By Harold Vandelay on Feb 15, 2019 08:36 pm
There are growing concerns is Russia’s cryptocurrency community that the cyberwar internet shutdown tests scheduled to take place before 1 April could impact Bitcoin mining. The Digital Economy National Program, a new law recently drafted, will require Russian ISPs to be able to operate if the country is isolated online and as such the government is planning to monitor its effectiveness through the internet shutdown. The law suggests measures including building a Russian version of the net’s address system, DNS (Domain Name System). Leonard Levin, the chairman of a Russian government technology committee says argues, “The calls to increase pressure on our country being made in the West oblige us to think about additional ways to protect Russian sovereignty in cyberspace.” How will the shutdown impact Bitcoin miners who are totally reliant on internet connectivity? Bitnodes figures suggest that there are 10,476 Bitcoin nodes of which 291 (2.78%) are located in Russia, compared to 271 nodes (3.02%) on the Ethereum network. In theory, Bitcoin mining could connect to Blockstream’s satellite network and circumvent disruptions. The Blockstream satellite is a one-way network, but the user still needs a connection to the Bitcoin network to send transactions, which can include SMS gateways. The network comprises four satellites across six coverage zones including the Asia and Pacific region, allowing users to send data over its network. The Russian government has agreed to cover any costs for the shutdown, which will be backed up by an intranet, to compensate internet provers needing to modify systems by installing servers to redirect and filter web traffic. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post Miners Concerned Over Russia’s Planned Internet Shutdown Test appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 15, 2019 06:33 pm
Part of a police retirement fund in Fairfax County Virginia is to be invested in the cryptocurrency industry as part of a plan to allocate money towards safe investments. The allocation of retirement funds will be invested through Morgan Creek who will use the fund to invest in companies such as Coinbase and Bakkt, among others. Morgan Creek, which invests in blockchain companies, is to use USD 40 million from the two Fairfax county pension plans and other institutions. The Virginia retirement system has invested USD 21 million into the fund with USD 10 million coming from the county's employee's retirement fund (0.3% of total assets) and USD 11 million from a police retirement fund (0.8% of total assets). This meant just under 1% of total assets were dedicated to cryptocurrency ventures. In the opinions of Fairfax County officials though, the funds are seen as a safe bet for retirees: “All investments involve risk and this investment is no different. However, as they would do with any investment, Fairfax’s investment team determined that the expected returns from this investment were in line with the level of risk incurred. This also played a big part in how much was invested.”
Morgan Creek has convinced Fairfax county to invest up to 15% of retirement funds into cryptocurrency projects although Fairfax County Retirement Systems Director Jeff Weiler has said that “no more than 15% of the funds will be invested in actual cryptocurrencies and, to-date, the Fund has no exposure to any cryptocurrencies”. Morgan Creek’s Anthony Pompliano believes Bitcoin could still go below USD 3,000 although he points out that a recovery to USD 5,000 would result in a USD 5 million investment in Bitcoin returning a USD 1.9 million profit. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post Virginia Police Retirement Fund Sets Sights on Bitcoin with $11 Million Investment appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 15, 2019 04:31 pm
What’s the connection between The Simpson Family’s iconic square-headed son and cryptocurrency? Well, there is one, as the market discovered on Valentine’s Day this week. The explanation lay in the market’s movement yesterday afternoon. A “Bart Simpson pattern” occurs when a sideways action follows an unexpected spike in price, and then the price drops back again – suddenly. When this is graphed it is startlingly familiar to the profile of Bart Simpson's head, particularly when superimposed on a graph showing the movement of the market over the given period. A full Bart will develop if the cryptocurrency is subjected to a sudden bearish correction, to the extent it erases its previous gains. On Thursday afternoon, the Bart occurred when this happened: In other market news, according to analysts, there are indications that Bitcoin might finally be hitting the bottom and be ready for a bounce back. Its moving average convergence divergence (MACD) – a momentum indicator based upon price moving averages – is reported to be signaling an end to the sustained bear period. A bullish divergence often signals a market trend reversal and is widely considered to be a sign of seller exhaustion. At the time of writing Bitcoin is listed at USD 3.363.70 on CoinmarketCap. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post Bitcoin Price: Valentine Day’s Bart Simpson Afternoon appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 15, 2019 02:29 pm
Its latest company report published this week confirmed that the GMO group suffered losses of JPY 1.3 billion (USD 12 million) in 2018, mainly due to a drop in cryptocurrency mining activity. A company spokesman for the Japanese company which supports internet infrastructure, internet finance, and cryptocurrency mining business, put the down the losses to the declining price of Bitcoin in 2018 along with a depreciation in the cost of mining machines. The main outcome of the company’s losses has resulted in a rethink in how GMO adjusts its business policy moving forward. A problem in 2018 had been the purchase of expensive mining machines from other manufacturers, which led to decreased profitability. This was due to a delay in procurement of part of the electronic components, which led to the postponement of development and manufacture of mining machines. The company has now decided to relocate its mining center elsewhere in Japan in order to obtain a cleaner and more financially viable power supply. In December 2018, GMO had indicated that it would be closing down its mining operations with predicted losses of JPY 35.5 billion due to quitting the development, manufacture, and sales of mining equipment. GMO said: “The electricity cost in the new location, which is confidential, is less than half of that in Northern Europe, which is 7-8 cents per kWh including running costs. We believe the relocation will impact our earnings this summer.”
With further losses announced this week, it is unclear exactly how GMO will progress in the cryptocurrency space moving forward into the long term. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post Depreciating Cost of Mining Machines, Bitcoin Price Hit GMO Group appeared first on BitcoinNews.com.
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By Manuel on Feb 15, 2019 12:28 pm
According to a recent report by crypto media outlet CoinTelegraph, the Institute of Decentralized Economics (IDE) has opened in the United Kingdom for the study of the economic impact of cryptocurrencies and its underlying blockchain technology. The source says the initiative is being backed by fintech company Sweetbridge and that the think tank will explore the possible potentials of decentralized and autonomous systems and find real applications within the current economic system. According to the source, the press release state that IDE will help organizations better understand the economics that underlies the blockchain technology, adding that stablecoins and the interactions between government policies and crypto economics will be included in the study areas. The research scheme will coordinate efforts from experts in entrepreneurial, corporate and political systems. Hard to ignore, the economic revolution introduced by the blockchain technology continues to gain prominence in mainstream economics on so many levels. Different initiatives designed towards researching the overall impact of the industry continue to prevail. Blockchain, though considered a nascent technology is about a decade old and as with other emerging technologies, remains an intriguing subject deep enough for its economic impact to draw interest for many years to come. According to CoinMarketCap data, the cryptocurrency market currently has over 2000 assets with a composite of 16,071 markets; the market had over USD 800 billion in capitalization as at January 2018 and dropped dramatically through the year, and is currently about USD 121 billion as at press time. Moreover, converging market instruments from the traditional financial market such as futures contract, exchange-traded funds continue to surface within the industry. In the past year, Bitcoin News picked up on a few research niches that involved blockchain technology and its economic impact. The Imperial College London reported its research on how Bitcoin could become a viable alternative to fiat. Relevant to high volatility caused by pump and dump schemes, researchers from the college also developed an algorithm to predict such schemes. Other relevant blockchain-related researches within the UK included the Law Commission’s exploration into smart contracts with the aim of conforming current laws to reflect their viability. Later on, the government began researching into digital evidence preservation through distributed ledger technology. In New Zealand, a report by one of its state research agency Callaghan Innovation detailed how the opportunities the emerging technology could benefit the economy, suggesting based on its findings that it could be the second biggest contributor to gross domestic product by 2025. Earlier this year, Bloomberg reported the opening of a blockchain center in Manhattan by the New York City Economic Development Corporation in partnership with Global Blockchain Business Council. The center aims at being in the front row seat of the emerging changes in the industry and wants to be instrumental in shaping those changes. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post UK Think Tank to Study Crypto Impact on Economic Institutions appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 15, 2019 10:27 am
The Nova Scotia Supreme Court hearing has heard QuadrigaCX creditors pleas for reimbursement of funds following the death of the exchange’s founder, but the coffers are reportedly empty. The Halifax courtroom was told that the USD 70 million in cash and USD 190 million in Bitcoins and other digital assets could not be repaid to the 115,000 cryptocurrency traders owed funds at this stage as there were no funds available. QuadrigaCX’s misfortune began when the founder and CEO 30-year-old Gerald Cotten died in early December 2018, but the exchange waited until early January to announce his passing. Funds locked in cold storage amounted to 26,488.59834 Bitcoins; 11,378.79082 Bitcoin Cash, 11,149.74262 Bitcoin Cash SV, 35,230.42779 Bitcoin Gold; 199,888.408 Litecoins; and 429,922.0131 Ether at the time of Cotten’s death. As a result, USD 190 million in missing cryptocurrency is locked in offline digital wallets, but because Cotten was the only person with access to the encrypted passcodes, the funds are inaccessible. With the suggestion that the creditor lawyers’ fees should be capped at USD 100,000, payable by QuadrigaCX, the company’s lawyer was forced to admit, “As of today, we don’t have anything.” He later claimed the money was to be made available by Cotten’s widow, Jennifer Robertson. Three teams of lawyers from separate law firms based in Nova Scotia and Toronto have been selected to represent the creditors. Bennett Jones of Toronto and Halifax-based McInnes Cooper have already signed up 181 users who are owed about USD 22 million. McInnes Cooper lawyer Benjamin Durnford said one of the key roles of counsel will be communicating with affected users scattered around the world. Avoiding innuendo on Reddit, where anonymous participants often trade in rumor, would be an issue, he argued. Meanwhile, Toronto-based Osler, Hoskin & Harcourt and Halifax-based Patterson Law representing 134 affected users owed about USD 19 million told the judge that one of its lawyers was luckily a cryptocurrency expert: “We don’t need to familiarize ourselves with cryptocurrency… We already have that.” Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post No Money Left, QuadrigaCX Tells Creditors At Supreme Court Hearing appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 15, 2019 08:26 am
Newly-released rules for Indonesia’s cryptocurrency sector have been met with concern by industry players, who accuse the government of limiting the industry’s effectiveness, as reported by the Jakarta Post. New government regulations, given the green light last week, require cryptocurrency traders to maintain a deposit of IDR 80 billion (Indonesian rupiah or approximately USD 5.7 million) in order to participate in futures trading activities. Cryptocurrency traders will also be required to have a minimum paid-up capital of a further IDR 800 billion (USD 56.7 million). The Indonesian markets regulator, the Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) issued Ministerial Regulation No. 5/2019 that also requires traders to have client support personnel who have been registered as certified security practitioners in order to operate. The industry in Indonesia has made its objections clear, arguing that the Bappebti are penalizing the cryptocurrency industry in a way that hasn’t been the case with other sectors of the economy. Traders argue that the minimum capital requirement, for example, exceeds what is demanded when launching a rural bank, and dealers in conventional futures commodities require a lower paid-up capital in order to operate. Under the new regulations, cryptocurrency futures traders in the country will need to store transaction records for at least five years, with the proviso that at least one of their servers are located in Indonesia. Although the use of Bitcoin and other cryptocurrencies have been banned by the Bank of Indonesia (BI) futures trading is quite legal after rules were put in place last year. The country has experienced a trading boom despite the ban on actual cryptocurrency use, with reports last year that that crypto traders were expected to outnumber stock traders with time. In other news from Indonesia, a Jakarta man was arrested this week for operating a mining program using a college computer. The 22-year-old former student at the college has been accused of using a HoneyMiner program to mine Bitcoin and Monero on 27 college computers. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post Indonesia’s New Crypto Rules Tough on Futures Trading appeared first on BitcoinNews.com.
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By Talha Dar on Feb 15, 2019 05:24 am
The prestigious Californian educational Institute UC Berkeley has just launched an accelerator program for new blockchain startups in the country. The program is 12 weeks long and will help the early stage projects to gain the necessary traction and development to become successful later on. The new Berkeley Blockchain Xcelerator is partly sponsored by Venture Capitalist fund Berkeley X-lab Fund and includes cooperation between Sutardja Center for Entrepreneurship and Technology and Haas School of Business and Blockchain, both based in Berkeley. The Haas school is a student-run organization comprising of over 100 members from academia and industry. It has taught over 70,000 tutees online for free and has designed blockchain-based Proof of Concept (PoC) programs for a number of top commercial entities as well. According to Gloria Zhao, president of Blockchain at Berkeley: “With such a nascent technology as blockchain, we see that a lot of subject matter experts and people making an impact in the blockchain space are students. Blockchain at Berkeley strives to foster the entrepreneurial spirit in our students, so we are excited to help lead this initiative and assist the next generation of blockchain innovators.”
While the accelerator program is based in Berkeley, blockchain firms from around the world can apply for it. The selected startups will be mentored by entrepreneurs, alumni, investors and other individuals who have the potential to help the project grow further. UC Berkeley is gearing up its efforts for blockchain education and entrepreneurship. It had previously partnered with Ripple’s Global University Blockchain Research Initiative to hose blockchain speaker series at the Haas School of Business and Blockchain. The institute is also working with Ripple for cross-departmental courses and funded research projects and a new blockchain hackathon. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post UC Berkeley Starts Accelerator for Fledgling Blockchain Startups appeared first on BitcoinNews.com.
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By BitcoinNews.com Reviews on Feb 15, 2019 04:01 am
Bitpanda is an Austrian-based cryptocurrency exchange founded in 2014 under the name Coinimal. Bitpanda is one of the fastest growing European exchanges around and it’s fully automated in order to provide quick and easy cryptocurrency exchange services whenever you need it. With its simple interface, this platform is suitable for beginners, as well as experienced users. Currently, you can buy around 20 different cryptocurrencies using a wide range of payment methods. In this Bitpanda review, we will shed light the most important details to know before purchasing on this platform. Let’s dive in for more details! Account setup There are two types of accounts on Bitpanda: verified and unverified. The differences between the two are: lower withdrawal limits for unverified users, and the inability to use fiat money for deposits. To set up an account, you need to provide your name and an email address. After your email is verified, you can access the platform and start buying and selling cryptocurrencies. Users who choose not to verify their identity can only deposit assets into cryptocurrency wallets (for about 20 different cryptocurrencies). To use a Bitcoin wallet, you need to deposit a minimum of BTC 0.001; a wallet deposit fee of BTC 0.0001 will be charged on amounts smaller than BTC 0.05. To verify their identity, users need to provide a phone number, address, and follow a video identification process. The video verification step relies on a partnership with IdentityTM and IDNow, and to ensure a successful verification process, you need to have a good internet connection, camera, and an ID or a passport. Unfortunately, only European users within the SEPA region are able to buy cryptocurrencies, however, users from around the world can still sell crypto using Bitpanda. It should be noted that residents of the USA are not able to open an account on Bitpanda. Purchase After the verification process is completed, you can deposit fiat money into EUR, USD, CHF and GBP wallets. With Bitpanda’s conveniently wide range of payment options, when funding your account you can choose between: credit card (Visa, Mastercard), SEPA, Skrill, Neteller, SOFORT transfer, EPS, Giropay, and Bitpanda To Go vouchers. The trading process is simple and self-explanatory. The prices are real-time, with fees included. While some exchanges don’t have fixed rates and the final price may differ from the price presented on the confirmation page, on Bitpanda, you will always receive the same amount that was confirmed (you are given 60 seconds to confirm an order at the locked price). Currently, the fee when purchasing Bitcoin is 1.49% and when selling 1.29%. You can find more information about fees here. There is another option available and that is to buy cryptocurrencies with vouchers. Bitpanda To Go is a voucher that both verified and unverified users can use to buy cryptocurrencies. These vouchers can be purchased in Austrian Post Offices with a fee of 2.99%. Privacy and security Bitpanda is considered a secure exchange, taking many steps to make user accounts safe. When storing customer funds they use primarily cold wallets, Bitpanda also safeguards themselves against DDOS attacks and use SSL encryption. The platform offers Two-Factor-Authentication which is always recommended and any attempt to log in to an account with a new device or internet browser has to be confirmed per email. Users can also check if they have active sessions on other devices. As we have mentioned earlier in this Bitpanda review, to start trading on Bitpanda, you only need to leave your name and an email address. However, if you want to increase withdrawal limits and deposit fiat, identity verification is required and you will have to update your profile to include some personal information. Bitpanda shares the information that you provide with third-party verification companies when required: IdentityTM, IDNow, WEBID and verify-U. The platform follows AML (Anti-money-laundering) and CFT (Combating the Financing of Terrorism) procedures, and for that reason, Bitpanda shares users’ personal information with Factiva Limited to check for any politically exposed and sanctioned persons. You can always check which information Bitpanda has stored about you and request a copy. Customer support For most of the questions you might have, you can find the answers in Bitpanda’s helpdesk area. However, you can always reach customer support via their contact form or online instant chat. The customer support is also active on Telegram with an average response time of 24h. Most users report a positive experience when dealing with support staff. Bitpanda review summary Bitpanda is a secure and easy-to-use cryptocurrency exchange. With a wide range of payment methods and cryptocurrencies on offer, it’s one of the most popular exchanges in Europe. You can exchange crypto for fiat and vice versa almost instantly without changes in the amount that will be received unlike on many other exchanges. Although the fees may be a little higher than on some other exchanges, and some have found the verification process to be very extensive, the platform has proven itself reliable and very convenient. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Bitpanda The post Bitpanda Review: The Complete Guide appeared first on BitcoinNews.com.
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By Talha Dar on Feb 15, 2019 02:23 am
California governor Gavin Newsom singled out blockchain and a few other emerging technologies in his state of the state speech this year and expressed his desire to help progress them and thus create more jobs. In his speech, Newsom said: “California needs a comprehensive statewide strategy to uplift and upskill our workers, to ensure technological advancements in AI, blockchain, big data, are creating jobs, not destroying them, and to reform our institutions so that more workers have an ownership stake in their sweat equity.”
The speech aired on Tuesday this week offers more investment and focus on blockchain technology from the state government, something that has not achieved much success in California despite the position of the state as a global tech hub. Silicon Valley, the center of innovation and innovation in the IT sector, is in this state but will need more support from the government before becoming one of the top blockchain promoting areas in the world. Governor Newsom himself is one of the most progressive leaders at the state level when it comes to cryptocurrencies and blockchain as he started accepting Bitcoin donations as early as 2014. But, at the same time, Newsom has proactive positions on the protection of big data and consumer privacy and giving workers ownership stakes in companies. While these positions aren’t exactly anti-crypto, they do present several challenges to the blockchain sector that need to be overcome. Newsom has outlined several new moves to help progress blockchain in the state. However, the SEC’s indecisiveness and other issues out of his control will also affect the performance of this sector which isn’t in his control. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post California Governor Talks Blockchain During State of the State Speech appeared first on BitcoinNews.com.
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Recap - Day in Crypto - BitcoinNews.com for 02/15/2019