Daily News Digest Featured News

Tuesday July 10 2018, Daily News Digest

ethereum
Source: Business Insider

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United States

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European Union

China

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News Summary

United States

Coinbase Plans To Open Brand New Office In Portland (Crypto Block Wire), Rated: AAA

Coinbase, the biggest cryptocurrency exchange in the United States, announced that it will be opening a new office in Portland, Oregon. The exchange, also known for providing crypto wallets, blogged it considered several locations before landing on Portland.

Reports indicate that Coinbase already signed a 7-year lease for the new office and renovations should begin very soon. Coinbase’s blog also says that the new office will create more than 100 jobs for Portland’s economy in 2018 alone.

Ethereum-Based Blockchain Betting Platform Augur Just Launched. Here’s Why It’s Not Married to Ether (Fortune), Rated: AAA

Once tweeted as the “Uber for knowledge” by Ethereum co-founder Vitalik Buterin, Augur, a blockchain-based predictions platform is launching Monday.

By allowing users to create almost any bet, even obscure ones, players on the betting platform can potentially hedge against anything. A soybean farmer worried they’ll be hit hard should a full blown trade war between China and the U.S. come to pass, for instance, could wager that negotiations will sour—therefore recouping some of their soybean-based losses if the scenario unfolds.

As a result, Augur isn’t married to the Ethereum system, especially since fees associated with the blockchain are its biggest expense. At the moment, however, no other projects are usable with their project.

Insiders say they think ethereum is a better investment than bitcoin (Business Insider), Rated: AAA

But for one group of investors, the choice is clear: According to new data from New York-based law firm Foley and Lardner, a group of insiders say that among cryptocurrencies like bitcoin, Dash, and Monero, they believe ethereum to be the best bet.

ethereum
Source: Business Insider

Bitcoin Price Rally Stalls Below Key Resistance at $ 6,800 (CoinDesk), Rated: AAA

Bitcoin (BTC) rally has stalled near a key resistance range and a minor pullback could recharge the engine for a much-awaited move toward the $7,000 mark.

And last but not the least, the 50-day moving average (MA) resistance is lined up at $6,907. Thus, the area between $6,750 to $6,910 is packed with key resistance levels and the signs of exhaustion near the resistance zone have left the doors open for a minor pullback in BTC prices.

bitcoin
Source: CoinDesk

Bitcoin (BTC) To Be Worth $ 100 Million Per Coin By 2030? (Yahoo! Finance), Rated: A

Bitcoin (BTC) is on its way to world dominion, and any currency that stands in its way will experience demonetization or Hyperbitcoinization. Those are the sentiments held by leading cryptocurrency philosopher, Daniel Krawisz, who believes the cryptocurrency will be worth $100,000,000 by 2030.

Something like 20% of Bitcoin total supply will be missing or lost in the future, which means there will only be about 16.8 million coins in circulation. Dividing the global value of money 1.8Q with the total 16.8 million coins, incomes $107,142,857 which when rounded brings about the expected bitcoin value of $100 million.

Expedia drops Bitcoin after payment problems (Crypto News Review), Rated: A

Travel supermarket site Expedia has nixed Bitcoin as a payment option after both customers and the business itself reportedly suffered ongoing transaction issues.

FINRA Wants to Know All About Member Firms’ Crypto Activities (CoinDesk), Rated: A

A U.S. self-regulatory body for broker-dealers is requesting member firms to submit a wide range of details relating to their cryptocurrency-focused activities.

In a regulatory notice issued on Friday, the Financial Industry Regulatory Authority (FINRA) said the requested information will supplement its existing efforts to “ascertain the extent of its member firms’ involvement” in the nascent space.

Sergey Brin says Google ‘failed to be on the bleeding edge’ of blockchain (CNBC), Rated: A

Speaking from a blockchain conference in Morocco over the weekend, Google co-founder Sergey Brin said the internet giant missed its chance to be at the forefront of blockchain technology.

Although Google may have missed out on early adoption of the distributed ledger technology, Brin suggested that blockchain is within the wheelhouse of X, the company’s semi-secret research division.

Cryptocurrency, S Corporations Make List Of New IRS Compliance Campaigns (Forbes), Rated: A

The Large Business and International (LB&I) of the Internal Revenue Service (IRS) has announced five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual currency, reorganizations, and transition tax.

A compliance campaign is pretty much what it sounds like: an attempt to get taxpayers to comply with existing laws. Typically, it works like this. First, the IRS identifies a behavior that’s considered a concern – like, say, failing to report offshore income. Then, the IRS tries to figure out how best to educate taxpayers about the problem while also curbing the behavior.

Should Your Business Accept Cryptocurrencies? (Forbes), Rated: A

Using cryptocurrencies is fairly simple; companies like CoinPayments offer a number of methods to accept cryptocurrencies beyond bitcoin. However, even with a vendor like this, there are still many volatile elements to any cryptocurrency, including:

  • Regulation
  • Stigma – First, the stigma of cybercrime haunts the overall cryptocurrency industry. With damages up to $60 million per crime, there’s a reason why those doubts exist.
  • Availability
  • Volatility

The Upside of Cryptocurrency

  • Better rates: For now, cryptocurrency processors often offer rates below 1% while traditional methods require around 3 percent.
  • Potential upside: If you get paid in one, there’s a chance it could be worth significantly more in the next few days.
  • An international audience
  • Charge-back protection

Crypto and venture’s biggest names are backing a new distributed ledger project called Oasis Labs (TechCrunch), Rated: A

A team of top security researchers from the University of California, Berkeley and MIT have come together to launch a new cryptographic project that combines secure software and hardware to enable privacy-preserving smart contracts under the banner of Oasis Labs.

That vision, which is being marketed as the baby of a union between Ethereum and Amazon Web Services,  has managed to attract $45 million in pre-sale financing from some of the biggest names in venture capital and cryptocurrency investing.

TrustToken, Platform to Create Asset Backed Tokens, Looks to Raise $ 61 Million on CoinList (Crowdfund Insider), Rated: A

TrustToken, is looking to raise $61 million in an initial coin offering (ICO) on CoinList. TrustToken will be offering its native platform token – TrustToken (TRU).

DNATIX LAUNCHES ANONYMOUS DNA TESTING IN THE USA AND ANNOUNCES THE DNATIX TOKEN (DNATIX Email), Rated: A

Digital DNAtix Ltd., the genetics blockchain company, today announced the U.S. pilot of a breakthrough blockchain-based infrastructure and ecosystem for anonymous genetic testing, services and research. Lack of privacy is currently the barrier for so many people who want to be tested but are afraid to give their genetic data away. Anyone can anonymously upload partial and/or full genome sequences onto the DNAtix platform; contributors own their genomic data and use it to make informed decisions. The DNAtix genetics ecosystem links individual users in search of health solutions, or answers to ancestral questions, with products and services that fit their needs.

Withum expands tech services with blockchain, digital currency group (ROI-NJ), Rated: B

WithumSmith+Brown P.C., the national audit, tax and advisory firm, has formed a Digital Currency and Blockchain Technology Services Group to address the challenges of digital assets, cryptocurrencies and other aspects of blockchain technology, it announced Monday.

International

Bitcoin vs Altcoins: Which Cryptocurrency Is the Most Usable as Money? (CoinTelegraph), Rated: AAA

But which cryptocurrency is the most usable as money? Well, perhaps unsurprisingly, the answer to this question is Bitcoin, simply because it’s accepted as a payment more widely than any other cryptocurrency. But as this analysis will show, other currencies are being increasingly accepted by retailers and companies, and given their superior scalability, they may end up overtaking the original cryptocurrency in the coming months and years.

54 major companies currently accept cryptocurrencies, according to Virtual Coin Squad (although the real number is much higher), and only two of them — MazeFit (sportswear) and Shiny Leaf (cosmetics) — don’t accept Bitcoin. The other 52 – including Microsoft, Expedia, Mozilla, and Shopify – all accept BTC, while 25 accept Litecoin, 15 accept Dash, 13 accept Ethereum, 14 accept Bitcoin Cash, 12 accept Monero, and 15 accept Dogecoin. In other words, Bitcoin is the most usable cryptocurrency as a method of payment, for the simple reason that any merchant that accepts any crypto is almost certain to accept Bitcoin, while the same can’t be said for other coins.

UseBitcoin is a directory of over 5,000 businesses and retailers that accept Bitcoin (and other cryptocurrencies), and while these aren’t viewable in a table that displays which merchants accept which currency, dipping in and out of specific listings reveals much the same principle: virtually all of them accept Bitcoin, but most of them don’t accept other cryptocurrencies.

Former World Bank Chief Economist: Bitcoin Will Fail as Governments Increase Regulation (CoinTelegraph), Rated: A

Three major American economists have recently spoken negatively about Bitcoin’s (BTC) chances for survival in an interview with Financial News today, July 9.

Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini all made statements arguing that Bitcoin will fail as a currency, namely criticizing the cryptocurrency’s absence of intrinsic value and its price volatility.

Rogoff –– the former chief economist at the International Monetary Fund (IMF), a Harvard University professor, as well as a professional chess player –– reiterated his critical stance on Bitcoin, claiming the top cryptocurrency would be worth as low as $100 in ten years.

Cashpay crypto wallet introduces ‘spend and replace’ feature (CoinGeek), Rated: A

A new cryptocurrency wallet designed exclusively for Bitcoin Cash (BCH), Cashpay, was launched in June and is proving itself to be a strong option among available wallets. The wallet quickly gathered a lot of interest and has now introduced a new function that should make it even more appealing to users. That function is called ‘Spend and Replace’ and allows users to automatically buy BCH every time they spend BCH.

EARTH DOLLAR AND BLOCKCHAIN ASSOCIATIONS PARTNER TO LAUNCH GLOBAL CRYPTOCURRENCY PAYMENT SYSTEM (Irish Tech News), Rated: A

To jointly deploy a Global Cryptocurrency Payment System (GCPS), the Earth Dollar™ has recently formed a strategic alliance with the U.S. Blockchain Associationthe Nevada Blockchain Association, and other associations worldwide with the goal to bring Cryptocurrencies to point-of-sale locations everywhere, including both brick-and-mortar retailers, as well as online retailers.

Ditcoin launches the first ever business-focused digital currency (Digital Journal), Rated: A

Ditcoin is a new digital currency that is designed to change the way business is done across the globe. The first of its kind business-driven digital currency is particularly designed for businesses of all types and sizes, helping to ease the process of making and receiving payments. Ditcoin has announced its official launch, signaling the start of what can be described as a revolution for businesses, helping them to enjoy the unique features and benefits of the digital currency space.

European Union

Binance reaches out with over $ 1 million USD in funds for Japan flood victims (Coin Insider), Rated: A

In a move towards the charitable, the leading cryptocurrency exchange has pledged to donate $1 million USD towards the victims of floods in West Japan. The exchange stated that they are donating the funds as well as “calling for [their] crypto friends and partners to join [them] in the relief initiative.”

Bancor crypto exchange hacked; $ 12 million in ethereum stolen (BCFocus), Rated: AAA

Decentralized cryptocurrency platform Bancor stopped all the operations on the platform on July 9th for investigating the security breach. According to reports, the security breach involves $12 million.

Trading Giant eToro to Launch Crypto Exchange, Competing Against Major Platforms (NewsBTC), Rated: AAA

The Managing Director of eToro, Iqbal Gandham, told NewsBTC that they are launching their crypto wallet by August before they launch their crypto exchange planned for Q4 2018. The exchange will follow regulatory compliance in Gibraltar which need to be finalized.

French Crypto Wallet Ledger Is Solving Bitcoin’s Biggest Flaw For Financial Giants (Forbes), Rated: AAA

The problem is that these “keys” are simply strings of 256 characters that are held outside the blockchain network and are at a hugely high risk of being stolen—someone could simply copy/paste your key and have instant access to your Bitcoin.

Ledger’s solution was to put private keys, Bitcoin’s “single point of failure,” in what’s known as “cold storage”—physically disconnecting them from the internet altogether on a separate device the size of a USB stick.

Ledger sold over a million devices last year across 165 countries, generating sales in excess of €45 million ($52.9 million) and leading the company into profit, with Ebitda of €25 million ($29.4 million).

Is $ 232M ICO Tezos [XTZ] Moving towards a New Start or an Impending Death? (Coin Gape), Rated: A

One of the biggest and most controversial ICO, Tezos has finally released its betanet. The cryptocurrency went live on gate.io exchange and went through substantial ups and downs since it’s trading went live. Now, the big question is if Tezos will be able to survive the market sentiments or the ongoing sell-off is a prelude to its impending demise.

Zichain unveils two index funds for cryptocurrency investors (BCFocus), Rated: A

Zichain on Thursday unveiled two new index funds for Cryptocurrency investors. Zichain is an internationally-renowned group of crypto finance that launched the index funds to simplify cryptocurrency investments. According to a report by BCFocus, the SBI holdings is also going to bring the userbase of over 23 million people to its newly launched cryptocurrency exchange.

Romania Drafts Bill To Regulate The Digital Currency (Wall Street PR), Rated: A

The draft prepared by the Ministry of Finance of Romania states that those willing to introduce e-monies must ensure that their tax and legal records are verified. As a result, every single member of the company providing electronic money must get an approval by the Romanian National Bank (BNR). They will also be required to have a share capital of $409,000 or more.

Harmless for Now, Dangerous in the Future: Here’s What EU Researchers Think of Cryptocurrencies (CoinTelegraph), Rated: A

It is worth noting that the ECB has a complex relationship with cryptocurrencies, with its president declaring last year that it wasn’t “in their powers to prohibit and regulate them.” However, more recently, the ECB has engaged with the topic, claiming banks should “segregate” their dealings in cryptocurrencies from other activities, and has been championing the positive effects of blockchain.

United Kingdom

UK Watchdog Welcomes First Crypto Startups to Regulatory Sandbox (CoinDesk), Rated: AAA

For the latest and fourth cohort of startups for its regulatory “sandbox,” the country’s Financial Conduct Authority (FCA) has given access to 11 blockchain and distributed ledger technology-related companies – almost 40 percent of the 29 accepted.

New Paper Reveals Massive Bitcoin Backing (Forbes), Rated: A

According to the paper — entitled “Cryptocurrencies: Overcoming Barriers to Trust and Adoption” — bitcoin and cryptocurrencies will hit the mainstream as a way of paying for goods and services within the next decade.

The original press release.

China

VeChain Thor wallet available now, VEN could hit the roof with it (BCFocus), Rated: AAA

The Blockchain’s upcoming VeChain (VEN) Thor token swap has garnered quite a bit of attention from the crypto world. Crypto exchange, Bitfinex announced their support for the token swap and said users’ VET tokens will be directly exchanged to VEN. The exchange announced that the tokens will be exchanged on a 1:100 ratio.

China central bank brags about killing Bitcoin trading in the country (BGR.com), Rated: AAA

Amid all that, Chinese-language Xinhua.net issued a report on Saturday relaying new data from China’s central bank regarding crypto action in the country. Bitcoin trading in Chinese fiat (renminbi or RMB) has fallen to less than 1% of the world’s total, down from a peak of more than 90%, according to the bank.

Bitcoin China
Source: BGR

Chinese Crypto Billionaire Caught on Tape Bashing Binance, NEO, QTUM (cryptovest), Rated: A

The Chinese cryptocurrency community has been stirred by a recently leaked recording where it appears that Chinese crypto billionaire Li Xiaolai is bashing some of the industry’s key figures. Social media is brimming with reports about the outburst and YouTube channel Boxmining, with almost 200,000 subscribers, also covered the controversial recording.

Li can allegedly be heard on tape, first leaked by news site 8btc, making unsavory remarks against the executives of Binance, NEO and QTUM.

Alphacat (ACAT) Robo Advisor Crypto Investments and Blockchainer Partner (Bitcoin Exchange Guide), Rated: B

Alphacat, an online market for robo advisors in the cryptocurrency investment space has stepped into a new partnership with Blockchainer, a marketing enterprise who gives worldwide solutions for projects in the blockchain that are in various stages of development.

Australia

Australia’s Tax Agency Will Target Cryptocurrency Investors’ Trading Beyond Borders (CCN), Rated: AAA

Australia’s tax authority will use advanced data-matching techniques through existing data sharing agreements with other nations to target crypto investors trading on offshore exchanges at a time when CPA Australia – the country’s accounting body – estimates ‘hundreds of thousands’ of Australian taxpayers to file crypto-related declarations for the first time ever.

Over half of all initial coin offerings for crypto startups fail within four months (Business Insider), Rated: A

But an academic study from Boston College estimates found that amid the market hype, many new ICOs fail to get off the ground.

The researchers — Hugo Benedetti and Leonard Kostovetsky — said less than half of new ICOs survive for more than 120 days after launch.

APAC

South Korean Banks Have $ 2 Billion Dollars Stored in Cryptocurrencies (Use the Bitcoin), Rated: AAA

South Korean banks may be really bullish on cryptocurrencies. Why? Because they have over $2 billion dollars’ worth in cryptocurrencies. This is a very interesting number compared to the largest crypto exchanges in the country, which had over $6 billion dollars in user funds.

Fintech firm creates new digital currency tied to New Taiwan Dollar (Taiwan News), Rated: A

Taiwanese company Green World Fintech Services announced last week, that it is introducing a new digital currency into the country’s financial markets, and one that will be pegged to the value of the New Taiwan Dollar (NTD).

The new digital currency, referred to as a stablecoin, is reportedly being created using the Ethereum network, and will be called the Taiwan Digital Token (TWDT). According to reports, the value of the currency will be calculated according the NTD market, and traded according to the standardized digital rule set known as ERC20.

Pune-based cryptocurrency exchange Coindelta to launch P2P platform ‘Flux’ (Money Control), Rated: A

In order to bypass the Reserve Bank of India diktat which became effective last week, Coindelta, a Pune-based cryptocurrency exchange has joined the bandwagon of companies entering into peer-to-peer or P2P trading and decided to launch a platform named Flux.

EvenCoin is causing waves with its Self-mining Smart Contract (Digital Journal), Rated: A

EvenCoin (EVN) is a new self-mining smart contract which doesn’t require hardware for mining. Compared to traditional methods of mining where miners must purchase high-end and costly hardware which will depreciate in value with time and lead to huge electricity costs, EvenCoin provides miners with a smart way of mining the currency. The ERC20 token which is based on Ethereum blockchain platform comes with a self-mining ability in parallel to the Ethereum even-numbers of block. Currently, EvenCoin has a total of 100 million coins in supply and a self-auto mining period of 15 years.

Philippine Central Bank Approves Two New Cryptocurrency Exchanges (CCN), Rated: B

The Bangko Sentral ng Pilipinas (BSP) has approved the accreditation of two new virtual currency exchanges, bringing the total number of regulated crypto exchanges in the country to five.

MENA

Czech Firm Reveals $ 100 Mln Venture Fund for Israeli Startups With ‘Emphasis’ on Blockchain (CoinTelegraph), Rated: AAA

Investment banking firm Benson Oak revealed it would pump “around $100 mln” into Israel-based startups with an “emphasis” on blockchain, local Israeli news outlet the Jerusalem Post reported today, July 9.

Turkey’s Turkcell Joins Blockchain Consortium CBSG (cryptovest), Rated: B

Turkcell, a leading mobile network operator in Turkey, announced on Monday that it has joined the blockchain consortium Carrier Blockchain Study Group (CBSG).

Canada

Etherparty Launches World’s First Consumer-Ready Smart Contract Application, ‘Rocket’ (PR Newswire), Rated: AAA

Canadian blockchain technology company Etherparty Smart Contracts, Inc.(“Etherparty”) is excited to announce the release of its first software product, Rocket, the most user-friendly token crowdsale creator in the market.

Africa

Kenya Racing to Regulate Bitcoin and Cryptocurrencies (CryptoComes), Rated: AAA

Kenya looks to be racing towards finding out how it will regulate the emerging phenomenon that is cryptocurrencies. The parliament of the African nation has mandated the treasury secretary to draft regulations in order to fit the digital currency into the country’s workings.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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