Friday 31 August 2018
Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese Market
Japanese mega e-commerce and internet company Rakuten Inc. is entering the crypto space. Instead of submitting a new application to the country’s financial regulator, Rakuten is acquiring an existing crypto exchange to fast-track into the Japanese crypto market.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Rakuten to Operate Crypto Exchange
Rakuten Inc. announced Friday that “it decided to acquire Everybody’s Bitcoin Inc. through its subsidiary, Rakuten Card Co. Ltd.” After the stock acquisition, which is expected to take place on October 1, Everybody’s Bitcoin will become a wholly-owned subsidiary of Rakuten. The acquisition cost is listed as 256 million yen (~US$2,305,484).
The e-commerce giant wrote:
We expect that the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future. In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function, and have been considering entry into the cryptocurrency exchange industry as the Rakuten Group.
Furthermore, the company revealed that a growing number of its FX and securities customers “have been calling for the provision of a cryptocurrency exchange service.”
Founded in 1997, Rakuten claims to have more than 1.2 billion members globally. The company has over 70 businesses across e-commerce, digital content, communications, and fintech. It owns messaging app Viber and has invested heavily in car-hailing service Lyft. In 2016, the firm established a dedicated research and development unit in Belfast called Rakuten Blockchain Lab. In addition, the Japanese government gave Rakuten a concession in April to operate Japan’s fourth major wireless carrier.
About Everybody’s Bitcoin
Known in Japanese as Minnano Bitcoin, Everybody’s Bitcoin began operating a crypto exchange service on March 30 last year. The exchange currently offers the trading of BTC, BCH, and ETH against the yen.
In April last year, the revised Payment Services Act went into effect in Japan, legalizing cryptocurrency as a means of payment and requiring all crypto exchanges in the country to register with the Financial Services Agency (FSA).
Everybody’s Bitcoin applied for a license on September 7, 2017, but its application is still under review. The FSA has, however, approved 16 crypto exchanges. As for those companies 
that were already operating crypto exchanges prior to the regulation taking effect, the agency has allowed them to keep operating while their applications are being reviewed. These companies are referred to as “quasi-operators” of crypto exchanges or “deemed” crypto exchanges.
Rakuten described:
Currently, Everybody’s Bitcoin operates the business as a deemed cryptocurrency exchange and is waiting for approval of the official registration.
A Fast Track to Registration
Since the hack of Coincheck in January, the FSA has tightened its review process of crypto exchanges. The agency has issued a number of business improvement orders and has temporarily shut down some quasi-operators.
On April 25, Everybody’s Bitcoin received a business improvement order from the Kanto Local Finance Bureau. “Everybody’s Bitcoin is working to implement improvements in the items outlined in the business improvement order,” Rakuten detailed.
Due to the stricter review process, most of the 16 quasi-operators have exited the industry. The FSA confirmed this week to news.Bitcoin.com that only three applications from these operators are left. They are for Coincheck, Lastroots and Everybody’s Bitcoin.
Coincheck was acquired by Monex Group after the hack. Lastroots just had more investments from SBI Group, which also has its own crypto subsidiary, SBI Virtual Currencies, and offers a crypto trading service called Vctrade.
According to Friday’s announcement:
Rakuten Group decided to acquire Everybody’s Bitcoin shares so that it can realize the early registration as a cryptocurrency exchange and develop cryptocurrency services to customers.
According to the e-commerce giant, Everybody’s Bitcoin “decided to expand the business under the Rakuten Group to maximize synergies…in order to further promote its cryptocurrency business.”
What do you think of Rakuten fast-tracking into the Japanese crypto market? Let us know in the comments section below.
Images courtesy of Shutterstock, Rakuten Inc, Everybody’s Bitcoin, Coincheck, and Lastroots.
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Dogecoin Sustains Growth: 108% Over Two Weeks: Poloniex Adds USDT Pair
Dogecoin (DOGE) has continued its bullish trend of the past few days with 44% gains for Friday the 31st, and 108% growth over the two week period. Today’s peak of $0.004467 hasn’t been reached since May 20th, as DOGE rides the waves of a three-month high. Dogecoin’s Two Week Rise Dogecoin has been on the […]
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Kiev’s Bessarabsky Market Accepts Cryptocurrencies for Groceries
Bessarabsky market, a landmark of Ukraine’s capital, is introducing crypto payments. Fruits and vegetables are already sold for a number of cryptocurrencies including bitcoin cash (BCH). The initiative to offer the alternative payment option aims to show how simple it is to use cryptocurrency in everyday life.
Also read: New Bill Clarifies Crypto Taxation in Poland
BCH and BTC Accepted for Fruits and Vegetables
Kiev’s historic Bessarabsky market, an indoor marketplace located in the center of the capital city, is accepting cryptocurrencies, the public communal company that operates it announced on Facebook. Locals and visitors can now buy fresh produce with a variety of digital coins thanks to a partnership with crypto payments processor Paytomat.
Currently supported are payments in bitcoin cash (BCH), bitcoin core (BTC), bitcoin gold (BTG), litecoin (LTC), ethereum (ETH), nano, dash, waves, EOS, and NEM. During this initial, experimental stage customers can spend their crypto at a fruits and vegetables stand. However, a vegan street food cafe at the market is also preparing to launch crypto payments soon. Purchases are made through a QR code scan and sellers should receive the payments in fiat Ukrainian hryvnias after instant conversion.
The cryptocurrency payment option will offer buyers a new experience and attract crypto enthusiasts, according to Bessarabsky market’s managing director, Nikolay Kovalchuk, quoted by the Ukrainian outlet Bykvu. He also hopes for an increase in customer loyalty that will lead to sales growth. The market, which is one of Kiev’s landmark sites, is frequented by foreign tourists as well, and for many of them crypto payments are known and convenient.
‘Babushka’ Shows How Easy It Is to Spend Crypto
The project, which has been named “Babushka” (Granny), aims to demonstrate the simplicity of using cryptocurrency in everyday life. According to Alexander Kurin, operations director at Paytomat in Ukraine, the hardest part is to convince sellers they are going to get their hryvnias after the crypto payment is processed. He told Forklog:
The main idea is a symbiosis between traditions and innovations. We chose the Bessarabsky market because it is a well-known tourist destination, and cryptocurrencies are a universal means of payment in any country.
Paytomat has been working to introduce cryptocurrency payments in a number of cafes, restaurants, online stores, and even clinics, schools, and beauty salons, the Ukrainian outlet notes. Businesses and merchants using its services are spread across Europe, from Ukraine and Georgia in the East to the Netherlands and Spain in the West.
The platform offers several payment solutions including POS terminal, web panel, QR code and WordPress plugin. As news.Bitcoin.com reported earlier this year, the Paytomat supports 11 cryptocurrencies and works with more than 330 restaurants and stores.
What do you think about Bessarabsky market’s initiative to introduce crypto payments in Kiev? Tell us in the comments section below.
Images courtesy of Shutterstock, facebook.com/bessarabskiyrinok, Paytomat.
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August 2018 Volume Rankings Report: ETC and Dash Top Ten
During August, the monthly volume posted by the majority of leading cryptocurrency markets continued to decline. Despite such, the ETC and Dash markets again defied the trend to post an increase in trade volume, with XRP also bucking the downward trend this month.
Also Read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
Top 5 Most Traded Cryptocurrency Markets Posts Month-Over-Month Decline in Volume
Trade volume for BTC pairings declined by 5.34% during August – falling from $131 billion USD last month to $124 billion during the last thirty days, according to Satoshi Pulse.
USDT saw the smallest volume fluctuation of the major cryptocurrency markets this month, with $82.9 billion worth of Tether changing hands during the last thirty days – a 3% drop in trading activity when compared with July.
ETH has maintained its position as the third most traded cryptocurrency, however, saw a drop from July’s $53 billion in thirty-day trade volume to post $45.75 billion for August. The nearly 14% drop marked the third consecutive month of declining volume for Ethereum.
EOS also posted its third consecutive month of declining volume, with August’s $18.1 billion down nearly 11.3% from July’s $20.4 billion.
Bitcoin Cash saw a drop in trading activity during August, dropping 31.3% from July’s $14.85 billion to post $10.2 billion in thirty-day volume.
ETC, XRP, and DASH Defy Downward Trend
Of the top ten most traded cryptocurrencies during August, ETC, XRP, and Dash were the only markets to post an increase in volume month-over-month.
Ethereum Classic climbed from eighth to sixth after experiencing an increase in thirty-day trading volume for the fourth month in a row – with August’s $7.9 billion comprising an approximately 18% increase over July’s $6.7 billion for ETC.
XRP has maintained its position as the 7th most traded cryptocurrency market, with August’s $7.8 billion comprising a 13% increase in trade volume over July’s $6.9 billion.
LTC experienced a slide back down to eighth after ranking sixth for two consecutive months after posting $7.14 billion in thirty-day trade volume – a 16.7% drop in trading activity when compared with July’s $8.57 billion.
Dash has continued to climb the rankings, with August’s $5.26 billion elevating Dash to ninth position and comprising a 5.2% month-over-month gain from the $5 billion in thirty that propelled DASH into the top ten most traded markets last month.
Despite posting a 9.1% drop in monthly trade volume, Qtum has crept back into the top ten most traded markets with $4 billion after dropping to 11th last month with $4.4 billion.
Many Leading Crypto Markets See Significant Volume Volatility
The TRX Markets have continued to slide down the rankings, sitting at eleventh for August with $3.45 billion – a 36.7% drop from last month’s $5.45 billion. TRX was the sixth most traded cryptocurrency market during May, however, slid to ninth during June and July.
CKUSD has climbed from fourteenth to rank twelfth for August after posting $3.36 billion in monthly trade volume – a roughly 16% increase over July’s 2.9 billion.
ZEC posted among the strongest volume gains produced by a leading cryptocurrency market during August, with $2.9 billion worth of Zcash exchanging hands during the last thirty days – an approximately 35% increase over July’s $2.15 billion. ZEC ranked thirteenth for August, up from sixteenth last month.
Ontology saw the strongest percentage gain in trade volume of the leading crypto markets, with August’s $2.34 billion comprising a 41% increase over July’s $1.66 billion. The increase in trading activity has elevated ONT from the twentieth to the fourteenth most ranked cryptocurrency market by thirty-day trade volume.
XLM has maintained its position as the fifteenth most traded cryptocurrency, despite August’s $1.94 billion comprising a 15.65% drop from July’s $2.3 billion.
ADA and NEO Slide Significantly in Volume Rankings
ADA saw a significant drop in trading activity during August, sliding from thirteenth in July to sixteenth this past month with $1.84 billion – a 40.65% drop from last month’s $3.1 billion.
NEO saw the largest drop in trade volume of the major cryptocurrency markets, sliding from twelfth to seventeenth after posting a thirty-day volume of $1.83 billion – a 46.2% drop from July’s $3.4 billion.
Do you think that the majority of the leading cryptocurrency markets will continue to posting declining volume month-over-month? Share your thoughts in the comments section below.
Images courtesy of Shutterstock
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Market Update: U.S. Stocks on Edge amid NAFTA Doubts; Bitcoin Price Claws Back Above $7,000
U.S. stocks traded mixed on Friday, as Canada and the United States struggled to reach a new trade agreement ahead of a self-imposed deadline by the Trump administration. In cryptocurrencies, bitcoin was on track for a weekly gain of 6% as prices clawed back above $7,000. Stocks Struggle for Direction The large-cap S&P 500 Index […]
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Crypto Psycho: Measuring Fear And Greed
Since the start of this year when crypto prices started tumbling, people have been seeking a simple answer to an equally simple question: what is making prices fall? To those who have suffered through the trama, you may have already thrown up your hands in disgust. But, this is an important question that needs an answer. […]
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Forex Update: Euro Looking Strong Against Other Currencies
2017 was a year to remember for the Euro. It surged against major currencies including the British Pound, Japanese Yen, and Canadian Dollar. The “Fiber” was up by as much as 9.14% against the Cable, 11.62% against the Yen, and 6.7% against the Loonie. One of the reasons is because in 2017, the European Union […]
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Nano Up Double Digits, Makes Venezuelan Push
Nano, the No. 27 cryptocurrency with a market cap of $405 million, has managed to do what has eluded many other altcoins in August– post gains for the entire month. The NANO coin has advanced approximately 14% in the last 24 hours to $3.04 and its value has ballooned by 85% over the last month. […]
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Week in Review: Bitcoin Is Getting Bullish
Cryptocurrencies’ long road to recovery took a positive step this week, as bitcoin’s newfound stability resonated with the broader market. BTC clocked highs north of $7,100 on Wednesday, having recovered roughly $1,200 from its recent low. The leading digital currency has faded somewhat in the latter half of the week but continues to show signs […]
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The Daily: Cboe Close to Ether Futures, Brave Boasts Millions of Downloads
Cboe is getting closer to launching ether futures and we’ve covered the report in The Daily. Also, Brave has reported 10 million downloads of the Android version of its privacy-oriented browser, the Russian telecom regulator says it would unban Telegram if the messenger follows court orders, and IOTA Foundation has released its Trinity desktop wallet app in beta.
Also read: Huobi Nears Backdoor Listing, Musk Still Loves Scambots
Report: Cboe to Launch Ether Futures in 2018
The US-based exchange behind the first bitcoin (BTC) futures, Cboe Global Markets, is now getting close to launching futures for ether, Business Insider UK reports quoting knowledgeable sources. The report further details this could happen as early as this year. The outlet notes that the announcement of the new products could create conditions for the wider trading in the second-largest cryptocurrency by market cap and possibly open the door for an ETF. Danny Kim, head of growth at the crypto trading firm SFOX commented:
Cboe’s offering will enable crypto traders to take both long and short positions in ether and it’s another step forward to a new accepted asset class. With this, I think the new investment opportunity will take crypto out of the bearish market and reverse to a new bull.
Cboe is now reportedly waiting for a decision from the Commodities Futures Trading Commission (CFTC) before launching the product. According to people familiar with the matter, Cboe would be basing its futures on the underlying market of Gemini, the NY-headquartered cryptocurrency exchange operated by the Winklevoss brothers. Cboe’s bitcoin futures are also based on its platform. A representative of the Securities and Exchange Commission (SEC) stated in June that SEC didn’t view the trading of ether as a violation of the US securities law.
Brave Browser With 10 Million Android Downloads
The Android version of Brave browser, the open-source web browser boasting enhanced privacy features, has recorded more than 10 million downloads, its publisher announced in a tweet. “Thank you to our users for choosing to browse faster and safer, and for valuing privacy protection!” Brave Software added in its post. According to media reports, the browser has been ranked among the top 10 “Free Communication Apps” on Google Play Store in a couple of dozen markets already.
Thrilled that Brave for @Android now has over 10 million downloads!
Thank you to our users for choosing to browse faster and safer, and for valuing privacy protection! https://t.co/ME6ZkOYfLx pic.twitter.com/nBmpMFEcBa
— Brave Software (@brave) August 24, 2018
Brave is a privacy-oriented browser supporting opt-in ads and crypto payments between users and website publishers. To take advantage of the tipping system, which uses Brave’s ethereum-based basic attention token (BAT), users have to enable the payments in the browser. Used by Twitchers and Youtubers, the service may soon be available to Twitter and Reddit users as well. Earlier this month, the company behind it announced plans to introduce support for the two platforms in the fourth quarter of this year.
Roskomnadzor May Consider Unblocking Telegram
Russia’s telecommunications watchdog now says it’s ready to consider lifting the ban on the popular messaging app Telegram in case its operator agrees to follow a court order to provide Russian law enforcement agencies with access to its encrypted messages, RT reported. Roskomnadzor attempted to block the messenger, used by many in the crypto community, after it did not comply with last year’s request to share its decryption keys.
Last week, Roskomnadzor reiterated its position saying the ban may be lifted if Telegram provides assurances it will abide by the court’s decision. The announcement comes after the agency faced difficulties in its attempts to effectively restrict the service in Russia. At the same time, Telegram has not indicated it intends to change its stance on the matter. A lawyer representing the company said the messaging service can only share limited data on individual users, provided a court deems it necessary.
IOTA Announces Beta Version of Trinity Desktop Wallet
The IOTA Foundation has recently announced the release of the Trinity desktop wallet app in beta. The launch comes after an earlier release of the Trinity Mobile wallet which has now been optimized for desktop application. Both versions can be downloaded from links published on the Trinity website. IOTA is open sourcing the code for the two wallets and hopes to work with the developer community to improve them further.
According to a published statement: “Trinity Desktop on Windows is signed with the IOTA Foundation code-signing certificate, which needs to have a positive reputation in order to pass the Smart Screen filter… Since Trinity Desktop has just been released, the Smart Screen will continue to flag the wallet.” Users can manually check the certificate by right-clicking the application icon and opening “Properties”. The information about the “IOTA Stiftung” signature can be found under the “Digital Signatures” tab.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
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Sometimes a Centralized System Is Better – Mathias Sundin, Member of Swedish Parliament
There is a need to experiment with decentralized solutions in all industries and see where they can be used, believes Mathias Sundin, Member of Swedish Parliament in the Tax Committee and the Finance Committee. In the interview, the expert talked about blockchain regulations, shared challenges of providing crypto services and evaluated Sweden’s DLT sphere.
Interviewer: Blockchain & Bitcoin Conference Stockholm (BCS).
Speaker: Mathias Sundin, Member of Swedish Parliament in the Tax Committee and the Finance Committee (MS).
BCS: You are the first person in political sphere who has started accepting campaign donations in bitcoin. Why did you come to this decision and how did you make it possible?
MS: I was the first in the world to only accept bitcoin for my campaign. I did that because I wanted to show people that bitcoin is something very exciting that could change the world, and politicians and others need to help make that happen.
BCS: Being a member of Swedish Parliament, how can you evaluate crypto taxation regulations, and what do you think can be improved?
MS: I don’t think we need special regulation for cryptocurrencies. The rules and regulations for other financial services apply to crypto as well.
BCS: As a Chairman at Goobit, Sweden’s first provider of financial crypto services, tell us about the challenges the company has met in being a pioneer in the sphere?
MS: A lot of misunderstandings and biased views of what bitcoin and other cryptocurrencies are. We follow every rule and regulation, but despite this some people think it’s something shady. Especially, the banks need to learn more about Blockchain.
BCS: Evaluating Sweden’s blockchain sphere, which sectors do you think are mostly in need of decentralized technologies for their work improvement?
MS: If you need to store or transfer value, ownership and the like on a global level, then Blockchain is something to consider. But sometimes a centralised system is better, so don’t just follow the hype, think it through.
BCS: Do you think there are industries which benefit from centralized systems only and will not function better with decentralization? Which ones?
MS: I think we need to experiment with decentralized solutions in all industries and see where can find use for it.
BCS: Tell us in brief, what are you going to focus on in your presentation at the conference?
MS: I will talk about how strong decentralized systems are. The internet was built on decentralized systems, but many of the biggest services built upon this open system are centralized. That hinders innovation and new actors. That could change when we add an economic incentive to the open, decentralized system. The lack of economic incentive is otherwise the biggest challenge when you work with decentralized systems. But bitcoin and ICOs have solved that problem.
Mathias Sundin will become a speaker at the Blockchain & Bitcoin Conference Stockholm on September 11.
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Time for Intervention
Hi Everyone, Those of you who have been following markets closely these last few weeks have noticed that in addition to me travelling around a lot, a few of the emerging markets have been experiencing turbulence. The US economy has been performing phantasmagorically, which in turn is causing the Federal Reserve to tighten the screws […]
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Monero (XMR) Price Surges After Receiving Quantitative Prediction of $39,584
Privacy coin Monero has been at the forefront of the news headlines in recent months, and not always for the right reasons. However, Monero has also been one of the best performers in the midst of the summer bear market, and on the morning of August 31st the XMR coin is up 14%. Monero has […]
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ICO Analysis: Safinus
It becomes easier and easier to invest in crypto-assets day by day, but this does not necessarily mean that it is sufficiently easy for a person who is not tech-savvy to make his or her first investment in crypto-assets. Although many projects such as CoinBase make this process relatively easier, it is still unnecessarily complex, […]
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160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
Japan’s top financial regulator has revealed exclusively to news.Bitcoin.com the number of crypto exchanges seeking to enter the Japanese market. The agency also confirms the number of existing exchanges that have exited the industry, leaving only three applications currently being reviewed.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Three Quasi-Operators Are Left
Cryptocurrency exchanges in Japan are licensed by the country’s top financial regulator, the Financial Services Agency (FSA).
The FSA has licensed 16 crypto exchanges so far. In addition, it has allowed 16 more companies, including Coincheck, to operate crypto exchanges while their applications are being reviewed. These companies are sometimes referred to as “quasi-operators” of crypto exchanges.
However, since the hack of Coincheck in January, the FSA has stepped up its oversight of crypto exchanges. It has issued many business improvement orders and temporary shut down some exchanges. With stricter rules to comply, a number of quasi-operators began to withdraw their applications and exit the industry.
An FSA representative told news.Bitcoin.com that, out of the original 16 quasi-operators:
There are three quasi-virtual currency broker dealers still being reviewed: Coincheck, Everybody’s Bitcoin Inc. [Minnano Bitcoin], and Lastroots.
Coincheck was acquired by Monex Group after the hack. While the FSA declined to comment on Coincheck’s specific application, Monex is hopeful that the exchange will be approved in September. Once approved, Coincheck will resume normal operations, including registering new members, Monex previously said.
FSA Never Stopped Reviewing Applications
Since the hack of Coincheck, the FSA began rigorously inspecting all crypto exchanges, 23 of which received an on-site inspection. The agency recently released a report detailing its findings.
No new companies have been approved this year, drawing speculation that the agency may have halted reviewing exchange operators.
However, the FSA confirmed to news.Bitcoin.com:
There is no such fact that we stopped reviewing process.
160 Interested Companies
The FSA revealed in July that about 100 companies were interested in applying for a license to operate a crypto exchange. Among them are Line Corp and Yahoo! Japan. Line recently launched an exchange, Bitbox, that serves customers globally except those in Japan and the U.S. The company is waiting for the FSA’s approval before beginning operations in Japan.
On Wednesday, the agency disclosed to news.Bitcoin.com the updated number of interested operators, stating:
Including preliminary consultation/inquiries regarding registration, around 160 operators are expressing their intention of market entry.
What do you think of 160 exchange operators wanting to enter the crypto space in Japan while most of the quasi-operators have exited the market? Let us know in the comments section below.
Images courtesy of Shutterstock and the FSA.
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Bitcoin Price: Risk of Reversal Fades as Market Stabilizes Near $7,000
Bitcoin appears to have regained its footing on Friday, as prices briefly crossed the $7,000 handle following yesterday’s minor breakdown. Although the bulls aren’t out of the woods yet, the market remains in an corrective phase based on the technical charts. BTC/USD Update The bitcoin price appears to have averted a bigger reversal on Friday, […]
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Yahoo! Finance Rolls Out Bitcoin Core, Ethereum, Litecoin Trading
“The virus is spreading,” tweeted Morgan Creek Digital’s Founder & Partner Anthony Pompliano at the news Yahoo! Finance (YF) had integrated bitcoin core (BTC), ethereum (ETH), and litecoin (LTC) into their trading platform. He was one of many enthusiasts to insist the event was an important step in the quest for mass cryptocurrency adoption.
Also read: Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push
Yahoo! Finance Integrates Bitcoin Core, Ethereum, Litecoin Trading
“You can now buy Bitcoin, Ethereum, and Litecoin on Yahoo Finance,” Mr. Pompliano announced through his popular Twitter account. YF’s embrace of cryptocurrency has many in the ecosystem excited about future prospects for more mainstream adoption. That indeed could be the case, or it might also be a deep wish as fans of digital assets slog through a brutal bear market.
YF is, of course, a subdivision of Yahoo!, one of the original web portals in the net’s early days. YF has been around for over two decades, a go-to source of information about stocks and financials. Bitcoiners of a certain age will remember YF as a first glimpse into the power of net information and aggregation.
Why Litecoin Ahead of Others?
Nowadays, it is less viewed as innovator, and more as a melange, a giant salad of financial information through news, commentary, financial reports, assorted original content and a staple at conferences, along with the usual facilitation of press releases and housing of data. It is just as likely to be seen as a reliable source of financial reporting.
It was gobbled up last summer by Oath Inc, a subsidiary of Verizon. It now claims to be among the largest business news websites in the US. Hints of the broader company dabbling in crypto actually came a few months earlier, spring of this year, when its Japanese wing asserted it would purchase a healthy amount of crypto trading platform Bitarg Exchange Tokyo with hopes of launching its own exchange in the spring of 2019.
Though its platform does track other cryptocurrencies such as bitcoin cash (BCH), YF has not made them available for trade to the public as of yet (a curiosity, as both, say, ripple and bitcoin cash outrank litecoin, for example, in market capitalization). YF’s crypto data is derived from Crypto Compare.
Is Yahoo! Finance’s crypto integration important? Let us know in the comments below.
Images via Pixabay.
We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto.
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source https://cryptocurrencyonline.co/yahoo-finance-rolls-out-bitcoin-core-ethereum-litecoin-trading/
Thursday 30 August 2018
Crypto Update: Coins Dump-And-Pump as Market Turns Volatile
The cryptocurrency segment was a sea of red on Thursday, with all of the majors sporting losses continuing yesterday’s dip. The leaders of the recent rally were all under pressure, losing around 10% compared to the swing highs. Bitcoin got back under $7000 as well, but for now, the most valuable coin and the major […]
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source https://cryptocurrencyonline.co/crypto-update-coins-dump-and-pump-as-market-turns-volatile/
NULS Trades on Positive Developments, Climbs 15% Higher
Investors have plenty of reasons to cheer Nuls, an enterprise-focused blockchain, and that they did today. Nuls has been gaining headway on major exchanges, including Binance, where a new promotion was launched that rewards investors for trading the coin. It’s good to see NULS and a few other coins trading on their own positive developments […]
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source https://cryptocurrencyonline.co/nuls-trades-on-positive-developments-climbs-15-higher/
Doge Surges as Daily Trade Volumes Spike 600%
Dogecoin (DOGE) is up 26% for Thursday, August 30th, amid a bad day at the markets for the vast majority of cryptocurrencies. DOGE’s leap at such an opportune moment carries the coin to 28th place in market cap rankings at time of writing, floated by a 600% boost to daily trade volumes. Doge Price Jumps […]
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source https://cryptocurrencyonline.co/doge-surges-as-daily-trade-volumes-spike-600/
The Anarchist Case For Bitcoin
Previously, we have discussed how Bitcoin receives a ton of support from libertarians because of how it works in line with many of their core principles regarding market freedoms. But there are other groups who also share principles with Bitcoin, one of them being anarchists. Anarchists are known to generally believe in the abolition of […]
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source https://cryptocurrencyonline.co/the-anarchist-case-for-bitcoin/
Playboy Fights in Court over Failed Blockchain Promises
LA Times reports on August 14 that Playboy is suing a Canadian company called Global Blockchain Technologies, to contest two claims, one for fraud and one for a breach of contract. There are some inconsistencies in the ways the press approached the story, and if you want to find out more about that or the story itself read on, it’s all here.
The original contract was created between both entities in March, and it detailed the responsibilities for GBT to integrate blockchain technology into Playboy’s online media channels by creating a wallet for the VIT (Vice Industry Token). According to Playboy, GBT completely failed the requirements and also neglected a payment of $4 million that was promised in the agreement. CoinTelegraph, Los Angeles Times, and Crypto-News do not have access to the agreement and the promises both entities have given each other, so this begs the question, how do we know about $4 million that GBT was supposed to pay, why would they pay and also create the wallet and interface, and other questions that would bring clarity to the situation.
For now, with the limited information available, we know that Playboy wants to get compensated for the lost energy, time, and trust. GBT talked with LA Times and expressed confidence in their defense to the accusation, and their willingness to fight till the end. They are Back to the original agreement in March, when Playboy announced their plans for the first time. In the background, GBT has been working on their wallet and APIs to other platforms, but only goes public with the information later in May.
Again, some inconsistencies in the stories here. CoinTelegraph reports that VIT raised $22 million worth of ETH in the first 24 hours, but a quick look at CoinMarketCap reveals a different story. An amount significantly less than what CT reports, i.e. around $6 million raised in the first moments. This is concerning because CoinTelegraph is supposed to represent and report on the truth, but these inconsistencies with reality should not be ignored. Unless we agree that CMC shows a different truth than the one supported by the markets, then it’s CoinTelegraph that is at a fault here in this story.
Back to the adult entertainment industry which is the main supporter of new technologies. Pornhub partnered with Verge and as part of the press release to commemorate the partnership Corey Price, the vice president of Pornhub expressed a really interesting perspective on the combination between tech and the industry.
He said that historically the adult entertainment industry played and continues to play a very important role in early adoption of new technology. Starting from VHS, Beta Max, Credit Card payments, VR goggles, and most recently crypto and blockchain are looking to get integrated.
Featured Image via Pexels.
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source https://cryptocurrencyonline.co/playboy-fights-in-court-over-failed-blockchain-promises/
Market Update: U.S. Stocks Retreat from Record Highs; Cryptocurrencies Fall $12 Billion from Recent Peak
U.S. stocks failed to sustain their record levels on Thursday, as buyers took a breather ahead of the Labor Day long weekend. In cryptocurrencies, bitcoin fell below $7,000 after crossing into overbought territory during the previous session. Stocks Retreat All of Wall Street’s major indexes finished lower on Thursday, with the S&P 500 and Nasdaq […]
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source https://cryptocurrencyonline.co/market-update-u-s-stocks-retreat-from-record-highs-cryptocurrencies-fall-12-billion-from-recent-peak/
Market Update: U.S. Stocks Retreat from Record Highs; Cryptocurrencies Shed $12 Billion from Recent Peak
U.S. stocks failed to sustain their record levels on Thursday, as buyers took a breather ahead of the Labor Day long weekend. In cryptocurrencies, bitcoin fell below $7,000 after crossing into overbought territory during the previous session. Stocks Retreat All of Wall Street’s major indexes finished lower on Thursday, with the S&P 500 and Nasdaq […]
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source https://cryptocurrencyonline.co/market-update-u-s-stocks-retreat-from-record-highs-cryptocurrencies-shed-12-billion-from-recent-peak/
Storing a Lot of Bitcoins in One Wallet Is a Bad Idea
Interest has piqued in a bitcoin wallet that’s lain dormant for four years. This week’s movement of the funds it contains, worth close to $850 million, has sparked intense debate over whose address it might be. Regardless of which whale holds the rights to it, the wallet’s very existence demonstrates the drawbacks of holding a lot of bitcoins in one address.
Also read: Payment Platform Bitpay Adds Bitcoin Cash Settlement Services
Mt Gox, Silk Road, and the Mystery of the Whale-Sized Wallet
Gawping at the fortunes of the super rich is a universal pastime with a storied past. In centuries gone by, the poor would watch in envy as the rich rattled past on their horse-drawn carriages clad in the finest scarlet robes. Today, the rich retain much of their fortune in digital form, and the closest we get to inspecting it is on a blockchain explorer. In many other respects though, little has changed. Observers have been transfixed, over the past 72 hours, by the movement of funds from a wallet containing 111,000 BTC and an identical number of BCH.
A lot of the attention has focused on the identity of the wallet’s owner, whose funds have been attributed to Silk Road or Mt Gox – the usual suspects in other words. Craig Wright also claimed ownership of the wallet in a lawsuit, though like many of his claims, this one has been granted no credence. The open nature of blockchains is an inherent part of their design; rich or poor, whale or minnow, everyone’s transactions are equally transparent in a block explorer. While democratic, this system does have its downsides, such as when wishing to move a large amount of bitcoin without attracting scrutiny.
Don’t Keep All Your Bitcoins in One Basket
The attention that the 111,000 BTC/BCH wallet has gathered highlights some of the pitfalls to keeping large quantities of coins in a single address. For one thing, the cost of failure is insanely high. Lose the private key and you’ve lost your fortune. From a risk management perspective then, it would seem sensible to break a large wallet down into smaller parts. From a privacy perspective, it also makes sense to move smaller quantities of coins at one time rather than attract attention by shifting six-figure amounts of bitcoin in one go.
Aside from pondering the mystery of the wallet’s owner, observers have been rapt in case a tranche of those coins is sent to an exchange wallet. In the past, EOS sending large quantities of ETH to Bitfinex, for example, has been enough to spark panic among holders fearing a major dump. Whales have probably got better things to do with their time than send hundreds of millions of dollars of bitcoin to an exchange wallet just to spook traders. It is a quirk of bitcoin’s design, however, that such an event is even possible. As of today, 83 wallets have received just under 1,000 BTC apiece as the wallet’s owner distributes their estate. This may be the last time their wealth is analyzed so openly by so many.
Who do you think the whale-sized wallet belongs to? Let us know in the comments section below.
Images courtesy of Shutterstock.
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source https://cryptocurrencyonline.co/storing-a-lot-of-bitcoins-in-one-wallet-is-a-bad-idea/
Report: Miner Spends Only $1567 per Bitcoin
Electricity is the number one cost for cryptocurrency mining, giving an edge to whoever can secure it for the lowest price. Bitfarms, which has access to cheap renewable energy in Canada, reports that mining a single BTC cost the company just $1567 in the first half of the year.
Also Read: The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots
$1567 Per BTC
Tel Aviv Stock Exchange listed firm Bitfarms Technologies Ltd. (TASE: BLLCF), today reported its consolidated results for the half-year period which ended June 30, 2018. The report shows that the company generated 1,923 BTC, 2,222 BCH, 3,324 LTC, 567 ETH and 220 DASH during the first six months of 2018. And the figures also reveal that it cost Bitfarms just $1567 to mine each BTC.
Financial highlights for the period include mining operations segment revenue of $21.1 million, gross profit of $12.3 million (58% gross profit margin), gross mining profit of $17 million (80% gross mining margin), operating income of $8.1 million (38% operating margin), EBITDA of $13.9M (66% EBITDA margin) and net income of $6.2 million. Bitfarms also executed an acquisition of a company with 40 electricians specialized in building infrastructure for computing centers, and installed over 6,500 ASICs at a St. Hyacinthe, Quebec facility producing about 91 PH/s of hash power.
Low-Cost, Clean Energy
Bitfarms has bought land and two industrial properties in Sherbrooke, Quebec where it plans to build a “mega-facility”. It negotiated energy purchasing agreements with Hydro-Sherbrooke to secure 98 MW of low-cost electricity, enough to grow its mining operation five times their current size. The company also reports it completed the 
construction of leasehold improvements and installation of all electrical infrastructure for a new 10MW facility in Magog, Quebec.
“We are very proud of the tremendous progress made in the first half of Fiscal 2018,” commented CEO Wes Fulford. “Through disciplined execution and responsible financial management, our team has successfully completed several key initiatives that align with our strategic objectives of securing low-cost, clean energy, growing mining infrastructure and operations, vertically integrating to minimize dependence on costly third-party service providers and exploring exciting new business verticals within blockchain technology. Contrary to industry trends, we achieved strong revenues and robust margins throughout the period. Our impressive cost structure, enabled by long-term, affordable electricity and real-estate leasing costs, allows us to maintain profitability during periods of volatile cryptocurrency pricing. We are committed to executing our vision as we strengthen Bitfarms’ position as a leading player within the global blockchain industry.”
Does access to cheap energy guarantees that mining will support the development of renewable sources? 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 Pulse, another original and free service from Bitcoin.com.
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source https://cryptocurrencyonline.co/report-miner-spends-only-1567-per-bitcoin/
Crypto Spoofing & Washing: How Whales are Eating Your Lunch
When it comes to the cryptocurrency markets, there are two tactics that the whales have been using with killer effects over the past year. These are order spoofing and Wash trading. These tactics are methods of market manipulation that they have been using to reap outsized returns. These returns have all come at the expense of the retail […]
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source https://cryptocurrencyonline.co/crypto-spoofing-washing-how-whales-are-eating-your-lunch/
IOTA’s Rollercoaster Continues as Prices Fall 18% from Recent Peak
Digital currency IOTA was back on the defensive Thursday, with prices falling as much as 17% from their recent peak. Although the losses weren’t unusual given the general direction of the market, the IOT-focused blockchain has witnessed unusual volatility amid the latest downtrend. MIOTA Price Update MIOTA, IOTA’s native cryptocurrency reached a session low of […]
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source https://cryptocurrencyonline.co/iotas-rollercoaster-continues-as-prices-fall-18-from-recent-peak/
Shifting Sentiment in Bitcoin Despite Profit Taking
Cryptocurrency traders were looking for the bitcoin price to hold the $7,000 level to prove that the bulls are back in control. But that level slipped through their fingertips overnight with the bitcoin price dropping below $6,900 and taking many altcoins lower in sympathy. Nonetheless, the most recent spate of selling could just be a […]
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source https://cryptocurrencyonline.co/shifting-sentiment-in-bitcoin-despite-profit-taking/
Pre-Market: Emerging Markets Under Pressure Again
Risk assets are broadly lower today just after the US open, as emerging market currencies are back in the center of attention. The Argentinean Peso hit a new all-time low yesterday, as the country asked the IMF to accelerate the payment of the bailout funds, which caused a mini-panic in the currency’s market. The other […]
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source https://cryptocurrencyonline.co/pre-market-emerging-markets-under-pressure-again/
Yahoo Finance Adds Bitcoin, Ethereum and Litecoin as Tradable Assets
Yahoo Finance has added a trio of cryptocurrencies to its trading platform, giving investors a new venue to buy and sell digital assets. Yahoo Finance Goes Crypto As of this week, investors can buy and sell bitcoin, Ethereum and Litecoin on Yahoo Finance. Although there doesn’t seem to be a direct announcement on the matter, […]
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source https://cryptocurrencyonline.co/yahoo-finance-adds-bitcoin-ethereum-and-litecoin-as-tradable-assets/
The Daily: Huobi Nears Backdoor Listing, Musk Still Loves Scambots
In today’s edition of Bitcoin in Brief we cover stories that show how Houbi is nearing a possible backdoor listing on the Hong Kong Stock Exchange, why Elon Musk is still impressed by the quality of cryptocurrency scambots on Twitter, and an Italian football club bought with crypto.
Also Read: Binance, Okex, Huobi and Upbit Back New Stablecoin, Terra
Huobi Nears Backdoor Listing
Huobi Global has issued a joint announcement with Pantronics Holdings (HKEX: 1611), a firm listed on the Hong Kong Stock Exchange, about the acquisition of shares in the public company by the cryptocurrency exchange operator. Huobi is now the majority shareholder in Pantronics, which it can use to perform a backdoor listing for itself. This means that the cryptocurrency exchange now has the option of becoming a public company without having to go through an IPO, giving it the credibility that such a status holds among traditional investors and an ability to raise funds by selling stocks, options or bonds. The companies have not responded to questions about the deal yet, and investors are probably interested to know if the companies have approached HKEX management to see if they won’t raise difficulties in such a process.
Musk Still Loves Scambots
The founder of Tesla and Spacex, Elon Musk, seems to still be impressed by Twitter scambots – algorithms that automatically reply to messages by high profile accounts with false promises of giveaways. Back in July he sounded like he wanted to offer the programmers behind them a job, tweeting: “I want to know who is running the Etherium (sic) scambots! Mad skillz …”. He’s apparently so impressed with their performance, he’s now joked, “At this point, I want ETH even if it is a scam.”
At this point, I want ETH even if it is a scam
— Elon Musk (@elonmusk) August 28, 2018
Italian Football Club Bought With Crypto
Cryptocurrency trading companies, ICO projects and others in the ecosystem have been using sports sponsorships deals to reach a mass audience for a while now. And the latest example of this comes from Italy, where according to local media, a football team was bought with digital tokens. UAE-based Heritage Sports Holdings reportedly paid with Quantocoin (QTC) for 25% of the shares of Rimini F.C., an Italian association football club founded in 1912 that plays in Serie C. If the name of the token sounds familiar, a Quantocoin ICO investor was also behind the recent decision by Gibraltar United F.C. to pay its players with crypto.
Mycrypto Raises $4 Million in Series A Funding
Mycrypto, the client-side tool for generating ETH wallets created by Myetherwallet founder Taylor Monahan, has announced today it raised $4 million in a Series A round of funding led by Polychain Capital. Additional investors include Boost VC Fund 3 LP, Mainframe’s Mick Hagen, Chance Du (Coefficient Ventures), Ausum Blockchain Fund LP, early Dropbox employee Albert Ni and Earn Co-Founder Lily Liu (4T Global LLC). “We believe today one of the major bottlenecks to cryptocurrency adoption is the lack of an easy-to-use interface for average people. Mycrypto is led by hardcore cryptocurrency entrepreneurs and is well-positioned to onboard the next one hundred million cryptocurrency users,” said Olaf Carlson-Wee, Founder and CEO of Polychain Capital.
What do you think about today’s news tidbits? 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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source https://cryptocurrencyonline.co/the-daily-huobi-nears-backdoor-listing-musk-still-loves-scambots/
Think
Hi Everyone, Very quietly and with only a very few people noticing, the total amount of computing power being used to mine bitcoin reached a new all-time on Monday. Here we can see the beautiful hockey stick graph of the Bitcoin blockchain’s hashrate over the last three years. A figure that has topped 61 quintillion […]
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source https://cryptocurrencyonline.co/think/
Ethereum Price Falls Back to $270 Range: Prolonged Stasis Ahead?
After three days of consecutive growth Ethereum’s coin price has once again dropped below the $280 barrier, as the market undergoes a correction that many thought would never come. With 6% losses for the day, ETH’s recent gains have been wiped out, and now prolongs the stasis which sees Ethereum struggle to break the $300 […]
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source https://cryptocurrencyonline.co/ethereum-price-falls-back-to-270-range-prolonged-stasis-ahead/
Trade Recommendation: Qtum/Ethereum
The Qtum/Ethereum (QTUM/ETH) pair is down by over 76% year-to-date. Bears started to take control of the market on the first day of 2018. They’ve held on to it as much as they could, but no more. Bears are exhausted and bulls are taking notice. Technical analysis show that Qtum/Ethereum has breached resistance of 0.016. […]
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source https://cryptocurrencyonline.co/trade-recommendation-qtum-ethereum/
Bitcoin Price Dips Below $7,000 but Key Support Still Intact
Bitcoin’s price swung lower on Thursday, dragging other cryptocurrencies along with it after short-term overbought conditions limited the corrective rally. The continued defense of a key support level is needed to sustain the bullish outlook. BTC/USD Update The bitcoin price is currently trading at $6,917 on Bitfinex, a decline of 1.7% from the previous session. […]
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source https://cryptocurrencyonline.co/bitcoin-price-dips-below-7000-but-key-support-still-intact/
Bitcoin Cold Storage in DNA
Savvy Bitcoiners know: whoever controls keys and passphrases, controls the coins. As cryptocurrency becomes part of everyday life and investment, enthusiasts are increasingly searching for unique, secure ways to store access to their digital assets. Enter Carverr, the startup claiming to keep passwords and keys in a microtube of deoxyribonucleic acid (DNA). It’s just so crazy sounding it might work.
Also read: Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push
Store Bitcoin Passwords in DNA
Some keep them on hard drives; others, paper, separated, and in two locations. Still others employ complex safety deposit box schemes. Indeed, as cryptocurrency takes on greater significance in more financial plans, what to do with essential access to it becomes of utmost importance.
Carverr is offering what it calls a “DNA-based cold storage for digital currencies. Our system is the safest method of cold storage on the planet, developed by a group of experienced asset managers and biotechnologists.” They believe their storage idea is one of a kind, transforming “data from digital information to biological, and therefore requires no software updates or internet connection,” according to their website.
Cold storage, the practice of keeping crypto details away from a ‘hot’ wallet, one connected to the internet, seems to a safer practice all around. Though not entirely foolproof, coming with its own challenges, cold storage is the preferred method for security minded enthusiasts. “Since it lives off-line,” the company explains, “it is protected from hackers and because your code is contained in a strand of DNA it can never become obsolete, unlike other cold storage wallets. Even storing your digital codes in-offline servers in a mountain means at some point, those servers will become obsolete and require updates. Carverr’s DNA system is a one and done solution that ensures your code outlives you.”
Clients begin their DNA storage journey by the most dangerous of possible scenarios: they send either their “passcode, passphrase or private key” to the company. “This is done through an encrypted messaging service based in Switzerland. You don’t need to tell us what your passcode is for,” Carverr notes. “Feel free to alter your code before sending it to us. We do not verify the context of your passcode, we only convert whatever code you provide to us into DNA.”
No Way Watson and Crick Could’ve Imagined This
Remembering back to biology class, readers might recall nucleic acids chain together, their bases of four making a DNA strand: adenine, cytosine, guanine, thymine. Shorthand reads A, C, G, T, respectively. Carverr uses “a special algorithm to convert your digital code (1s and 0s) into a string of bases consisting of As, Ts, Cs, and Gs, i.e. DNA. Your code is checked numerous times for accuracy. Carverr then manufactures a strand of synthetic DNA, using the string of bases. DNA manufacturing is a tried-and-true method dating back to the 1950s.”
Indeed, it was in 1953 two Cambridge researchers, James Watson and Francis Crick, identified DNA’s molecular structure. DNA has gained traction in recent years as a keen method of providing a unique identifier to catch baddies; and within the last 20 years it has been advanced in the quest to map the human genome. It’s probably safe to assume no one 6 plus decades ago could have imagined it as a digital currency storage mechanism.
“We utilize a number of manufacturing partners who produce hundreds of thousands of base pairs per day, for use in biomedical and agricultural applications. All of these sectors require extreme precision, which is why exhaustive quality checks are performed,” they stressed. “Once your test tube is ready, it can be shipped back to you, or you can elect to have Carverr store it on your behalf. Currently, your data is best suited for storage in a freezer (4° C), however, a shelf stable version is currently in development.”
Users of the DNA cold storage service are also able to receive data retrieval support. “Data retrieval takes about 48-72 hours from the time of the request. It may take longer if you decide to store your data yourself. We retrieve the code by sequencing your DNA and then de-coding the information to retrieve your password. The password is then transmitted back to you through our secure communication channel,” the company urges. “Unlike electronic devices, DNA will never become obsolete. Reading and writing DNA will always be relevant; therefore, there is no need for software patches, updates or new hardware.”
Would you use DNA for cold storage? Let us know in the comments below.
Images via Pixabay.
We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto.
The post Bitcoin Cold Storage in DNA appeared first on Bitcoin News.
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source https://cryptocurrencyonline.co/bitcoin-cold-storage-in-dna/
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