CryptoCurrency News, Rumors, and Chatter

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  Markets Update: Cryptocurrencies Shed Billions in Bloody Sell-Off
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  **Cryptocurrency enthusiasts have been glued to the price charts over the last 48 hours as digital assets across the entire crypto-economy have plunged significantly. Since our last markets update two days ago, the digital currency ecosystem has lost over $30 billion and the overall market capitalization of all 2,000+ coins now sits at around $159 billion.  ** Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide The Sell-Off and Shakeup Markets have been bloody over the last few days with nearly every digital asset reaching its lowest price point of the year. Traditionally, cryptocurrency prices are usually bullish during November, but this year has been the exact opposite. Even though prices are extremely low, cryptocurrency market volumes have more than doubled over the last 24 hours. This shows that traders are playing new positions and scooping up coins at much lower prices in hopes their value will rise again. <figure id="attachment_248450" style="width: 3200px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Top 10 cryptocurrencies on Nov. 20, 2018.</figcaption> </figure> Right now the price of bitcoin core (BTC) is around $4,800, but during overnight trading sessions BTC stumbled down to $4,237 per coin. Ripple (XRP) markets have been doing better than most but had dipped to a low of $0.41 per XRP. The XRP token is down 6.6% today, and over 13.4% over the last seven days. XRP is now back up to $0.46 per token according to the most recent data. Ethereum (ETH) now commands the third position among the top 10 market capitalizations and is down 35% for the week. Currently, ETH is trading for $144 per coin and holds a $14.8 billion market valuation. Lastly, stellar (XLM) has been pushed back to fifth position and is trading for $0.21 this Tuesday. Stellar markets are down 23% for the week but briefly managed to take the fourth position among the top 10 market caps. Bitcoin Cash (BCH) Market Action Bitcoin cash (BCH) markets took a pretty hard hit this week and prices have dropped about 54% over the last seven days. However, prices have varied depending on which exchange is being observed due to some metrics splitting the price of BCH into two. For instance, the aggregated price for BCH on data sites like Coinmarketcap show $255 per BCH, but other trading platforms like Bitstamp show a spot price of $302. <figure id="attachment_248453" style="width: 3200px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">BCH daily chart.</figcaption> </figure> Further, bitcoin cash trade volume globally is super low compared to the rest of the crypto-economy, with only $134.9 million global trades over the last day. This is due to a lot of exchanges which are still not servicing BCH orders, five days after the network fork. Again this has made currency pairs much different than in weeks prior as ETH is the top pair traded with BCH today, capturing 34% of all BCH trades. This is followed by BTC (29%), USDT (17.7%), KRW (13.7), and JPY (3.1%). BCH/USD markets show only 0.55% of all BCH trades are currently using USD for swaps. Technical Indicators Looking at the charts on Bitstamp currently shows an average BCH/USD spot price of around $303. Relative Strength Index levels were screaming a low of -10, showing significant oversold conditions during the early morning trading sessions, but have bumped back up to around -36. The RSI and Stochastic still show conditions are oversold, but BCH prices are starting to kick back into a higher gear and these conditions may not last long. <figure id="attachment_248458" style="width: 3200px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Bitstamp BCH/USD Nov. 20, 2018.</figcaption> </figure> The two Simple Moving Averages (SMA) show the short-term 100 SMA is above the longer term 200 SMA, indicating a possible trend reversal from bearish to bullish could be on the cards. Order books show a different story, however, as both sides have significantly sized buy and sell walls. On the upside, there will be some good pit stops around $360 and higher and on the backside foundational support from the current vantage point until $240. <figure id="attachment_248459" style="width: 2880px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Bitstamp BCH/USD Nov. 20, 2018.</figcaption> </figure> The Verdict: Market Participants Still Confident in the Long Term It’s hard to gauge how the cryptocurrency community is dealing with the big drops in value as many still seem confident in the long-term future of digital assets and blockchain technology. However, most crypto markets saw a huge sell-off, recording their lowest figures since Oct. 2017. The five coins that have shed the most over the last 24 hours are centrality (CENNZ), maker (MKR), aeternity (AE), waves (WAVES), and bitcoin gold (BTG). Meanwhile, Bitcoin Cash proponents are waiting for more businesses to open up services as exchanges and wallets have slowly been coming back online over the last 24 hours. According to data collected from Coinmarketcap and Poloniex, the split coin BSV has been trading at between $40-60 over the last two hours. Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section 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. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Markets Update: Cryptocurrencies Shed Billions in Bloody Sell-Off appeared first on Bitcoin News. https://news.bitcoin.com/markets-update-cryptocurrencies-shed-billions-in-bloody-sell-off/
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  Bchd Developers Announce Neutrino Wallet for Bitcoin Cash in Beta
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  Named after the subatomic particle that can pass right through the entire planet without being detected, neutrino is meant to be a lightweight wallet with enhanced privacy features. And Bchd developers are now bringing it over to the Bitcoin Cash (BCH) ecosystem in beta mode. Also Read: Thai Central Banker: A National Cryptocurrency Is Years Away Bitcoin Cash Neutrino The Bchd developers who recently introduced a full node Bitcoin Cash client written in Go have also ported the neutrino backend to their codebase. For the first time, this gives BCH users access to the experimental wallet, which focuses on strong network-level privacy. Network privacy refers to limiting the information that the wallet sends to its peers, as well as the servers to which it connects. “Prior to neutrino there was not a single lightweight wallet available on the market that does not disclose all the addresses in your wallet and your entire transaction history to a third party,” the Bchd team explained. Even when using Tor, it is technically possible for trading partners to link an individual to an address, they cautioned. However, neutrino utilizes a “client side filtering” approach, which enables wallets to avoid disclosing the addresses they contain to connected peers. A Work in Progress Due to the details of the security-enhancing process utilized by the neutrino wallet for BCH, devices must download more data than they would for other lightweight clients, which can be a problem for some mobile users. However, the developers have said that if the wallet is open for 10 minutes, which is more than most people’s average daily usage, then it will only be the equivalent of downloading one block. Additionally, the wallets can be programmed to only sync on WiFi. Right now neutrino is command-line only software, which means that some technical knowledge is required to use it. But the team is looking for user interface designers who can create accessible interfaces for both mobile and desktop. It is also important to note that this is still beta software. “If you’re using it on mainnet please only use it with a small amount of funds,” the Bchd developers have warned. Is network privacy a top concern when picking a cryptocurrency wallet? 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. The post Bchd Developers Announce Neutrino Wallet for Bitcoin Cash in Beta appeared first on Bitcoin News. https://news.bitcoin.com/bchd-developers-announce-neutrino-wallet-for-bitcoin-cash-in-beta/
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  The Daily: Fake Trezors, Catching Knives, Stablecoins With Everything
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  There aren’t many prices that cryptocurrency traders can bear to look at right now, but stablecoins are one of the few exceptions. In this edition of The Daily, we consider the latest cryptocurrency niche that dollar-pegged coins are encroaching on, but not before we’ve addressed the serious business of fake hardware wallets and how to call the bottom in a market that won’t stop falling. Also read: Fear, Loathing and Opportunity: How Traders Are Handling the Drop Fake Trezors Found in the Wild As if cryptocurrency investors didn’t have enough woes to deal with right now, there’s a bunch of fake hardware wallets doing the rounds. The Trezor lookalikes are manufactured cheaply in China, the land of knock-off electronics. If an offer looks too good to be true though, it probably is, and traders would be advised not to endanger their funds by storing them in a copycat wallet that could be backdoored or simply insecure. <figure id="attachment_248259" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Fake Trezor on the left, authentic Trezor on the right</figcaption> </figure> “You would not entrust your money to somebody who has already cheated you by selling you a different product than you thought you were buying. We, therefore, recommend not to use this [fake] device,” wrote Trezor, before explaining how to tell the difference between the company’s official holographic seal and that used on the ersatz imitators. Knife Catching Is a Dangerous Game Earlier today, we wrote about cryptocurrency investors scrambling to sweep up cheap coins as Bitcoin holds its very own Black Friday sale. While the temptation to splurge on discounted crypto can be strong, catching falling knives is a dangerous game. For those brave enough to try and time the bottom in this market, crypto Twitter has some advice. “A crash like this usually ends with a ‘big bang’ and a quick V shape reversal. So far we’ve only seen ‘slow’ decline. Don’t try to fight the trend just wait for confirmation,” urged one source. Respected analyst Willy Woo got a little more technical, tweeting: “RSI reading more FUD than the Feb 12K->6K crash. We have decent volume profile support in this 4.4K region … very unlikely to slice through… if anything the brave can go knife catching.” Perhaps Jackson Palmer put it best, though: Reminder: When someone tells you to buy something, there’s a chance they’re the one selling it. pic.twitter.com/DpaahOjOhC — Jackson Palmer (@ummjackson) November 20, 2018 Stablecoin Watch It’s always interesting to check in on stablecoins during days of extreme market volatility. What’s particularly interesting is noting which way different dollar-pegged coins bend when their volume starts to stack up. At the time of writing, USDC and TUSD are trading at one to three cents over the dollar, while USDT is under, with each tether trading for an average of $0.97. Dai, the stablecoin that is collateralized using ether, is sitting just under $1. Earlier today, a $50 million collateralized debt position had to be liquidated and the eth locked in the contract sold off, after falling cryptocurrency prices left the dai contract under-collateralized. <figure id="attachment_248253" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Bitusd (light blue) is the only stablecoin showing major divergence, trading at $0.91</figcaption> </figure> Lest we needed further proof of how badly this bear market is biting, blockchain conferences are being challenged by a new kind of digital asset convention — the stablecoin conference. The Stablecoin Foundation Conference takes place in New York on Nov. 26. The prospect may sound about as alluring as watching paint dry, but if this market downturn persists, stablecoin conferences could soon become the norm. While day traders thrive on volatility, most cryptocurrency investors would love nothing more than a spot of stability right now. 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, Trezor, and Stablecoin Index. Need to calculate your bitcoin holdings? Check our tools section. The post The Daily: Fake Trezors, Catching Knives, Stablecoins With Everything appeared first on Bitcoin News. https://news.bitcoin.com/the-daily-fake-trezors-catching-knives-stablecoins-with-everything/
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  Everything That’s Wrong With Roubini’s Central Bank Crypto Love Letter
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  Whenever Nouriel Roubini talks smack about Bitcoin, it’s hard to know how to respond. Do you ignore “Dr. Doom,” mindful of the mantra to not feed the trolls? Or do you tackle him head on, shooting down his fallacies, but granting the attention he so desperately craves? It’s a conundrum, but in the case of the doc’s provocative new piece, a paean to central bank coins, the only option is to shoot for the heart. Here’s everything that’s wrong with Roubini’s latest brain dump. Also read: A Brief Introduction to Voluntaryism for Crypto Neophytes Oops He Did It Again <figure id="attachment_155859" style="width: 226px" class="wp-caption alignright"> <figcaption class="wp-caption-text">Nouriel Roubini</figcaption> </figure> Those of us who were raised in the internet trenches, on the sort of forums where trolls like to troll trolls, know that giving attention-whores the oxygen they crave is generally a bad idea. Sometimes, though, your bête noire comes out with something so asinine the only option is to take the bait. From the title alone — “Why Central Bank Digital Currencies Will Destroy Cryptocurrencies” — you can tell that the author of the hit piece is faded economist Nouriel Roubini. You can also tell that at the end of each sentence, the excitable Dr. Doom had to pause to wipe the spittle from his screen. The career of the Stern School of Business lecturer has been on a downward trajectory ever since BTC was changing hands for 40 bucks. Having been wrong about cryptocurrency for six years straight, Roubini isn’t going to change his tune now. Stubbornness is one of his many attributes. It’s a shame, because if it were only possible to see past his Trumpian bluster, Roubini occasionally has some good points to make. Our subject begins his tirade by acknowledging that we’re transitioning to a cashless society and explaining that central bank digital currencies (CBDCs) are on the horizon. Up until now, Roubini is on solid ground. Unfortunately, he then ruins it by going full Dr. Doom: Starry-eyed crypto-fanatics have seized on policymakers’ consideration of CBDCs as proof that even central banks need blockchain or crypto to enter the digital-currency game. This is nonsense. If anything, CBDCs would likely replace all private digital payment systems, regardless of whether they are connected to traditional bank accounts or cryptocurrencies. Somebody Call a Doctor As is often the case with Roubini’s unhinged rants, there are grains of truth scattered in there, such as the observation that central banks won’t use conventional blockchains to issue their digital currencies. That much can be safely assumed. But then our protagonist’s argument starts to rapidly unfold with the assertion that “If a CBDC were to be issued, it would immediately displace cryptocurrencies, which are not scalable, cheap, secure, or actually decentralized.” It’s hard to know where to start with this sentence, which is filled with more logical fallacies and doublethink than the notion that “XRP was gifted to Ripple.” Apparently: CBDCs will “immediately displace” cryptos – citation needed Cryptos are “not cheap” – explanation needed “Not secure” – citation needed “Not actually decentralized” – and CBDCs are? “Yes. Everyone will love using backdoored central bank digital currencies and no one would ever want to use anything else ever,” read one sarcastic response to Dr. Doom’s absurd suggestion. If you can stomach more sensible chuckles, let’s read on to where Roubini claims “Enthusiasts will argue that cryptocurrencies would remain attractive to those who wish to remain anonymous. But, like private bank deposits today, CBDC transactions could also be made anonymous, with access to account-holder information available, when necessary, only to law-enforcement authorities or regulators, as already happens with private banks.” Moving on from sensible chuckles to sides leaving orbit, Roubini continues: “By transferring payments from private to central banks, a CBDC-based system would be a boon for financial inclusion. Millions of unbanked people would have access to a near-free, efficient payment system through their cell phones.” Cos, you know, the only thing preventing impoverished Somalis from accessing banking services is the lack of a central bank cryptocurrency. The global financial system totally wants to include the downtrodden; it was just waiting to invent a centralized cryptocurrency before inviting them to the party. Bitcoin could drop to $50 and it would still be a better investment than any CBDC. Whatever happens to central bank digital currencies, they will never displace decentralized cryptocurrencies, just as Roubini will never displace the gnawing pain that tells him he should have bought bitcoin in 2013. <figure id="attachment_248116" style="width: 436px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Days without Nouriel Roubini being wrong.</figcaption> </figure> What are your thoughts on Nouriel Roubini’s latest rant? Let us know in the comments section below. Images courtesy of Shutterstock. **OP-ed disclaimer: **This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article. The post Everything That’s Wrong With Roubini’s Central Bank Crypto Love Letter appeared first on Bitcoin News. https://news.bitcoin.com/everything-thats-wrong-with-roubinis-central-bank-crypto-love-letter/
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  Fear, Loathing and Opportunity: How Crypto Traders Are Handling the Drop
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  The last 24 hours have been the worst the cryptocurrency markets have seen since the 24 hours prior. Things have been looking grim for weeks in fact, but on Nov. 19 the situation went from bad to critical as BTC fell below $4,500, dragging the rest of the market down with it. While some investors used this latest blow to bow out, others have used it as an opportunity to re-up on cheap coins. Also read: Hash Wars: A Successful BCH Upgrade and a ‘High Risk’ Exchange Listing Mind the Drop There’s rarely a dull day in cryptocurrency, but Nov. 19 will go down as a particularly memorable one, albeit for all the wrong reasons. Plummeting crypto prices, on top of a week of plummeting crypto prices, have left many traders in despair and others vowing to rage quit. So somber is the mood that the normally morbid humor that accompanies a price drop has been largely absent from crypto Twitter. “Now is the time for compassion, patience, respect,” tweeted Andreas Antonopoulos. “Lots of people have lost lots of money recently and it is not helpful to make empty promises, share shitty memes, or criticize others’ choices.” Today for the first time in this bear market I saw people capitulate, throw in the towel, ridicule this movement and the technology and vow never to touch Crypto again. Even the bravest went quiet… — Ran NeuNer (@cryptomanran) November 19, 2018 On 4chan’s /biz/ messageboard, the atmosphere was equally downbeat. “That’s it, I sold,” conceded one poster, accompanied by an image of weed-smoking Elon Musk photoshopped to resemble Brendan Fraser being justed. “I’m free. I’m finally free from this fucking hell of scammers … It was fun and games for a while, but now it’s just a cruel sick joke. I bought [BTC] at 15K. No human can look at their money disappear before their very eyes and not be bothered. You know we’re going to 3K, right?… Let’s all stop pretending that this is gonna be anything but a bear market until 2020.” One Man’s Fear Is Another’s Opportunity People respond very differently in times of crisis. For those who missed out on buying bitcoin during last year’s bull run, now blessed with fiat currency sitting on the sidelines, today has been most serendipitous. “I’ve transferred 100 now for bitty,” read the message I awoke to from a friend. “If it goes down I’ll pick a tiny bit more up, if not, at least I got a wee bit at a decent price.” I duly hooked her up with BTC, and true to her word, she messaged later to say “I transferred another 100 … bitty is having a dip again.” How many more dips bitcoin can endure before it finally bottoms out is anyone’s guess. What can be said with confidence is that sub-$4.5K BTC is an attractive proposition for investors who thought this day would never come. While some members of crypto Twitter sought “the best capitulation tweet” (and found no shortage of candidates), more sanguine heads have urged delicacy. The majority of cryptocurrency traders had the perspicacity not to invest more than they could afford to lose. For those who got greedy, however, the current market has brought nothing but pain and regret. There are also those whose very jobs could be at stake should assets such as ethereum fail to recover. One ICO that raised funds in 2018 and elected to keep its war chest in ETH has conceded it will struggle to cover its payroll should current prices persist for another two months. Despite conceding that his job may be at risk, an employee told news.Bitcoin.com “this is Wall Street crash ’87 for the modern age. It’s actually extremely exciting.” Few would dispute that assessment. But nor would they welcome some respite from a year that started with a roar only to finish on a whimper. sending hugs to everyone in the crypto community. we're all learning something valuable this week about investors and speculators. hoping this marks the start of a broader culture shift for our nascent industry. let's hit restart. pic.twitter.com/7RbbA4kyi2 — Meltem Demirors (@Melt_Dem) November 19, 2018 Where do you think the cryptocurrency market goes from here? Let us know in the comments section below. Images courtesy of Shutterstock and Twitter. Need to calculate your bitcoin holdings? Check our tools section. The post Fear, Loathing and Opportunity: How Crypto Traders Are Handling the Drop appeared first on Bitcoin News. https://news.bitcoin.com/fear-loathing-and-opportunity-how-crypto-traders-are-handling-the-drop/
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  Singapore Finalizes Regulatory Framework for Cryptocurrency Payment Services
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  The central bank of Singapore has finalized the country’s new regulatory framework for payment services, which now includes cryptocurrency. Crypto payment service providers, which fall outside of the current regulatory framework, will need to be licensed under the new regime. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Regulating Crypto Payment Services The Monetary Authority of Singapore (MAS), the country’s central bank, announced on Monday that it has finalized the new regulatory framework for payment services. The Payment Services Bill “will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated,” the central bank explained. The bill was submitted to parliament by Education Minister and MAS board member Ong Ye Kung, the Straits Times reported. Cryptocurrency service providers that fall outside of the current regulation can expect to be licensed under the new regulatory framework, the publication described. “It is expected to affect electronic wallets and digital payment tokens such as Grabpay, bitcoin and ethereum,” the news outlet added, noting: Activities to be regulated by the bill include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their platform, money changing, and the dealing in and exchange of digital payment tokens such as bitcoin. Parallel Frameworks and Licenses According to the central bank’s announcement, the bill comprises two parallel regulatory frameworks. The first enables the central bank “to regulate systemically important payment systems for financial stability as well as efficiency reasons.” The other requires retail payment service providers to be licensed. One license is needed per service provider at any point in time, the MAS noted. The Straits Times detailed that payment service providers must apply for a license as either a money-changer, a standard payment institution, or a major payment institution. The former two will be regulated primarily for money laundering and terrorism financing risks while the latter more comprehensively. “Payment service providers can apply to be a standard or major payment institution, depending on their transaction volumes,” the publication conveyed, elaborating: The MAS will allow up to 12 months for payment service providers to comply with the changes after the new Act is in force. Those who provide digital payment tokens will be given six months to comply. What do you think of Singapore’s regulation for crypto payment services? Let us know in the comments section below. Images courtesy of Shutterstock and the MAS. Need to calculate your bitcoin holdings? Check our tools section. The post Singapore Finalizes Regulatory Framework for Cryptocurrency Payment Services appeared first on Bitcoin News. https://news.bitcoin.com/singapore-regulatory-framework-cryptocurrency-payment-services/
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  Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones Hearing
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  The judges at the Greek supreme court have been accused of violating Alexander Vinnik’s rights. The alleged Btc-e operator has been detained in Greece since July last year. The hearing against his extradition to France has also reportedly been postponed. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Rights Violation Alexander Vinnik, who allegedly operated the former cryptocurrency exchange Btc-e, has been detained in Greece since July last year. He was accused by the U.S. of laundering $4-9 billion through the exchange. <figure id="attachment_248142" style="width: 300px" class="wp-caption alignright"> <figcaption class="wp-caption-text">Zoe Konstantopoulou.</figcaption> </figure> His attorney, Zoe Konstantopoulou, told a court session on Monday that the judges of the Greek supreme court “have blatantly breached the rights” of the Russian national, Tass wrote. The session was to appeal against the ruling of Vinnik’s extradition to France. Konstantopoulou was quoted as saying: “You have violated the rights of Alexander Vinnik, who hasn’t received an official translation of the French request by November 17 … those documents haven’t been translated into Russian, they have no seals and signatures … You only employ this practice towards Vinnik because he is a Russian. You wouldn’t do this with any Greek, or EU citizen.” A Sputnik correspondent reported from the court on Monday that the hearing for the appeal of Vinnik’s extradition to France has been postponed until Nov. 29. The Charges and Extradition Requests Vinnik was detained in Greece on July 25 last year on a warrant issued by the U.S. Department of Justice (DOJ). A grand jury in the Northern District of California indicted Vinnik and Btc-e for operating an unlicensed money service business, money laundering, and related crimes. “The indictment alleges that Vinnik obtained funds from the hack of Mt. Gox and laundered those funds through various online exchanges, including his own Btc-e and a now defunct digital currency exchange, Tradehill, based in San Francisco, California,” the DOJ wrote. After Vinnik was detained, Russia sought his extradition. France also sent a similar request in June and Greece is pressing criminal charges against him, Tass conveyed. In May, he allegedly confessed to charges of fraud and money laundering. Vinnik, however, told the news outlet that he was only a technical expert at Btc-e. “I gave some advice to that platform. That’s not a crime, and the exchange itself is not a crime, it is just a platform for exchanging cryptocurrency,” he claims. Furthermore, the New York Times reported that Vinnik is accused of operating Btc-e at a time when American prosecutors say “hackers used such funds to finance the electronic break-in at the Democratic National Committee and other targets.” What do you think of Vinnik’s case? Let us know in the comments section below. Images courtesy of Shutterstock, the DOJ, AP Photo/Petros Giannakouris, and AFP/Sakis Mitrolidis. Need to calculate your bitcoin holdings? Check our tools section. The post Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones Hearing appeared first on Bitcoin News. https://news.bitcoin.com/greek-court-accused-violating-rights-btc-e-postpones-hearing/
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  Swiss Crypto Exchange-Traded Product Launching Nov. 21, But It’s Not an ETF
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  New.Bitcoin.com has confirmed that the exchange-traded product tracking an index of five leading cryptocurrencies will start trading on Switzerland’s principal stock exchange on Nov. 21. The exchange has also confirmed that this product is not an exchange-traded fund (ETF). The country’s financial regulator, Finma, explains the differences. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Differences Between ETPs and ETFs The news of the cryptocurrency exchange-traded product (ETP) by Zug-based Amun AG having been approved by Switzerland’s principal stock exchange, Six Swiss Exchange, spread throughout the crypto community over the weekend. The product tracks an index of five major cryptocurrencies: BTC, XRP, ETH, BCH, and LTC. While Amun’s website refers to this product only as an ETP, some believe that it is an exchange-traded fund (ETF). ETPs and ETFs are two different products, listed under different categories on Six Swiss Exchange. A spokesperson from Finma, Switzerland’s financial regulator, told news.Bitcoin.com: It is important to separate ETPs from ETFs, as ETPs are not subject to the Collective Investment Schemes Act (Cisa) and are therefore not supervised by Finma. Noting that ETFs “are funds that are traded on an exchange and normally track the performance of an index,” he emphasized that “In Switzerland, these products are subject to the Cisa.” A spokesperson from Six Swiss Exchange also confirmed to news.Bitcoin.com that Amun Crypto is an ETP, not an ETF, adding that the product will start trading on Wednesday, Nov. 21. The exchange clarified: ETPs are collateralized, noninterest-earning bearer debt securities which replicate an underlying [asset] (generally from the commodities sector), either on a regular or leveraged basis. Like ETFs, they trade in a multi market-making segment, but in legal terms they are not funds. ETFs, ETPs and ETNs On its website, Six Swiss Exchange detailed different types of “passive financial products in Switzerland.” The first two on the list are ETF and ETP. The document indicates that ETPs include exchange-traded notes (ETNs) and exchange-traded commodities (ETCs). ETNs are a type of debt security that trades on exchanges and promise a return linked to a market index or other benchmark. ETCs also trade on exchanges but provide exposure to commodities and commodity indices. Furthermore, ETFs and ETPs also carry different risks. “ETFs are separate pools of assets,” Swiss Funds and Asset Management Association described in its report on ETFs and Index Funds. “In the event of the insolvency (bankruptcy) of the provider (e.g. the fund management company or custodian bank), the assets and rights of the ETF can be segregated, and there is no issuer risk in this regard.” Debt securities, however, “often entail an issuer risk that is hard to calculate,” the report author noted. Public Misunderstanding Led to Trading Suspension XBT Provider’s exchange-traded products have also been misunderstood by the public. In September, the U.S. Securities and Exchange Commission (SEC) temporarily suspended trading of the company’s products — Bitcoin Tracker One and Ether Tracker One — due to the inconsistencies of their descriptions. The commission wrote: The broker-dealer application materials submitted to enable the offer and sale of these financial products in the United States, as well as certain trading websites, characterize them as ‘exchange traded funds (ETF)’ … Other public sources characterize the instruments as ‘exchange traded notes (ETN)’. In addition, the SEC noted that “the issuer characterizes them in its offering materials as ‘non-equity linked certificates’,” which “are not principal protected” and “do not bear interest.” Citing “a lack of current, consistent and accurate information” of the two investment vehicles which resulted “in confusion amongst market participants regarding these financial instruments,” the SEC justified its decision to suspend their trading. What do you think of Amun Crypto ETP trading on Six Exchange? Let us know in the comments section below. Images courtesy of Shutterstock, Six Swiss Exchange, and Finma. Need to calculate your bitcoin holdings? Check our tools section. The post Swiss Crypto Exchange-Traded Product Launching Nov. 21, But It’s Not an ETF appeared first on Bitcoin News. https://news.bitcoin.com/swiss-crypto-exchange-traded-product-not-etf/
• 

  Hash Wars: A Successful BCH Upgrade and a ‘High Risk’ Exchange Listing
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  It’s been close to four days since the Bitcoin Cash upgrade and the blockchain split that occurred on Nov. 15. Since the acrimonious fork, a lot has happened within the BCH ecosystem including a few exchanges listing both chains as separate coins. Also Read: Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails Bitcoincash.org States Upgrade Was a Success The Nov. 15 Bitcoin Cash (BCH) hash war has been quite the spectacle for many cryptocurrency observers to say the least. Almost four days have passed since the split and both chains are being mined by separate mining entities. On Monday the Bitcoincash.org website published an announcement to the public detailing that the “planned network upgrade is complete.” <figure id="attachment_247960" style="width: 3200px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Despite the hash war, the Bitcoincash.org website says the planned Nov. 15 was successful.</figcaption> </figure> The website stated that the proposed features developed by the Bitcoin ABC team integrated successfully and the upgrade contained multiple new functionalities. Highlights from the fork include the introduction of canonical transaction ordering (CTOR), and the enabled OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY opcodes. Additionally, there’s an added enforced minimum transaction size, a “push only” rule for script-Sig, and automatic replay protection for future upgrades. “CTOR which is part of the comprehensive technical roadmap allows for faster transaction ordering and block propagation — This feature helps scale Bitcoin Cash for the world,” the announcement detailed. The Bitcoincash.org website continued by stating: OP_CHECKDATASIGVERIFY which is also part of the roadmap, is a feature that allows a transaction to verify that it has been supplied with a valid signature and message — This will enable new applications to be built on the Bitcoin Cash network that wasn’t possible before. In addition, the organization explained the developers’ reasoning behind the added checkpoint. Bitcoincash.org’s fork notice states that a “malicious entity may have tried to attack the chain with deep reorgs.” In order to prevent an attack, the programmers used a tactic utilized by Satoshi Nakamoto in the early days of Bitcoin development. “Checkpoints have been used in every past Bitcoin Cash network upgrade including this Nov. 15 upgrade,” the developers added. Voltaire, Kraken, Coinex, and the Wait for More Exchanges <figure id="attachment_247963" style="width: 145px" class="wp-caption alignright"> <figcaption class="wp-caption-text">Voltaire explained the ABC chain will be Bitcoin Cash (BCH).</figcaption> </figure> In addition to the announcement on Monday published on Bitcoincash.org, a few exchanges have started revealing chain listing announcements. For instance, the BCH-centric trading platform Voltaire announced on Nov. 18 that it would be listing the ABC side of the chain as bitcoin cash (BCH). The exchange is working to enable deposits and withdrawals for the SV network and will introduce a new BSV/BCH trading pair market. “As per Voltaire’s policy to support Nakamoto Consensus, we’ll be listing the ABC chain under the BCH ticker and all future pairs (ETH, GUSD, LTC) will be paired likewise,” explained Voltaire in a blog post on Sunday. The same day, the San Francisco-based cryptocurrency exchange Kraken also revealed its decision regarding the split outcome. Kraken had a lot more to say about the contentious Bitcoin Cash hard fork, with the trading platform detailing that Bitcoin ABC will be listed as Bitcoin Cash (BCH) and they will list the other side as BSV. Kraken has warned customers that the SV chain does not meet the company’s traditional listing requirements for a variety of reasons including the fact that it has “no known wallets supporting replay protection, miners are operating at a loss, and representatives threatening and openly hostile toward other chains.” Additionally, the exchange said it has completed only a small amount of code review and stressed that “large holders have indicated they’d be dumping everything.” Kraken added: Custodial losses taken on due to attacks originating from Nchain or its affiliates will be socialized among all BSV holders on Kraken — Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV. Further, the BCH pairs exchange Coinex has revealed it will be listing two markets with ABC commanding the BCH ticker. Coinex has also added BCHSV/BCH, BCHSV/BTC trading pairs on the exchange. Even though a few trading platforms have re-opened BCH markets, Bitcoin Cash proponents are hoping more exchanges will re-enable BCH transactions in the near future. Meanwhile, other market participants have been searching for safe methods and tools to split their coins. What do you think about the hash war? Do you think it is close to over? Let us know what you think about this subject in the comments section below. Images via Shutterstock, Pixabay, Kraken logo, Voltaire Logo, and Bitcoincash.org. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Hash Wars: A Successful BCH Upgrade and a ‘High Risk’ Exchange Listing appeared first on Bitcoin News. https://news.bitcoin.com/hash-wars-a-successful-bch-upgrade-and-a-high-risk-exchange-listing/
• 

  Bitcoin Cash Developers Launch Beta Bchd Client Written in Golang
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  On Nov. 18, a few days after the Bitcoin Cash (BCH) fork, Openbazaar developer Chris Pacia announced the launch of Bchd, a full node implementation of the BCH chain written in Golang. Pacia and contributors have detailed that it’s been over two months since the Bchd client was forked from Btcd reference code and so far the new library has seen a “large amount of development.” Also Read: Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails The Bitcoin Cash Bchd Library The Bitcoin Cash community has been introduced to a full node client written in the Golang (Go) programming language called Bchd. The new Golang implementation was originally built by Chris Pacia, the developer of the peer-to-peer marketplace Openbazaar. However, nine other developers stepped up and helped the programmer finish the beta release. Bchd is a fork of the Btcd protocol library and the client’s contributors have explained they waited until after the Nov. 15 fork to release the beta version. Even so, the developers ran the Bchd client throughout the upgrade and detailed that the implementation “operated incredibly smooth right through the fork.” “We’ve implemented all four of the Bitcoin Cash hard forks and removed a major soft fork (Segwit) from the codebase — This release contains a number of features and improvements over Btcd including a UTXO memory cache, prune mode, and BIP159 Node_Network_Limited to allow pruned nodes to offer blockchain services to the network,” explained the Bchd beta launch announcement. There are a bunch of benefits to the Bchd client as it can be pruned and still service Simplified Payment Verification (SPV) clients. In fact, Bchd is the only library that supports BIP157/158 NODE_CF, which maintains a compact filter index for SPV clients. “This allows developers to build a new type of P2P SPV wallet that uses client-side filtering to provide SPV users with unmatched privacy,” detailed the Bchd development team. The Bchd developers continued: To that end we’ve also ported the Neutrino wallet backend to BCH so we actually have an SPV wallet that makes use of this functionality — At present it’s the most private SPV codebase on the market — There really isn’t a close second in terms of privacy. The Bchd Package Contains Three Interconnected Protocols The news also follows another Golang BCH implementation written by the creators of the Counterparty.cash protocol. The Gocoin-cash protocol is a port of the BTC software originally written by Piotr Narewski. Further, another developer recently announced a BCH library written in the programming language Rust on Nov. 5. The Bitcoin Cash network now has a wide variety of full node client implementations in various programming languages. The Bchd beta version package consists three pieces of software: Bchd, the Bchd wallet, and Bchctl. The Bchd implementation does not have a native wallet like traditional C++ implementations do. Meanwhile, Bchctl is a command line interface so users can control the Bchd node and wallet. In addition to this, the binaries are available in many options including Solaris, Plan 9, and BSD operating systems. “Please keep in mind this is beta software and probably not ready for production usage, though it is in pretty good shape right now,” the Bchd development team concluded. What do you think about the Bchd client for the Bitcoin Cash network? Let us know what you think about this subject in the comments section below. _Images via Pixabay, Bchd, Shutterstock, and the Gopher Golang logo. _ At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Bitcoin Cash Developers Launch Beta Bchd Client Written in Golang appeared first on Bitcoin News. https://news.bitcoin.com/bitcoin-cash-developers-launch-beta-bchd-client-written-in-golang/
• 

  Bcoin Developers Release Cross-Chain Atomic Swap Application
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  On Friday, Nov. 16, the developers behind the full node projects Bcoin and Bcash announced an application that allows users to complete cross-chain atomic swaps between both the BCH and BTC chains. The Bcoin programmers have also released a guide, videos and code for beginners and experts who want to swap BTC for BCH in a decentralized fashion. Also read: Markets Update: Traders Expect Major BCH Action When Exchanges Open BCH and BTC Cross-Chain Swaps With No Middlemen The Bcoin developers recently released an application for users who want to learn how to execute atomic swaps between the BCH and BTC blockchains. Cross-chain atomic swaps have generated a lot of buzz lately, as the process allows people to swap two different cryptocurrencies, but without the need for third parties. Both Bcoin and Bcash are full node BTC and BCH implementations built with Javascript/NodeJS. With the atomic swap application, the Bcoin programmers wholeheartedly believe that in order “to protect both users, there must be no scenario in which one person can control both coins at the same time.” “Atomic swaps enable some of the coolest layer-two technology in crypto, like Lightning and DEXs,” the Bcoin team stated. “We put together an illustrated guide to walk you through the process, complete with code and videos.” Bcoin’s atomic swap guide, written by Matthew Zipkin, gives readers a comprehensive look into the technology under the hood. Similar to other types of second-layer technologies, cross-chain swaps use a protocol called Hash Time Locked-Contract (HTLC). Bcoin’s website explains the process through written descriptions and shows visuals of Alice and Bob performing an atomic swap. The guide also shows how the script is written by creating HTLC scripts with the Bcoin and Bcash libraries. Additionally, the walkthrough details how to fund swaps and redeem them once the funds are sent to the designated addresses. The atomic swap templates are accompanied by a video demonstration of the cross-chain trade. Centralized Exchanges and Hacks Bolster the Need for Atomic Swaps Over the last year concepts such as cross-chain atomic swaps have been growing more popular because of issues with centralized exchanges, which are still being hacked to this day. The decred (DCR) development team was the first to perform a cross-chain atomic swap between DCR and LTC back on Sept. 20, 2017. In the Bcoin and Bcash atomic swap guide, Zipkin cites the decred atomic swap Github repository. There have also been a few other individuals and teams from various cryptocurrency projects who have been attempting to produce viable and decentralized models. Three months ago, BCH developer Mark Lundeberg published a proof-of-concept of a way to do peer-to-peer atomic swaps without an “obvious on-chain fingerprint.” Lundeberg’s “Swap Channels” essentially hide atomic swaps using ordinary payment channels. The Bcoin application’s documentation further explains how users can install to Windows, Mac and Linux, with accompanying videos for each operating system. The platform’s developers have also released API documentation for programmers who want to integrate the protocol into websites or other types of applications. In addition, the Bcoin team said users can make requests at the Github repository and contributors can earn bounties. What do you think about the Bcoin and Bcash cross-chain atomic swaps? Let us know your opinion in the comments section below. _Images via Shutterstock, Twitter, Bcoin, and the Bcoin blog. _ Need to calculate your bitcoin holdings? Check our tools section. The post Bcoin Developers Release Cross-Chain Atomic Swap Application appeared first on Bitcoin News. https://news.bitcoin.com/bcoin-developers-release-cross-chain-atomic-swap-application/
• 

  Thai Central Banker: A National Cryptocurrency Is Years Away
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  Central bankers have been talking about issuing their own digital coins ever since they first saw the appeal that bitcoin holds for many people. However, the latest indications point to it being a very long time until we will see national crypto assets coming from any stable economies. Also Read: The Daily: Teens Want Bitcoin, Coinbase-Funded Game to Enter Beta Don’t Hold Your Breath for a Digital Baht The governor of the Bank of Thailand, Veerathai Santiprabhob, has revealed that a switch to digital currency will not happen in the country within the next three to five years, according to local media reports. The central banker said that the use of digital currency is complicated and people in developing countries need to be well prepared for it beforehand. He also argued that the technology needs to become more efficient first. For these reasons, Thailand’s central bank has not yet introduced a national cryptocurrency to the public, and only plans to test digital currency for payment settlements between financial institutions. Its pilot intrabanks system will likely reach full implementation during the first quarter of next year, according to the Bank of Thailand governor. A Mixed Message From Global Bankers The news out of Thailand follows what seems to be a recent cooling trend toward national cryptos. Last week, Alim Guliyev — chairman of the Central Bank of Azerbaijan — told the media in Baku that his institution would not issue its own cryptocurrency due to the risks involved. And earlier this month, a Bank of Israel team recommended holding off on creating an e-shekel. The development of central bank-issued cryptocurrencies has also become a focus of the International Monetary Fund (IMF). The Washington-headquartered organization recently issued a stark warning to the Marshall Islands about its plan for the Sovereign, which has caused a political crisis in the country. But maybe just to further obfuscate the matter, IMF Managing Director Christine Lagarde said last week that central bankers actually need to consider issuing their own digital instruments to improve financial inclusion, consumer protection, privacy and fraud prevention. Are you looking forward to national cryptos? 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. The post Thai Central Banker: A National Cryptocurrency Is Years Away appeared first on Bitcoin News. https://news.bitcoin.com/thai-central-banker-a-national-cryptocurrency-is-years-away/
• 

  Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’
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  EOS, the $4 billion blockchain project developed by Dan Larimer, has been savaged in an exhaustive new review. The 17,000-word report, based on extensive laboratory testing, concludes that EOS’s real-world throughput isn’t much better than Ethereum’s and that its consensus algorithm doesn’t function properly. “In order to succeed as a base layer protocol, EOS needs to re-architect its infrastructure,” is the damning verdict. Also read: Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market EOS Faces Its Sternest Test Yet The EOS team are accustomed to receiving criticism from haters and skeptics, but in Bitmex Research they’ve met their toughest critic yet. A sprawling report — authored by four experts with the assistance of Whiteblock Labs, which ran benchmarks using an EOS testnet — has delivered a string of indictments on the Delegated Proof of Stake (DPoS) blockchain. Every facet of the blockchain has been examined, tested and found to be wanting in several key areas. The report adds weight to the notion that in design, EOS more closely resembles a traditional cluster of servers such as Amazon Web Services than it does a decentralized blockchain, explaining: EOS is fundamentally similar to a centralized cloud computing architecture without the fundamental components of a blockchain or peer-to-peer network. EOS block producers are highly centralized and users can only access the network using block producers as intermediaries. Block producers are a single point of failure for the entire system. Things don’t get any better from there, as the comprehensive report details everything its authors found to be wrong with EOS. The blockchain’s DPoS consensus algorithm, based on a design Dan Larimer pioneered for previous projects Bitshares and Steemit, is meant to utilize Byzantine Fault Tolerance (BFT). But as the report chastens, “it is impossible for EOS to implement Byzantine Fault Tolerance. A true BFT system would not be susceptible to cartels forming in the system … BFT consensus is theoretically impossible in EOS and the network should not be characterized as having any form of BFT.” <figure id="attachment_247688" style="width: 1400px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">The price of EOS dropped sharply when Bitmex Research published its report, then dropped again when the price of BTC fell to $5,300, dragging all crypto assets down with it.</figcaption> </figure> Block Producers Are the Gods of EOS <figure id="attachment_97667" style="width: 300px" class="wp-caption alignright"> <figcaption class="wp-caption-text">Dan Larimer</figcaption> </figure> A lot of the criticism leveled against EOS to date has revolved around the extraordinary power held by its 21 block producers tasked with confirming transactions — or even reversing them in some cases. They’re also able to blacklist accounts, excluding them from the network. The Bitmex Research report does nothing to dispel these notions, writing: “There is no proper protocol that is setup to prevent block producers from colluding to maintain their role as block producers. This further proves the high level of centralization that exists in the EOS network and the tremendous power these block producers possess.” During testing, the authors also found at least one “severe vulnerability” due to the fact that block producers aren’t obliged to reveal the code they’re running, which serves to reinforce the belief that “the overall network does not have a viable consensus algorithm as the underlying infrastructure of the network is not configured as a blockchain, rather a network of non transparent data centers.” No Faster Than Ethereum <figure id="attachment_97669" style="width: 225px" class="wp-caption alignright"> <figcaption class="wp-caption-text">EOS: Ethereum killer or smoke and mirrors?</figcaption> </figure> In addition to having its consensus algorithm and cartel-like hierarchy critiqued, one of EOS’s greatest claims — to be faster than other blockchains — is also shot down. “During tests with real world conditions … performance dropped below 50 TPS putting the system in close proximity to the performance that exists in Ethereum,” noted the report. It also asserted that “it is clear that the EOS network is censorable,” before summarizing that “for EOS to be able to successfully act as a foundational base layer protocol, it needs to re-architect a significant portion of its infrastructure.” To date, no Proof-of-Stake blockchain has come close to offering the level of security provided by Proof-of-Work chains such as Bitcoin. Short of a complete redesign, EOS looks unlikely to buck that trend. The report’s authors believe they may have found one use case for Dan Larimer’s project however: “EOS can potentially act as a side chain appended to other more foundationally secure networks, though the system would need to be rebuilt.” What are your thoughts on Bitmex Research’s EOS report? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’ appeared first on Bitcoin News. https://news.bitcoin.com/report-censorship-prone-eos-needs-to-re-architect-its-infrastructure/
• 

  Ivy and Hiveex Launch Ivypay to Facilitate Consumer Bill Payments in Australia
  news • • CryptoNews

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  Ivypay, a cryptocurrency-based payments platform, was launched in Australia on Nov. 19. The service — built by blockchain company Ivy in partnership with Hiveex, a cryptocurrency broker — allows Australians to use digital currencies to pay bills and transfer money directly into their bank accounts. Also Read: Islamic Countries Challenge USD ‘Sanctioning Tool’ With Planned Common Cryptocurrency Mainstreaming Cryptocurrency Use The developers of Ivypay, which was released in beta earlier this month, aim to bring cryptocurrency into the mainstream by streamlining the spending process. Users pay a 2 percent fee on the total amount of each transfer. The application currently supports bitcoin, ethereum, litecoin and ripple. “Our partnership … will enable everyday Australians to use cryptocurrency to pay their bills, pay off their credit cards, or convert to Australian dollars deposited in their bank accounts at some of the lowest rates on the market,” Ash Shilkin, president of Ivy, said in a statement to news.Bitcoin.com. Shilkin acknowledged that virtual currencies are still far from reaching widespread adoption as a means of payment. However, applications such as Ivypay are starting to bring such objectives closer to reality, he claimed. “We are pleased to have Ivypay on the market, while we build out the Ivy network as a bridge between those with cryptocurrency, and traditional financial institutions,” said Shilkin, adding that the company will roll the service out in countries such as the U.S. later this year. Limited Cryptocurrency Use for Bill Payments A recent survey by Hiveex and Ivypay indicated that about 2.58 million Australians now own cryptocurrencies of some form, with more than 2,500 bills paid in virtual currencies in the country every month. Of those who don’t own digital assets, 49.5 percent said they would buy some or consider doing so if they could transfer funds directly into their bank accounts. One in 10 respondents who said they don’t own cryptocurrencies stated that they are hesitant to invest because they can’t easily transfer such currencies into their bank accounts, according to the companies, which surveyed 1,997 Australians. “Despite cryptocurrency being around for the past decade, it still has quite a while to go before it’s as widely used as fiat currencies, like the Australian dollar,” said Fred Schebesta, co-founder of Hiveex, a company that was established in February to help people buy and sell cryptocurrencies, particularly large trades of more than 50,000 Australian dollars ($36,500). Schebesta added: We wanted to help build a platform to bridge the gap between fiat and crypto. It’s inevitable that cryptocurrency will have mass adoption when we create more ways to use it that are easier and cheaper alternatives to traditional banking. It’s going to shake up the way we pay for everything. Founded in 2017, Ivy is partly owned by Australian Stock Exchange-listed Change Financial. It raised over $17 million at the start of this year in a private sale of tokens to build out its blockchain-based payments technology. What do you think about the Ivypay payments platform? Let us know in the comments section below. Images courtesy of Shutterstock. The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news_ coverage to stay up to date on the latest. Or delve into statistics on our helpful_ tools_ page_ The post Ivy and Hiveex Launch Ivypay to Facilitate Consumer Bill Payments in Australia appeared first on Bitcoin News. https://news.bitcoin.com/ivy-and-hiveex-launch-ivypay-to-facilitate-consumer-bill-payments-in-australia/
• 

  The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter Beta
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  In today’s edition of The Daily, we focus on the intersection between the cryptocurrency industry and gaming. A game startup recently raised $16 million from investors such as Okcoin and Galaxy Digital, while the developers of a game backed by the investment arm of Coinbase have released a new gameplay trailer. And in related news, a recent report shows that young people prefer cryptocurrency and in-game coins over fiat cash. Also Read: Venezuelan Department Store Chain Accepts Cryptocurrency Mythical Games Secures $16M of Funding Mythical Games, a new Los Angeles-headquartered game studio, announced on Friday that it has secured $16 million in a Series-A financing round. The funds will support the development and co-production of blockchain-powered games for mobile devices, PCs and consoles. The round was led by Galaxy Digital and included Okcoin, Javelin Venture Partners, Divergence Digital, Fenbushi and Noris. The startup plans to provide its proprietary platform to other developers to help build “player-owned” economies. It will also produce tools for brands to monetize their game assets. “We believe that gaming — and specifically players’ interaction with in-game economies and virtual goods — will play a key role in how the masses first discover the true potential of the blockchain,” said Mike Novogratz, CEO and Founder of Galaxy Digital. “Mythical’s experience building rich and immersive game worlds will be invaluable to this mission.” The company was founded by former executives from Activision, Blizzard and Yahoo. They each previously led development teams for games such as “Call of Duty” and “World of Warcraft.” “The investment from Galaxy, Javelin, and our other new investors will allow us to ignite a new approach to developing games, giving players and content creators a bigger stake in the games they love,” commented John Linden, co-founder and CEO of Mythical Games. “We believe these new economics will come to dominate gaming, resulting in an even bigger addressable market for the industry.” On Saturday, Mythical Games revealed its first collectibles game, “Blankos Block Party.” Fuel Games Releases ‘Gods Unchained’ Trailer Fuel Games, another blockchain-powered game development company that was founded earlier this year, released an official gameplay trailer on Thursday for its upcoming title “Gods Unchained.” The startup raised $2.4 million in seed funding in May and is backed by Coinbase Ventures, Continue Capital, Sora Ventures and Nirvana Capital. “Gods Unchained” is a competitive collectible trading card game, like a cross between “Magic: The Gathering,” “Hearthstone” and “Crypto Kitties.” Fuel Games also announced on Thursday that it will begin rolling out a closed beta of the game “over the next week or two.” Teenagers Want Bitcoin for Christmas Beyond investments by cryptocurrency exchanges in blockchain-powered games, another connection between crypto and gaming is that young people tend to prefer in-game digital currencies over old fiat money. Piper Jaffray, an investment banking and asset management firm, on Wednesday published its “Holiday 2018” consumer report, which rates the gift preferences of American teenagers. The reports shows that for the first time ever, young people prefer cryptocurrency and “V-Bucks” as presents over fiat cash, gift cards and money for car-related expenses. V-Bucks is the in-game currency of the battle royale game “Fortnite.” The wildly popular title has been raking in hundreds of millions of real-world dollars per month from the sale of in-game assets, despite being free to play. The game’s incredible commercial success is probably a major contributing factor to the recent increase in game-development funding, as many investors hope to capitalize on its popularity. 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. The post The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter Beta appeared first on Bitcoin News. https://news.bitcoin.com/the-daily-okcoin-backed-studio-raises-16m-coinbase-backed-game-releases-trailer/
• 

  Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market
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  If there are two things a bear market’s good for, it’s building and memeing. Your portfolio might be down, but if you’re anything like crypto Twitter, your meme bank will be filled to overflowing with riches. Bloody markets make for marvelous memes. Also read: Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails Bears Everywhere Twelve months ago, media outlets such as news.Bitcoin.com were running low on stock images of bulls to accompany stories of BTC hitting new all-time highs. One year on and it’s bears we’re running low on. Thankfully, internet image boards and Telegram channels are a ripe repository of the sort of bears last seen in childhood cartoons, now repurposed to suit the market we find ourselves in. Do our memes reflect the mood of the markets or do the markets reflect the mood of our memes? Perhaps if we all shared more bulls in our cryptocurrency trading groups the good times would return. Hide the Pain While market downturns can be good for germinating new memes, they’re also good for resurrecting old ones. Hide the Pain Harold sticker sets have been seeing heavy usage on Telegram ever since BTC dropped below $6,000. NPC 2018’s defining meme has undoubtedly been the non-player character (NPC). It’s been used mercilessly throughout the cryptocurrency space to mock opponents, with the Blockstream/Bitcoin Core Telegram pack one of the finest sticker collections currently doing the rounds. Sergey and the Singularity Some crypto memes are too arcane to explain. Quite why posters on 4chan’s /biz/ messageboard have fixated on the CEO of oracle project Chainlink doesn’t matter. Nor does it matter why they’re hoarding LINK in anticipation of an event dubbed The Singularity that’s supposedly going to make them stupidly rich. All that matters is poor Sergey Nazarov has been memed mercilessly, albeit for all the right reasons – namely humor and awareness by his devoted band of Link Marines. ICO Bingo You’ve probably already seen the bagholder bingo card: In a week where the SEC laid the banhammer on a brace of ICOs, it seems the perfect time to share bagholder bingo’s sister card – ICO bingo: Finally, no matter how rekt your portfolio might be, remember – it can always get rekter. What are your favorite crypto memes of the moment? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market appeared first on Bitcoin News. https://news.bitcoin.com/cryptocurrency-memes-the-only-assets-that-can-survive-a-bear-market/
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  Major Venezuelan Department Store Chain Accepts Cryptocurrency
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  The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies. Also Read: Coinbase Ventures Backs Home Crypto Mining Startup Coinmine Traki Accepts Cryptocurrency Payments Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware. According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC). ¡En nuestras tiendas estamos aceptando #Criptomonedas como forma de pago! #Bitcoin #DashCcs #Ethereum #Litecoin #BitcoinCash #Venezuela pic.twitter.com/xS9mFlL2zo — Traki (@TRAKIenganchate) October 11, 2018 Show of Support by Crypto Community Due largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund. The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on. On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need. Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? 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. The post Major Venezuelan Department Store Chain Accepts Cryptocurrency appeared first on Bitcoin News. https://news.bitcoin.com/major-venezuelan-department-store-chain-accepts-cryptocurrency/
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  Cryptocurrency Markets Consolidate Near 2018 Low
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  The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on Nov. 15. Meanwhile, XRP has again overtaken ETH to rank as the second largest cryptocurrency by market capitalization. **Also Read: **Crypto Exchange-Traded Product Live on Swiss Stock Exchange Next Week Fork Drives New All-Time Price Lows for BCH In the days leading up to the fork, BCH was trading within an approximately 6% range between $500 and $530. Support at the $500 area then broke at around midday on Nov. 15th, with the price crashing as low as $350 on Bitstamp. On Bitfinex, BCH spiked down to $250, before BCH trading was halted on the platform in the run-up to the fork. <figure id="attachment_247430" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">BCH/USD – Bitstamp – 1HR</figcaption> </figure> In the days since the fork, BCH has predominantly traded within a 10% range of between $375 and $410. The aggressive sell-off has seen BCH lose over 35% of its value against the dollar in just 12 days, although this can be attributed to some of BCH’s value being assigned to the minority SV chain that forked off. <figure id="attachment_247437" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">BCH/USD – Bitstamp – 1D</figcaption> </figure> When measuring against BTC, BCH established a new low of 0.046 BTC on Bitstamp after the markets broke below resistance at 0.066 BTC. Since Nov. 6th, BCH has lost approximately 45% of its value when measuring against BTC. <figure id="attachment_247438" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">BCH/BTC – Bitstamp – 1D</figcaption> </figure> Bitcoin cash is currently the fourth largest cryptocurrency by market cap with a total capitalization of $6.67 billion. BTC Consolidates Below $6,000 Looking at Bitfinex, BTC experienced heavy selling pressure starting from approximately 4 a.m. on Nov. 14 when the markets began to test support at approximately $6,400. After a short period of consolidation, the markets then fell 9.5% from $6,460 to approximately $5,850 in less than three hours. 24 hours of sustained selling pressure then drove prices to set an annual low of $5,432 on Nov.15, before a sharp bounce found resistance at approximately $5,750. The aggressive sell-off saw the price of BTC drop approximately 15% in a single day. Since then, BTC has consolidated within a tight range of less than 5%, with prices hovering between $5,550 and $5,750. <figure id="attachment_247456" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">BTC/USD – Bitfinex – 1HR</figcaption> </figure> On Bitstamp, the dump saw BTC lose 16% in 24 hours, falling from approximately $6,210 to set an annual low of $5,200. Since then, BTC has hovered between $5,400 and $5,600. BTC currently has a market cap of roughly $97.25 billion. Ripple Boasts Largest Altcoin Market Cap XRP has again overtaken ETH to rank as the second largest cryptocurrency by total capitalization, a position it has held since Nov. 15 as of this writing. XRP currently has a market cap of $20.6 billion. When measuring against USD, XRP has fully recovered from its 16% crash that transpired on Nov. 15, with prices currently hovering at roughly $0.517. <figure id="attachment_247441" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">XRP/USD – Bitfinex – 1HR</figcaption> </figure> When looking at XRP/BTC, the Nov. 15 sell-off appears to have formed an inverse head & shoulder pattern on the hourly chart, priming the markets for the Nov. 16 breakout that has driven the price of ripple up to test resistance at 0.000093 BTC in recent hours. <figure id="attachment_247447" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">XRP/BTC – Bitfinex – 1HR</figcaption> </figure> ETH/BTC Sees Low Volatility When measuring against BTC, ethereum has held relative stability in recent days, with the Nov. 15 dump trading within a tight range. As of this writing, ETH is testing support at 0.0325 BTC, with the current price action appearing to follow roughly two months of sideways consolidation following May through July’s heavy selling pressure. <figure id="attachment_247453" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">ETH/BTC – Bitfinex – 1D</figcaption> </figure> When measuring against USD, the Nov. 15 sell-off drove an approximately 17% drop in the price of ethereum once support at $210 broke. After bouncing off a low of $170, ETH has since consolidated between $175 and $185. <figure id="attachment_247450" style="width: 696px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">ETH/USD – Bitfinex – 1D</figcaption> </figure> Ethereum is currently the third largest cryptocurrency by market cap with a capitalization of $18.17 billion. Do you think the markets have posted their lowest position for 2018 or is more selling pressure imminent? Share your thoughts in comments section below! Image courtesy of Shutterstock, Tradingview The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page. The post Cryptocurrency Markets Consolidate Near 2018 Low appeared first on Bitcoin News. https://news.bitcoin.com/markets-2018-low/
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  Smart Contract Developers May Be Held Liable by the SEC
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  Nick Szabo invented them but has reservations about what they’ve become. Vitalik Buterin adopted them but now regrets using their name. Dangerous when coded badly, and powerful when used intelligently, smart contracts have become a critical component of the cryptoconomy. Their code serves as the bond that glues the tokenized ecosystem together. Now, just to add further complexity, the SEC has begun monitoring smart contracts and their creators closely. Also read: The Cobo Vault Hardware Wallet Will Outlive You Smart Contracts, Legal Liability and the SEC Smart contracts, explained the U.S. Securities and Exchange Commission (SEC), “provide the means for investors and market participants to find counterparties, discover prices, and trade a variety of digital asset securities.” In its Statement on Digital Asset Securities Issuance and Trading, published Nov. 16, the SEC referred to smart contracts five times, particularly in reference to Etherdelta, whose creator was prosecuted for operating an unregistered securities exchange that ran on smart contracts he’d coded. What this ruling means for developers, moving forwards, is a matter of some debate and great concern. Code has often been likened to free speech, with advocates adamant that developers should not be held liable for how their code is used. In the case of Etherdelta, the prosecution of Zachary Coburn was relatively straightforward, since he’d personally developed the smart contracts that powered the platform. In future, however, the SEC may not make a distinction between the developer of a piece of code and the end user. If the creator of a smart contract used to facilitate decentralized trading can be identified, that individual could conceivably be held liable for securities violations. As the SEC’s report notes: An entity that provides an algorithm, run on a computer program or on a smart contract using blockchain technology, as a means to bring together or execute orders, could be providing a trading facility. As another example, an entity that sets execution priorities, standardizes material terms for digital asset securities traded on the system, or requires orders to conform with predetermined protocols of a smart contract, could be setting rules. More Code Brings Greater Complexity Morally, code is neither “good” nor “bad”; the rules governing the operation of a smart contract are simply a consequence of the behavior mandated by its creator. These rules, and their permeation into every facet of the cryptoconomy, have forced a rethink of the way cryptocurrencies and their protocols are understood. With the emergence of sidechains such as Rootstock, federated chains such as Blockstream’s Liquid Network, and cross-chain products such as WBTC, the code that controls the cryptocurrency markets is becoming ever more labyrinthine and layered. As the cryptocurrency industry’s reliance on smart contracts increases, regulators are going to have some difficult decisions to make. Who should be held liable when an entity conducts a securities violation, for example – the trader, the operator of the decentralized platform or the developer who coded the smart contract? Even the father of smart contracts, Nick Szabo, has acknowledged that, despite being wholly digital, they are ultimately an agreement that mirrors a traditional contract, writing: “‘Smart contract’ like ‘contract’ connotes a deal between people, but a deal intermediated and incentivized by dynamic machine-interpreted rules instead of the statically recorded human-interpreted rules of a traditional contract.” For U.S.-based developers who wish to remain free to code without worrying about legal liabilities, the only solution may be to remain anonymous. This is the approach being favored by the team behind the forthcoming Grin cryptocurrency, which makes use of Mimblewimble privacy tech. It’s also the approach taken by a certain S. Nakamoto 10 years ago upon launching his cryptocurrency. The SEC can’t prosecute whom it doesn’t know. Do you think smart contract developers should be held legally liable for their code? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Smart Contract Developers May Be Held Liable by the SEC appeared first on Bitcoin News. https://news.bitcoin.com/smart-contract-developers-may-be-held-liable-by-the-sec/
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  Markets Update: Traders Expecting Major BCH Action When Exchanges Open
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  It’s been a pretty hectic week for cryptocurrency enthusiasts as the infamous Bitcoin Cash hash war has unfolded. Overall, the cryptocurrency economy has lost billions since our last markets update, with the entire market worth roughly $188 billion on Sunday, Nov. 18. Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide Riding Out the Lows Most digital asset markets are seeing their lowest values in a year, leaving traders curious to see what happens next. The last week was filled with all kinds of craziness due to the Bitcoin Cash (BCH) split that took place on Nov. 15. Many digital asset enthusiasts believe the BCH fork possibly moved all the markets due to the economic activities used to fight the battle. Right now bitcoin core (BTC) is trading for $5,593 per BTC and has an overall market valuation of $97 billion. One thing many people didn’t notice during the hash war was that ripple (XRP) displaced ethereum (ETH) and took second place. The second largest market capitalization held by XRP is worth $20 billion and each ripple is being swapped for $0.50 today. Ethereum (ETH) prices are trading for $175 per coin and the market valuation is currently $18 billion. Lastly, the fifth position held by stellar (XLM) has a capitalization of around $4.8 billion and one XLM is trading for $0.25. <figure id="attachment_247401" style="width: 3200px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">Top 10 cryptocurrency markets Nov. 18, 2018.</figcaption> </figure> Bitcoin Cash (BCH) Market Action Bitcoin Cash (BCH) still holds the fourth position this weekend but the fork has depleted all the pre-fork money that went into the market in the weeks prior. BCH is trading for $381 right now which is a big improvement from its low of $269 on Nov. 15. Although it should be noted that a lot of large exchanges paused BCH trading over the last few days, but markets like Bittrex have recently opened. Because of the lack of trading vessels, BCH market pairs are quite interesting. Today ethereum (ETH) is dominating BCH pairs by 56% over the last 24 hours. This is followed by USDT (15%), BTC (14%), KRW (8.1%), and JPY (3.5%). Both the Korean won and Japanese yen have jumped considerably when it comes to BCH currency pairs. <figure id="attachment_247400" style="width: 3200px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">BCH/USD 7-day on Nov. 18, 2018.</figcaption> </figure> BCH/USD Technical Indicators Looking at charts from exchanges that are currently allowing trades like Bittrex and Voltaire shows BCH has been steadily climbing back up after being dragged down to the $269 low. The two Simple Moving Averages (SMA) are very close but the short term 100 SMA is still above the long-term 200 SMA trendline. This indicates the path toward the least resistance is the upside and when more exchanges open this will likely hold true for a little while but not for too long. At a price of $381, the 4-hour BCH Relative Strength Index (RSI) is still indicating oversold conditions at -23. Order books show a similar readout as the course toward $500 shows very little waves but there may be bumps after $450. On the backside, there are lots of foundations between the current vantage point and $300 with lots of pit stops. <figure id="attachment_247404" style="width: 2880px" class="wp-caption aligncenter"> <figcaption class="wp-caption-text">BCH/USD 4-hour. 11/18/18</figcaption> </figure> The Verdict: Traders Patiently Waiting to Trade BCH Expect a Bunch of Market Action Traders are waiting for more exchanges to open BCH markets up and when they do some believe the price could move wildly in any direction. Cryptocurrency proponents are also curious to what will happen to markets with the introduction of the new coin BSV, as most BCH supporters are confident exchanges will list the ABC chain as BCH. For instance, Kraken support has explained that the ABC chain will be given the BCH ticker, and Huobi Global emailed customers today stating: BCH ABC, the longer chain, will be retained for the designation of BCH. And, we will be designating the SV version of BCH as BSV. According to exchanges like Poloniex, which are trading BSV tokens at the moment, the price per BSV is around $99 USDC but is down 15% over the last 24 hours. Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section 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. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Markets Update: Traders Expecting Major BCH Action When Exchanges Open appeared first on Bitcoin News. https://news.bitcoin.com/markets-update-traders-expecting-major-bch-action-when-exchanges-open/