Daily News Digest Featured News

Wednesday May 2 2018, Daily News Digest

Biggest-cryptocurrency-hacks
Source: Insider.pro 2018

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United States

International

European Union

China

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News Summary

United States

Coinbase allowing customers to make big trades in the shadows to lure Wall Street traders to exchange (Business Insider), Rated: AAA

The firm is starting to support block trades for its clients, people familiar with the matter told Business Insider, showing that Coinbase is serious about competing with rival cryptocurrency exchange Gemini and other over-the-counter trading firms for business from institutional and high-net-worth clients.

Such trades occur off an exchange’s main order book and are popular among large institutions such as crypto hedge funds and trading firms, which don’t want a big trade to affect the market. The trades are common in equity and futures markets and are mostly conducted by market makers and trading firms in cryptocurrency markets. Gemini announced it was offering block trading to its clients earlier in April.

Why Ripple Should Pivot to Online Transactions For Success (Tech News Leader), Rated: AAA

While most of the crypto market has benefited from the increased valuation taking place over the last two weeks, XRP has stagnated and failed to rise above 1 USD, a milestone that most analysts have pegged Ripple surpassing in the near-term.  The currency is still up over 60% following April’s low of 0.48 USD, but the price remains a far cry from January’s, albeit bloated, all-time high of 3.80 USD. Investors who bought into XRP at January’s high–assuming they have yet to sell at a loss–are still looking at 77% decrease in value on their currency, with XRP likely months away from reaching even half of the last high.

Ripple may have a foothold in the bank to bank and money wire transfer industries, but has yet to establish a presence as a transacting currency for digital and physical commerce. The former is even more confusing given the top of the industry utility for XRP. Not only are Ripple transaction fees negligible (0.00001 XRP vs. the nearly 4-5 USD for sending BTC), but occur in under five seconds, with the ability for the network to scale to VISA like proportions (25,000+ transactions per second).

7 reasons why you must invest in Ripple (XRP) now (Global Coin Report), Rated: B

  1. The banking industry is going for it
  2. Ripple’s processor platform is popular!
  3. A Bank a week strategy of Ripple
  4. Unparalleled transaction speed
  5. Remittances: XRP, not Paypal
  6. Ripple wants you (the users) to hold XRP
  7. Digital currency marketplace and Ripple’s XRP

Bitcoin Is Back – So, Is The Bear Market Finally Over? (Seeking Alpha), Rated: AAA

Bitcoin (BTC-USD) has surged by nearly 50% in recent weeks after hitting a double bottom around the $6-6.5K level. And it’s not just Bitcoin, many of the popular digital asset names have skyrocketed over the past few weeks.

bitcoin
Source: CoinTelegraph.com

BCH had cratered to just $600 on April 6th, yet on April 24th, it reached nearly $1,600. That’s about a 167% increase in only two and a half weeks – just incredible! That’s better than a 3-to-1 outperformance in relation to Bitcoin’s gain in that time, which is about 47%.

is bitcoin back

This Serial Tech Entrepreneur Put His $ 8 Million Home Up For Sale In Bitcoin (Forbes), Rated: A

In February, Canter introduced two listings for available properties, putting two multi-million dollar homes up for sale in bitcoin. Collectively priced at just under $20 million in bitcoin, one of the houses is owned by Circle Square Capital Founder and serial tech entrepreneur Alan Ezeir, who placed his beautifully designed estate on the market for $8 million.

Roger Ver’s Bitcoin.com no longer labels BCH as the real Bitcoin (The Next Web), Rated: B

Following a heated backlash and some legal threats, BitcoinCash (BCH) proponent Bitcoin.com has updated its block explorer page to remove any language suggesting that BCH is the real Bitcoin (BTC).

CoinMarketCap releases its first mobile app for tracking cryptocurrency prices (TechCrunch), Rated: AAA

CoinMarketCap has also done nothing to expand out and take advantage of its position at the center of the rise of cryptocurrencies, which are collectively worth over $400 billion. But today — its fifth anniversary since starting the website — it has released its first mobile app for iOS, rebranded its website and prepared to launch more new services.

How to Use the New Bitcoin Price-Checking App by CoinMarketCap  (Lifehacker), Rated: A

Cryptocurrency-tracker CoinMarketCap is one of the most popular websites around—both for Blockchain enthusiasts and financially minded folk. Today, the site is celebrating its fifth birthday by launching a (long overdue) iPhoneapp to help you check the price of Bitcoin and other cryptocurrencies on the go.

World’s Second Most Valuable Cryptocurrency Under Regulatory Scrutiny (WSJ), Rated: AAA

The inquiry includes a focus on ether, representing a significant threat to virtual currencies, which so far haven’t been drawn into a regulatory crackdown on potential fraud in the market for the assets. Until now, regulators hadn’t questioned whether rules designed for stocks should apply to virtual currencies such as ether, the world’s second most valuable cryptocurrency after bitcoin with a market value of $67 billion.

Ethereum falls on report that the second-biggest cryptocurrency is under regulatory scrutiny (CNBC), Rated: B

Ethereum prices took a hit Tuesday after a report that regulators are exploring whether it and other cryptocurrencies should be treated like securities.

Ether, which has a roughly $65 billion market cap, fell about 6 percent Tuesday, and was trading near $652, according to data from CoinMarketCap.com.

Ethereum price (ETH/USD): US regulators said to examine whether Ether and other altcoins are securities (Invezz), Rated: A

The digital coin closed the session at $669.92, down from its opening price of $689.76.

Ethereum continued its decline in the early hours of today’s session, dropping to an intraday low of $637.54. While the cryptocurrency was able to bounce off this low, rising to as high as $674.38, it has subsequently pulled back to price levels below its yesterday close. At the time of writing, the Ethereum price was hovering around $650, according to data from cryptocurrency tracker Coinmarketcap.

Is the SEC Gunning for Ethereum and Ripple? Fat Chance (Fortune), Rated: A

The digital currency markets, already spooked by a crackdown on digital tokens, got some more bad news this month: A former top regulator told an audience he thinks two of the most popular cryptocurrencies, Ethereum and Ripple’s XRP, are “noncompliant securities” operating outside U.S. laws.

This conclusion is potentially disastrous for the crypto economy as it would undermine the liquidity of the two popular cryptocurrencies, and place exchanges and other financial services businesses in legal jeopardy from the SEC. The good news for crypto investors is that the prospects of the SEC taking action are remote.

SEC is cautiously open to initial coin offerings, commissioner says (HITC), Rated: B

The Securities and Exchange Commission is still worried about ICOs, but the agency is not looking to ban them and remains open to a legal avenue for more crypto investments.

Bitcoin Cash prepares for upgrade: nChain on 32MB blocks, OP_Code resurrection for smart contracts (CoinGeek), Rated: A

May 15 is a big day for Bitcoin Cash supporters as the community prepares for the first of a series of big upgrades for the blockchain. The upcoming hard fork will trigger the following upgrades:
• Increasing the size of blocks on the Bitcoin Cash blockchain from 8MB to 32MB;
• Restoring certain OP_Codes for advanced functionality; and
• Increasing OP_Return data carrier limit to 223 bytes.

These 5 Cryptocurrencies Just Got a Huge Boost With Abra Support (Inverse), Rated: A

Abra, the cryptocurrency wallet and exchange service with a simple-to-use smartphone app, is expanding. Starting Tuesday, users will be able to buy, sell, invest, and hold five new cryptocurrencies alongside the 20 existing coins and the 50 fiat currencies on offer.

The five new cryptocurrencies joining the service are Monero, NEM, NEO, Lisk, and Verge. They join the 20 already listed on the service: Bitcoin, Bitcoin Cash, Dash, Dogecoin, Ethereum, Ethereum Classic, Golem, Litecoin, OmiseGO, Qtum, Ripple, Vertcoin, Zcash, Bitcoin Gold, Stellar Lumens, DigiByte, Augur, Status, Stratis, and 0x.

This ICO Startup Uses Blockchain Tech To Shift How Businesses Manage Funds (Forbes), Rated: A

Founded in 2017, ICO startup aXpire is a cloud-based, AI-enabled blockchain payment processing company. The SaaS startup currently offers members of their partner network two distinct products. Their flagship product is Resolvr, a spend management software solution that tightens up the vendor invoicing process, while the company is also continuing to develop their peer-to-peer job marketplace known as MatchBX.

What You Need To Know About Using Cryptocurrency In Your Nonprofit (Forbes), Rated: A

Some nonprofit foundations like Beam and the Royal National Lifeboat Institution started accepting Bitcoin as early as 2014. And in 2017, there were stories of more nonprofits starting to migrate to this payment-acceptance method. With numerous nonprofits already using cryptocurrency, it seemed to me like there should be a wider adoption.

The quick transfer of cryptocurrency results in donations delivered faster so you can put that money to work. This can be a great help to getting started on a project or maintain good cash flow in your nonprofit.

CULedger Selects Hedera Hashgraph To Build Global Ledger For Cross Border Payments (PR Newswire), Rated: A

CULedger and Hederatoday announced a partnership whereby CULedger will use Hedera’s hashgraph platform and public ledger to build a system for cross-border payments.The Hedera hashgraph platform will be used in conjunction with the MyCUID project, which is a new consumer-focused global digital identity solution, to build a comprehensive system for identity and global payments.

Google Co-Founder Highlights Crypto Mining Impact (CoinDesk), Rated: A

Brin wrote Saturday that several factors have led to a surge in computing power that has seen search giant Google’s own processors speed up by a factor of 200,000 over a period of 20 years.

The second factor is increased demand for processing heft, partly from gamers and their graphics-hungry rigs but also “surprisingly, from the GPU-friendly proof-of-work algorithms found in some of today’s leading cryptocurrencies, such as Ethereum.”

Bitcoin Private and Bitcoin Gold: Why the latest developments are so important? (Stocks Gazette), Rated: A

Bitcoin Private (BTCP)

The last two weeks have been tough on BTCP as prices have slumped. The coin isn’t out of the woods yet, but the overall sentiment in the community is that the future couldn’t be any brighter.  And it could be right to be optimistic about this coin.

An update on the BTCP Reddit platform confirmed that the privacy coin could be in line for a listing on HitBTC sometime later.

The coin is trading firmly in the red, slumping by -12% over the last 24 hours to lose $5 against the USD.

Bitcoin Gold (BTG)

Bitcoin Gold is listed on some of the largest cryptocurrency exchanges, including Binance, Bittrex, Upbit, Bitfinex, and HitBTC. However, some supporters have expressed a desire to see it on Poloniex and the team has suggested work is in progress to have it listed.

Its value has dipped in the past few days, dropping by -9% in the 7-day charts to trade at $72 against the USD. The coin is today trading +3% higher over the last 24 hours.

The Co-Founder of Salesforce is Taking His Talents to the Blockchain–Here’s Why (Inc.), Rated: A

It’s easy to get lost in the narrative when discussing the often over-hyped blockchain space, but with Minor at the helm and aspirations of being the new Blockchain-powered AWS, VideoCoin certainly merits excitement. Here’s why:

  1. Next-gen vlogging
  2. Content transparency and control
  3. Upgraded VR & 360

OTOY Introduces RNDR, Blockchain-Based Rendering Platform Built on the Ethereum Blockchain (PR Newswire), Rated: A

Leading cloud-based graphics rendering firm OTOY has introduced RNDR, a blockchain-based rendering platform that leverages a distributed network of idle GPUs to render graphics more quickly and efficiently. Based on a patent taken out by OTOY in 2009 for a token-based billing model for server-side rendering, RNDR is built on the mission of accelerating an immersive, virtual future, allowing content creators to crowdsource the power of graphics cards across its peer-to-peer network. RNDR’s technology makes it possible to scale rendering speed and simplify the transactional process of rendering and streaming 3D environments, models, and objects.

A cryptocurrency for home-flipping (The Real Deal), Rated: B

El Segundo-based Aperture Real Estate Ventures launched its cryptocurrency ICO — initial coin offering — with the goal of raising $50 million to invest in a house-flipping business.

The currency, Property Coin, which launched Tuesday, will be invested by “seasoned experts” with the help of a suite of analytical tools Aperture developed, the company has said.

Federal Trade Commission To Host Training Workshop On Cryptocurrency Scams (ETHNews), Rated: B

On June 25, 2018, public and private sector stakeholders will meet at DePaul University for a Federal Trade Commission (FTC) workshop about cryptocurrency scams. The event, which begins at 1:00 p.m. Central Time, will take place at 1 East Jackson Blvd., Suite 8005, Chicago, IL 60604. For those that are unable to make it to Chicago, the workshop will be livestreamed on the FTC website.

International

Ripple Adds Another Bank to Instant International Payments Blockchain (CCN), Rated: AAA

Ripple’s global enterprise blockchain network has added its latest member in BankDhofar, an Oman-based financial institution.

In an announcement on Tuesday, Muscat-based BankDhofar confirmed its move to join RippleNet, an enterprise blockchain that sees over 100 financial institutions globally as members including banks, payment providers and financial institutions.

Cryptocurrency’s future may depend on cybersecurity (Global Risk Insights), Rated: AAA

Over 100 cryptocurrency exchanges have emerged, some with trading volumes over US$9bn per day.

ICO projecs
Source: EY 2017

By accessing Experty software files, hackers were able to imitate Experty’s managers and scam the ICO’s interested participants into dishing out over US$150,000. This is not an isolated case: a report from EY on ICOs estimates that 10% of funds from ICOs are lost or stolen from successful hacking attempts.

EY suggests that US$2bn on average has been lost from successful hacks on crypto exchanges.

Biggest-cryptocurrency-hacks
Source: Insider.pro 2018

Coinbase vs Binance Exchange Comparison (Coin Central), Rated: AAA

Both exchanges are suited for different purposes, and you should view them as complementary rather than competitors.

Coinbase vs. Binance
Source: Coin Central

The Coinbase team designed their interface with the novice investor in mind. Unlike more complicated trading platforms, you don’t have options for margin trading or even market/limit orders. You just have simple buy and sell options.

This is great if you’re just starting out or using Coinbase as a stepping stone to another platform. However, if you’re the type interested in including technical analysis (TA) in your trades, you may want to look elsewhere.

On the other hand, Binance is better suited for more experienced traders. The exchange does include both a “Basic” and “Advanced” platform, though, so you shouldn’t be intimated to try it out if you’re new.

Coinbase fees vary based on the buying method but typically range between 1.49% and 3.99%. Investments under $200 could bring you even higher fees as well.

Binance has some of the lowest fees out of all the exchanges at 0.1% per trade. Additionally, this fee is cut in half when you pay using the Binance coin, BNB.

Currently, Coinbase just supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The team has announced, though, that they plan to add ERC20 tokens to the platform soon.

Binance includes the same coins as Coinbase in addition to over 100 more.

The Fundamental Flaw of Cryptocurrency Investing (The Motley Fool), Rated: A

Partnerships have also been another regular source of excitement. Ethereum, the second-largest virtual currency by market cap, has attracted approximately 450 members to the Enterprise Ethereum Alliance, many of which are brand-name companies from a host of industries and sectors, in just over one year’s time.

Instead, the true fundamental flaw of cryptocurrency investing is that people are putting their money behind the wrong asset. In other words, they’re buying virtual currency tokens, when the valuable asset is the underlying blockchain.

Why Crypto Investors Should Hold On (Hade Platform), Rated: A

Many investors converted their respective cryptocurrencies into fiat after the market pulled back in early 2018.

The market pullback is the best time for existing investors to buy more and a better time for newbies to come into the market. Brian Kelly, a portfolio manager at BKCM Digital Asset Fund said to crypto investors in his second and last golden rule of investment that, crypto-investors should not sell their coin when there is a 20 percent and 30 percent rise.

Your crypto fortune will be lost if you don’t document it. (crypto-lines), Rated: A

With the value of crypto coins on the rise, the wealth accumulated by those investing in the coins is, without doubt, a fortune. But do you know that your crypto fortune is likely to be beneficial to you and you only? Well, not declaring cryptos as part of your investments, as it has happened with other investments, will make your investments in crypto to be inaccessible when you are gone.

How international regulation could stifle cryptocurrencies (Raconteur), Rated: A

The future of cryptocurrency appears to be as crypto-assets – or at least that’s the hope of regulators. Certainly, it’s what International Monetary Fund (IMF) managing director Christine Lagarde calls them. This is not just semantic quibbling. It provides the key to how regulators are likely to approach crypto and what regulation might look like in the future.

However, regulators are taking a broad view that regulation needs to balance the dynamics of consumer protection, anti-money laundering and financial stability, while fostering opportunity.

ICO Slowdown as Funding Drops 44% in April (NewsBTC), Rated: AAA

ICOData.io indicates the funding for ICOs throughout April 2018 was very low. So low even that it is the least successful period in the past eight months. Albeit $543 million was generated in token sales, it is a 44% decline compared to March. This is an ongoing downtrend, as the amounts raised have been on the decline since January of 2018.

WHO IS LIABLE WHEN AN INITIAL COIN OFFERING FAILS? (Irish Tech News), Rated: A

study report confirmed that 46% of total Initial Coin Offerings (ICOs) conducted last year, which raised $104 million, can no longer boast of successful existence — they have failed. TokenData, a comprehensive ICO tracker listed 902 ICOs from 2017, 142 of this number failed at the funding stage, 276 more have failed due to some unsavory reasons.Therefore, adding up the total failure rate at 46%, and yet flowing from the study report referenced, a 59% failure rate in 2017 alone.

Newly Formed Institute for Blockchain Innovation Backs ICO Alternative (Bitcoin Magazine), Rated: A

A new open-source think tank oriented around blockchain technology has been formed and has announced its first initiative, JOBS Crypto Offering, which aims to solve the regulatory issues surrounding initial Coin Offerings (ICO).

The newly announced Institute for Blockchain Innovation (IBI) has nearly 60 members, including global leaders in banking and technology. Companies include FinovaIndiegogo, 500 StartupsAusum VenturesSalesforceRaiffeisen Bank Internationaland BPC Banking Technologies.

This new hybrid model for crowdfunding is meant to solve issues for companies struggling with the regulatory gap in ICOs and “provide a pathway from initial capital to IPO on the blockchain.” The IBI envisions this model as a way for companies around the world to be able to more easily access financial resources that can be used to grow their companies.

UNICEF Wants You to Donate By Mining Cryptocurrency While You Browse (Gizmodo), Rated: A

The humanitarian program is trying to raise money for the 400,000 Rohingya children who’ve been forced from their homes in Myanmar due to violence against their religious community. The refugees have fled across the border to Bangladesh where resources are strained and many children have been separated from their families. Through the wonders of the internet, you can help get safe drinking water, food, and shelter to those who need it by opening this page in your browser and letting it mine a cryptocurrency called Monero.

Blockchain growth makes developers a hot commodity (ComputerWorld), Rated: AAA

Blockchain development is now the hottest skill in the freelance job market, growing more than 6,000% since this time last year and putting it on pace to be the new “cloud” of the 21st Century, according to a new report.

European Union

Vitalik Releases Partial Proof-of-Concept for Ethereum ‘Sharding’ Tech (CoinDesk), Rated: AAA

Speaking on Reddit, Buterin said that a sharded ethereum will likely contain around 100 shards, each with as much capacity, “and likely more,” the developer wrote, than the main ethereum blockchain.

Buterin also noted that the new sharding code will be fused with ethereum once its upcoming switch to proof-of-stake, Casper, is in its final stage.

BRD crypto wallet app releases major “Augustus” update (CryptoNinjas), Rated: B

BRD, a cryptocurrency wallet application service for iOS and Android today announced its “Augustus” release is finally here. The BRD team said that this release marks its “biggest update ever and marks a major milestone on its journey from simple bitcoin wallet to decentralized banking platform.”

United Kingdom

Ripple Put on Defensive at UK Parliament Blockchain Hearing (CoinDesk), Rated: AAA

Skepticism dominated a Tuesday hearing on cryptocurrencies and blockchain at the U.K. parliament, but it was not the members of parliament (MPs) who set the negative tone.

Rather, it was interbank payments startup Ripple’s XRP cryptocurrency and blockchain platforms that came under fire as Martin Walker, director of the non-profit Centre for Evidence Based Management and a former product developer at blockchain consortium R3, claimed that the technologies are unlikely to solve inefficiencies in the financial sector, specifically criticizing Ripple’s current products.

Choon now available to public amidst unprecedented demand (Choon Email), Rated: B

Today marks the highly anticipated beta launch of Choon, the next-generation music streaming platform which rewards artists for their streams in Choon’s own cryptocurrency, NOTES. The free streaming service is now available for people to try out online and features hundreds of independents artists, many of whom are looking for their first big break. Using blockchain technology, the platform is transparent in the way it pays artists for their music streams and renders traditional intermediaries, such as record labels, publishers and royalty collecting societies, unnecessary.

The Choon beta platform launches with 1000 tracks from 500 artists, and with several thousands more artists on the waiting list to be added to the platform once public access is granted spring 2018.

China

Digital Assets Trading Platform Bitfinex Introduces Stellar & Verge Trading (Crowdfund Insider), Rated: AAA

Bitfinex, a digital asset trading platform that offers state-of-the-art services for digital currency traders and global liquidity providers, announced on Tuesday the introduction of two new token listings, Stellar (XLM) and Verge (XVG), on its trading platform. According to Bitfinex, the newly introduction of the two listings have a combined market capitalization of 9 billion. Bitfinex also claimed that the two are firmly positioned among the world’s top 30 coins.

Alibaba rolls out blockchain to tackle fake eggs, rice and other food items (Business-Standard), Rated: A

Shoppers in China can now get a definitive answer on whether a product they’ve just bought is fake or legit – by simply scanning a code with their phones.

It’s part of a new trial that has just rolled out, using an incorruptible database – the technology behind and other cryptocurrencies – to track an authentic item going from a manufacturer to a consumer.

Australia

Australia’s Securities Watchdog Moves to Halt ‘Deceptive’ ICOs (CoinDesk), Rated: AAA

The Australian Securities and Investments Commission (ASIC) said Tuesday that it is taking aim at fraud in the initial coin offering (ICO) market.

In a statement published May 1, the agency said that it is “issuing inquiries to ICO issuers and their advisers where we identify conduct or statements that may be misleading or deceptive.” Additionally, the securities watchdog suggested that it was moving to halt unlicensed activity as well.

Asia

EOS Passes Ethereum in Trade Volume (NewsBTC), Rated: AAA

Coinmarketcap is reporting a 12% climb for EOS which is trading at just under $19 at the moment. It took a hit yesterday and fell back to $16.75 but has recovered well. On the week EOS has gained 37% from $13.8 this time last Wednesday and reached a new all-time high of $22.79 on April 29. The monthly picture shows this altcoin being one of the top performers with a 215% increase from around $6 this time last month. Against Bitcoin EOS is up 11% on the day to 209000 satoshis from 187000 sats this time yesterday.

EOS has currently surpassed Ethereum in terms of trade volume with $3 billion traded in the past 24 hours. ETH has only managed $2.4 billion in the same period.

EOS
Source: NewsBTC

Nebulas Officially Announces Ethereum-To-Mainnet Token Swap (Crypto Coin Spy), Rated: A

Late on Monday, Nebulas (NAS) officially announced the timing of the start of the NAS mainnet swap as 2:00am (PDT) on May 2. This 1:1 coin swap is needed so as to convert NAS ERC20 tokens (currently located on the Ethereum blockchain) into NAS mainnet coins (to be located on the Nebulas blockchain).

MENA

Iranian government outlaws Telegram app (CoinGeek), Rated: AAA

Authorities in Iran have outlawed use of and access to the Telegram messaging app, citing concerns over its potential for stoking civil unrest as well as the potential economic harms of its cryptocurrency.

Volatile cryptocurrencies helped boost a trading company’s revenue by 284% — but the boom is fading (Busines Insider), Rated: A

Revenue at trading platform Plus500 jumped 284% in the first quarter of the year, led by a surge in cryptocurrency trading, the company said on Tuesday.

Isreali-headquartered Plus500 said revenue for the first three months of the year hit $297.3 million, equivalent to 68% of all revenue earned in 2017.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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