#Blockchain Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State

Buy Walls, Miner Anonymity and bitcoin vs the State

In today’s edition of Chatter Report, crypto influencers debate the importance of buy walls to support crypto prices, reason for and against miner anonymity and ponder the outcome of governments attacking bitcoin.

Also read: Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike

Hodlers of Last Resort and Buy Walls

Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State

Early bitcoin adopter and investor in Kraken, Trace Mayer, argues that crypto market capitalizations are important, but not as important as the hodlers of last resort and “buy support.” Mayer reasons that the combination of investors who don’t panic sell their coins and buy orders that are reflected in order books are what keep crypto prices from sliding further down.

Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State

However, Eric Wall argues that this is incorrect, because buy and sell orders are just an illusion. The cryptocurrency lead at Cinnober reasons that buy walls can be pulled quickly when market sentiment turns bearish, so data on order books can’t really be trusted. Wall’s distrust of order books is also shared by others in the thread, as they point out that over-the-counter market orders are unseen and obscure buy and sell data even further.

Should Miners be Anonymous?

After Nchain proposed the Optimal Miner Pseudo ID, crypto Twitter erupted in a fiery debate over whether miners should be anonymous or have their identities publicly known.

Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State

Developer Chris Pacia argues that all miners should be anonymous because anonymity makes it more difficult for governments to shut down bitcoin. On the other hand, prominent bitcoiner Alex Pickard believes that miners should be known by the public, as that would “increase trust in the system,” which is better for the bitcoin ecosystem.

The argument then shifted focus to the purpose of Proof of Work (POW), with crypto-Twitter regular Karate McAwesome arguing that POW is set up for miner anonymity.

Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State

Pickard quickly disagreed, explaining that the point of POW is to prevent double spending and to maintain the fixed supply of bitcoin. He then elaborated, claiming that transparent miner identities could prevent the government from shutting bitcoin down.

Bitcoin vs. the State

Picking up on the idea of governments trying to destroy bitcoin, cryptocurrency proponent Chris G and Bitcoin Uncensored’s Chris DeRose began their own separate discussion. The former argued that bitcoin would benefit from the government trying to destroy it.

Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State

G reasons that after the Chinese government tried to shut down bitcoin from 2013 to 2015, the subsequent years were fantastic for bitcoin prices. G goes on to draw parallels between bitcoin and Christianity, explaining that governments initially killed all Christians until Constantine figured out how he could benefit from the religion.

Throughout the thread, DeRose appears convinced of G’s arguments. By the end, both parties conclude that divisions in the bitcoin community are more dangerous than governments trying to destroy bitcoin.

What do you think of the significance of buy walls and hodlers to support crypto prices? Should miners be anonymous or known entities? Would governments attacking bitcoin actually be good for it? Let us know in the comments below.


Images courtesy of Shutterstock.


Need to know the price of bitcoin? Check this chart.

The post Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2BH5KZA Chatter Report: Buy Walls, Miner Anonymity and Bitcoin vs. the State

#Blockchain The Daily: Coinbase Launches OTC Desk, Huobi Opens Derivatives Market

The Daily: Coinbase Launches OTC Desk, Huobi Opens Derivatives Market

In Thursday’s edition of The Daily, we feature stories that show cryptocurrency exchanges continuing to develop advanced services designed to attract institutional investors. These include OTC trading, derivatives and futures.

Also Read: Major Video Card Supplier Enters Cryptocurrency Mining Business

Coinbase Launches Dedicated OTC Desk

The Daily: Coinbase Launches OTC Desk, Huobi Opens Derivatives MarketCoinbase has launched an over-the-counter (OTC) trading desk. The initiative went live earlier this month exclusively for its Prime members, who include hedge funds and other agency-level businesses. These high-rolling clients can now use the service to trade cryptocurrency via direct communication methods such as Skype, email and by phone, as is common for OTC desks in other markets.

“We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading,” said Christine Sandler, head of sales at Coinbase, in an interview with Cheddar. “We felt this was a huge benefit to our clients to actually leverage both our exchange and our OTC business.”

Unlike other OTC desks, Coinbase claims it is not a counter-party in the deals it helps clients complete. The company plans to eventually offer delayed settlement and perhaps integrate this with its custodial service.

Huobi Opens Crypto Derivatives Market

The Daily: Coinbase Launches OTC Desk, Huobi Opens Derivatives MarketHuobi announced on Wednesday, Nov. 28, it has opened a cryptocurrency derivatives market in beta, now available in selected countries. The contracts available on the new platform enable traders to buy or sell at predetermined prices on a weekly and quarterly basis. The Huobi DM exchange offers up to 20x leverage, and includes investor protections such as a 20,000 BTC insurance fund against catastrophic security failures.

“Cryptocurrency is a rapidly expanding and maturing market,” said Joshua Goodbody, General Counsel of Huobi’s Global Institutional team. “As part of that maturation, we see more and more sophisticated investors and traders from more established financial markets looking to gain exposure, including institutional players. At the same time, we think many experienced, successful cryptocurrency traders are looking for a broader range of investment tools than has traditionally been available. Huobi DM is tailor-made to address these sorts of needs.”

The platform is not currently available to users from the U.S., Singapore, Israel, Iraq, Hong Kong, Cuba, Iran, North Korea, Sudan, Malaysia, Syria, Eastern Samoa, Puerto Rico, Guam, Bangladesh, Ecuador and Kyrgyzstan.

Nasdaq Teams Up With Vaneck on Futures

Just as cryptocurrency exchanges are looking to attract institutional traders, traditional operators are setting their sights on crossing over to the other side.

Nasdaq, for example, now plans to launch regulated bitcoin futures-type contracts in the first quarter of 2019. This is due to a partnership with MV Index Solutions, a Vaneck company with about $14 billion invested in its products, which last week launched an OTC Spot Index.

The cooperation was recently revealed by Gabor Gurbacs, director of digital asset strategies at Vaneck/MVIS.

The Daily: Coinbase Launches OTC Desk, Huobi Opens Derivatives Market

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: Coinbase Launches OTC Desk, Huobi Opens Derivatives Market appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2SkyRaF The Daily: Coinbase Launches OTC Desk, Huobi Opens Derivatives Market

#Blockchain Court Drops Charges Against Alleged Btc-e Operator Alexander Vinnik

The lawsuit against alleged Btc-e operator Alexander Vinnik for “fraud, money laundering, and other grave crimes” filed in Cyprus has reportedly been dropped. His lawyer says the case “fell apart at the very early stage” at the initiative of the plaintiffs themselves.

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

Lawsuit Dropped

The lawsuit filed in Cyprus against Alexander Vinnik has reportedly been withdrawn by the plaintiffs, Tass reported on Tuesday. Vinnik allegedly operated the now-defunct Cyprus-registered cryptocurrency exchange Btc-e. His lawyer Timofei Musatov wrote in a press release sent to the news outlet:

A court session of the Limassol District Court was held on November 27, 2018, where the plaintiffs withdrew the action to accuse Alexander Vinnik of fraud, money laundering and other grave crimes.

Court Drops Charges Against Alleged Btc-e Operator Alexander VinnikExpressing his satisfaction with the court’s decision, Musatov said that the court “not only formally satisfied the motion, but also made the decision on the compensation of all legal costs the defendant incurred.”

He asserted that the case “fell apart at the very early stage … at the initiative of the plaintiffs themselves,” noting:

[This] proves the weakness of accusations against Alexander, vulnerability of plaintiffs’ legal position and their unwillingness to get the case as far as an open legal battle.

Other Legal Battles Continue

Vinnik was detained in Greece on July 25 last year on a warrant issued by the U.S. Department of Justice. He has been in a Greek prison ever since. The U.S. accuses him of laundering between $4 billion and $9 billion from Mt. Gox’s hack through Btc-e and other exchanges.

Court Drops Charges Against Alleged Btc-e Operator Alexander VinnikThe Greek Supreme Court ruled last year to extradite Vinnik to the U.S. and, later on, to Russia. However, “Due to the conflicting extradition requests, the decision on Vinnik’s extradition is likely to be made by the country’s Minister of Justice or, possibly, the Greek leadership,” Tass wrote. France also joined the dispute over the Russian national, accusing him of cybercrime and money laundering. “Now there are decisions to extradite Alexander Vinnik to the United States, to Russia, and to France,” Kommersant elaborated.

Regarding whether he operated Btc-e, Vinnik told Tass in October that he was only a technical expert at the exchange. “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.

Last week, Vinnik’s lawyer accused the judges of the Greek supreme court of violating his rights. He also reportedly went on a hunger strike a few days later.

What do you think of the Cypriot court dropping charges against Vinnik? Let us know in the comments section below.


Images courtesy of Shutterstock and Reuters.


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

The post Court Drops Charges Against Alleged Btc-e Operator Alexander Vinnik appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2PaVVGK Court Drops Charges Against Alleged Btc-e Operator Alexander Vinnik

#Blockchain Korean Lawmaker Introduces Bill to Promote Cryptocurrency Trading

Korean Lawmaker Introduces Bill to Promote Cryptocurrency Trading

A South Korean lawmaker has reportedly introduced a bill to promote cryptocurrency trading and the development of crypto exchanges. In addition to requirements such as capital, manpower, and internal systems, the bill proposes establishing a committee to promote and support crypto trading.

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

Promoting Crypto Trading

Korean lawmaker Kim Sun-dong, a member of the National Assembly’s Political Committee, announced last week that he has initiated the Digital Asset Trading Promotion Act, local media reported. Seoul Finance elaborated:

‘The Digital Asset Trading Promotion Act’ includes a comprehensive plan for establishing a guideline for promoting the development of virtual currency exchanges and blockchain technology, tax reduction and exemption, measures against hacking damage, and prevention of market disturbances.

Korean Lawmaker Introduces Bill to Promote Cryptocurrency Trading
Kim Sun-dong.

Kim emphasized the need for a law dedicated to promoting crypto businesses to avoid companies leaving Korea, citing Bithumb as an example. He pointed out that even though crypto transactions in Korea accounted for a large percentage of the domestic stock market transactions at the beginning of this year, one of the largest crypto exchanges, Bithumb, was recently sold to a Singapore-based consortium.

He also noted that Japan has already completed legislative procedures to institutionalize crypto transactions and the U.S. has allowed the trading of cryptocurrency derivatives.

About the New Crypto Bill

The bill first defines “virtual content with an apparent value such as online money, points, game items and virtual currencies as digital assets,” the publication detailed. It also defines the operators dealing with them as digital asset trading companies. The news outlet added:

Those who want to operate a digital asset trading business should have more than 3 billion won [~$2.66 million] in capital, enough manpower, computerized systems, and physical equipment to be approved by the Financial Services Commission [FSC].

Korean Lawmaker Introduces Bill to Promote Cryptocurrency TradingIf an exchange is hacked and its customers suffer losses of crypto assets, the bill submits that the exchange must assume the liability for damage to the traders.

The publication added that some examples of industry promotion mentioned in the bill include the establishment of a digital asset trading committee, the promotion of research and development projects, financial support, professional training, and tax reduction. According to Metro Seoul newspaper, the committee will be tasked with resolving issues requested by the FSC such as setting standards and policies relating to crypto assets, as well as coordinating between relevant administrative agencies.

Kim was further quoted as saying:

The government is focusing only on the risk of virtual currency and concentrating only on the crackdown of illegal activities … In order to lead the global trend of blockchain technology development, it is necessary to prepare laws and regulations as soon as possible.

What do you think of this new Korean crypto bill? Let us know in the comments section below.


Images courtesy of Shutterstock, Seoul Finance, and the FSC.


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

The post Korean Lawmaker Introduces Bill to Promote Cryptocurrency Trading appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2DP68Xr Korean Lawmaker Introduces Bill to Promote Cryptocurrency Trading

#Blockchain BCH Upgrades: What’s New and What’s Next

It’s been two weeks since the Bitcoin Cash (BCH) hard fork that upgraded the BCH chain and resulted in a blockchain split. But although many people have been focusing on the birth of Bitcoin SV, a number of BCH proponents are already moving forward and discussing the network’s latest upgrades, as well as the next hard fork scheduled for May.

Also Read: Free Keene Activists Launch Tip-Card Creator Called Cryptotip.org

BCH Chain Upgrades

BCH Upgrades: What's New and What's NextThe Bitcoin Cash (BCH) blockchain has split and many supporters are ready to move on, as the hash war is said to be over because the Bitcoin SV developers have revealed that they will add replay protection. But with all the focus on the emergence of a new chain, many people haven’t even noticed that the BCH software has been upgraded. For instance, new protocol changes have been applied to the blockchain, including a clean stack for more efficient script evaluation, canonical transaction ordering (CTOR), an enforced minimum transaction size, push-only for scriptsig, and the addition of the opcode OP_Checkdatasig.

The Most Discussed Additions to the BCH Chain

The two recent fork additions, OP_Checkdatasig and CTOR, have been the topic of intense discussion over the past few weeks. With CTOR, transactions within a block are sorted differently, while removing the limits of topological transaction ordering (TTOR). Developers believe CTOR removes a lot of the complexity of block template creation time. When coupled with the Graphene protocol, the chain could see a more efficient method of broadcasting blocks as well.

BCH developer and cryptocurrency miner Jonathan Toomin has published a comprehensive description of CTOR, while blockchain researcher Joannes Vermorel has also written about the protocol in great detail. And Bitcoincash.org explains that Bitcoin ABC developers believe CTOR “will have huge payoffs for the future of Bitcoin Cash.”

BCH Upgrades: What's New and What's Next
OP_Checkdatasig and CTOR are the most discussed upgrades to the BCH chain.

The other widely discussed addition to the Bitcoin Cash protocol was re-enabling the old opcode OP_Checkdatasig to improve the BCH script language. Basically, when someone uses the opcode OP_Checkdatasig, it calculates the hash within a transaction and checks the signature against that data set, which essentially validates or invalidates the signature in an autonomous fashion. Proponents of OP_Checkdatasig believe the script language can allow many different contract-like concepts, including permissionless cross-chain atomic swaps, native tokens and oracles. Bitcoin ABC developer Mengerian has written a detailed analysis of OP_Checkdatasig, in which he explains how the opcode could allow many types of decision-based transactions and smart contracts.

BCH Upgrades: What's New and What's Next
Bitcoin ABC’s plans for Bitcoin Cash technical engineering going forward.

New Opcodes and Schnorr Signatures

Now that these new features have been added to the BCH chain, many are wondering what’s coming in the next hard fork, scheduled for May 2019. The Bitcoin ABC development roadmap published last August shows there are many different features planned for future software. Back in October, Bitcoin Cash developer Shammah Chancellor (Micropresident) also published a suggested specification for the May fork, so developers could discuss the proposal. Over the last few weeks, BCH developers such as Mark Lundeberg, Awemany, Andrew Stone, Mengerian and Jason Cox have been discussing the proposed specifications in great detail.

BCH Upgrades: What's New and What's Next
2019 Hard Fork Specification Draft Proposal #143 on Github

The specifications under discussion include re-enabling the following opcodes: OP_Mul, OP_Invert, OP_Lshift and OP_Rshift. These specific opcodes are the same ones that were recently implemented on the BSV chain and they could add various scripting abilities and possibly allow for concepts such as Rabin signatures. The other specification listed on the proposal is enabling Schnorr signatures on the BCH chain.

The benefits of Schnorr signatures has been discussed in great length within the cryptocurrency community and the signature algorithm could theoretically advance scaling by reducing bandwidth and storage by 25 percent. The Schnorr scheme also offers privacy benefits if the protocol is coupled with concepts like transaction tumblers. Essentially transaction signatures could be obfuscated by tweaking shuffling software in the same fashion as mixing the inputs and outputs of combined BCH values.

BCH Upgrades: What Was Added Last Week and Discussing What's Next
There’s still a lot of time for the community and developers to discuss the next upgrade.

6 Months to Discuss

BCH proponents on the subreddit r/btc have also discussed the developer’s documentation, with one person commenting that they appreciated that the development has been “progressing normally.” Other BCH enthusiasts in the r/btc conversation started asking when the next block size increase would take place. The well-known BCH community member Homopit has already provided a response, stating that “The limit is now 500x above demand — Developers are working on more important things — 40-minute propagation for the 64MB block on BSV chain. Remember?”

Of course, the proposed specifications are only on the table for discussion at the moment, but it’s good for BCH proponents to get a glimpse of possible development plans. There’s also six months left and plenty of time for debate about the consensus changes slated for next spring.

What do you think about the recent additions to the Bitcoin Cash blockchain and the proposal for the upcoming May 2019 hard fork? Let us know what you think in the comments section below.


Images via Shutterstock, Pixabay, and Github.  


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post BCH Upgrades: What’s New and What’s Next appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2r6mgMK BCH Upgrades: What’s New and What’s Next

#Blockchain Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike

Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike

Three days ago the crypto-economy suffered deep losses, with digital asset prices at their lowest across the board since September 2017. But on Wednesday the digital asset ecosystem started showing a slight recovery, as the entire market capitalization of all 2000+ coins gained $14 billion.

Also Read: Free Keene Activists Launch Tip-Card Creator Called Cryptotip.org

Cryptocurrency Markets Show Slight Recovery

Cryptocurrency markets are doing much better today than they were three days ago, when we published our last markets update. For instance, most of the top 10 digital currencies are up between 12-18% over the last 24 hours. Bitcoin SV (BSV) has only increased about 0.44% today, but this is after spiking more than 90% over the last seven days. Bitcoin core (BTC) is hovering around $4,268, after reaching a 24-hour high of $4,332. BTC is up 15.2% in the last 24 hours but is still down 4.3% for the week.

Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike
The top 10 markets on Nov. 28, 2018

The second-largest market valuation, held by ripple (XRP), is up 13.7%, with each XRP trading for $0.39. Ethereum (ETH) has seen a 16% increase this Wednesday and ETH is being swapped for $124 per coin. Stellar (XLM) has captured the fifth spot once again and each coin is trading for $0.16. Stellar is up more than 17.3% over the past 24 hours, but it lost more than 17% last week.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) market action is better today as well, with an 8.9% gain during the last 24 hours. BCH is trading between $195-219, depending on the exchange, and has a $3.34 billion capitalization. Global BCH trade volume has increased to $120.53 million and BCH is the 14th most-traded cryptocurrency by volume.

Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike
BCH/USD 1-day. 11-28-18.

The top exchanges trading the most BCH include Lbank, Bluebelt, Hitbtc, Bitbank and Bitlish. Ethereum is still the top currency swapped for BCH this week, as (ETH) commands 46.4% of BCH trades. The ETH/BCH pair is followed by BTC (28%), USDT (17%), KRW (3.3%) and JPY (3%).

Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike
BCH/USD 4-hour. 11-28-18.

BCH/USD Technical Indicators

The four-hour BCH/USD charts on Bitstamp show bulls are trying to keep above the $200 range. The long-term 200 Simple Moving Average (SMA) is still above the short-term 100 SMA, but the trendlines look as though they may cross hairs soon. Currently, this means the path toward the least resistance is still toward the downside. The four-hour Relative Strength Index (RSI) is still hovering in the middle between oversold and overbought regions, showing uncertainty in the midst. Looking at order books, bulls need to press past the current vantage point and keep above the $200 range. On the backside, if bears regain control there are some fairly solid foundations between now and $155.

Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike
BCH/USD four-hour, Bitstamp at 3:20 p.m. EST on Nov. 28, 2018

Skeptics Unmoved by Market Optimism   

Overall lots of traders are hoping the bearish cycle of declining prices will end while others are itching for even lower prices. This Wednesday’s trading sessions has given a few traders some optimism but skeptics believe the reversal could be another dead cat bounce like the multitudes of traps that have appeared this year this year. Meanwhile, the low prices may be attracting mainstream observers as well as Google Trends data reveals that people searching the word “bitcoin” on the web has increased significantly.

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

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


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2r9WNSt Markets Update: Bull Trap or Reversal? Traders Question the Recent Crypto Spike

#Blockchain Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

Nigerian digital asset owners have reacted angrily to Union Bank’s threat to close all cryptocurrency-linked accounts. Investors have accused the local banking system of hypocrisy, asserting that banks are “unfit” and “scammers” that continue to steal from the poor through spurious charges such as ATM maintenance fees and SMS alerts.

Also read: Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts

‘Illiterate Banks Stifling Innovation’

Union Bank of Nigeria will with immediate effect begin monitoring accounts used for digital currency trading with a view to shutting these down without explanation, the bank said in notices to its customers this week. The bank claims it is acting in line with past warnings from the Central Bank of Nigeria (CBN) on virtual currency trading.

However, cryptocurrency and blockchain enthusiasts riled by the bank’s decision have taken to Twitter to express their disgust, questioning the integrity and financial literacy of the banking sector.

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

Adekola Seyi initiated a thread accusing Union Bank of lacking basic research abilities and faulted the country’s financial system for retrogressive tendencies. Seyi regretfully hinted that other conservative banks may soon be following suit.

Another Twitter user, Omuswe Precious, said that Nigeria’s banks are hostile to innovation while the world is fast moving ahead. He posted:

Y’all sit there lazying about while d global market cap for cryptocurrencies is already worth more than your ancient institution. Guess this sort of laziness is d reason it takes your bank over 10 working days to reverse failed transactions whn other banks are on auto-reversal.

The collective outrage follows a statement issued by the bank to its account holders warning them to desist from transacting in cryptocurrency, in which it said: “In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.” The 100-year-old bank cited a series of cautionary statements from the CBN, which apparently do not completely prohibit virtual currency trading, to support its decision.

‘Worst Scammers’

Precious said the move was characteristic of the hypocrisy of Nigerian banks, whom he described as the “worst scammers.” He called out banks for manipulative charges for SMS alerts, card maintenance and other unmerited fees that are poisoning public trust in the institutions.

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

“Come to think of it, the ATM maintenance fee that gets deducted from customers’ accounts hasn’t been labelled as scam yet! Our banking system is unfit and am sure one day banks will be a store for private keys and wallet addresses,” tweeted Awosika Ayodeji, echoing this sentiment.

Seyi broke down the operation of blockchain in simple terms to illustrate Union Bank’s supposed misreading of both the technology and the CBN directive. “Blockchain transactions are not done on your [bank’s] network … then why the cry. Why can’t you tell #Nigerians how you will block what is not happening on your system?”

Another Twitter user put the bank’s statement down to financial illiteracy on the part of the its staff. “I see we don’t go this way cos of our underpaid brothers and sisters that still work in the banks. However I dared @Unionbank_Ng to on behalf of the central bank publish their detailed report on #cryptocurrency and their research studies on #blockchain!”

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

In January 2017, the central bank released a circular to financial institutions asking them not to use, hold or trade virtual currencies pending “substantive regulation and or [a] decision by the CBN.” A follow-up in February 2018 reiterated the same warning, adding that “virtual currencies are not legal tender in Nigeria … we wish to caution all and sundry on the risks inherent in such activities.”

The Union Bank’s sudden decision to monitor accounts has sent panic into Nigeria’s digital asset community. Reports have started to emerge of nervous crypto investors already withdrawing their money to avoid the possibility of their accounts being frozen.

What are your thoughts on banks closing accounts that have links with cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2RkuVXf Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

#Blockchain Major Video Card Supplier Enters Cryptocurrency Mining Business

Video Card Supplier Enters Cryptocurrency Mining Business

Sapphire Technology, one of the largest suppliers of AMD-based video cards in the world, has announced that it’s officially entering the cryptocurrency hardware business. The Hong Kong-headquartered company is launching a flagship mining rig.

Also Read: Crypto ATM Network Coinsource Expands Into Upstate New York

A New Player Enters the Field

Major Video Card Supplier Enters Cryptocurrency Mining BusinessSapphire’s new rig, the INCA CS-14 Block-Chain Compute System, features 14 RX 470 GPUs and comes preloaded with the Linux operating system and mining software. It is expected to deliver a hash power of 410 MH/s, plus or minus 5 percent, with power consumption set at roughly 1,950 watts. The company claims it has put “over 15 years of know-how manufacturing state-of-the-art graphics cards” into the development of the new cryptocurrency mining rig.

The system appears to be designed with professorial mining farms in mind, as it employs a range of data-center optimization technologies. It is compatible with standard racks made by most vendors, the airflow is optimized for large configurations, all the cables are installed in one direction, and it enables power management and monitoring down to the individual mining rig outlet.

Mining Is Still a Growing Sector?

Major Video Card Supplier Enters Cryptocurrency Mining BusinessSapphire’s decision to enter the cryptocurrency mining hardware business is a surprising show of confidence in the future growth of the sector. Much of the recent news about mining has been less than positive, to say the least, with bear market prices pushing many operations below profitability. For example, earlier this month it was revealed that weak demand from GPU miners has been one of the leading contributing factors to the slump in sales for graphic cards manufacturers such as Asus and Gigabyte, which are struggling with unsold inventory.

“The blockchain market is a very exciting space to be in and as this nascent industry continues to grow, it represents a significant opportunity for Sapphire,” commented Adrian Thompson, global vice president of marketing at Sapphire Technology. “Sapphire graphics cards are renowned in the industry for pushing the boundaries of performance, innovation and engineering quality and we are looking to leverage this experience and expertise to create industry leading Blockchain systems for commercial mining operations.”

Is this a good sign that GPU manufacturers believe a recovery is coming soon? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Sapphire Technologies.


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 Video Card Supplier Enters Cryptocurrency Mining Business appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2DNJEpU Major Video Card Supplier Enters Cryptocurrency Mining Business

#Blockchain SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

The chairman of the U.S. Securities and Exchange Commission (SEC) has outlined the key changes in cryptocurrency markets he needs to see before he is comfortable with a bitcoin ETF. While some solutions to the problems he mentioned have already been implemented, the chairman insists on seeing more improvements.

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

Key Upgrades Needed

SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval
Jay Clayton

At the Consensus Invest conference on Tuesday, SEC Chairman Jay Clayton explained what he needs to see before the SEC can consider approving its first bitcoin exchange-traded fund (ETF).

According to Cnbc, Clayton said he “needs to see key upgrades in cryptocurrency markets before approving a bitcoin ETF.” Specifically, the SEC chair “wants to see better market surveillance and custody for cryptocurrencies before being ‘comfortable’ with a bitcoin ETF,” the news outlet added.

Better Market Surveillance

SEC Chair Explains Key Upgrades Needed for Bitcoin ETF ApprovalThe first issue Clayton noted was the lack of market surveillance at crypto exchanges. Market surveillance involves the use of systems that “monitor, prevent and investigate abusive and manipulative activity on the exchanges,” the publication described.

The chairman explained that stock exchanges such as the New York Stock Exchange and the Nasdaq already have these monitoring tools in place. However, “Those kinds of safeguards do not exist currently in all of the exchange venues where digital currencies trade,” he affirmed, asserting:

What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation … It’s an issue that needs to be addressed before I would be comfortable.

SEC Chair Explains Key Upgrades Needed for Bitcoin ETF ApprovalNot all crypto exchanges lack market surveillance, however. In April, Nasdaq announced that crypto exchange Gemini “will be leveraging Nasdaq’s Smarts Market Surveillance technology to monitor its marketplace.” Nasdaq claims that its technology “is considered the most widely deployed surveillance system in the world.”

This agreement followed the SEC’s rejection of the rule change proposed by Bats BZX to list and trade Coin ETF. The commission cited Bats BZX’s lack of “surveillance-sharing agreements with significant markets for trading” bitcoin or its derivatives as one of the reasons.

On Tuesday, Europe’s largest crypto exchange by trading volume, Bitstamp, announced that it is implementing a monitoring platform provided by market surveillance provider Irisium.

Inadequate Custody

Clayton is also concerned with how safely crypto assets are stored, emphasizing that investors could be exposed to a risk of theft in ETFs’ underlying assets. A number of custody solutions have been explored by companies such as Fidelity Investments, Coinbase, GeminiBitgo, Itbit, Japanese bank Nomura, Goldman Sachs, Northern Trust and South Korea’s Shinhan bank.

Nonetheless, the publication quoted Clayton as saying that custody solutions still “need to be improved and hardened.” The chairman elaborated:

We’ve seen some thefts around digital assets that make you scratch your head … We care that the assets underlying that ETF have good custody and that they’re not going to disappear.

What do you think of the SEC chairman’s stance toward bitcoin ETFs? Let us know in the comments section below.


Images courtesy of Shutterstock and the SEC.


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

The post SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2Rl90z8 SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

#Blockchain Crypto ATM Network Coinsource Expands Into Upstate New York

Crypto ATM Network Coinsource Expands Into Upstate New York

With a New York state Bitlicense in hand, Coinsource is now expanding into new areas. And with the addition of machines in four more states, the cryptocurrency ATM network now operates over 200 kiosks in more than 20 American jurisdictions.

Also Read: Bitstamp to Deploy Market Surveillance to Fight Price Manipulation

Empire State of Mind

Crypto ATM Network Coinsource Expands Into Upstate New YorkCoinsource, the Texas-based cryptocurrency ATM network, has announced plans to expand into upstate New York, where it will install kiosks in Albany, Syracuse, Buffalo and Rochester. The move comes shortly after the company revealed it had secured a virtual currency license, or Bitlicense, from the New York State Department of Financial Services.

“We started Coinsource because we believed in the power of Bitcoin, and its accessibility to those whose access to financial institutions has been hindered. Now that New York State regulators have given Coinsource the seal of approval, it is our hope that New Yorkers across the state will seize the opportunity to access the digital asset class of the future,” said Sheffield Clark, CEO of Coinsource. “We are dedicated to operating within all 50 states, and fully expect our expansions to continue as the technology matures and the general public begins to understand and utilize cryptocurrency to a greater degree.”

4 More US States

Crypto ATM Network Coinsource Expands Into Upstate New YorkThe cryptocurrency ATM network has also announced it has expanded into North Carolina, Virginia, Maryland and Delaware. This bring the total number of jurisdictions that Coinsource operates its Bitcoin Teller Machines (BTMs) in to 23, including North Carolina, Virginia, Delaware, Florida, California, Oklahoma, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee, Arizona, Georgia, Rhode Island, New Hampshire, Massachusetts, Colorado, Maryland and the District of Columbia.

“The expansion of BTMs into these additional cities, and four new states, further demonstrates the results of a regulatory compliant campaign. Coinsource made every effort to remain compliant with stringent regulations; we hope to be an example that compliance in key, and directly related to a project’s success,” said Arnold Spencer, general counsel for Coinsource. “This expansion is not only a step in the right direction for mainstream adoption, but should also be seen as a case study for other companies to make every effort to remain compliant with current regulations.”

Should crypto ATM providers seek a seal of approval from local governments? 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 Crypto ATM Network Coinsource Expands Into Upstate New York appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2KISsPi Crypto ATM Network Coinsource Expands Into Upstate New York