Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Mining Operation Orca Pool Aims to Defend Altcoins and Forks from Attacks

Last November the Bitcoin Cash (BCH) community witnessed a hash war that resulted in a bifurcation of the main chain. The spat saw one of the first examples of the alpha miner strategy and an attempt to truly test Nakamoto consensus. About a week before the fork, a new mining operation was announced called Shark Pool aimed at explicitly attacking weaker chains. However, a new type of mining organization revealed itself on Feb. 15 called Orca Pool which seeks to protect altcoins and forks from being attacked by malicious miners.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Blockchains Beware: Sharks in the Water

Just before the BCH hard fork and blockchain split which saw the birth of BSV, a new mining pool announced its plan to attack smaller cryptocurrency networks in order to cause disruption to the coin’s ecosystem. The operation Shark Pool explained during the first week of November 2018 that the mining organization would exclusively mine blocks on low proof-of-work chains and create a series of orphaned blocks. Furthermore, Shark Pool would also sell profits from mining these other coins in order to acquire BSV. Shark Pool was founded by Cashpay Solutions cofounder Ari Kuqi who is also known for the project Cryptonize.it.

“All altcoins, including forks and splits, are acts of war against Bitcoin and are going to be treated as such,” explained Shark Pool when they launched.

Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Even after the BCH fork, the Shark Pool organization had continued to announce threats toward certain coins they planned on ambushing. Three days after the split, Shark Pool warned community members of projects like bitcoin gold (BTG), bitcoin interest (BCI), bitcoin diamond (BCD) and bitcoin private (BTCP). Some people also accused Shark Pool of attacking the BCH testnet at this time as well. Just before the new year, the pool explained that 2019 would be the “Year of the Shark” and the organization emphasized that it still had its sights set on BTCP’s mainnet. “Exchanges will require 1,500+ confirms for BTCP, devastating for a cryptocurrency,” Shark Pool detailed on Dec. 23, 2018.

The Orca, Predator of the Shark

Since then, Shark Pool has continued to try and recruit more miners to join the mining operation. For instance, on Jan. 5, the well known BSV supporter Kevin Pham explained to his Twitter followers that “real Bitcoin maximalists” are like Shark Pool and “you’d want to destroy shitcoins like litecoin, not support them.” Not everyone agrees with the BSV community’s mentality though and on Feb. 15 a new pool was born in order to retaliate against miners like Shark Pool. On Friday afternoon a newly created Twitter handle stated:

Sign up for Orca Pool, a mining pool that counters attacks by Shark Pool and sells the rewards for bitcoin.

 

Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Orca Pool’s tweet leads to a website which explains that miners can sign up for early registration to join the pool’s resources. The website details that the Orca, otherwise known as the killer whale, is a predator of the shark. The mining organization’s website Orcapool.cash says the group believes miners should defend blockchain censorship and the site explains in detail why they started the group.

“All Altcoins, including forks and splits, should compete in the free market — Predatory pools have emerged that wish to interfere with this process by illegally attacking blockchains with hashpower,” it reads. “Orca Pool miners will exclusively mine chains needing defense from attackers, and sell the rewards for bitcoin.”

Orca Pool Mining Operation Aims to Defend Altcoins and Forks From Attacks

Once again, the cryptocurrency mining ecosystem and its players have shown how the industry is swift to adapt to new ideas. The concept of miners mining other chains so they can acquire their favorite coin is nothing new, but maliciously orphaning blocks and causing chaos for exchanges has been a relatively new threat since last November’s hash wars. Small chains with very low amounts of hashrate like bitcoin gold and vertcoin have been attacked recently which indicates that some miners think it’s open season and have been on the hunt for these chains. Lastly, there’s also been a lot of mining pools hiding their identities recently and a resurgence of “unknown miners” has been seen on both the BCH and BTC networks.

What do you think about mining operations like Shark Pool and Orca Pool? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Pixabay, Twitter, Shark Pool, and Orca Pool logos. 


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Source: Bitcoin.com

Drug Dealer Fights to Prevent Canadian Police From Forfeiting His BTC

Drug Dealer Fights to Prevent Canadian Police From Forfeiting His BTC

Drug Dealer Fights to Prevent Canadian Police From Forfeiting His BTC

A Canadian online drug dealer, snared by an undercover police agent on the dark web, is pleading to be allowed to keep half of the 288 bitcoins that police seized from him as proceeds of crime. With prosecutors seeking a court order to forfeit the crypto stash, worth CAD$1.4 million (US$1.1 million), the 30 year-old dealer argues that not all of his bitcoin was used for criminal purposes.

Also read: High Cost Slows Down Bitcoin ATM Growth in Africa

 Case Shows State Willingness to Repeal Anti-Surveillance Mechanisms

Matthew Phan, a university dropout, pleaded guilty in December to illegally purchasing a firearm and a silencer and being in possession of drugs, according to an article published by the Toronto Star newspaper. Local police, acting on a 2015 tip-off from U.S. Homeland Security, used an agent to trap Phan into transacting on two dark web sites, using bitcoin as a medium.

The case is the first in which Canadian law enforcement has seized BTC, as well as comprising a well-orchestrated dark web trap. In doing so, the police have dealt a double-barrelled attack against technologies that are generally off the radar of state authorities. While the case has its roots in crime, it sets an interesting precedent regarding how law enforcement is prepared to repeal anti-surveillance mechanisms.

Drug Dealer Fights to Prevent Canadian Police From Forfeiting His BTC

The police watched Phan as he went to a local post office to collect the Glock gun he had purchased on the dark web – it was, in fact, a flare gun. Officers obtained a search warrant for his condo and storage locker. Lead prosecutor Erin Pancer revealed in court the search team found thousands of grams of marijuana, cocaine, ketamine and MDMA. Additional material, such as addressed envelopes, was picked up as evidence of drug trafficking.

During a search of Phan’s computers, police found and seized a digital wallet with 288 BTC. A member of the police team, Dwayne King, said he quickly seized the bitcoin so it would not be liquidated. He set up a digital wallet for the police and transferred the BTC.

“Not many years ago criminals kept their ill-gotten gains in shoeboxes hidden in their closets or under their mattresses. Cryptocurrencies have changed what that shoebox looks like and where it is hidden,” King was quoted as saying.

Police Rope in Private Firms to Testify

Drug Dealer Fights to Prevent Canadian Police From Forfeiting His BTC

Another significant aspect of the case relates to the corporate partnerships Toronto police enlisted to investigate and prosecute the case. King is a former police officer now working with a private firm, while CEO of Ciphertrace Inc., David Jevans, was also asked to testify as an expert. Jevans argued that Phan’s digital trail suggested drug trafficking. He said he had tracked numerous transactions from dark web sites Agora and Evolution to Phan’s bitcoin address.

King commended private-public partnerships in closing in on underground criminal activities and highlighted the case as an eye-opener for state authorities that are not up to speed with crypto-related crime. “It forced agencies to start thinking about cryptocurrency investigations as a reality more than a possibility. A lot of agencies across the country were not ready to properly investigate cryptocurrency-related cases,” King wrote.

Phan claimed that he was into crypto-assisted gold trading on the dark web but the lead prosecutor disputed his involvement in any legitimate business. The judge granted that while Phan may have previously used crypto for legitimate reasons, there was damning evidence regarding drug trafficking and the illegal purchase of a firearm.

The judge will rule on the forfeiture of Phan’s BTC on April 4.

What do you think about police seizing and forfeiting Phan’s bitcoin? Let us know in the comments section below.


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Source: Bitcoin.com

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation

Cryptocurrency markets are once again riding a long period of consolidation as the last seven days has failed to show any meaningful moves. During our last markets update, digital asset values spiked considerably, gaining billions in one hour on Feb. 8. But a week later cryptocurrencies have offset those gains and most markets have been following a narrow range for more than a week.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Crypto Gains Neutralize and Follow a Falling Narrow Range

Digital currency prices have been consolidating again into what looks like a falling wedge after seeing a significant jump in value eight days ago. The overall market capitalization of all 2,000+ cryptocurrencies is around $120 billion. Global trade volume is still decent, even though it’s a touch lighter than last week at $18.8 billion over the last 24 hours. Currently, bitcoin core (BTC) is priced at $3,635 with a market valuation of about $63.7 billion at the time of writing. BTC is down around 0.81% over the last week but has managed to gain 0.3% during this morning’s early trading sessions.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Top 10 cryptocurrencies on Feb. 16, 2019.

The second highest market capitalization belongs to ethereum (ETH) as each token is trading for $123. Ethereum markets have managed to knock ripple (XRP) from the second position as XRP is swapping for $0.30 this Saturday. Litecoin (LTC) captures the fourth position with each coin trading for $43 as markets have gained 3.5% today. Lastly, eos (EOS) prices are up 1.5% as each eos is sitting at $2.83 per coin.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Top 20 cryptocurrencies by market cap on Feb. 16, 2019.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) prices have been coasting along at $122 per coin this weekend and markets are up 0.44%. BCH has an overall market valuation of around $2.1 billion and about $192 million traded over the last 24 hours. The top five exchanges trading the most bitcoin cash today are Lbank, Hitbtc, Fcoin, Binance, and Upbit. The top trading pair with BCH this weekend is ETH by 42.2% over the last day. This is followed by USDT (30.1%), BTC (17.4%), USD (4.2%) and KRW (3.7%). Over the last few weeks, larger concentrations of KRW/BCH pairs have been increasing. This weekend BCH is the ninth most traded cryptocurrency below dash and just above qtum.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Bitcoin cash (BCH) seven-day chart on Feb. 16, 2019.

BCH/USD Technical Indicators

Looking at the 4-hour chart on Kraken and Bittrex shows the momentum from BCH bulls has neutralized. Over the last seven days, heavier resistance was able to build up and will make things more difficult for northbound movements. The two Simple Moving Average (SMA) trendlines show the long-term 200 SMA is still above the short-term 100 SMA. This solidifies the fact that the path toward the least resistance is still the downside. Although as noted in prior market updates, the two moving averages look to be converging in the near future unless some big changes await.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
BCH/USD on Bittrex 4-hour on Feb. 16, 2019.

Moving on to the Relative Strength Index (RSI), Stochastic, and MACd indicators we can see things meandering back and forth. RSI and the Stochastic oscillator levels are coasting along at 48.4 on the 4-hour chart, indicating traders seem to be cautious at the moment. MACd shows signals that BCH bears are getting exhausted and a reversed MACd divergence suggests the bottom may be in and market trends seem to be on the verge of change. Order books indicate some thick resistance between the current vantage point and prices above $150. The bears will struggle between today’s spot prices and numerous areas of support until $95.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
BCH/USD on Kraken 4-hour on Feb. 16, 2019. Extremely tight Bollinger Bands at 10:30 a.m. EST.

Traders Still Speculating on the Next Bull Run

Last week’s run-up in prices had given some cryptocurrency traders a new breath of optimism but others still think it was just another dead cat bounce. Many digital asset traders are selecting positions and just hoping they found the right seats during this game of musical chairs. One trader who goes by the name “Financial Survivalism” on Twitter thinks BTC prices might drop considerably before a big reversal in his “Hyperwave” price analysis. The trader suggests that BTC could fall to $1,165 before a large jump to $10,000.

Markets Update: Crypto Traders Still Uncertain After a Week of Consolidation
Fiat-to-crypto money flow on Feb. 16, 2019.

Furthermore, Zhu Fa, the cofounder of Poolin, a China-based mining operation, believes the price of BTC will skyrocket 10–20x higher than its prior all-time high of $20,000. The Poolin cofounder thinks that BTC will be priced between $70,000 or 5 million yuan ($738,000). Other traders also believe the next big cryptocurrency bull run will be the last huge run-up and the crypto economy’s subsequent years of life will see much slower growth.

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

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


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Source: Bitcoin.com

Bursa Kripto Coinmama Diretas, 450.000 Data Pengguna Dipublikasikan

Dilansir dari CCN, Coinmama, salah satu bursa kripto terbesar di pasar global dengan 1,3 juta pengguna aktif, mengalami serangan keamanan pada 15 Februari 2019. Namun, tidak ada mata uang kripto seperti Bitcoin, Ethereum, dan Ripple yang dicuri dari dompet kripto pengguna Coinmama.

Pernyataan resmi bursa kripto itu mengungkapkan bahwa 450.000 alamat email dan password penggunanya bocor dalam serangan peretasan global besar-besaran. Serangan itu mengenai 24 situs web dan sekitar 747 juta catatan.

Tim Coinmama mengatakan, “Hari ini, 15 Februari 2019, Coinmama diberitahu ada daftar email dan hashed passwords yang diposting pada web registry gelap. Tim Keamanan kami sedang menyelidiki, dan berdasarkan informasi yang ada, kami percaya gangguan ini terbatas pada sekitar 450.000 alamat email dan hashed password milik pengguna yang mendaftar hingga 5 Agustus 2017. Ini muncul sebagai bagian dari serangan besar yang berdampak terhadap 24 perusahaan dan total 747 juta catatan pengguna.”

Coinmama bukan satu-satunya yang menjadi korban serangan keamanan terkait kripto. Beberapa platform yang paling banyak digunakan seperti aplikasi kencan populer Coffee Meets Bagel dan MyFitnessPal dilaporkan juga mengalami serangan yang sama.

Ketua tim peneliti IntSights, Ariel Ainhoren, mengatakan kepada TechCrunch bahwa sebelumnya kerentanan ini juga digunakan untuk membobol basis data beberapa platform skala besar. Sebagian besar situs yang terkena serangan menjalankan perangkat lunak basis data PostgreSQL. Jika peretas menemukan cara untuk menyusup ke dalam sistem basis data, peretas mengunduh data pengguna.

Lebih lanjut Ainhoren menjelaskan, “Kami masih menganalisisnya, tetapi bisa jadi peretas menggunakan kerentanan atau lubang keamanan yang ada dan tidak ditambal oleh perusahaan pemilik sistem, atau ada kerentanan yang sama sekali baru diketahui.”

Tidak ada username dan password yang bocor di web gelap itu digunakan peretas untuk mengakses dompet kripto pengguna. Karena Coinmama mengeluarkan pernyataan kepada penggunanya segera setelah rilis laporan di web gelap itu, sebagian besar pengguna dapat mengubah password-nya segera.

Namun, jika basis data Coinmama yang ditampilkan di web gelap itu diambil oleh orang yang berniat jahat maka bisa menyebabkan penarikan dana kripto tanpa hak dari dompet kripto pengguna. Itu dapat terjadi pada platform yang tidak menerapkan otorisasi dua faktor atau 2FA (two-factor authorization).

Tim Coinmama menyatakan bahwa dalam jangka pendek mereka akan memperkuat langkah-langkah keamanan platform Coinmama untuk mencegah akses tidak sah atas informasi dan dana pengguna.

“Kami akan menambahkan peningkatan berkelanjutan ke sistemnya untuk mendeteksi dan mencegah akses tidak sah ke informasi pengguna. Kami akan memantau setiap indikasi eksternal jika ada data yang dicuri sedang digunakan pihak lain, dan sistem memberi notofikasi kepada pengguna,” kata tim Coinmama.

Pelanggaran keamanan yang diduga terjadi pada basis data Coinmama ini terjadi pada saat kepercayaan terhadap pasar mata uang kripto sedang menurun karena kasus QuadrigaCX. Meskipun tidak ada dana yang dicuri sebagai akibat dari pelanggaran keamanan Coinmama, insiden tersebut dapat semakin memperburuk citra bursa mata uang kripto.

Dalam beberapa bulan terakhir, bursa aset digital dinilai memiliki platform dengan sistem manajemen internal dan pengendalian keamanan yang buruk, meskipun beberapa bursa mata uang kripto utama telah menetapkan standar industri.

Meningkatnya jumlah masalah terkait keamanan bursa cryptocurrency telah menambah kekhawatiran investor di pasar kripto, meskipun bursa utama seperti Coinbase, Binance, dan Gemini tidak mengalami pelanggaran keamanan atau serangan peretasan selama keberadaan mereka hingga saat ini.

Sumber: ccn.com

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Source: CoinDaily.co.id

Central Bank Digital Currencies Are a Trojan Horse for Bitcoin

Central Bank Digital Currencies Are a Trojan Horse for Bitcoin

Central bank digital currencies (CBDCs) and Bitcoin could scarcely be more different. One is permissioned, the other permissionless; one centralized, the other decentralized; one is censorable, the other censorship-resistant. Despite their dissimilarities, CBDCs might just be the best driver yet for Bitcoin adoption.

Also read: Mobile Gifting Platform Swych Announces Cryptocurrency Support

CBDCs Are the Best Thing That Could Have Happened to Bitcoin

When JP Morgan unveiled its eponymous stablecoin on Feb. 14, the sound of sniggering could be heard throughout the cryptosphere. Aside from the irony given CEO Jamie Dimon’s previous Bitcoin bashing, there was the notion, advanced by benighted mainstream media, that Jpmcoin, which runs on a permissioned ledger and settles transactions between JP Morgan banks only, presented a threat to Bitcoin.

“JPMorgan Just Killed the Bitcoin Dream” screamed one headline, prompting further sniggers from the crypto community. CBDCs and cryptocurrencies exist on parallel tracks that do not cross. The former serves as a type of stable digital currency that is issued and wholly controlled by banks. CBDCs share some characteristics of cryptocurrencies in facilitating fast and low-cost cross-border transfers, but the similarities end there.

The greatest threat these instruments present is not to cryptocurrencies such as Bitcoin, but rather to slow and inefficient settlement systems such as Swift. Last year, the former chair of the United States Federal Deposit Insurance Corporation, Sheila Bair, said CBDCs could have “severely negative consequences” for the “bank-dominated payments system.” CBDCs, including stablecoins such as Jpmcoin, may deleteriously affect the incumbent financial system as well as Ripple’s native cryptocurrency, but their impact on Bitcoin is likely to be positive.

Central Bank Digital Currencies Are a Trojan Horse for Bitcoin

How CBDCs Are Bullish for Bitcoin

The emergence of central bank digital currencies serves to legitimize and normalize digital currencies as the future of money. Within this broad context, any attention they receive helps to put further distance between Bitcoin and the tired “drugs, speculation, and tax evasion” narratives. Should CBDCs gain traction, however, people will quickly discover that they offer few improvements over the current financial system and come bearing several distinct disadvantages.

Digital currencies transferred via permissioned ledgers or pseudo-blockchains facilitate real-time tracking of customer spending at all times. Anyone deemed to be persona non grata, or even suspected of transacting with people deemed undesirables, is liable to have their funds frozen and account suspended. These provisions are already in place with the legacy financial system, but CBDCs will amplify the powers available to governments and regulators, with sophisticated forensics tools providing unprecedented insights into the spending habits and social behaviors of citizens.

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In a world of CBDCs, there will be no place to hide and no freedom to transact without being authorized by the powers that be. It’s easy to imagine a dystopian future, based on China’s social credit system, in which citizens are billed for their healthcare and screened for employment based on their purchase history and social circle. The rise of central bank digital currencies will also bring benefits, of course, such as lowering the cost and time involved with wiring money abroad. Given the notoriously siloed nature of financial houses, however, it would be optimistic to expect CBDCs to operate globally. Just like Jpmcoin, it is likely that there will be little to no interoperability with CBDCs, preventing these digital currencies from even realizing their limited potential.

As a rising tide raises all ships, increased adoption of digital currencies benefits Bitcoin. When users of central bank digital currencies tire of their limited functionality, lack of privacy, and susceptibility to censorship, they’ll come searching for an alternative means of sending money cheaply, quickly and permissonlessly and they’ll find Bitcoin. CBDCs make for poor digital currencies but are a great Trojan horse for Bitcoin.

Do you think CBDCs will benefit or threaten Bitcoin? Let us know in the comments section below.


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Source: Bitcoin.com

In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD

In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD

In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD

In the first edition of The Daily this weekend, we focus on a study estimating that 13 percent of people have used digital coins for payments. We also look at the latest financial report from Nvidia indicating losses due to falling demand for chips used in cryptocurrency mining. Lastly, a broker suspends its crypto CFD offering.

Also read: Coinbase Bug Bounty, Tradingview Crypto Dashboard, Bitfinex App Update

Report: 1 in 10 People Use Cryptocurrency for Payments

The popularity of cryptocurrency as a payment method has been increasing despite the falling price of digital assets over the past year. According to a recent study conducted by cybersecurity company Kaspersky Labs, 13 percent of those surveyed have already used crypto to make purchases.

In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD

Almost 13,000 people from 22 countries were surveyed. Commenting on the results, Vitaly Mzokov, head of verification at Kaspersky Labs’ Growth Center said:

Despite a fall in cryptocurrency prices, there is still a strong desire for digital transactions amongst consumers. Our consumer research has found that 13% of people have used cryptocurrency as a payment method, which was surprising to see.

The authors of the study also found that more and more businesses from various sectors such as retail and food services have started offering crypto payment options. For example, a growing number of food delivery platforms now accept cryptocurrency, as news.Bitcoin.com reported recently.

Nvidia Sees 24% Drop in Quarterly Revenue

Leading video card manufacturer Nvidia has announced a significant decrease in its quarterly revenue, which fell 24 percent to $2.21 billion from $2.91 billion a year ago. The figure is also down 31 percent from $3.18 billion in the previous quarter, the company reported. However, Nvidia also noted that for fiscal 2019, revenue was $11.72 billion, up 21 percent from $9.71 billion a year earlier.

In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD

The drop during the quarter that ended on Jan. 27 has been attributed largely to falling demand for chips used in cryptocurrency mining and gaming applications which weighed on the company’s earnings. Jensen Huang, chief executive officer of Nvidia, commented:

This was a turbulent close to what had been a great year. The combination of post-crypto excess channel inventory and recent deteriorating end-market conditions drove a disappointing quarter.

According to Nvidia’s founder, the company’s fundamental position and the markets it serves are strong, despite the setback. “The accelerated computing platform we pioneered is central to some of world’s most important and fastest growing industries – from artificial intelligence to autonomous vehicles to robotics. We fully expect to return to sustained growth,” he added.

The financial report details that in fiscal 2019 Nvidia returned $1.95 billion to shareholders through a combination of $1.58 billion in share repurchases and $371 million in quarterly cash dividends.

Mtrading Suspends Crypto Offering

Mtrading, a broker regulated in Belize, is suspending its cryptocurrency CFD offering. The decision comes in response to weak demand from clients. Traders with open positions in the affected assets now have a close-only feature, Finance Magnates reported. They will not be able to open new trades with cryptocurrency. According to the publication, the open positions on these instruments will be closed at the company’s market close price on Feb. 28.

In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD

“While we believe our trading conditions were very good for crypto trading, the demand for these instruments was not what we had anticipated. We still believe blockchain and cryptocurrency has a place in the future, but for now, better opportunities lie in more traditional instruments,” the company said. Like many other financial brokers, Mtrading started offering crypto-based products when the prices of digital assets were on the rise.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock.


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Source: Bitcoin.com

Post Office in Liechtenstein Now Sells BTC

Post Office in Liechtenstein Now Sells BTC

Post Office in Liechtenstein Now Sells BTC

The government-owned post office in Liechtenstein has begun offering a cryptocurrency exchange service. Initially, the post office in the capital city of Vaduz will sell BTC, with four more cryptocurrencies planned. The service is in partnership with Zug-based Värdex Suisse, the operator of “the largest crypto ATM network in Switzerland.”

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

Post Office Selling BTC

Liechtensteinische Post AG announced on Feb. 15 that it has begun selling BTC at the counter of the post office in the capital city of Vaduz. “In search of new business opportunities, Liechtensteinische Post AG has decided to offer a new exchange [service] of cryptocurrencies in its post offices,” Friday’s announcement reads. The Post elaborated:

After an introductory phase, the offer will be extended to other post offices and the exchange of additional cryptocurrencies … It will then be possible to change bitcoin (BTC), ethereum (ETH), litecoin (LTC), bitcoin cash (BCH) and ripple (XRP).

The announcement further notes that, after making a BTC purchase, customers will receive “a physical crypto wallet” which includes both the public and private keys.

Post Office in Liechtenstein Now Sells BTC

Founded in 1999, Liechtensteinische Post AG comprises nine post offices and three postal partners, according to its website. Prior to Dec. 31, 1999, the postal service of Liechtenstein, a country with approximately 38,000 people, was managed by Swiss Post, the national postal service of Switzerland which is a public company owned by the Swiss Confederation. Now Swiss Post owns 25 percent of Liechtensteinische Post and the government of Liechtenstein owns the remaining 75 percent.

Partnership With Värdex Suisse

Liechtensteinische Post explained that Swiss Post had always been in “the conventional money exchange business,” therefore “nothing is different” by adding cryptocurrencies to the existing service.

This new service is enabled through a partnership with Zug-based Värdex Suisse AG, a subsidiary spun off from Bitcoin Suisse AG at the end of 2017 in order to meet the growing demand for POS solutions, Liechtensteinische Post detailed.

Post Office in Liechtenstein Now Sells BTC

“Värdex is Switzerland’s largest, financially regulated blockchain and POS network operator,” the company describes itself. It is a member of the Financial Services Standards Association (VQF) and part of the Crypto Valley Zug community.

Its website also states that “Värdex Suisse is operating the largest crypto ATM network in Switzerland,” listing a total of 26 locations, all of which support BTC, ETH, and LTC. According to Coinatmradar, there are 48 cryptocurrency ATMs in Switzerland. Zurich has 13 machines, the most in the country, followed by Basel with six machines and Geneva with five. Other major ATM operators in the country are Bity with six locations and Bitc with 14 locations.

What do you think of Liechtensteinische Post selling cryptocurrencies at post office counters? Let us know in the comments section below.


Images courtesy of Shutterstock and Liechtensteinische Post.


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Source: Bitcoin.com