Day: August 19, 2018

The outcome of a recent inspection of 21 domestic cryptocurrency exchanges by the South Korean government has just been released.

The inspections were conducted in June and July as a follow up to previous inspections in January and March of this year. The inspections identified 17 out of 85 items as needing immediate focus, 11 of which concerned crypto wallet management.

What was clearly identified in the March inspection was the fact that many of the exchanges lacked adequate security arrangements which included dedicated security and management staff, a password management system, crypto deposit and withdrawal controls, and a system to monitor wallets for abnormalities.

In this latest inspection, the government agencies responsible for the checks clarified that only 11 out of the 21 exchanges had dealt with the outstanding short-term adjustments to their systems. Eight had improved wallet management systems. These were: Upbit, Bithumb, Korbit, Coinnest, Coinlink, Coinone, Coinplug, and Huobi Korea. A government statement revealed that:

“In the management of virtual currency wallets, most of the vulnerabilities in the business have not yet been improved.”

Twelve companies didn’t provide adequate security arrangements to address data leakage and loss of funds from cold wallets and ten companies failed to identify and monitor suspicious activity. Ten companies still lacked wallet back up and recovery systems for clients.

There will be a follow-up inspection in September to check that the identified issues have been corrected. In addition,  new exchanges will also come under scrutiny under the same guidelines. Kim Jong-sam, a spokesperson for the Ministry of Information and Communication stated:

“Because of the weak security of virtual currency exchanges, we should be careful in investing…We will continue to check virtual currency exchanges to improve security.”

Kim went on to point out that many cryptocurrency exchanges are operating with “sub-par security systems” and investors need to be careful when selecting a platform to trade on.

Despite the checks and implementation of strict guidelines, regional governments are forging ahead with plans to develop major hubs such as Jeju Island by imposing favorable regulatory frameworks for crypto startups. Clearly, these will also come under scrutiny from government regulators to ensure the security guidelines are maintained.

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Alleged India Bitconnect head, Divyesh Darji, was arrested this week at a airport in Delhi as he arrived from Dubai. He and conspirators are accused of bilking millions of dollars (Rs 88,000 crore) from Indian investors seeking to find financial refuge during the government’s demonetization campaign.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

India Bitconnect Head Arrested in Delhi

The sad and at times infuriating case of Bitconnect continues to unravel around the world. This week, accused mastermind of the group in Asia, Divyesh Darji, was arrested in connection with his role in the many millions of dollars investment scam.

Local media report Mr. Darji’s outfit was registered in the United Kingdom but essentially operated from the Burj Khalifa tower in Dubai. Perhaps it is a fitting center for a Bitconnect operation. The tallest structure in the world since its crowning in 2010, it mirrors proponents of the famed project and now widely recognized scam, big. Everything about Bitconnect was big: big promises, big returns, big gains, big conferences, and, alas, a very big fall.

In seemingly desperate times, human psychology might tend to succumb more readily to a kind of credulity not normally envisaged. That well-worn skepticism, when it comes to too good to be true claims, dulls when arguably needed most. Theoretically, that’s what happened to many Indian investors. In late 2016, its government demonetized all ₹500 and ₹1000 notes of the Mahatma Gandhi series. It would be the US equivalent of banning $10 and $20 bills.

It was an effort to strangle the growing Indian black market, which the government claimed was funding illicit activity and terrorism. But the rollout was sudden, immediate, and typically hamfisted. Cash shortages exacerbated, and an already limping along economy hiccuped mightily. At Prime Minister Narendra Modi’s announcement, stock indices threatened double digit drops, the aforementioned shortages, and bank runs characterized very real national panic.  

All the Answers

Bitconnect and scams like it were a perfect storm. Why keep money in fiat, in government paper when its publisher can just decide to snatch wealth from the average Indian on a whim. Instead catch this Bitcoin train so much in the media, with Bitconnect promising forever returns as it supposedly used invested bitcoin to pay for still other Bitcoiners’ returns.

And it worked. It did. As long as the market continued to shoot up and defy even the most irrational bitcoin proponent in late 2017, Bitconnect’s claims were vigorously defended by participants. Once so much as a small correction reared its head, however, the entire scheme collapsed. Indian promoters largely bailed, going abroad after investigations were launched by Indian authorities. Well known personalities and politicians were even caught up. Satish Kumbhani, Dhavl Mavani, and Suresh Gorasiya are some of the conspirators mentioned as well.   

P G Narwade of Criminal Investigation Department (CID-Crime) of Gujarat police explained, “Darji was living in Dubai. A look-out circular was issued against him. The Immigration Department alerted us when he was on the way from Dubai to Ahmedabad, after which he was arrested today evening. The company came into existence in 2016, and in 2017, it launched the Bitconnect coin. It remained active till January this year. It released 2.80 crore coins, out of which 1.80 crore coins were sold to investors. The accused held seminars, events in India and other countries promising high interest — daily interest rate of 1 per cent — on investment in Bitconnect coins. The cost of one Bitconnect coin on January 16, 2018, when the company shut down, was USD 362.”

DGP Ashish Bhatia of CID crime noted, “The company was registered in the UK and had an office in Surat. They launched their own ‘bitconnect coins’ soon after demonetization. They promoted the company on social media and by holding gala functions in cities across the world. They lured investors with 60% monthly interest, and incentives in the form of ‘referral interest.’ This is the same company in which Shailesh Bhatt invested Rs 1.80 crore. To recover the money, he had allegedly kidnapped Dhaval Mavani and Piyush Savaliya of Bitconnect. He had extorted 2,019 bitcoins, 11,000 litecoins and Rs 14.50 crore cash. A case was then registered with the Surat zone CID crime. We recovered 169 bitcoins and 8kg of gold from the accused.”

Do you think such arrests are a good thing? Share your thoughts in the comments section below.

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It appears that old Alcoa aluminium facilities are being put to good use, as one more is now earmarked for cryptocurrency mining.

Alcoa World Alumina and Chemicals (AWAC), with customers in China, the United States, Europe, and Brazil are letting some of their old operational US sites for aluminium processing go. The last to be utilised for a completely different type of product was the company’s aluminium smelting facility in New York State with crypto company Coinmint’s new installation making it one of the world’s largest cryptocurrency mining centers.

The smelting plant in Upstate New York has signed a deal with Coinmint, offering the facility on a 10-year lease, with an option for renewal. The cryptocurrency mining company is investing about USD 700 million into this new facility which is expected to bring in over 150 new jobs to the nearby town of Massena.

Bitmain is now in on the action, using a $500 million investment to construct another facility for crypto mining in Rochdale, Texas. The new operation is said to be viable for 7 years, adding to the local and state economy. According to Bitmain’s press release, the new construction on the old Alcoa Rockdale Operations site is underway and hopefully be ready in early 2019. The new Bitmain facility will be bringing 400 local jobs to the economy in the first 2 years.

The company is already recruiting employees for its data center in Rochdale and is seeking senior management, sales and finance specialists, engineers and technicians. Bitmain also plans to work with local schools and educational programs in order to prime locals for possible employment over the next few years as the data center develops and expands. Jeff Stearns, executive vice president and director of operations at the company, commented:

“Bitmain is truly honored to announce this news and is excited to work with local partners, government and stakeholders in realizing this vision, throughout the initial set-up phase, operations and beyond.”

Amid stiff competition around the world, companies are finding it increasingly difficult to find locations suitable for Bitcoin mining. The revamped Alcoa plant promises to be a boon for this particular local community at least.

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Steve Wozniak, co-founder of Apple, is a computer engineer and inventor responsible for the creation of the Apple I computer as well as a primary contributor to the Apple II. He played arguably the biggest role in the personal computer revolution, and is a forefather of the third technological revolution, which ushered in the era of computing and the internet.

Wozniak worked with Steve Jobs primarily from 1976 to 1981, and stepped away from Apple for good in 1985. Since then, Wozniak has taken up a number of philanthropic and technological initiatives. Following his departure from Apple, he invented the first universal remote, taught technology in K-12 schools, hosted several rock concerts, finished his bachelor’s degree at UC Berkeley, and so much more.

Recently, at the ChainXchange blockchain convention, I had an opportunity to interview Wozniak about cryptocurrency. The conversation began with Wozniak’s instant fascination with Bitcoin.

“I like to keep up with things… Bitcoin caught my attention. It had so many unusual aspects for any technology I had ever heard of. Nobody is really known to be the creator. It doesn’t have any centralized [component]. It’s based on mathematics. There’s a certain number of Bitcoin that can ever exist… Mathematics to me is like nature. It’s much better than human beings… I trust those things of nature more than what man makes up. Man makes up currencies, controls them, issues new US dollars every year; Bitcoin was immune to that.”

From there, his curiosity turned towards the underlying blockchain technology.

“At first I kept hearing [about blockchain], and I didn’t understand it. It’s not something you understand in a day. You think about it, read more about it and how it works, and then you see how people actually start to use it, through the mining process and also the verification and, aha! It all adds up!” said Wozniak, before reflecting on early conceptions of crypto.

“It’s so independent! It’s kind of like the internet when it was brand new… I was amazed at the technology behind it. People start up companies that do other things in life. I’ve encountered people working in real estate avenues, types of Uber systems, everything we’ve got in our life, especially involving transactions – retail sales, car sales, manufacturing of goods… working on Bitcoin applications… and they all have value. Every single one you hear about, to me, has value…. A few people can see the value, which reminds me very much of the early internet days.”

After, Wozniak revealed incredible news: he is about to begin working with blockchain for the first time.

“I’m involved with, very soon, my first time being involved in a blockchain company. [It’s] called Equi… Our approach is not like a new currency, or something phony where an event will make it go up in value. It’s a share of stock, in a company. This company is doing investment by investors with huge track records in good investments in things like apartment buildings in Dubai. We have one person in our group who has listed out a whole apartment building for Bitcoin… We might be starting up in Malta around the time of their blockchain conference. Some countries are very positive about [blockchain]the same way they were about electric vehicles.”

Wozniak concluded the discussion by explaining his stance on platforms like Ethereum. He sees use of Ethereum similar to that seen on Apple, with thousands of companies developing their own applications on the platform. “Ethereum provides the tools for a blockchain application of your own… I see more people using Ethereum that way, but Bitcoin is still digital gold.”

With over 1,800 cryptocurrencies and a ton of exchanges, it can be hard to know which one to use, as exchanges vary in how their customers can trade. Some, like Coinbase and Gemini, allow you to get your feet wet in the industry and start out with fiat currencies. Other exchanges only trade crypto-to-crypto.

This is especially the case with altcoins that mostly can’t be purchased with fiat currency. Most traders use several exchanges and, with so many cryptos flying around, not all exchanges list every coin, offer the same rates, or have the same legal obligations.

If you want to buy Stellar Lumens, for example, you’ll need to sign up with Kraken, OKEx, or another exchange that lists them. If you’re looking for some Cardano, you’ll have to go with BitMEX, Bittrex, UPbit, or an exchange that lists ADA. But you’ll need to start out with an exchange that accepts fiat currency to get in the game in the first place.

Confused? I don’t blame you. Some exchanges are better for beginners, others have steep learning curves, and some may not be available in your jurisdiction. But if you’re serious about getting into cryptocurrency and you want to do it well, check out these nine major options.

Coinbase

Probably the most well-known of all cryptocurrency exchanges, Coinbase was founded in 2012. This is the first major exchange to gain popularity in the US and is widely considered one of the safest and easiest to use. You can also store your cryptocurrency in its online wallet (although with frequent exchange hacks, that’s not recommended).

You can get started with fiat currency and buy and sell fairly easily, but Coinbase doesn’t offer margin trading or short selling. This cryptocurrency exchange was also the first to reach unicorn status in the US and is currently valued at around $1 billion.

Fully compliant with US regulations, Coinbase had to share user information with the IRS late last year. So if you’re looking to make money without paying tax, this isn’t the platform for you.

Typical fees range from 1.49% to 3.99% (which is pretty steep when trading small volumes or engaging in high-frequency trading). Moreover, Coinbase only stocks five coins, so if you’re looking for more action, you’ll need to go elsewhere.

Gemini

Gemini is the brainchild of VC twins of ex-Facebook fame Cameron and Tyler Winklevoss. Launched in 2015, this exchange is well-known for its commitment to cooperating with regulators. They even announced that they would be partnering with Nasdaq (although this has yet to come to pass).

Gemini accepts fiat currency, but it only stocks three coins—Bitcoin, Ether, and Zcash. The difference between Coinbase and Gemini is that the latter holds your digital assets (cryptocurrencies) in a trust and operates both as a fiduciary and a custodian.

No short selling or trading on margin, but if you’re in the US and looking for a secure and compliant way to make long-term trades, Gemini is a good choice thanks to its lower fees compared to Coinbase (0–1%).

Kraken

Kraken is another behemoth crypto exchange along with Coinbase and Gemini. You can trade with fiat or crypto and deposit and withdraw in several currencies. Founded in 2011, Kraken is actually Coinbase’s older relation, although it isn’t as well known.

Kraken is a big name inside the industry, largely for its part in investigating the missing bitcoins from the Mt. Gox hack and redistributing the stolen funds. Being US-based, it complies with KYC/AML and offers proof-of-reserves audits. It also complies with other regulatory obligations—for the most part. CEO Jesse Powell stunned US regulators when he refused to comply with an inquiry from the New York Attorney General in April of this year.

Kraken’s daily trading volume is around $127 million (15,598 BTC) with just over 50 cryptocurrencies listed and maker/taker fees starting at 0.16%-0.26%.

BitMEX

BitMEX is a Hong Kong-based mercantile exchange purely for Bitcoin fans. This is not a platform for experimental traders, since it allows for high-frequency and high volume trading. BitMEX regularly trades over $1 billion worth of transactions per day and recently announced a record-breaking trade volume of over 1 million Bitcoin in a 24-hour period.

BitMEX is not like the above-mentioned exchanges, as it offers futures contracts and perpetual contracts, all traded in Bitcoin. This means that traders may opt to trade in altcoins, but all profits and any losses are paid out in Bitcoin.

BitMEX offers short selling and margin trading up to 100% with fees hovering between 0.05% and 0.25%. Interested? Heads up: this exchange does not handle fiat currency, is subject to little regulation, and is not available to United States citizens.

IDEX

IDEX is a fairly popular decentralized exchange built on the Ethereum blockchain. IDEX uses smart contract technology to allow trading of ERC-20 tokens. Claiming to combine the speed of centralization with the security of the blockchain, it’s one of the better alternatives to Remme, Ethereum Blue, and Polymath.

IDEX has a fairly high trading volume at just shy of $3 million (356.30 BTC), and it’s also one of the most user-friendly decentralized exchanges out there. However, you should probably try a centralized one first—and in fact, you’ll need to in order to get some Ethereum.

It has an official guide to help get you started and some analysis tools to help with trading. There are also more than 300 cryptocurrencies listed, but they might not be the ones you want to buy. Maker/taker fees are low at 0.1%/0.2% respectively.

Waves

As the product of the Waves cryptocurrency and blockchain, the Waves decentralized exchange is becoming increasingly popular. This exchange, while decentralized, is almost more of a hybrid in that its matching service is centralized. That basically means you get the security of a decentralized exchange and the speed and ease of managing funds of a centralized one.

Currently, Waves lists around 65 cryptocurrencies, and you can trade in both Bitcoin and Ether, which makes it somewhat more useful than IDEX. Its trading volume is relatively large for a new exchange at around $6.7 million (829 BTC). And it claims to offer “insanely low fees,” at less than $0.01 (0.003 WAVES) per order.

There have been some complaints and rumors of inefficiencies with the Waves exchange, notably around the issuance of fake coins and unregistered tokens. But, that aside, all in all, it seems to be performing well for a new entry.

Cobinhood

Cobinhood made waves at the end of last year for being the world’s first commission-free cryptocurrency exchange. Doing away with evil centralization? Well, Cobinhood is still centralized at the moment, with plans to become fully decentralized.

How does it offer zero trading fees when exchanges like Waves and IDEX don’t? Well, it has some added services, which are meant to be its profit drivers. They include a prime subscription service (the irony isn’t lost here), an ICO underwriting service, and a margin-trading loan option for the cast-iron stomached. Moreover, the native COB token creates incentives for its users.

There are over 60 cryptocurrencies available at the moment, and the UI is friendly for beginners. It also has a large and supportive community. But being centralized still means users’ funds are exposed, so you might want to wait for the decentralized rollout.

OKEx

OKEx was the second major cryptocurrency exchange to move to Malta after Binance this April. Then, in May, it supposedly overtook Binance as the world’s largest in trade volume. But with parent company OKCoin embroiled in a scandal over fabricating trading numbers, this record may not be set in stone.

That aside, OKEx is pretty huge, stocking over 500 cryptocurrencies and boasting a 24-hour trading volume of around $1.2 billion (150,000 BTC). OKEx trades in Bitcoin futures as well, allowing traders access to short and margin selling.

OKEx maker/taker fees are pretty steep compared to other exchanges for small amounts. But the fees decrease as the volume rises (0.15%/0.2% compared with 0.2%/0.5%). This exchange places a greater focus on professional, heavyweight traders. You can do fiat, crypto-to-crypto, and futures, and there are a bunch of other services as well.

Digitex Futures

Digitex Futures is a commission-free futures trading exchange that uses a native token, the DGTX. Traders speculate on the price of Bitcoin or Ether, but their profits and losses are paid out in DGTX, which creates demand for the coin and a healthy internal economy, increasing its value. The DGTX ICO sold out in just 17 minutes, creating a serious network effect for the platform.

Digitex Futures is using smart contract technology to provide a decentralized platform as secure as IDEX or Waves, but free from fees entirely. That means that margin traders can make a living without fees eating into their profits.

How Digitex Futures will shape up against the above exchanges remains to be seen since it’s still in development. CEO Adam Todd will be presenting a keynote at the Malta Blockchain Summit in November and showing a demo of the trading platform that’s set for launch in Q4 of this year.

Currently, the DGTX token is listed on Mercatox, ExRates, OOOBTC, and Radex, and is hovering around the 500th place on CoinMarketCap.

The Takeaway

This is just a handful of the myriad cryptocurrency exchanges on offer. The ones that suit you best will vary according to how much you trade, where you live, and which cryptocurrencies you want to buy. However, the move away from centralized exchanges with high fees and low security is certainly being felt.

As clumsy as the user experience may be right now, and notwithstanding the fact that many decentralized exchanges are still under construction, they look to be shaping the future.

JD.com, China’s largest retailer, has launched a Blockchain-as-a-Service (BaaS) platform for use by businesses looking to develop blockchain solutions. The new platform will allow them to adopt DLT without having to build the technology from the ground up.

As detailed in the recent press release, the JD Blockchain Open Platform enables developers to build, host and implement solutions on the JD constructed blockchain platform. Customers will be able to create and adjust smart contracts on either a public or private enterprise cloud, as well as utilize the tracking and tracing of goods function from the production line to the retail destination. Blockchain tracking benefits customers by its ability to provide an authenticity certification of the goods served.

The first partner is China Pacific Insurance Company (CPIC), which has used the platform to issue official Chinese business receipts known as ”fapiao.” According to the press release, the system is able to increase security practices for all e-invoices. Yanhong Pan, vice president and CFO of CPIC, said that he is confident that the use of the open platform is streamlining the efficiency of his operations and noted that blockchain technology is forcing all companies to shift their business practices.

The JD Blockchain Open Platform is part of JD.com’s Retail as a Service (RaaS) strategy that seeks to provide sophisticated technological infrastructure to other companies and industries. By empowering businesses that may not have the means or skills necessary to develop their own blockchain, JD’s strategy may well be significant in the adoption of blockchain tech; its blockchain goods tracing platform, launched last year has already served over 400 brands.

Blockchain in China

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The interest of Wall Street firms towards opportunities in crypto custody and asset management has continued to increase despite the 80 percent correction the market experienced in 2018.

Sanford C. Bernstein & Co. analysts refuted recent reports about the struggle of cryptocurrency exchanges and stated that digital asset trading platforms have been recording solid volumes, generating large revenues.

The analysts added that the strong performance of cryptocurrency trading platforms in a bear market or a downtrend led the demand for crypto from Wall Street firms to increase.

“As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” the analysts told Bloomberg.

Will Banks Join the Crypto Sector?

Already, some of the world’s largest banks including Goldman Sachs and JPMorgan have disclosed their ongoing initiatives to serve clients interested in cryptocurrencies as an asset class.

In June, David Solomon, the newly appointed CEO and chairman of Goldman Sachs, said that the bank has been exploring the possibility of providing cryptocurrency-based derivatives. At the time, Solomon acknowledged, for the first time, that Goldman Sachs have been clearing Bitcoin futures on behalf of their clients.

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too,” Solomon said.

It is possible, given the thriving business models of cryptocurrency exchanges, that Wall Street firms, hedge funds, and investment companies begin facilitating cryptocurrency trades, targeting US markets.

Twitter CEO Jack Dorsey’s Square and major stock brokerage platform Robinhood have been offering cryptocurrency trading services since early 2018, and have continued to express their optimism towards the increasing demand for the crypto market.

Both multi-billion dollar conglomerates have opted to maintain the profit margin of their cryptocurrency ventures as low as possible, most likely to appeal to investors in the cryptocurrency market first knowing that the two companies can monetize their cryptocurrency trading services at their demand.

Two months ago, Robinhood co-CEO Vlad Tenev, which secured a $5.6 billion valuation after the integration of its cryptocurrency business, said that the company is intentionally not making money on its digital asset trading app and will not do so in the foreseeable future.

“We don’t intend to make very much money on it at all for the foreseeable future. We intend to operate it as a breakeven business. The thinking behind that is what we’re really doing is building an ecosystem. Right now the products are investing products, so crypto slots in very nicely alongside the 10,000 plus other instruments that people can trade,” Tenev said.

When Will Wall Street Firms Enter?

Considering the confidence shown by Robinhood and Square in the cryptocurrency market, analysts have suggested that it will be difficult for Wall Street firms to prevent forming a venture related to the cryptocurrency market, as a long-term bet.

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A US congressman has invited 32 prominent representatives of the cryptocurrency industry to Washington in order to discuss future ICO legislation.

Warren Davidson, the Republican representative for Ohio is to discuss measures to be introduced by the Securities and Exchanges Commission (SEC) this coming autumn after discussions between the Commission and Davidson’s office.

Davidson sits on The United States House Committee on Financial Services, which is responsible for overseeing the entire financial services industry, including the securities, insurance, banking, and housing industries.

Those representatives of the industry invited to Capitol Hill for the September forum are listed as Andreessen Horowitz, Circle, CME Group, Coin Center, CoinList, Harbor, Intercontinental Exchange, Kraken, Nasdaq, Ripple, Union Square Ventures and some others.

Congressman Davidson describes the meeting as design to offer a “light touch” to current ICO regulation before the new bill goes to US Congress later this year. He commented:

“I intend to lead legislation for initial coin offerings to clarify the role of regulators, protect consumers, address national security concerns, and facilitate a pro-growth environment for businesses to raise capital.”

The forum is an interesting development, in the sense that until now there has been little direct interaction between the SEC and leaders from within the cryptocurrency industry. Although Davidson is not actually a member of the governments’ regulatory body, his subcommittee on the United States House Committee on Financial Services does oversee SEC work and has significant influence.

The congressman is thought to be discussing existing issues within the industry in the forum, such as unsuccessful ICOs and the difficulties of some to go public, along with the formulation of clearer rules to cover the diversity of tech companies entering the market.

Another factor which is sure to be raised by the industry representatives gathered on September 25^th is SEC requirements and rules, as they apply to the cryptocurrency industry as a whole.

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The U.K. is on the cusp of leaving the E.U., sparking concern for blockchain startups working within a government-run regulatory sandbox.