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Bitcoin News Summary – October 29, 2018

Here’s what happened this week in Bitcoin in 99 seconds.  Crypto markets remain steady this week. Markets were largely unchanged from last week, with Bitcoin holding the $6,400 level, Ethereum keeping its $200 level, XRP steady at 45 cents and BCH holding the $440 range. The total crypto market cap is now at around $209 billion, of which Bitcoin’s value comprises 53.6%. Japan’s Sony Corporation announced a new crypto hardware wallet. The wallet uses contactless technology, meaning that it doesn’t have to be plugged into a PC or mobile device to function. Sony’s press release implies the device will support Bitcoin, Ethereum, Ripple, and other cryptos. Figures from jobs site Glassdoor revealed 300% annual growth in US jobs relating to Bitcoin and blockchain. Samsung announced that it’s starting actual production of a new 7 nanometer low power Bitcoin mining chip. Samsung expects the new chip to use up to 50% less power while providing 20% better performance over its previous 10 nanometer chips. The Spanish Ministry of Finance declared that all citizens must declare their crypto holdings for taxation purposes. Off-shore fiat holdings must also be declared under the new law. Spain expects to raise 850 million Euros from …

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Zebpay Sets Up Operations Overseas After Suspending Exchange Activities In India

Exchanges Zebpay is reportedly expanding its global presence after suspending cryptocurrency trading operations in India due to the banking ban imposed by the country’s central bank. According to information on its website, an entity has been set up to operate the Zebpay exchange in Malta to serve 20 countries. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Malta-registered Exchange Serving 20 Countries Cryptocurrency service provider Zebpay has posted information on its website regarding its overseas operations but has yet to make any announcements about them. Indiabits, a community of blockchain enthusiasts, tweeted on Friday about Zebpay’s two overseas entities: one in Singapore and one in Malta. “Zebpay is going global,” the group wrote, adding that “Zebpay will provide cryptocurrency exchange and OTC services to 20 countries in Europe.” On its website, under Terms of Use, Zebpay described a Malta-registered entity called Awlencan Innovations Malta Ltd. This company was established on Sept. 17. Zebpay wrote: Awlencan Innovations Malta Limited (C-88318), a Maltese registered company with office address situated at: 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA [virtual financial assets] exchange platform in Malta. The page also provides a list of 20 countries which Zebpay …

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What Bitcoin Did #38 An Interview with Nic Carter

Published on October 12th, 2018 by DSholla Click to download audio version “Money might be the only case where you desperately need to radically decentralise the set of people who can create and have influence over the creation schedule.” — Nic Carter Interview location: Skype Interview date: Wednesday 10th October 2018 Union Square Ventures posted a blog post this week titled The Myth of the Infrastructure Phase, shining a light on the imbalance between infrastructure work in crypto and DApp usage. There is an abundance of blockchain scaling projects, alternative currencies and governance protocols but a distinct lack of users. Why is this? Are people solving problems which do not exist? Is this a speculative land grab? How will this all play out? In this interview, I talk to Nic Carter, a partner at Castle Island Ventures, who invest in equity deals for companies building on public blockchains, specifically Bitcoin. We question a number of crypto related topics including: Token models The obsession with blockchains What is the point of on-chain governance Whether the web 3.0 stack is a thing Mining centralisation Bitcoin privacy Realised cap as an economic model for Bitcoin This episode is also on: Listen to more …

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Cryptocurrency Sell-Off | Bitcoin (BTC) Plummets and Market Follows Suit

The cryptocurrency market took a huge hit nearly 12 hours ago when Bitcoin (BTC) abruptly dropped over $200 in value within minutes. After BTC dropped, a widespread cryptocurrency sell-off took place and hasn’t slowed down since. Cryptocurrency Sell-Off According to CoinMarketCap, Bitcoin (BTC) is currently trading at $6,264.43 a coin, down -4.63%. Most of the cryptocurrency market has followed Bitcoin’s spiral, and most coins in the top 15 cryptocurrencies by their total market cap are seeing double-digit percentage losses. Ethereum (ETH) is currently trading at $201.10 a coin, down -11.07% in 24 hours, and XRP is now valued at $0.405 a coin, down -13.33%. The total cryptocurrency market cap has fallen by $19 billion in the past 24 hours. Since January, $600 billion has been wiped in value from the market. Why the Crypto Sell-Off? There are many speculations as to why Bitcoin tanked. One investor tweeted: It is plausible that investors and traders in Asia have contributed quite largely to the drop in the price of Bitcoin today. The volume of crypto exchanges in South Korea and Japan (Bithumb, Bitflyer) are huge. https://t.co/1nAHd9BezV — Joseph Young (@iamjosephyoung) October 11, 2018 The tweet still doesn’t explain why there was a …

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Crypto Online Transactions | UTRUST Wants to be the Paypal of Crypto

A Swedish company wants to make crypto online transactions as simple and as safe as using PayPal. But can such a feat be accomplished in such a volatile marketplace? Crypto Online Transactions The cryptocurrency market is still considered to be in its infancy, and many skeptics believe that, as a currency, it is hard to spend it day-to-day. Proof of this issue is that only 2% of online retailers accept crypto despite the increase in adoption for traders and businesses alike. Fear remains surrounding the volatile nature of a crypto’s price. Enter UTRUST But UTRUST is on the case. The company wants to make crypto online transactions and crypto point-of-sales a part of the norm. Its system will include a “conflict mitigation system, chargeback protection, and a proprietary cryptocurrency which increases purchasing power within the platform.” UTRUST and Gambio The company has signed a partnership with Germany’s Gambio.de. Gambio is an e-commerce solution provider with over 25,000 online stores. These stores power 30% of e-commerce revenue in Germany, so this puts UTRUST in a very good starting position. Making partnerships like this one means that thousands of merchants will be able to accept cryptocurrencies in a simplified and casual way. >> …

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Bithumb Sells $350 Million Stake in Its Cryptocurrency Exchange

Bithumb, one of the largest cryptocurrency exchanges in South Korea by its daily trade volume, has sold more than 38 percent of its ownership to a blockchain consortium in Singapore, Coindesk Korea reported this morning. The stake was sold for 400 billion won, or $350 million USD. Stake Sold Bithumb signed the deal on October 11th with BK Global Consortium. BK Global Consortium is a blockchain investment firm that was formed by BK Global, a plastic surgery medical group in Singapore. BTC Holdings Company currently owns 76 percent of Bithumb’s equity and has agreed to sell BK Global 50 percent +1 shares of that 76 percent ownership. Coindesk Korea reported that the acquisition deal valued the South Korean cryptocurrency exchange at more than 1 trillion won, or near $880 million USD. Kim Byung Gun, chairman of BK Group, will be the largest shareholder of Bithumb. >> Bithumb Reopens User Registration Recovery? Bithumb has been in hot water for the last six months and has even been excluded from the global index on CoinMarketCap. The South Korean cryptocurrency exchange encountered a $14 million USD hack in June of this year. Originally, the estimates were around $31 million USD, but the actual number …

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Bitcoin News Summary – October 1, 2018

Here’s what happened this week in Bitcoin in 99 seconds.    Google is ending its ban on crypto-related adverts across the US and Japan. The ban was put in place this June. It’s expected this will boost adoption by exposing more people to crypto. Bitmain published its IPO prospectus, making public its recent financial statements. Analysis shows a net loss of nearly $400 million in the second quarter of 2018, but also a $442 million investor bailout in August. The company also claims almost 75% of the ASIC miner market share. Major Chinese ASIC chip manufacturer, Ebang, revealed its new E11 Bitcoin miners. The miners feature 10 nanometer chips which are claimed to be more efficient than Bitmain’s forthcoming 7 nanometer chips. An American district court judge ruled that cryptocurrencies are commodities during a fraud case. This judgment accords with the view of agencies like the CFTC and SEC, which has declared Bitcoin – but not ICOs – to be a commodity. The SEC announced a lawsuit against the 1Broker Bitcoin futures exchange. The FBI later seized 1Broker’s website. 1Broker, registered in the Marshall Islands, has said to broke federal securities laws by allowing US citizens to participate in …

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Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat

News 44 percent of those surveyed on crypto Twitter believe the price of bitcoin core (BTC) has a ways to go before finding bottom, while over half of Wall Street and institutional investors seem to believe BTC’s bottom has been reached. The poll was conducted by Fundstrat, comparing the views comprised of 25 Wall Street related institutions against those of 9,500 respondents on Twitter. Also read: Hong Kong-Based Crypto Exchange Coinex Pays Interest in BCH Fundstrat: Wall Street is Optimistic While the Ecosystem Remains Sour on BTC’s Price Over the period of a week in late September of this year, Fundstrat conducted a poll between institutional or Wall Street investors and Twitter respondents, who might be considered the broader spectrum of crypto enthusiasts. While not particularly scientific in the strictest sense, and therefore can be interpreted a number of ways, it does provide some counter-intuitive data. What jumps out to most keen observers of the space is the conclusion Wall Street is more optimistic about BTC prices than crypto Twitter. Fundstrat found 54 percent of Wall Street respondents were fairly sure the world’s most popular cryptocurrency has hit its price bottom. Crypto Twitter, however, over 9,000 strong, was decidedly less …

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What Bitcoin Did #37 An Interview with Jimmy Song

Published on October 5th, 2018 by DSholla Click to download audio version “This is why proof of work needs to be expensive, if it is cheap you can roll back things easily. You want it to be very difficult to change history. The only way to make it difficult to change history is to make the process of writing the current history very expensive.” — Jimmy Song Interview location: Skype Interview date: Monday 1st October 2018 The recent Bitcoin protocol bug, CVE-2018-1744, received considerable amounts of alarmist press, “For less than $80,000, you could have brought down the entire network,” “The most catastrophic bug in recent years, and certainly one of the most catastrophic bugs in Bitcoin ever.” Despite these claims, few looked into the detail of the bug and the game theory behind executing an attack. Code has bugs; code has always had bugs, rather than focus on criticising developers it is important to assess how it happened, why it happened and how to avoid similar problems in the future. Alongside process, it is also important to not just analyse the potential damage a bug can cause but also the game theory behind an attack. While the founder of …

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Bitcoin (BTC) Interest and Trading Rising in Venezuela

Venezuela’s economic crisis continues to worsen, despite the president’s controversial attempts to revive his country. The demand for Bitcoin (BTC) and other cryptocurrencies continues to rise this year, as the country’s dollar, the bolivar, continues to drop. Venezuela has hit crisis mode extreme, but can BTC save them? Bitcoin Booming in Venezuela According to Coin Dance, Venezuelan residents’ interest in Bitcoin (BTC) reached its peak in July of this year. Most countries have declined since January of 2018, when the total crypto market hit its all-time high. In December, BTC hit just under $20,000 a coin, and altcoins hit record-highs the first week of January. Since then, the crypto market has dropped $500 billion in value. The interest recently in Bitcoin by the residents in Venezuela at this time is rather shocking. However, with the country’s economic downfall, it seems its residents are doing anything to try and survive in their country. According to the International Organization for Migration, since the year 2015, around 1.6 million people had fled from Venezuela. Many have fled to other South American countries such as Peru, Brazil, Argentina, and Columbia. >> Malta Prime Minister: Cryptocurrency is the “Inevitable Future of Money” Inflation Rising Back …

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