- Today’s main news: Coinbase to expand into Japan. Ripple is giving $50M to universities for crypto, blockchain research. The SEC gets its first digital currency chief. Binance adds QuarkChain. Binance venture fund head wants the ICO bubble to burst. Qulian Technology raises $234M. OKEx to launch crypto index.
- Today’s main analysis: Signs that Bitcoin may be bottoming.
- Today’s thought-provoking articles: Spending crypto for personal use can be a tax mistake. Google searches for ‘Bitcoin’ have decreased 75% in 2018. Decentralizing crypto is hard. How regulation will change crypto investing.
- Ripple is giving universities $50 million for blockchain, crypto research. I’m sure Ripple will get much of the benefit from this effort. Any findings from this research are sure to help the company in the future.
- Interview with Ripple CEO.
- Former SEC chair to represent Ripple in lawsuit.
- The SEC appoints a digital currency chief. This undoubtedly spells forthcoming regulation and reporting requirements for cryptocurrencies and ICO issuers.
- Personal crypto spending can be a big tax mistake. Anyone using cryptocurrency, whether for personal spending use or investing, should look into the tax implications of their crypto use. As more digital spending options become available, they will be trackable so keeping your crypto use hidden will be more difficult.
- How blockchain technology can save the IRS. The IRS in general needs to get into the 21st century.
- Google searches for ‘Bitcoin’ nosedive 75% this year. That’s not to say interest in Bitcoin won’t ever surge again. Will we see another huge surge like we did last year? Likely not, but it’s possible.
- Signs that Bitcoin may be bottoming. If Bitcoin does bottom, I think that bottom will fall out. If it doesn’t, it should begin to act more like stock values and steady itself out as more people begin to use it. The key for Bitcoin’s long-term usage is what will happen on the regulatory front, and what will happen with mainstream adoption.
- Bitcoin dies for the 300th time.
- The crypto hangover strikes.
- How to win at Bitcoin. A Lifehacker podcast.
- Chanos says Bitcoin is the last thing he’d want to own in a crisis. Of course, the flip side is, assuming we’re not all involved in some earth shattering zombie apocalypse, if fiat money becomes too difficult to use, or we experience runaway inflation, cryptocurrencies could serve as peer-to-peer currency.
- How to get Bitcoin Gold through the BTG wallet.
- John McAfee is running for president on a crypto platform.
- Twitch Streamlabs adds crypto tipping support.
- MasterCard says their blockchain can run the whole company.
- Pros and cons of smart contracts.
- How blockchain investing can access tech without volatility.
- How to use PR to promote your ICO.
- CarBlock joins Mobility Open Blockchain Intiative.
- Vermont issues cease and desist order to LevelNet.
- ICO Watchdog releases two tools for vetting cryptocurrencies.
- Binance adds QuarkChain.
- QuarkChain price explodes 1200%.
- Decentralizing crypto is hard.
- The Ripple-powered Santander app is super fast.
- Random number generation for Ethereum using Solidity.
- How regulation will change crypto investing.
- Blockchain initiative on auto applications.
- Binance venture fund head wants the ICO bubble to burst. The reasoning makes sense.
- Peer Mountain joins Enterprise Ethereum Alliance.
- Triwer develops Uber-like app for parcel shipment.
- Chainvine raises $3 million.
- Bank CEOs say blockchain will underpin financial industry in five years.
- GDPR isn’t the answer.
- The Woz reminds crypto industry of what’s important.
- Almost half of Germans are interested in crypto.
- China: Qulian Technology raises $234 million.
- China: OKEx to launch crypto index fund.
- Japan: Coinbase to expand into Japan. Coinbase expanding anywhere is to be expected. What makes this interesting is other exchanges are pulling out of Japan. I guess Coinbase sees that as an opportunity.
- Japan: Coinbase names CEO for subsidiary. This makes it solid.
- Japan: Coinbase has identified potential banking partner.
- Singapore: imToken is moving global headquarters into Singapore.
- Indonesia: Cryptocurrencies are now considered commodities.
- United Kingdom: Transferwise CEO says Egyptian pound is more useful than crypto.
- Australia: LexisNexis partners with Blockbid.
- Canada: Lightspeed to ramp up crypto investments.
- Russia: Ubcoin Market eliminates fiat from crypto buying process.
- Georgia: Keplertek launches ICO.
- Russia: Farmers, small businesses around Kolionovo ditch ruble for crypto.
- Zimbabwe: Golix launches $32 million ICO.
- Tanzania: The world’s first blockchain baby.
- United States
- Ripple is giving universities $ 50M to research cryptocurrency and blockchain (The Next Web), Rated: AAA
- CNBC Interview with Brad Garlinghouse, Ripple CEO (CNBC), Rated: A
- Former SEC Chair to Represent Ripple in XRP Lawsuit (CoinDesk), Rated: B
- The SEC appoints its first digital currency chief (Axios), Rated: AAA
- Spending Crypto For Personal Use Can Be A Tax Mistake (Forbes), Rated: AAA
- How Blockchain Technology Can Save The IRS (Forbes), Rated: A
- Google searches for ‘bitcoin’ nosedive 75% this year as interest in struggling cryptocurrency wanes (CNBC), Rated: AAA
- Bitcoin ‘Dies’ for the 300th Time, Trading At $ 7,300 (Coin Telegraph), Rated: A
- After Bitcoin’s bubbly rise, a crypto-hangover strikes (Crain’s), Rated: A
- These signs show bitcoin may finally be bottoming, chart watcher says (MarketWatch), Rated: AAA
- How to Win at Bitcoin, With Aaron Lammer and Jay Caspian Kang (Lifehacker), Rated: A
- Chanos Calls Bitcoin ‘Last Thing I’d Want to Own’ in a Crisis (Bloomberg), Rated: A
- How to Get Bitcoin Gold Online? BTG has an Online Wallet! (Oracle Times), Rated: A
- John McAfee running for US president on pro-cryptocurrency platform (CNET), Rated: A
- Twitch Streaming App Streamlabs Adds Support for Cryptocurrency Tipping (CCN), Rated: A
- Our Blockchain ‘Can Run The Whole Company’, Says Mastercard Vice Chair at Money20/20 (Coin Telegraph), Rated: A
- Smart Contracts Taking Over: Pros, Cons, And How to Stay On Top of It All (Above the Law), Rated: A
- How Blockchain Investing Can Access Technology Without The Volatility Of Cryptocurrencies (Forbes), Rated: A
- How to use PR to promote an ICO (Brave New Coin), Rated: A
- CarBlock joins Mobility Open Blockchain Initiative (Auto Remarketing), Rated: A
- Vermont Regulators Hit ICO With Cease-and-Desist Notice (CoinDesk), Rated: B
- ICO Watchdog Releases Two New Tools for Vetting Cryptocurrencies (BusinessWire), Rated: B
- Binance adds QuarkChain (QKC), but issues high risk warning (Finder.com), Rated: AAA
- QuarkChain Price Explodes 1200% On Exchange Listings (Crypto Briefing), Rated: A
- Decentralizing Cryptocurrency Is Hard (Bitcoin.com), Rated: AAA
- The Ripple (XRP) Powered Santander App Is Amazingly FAST (Global Coin Report), Rated: A
- Solidity Pitfalls: Random Number Generation for Ethereum (Sitepoint), Rated: A
- How Government Regulation Will Change The Way You Invest In Cryptocurrencies (Forbes), Rated: AAA
- BMW, GM, IBM & Accenture Launch Blockchain Initiative Focused On Automotive Applications (Clean Technica), Rated: A
- European Union
- Binance’s Venture Fund Head Is Waiting for ICO Bubble to Burst (Bloomberg), Rated: AAA
- Peer Mountain Joins the Largest Open-Source Blockchain Initiative, Enterprise Ethereum Alliance (PR Newswire), Rated: A
- Blockchain Startup Develops an Uber-like App for Parcel Shipment (Coin Telegraph), Rated: A
- A Swedish blockchain startup that disrupts the wine industry has raised $ 3 million (Business Insider), Rated: A
- Major bank CEOs say blockchain will underpin the financial industry ‘in five years’ (CNBC), Rated: A
- GDPR Isn’t The Answer, But Blockchain Is (Forbes), Rated: A
- The Woz Reminds The Bitcoin And Cryptocurrency Community What’s Important (Forbes), Ratd: B
- Almost Half Of Young Germans Are Interested In Cryptocurrencies (Altcoin Buzz), Rated: B
- United Kingdom
- The Egyptian pound is more useful than cryptocurrencies, tech CEO says (CNBC), Rated: A
- China/Hong Kong
- Hyperchain Blockchain Creator Completes $ 234 Million Funding Round (CoinDesk), Rated: AAA
- OKEx Latest Industry Giant to Launch Cryptocurrency Index Fund (CCN), Rated: AAA
- LexisNexis Partners With First Institutional Cryptocurrency Exchange (Forbes), Rated: AAA
- Leading US Crypto Exchange Coinbase to Expand to Japanese Market (Coin Telegraph), Rated: AAA
- Crypto Startup Coinbase Names CEO for Japanese Subsidiary (CoinDesk), Rated: A
- Coinbase plans Japan expansion, in talks with MUFG as potential banking partner (Deal Street Asia), Rated: B
- China’s Ethereum wallet giant moving headquarters to Singapore to expand global reach (SCMP), Rated: AAA
- Cryptocurrencies Are Now Commodities Subjected to Futures Trading in Indonesia (NewsBTC), Rated: A
- Report Says VC Firm Behind Snapchat Looks To Ramp Up Its Crypto Investments (Hibusiness), Rated: AAA
- Goods-to-Crypto Marketplace to Eliminate Fiat From Process of Buying Cryptocurrencies (Coin Telegraph), Rated: AAA
- GEORGIA, THE TECH-HUB OF TOMORROW (Bitcoinist), Rated: A
- Russian farmers are ditching the ruble for a new cryptocurrency (CNNTech), Rated: B
- Zimbabwe’s Golix launches $ 32m ICO, expands further (Disrupt Africa), Rated: AAA
- AID:Tech And PharmAccess Deliver World’s First Blockchain Baby (PYMNTS), Rated: A
Ripple is giving universities $ 50M to research cryptocurrency and blockchain (The Next Web), Rated: AAA
After donating $29 million to an American public school charity, cryptocurrency giant Ripple is launching another $50 million fund — this time for universities.
The new initiative, named University Blockchain Research Initiative (UBRI), will provide $50 million in funding to universities for academic research and initiatives related to blockchain, cryptocurrency, and digital payments, the company announced on its blog today.
Ripple has so far partnered with 17 universities across the globe. The current list of UBRI participants includes Princeton University, UC Berkeley, MIT, Delft University of Technology, IIT Bombay, UNC Chapel Hill, University of Luxembourg, Australian National University, Fundação Getulio Vargas in Brazil, IIIT Hyderabad, Korea University, UT Austin, University College of London, University of Nicosia, University of Oregon, and University of Waterloo.
CNBC Interview with Brad Garlinghouse, Ripple CEO (CNBC), Rated: A
AK: You, you’ve signed up a lot of real-world clients, big banks as well, and they’re using your xCurrent products as well, but not necessarily using the XRP token which has prompted a few people to ask, you know, what’s the value of XRP if it’s not being used on a wide-scale right now. How do you respond to that?
BG: Well the first problem that Ripple focussed on is really engaging with those banks to solve a real-world problem for them. So we’ve been successful, as you mentioned, signing up over hundred banks using a product which we call xCurrent, and xCurrent allows two banks to settle in fiat, but basically in real-time. Today that takes days, it’s very expensive, it has a very high air rate, it has six percent. So that that works when there’s two banks that are working together that already have fiat. If we wanted to go to a third bank where we don’t have liquidity, where we don’t have a prefunded account, that’s where products like XRapid comes into play. XRapid uses XRP to fund real-time liquidity, so no longer do I have to prefund. There’s trillions of dollars parked around the world, prefunded in between banks, between corporates, corporates at banks, and if we can make that – those trillions of dollars more efficient we make the entire global financial ecosystem more efficient.
AK: And just a real final quick one. We saw cryptocurrency market sore to record levels last year but that a bit of that air has come out, is that just a short-term blip in what is a longer term growth story for this?
BG: Yeah, I mean look, it’s hard to predict the the gyrations of those markets. I think they are as I said earlier, a kind of nascent market and they’ve seen a lot of volatility. If we create a lot of value by solving real problems for real customers the hype and reality will solve that and I think you’ve seen hype get ahead of reality in many markets and certainly in this market as well, but I think as we see this play out not over three days or three weeks or three months, but over three to five years, I think you’re going to see some you know more rational behaviour and the markets behave as you’d expect as they grow.
Former SEC Chair to Represent Ripple in XRP Lawsuit (CoinDesk), Rated: B
Court records show that distributed ledger startup Ripple is being represented by two former Securities and Exchange Commission (SEC) officials – including its onetime chairwoman, Mary Jo White – in an ongoing civil matter.
Twin filings reveal that White, along with Andrew Ceresney, are representing Ripple in a lawsuit first filedin May by investor Ryan Coffey. Both are currently employed at Debevoise & Plimpton, where White serves as senior chair.
The SEC appoints its first digital currency chief (Axios), Rated: AAA
The U.S. Securities and Exchange Commission has named Valerie A. Szczepanik as associate director of its division of corporation finance, and senior advisor on digital assets to the division’s director, a new position. She will be tasked with coordinating the commission’s efforts on digital currencies.
Spending Crypto For Personal Use Can Be A Tax Mistake (Forbes), Rated: AAA
If a taxpayer purchases virtual currency (cryptocurrency) and spends it on personal use, the IRS requires him to calculate a capital gain or loss on each transaction. Capital gains on personal-use property are reportable and subject to tax, whereas, the IRS disallows capital losses.
Examples of using crypto for personal use vs. investment property
1. Joe purchased one Bitcoin in early 2017 for personal-use spending, and his Bitcoin rose in price substantially during the year. Joe planned on many vendors adopting Bitcoin as a means of payment. Joe’s original intention was for personal use, so a de minimus exemption should apply to him if the IRS approves that AICPA recommendation*. If Joe bought Bitcoin in 2018, he might have a capital loss, which would be non-deductible on personal-use property.
2. Nancy invested in 10 Bitcoins in early 2017, and her intention was capital appreciation and diversification into a new asset class. She spent Bitcoin frequently during the year on personal transactions, buying goods and services wherever Bitcoin was accepted. She hoped it would be tax-free, but it’s not.
How Blockchain Technology Can Save The IRS (Forbes), Rated: A
According to a previously undisclosed Internal Revenue Service (“IRS”) document, the IRS plans to spend $291 million updating 140 computer systems to help it implement the new tax law. Those information-technology costs and other back-office operations will consume more than 90% of the money Congress is giving the IRS for implementation. Overall, the IRS budget is estimated to be $11.4 billion in the next fiscal year.
Google searches for ‘bitcoin’ nosedive 75% this year as interest in struggling cryptocurrency wanes (CNBC), Rated: AAA
Searches for the term “bitcoin” have dropped more than 75 percent since the beginning of this year and roughly halved over three months, according to research from Google Trends.
Nicholas Colas, co-founder of DataTrek Research, pegged waning searches as a bad sign for prices.
Google Trends uses numbers to represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. As of January 1, bitcoin’s popularity was 37 and fell to a 9 as of June 2.
Bitcoin ‘Dies’ for the 300th Time, Trading At $ 7,300 (Coin Telegraph), Rated: A
Bitcoin celebrates its 300th death anniversary following an article from Forbes published May 30. The article claims that Bitcoin’s “Achilles Heel” is the huge amount of electricity required by crypto mining operations.
After Bitcoin’s bubbly rise, a crypto-hangover strikes (Crain’s), Rated: A
Only six months ago, the digital currency was trading for $20,000 and it seemed like everyone knew someone investing in crypto or touting an ICO, or initial coin offering. In February Crain’s described the frenzy as a classic investment bubble.
Since then, the price of Bitcoin has crumbled to about $7,500. The second-largest cryptocurrency, Ether, the brainchild of Brooklyn-based Ethereum, has lost more than half of its value.
In some ways, Bitcoin and its brethren are simply following the boom/bust pattern of all bubbles, be they in Internet stocks, oceanfront condos or tulips. But there are also signs that Bitcoin is already reaching the limits of its appeal.
These signs show bitcoin may finally be bottoming, chart watcher says (MarketWatch), Rated: AAA
It’s been slim pickings of late for owners of the No.1 digital currency, but coming off a subdued week, there are signals that more fruitful times may lie ahead, says one technical analyst.
According to Sluymer, the three stages of a bottoming are a deceleration of the downtrend, a move back above the downtrend and then a reversal of the actual downtrend; and after bitcoin BTCUSD, -1.48% traded in its narrowest range of the year, phase one may be playing out.
How to Win at Bitcoin, With Aaron Lammer and Jay Caspian Kang (Lifehacker), Rated: A
This week our guests are the hosts of Coin Talk, a podcast about Bitcoin, cryptocurrencies, and the blockchain. Journalists Aaron Lammer and Jay Caspian Kang talk to us about their show, their own adventures trading crypto, and the weird culture of ICOs, conmen, and speculators that Aaron calls “Coinworld.”
Discussed in This Episode
- What makes cryptocurrency feel like gambling
- The difference between the technology and the culture
- Which cryptocurrency will win
- How smart contracts work
- The politics of cryptocurrency
- Who’s running the show
- How to buy and sell crypto
- The many exciting ways to lose all your money
Listen to the podcast here.
Chanos Calls Bitcoin ‘Last Thing I’d Want to Own’ in a Crisis (Bloomberg), Rated: A
Short seller Jim Chanos, who predicted the fall of Enron Corp., has developed a view of Bitcoin: It would fail in a crisis.
Fiat currencies such as the dollar have advantages when things go awry, because governments can enforce their use and act as lenders of last resort, Chanos said in an interview with the Institute for New Economic Thinking published on Monday. Digital coins, on the other hand, have no such backing.
How to Get Bitcoin Gold Online? BTG has an Online Wallet! (Oracle Times), Rated: A
If you have not received your free BTG, this article is a gift from the crypto gods just for you, so make sure to continue reading. Here are the essential things you need to know about BTG and how to get it online.
BTG now has an online wallet
As we already said, until recently there wasn’t any browser version of wallet available for BTG. Now, the waiting is over because an open-source BTG platform was recently launched and you can use it online here. Bitcoin Gold is a free and open-source software project that’s built by volunteer developers and supported by a community that’s continually growing and steadily extends all over the world.
John McAfee running for US president on pro-cryptocurrency platform (CNET), Rated: A
Antivirus software pioneer. One-time Cryptocurrencyevangelist. And now US presidential candidate for 2020. John McAfee sure knows how to make a splash..
Popular Twitch streaming app Streamlabs will now allow users to tip streamers using cryptocurrency, the company announced on Friday.
Our Blockchain ‘Can Run The Whole Company’, Says Mastercard Vice Chair at Money20/20 (Coin Telegraph), Rated: A
Speaking at the Amsterdam event, Ann Cairns said the company had deliberately opted to develop a blockchain integration “at scale” while stating the need to identify “real use cases.”
Smart Contracts Taking Over: Pros, Cons, And How to Stay On Top of It All (Above the Law), Rated: A
Now that you understand smart contracts, you may be wondering what you should do about them! Smart contracts have many pros and cons, and as the technology evolves, it is important to keep up and stay informed.
Drawbacks of Smart Contracts
Of course, there are also drawbacks to be aware of. For example, ultimately, the code is written by people, and they can make mistakes.
How Blockchain Investing Can Access Technology Without The Volatility Of Cryptocurrencies (Forbes), Rated: A
If investing in cryptocurrencies is too volatile for your tastes, consider the technology behind cryptocurrencies- blockchain technology.
Many major companies are already investing in blockchain technology, and many industries stand to gain from its growing use. Technology companies like Intel, Amazon and Microsoft have the servers, microchips and technology that host blockchains, while companies like Daimler, IBM and Mastercard either use blockchain technology in their financing mechanisms or in their supply chains.
How to use PR to promote an ICO (Brave New Coin), Rated: A
There was a time when ICOs were so new and exciting that the launch of any of them was nearly an instant success. Remember Mastercoin back in 2013? Unfortunately, those days are gone.
There have been so many ponzi-schemes and bogus tokens that people have lost trust in ICOs and regulators have started to crackdown too. If you are considering promoting your ICO using PR then you will be faced with challenges like these.
CarBlock joins Mobility Open Blockchain Initiative (Auto Remarketing), Rated: A
Another way blockchain is working its way into the automotive industry rolled out this past weekend as the technology world gathered in the Big Apple for the start of the first New York City Blockchain Week.
CarBlock, a blockchain-based transportation solution built on data generated by smart devices announced that it has joined MOBI — the Mobility Open Blockchain Initiative — to explore blockchain and distributed ledger technology (DLT) for use in the development of a digital mobility ecosystem that could make transportation safer, more affordable, and more widely available.
Vermont Regulators Hit ICO With Cease-and-Desist Notice (CoinDesk), Rated: B
The Vermont Department of Financial Regulation said Monday that it was sending the cease-and-desist to LevelNet, which according to its website is based in Irving, California. Officials accused the firm of “violations related to the Vermont Uniform Securities Act” and ordered it to stop selling tokens tied to its cybersecurity-related platform.
Per the LevelNet website, approximately $752,000 has been raised thus far during the sale. An emailed request for comment was not returned by press time.
ICO Watchdog Releases Two New Tools for Vetting Cryptocurrencies (BusinessWire), Rated: B
ICO Watchdog (www.icowatchdog.com) today announced the launch of two new products to its suite of news, analysis and verification tools.
TokenGrade is an audit service that allows token creators to submit their whitepaper plans and smart contract source code for inspection by ICO Watchdog’s team of crypto experts. ScamWatch is a chatbot feature that rewards ICO Watchdog’s more than 50,000 community members for reporting fraudulent initial coin offerings (ICOs).
Binance adds QuarkChain (QKC), but issues high risk warning (Finder.com), Rated: AAA
It might have found a new type of balance in that endless balancing act today, with a stuttered listing of the controversial QuarkChain token. The listing was first announced yesterday, then a few hours later, Binance said it would be postponed due to insufficient deposits.
Then a few hours after that, it re-announced the listing again along with a buyer beware high-risk warning citing extremely imbalanced token distribution.
“There is currently only 3.61% of the total supply of QKC tokens in circulation at the time of listing. The total supply is 10,000,000,000 QKC. This may cause extreme price volatility. Please exercise caution when trading in the QKC trading pairs,” the Binance announcement reads (bold theirs).
Of that 3.61% of the total supply in circulation, the vast majority (2.4%) is on Binance.
QuarkChain Price Explodes 1200% On Exchange Listings (Crypto Briefing), Rated: A
The decentralized exchange IDEX was the first to list QuarkChain, with trading going live on its servers at just after 06:00 GMT; on the Hong Kong-based KuCoin, trading started at approximately 09:00.
Starting the day at $0.019 – the ICO price – QKC soon hit $0.25 at just before 09:00 on IDEX. This means that in barely two hours of live trading, the coin had experienced an 1150% surge in value: its strong success out of the gate puts it at a similar level to other successful ICOs in recent months, such as Holochain (HOT), Zilliqa (ZIL), Seele(SEELE) and Wanchain (WAN).
Decentralizing Cryptocurrency Is Hard (Bitcoin.com), Rated: AAA
“Decentralization shaming” is a popular way for cryptocurrency tribes to laud their anointed altcoin at the expense of the rest. The degree to which a cryptocurrency is free from control by any one entity has become a stick with which to beat projects that don’t measure up to bitcoin, which is all of them. Such arguments are fallacious though, because when you look closely, it becomes evident that all cryptocurrencies are centralized to some degree.
All Cryptocurrencies Start Out Centralized
NEO: Chinese blockchains are notorious for being over-centralized, with NEO a prime example. It was meant to have been decentralized months ago, but it remains under the control of the company, who have the power to reset the network in the event of the Delegated Byzantine Fault Tolerance system failing to achieve consensus.
IOTA: Technically a DAG rather than a conventional blockchain, IOTA is even more centralized than NEO.
Cardano: Charles Hoskinson’s Cardano will use a Proof of Stake algorithm called Ouroboros, but it’s yet to be rolled out, and thus for the past 12 months or so the cryptocurrency has been heavily centralized.
EOS: The decentralization, or lack thereof, that comes with EOS has been fiercely debated in a network that is less than one week old. 21 block validators – trusted entities such as Bitfinex – serve as delegates who control the network.
The Ripple (XRP) Powered Santander App Is Amazingly FAST (Global Coin Report), Rated: A
The team at Ripple (XRP) have provided a video demonstration of a live transaction on the Santander OnePayFX app. In the video shown by the Ripple team, we see the user having an easy time navigating through the payment options between the USD and the Euro. The user then proceeds to select the recipient of the payment who happens to be in the United States. The sender is in the U.K who then proceeds in selecting ApplePay’s platform to complete the payment. He selects his Santander Debit card and the transaction is then complete at the touch of a button and in a few seconds.
Solidity Pitfalls: Random Number Generation for Ethereum (Sitepoint), Rated: A
Solidity is a fairly new language and as no code is perfect, it contains issues related to the code and what you want to accomplish with it. This article will guide you through the best practices and pitfalls when using a random number as input for your Ethereum smart contract.
Solidity is not capable of creating random numbers. Actually, every algorithm for creating random numbers is pseudorandom — no language is capable of creating completely random numbers.
The algorithm itself performs these steps:
- Accept input
- Execute algorithm on the input
- Take modulus of output (divide by max number in the range you require)
- Output between 0 and max number in the range you require
How Government Regulation Will Change The Way You Invest In Cryptocurrencies (Forbes), Rated: AAA
There are three reasons that regulators want to place rules on the use of cryptocurrencies.
The first is to prevent money-laundering. Many of Bitcoin’s first advocates were merchants on the Dark Web who saw a way to buy and sell illegal goods without leaving a money trail. That use of bitcoin soon spread to money laundering. Between 3% and 4% of all the money made by criminals in Europe is believed to be converted into cryptocurrencies to hide its origins. That could amount to as much as $5.6 billion.
Regulators also want to protect buyers.
And regulators also want to protect the financial system. Taxpayers bailed out banks after the last economic crash because the alternative would have been a deeper and longer recession. If the public has to be the lender of last resort, they get to make demands in return for their guarantees. Governments want to be sure that the collapse of a cryptocurrency financial institution, like Mt. Gox, can’t cause such great harm that they have to intervene.
BMW, GM, IBM & Accenture Launch Blockchain Initiative Focused On Automotive Applications (Clean Technica), Rated: A
A consortium of tech and automotive companies have launched a new blockchain initiative dubbed the Mobility Open Blockchain Initiative, or MOBI amongst friends. The not-for-profit working group was pulled together to explore the uses of blockchain technology to improve mobility services.
In its first press release, MOBI shared a handful of the early use cases it would be exploring:
- Vehicle identity, history and data tracking
- Supply chain tracking, transparency, and efficiency
- Autonomous machine and vehicle payments
- Secure mobility ecosystem commerce
- Data markets for autonomous and human driving
- Car sharing and ride hailing
- Usage-based mobility pricing and payments for vehicles, insurance, energy, congestion, pollution, infrastructure, etc.
Binance’s Venture Fund Head Is Waiting for ICO Bubble to Burst (Bloomberg), Rated: AAA
Ella Zhang is in charge of investing $1 billion in blockchain-related businesses, yet her view on the market isn’t too rosy.
“We’d like the bubble to break,” said Zhang, who joined cryptocurrency trading platform Binance to lead its venture incubator Binance Labs less than two months ago. “We still see a lot of hype in the market, valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry.”
Zhang said that while the bull market is positive because it attracts more users, the truly good projects will emerge once the bubble bursts.
Peer Mountain Joins the Largest Open-Source Blockchain Initiative, Enterprise Ethereum Alliance (PR Newswire), Rated: A
Peer Mountain has announced that it has joined the Enterprise Ethereum Alliance (EEA), the world’s largest open-source blockchain initiative. The move introduces Peer Mountain to collaborate with thought leaders across several industries, as well as providing access to a number of resources. Working with other members of the EEA will allow Peer Mountain to reinforce its capability to address enterprise use cases.
Blockchain Startup Develops an Uber-like App for Parcel Shipment (Coin Telegraph), Rated: A
Triwer, a blockchain-based logistics platform, is working on an app for the parcel shipment which would automatically plan the best delivery route. According to the company’s website, the app is currently under beta testing and will be available for download in Q2 2018.
A Swedish blockchain startup that disrupts the wine industry has raised $ 3 million (Business Insider), Rated: A
Chainvine develops blockchain solutions to boost supply chain transparency, in addition to facilitating so called smart contracts.
Founded in 2016, the Stockholm-based company has announced 29 million Swedish krona ($3,3 million) financing round, led by London-based investment firm Deepbridge capital.
Major bank CEOs say blockchain will underpin the financial industry ‘in five years’ (CNBC), Rated: A
Blockchain technology could soon revolutionize the global banking industry, according to the chief executives of two major European lenders.
However, the use of blockchain in the banking industry is increasingly viewed as a proficient way of reducing the risk of fraud, with some banks now hailing its potential.
GDPR Isn’t The Answer, But Blockchain Is (Forbes), Rated: A
A little more than a week after the General Data Protection Regulation (“GDPR”) went into effect, the world is adjusting to the new comprehensive regulatory regime with global reach, designed to protect the personally identifiable information (“PII”) of residents of the European Union (“EU”).
Apple co-founder and tech guru Steve Wozniak has warned the Bitcoin and cryptocurrency faithful they need to remember payments is about people — and not get carried away with the Bitcoin price.
“Steve Jobs wasn’t a computer person, but he was a people person,” Wozniak (who is often fondly referred to as Woz) told the Money20/20 Europe conference in Amsterdam today.
Almost Half Of Young Germans Are Interested In Cryptocurrencies (Altcoin Buzz), Rated: B
A Postbank Digital Study carried out in February and March 2018 shows that 46% of respondents between the age of 18-34 are interested in investing in cryptocurrency, reports Finance Magnets.
The co-founder of an online money transfer service claimed that cryptocurrencies aren’t flexible enough to be adopted on a widespread basis.
TransferWise is an Estonian developed and U.K.-based money transfer service, launched in January 2011. Its co-founder and CEO, Kristo Kaarmann, said Monday that while cryptocurrencies are interesting, they currently have limited use.
Hyperchain Blockchain Creator Completes $ 234 Million Funding Round (CoinDesk), Rated: AAA
Qulian Technology, a China-based blockchain platform developer, has announced the completion of a 1.5 billion Chinese yuan ($234 million) Series B funding round.
OKEx Latest Industry Giant to Launch Cryptocurrency Index Fund (CCN), Rated: AAA
Announced this week and debuting on Tuesday, the product — called OK06ETT — will allow investors to invest in a basket of six cryptocurrencies through a convenient fund, shares of which will trade on the exchange against other cryptoassets.
At launch, OK06ETT will include bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), EOS, as OKB — a utility token created by OKEx. The fund will trade against USDT, a dollar-pegged token issued by cryptocurrency startup Tether.
LexisNexis Partners With First Institutional Cryptocurrency Exchange (Forbes), Rated: AAA
Risk management giant LexisNexis Risk Solutions is now working with the first cryptocurrency exchange to use technology acquired in an $817 million deal earlier this year.
The partnership to verify the identities of Melbourne-based Blockbid’s customers also marks the first time LexisNexis has combined its existing database of high-risk individuals with 1.4 billion unique identities brought to the company from ThreatMetrix, which was acquired in a cash deal announced in February.
Leading US Crypto Exchange Coinbase to Expand to Japanese Market (Coin Telegraph), Rated: AAA
Coinbase intends to apply for a license with the country’s financial regulator, the Financial Services Agency (FSA), “within the year,” a process that has been mandatory for all crypto exchanges operating within the country since the amendment of Japan’s Payment Services Act in April 2017.
Crypto Startup Coinbase Names CEO for Japanese Subsidiary (CoinDesk), Rated: A
The company announced Monday that Nao Kitazawa would serve as chief executive of Coinbase Japan as part of its expansion roll-out to that market in a blog post. Coinbase first announced in 2016 that it would open services in Japan, following an investment of $10.5 million from a group that included Bank of Tokyo Mitsubishi UFJ and Mitsubishi UFJ Capital.
Coinbase plans Japan expansion, in talks with MUFG as potential banking partner (Deal Street Asia), Rated: B
If the company does secure a license, Mitsubishi UFJ Financial Group Inc. is a potential banking partner, a person familiar with the matter said earlier this month.
China’s Ethereum wallet giant moving headquarters to Singapore to expand global reach (SCMP), Rated: AAA
Chinese start-up imToken, which claims to be the world’s largest Ethereum wallet, is moving its global headquarters to Singapore to expand its global reach after a recent financing round from venture firm IDG Capital.
Cryptocurrencies Are Now Commodities Subjected to Futures Trading in Indonesia (NewsBTC), Rated: A
As reported by kontan.co.id, cryptocurrencies will now be subject to trading on futures exchanges.
The Commodity Futures Trading Supervisory Agency (Bappebti) has said that cryptocurrencies are a commodity that can be subject to futures trading. This comes despite a central bank ban on fintech companies using digital currencies and government warnings to investors
Report Says VC Firm Behind Snapchat Looks To Ramp Up Its Crypto Investments (Hibusiness), Rated: AAA
The funding firm behind Snapchat is looking at approaches to expand their interests in the crypto industry, tech journal Recode revealed May 17.
Now, 50,000 businesses using Lightspeed in more than 100 nations and $15 billion in transactions processed by customers annually.
Goods-to-Crypto Marketplace to Eliminate Fiat From Process of Buying Cryptocurrencies (Coin Telegraph), Rated: AAA
An established company in the mobile finance sector is developing a platform which eliminates fiat money from the process of acquiring and spending cryptocurrency – with a peer-to-peer marketplace where physical goods can be bought and sold in an instant.
Ubcoin Market has the ambition of becoming “the world’s first truly efficient alternative to crypto exchanges” – harnessing the familiarity of marketplaces, such as eBay and Amazon, while removing the technical and legal hurdles associated with using and investing in cryptocurrencies.
GEORGIA, THE TECH-HUB OF TOMORROW (Bitcoinist), Rated: A
The pre-sale for Keplertek’s highly anticipated initial coin offering (ICO) started on Monday, May 29 — and out of the four million KEP tokens available during this stage, nearly 1.5 million tokens have already been sold.
Connecting investors, inventors, innovators, distributors, and customers will make it possible for everyone to actually work on their mind-blowing projects, instead of having to go through the painful grind of fundraising and finding competent business partners with experience — as well as getting help with all the legal work and patents.
Russian farmers are ditching the ruble for a new cryptocurrency (CNNTech), Rated: B
Farmers and small businesses around Kolionovo, 80 miles from the capital, are ditching the ruble and switching to a cryptocurrency — the kolion — to pay for local trade.
Zimbabwe’s Golix launches $ 32m ICO, expands further (Disrupt Africa), Rated: AAA
Zimbabwean cryptocurrency exchange Golix has launched a US$32 million initial coin offering (ICO) as it bids to finance the establishment of cryptocurrency infrastructure across the African continent.
AID:Tech And PharmAccess Deliver World’s First Blockchain Baby (PYMNTS), Rated: A
The first baby born on the blockchain is expected to enter the world at a small clinic in rural Tanzania this week.
What does that mean – to be born on the blockchain? Has the world finally gone too far with its distributed ledger obsession? Just the opposite, Niall Dennehy, COO of AID:Tech would argue – more like it’s finally found a use case that is more practical and more noble than cryptocurrencies.