Bahrain’s Central Bank Issues Draft Crypto Regulations

,

The Central Bank of Bahrain (CBB) has prepared draft rules designed to regulate digital assets and certain aspects of the country’s crypto industry. The move aims to establish Bahrain as a regional leader in the fintech sector and restore its role as a major banking hub in the Persian Gulf.  

Also read: New Bitcoin ATM Tracker Site Launches in Russia

Addressing Market Demand

Bahrain’s Central Bank Issues Draft Crypto RegulationsThe regulations have been released for consultation and the bank has set Dec. 31 as the deadline for providing feedback. The proposals have been published on the bank’s website, local media reported.

The comprehensive rules cover the implementation of a licensing regime for companies operating cryptocurrency trading platforms. A supervisory mechanism for the providers of other services related to crypto assets has been developed as well.

The draft paper addresses the need to introduce measures to safeguard the interests of customers. It also contains technology standards designed to minimize and manage the cyber security risks associated with the nascent industry.

In a statement quoted by the Bahrain News Agency, CBB’s executive director of banking supervision Khalid Hamad explained:

This regulatory framework will address the demand from the market for these services and the need to recognize this financial innovation.

Hamad further commented that the CBB’s experience with the participants in Bahrain’s regulatory sandbox has been “insightful in shaping these rules.” The bank official was referring to Bahrain Fintech Bay, which was established to allow companies from the sector to operate and experiment with new ideas under lighter regulations.

Restoring Regional Leadership

Bahrain’s Central Bank Issues Draft Crypto RegulationsAuthorities in Manama launched the sandbox to boost the development of the fintech industry and increase the number of companies offering related services. At the same time, the initiative was part of efforts to reduce government expenditure through the implementation of new financial technology. In fintech Bahrain sees an opportunity to restore its position as a regional banking and business hub.

Bahrain Fintech Bay, which was set up in February of this year, has become home to around 30 companies working with cryptocurrencies, digital payments, blockchain and financial technologies. Other players in the Persian Gulf, including Abu Dhabi and Dubai, are also investing heavily to support the growth of fintech startups.

But while Bahrain’s CBB is working to adopt regulations for decentralized, private cryptocurrencies, the central bank of the United Arab Emirates and the Saudi Arabian Monetary Authority have announced plans to issue a government-controlled digital currency. The new “blockchain-backed” coin will be used to improve the efficiency of cross-border transactions between the two neighboring countries.

What do you think of Bahrain’s decision to regulate the crypto industry? Let us know in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any way you prefer — via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Bahrain’s Central Bank Issues Draft Crypto Regulations appeared first on Bitcoin News.

SEC Chair ‘Optimistic’ DLT and Crypto Will Drive Investment Opportunities

,

Speaking as part of a testimony to the United States Senate Committee on Banking, Housing, and Urban Development, the chairman of the U.S. Securities and Exchange Commission Jay Clayton expressed optimism that the distributed ledger technology (DLT) sector will “facilitate capital formation.” Clayton also discussed the enforcement actions taken by the SEC in regulating initial coin offerings (ICOs).

Also Read: New Bitcoin ATM Tracker Site Launches in Russia 

SEC Chair Believes Crypto and DLT Will Generate Capital Formation

Jay Clayton stated that he is “optimistic” that the developing DLT sector will “facilitate capital formation” and provide “investment opportunities for both institutional and Main Street investors.”

The SEC chairman praised the commission’s regulatory apparatus pertaining to cryptocurrencies and DLT, describing it as a “balanced” approach that simultaneously “fosters innovation” and “protects investors.”

Clayton stated that the SEC has used a multitude of channels to convey its “message” to investors, citing the example of the SEC’s Howeycoins.com website. Of the site, Clayton said that the SEC “created a website to educate the public about frauds involving ICOs and just how easy it is for bad actors to engineer this type of fraud,” adding that the website attracted “over 100,000 people” within one week of being online.

Clayton Highlights SEC Oversight of ICO Sector

SEC Chair 'Optimistic' DLT and Crypto Will Drive Investment OpportunitiesThe SEC chair asserted that the commission has been “focusing a significant amount of attention and resources” to the oversight and regulation of cryptocurrencies and ICOs. Clayton emphasized the inter-division and inter-agency collaboration that the SEC has undertaken recently, highlighting the issuance of public statements regarding ICOs and virtual currencies.

Clayton stated that “while some market participants have engaged with our staff constructively and in good faith with questions about the application of our federal securities laws,” some companies have sought to “prey on investors’ excitement about cryptocurrencies and ICOs” and to engage in “fraud” or “other violations” of U.S. securities laws.

Clayton also highlighted the commission’s establishment of a cyber unit last year, stating that “In its first year, the Cyber Unit led investigations that resulted in several emergency actions to stop ongoing alleged frauds against retail investors that involved ICOs, as well as charges against a bitcoin-denominated platform and its operator for running an unregistered securities exchange and defrauding users of that exchange.”

Speaking on the cyber unit’s actions beyond ICOs, the SEC chair asserted that the unit’s enforcement actions led to the regulator returning $1.07 billion to investors during the 2017 financial year, and $794 during the 2018 financial year so far.

Do you think that the SEC’s regulatory approach is balanced? 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.

The post SEC Chair ‘Optimistic’ DLT and Crypto Will Drive Investment Opportunities appeared first on Bitcoin News.

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

,

Cubits, a London-based digital asset trading platform, has been forced into administration after fraudsters reportedly stole €29 million (about $32.5 million) from the exchange in February. The company claimed “it fell victim” to an elaborate scam orchestrated in collusion with three of its clients. 

Also read: Former Mt. Gox CEO Could Face 10 Years in Jail Over Embezzlement

Exchange Enters Into Voluntary Administration

The administration means that investors cannot deposit or withdraw funds until further notice. It’s not clear how much worth of bitcoin the exchange was holding on behalf of customers at the time of closure.

Cubits has now appointed Steve Parker and Trevor Binyon of Opus Restructuring & Insolvency as joint administrators. In a statement, the company said it had failed to recover from the “criminal act,” which involved the accounts of three customers.

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Cubits, the trading name of legal entity Dooga Ltd., said the “serious criminal act” had crippled business operations and “finally led to the difficult decision to place the company into administration.”

Three Chinese traders allegedly purchased BTC through the platform via Pay Secure Online (Paysec), a payment processor based in Malta. However, Paysec never remitted the funds to Dooga, in an alleged scam. Cubits has now filed a lawsuit in Malta to force Paysec to reimburse the €35 million ($39.2 million it supposedly owes the exchange. The reimbursement claim includes funds from the three Chinese accounts and others.)

The company stated:

The criminal act happened in February 2018 and involved the accounts of three clients. Bitcoins with a market value at that time of approximately €29 million were properly delivered and subsequently withdrawn, with the customers apparently colluding with fraudsters. Dooga has never received the equivalent in fiat from the payment processor responsible for carrying out the transaction.

Dooga stated that it had informed the responsible authorities in the U.K., Malta, China and Germany of the scam. It has also filed several criminal complaints, but nothing has materialized, forcing the exchange to file for administration.

Fruitless Efforts

With administration – the U.K. equivalent of bankruptcy – the administrator will seek to restructure the company in financial distress, especially its debt. During this period, investors or creditors cannot make legal claims against the entity, giving it opportunity to recover.

Cubits said it had made “every possible effort to recover” the funds without success. The only other option was to file for bankruptcy.

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

“This decision secures the current position whilst the administrators seek offers for the business and its assets,” said the exchange. “The role of the administrators will be to work with those who are owed money by the company and to collect monies that are owed. The key objective is to achieve the best possible outcome for creditors and recover as much as possible of the funds owed to the company.”

Parker, who will also be working together with Allister Manson, technology partner at Opus Restructuring & Insolvency, and Nicholas Parton, head of forensic accounting at Opus, said his duties as administrator involve collaborating with those who are owed money by Cubits and to collect money owed to the company. “Dooga’s current position is secure, investigations are proceeding and we will be writing to creditors, formally, this week,” he said.

Cheated?

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Users reacted angrily when the Cubits platform suddenly went offline on Monday. The exchange said on Twitter that the blackout was due to “maintenance.”  Later, the website began producing a general error message before subsequently announcing that the company was being placed under administration.

User Jamil Khadem complained on Twitter: “Have we been robbed by Cubits? I’ve been waiting for a withdrawal since the 6th of December and the company won’t give me a straight answer.”

Founded in 2014, Cubits has allowed customers to buy and sell cryptocurrency like bitcoin. It also claimed to act as a bridge between virtual currency and more traditional forms of payment, specifically to the online gaming industry.

What do you think about the developments at Cubits? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam appeared first on Bitcoin News.

Markets Update: Bears Continue to Drag Cryptocurrency Prices Down

,

Digital asset prices have been dipping in value again after a few days of price consolidation. At the moment, the entire cryptocurrency economy is awfully close to dropping under the psychological $100 billion market valuation. Furthermore, since our last markets update cryptocurrency global trade volumes are weaker than usual, with only $11.5 billion worth of assets traded over the last 24 hours.

Also read: Password Manager App Dashlane Mocks Cryptocurrency Owners

More Price Dips and Lower Trade Volumes

Crypto-market prices are sliding again as the top 10 digital assets have seen 24-hour losses between 2-13%. At the time of publication, the entire market capitalization of all the coins in existence is $104.2 billion today. Currently, bitcoin core (BTC) prices are down 3.8%, on Friday, and 2.8% over the course of the last week. This gives BTC a global average price of about $3,302 and the value is lower on certain exchanges. Moreover, bitcoin core has a market valuation of about $57.5 billion which is 55% dominance over the entire digital asset economy.

Markets Update: Bears Continue to Drag Cryptocurrency Prices Down
Top 10 cryptocurrencies on Dec. 14, 2018.

BTC is followed by ripple (XRP) as the market captures $12 billion and each XRP is being swapped for $0.29 per coin. Ethereum (ETH) holds the third position but markets are down 4.6% and ETH is being traded for $86 per token. Stellar (XLM) takes the fourth position today as each coin is trading for $0.10 a piece. However, XLM markets have lost over 7.5% during the last 24 hours of trading. Lastly, the current ruler of the fifth position is the stablecoin tether (USDT) which is trading for a U.S. dollar and once in a while a few pennies above 1 USD.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) is the seventh largest market valuation just before the weekend and the entire BCH capitalization is only $1.4 billion. BCH prices during Friday’s trading sessions are down 13% over the last 24 hours and over 18% for the week. This action has given BCH a value of about $82 per coin with roughly $98 million in global trade volume. Bitcoin cash trade volume has increased since our last market update which is a positive sign.

Markets Update: Bears Continue to Drag Cryptocurrency Prices Down
BCH/USD daily chart.

The top five exchanges swapping the most BCH include Lbank, Binance, Kraken, Huobi, and Coinbase. During our last four market updates, ETH had dominated BCH trading pairs over the last few weeks. On Friday, BTC captures the most trades against BCH with 28.5% of global trades. This is followed by ETH (26.5%), USDT (22%), EUR (9%), and USD (6.4%).

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour chart on Bitstamp indicates that bears have the reigns again today. The long-term 200 Simple Moving Average (SMA) is still well above the short-term 100 SMA trend line. This shows that the path towards the least resistance is still very much the downside.

Markets Update: Bears Continue to Drag Cryptocurrency Prices Down
BCH/USD 4-hour Bitstamp.

The Relative Strength Index (RSI ~21.96) is also indicating extremely bearish conditions as the RSI is still showing an oversold market. Stochastic and MACd readings show a similar downside trajectory as there will need to be some surprise bull action to make things less dreary. Order books on the upside show bulls have some resistance from now until $100 and some smoother seas from there. On the backside, support is pretty decent from the current vantage point up to $75 where buy orders start to get slimmer.

Markets Update: Bears Continue to Drag Cryptocurrency Prices Down
Bitstamp BCH/USD trading view 4-hour chart on Dec. 14, 2018.

The Verdict: Uncertainty Remains Strong With Crypto-Markets Below Their 200-Day Averages

This December is showing that cryptocurrency values are not as bright as some people predicted throughout the course of 2018. Being so close to the end of the year, Fundstrat’s Tom Lee has stated that he’s getting “tired” of cryptocurrency price predictions. Lee stated multiple times this year that BTC prices could hit a target of $15,000-25,000 by the year’s end. According to Lee’s note to clients this week, the Fundstrat Global Advisor says BTC’s fair model price should be between $13,800 and $14,800.

“Given we are so close to year-end, we are not providing any updates to near-term price objectives — read this as, we are tired of people asking us about target prices,” explained Lee on Friday.

Lee conceded by adding:

Given the steep discounts of [bitcoin] to our fair value models, the excessive bearish sentiment about fundamentals does not seem warranted.

Lee’s fair market value is still more than $10,000 higher than today’s BTC spot prices. Further, with the price so low BTC/USD, and ETH/USD short positions are still at all-time highs this week. This means more so than ever individuals and organizations believe prices are going to drop again. A large portion of the top digital assets continue to slowly drop into a narrowing price range with no signs of any significant price bounces ahead. As long as BCH, ETH, BTC, and many other coins ride below their 200-day moving averages and show extremely oversold RSI levels, traders will remain skeptical.

Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bears Continue to Drag Cryptocurrency Prices Down appeared first on Bitcoin News.

These Two Analogies Will Help You Explain Bitcoin to Anyone

,

Explaining Bitcoin to someone who knows nothing about Bitcoin isn’t easy. In fact it’s fiendishly tricky. Describing concepts such as blockchain, decentralized networks, and permissionless ledgers to beginners is as tough as describing the color orange to a blind person or the taste of an orange to someone who’s never peeled one. Two new Bitcoin analogies surfaced this week, however, that should make that task easier.

Also read: Password Manager App Dashlane Mocks Cryptocurrency Owners

How to Explain Bitcoin to Anyone

These Two Analogies Will Help You Explain Bitcoin to AnyoneComplete the following sentence: “Bitcoin is like ____.” Defining Bitcoin isn’t easy; hell, even bitcoiners can’t agree on what the cryptocurrency is designed for, be it a store of value, medium of exchange, or a form of censorship-resistant money. It’s no surprise, therefore, that well-intentioned attempts at explaining Bitcoin to beginners can go awry. Two very different but equally compelling analogies provide a fresh take on Bitcoin. One likens it to text messaging, the other to fungus. Both are effective in driving their point home, with the text messaging comparison particularly suited to Bitcoin beginners.

Analogy 1: Bitcoin Is Like Text Messaging

These Two Analogies Will Help You Explain Bitcoin to AnyoneAdvanced by ‘Beautyon’ on the Bitcoin Matters podcast, and then transcribed by David van der Weele on Twitter, the first analogy goes as follows: Bitcoin operates like text messaging, only instead of words, you can only send numbers. Those numbers are called bitcoins and because their supply is limited (unlike text messages, which are infinite), they can serve as a form of money.

Continuing the analogy, van der Weele explains how “Anybody can download a bitcoin app on their phone and start using it to buy things online or [receive bitcoin] for doing work for others.” This is similar to text messaging apps such as Whatsapp where it is necessary only for the other person to install the application, whereupon anyone in the world can message them.

Rounding off the Bitcoin-as-text-messaging analogy, van der Weele summarizes:

These Two Analogies Will Help You Explain Bitcoin to Anyone

Analogy 2: Bitcoin Is Like Fungus

While less relatable to the average person, the second Bitcoin analogy to have garnered attention this week is arguably more accurate. The only downside is that to fully appreciate it, a degree of familiarity with eukaryotic organisms is required. The concept, advanced by Brandon Quittem, is that the Bitcoin network, made up of nodes, miners, wallets and other points of access, spreads just like fungus, which has been described as “earth’s natural internet.”

These Two Analogies Will Help You Explain Bitcoin to Anyone“Fungi don’t have a central ‘brain,” explains Quittem, “they’re decentralized networks distributing information and resources. These fungal networks form consensus on resource management, reproduction, and defense strategy.” It is fitting therefore, that “Mycelium”, a name that many bitcoiners associate with the popular BTC wallet, draws its name from fungus threads that branch together to form colonies.

Brandon Quittem drives the analogy home by adding: “Fungi are the most successful species on our planet. They “inherited the earth” after all five mass extinction events … because fungi are antifragile decentralized networks and can adapt quickly and don’t need sunlight to survive and find their own food. Bitcoin will become the most successful monetary species because it’s decentralized, adapts (relatively) quickly, finds its own food (unmet demand), and doesn’t need government support. In the event of a mass monetary extinction event, bitcoin will ‘inherit the earth.’”

Comparing Bitcoin to fungus probably isn’t going to entice a slew of new crypto converts. But it’s certainly a novel way of looking at a decentralized network that has thus far resisted all attempts to eradicate it.

How do you describe Bitcoin to friends and family? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post These Two Analogies Will Help You Explain Bitcoin to Anyone appeared first on Bitcoin News.

New Bitcoin ATM Tracker Site Launches in Russia

,

A new website showing a map of cryptocurrency teller machines and other points of sale has been launched in Russia. The platform currently provides information about bitcoin ATM locations in the city of Moscow but its developers plan to expand its coverage globally.

Also read: French Lawmakers Propose Lower Electricity Rates for Cryptocurrency Miners

Cryptocoinmap Has Some Useful Features

Cryptocoinmap.ru is quite similar in design to the popular bitcoin ATM tracker website Coinatmradar. At this early stage, there’s still a lot of room for improvement but the platform already has some unique features. It has been created by two Russian companies, Nanobit and Sova.rf, which have already expressed their intentions to continue to develop it.

At present, Cryptocoinmap shows several locations in the Russian capital where crypto enthusiasts are able to trade fiat with digital money. Six of them are bitcoin ATMs, where residents and visitors of Moscow can buy cryptocurrencies, and one is an exchange which sells and buys virtual coins. The website provides information about their addresses, phone numbers and business hours as well as images of the surroundings.

New Bitcoin ATM Tracker Site Launches in Russia

All points of sale support major cryptocurrencies such as bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), and dash. The exchange rates are displayed in a number of fiat currencies including the Russian ruble, U.S. dollar, British pound, Japanese yen, Chinese yuan, Indian Rupee, and Kazakhstani tenge. Bitfinex is the crypto exchange used for reference.

The service allows users to filter the suggestions by business hours, available services and supported cryptocurrencies. The platform is based on Yandex Maps, the Russian alternative to Google Maps, and it offers some useful features, including directions to the BATMs and real-time traffic updates.

Cryptocoinmap lists all supported coins with their current prices in fiat sourced from major global and local digital asset exchanges such as Coinbase, Kraken, Bitfinex, Bitstamp, Bittrex, Poloniex, Cex, Exmo, Livecoin, and Yobit. The numbers are accompanied by graphs showing the daily, weekly and yearly price movements.

Developers Plan for Global Coverage

New Bitcoin ATM Tracker Site Launches in RussiaRepresentatives of the companies behind the project recently told Forklog they will only add new ATMs and change bureaus that are operated within the framework of the law. Businesses applying to be listed on Cryptocoinmap must provide proof they do not owe any taxes to the government and present documents demonstrating their financial viability.

Right now, the website displays only seven locations in the Russian capital, but Nanobit and Sova.rf want to expand the coverage to include over 100 regions around the world. The companies have promised to add 200 new locations by the end of the first quarter of 2019.

Coinatmradar, which is the leading BATM tracker site, provides information about over 4,000 cryptocurrency ATMs globally. These are operated by 520 companies in 74 countries. According to its data, there are currently at least 11 bitcoin ATMs in and around the Russian capital, as well as dozens of devices in other regions throughout the vast country that spans 11 timezones.

Have you used a cryptocurrency teller machine? Tell us in the comments section below and share your thoughts on the subject.  


Images courtesy of Shutterstock, Cryptocoinmap.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any way you prefer — via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post New Bitcoin ATM Tracker Site Launches in Russia appeared first on Bitcoin News.

The Daily: Crashing Crypto Trader Shares Advice, Bitcoin Bandit Extradited

,

In Friday’s installment of The Daily, we update a story we first reported on yesterday – the closure of stablecoin project Basis. Its team have now given the official reason for its cessation. We’ll begin, though, by covering a slice of crypto crime concerning “bitcoin bandit” Nicholas Truglia.

Also read: Digital Currency Platform Revolut Receives European Banking License

Bitcoin Bandit Faces Justice

The Daily: Crashing Crypto Trader Shares Advice, Bitcoin Bandit Extradited
Truglia maintains his innocence

On Dec. 13, so-called “bitcoin bandit” Nicholas Truglia was extradited to California to face charges of hacking into the phones of major Silicon Valley players. Truglia is accused of stealing a cool $1 million in crypto from one victim through SIM swapping, also known as SIM jacking. The trick has become one of the most successful attack vectors for hackers seeking to part victims from their cellphones and from there to infiltrate their email accounts and override 2FA. Other high profile figures Truglia is accused of targeting in this manner include Saswata Basu, CEO of 0Chain, and Gabrielle Katsnelson, co-founder of SMBX. Truglia, for his part, maintains his innocence.

While we’re taking a foray into crypto crime, a recurring story about someone making bomb threats and demanding bitcoin resurfaced this week. The story itself is neither interesting nor meaningful – anyone can email an anonymous threat and demand whatever they want to cease their mischief, but it doesn’t mean they’re getting it. One publication, however, took the threats very seriously: Business Insider Australia has claimed that the price of BTC slumped as a direct result of the threats. “Wow you are terrible at reporting,” tweeted one reader in response to the asinine assertion.

Dreamr Unveils Personal Crowdfunding App

The Daily: Crashing Crypto Trader Shares Advice, Bitcoin Bandit ExtraditedProject crowdsales may be on the decline, but the personal crowdsale is just getting started. That’s the view of the Dreamr team at least, who have released details of a new mobile app and marketplace where individuals can monetize their business ideas. The service, which harnesses cryptocurrency-based features, facilitates crowdfunding campaigns based around individual or shared goals. The Las Vegas project is seeking to combine elements of decentralized service-based marketplaces with those of a conventional crowdfunding website, and claims that Dreamr will make it easier for good ideas and talented entrepreneurs to secure capital.

Basis Confirms Project Shutdown

The Daily: Crashing Crypto Trader Shares Advice, Bitcoin Bandit ExtraditedAs reported yesterday in The Daily, algorithmic stablecoin project Basis has shut down and returned the bulk of the $133 million it raised to investors. In a blog post, Basis has now confirmed the reason for its closure, writing: “Having to apply US securities regulation to the system had a serious negative impact on our ability to launch Basis. As regulatory guidance started to trickle out over time, our lawyers came to a consensus that there would be no way to avoid securities status for bond and share tokens.” The team did consider moving out of the U.S. to complete their project in a friendlier jurisdiction, before concluding they were better cutting their losses and calling it a day.

Crash and Burn Trading Tale Goes Viral

The Daily: Crashing Crypto Trader Shares Advice, Bitcoin Bandit ExtraditedFinally, in the current bear market, tales of woe from investors who wish they’d sold the top are easy to come by. One trader’s tale has gone viral this week, however, on account of its candor and good grace. Peter McCormack’s thread on how he turned $32,000 into $1.2 million and then back to zero has been retweeted over 1,900 times and favorited another 6,300. “If there is another bull run and you make a bunch of cash then remember to take profits. Don’t overstretch yourself,” he concludes. “Don’t keep in crypto profits which will change your life.”

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock and NY Post.


Need to calculate your bitcoin holdings? Check our tools section.

The post The Daily: Crashing Crypto Trader Shares Advice, Bitcoin Bandit Extradited appeared first on Bitcoin News.

Chatter Report: Voorhees Questions ‘Smart Money’, Sechet Explains ‘Miners Don’t Vote’ Declaration

,

In today’s Chatter Report, Erik Voorhees criticizes cryptocurrency-focused venture capital firms for reneging on their signed term sheet deals. Also, Steve Patterson calls out Amaury Sechet over Chris Pacia’s comment that miners don’t vote. Lastly, imaginary_username contemplates on the different roles of miners and users in Bitcoin. 

Also read: BCH Devs Discuss Securing Instant Transactions With the Avalanche Protocol

Crypto Venture Capital Firms Renege on Term Sheets

Founder of Digital Currency Group Barry Silbert revealed on Twitter recently that Venture Capital firms that invest in cryptocurrency-related startups have been reneging on their signed term sheet deals.

Silbert later pointed out in the comments that most large deals were unaffected by this phenomenon. However, it’s the smaller deals like the seed, series A and series B rounds that are being reneged.

Bad Call?

The decision of VC firms to pull out of their investment deals drew sharp criticism from the CEO of Shapeshift, Erik Voorhees. Voorhees was quick to point out that the VCs seemed to be the antithesis of “smart money”.

Voorhees did not hold back on criticism and even compared the investment decisions of the VCs to an average Joe who FOMOed into buying a Tron right before the price dumped.

Whitepaper Sacrilege?

Bitcoin pundit Steve Patterson called out the BCH community over Openbazaar developer Chris Pacia’s statement that miners don’t vote. Patterson saw this as a huge deviation away from Satoshi Nakamoto’s statement in the whitepaper that “[Miners] vote with their CPU power“.

Lead developer of Bitcoin ABC Amaury Sechet fired back, arguing that miners “enforce rules” and gave the analogue that miners vote as much as Walmart votes on the products on its shelves.

Existential Thoughts on Roles in Bitcoin

The conversation then took a slight detour as crypto Twitter began contemplating the role of miners and users in the Bitcoin ecosystem. BCH pundit imaginary_username jumped into the discussion to quote Pirate Party Founder Rick Falkvinge and explained “everyone is free to do anything, and you may not tell others what to do” in Bitcoin.

Imaginary_username then elaborated on the idea of all parties being free and explained that exchanges, businesses, customers and investors all do as they please. This is because miners are unable to coerce users with guns and threats of violence the way politicians enforce rules against their own citizens in a democracy.

What do you think of venture capital firms reneging on their signed term sheet deals? What about the roles of miners and users in Bitcoin? Let us know in the comments below.


Images courtesy of Shutterstock.


Bitcoin.com’s own store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin tea cup? Go shopping.

The post Chatter Report: Voorhees Questions ‘Smart Money’, Sechet Explains ‘Miners Don’t Vote’ Declaration appeared first on Bitcoin News.

Japan’s Monex Group Launching Cryptocurrency Exchange in the US

,

Monex Group, a major Japanese financial services company and the parent company of cryptocurrency exchange Coincheck, has unveiled its plan to launch a crypto exchange in the U.S. next quarter. The company has also shared its expansion plans for Coincheck in Japan.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

U.S. Expansion

Tokyo Stock Exchange-listed Monex Group (8698.T) held a business strategy briefing session on Wednesday to outline its U.S. expansion plan through its subsidiary Tradestation.

Japan’s Monex Group Launching Cryptocurrency Exchange in the US
Oki Matsumoto.

The group acquired Coincheck, one of Japan’s largest crypto exchanges, after it was hacked in January. Tradestation, a U.S.-based wholly owned subsidiary of the group, offers online electronic brokerage services to individual and institutional traders.

Monex CEO Oki Matsumoto said at the briefing that Tradestation “plans to offer virtual currency transactions … in the first quarter of 2019,” Reuters reported. Tradestation CEO John Bartleman was quoted by Coin Post as saying:

For cryptocurrency business, we have been preparing the virtual currency service in the U.S. for the past several months. We believe it can start in the first quarter of 2019.

Japan’s Monex Group Launching Cryptocurrency Exchange in the USAccording to Cointelegraph Japan, the new U.S. exchange will list the top five cryptocurrencies but the actual list has yet to be finalized. In addition, the company is in the process of acquiring money transmitter licenses in all U.S. states. In December last year, Tradestation began offering the trading of bitcoin futures contracts by the Cboe Futures Exchange.

Expansion Plans for Japan

Matsumoto also provided an update on Coincheck’s application to register as a cryptocurrency operator with Japan’s Financial Services Agency (FSA). “We have been consulting with the Financial Services Agency” about registration, he said, emphasizing that Coincheck resumed its exchange business last month. Currently, the exchange supports the trading of BTC, BCH, ETH, ETC, LSK, FCT, XRP, XEM, and LTC.

Japan’s Monex Group Launching Cryptocurrency Exchange in the USCoincheck is categorized as a deemed dealer which means it has been allowed by the FSA to operate a crypto exchange while its application is being reviewed. Currently, there are 16 registered crypto exchanges in Japan and three deemed dealers.

Monex detailed that since the acquisition of Coincheck, many improvements have been made to the platform, including a change in the management structure and delisting anonymous cryptocurrencies.

Nikkei Asian Review reported Coincheck’s President Toshihiko Katsuya explaining on Wednesday:

Coincheck plans to expand its services beyond trading into areas such as payments and transfers.

What do you think of Monex Group’s plans to expand in the U.S. and Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, Monex Group, Tradestation, and Coincheck.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s Monex Group Launching Cryptocurrency Exchange in the US appeared first on Bitcoin News.

Tipping App Gitcash Returns With Plans to ‘Make It Rain’ BCH on Github

,

The Gitcash project has re-launched this week after taking a brief hiatus following the Bitcoin Cash hard fork. After returning, the Github tipping application has released a new splitting application for pre-fork bitcoin cash and this past ‘Tipping Tuesday’ the Gitcash crew “made it rain” BCH on unsuspecting Github projects.

Also Read: Digital Currency Platform Revolut Receives European Banking License

Gitcash Returns to the BCH Community With a Splitting Tool

Tipping App Gitcash Returns With Plans to 'Make It Rain' BCH on GithubIn June, news.Bitcoin.com reported on the Gitcash.io platform, an application that enables bitcoin cash (BCH) tipping natively on the Github software development website. After the BCH fork that resulted in a blockchain split, the application took a brief pause, just like other bitcoin cash services at that time. At that point in time, the Gitcash team gave a shout out to BCH infrastructure providers on Nov. 19 who were suffering as a result of “this stupid fork.” Then on Monday, Dec. 14, Gitcash creators announced they were resuming operations and released a new coin-splitting tool for users who wish to separate their BCH and BSV.

“Forkin’ blues got ya down? Us too, but then we re-launched with a bunch of sweet new features, and here’s one now — Deposit the pre-fork coins that you haven’t gotten around to splitting and Gitcash will do it for you,” explained the team’s developers after publishing a video demonstration of the new tool.

Tipping App Gitcash Returns With Plans to 'Make It Rain' BCH on Github

Gitcash Leaderboards and ‘Making it Rain’

The following day, in honor of ‘Tipping Tuesday,’ the Gitcash team said they planned on “making it rain BCH on some unsuspecting Github projects.” Additionally, the project published another video on how to use the new ‘explore’ page on Gitcash, in order to find and tip certain Github repositories. The video also demonstrates how repository owners can claim their bitcoin cash. “This feature was created to allow Gitcash users to financially support specific projects while giving the owner a way to disperse the funds amongst the project’s contributors,” the video description details.

In order to use the Gitcash application, users simply log in with their Github account and there are no separate passwords involved. Gitcash account funding can also be done with any BCH wallet or imported private keys. The project has a leaderboard showing statistics like the Gitcash application’s top earners. At the moment the most tipped users on Github include ‘Maplesyrupsucker,’ ‘Seanwarman,’ and ‘Cgcardona.’

Tipping App Gitcash Returns With Plans to 'Make It Rain' BCH on Github

Spreading Bitcoin Cash Adoption

On Thursday, Dec. 13, the Gitcash crew thanked a user for “identifying a pesky bug” for the team and told the platform’s Twitter followers to check out the user’s remote mining tool. The Github user’s project is called a Full Cycle Mining Controller, which is a workflow message bus microservice architecture for bitcoin mining. This type of open source community support is what the Gitcash project is all about, and its main objective is to spread BCH adoption. The developers have emphasized that the Gitcash software is free and the team covers operational expenses by donations from the community. “This service only exists to spread the use of bitcoin cash and motivate others to be inspired by it as we’ve been,” the Gitcash website declares.

What do you think about the Gitcash team re-launching the Github tipping platform this week? Let us know in the comments section below.


Images via Shutterstock, Gitcash, and Twitter. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up 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 Tipping App Gitcash Returns With Plans to ‘Make It Rain’ BCH on Github appeared first on Bitcoin News.