundamentally and technically. Week over week, it is down 40 percent and shedding more than 85 percent from Dec 2017 peaks. If it continues this way—and specifically if the SEC says the coin is a security–then we might see XRP printing 2 cents in days to come. This is regardless of the near decentralization strategy in place that has since reduced Ripple control to 48 percent in their UNL list.

From the News

There is this thorn call centralization that Ripple the company is trying hard to lodge out. Every Tom and Dick always pulls the centralization card when cornered but with the company’s decentralization strategy in place, XRP is on course of becoming the most decentralized coin in the crypto space.

Remember, even decentralization poster coins as Bitcoin and Ethereum are centralized-talk of mining pools. In fact the centralization in Bitcoin is so bad that ordinary investors who would otherwise want to mine the coin don’t stand a chance because of Bitmain’s influence. There is even rumor that the ASIC manufacturer can actually attack the network now that they own less than 6,500 BTCs.

RIPPLE NOW RUNS A MINORITY (48%) OF VALIDATORS ON THE XRP LEDGER!

This is a major milestone for $XRP decentralization @Coil and https://t.co/hBuuIaCoRm have both been added since my last update tweet.

There are now 10 #Ripple validators and 11 independent validators pic.twitter.com/K2EVomipMP

— rabbit (@RabbitKickClub) August 13, 2018

On their part Ripple have been on a decentralization path and now controls and operate just 10 validator nodes from the 21 in the RTXP unique node list. Over time, Ripple have been removing their node for every two third party nodes that is joins the UNL.

So, as it stands 11 nodes are under the control of third parties meaning Ripple the company controls a mere 48 percent of the total network and can’t make decision without consulting other node operators. Furthermore, node operators can decide which of the 21 nodes can process their transaction meaning there is decentralization by choice.

XRP Technical Analysis

Weekly Chart

XRP Weekly Chart by Trading View

At current prices, XRP is just 10 cents away from testing Q3 and 4 2017 lows. It’s also down in the excess of 85 percent from Dec 2017 peaks showing how strong bears have been. In line with our previous XRP trade plan, we expect a follow through and XRP prices to be clipped mostly by unfavorable fundamentals around XRP.

As we can see from the chart, last week’s bear engulfing candlestick was actually a confirming bar breaking off that late June-July 10 cent consolidation with floors at 40 cents. Now, since our trade plan is right on course, we recommend selling at current spot prices with targets at 15 cents as before.

However, if risk reward ratios don’t allow, then I suggest holding off until after prices hit 15 cents a key support line. Should there be a break below, then we shall short XRP with second targets at 2 cents or there about.

Daily Chart

XRP Daily Chart by Trading View

Over a 24 hour period, XRP is down eight percent and poised for more since the trend is bearish. In light of the general altcoins sentiment and SEC failure to spell out their decision on whether the coin is a security or not, chances are the coin might not find support gifting sellers another opportunity to add on to their shorts. As long as the stalemate continues, we recommend shorts with first targets at 15 cents and later 2 cents as our last XRP technical analysis dictates.

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.

The post XRP Technical Analysis: Ripple and XRP Ace-ing The Near Impossible appeared first on NewsBTC.

Cybercriminals earned more than $2.3 million from cryptocurrency scams during the second quarter of 2018, a new study reports.

A high-profile crypto case involving a well-known actor and model has come to public attention in Thailand following the enforcement of the country’s crypto regulations. Over 5,564 BTC were reportedly stolen from a bitcoin millionaire. The alleged ringleader has fled to the U.S. Thailand’s main crypto regulator is cooperating with the police on the case.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

High-Profile Crypto Case

A high-profile crypto fraud case has recently gained public attention in Thailand following the implementation of the country’s cryptocurrency regulations. The case involves a well-known, 27-year-old soap actor and model, Jiratpisit Jaravijit, also known as “Boom”.

The actor, his sister, brother, and six others allegedly defrauded a 22-year-old Finnish bitcoin millionaire out of 5,564.4 BTC, the Bangkok Post reported.

According to police, Aarni Otava Saarimaa and his business partner were “lured into buying shares in three companies and investing in a casino and new cryptocurrency known as Dragon Coins but had seen no returns at all on the money they put in,” the publication elaborated, adding:

They also talked the victims into believing the Dragon Coins would be used at a casino in Macao, which they took them to visit to add weight to their claim. After receiving the bitcoins from the victims, the gang sold the cryptocurrency and transferred the money into various bank accounts.

Arresting the Gang

Boom was arrested last week at a filming location in Bangkok’s Chatuchak district after police found that he received part of the swindled money; he was later released on bail, the news outlet detailed.

His brother and the alleged ringleader, Prinya Jaravijit, already fled the country to the U.S. via South Korea. The Thai police’s Crime Suppression Division (CSD) which is investigating the case is asking U.S. authorities to help track him down. Boom’s sister will be turning herself in on Wednesday, according to INN News.

The CSD learned of this case in January when Saarimaa’s Thai business partner, Chonnikan Kaeosali, filed a complaint, the Bangkok Post conveyed. The Finnish bitcoiner was approached by the fraudsters in June last year.

Led by deputy commander Pol Col Chakrit Sawasdee, the CSD began gathering evidence to request arrest warrants for Boom, his siblings and six other suspects. “The Jaravijit siblings face charges of money laundering after investigators found they had purchased a number of plots of land recently,” the publication described, adding that they are likely to face fraud charges too.

“This case is complicated. We had to carefully examine documents and trace the money trail. We collaborated with Amlo [the Thai Anti-Money Laundering Office] and it took us almost seven months to get approval for the arrest warrants for the first group,” Pol Col Chakrit was quoted by the news outlet. He elaborated:

A total of 51 bank accounts have been frozen and 14 plots of land worth 176 million baht [~US$5,291,403] have been frozen as the investigation into the scheme proceeds…The money needs to be frozen and brought back to the victims.

Thai SEC’s Warning

As the case unfolds, the Thai Securities and Exchange Commission (SEC), the main regulator of cryptocurrencies in the country, issued a statement warning the public of crypto-related frauds.

On August 9, Voice TV reported that Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, commented that Boom’s case may be a violation of the country’s new crypto regulations or a criminal act. Nonetheless, the SEC will collaborate with the police on the case, he confirmed.

The SEC also urged the public to be cautious when approached to invest in cryptocurrencies or crypto-related projects, emphasizing that some schemes do not involve real investments.

For initial coin offering (ICO) tokens, the regulator revealed that currently no permit has been granted to any token issuers or ICO portals.

Companies already operating crypto businesses prior to May 14 that have applied for a temporary license by August 14 are allowed to keep operating temporarily until further notice. New businesses must obtain approval prior to starting crypto operations, the regulator clarified.

What do you think of this Thai crypto fraud case? Let us know in the comments section below.

Images courtesy of Shutterstock, Thai SEC, Instagram, and Mgr Online.

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With no centralized leadership, the reality of what Bitcoin is, depends almost entirely on what the Bitcoin community thinks it is. To that end, new research shows that Bitcoin 2018 bears almost no resemblance to Bitcoin 2009

Bitcoin is based on a blockchain, which is a string of blocks, where each block includes numerous transactions. The total size of the blockchain is inexorably growing, and this has implications for the future of running Bitcoin nodes. Currently, the Bitcoin blockchain is 178.8 GB in size as of this writing on 14 August 2018, a size so large that it is difficult to download and a significant obstacle towards running a full Bitcoin node.

Catching up to block size

Each Bitcoin block originally had a hard cap of 1 MB but this was changed when Segregated Witness (SegWit) was implemented. Now, Bitcoin blocks can be up to 1.2 MB on average and rarely 2 MB or slightly more. On average, there is a new Bitcoin block every 10 minutes, which adds up to 144 MB of new data added to the blockchain every day. This equals almost exactly 1 GB of data being added to the blockchain every week, which is similar to the size of a movie download. Every month, 4 GB of data is added to the blockchain and every year this is 52.5 GB of data. These numbers assume an average of 1 MB per block, which may be an underestimate due to SegWit. However, empty and partially-filled blocks are a common occurrence, so choosing 1 MB is probably better than performing calculations with 1.2 MB.

Up until 2015, less than this amount was being added to the blockchain every year, since there was less data being used for transactions than the maximum capacity of blocks on average. However, since 2015, Bitcoin has been filling up blocks consistently, and this will likely continue since Bitcoin is becoming even more popular as time progresses.

There are many computers with 100 GB of data storage or less and for these computers, running a full Bitcoin node is already impossible. In order to run a full Bitcoin node and therefore make the Bitcoin network healthier by actively participating in broadcasting data to users, a computer must have a full and current version of the blockchain. Most high-end computers have 1 TB of storage, which is 1,000 GB, and these computers will be able to download the entire Bitcoin blockchain for more than a decade. Hard drive sizes on high-end computers will likely continue to increase, so there should always be a suitable computer for people wanting to run a Bitcoin node.

Fewer full nodes?

However, the biggest problem as the Bitcoin blockchain grows is the time it takes to download the whole blockchain. It already takes weeks and even months with a good internet connection, making it unfeasible for most Bitcoin users to download the Bitcoin blockchain and run a full node. Equivalently, this situation makes it unfeasible for most Bitcoin users to use the Bitcoin Core wallet software.

Currently there are 9,637 full Bitcoin nodes in the world, and this number has been declining since March 2018 from a peak near 10,500. This is a very small amount of nodes compared to the number of Bitcoin users in the world and in the futurem as Bitcoin’s blockchain grows, it will be progressively more difficult for the number of nodes to increase since the time to download the blockchain will get even longer.

Unfortunately, fewer nodes means the Bitcoin network is less healthy. It also means that there are less people running a full version of Bitcoin and choosing online wallets, which are far less secure and increases risk across the Bitcoin world. Due to the nature of Bitcoin, in that it requires a full blockchain history to function, this problem may only be fixable with faster internet and computers that have more storage.

Current mitigations include running a full node in “pruned” mode, currently allowing a storage space below 10 GB. Depending on the version and client, the Bitcoin blockchain could also be faster to download via torrenting.

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A crypto enthusiast who took out a six-figure loan to purchase cryptocurrencies has seen them lose almost 85% of their value.

Investment Lost with NEO, Stellar, Litecoin, Ethereum, and Others

On Monday, Reddit user “Cryptohomie,” a 32-year-old living in Abu Dhabi, UAE, posted a photo of his bank repayment schedule to the cryptocurrency subreddit, according to News.com.au.

The photo shows a document from Emirates Islamic Bank that lists monthly repayments of 8,194 dirham ($3,067) until December 14, 2021. The original loan is listed as 338,000 dirham ($126,500) with a total outstanding amount of 393,296 dirham ($147,200) including interest.

“Here is my bank installment related to the loan I took to invest in crypto,” Cryptohomie wrote. “Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

Of note is that the money was not used to purchase Bitcoin, but instead NEO, Stellar, Litecoin, Ethereum, “and some shitcoins that lost 95 per cent of their value already.”

Looking back, NEO has lost about 90% of its value since peaking this past January, Stellar is down about 75%, Litecoin has dropped about 85% in value, and Ethereum has experienced a decline of around 80%. In relation, the price of Bitcoin has fallen by almost 70% since hitting all-time-highs around $20,000 last December. 

Overall, the total market capitalization of the almost 2,000 cryptocurrencies tracked by CoinMarketCap have dropped from $800 billion to under $200 billion at the time of publishing.

Moving forward, despite his losses, Cryptohomie is still involved in the space. He said he was “now mostly into” NEO, Ontology, Elastos, Stellar, and HPB. The user explained that the seed money for his investment was a “simple loan” that banks give “almost instantly in UAE.”

“You can get $100,000 within few days on your account without much verification,” he said.

Reddit’s Response to Cryptohomie’s Losses

The response from the Reddit community was mixed. Some were sympathetic, not intending to make the situation worse for Cryptohomie than it already is: “I don’t think there’s anything we can say that you don’t go to sleep thinking about already,” one user wrote.

But other perspectives related to the backlash received earlier this year when certain debit/credit card providers began banning the purchasing of cryptocurrencies with their cards. And some tied Cryptohomie’s seemingly risky purchases to why the market reached such highs at the end of 2017. 

One user wrote: “So this is why we hit $US20,000.” Another noted that “people complained” when banks stopped allowing cryptocurrency purchases on their cards, but reiterated that those moves were “because of things like this.”

“Since this last run I’ve wondered how many people did this sort of thing and how much banks have loaned out for crypto. I imagine there have and will be quite a bit of credit/loan defaulting.”

Last December, at the height of the cryptocurrency price run-up, a U.S. securities regulator warned people were taking out loans to buy digital currencies:

“We’ve seen mortgages being taken out to buy Bitcoin,” Joseph Borg from the Alabama Securities Commission said. “People borrow money. People do credit cards, equity lines.”

Borg added that the problem was that “innovation and technology always outruns regulation. This looks like tulips from Holland back in 1637.”

Featured image from Shutterstock.

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The examples of blockchain in financial services that we will explore illustrate a “work in progress” status for the industry, as one project was abandoned, a second has evolved, and a third is building slowly on the basis of early success.

Playboy Enterprises is suing Canadian company Global Blockchain Technologies, claiming that it failed to integrate the Vice Industry Token on Playboy’s sites

Ethereum co-founder Joseph Lubin does not see recent cryptocurrency price slump as a constraint to further growth, says bubbles make the ecosystem stronger

Even as bears fatten, there is some good news for Stellar Lumens holders. It is now the fifth largest coin by market capitalization and the most stable coin in the last week shedding 13 percent. This is definitely a huge boost for coin holders and as more mainstream companies eye the efficient platform, we might see price rejuvenation above key resistance points helping drag other coins as Litecoin, IOTA and even TRX which is literally heading towards its ATLs.

Let’s have a look at these charts:

EOS Technical Analysis

From the News

• As bears step up, EOS stepped down and is now the sixth largest coin by market cap thanks to Stellar Lumens resilience. That’s another XLM flip happening in less than two months.

Technical Analysis

EOS Daily Chart by Trading View

By sinking 40 percent week over week, EOS is now trading at $4.3 and 30 cents away from our main support line. Now when we refer to our last EOS analysis, it doesn’t really make sense for sellers to unload at current prices because of the unfavorable risk reward ratio.

Remember, our main bear target lies at $4 which instead doubles up as 2018 lows. Instead, the best approach today as far as price action is concerned is to take a neutral approach and wait for reactions at $4. After wards, any form of reaction or slice through would advice our price analysis tomorrow.

Litecoin (LTC) Technical Analysis

From the News

• Crypterium is the latest wallet in the sphere that allows users to send crypto as Litecoin (LTC) to others as long as they have a phone. It doesn’t matter if they have internet or not, they can receive coins through SMS. It’s interesting and should you want to try out, all you have to do is fill out a KYC form, get approval and you are in business.

Technical Analysis

Litecoin Daily Chart by Trading View

While Litecoin is down 10 percent in the last day, we should also notice that there were remarkably high volume accompanying that decline after prices stalled from Aug 11 to 13. Besides, we have a long lower wick indicating rejection of lower lows right at our second bear target at $50.

Judging from our last Litecoin (LTC) trade plan, this level of support not only is important for LTC but marks the bottom of last year’s rally meaning most of last year’s gains have been reversed.

So, instead of shorting at bottoms, I suggest locking in some prices and watching price. Any high volume break below $50 and the next logical support line is $30.

Stellar Lumens (XLM) Technical Analysis

From the News

• In a timely move, Digital Asset Custody Company (DACC) now supports Stellar Lumens (XLM). Would this help propel XLM towards the top 3 and replace XRP? After all, XRP and XLM have the same founder (Jed Mac Caleb) and transacting through both medium is cheap and extremely efficient.
• Thanks to declines in EOS, Stellar Lumens is now the fifth most valuable coin in the world with a market cap of $3.96 billion at the time of press.

Technical Analysis

Stellar Lumens Daily Chart by Trading View

Surprisingly, it’s Bitcoin not Stellar Lumens that is stable in the top ten. Fact is, it’s down six percent and now trading below 22 cents but since we are trading according to our well laid out Stellar Lumens (XLM) trade plan, we shall take a neutral approach until after we see depreciation below 18 cents-20 cents zone or up thrusts above 26 cents of Aug 4 highs.

To cap that break out, the trend setting candlestick should be accompanied by high trading volumes and wide trade range indicating market participation. For now, let’s take a neutral approach but risk off traders can take small positions of shorts with stops at yesterday’s highs at 22 cents with first targets at 15 cents.

Tron (TRX) Technical Analysis

From the News

• Ledger Blue now supports Tron (TRX). However, you will access your coins at the hard wallet via Tron Scan.

Technical Analysis

Tron Daily Chart by Trading View

The drain plug is off and as the market shake out speculators wiping $3.5 billion in market cap after peaking in May, real coin believers are still holding on.

TRX is trading at around 1.5 cents and our trade plan is still live and while we recommend shorting at current prices, shifting stops to yesterday’s highs at 2 cents is safe.

If this stop is hit and tomorrow edge up higher, then we shall recommend exiting these shorts and entering temporary longs with stops at yesterday’s lows.

On the flip side, if none of that happens, then we suggest locking in some profits and aiming for Jan 24 lows or TRX ATLs.

IOTA (IOT) Technical Analysis

From the News

• Pac-Man-on-Wheels, Distributed Dingsbums Finder and MaaS are some innovative IOTA user case applications. All these technologies utilize the Tangle blockchain as they advocate IOTA’s IoT objective especially in the automotive sector.

Technical Analysis

IOTA Daily Chart by Trading View

At current prices, IOTA is just 10 cents away from our bear targets but while it seems perfect to short, I recommend staying off this trade. This applies mostly for those who are net short.

Those who don’t have short positions and minting should wait for prices to hit our second bear target and there after trade in the direction of the new trend.

We shall only rethink our projection if there are high volume rejections of lower lows with spikes above 55 cents.

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.

The post Stellar Lumens, EOS, Tron, Litecoin, IOTA Technical Analysis: Low Prices, Better Altcoin Stability appeared first on NewsBTC.

Could we soon see a token-backed project listed on one of the biggest equity venues in the world? An Asian ICO venture is reportedly trying to take over a Tokyo Stock Exchange listed firm, which would effectively make it a public company.

Also Read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

Noah Coin Coming to the Tokyo Stock Exchange?

Noah Ark Technologies is a Hong Kong based company which developed its own crypto token, called Noah Coin. According to its website, the company has several varied plans for the use of its token, including enabling remittances for Filipino workers employed abroad in Japan, serving the tourism industry and even powering a whole new city by 2023 (called Noah City of course).

The company is apparently not content with just raising funds from cryptocurrency investors via the ICO market, as it is reportedly trying to get its foot inside on a traditional stock exchange which will allow it greater access to old ways of raising capital. Noah is a shareholder of Beat Holdings, which is listed on the Tokyo Stock Exchange, and wants the public company to issue new shares and share acquisition rights so that Noah will obtain about half the voting rights.

Not So Fast

An ICO company trying to sneak in through the back door into the Tokyo Stock Exchange, has raised the alarm bells at the still crypto-cautious venue. In fact, a Tokyo Stock Exchange official reportedly told the Japanese Nikkei news agency that the operators felt “troubled, to be honest” by the proceedings between Noah and Beat.

In addition to the exchange, that might not be legally able to block a takeover of a listed firm, Noah also needs to get Beat to cooperate but the current management is said to be resisting the move. A shareholders meeting is expected next month and the matter might come to a head at that point. If the takeover indeed takes place, Noah might leverage its new status as a listed company to try and get an approval from regulators for a Japanese crypto exchange of its own.

Should Japanese financial authorities block this move or welcome the company to the Tokyo Stock Exchange? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Digital asset management company CoinShare’s chief strategist Meltem Demirors featured on CNBC’s Fast Money on Monday, where she discussed the problematic nature of judging Bitcoin on price alone.

Demirors offered that actual utilization may be a better alternative metric for institutional and retail investors to consider, which she put down as the real struggle right now. Although she said that it is not yet clear when or how Bitcoin may regain its value, the best way to predict this is by determining solid metrics that best fit Bitcoin.

The strategist noted that ”real traction” is imminent but a lot is relying on analysis to find the key metrics that will drive growth.

She compared cryptocurrency with similar innovative enterprises such as Intel, Amazon, and Microsoft in the early days of internet stocks, noting that it took Amazon nine years to recover from its initial price high during the dotcom bubble, Intel 15 years, and Microsoft 17 years.

Such as these early internet stocks, Demirors said that the real traction for Bitcoin will come with time. The late 2017 price run can be put down to “fear of mission out” (FOMO), which caused a similar type of speculative bubble, she said. With that bubble burst, real businesses with real-life use applications are being developed in the space.

As she put it: “New technologies that shift the paradigm take a long time to really understand.”

This goes to what she described as a key issue right now in the lack of a coherent narrative from the cryptocurrency community. With institutional interest in the space growing, Demirors said that this could well be an opportune time for Bitcoin, but it is not being considered a store of value because of the poorly-relayed narrative.

Bitcoin (BTC) currently sits at USD 6,038.18 after struggling this year to make significant gains compared with last years highs of nearly USD 20,000.

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Venezuela is set to begin using its “petro” cryptocurrency as an official accounting unit, according to the country’s president.