Russia Now Has a Registry of Whitelisted Crypto Companies

Russia Now Has a Registry of Whitelisted Crypto Companies

Russia Now Has a Registry of Whitelisted Crypto Companies

The Russian Association of Cryptocurrencies and Blockchain has created a registry of whitelisted companies that offer crypto-related products or services. Meanwhile, the bill to regulate cryptocurrencies in Russia has been delayed.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Whitelist of Crypto Firms

Russia Now Has a Registry of Whitelisted Crypto CompaniesThe Russian Association of Cryptocurrencies and Blockchain (RACIB) has created a whitelist of crypto companies. The list includes firms in the field of crypto mining, investment, marketing, legal, training, and initial coin offerings (ICOs).

Russia Now Has a Registry of Whitelisted Crypto CompaniesFrom early this year, legal entities and individuals in Russia have lost more than 270 million rubles [~US$4.3 million] from crypto-related investments organized by scammers and incompetent companies, RACIB detailed. The association has already started tracking unfair ICO projects and it hopes the registry will allow industry participants to find trustworthy partners in the space. RACIB elaborated:

The list of trusted companies will allow Russian and foreign market participants to base their work on trusted organizations and minimize the risk of fraud in the creation and development of Russian or foreign business in the field of mining, trading with cryptocurrency, blockchain technology and ICO.

Launched with 50 Companies

The association explained that the registry “consists exclusively of organizations that have undergone voluntary verification of reliability.” The criteria include “financial sustainability, experience and business reputation, lack of judicial judgments, availability of licenses and certificates (if necessary), [and] no arrears of taxes and fees.”

Citing that about 30 applicants are being verified, the association revealed:

At the moment, the registry includes more than 50 companies.

Russia Now Has a Registry of Whitelisted Crypto CompaniesThese companies are “trusted organizations which have already passed the verification procedure,” RACIB emphasized. Any legal entity in Russia wanting to be included can apply online. “The average period for document review is 10 days. At this time, third-party verification is not performed,” RABIC’s website states.

Additional testing and certification in three areas are already in the works, the association revealed. The first is a “certification for traders of crypto assets.” The second is a “certification for mining equipment suppliers” and the third is a “certification for mining farms.”

Russian Crypto Bill Delayed

The legal framework for the regulation of cryptocurrencies and ICOs in Russia is still in the preparation stage. The bill “On Digital Financial Assets” passed the first reading in the State Duma in May.

Russia Now Has a Registry of Whitelisted Crypto CompaniesLast year, Russian President Vladimir Putin ordered the regulation of cryptocurrencies and ICOs be finalized in July. However, Bankir wrote last week that the “consideration of draft laws on cryptocurrency was postponed to September.”

Elina Sidorenko, head of the State Duma’s interdepartmental working group responsible for a risk assessment on the turnover of cryptocurrencies, explained the delay in an interview with Hash Telegraph.

According to her, the Russian laws will be adopted after the “FATF [Financial Action Task Force on Money Laundering] standards are developed with respect to the risks of using cryptocurrency.” Without the FATF policies, it is difficult to adopt national legislation, she conveyed. The FATF draft document was expected to be considered at the session on June 27-29, “but in the end it was postponed to September,” Sidorenko detailed, elaborating:

Now in the State Duma there are several bills at once. And they are very different approaches to the definition of cryptocurrencies and tokens…The Central Bank believes that cryptocurrencies and tokens now do not have sufficient economic resources to function fully in free economic circulation.

What do you think of the Russian Association’s registry of whitelisted crypto companies? Let us know in the comments section below.


Images courtesy of Shutterstock and RACIB.


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The post Russia Now Has a Registry of Whitelisted Crypto Companies appeared first on Bitcoin News.

Source: Bitcoin.com

Why Governance is the Greatest Problem That Blockchains Must Solve

Why Governance is the Greatest Problem That Blockchains Must Solve

Why Governance is the Greatest Problem That Blockchains Must Solve

A chain is only as strong as its weakest link, and in a blockchain that link lies in the form of its founders. Getting nodes to achieve consensus is easy compared to the difficulty of getting humans to achieve consensus. The greatest challenge that new blockchains must solve isn’t speed or scaling – it’s governance.

Also readHave You Tried Blockchain 5.0 Yet? Nobody Else Has Either

Governance: Easy to Define, Hard to Achieve

There wasn’t much thought given to on-chain governance when bitcoin was created; Satoshi was too busy reinventing the wheel on several other fronts. But the arrival of bitcoin spawned a wave of blockchains, and with it, the first faltering attempts at introducing a means of reaching consensus between network users, over and above that attained by validating nodes.

Dash first popularized the concept of blockchain governance, which is achieved through the use of masternodes, whose operators can vote on budget proposals. Its system provides a simple means of reaching agreement among community members who are most heavily invested in the project. Scores of subsequent crypto projects, including many that don’t use masternodes, have since copied Dash’s governance model. Often, they’ll tack voting rights onto their token as a means of shoring up its weak use case, but not all projects are as slapdash or cynical with their approach to governance – some aim to genuinely innovate, and in doing so, to overcome the weaknesses that are inherent to human structures.

Why Governance is the Greatest Problem That Blockchains Must Solve

The Quest for Human Consensus

While bitcoin core has muddled on without any sort of governance, and is all the more decentralized for it, other blockchains have tried to enact more formalized systems of governance. The idea is that by enacting an efficient means of achieving consensus among token-holders, decisions can be made promptly, without sacrificing the decentralized principles that make blockchains so appealing in the first place.

When Tezos was birthed last summer, governance was one of its big selling points. Its protocol promised, “a formal process through which stakeholders can efficiently govern the protocol and implement future innovations”. The subsequent fallout between Tezos foundation members emphasizes the frailties of humans, whose squabbles and power struggles can stymie even the most well-intentioned of projects. Tezos’ off-chain failures, ironically, may have strengthened the case for its onchain system of governance.

Governance is a Tough Nut to Crack

As well-known crypto commenter Nic Carter mused, “Creating a cryptocurrency corrupts… creating a billion-dollar cryptocurrency corrupts absolutely.” Due to the huge economic incentives at stake, getting token-holders to act in the interests of the community, rather than fixating on their own pecuniary gains, is a tall order. Storecoin is a zero-fee, high throughput blockchain whose most interesting feature is not a technical one – it’s a human one.

Why Governance is the Greatest Problem That Blockchains Must SolveIts creator, Chris McCoy, explains: “For today’s public blockchains to move past prototypes and low usage dApps – to where entities trust a decentralized blockchain enough to process $10 million+ of utility-based daily transaction volume – blockchains need an enforceable rules engine that has no centralization of power, that key network participants trust, and that is censorship resistant. To shape the future of trade and commerce, blockchains need an enterprise-grade governance [model] that is trusted, enforceable, and reaches finality in a democratic process.”

Storecoin’s governance is inspired by the US constitution, with consensus on change, McCoy explains, “reached by four separate branches that check and balance each other on protocol-level, key people, and monetary policy decisions”. Another blockchain that relies on a constitution, EOS, has come in for flak, prompting its founder Dan Larimer to return to the drawing board to draft a new one. MakerDAO, meanwhile, has been conducting deep research into a “governance risk framework” that aims to diversify trust in trustless systems.

Why Governance is the Greatest Problem That Blockchains Must Solve

The history of cryptocurrency is littered with hard forks, acrimonious splits, exit scams, lawsuits, and public fallouts. The case for governance does not need to be overstated. But the means of achieving it is a complex task that has taxed some of the cryptoverse’s brightest minds. So long as humans are in charge, internecine conflict and greed will be inevitable. Blockchains can’t eliminate avarice, but that won’t stop their architects from trying their damnedest to divest protocols from the fallible humans who control them.

What blockchain do you think has the best system of governance? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and Storecoin.


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Source: Bitcoin.com

Major Korean Exchange Bithumb Expanding into Japan and Thailand

Major Korean Exchange Bithumb Expanding into Japan and Thailand

Major Korean Exchange Bithumb Expanding into Japan and Thailand

One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Expanding into Thailand

Major Korean Exchange Bithumb Expanding into Japan and ThailandBithumb is currently working on obtaining regulatory approval from the Thai Securities and Exchange Commission (SEC), local media reported Friday. The exchange is the second largest in South Korea at the time of this writing, with a 24-hour trading volume of about $358 million, behind only the Kakao-backed Upbit with a $582 million trading volume during the same time period.

The exchange has already established a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (~US$90,000). Zdnet quoted the company explaining the reason for its expansion into the Thai market:

Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.

Thailand has recently finalized its regulatory framework for cryptocurrencies and initial coin offerings (ICOs). Bithumb has been building its Thai website, the publication added, noting that it plans to start service in Thailand at the end of October.

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Thailand’s website. Photo: Zdnet.

Expansion into Japan

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Japan’s website. Photo: Zdnet.

Japan legalized cryptocurrency as a means of payment in April of last year. All companies seeking to operate an exchange in the country must obtain approval from the country’s top financial regulator, the Financial Services Agency (FSA). However, with the hack of Coincheck in January, the FSA has been strengthening its oversight of crypto exchanges and imposing a stricter exchange approval process.

Nonetheless, Bithumb is seeking approval from the FSA with a plan to open an exchange in Japan in February next year, the news outlet conveyed. The exchange also revealed that “it plans to set up an exchange that supports the largest number of coins in Japan,” the publication noted.

Global Expansion Plan

Major Korean Exchange Bithumb Expanding into Japan and ThailandEarlier this year, Bithumb announced that it is looking for partners for its global expansion. The exchange says it will work closely with overseas partners to launch platforms that are faster and more efficient for traders worldwide.

Projects which Bithumb will collaborate with potential partners include “cash (deposit/remittance/debit) management processing, the operation of an exchange platform, [and] marketing & promotion and customer service,” the exchange detailed. According to the announcement:

Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.

According to Money Today, Bithumb has also established a subsidiary in Singapore and Britain. “We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined,” the exchange clarified.

In April, the third largest crypto exchange in South Korea, Coinone, announced its expansion into Indonesia.

What do you think of Bithumb expanding into Thailand and Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Zdnet.


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Source: Bitcoin.com

BCH Roundup: Steady Development, Market Uptrends, and New Apps

BCH Roundup: Steady Development, Market Uptrends, and New Apps

BCH Roundup: Steady Development, Market Uptrends, and New Apps

The anniversary of the blockchain split that took place on August 1, 2017 is just two weeks away. Over the past few months Bitcoin Cash (BCH) infrastructure support and development has been exponential, while BCH proponents have also seen a bunch more announcements during the second week of July.

Also read: Have You Tried Blockchain 5.0 Yet? Nobody Else Has Either

The Bitcoin Cash Network Has Seen Massive Infrastructure Support and Steady Development Over the Last Year

A lot has changed since August 1, 2017, and in two weeks the Bitcoin Cash community will be celebrating the blockchain split. As of today, the BCH chain has seen over 60,000 blocks mined since the first hard fork, and since then the network has seen two more upgrades. The first upgrade changed the decentralized currency’s Difficulty Adjustment Algorithm (DAA), and the second fork upgraded the block size from 8 MB to 32 MB. Further, the BCH developers re-enabled a few Satoshi OP_Codes and increased the data carrier size which added a bunch of new features to the protocol.

BCH Roundup: Steady Development, Market Uptrends, and New Apps

The Fourth Largest Market Capitalization and the Fifth Highest Trade Volumes

Since the DAA was fixed, the BCH chain’s difficulty has been running perfectly and on July 15 the chain is operating at 12.69% of the bitcoin core’s (BTC) difficulty. Markets have done extremely well over the past year as well. BCH was averaging $300 per coin during its first week, now the token is worth $726 seeing a 142 percent increase. The digital asset commands a whopping $12.4Bn market valuation and with $320Mn traded over the past 24-hours, which puts BCH at the fifth position out of 1600+ other coins by trade volume. The top five BCH exchanges today include Coinex with $55Mn in volume, Okex with $40Mn, Binance – $33Mn, Hitbtc – $29Mn, and – Rightbtc -$24Mn. The top currencies swapped with BCH includes tether (USDT 48%) followed by bitcoin core (BTC 35%), USD (6.7%), ETH (3.7%), and KRW (2.4%). BCH markets are seeing some recovery since last week and are up 3 percent over the last 24-hours.

BCH Roundup: Steady Development, Market Uptrends, and New Apps
Bitcoin cash (BCH) markets are seeing some recovery since last week’s dip on July 15, 2018.

This Week’s Bitcoin Cash News and Developments

A lot has happened in within the BCH ecosystem this week. For instance, the highly anticipated privacy-centric BCH mixing platform Cash Shuffle has seen steady development and a stable release should be launched soon. The firm Robinhood added bitcoin cash support this week – adding another infrastructure provider to the massive list of apps that have implemented BCH. Bitcoin Cash supporters will be pleased to hear that Bitcoin XT has released its J version and OSX binaries are back. Furthermore, the developer Unwriter has launched another platform called Chaintrend.org. The app is a powerful OP_Return trend analytics engine with a simple JSON query language powered by bitdb.

BCH Roundup: Steady Development, Market Uptrends, and New Apps
The developer Unwriter launches Chaintrend.org. Demos are available for people to use to test the app.

In other news, we recently reported on a project called Bitreon that was supposed to be a Patreon-like application that uses bitcoin cash. Unfortunately, there were some discrepancies with the creator of the project and a particular donor. It seems the creator of Bitreon refuses to refund the donor’s funds and the Bitreon founder states that his platform will still launch in a couple of weeks. Even though he denies any wrongdoing the BCH community doesn’t seem too pleased with the situation and how he’s chosen to deal with the donor.  

BCH Proponents Believe the Future Looks Bright

Besides the disappointing Bitreon rumors, there have been a lot of positive things happening across the Bitcoin Cash ecosystem overall, and BCH proponents are looking forward to the upcoming anniversary. On August 15, the community will likely find out what the next upgrade will feature as the November 15th hard fork software should be completed by then. Bitcoin ABC also plans to launch the finished stable 0.18 version of the ABC-client on October 15 – which will contain the necessary code changes for the hard fork. Bitcoin cashers have a lot to look forward to over the next few months and most of the decentralized currency’s supporters are pleased with the current direction.

What do you think about the latest events and announcements taking place within the Bitcoin Cash environment? Let us know your thoughts on this subject in the comment section below.


Images via Pixabay, Bitcointalk.org, Chaintrend, and Satoshi Pulse. 


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Source: Bitcoin.com

Australian Firms Partner to Provide Crypto Custody Services

Australian Firms Partner to Provide Crypto Custody Services

Australian Firms Partner to Provide Crypto Custody Services

Decentralised Capital, an Australian advisory firm “specializing in blockchain assets” and “asset management services,” has announced a partnership with Custodian Vaults, an Australian private vaulting company, to offer insured cryptocurrency custody services to the Australasian market.

Also Read: Have You Tried Blockchain 5.0 Yet? Nobody Else Has Either

Decentralised Capital and Custodian Vaults Partner to Provide Cryptocurrency Custody Services

Australian Firms Partner to Provide Crypto Custody ServicesIt has been announced that Decentralised Capital and Custodian Vaults are teaming up to provide insured cryptocurrency custody services in the form of what the companies are describing as Australia’s first insured cryptocurrency vault

According to According to Australian Financial Review, Stephen Moss, Decentralised Capital’s founder and the son of former Macquarie Bank property chief, Bill Moss, described the project as seeking to provide “a solution for the next phase of the industry” adding “it gives real security […] You can’t hack your way into the safe.”

Mr. Moss emphasized that his company is hoping to ride the cryptocurrency boom for the long-haul, stating:”In my opinion bitcoin will not be remembered as the bubble, but the pin. While the short-term future of bitcoin may be debatable, the blockchain and its benefits are not.”

The founder of Decentralised Capital stated that “the new vault provide[s] customers [with] direct access to their holdings and combined physical surveillance, biometric identification, pin codes, CCTV monitoring, alarm and fire control systems.” Additionally, the vault premises “also house a private Wi-Fi room to allow cryptocurrency transfers in and out.”

Custody Services Aimed at Crypto High Rollers

Australian Firms Partner to Provide Crypto Custody ServicesThe companies’ vault services will is expected to predominantly target institutional and wealthy investors, in addition to cryptocurrency exchangers and issuers of initial coin offerings. Mr. Moss has stated that the digital currencies held in the companies’ possession insured, however, did not provide the insurance provider’s name.

Janie Simpson, the director of Pallion – a precious metals firm that owns Custodian Vaults, described the company’s decision to enter into the cryptocurrency custody industry as having been spurred by growing customer demand.

“While traditionally we have offered secure vault services for clients storing precious metals and other assets, we are increasingly receiving interest from clients searching for solutions to store cryptocurrency,” Mrs. Simpson said.

Do you feel that cryptocurrency investors are in need of a greater array of custodianship services? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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Source: Bitcoin.com

Chile Appeals Court Rules in Favor of Crypto Exchange Against Bank

Chile Appeals Court Rules in Favor of Crypto Exchange Against Bank

Chile Appeals Court Rules in Favor of Crypto Exchange Against Bank

In an ongoing dispute between banks and cryptocurrency exchanges in Chile, an appeals court has finally ruled in favor of one crypto exchange against one of the largest banks in the country. Five major banks have also separately responded to lawsuits against them in court.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Court of Appeals Ruling

Chile Appeals Court Rules in Favor of Crypto Exchange Against BankThe Fourth Chamber of the Court of Appeals of Santiago has ruled in favor of cryptocurrency exchange Orionx against Banco Estado for closing its account, local media reported. The ruling, which orders the only government-owned bank in Chile to reopen the exchange’s account, was published on Thursday.

The court decided that the bank’s action constitutes “an arbitrary and illegal action, which constitutes a deprivation of the right protected by Article 19 No. 2 of the Political Constitution of the Republic, that is, the right to equality before the law,” La Tercera quoted the ruling.

Chile Appeals Court Rules in Favor of Crypto Exchange Against BankBy closing the exchange’s account, the bank is preventing Orionx “from developing an activity that, although not regulated, does not prevent the bank from adopting less intensive security measures such as the development of effective monitoring and control programs before the final closure of the account,” Emol news outlet cited the ruling. The publication elaborated:

The document refers to breaches of contract and the impossibility of Banco Estado to determine that Orionx engages in money laundering with the currencies with which it operates.

While acknowledging the risks associated with crypto transactions, the court explained that businesses using them “as new forms of investment and payment…cannot necessarily be identified with the commission of criminal acts.”

Banks Responding to Lawsuits

A few lawsuits have been filed against the country’s major banks with the Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia).

Chile Appeals Court Rules in Favor of Crypto Exchange Against BankOrionx sued six major banks last month for abusing their power and quashing its crypto payment business. Previously, another crypto exchange, Buda.com, filed a lawsuit against ten banks for closing its accounts and well as the accounts of another local crypto exchange, Cryptomkt. The antitrust court subsequently ordered three banks, including Banco Estado, to reopen the crypto exchanges’ accounts while the lawsuit is still pending.

On Friday, Diario Financiero reported that five banks have responded to the lawsuit against them before the TDLC. The banks are Santander, Banco de Chile, Banco de Crédito e Inversiones (Bci), Scotiabank, and Itaú. The exchanges allege that they abused their dominant position when they either closed the accounts of or denied opening them for crypto exchanges.

Santander wrote in its response letter that “the use of a current account would not be essential for the digital currency traders,” the publication conveyed.

Banco de Chile responded:

The closing of Cryptomkt’s current accounts is not based on the alleged danger of the activity carried out by the plaintiff or because it is not regulated by the authority, but…in the absence of concrete information that allows Banco de Chile to develop the due diligence in the matter of money laundering, since it is required to justify the transactions in the current accounts.

Bci denied any abuse of a dominant position, stating that it would be difficult to do so because crypto “is a practically decentralized market, with a large number of actors, according to public information available.”

What do you think of the Appeals Court’s ruling? Let us know in the comments section below.


Images courtesy of Shutterstock and Orionx.


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Source: Bitcoin.com

One Guy Controls the Lightning Network’s Biggest Node

One Guy Controls the Lightning Network’s Biggest Node

One Guy Controls the Lightning Network's Biggest Node

BTC supporters were elated to discover recently that the Lightning Network’s (LN) capacity had spiked by 216 percent in just one day. Some individuals suspected the Build on Bitcoin conference had sparked more LN interest. However, onlookers have found the spike was due to a single node created by the owner of Shitcoin.com. According to LN explorers, the node holds more than 49 percent of the Lightning Network’s total funds.

Also read: Study Finds Cryptocurrency Rebalance Portfolios Outperform ‘Hodling’

Everyone is Talking About One Node That Holds More Funds Than 49% of the Entire Lightning network

One Guy Controls the Lightning Network's Biggest Node

There’s a new Lightning Network node on the block that has BTC supporters in a frenzy trying to figure out why one person has so much money on this nascent network. At the time of writing the so-called “≡ƒÆ⌐LN.SHITCOIN.COM≡ƒÆ⌐” holds 35.24 BTC or $220,000 USD. The node is operated by Andreas Brekken, the owner of Shitcoin.com who has detailed he plans on doing a review of the Lightning Network. Brekken’s Shitcoin.com reviews a wide variety of cryptocurrencies like IOTA, Tron, EOS, and Dash.

Brekken’s node is massive compared to the rest of the nodes across LN and on July 14 the node operator stated to his Twitter followers:

To make the Lightning Network truly decentralized, we must first become the Lightning Network.

One Guy Controls the Lightning Network's Biggest Node One Guy Controls the Lightning Network's Biggest Node

Supporters Afraid the Node May “Reduce People’s Trust in the Lightning Network”, While Some Are Using the Node for Routing, Even Though They “Don’t Trust the Guy” Operating It

Of course, LN supporters had a lot to say about Brekken’s node as some believed it was just an expensive marketing attempt for his review website. Some users even argued that Brekken might try to attempt some sort of “attack.”

One Guy Controls the Lightning Network's Biggest Node

“If he could somehow crash or reduce people’s trust in the Lightning Network, that would be a plus for his side,” explains one Reddit user. Oddly enough, one user explained that even though he didn’t trust Brekken, he’s been using the node for liquidity.

“I opened a channel with this node — it routes payments very well (loads of liquidity),” reveals another Reddit user.

I will not be receiving (only spending) via this channel as I don’t trust this guy — If you spend only — there is no need for watchtowers, or zero risk to your money.

All Eyes on One Node

Brekken hasn’t disclosed when his official LN review will be published or what type of testing he has been doing. Just recently he revealed how much money he’s made so far from routing, which turned out to be around $0.028 USD worth of BTC. It’s likely Brekken will follow through with a detailed review, but in the meantime, it’s safe to say many bitcoiners will be watching this node closely.

What do you think about the Shitcoin.com node on the Lightning Network? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Twitter, Recksplorer, and Shitcoin.com.


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Source: Bitcoin.com

Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally

Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally

Markets Update: HODLers Pray for Higher Lows, Prospective Coinbase Listings Rally

The BTC markets are currently attempting to establish a higher low above $6000 after failing to break above resistance at $6800 at the end of June, whilst BCH appears to have bounced off the critical support area of $600 – $650 for the second time in 2018. In recent altcoin market action, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX) have produced gains of roughly between 10% and 20% after Coinbase confirmed on the 14th of June that it is currently “exploring” listing said markets.

Also Read: Australian Bank Bans Use of Mortgage Funds for Crypto Speculation 

BTC Rangebound Between $5800 and $6800

Since gaining 18% from the 29th of June low of approximately $5800 to the local high of roughly $6840 on the 7th of July, the BTC markets have retraced by over 8% during the last seven days – with current prices hovering at approximately $6250.

Market sentiment is mixed, with price action currently testing a key support level on the daily charts after failing to break above the significant resistance area of approximately $6800, however, appearing to produce what could turn into an inverse head and shoulders formation – should support at $6200 hold, thus producing a higher low.

Looking at the stochastic RSI, one can see that both the 1-week, 1-day, and 12-hour charts appear heavily oversold – with the stoch RSI below the 20 threshold, whilst the 3-day chart is showing a retrace from a test of the 80 threshold.

BCH Markets Retrace Heavily in Recent Weeks

As of this writing, the BCH markets are sitting at approximately $700 after testing the critical support area of roughly $650 earlier this week.

Looking at the weekly charts, the markets have produced three weeks of sideways consolidatory action after losing nearly 60% of its value over the course of the preceding seven weeks.

When measuring against BTC, Bitcoin Cash currently appears to be forming a green doji candle after five consecutive weeks of downward momentum. As of this writing, BCH is trading for roughly 0.1125 BTC

Coinbase Considers Adding Five New Cryptocurrencies

Major exchange and cryptocurrency unicorn, Coinbase, has published a blog post announcing that it is currently “exploring the addition of several new assets” – specifically Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). The news produced sharp bullish momentum across the aforementioned markets – with the fiat-value of said cryptocurrencies all posting quick gains of between roughly 10% and 20%.

The company states that it “will be working with local banks and regulators to add them in as many jurisdictions as possible,” adding that “Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.”

The exchange claims to have announced the new prospective listings “internally at Coinbase and to the public at the same time,” emphasizing its intention to “remain transparent with [its] customers about support for future assets.”

Coinbase also notes that its “listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet,” elaborating that “We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.”

Markets React to News of Prospective Listings

Despite Coinbase emphasizing that it “cannot commit to when or whether these assets will become available at this time,” the announcement of the prospective listings caused sudden bullish surges of over 9.5% across each of the cryptocurrency markets in question. Whilst each market currently appears to be consolidating, it is not yet clear as to whether the upward moves will evolve into meaningful longer-term rallies, or fail to produce anything more than short-term spikes.

The seventh-ranked cryptocurrency by market capitalization, Stellar, quickly gained 9.5% from approximately $0.1847 to $0.2023 in less than two and a half hours. When measuring against BTC, the markets gained from 2794 satoshis to 3244 satoshis. As of this writing, Stellar has a market capitalization of $3.76 billion, and is trading for $0.2 and 3209 satoshis.

Stellar, Coinmarketcap, Jul 8th – Jul 15th

Cardano, the eighth largest cryptocurrency by market cap ($3.5 billion), enjoyed a sudden gain of 11.5% from roughly $0.1265 to $0.1411 following Coinbase’s announcement. When measuring against BTC, the markets gained from 2036 satoshis to 2270 satoshis in just half an hour. ADA is now consolidating at approximately $0.1363 and 2185 satoshis.

Cardano, Coinmarketcap, Jul 8th – Jul 15th

Zcash, the twenty-first largest cryptocurrency with a market capitalization of $754.5 million, gained 17.5% from $157.5 to 185.1 and from roughly 0.02536 BTC to 0.02977 BTC in half an hour following the news of the possible Coinbase listing. As of this writing, ZEC is trading for approximately $173.4 and 0.02774.

Zcash, Coinmarketcap, Jul 8th – Jul 15th

0x, the twenty-fifth largest cryptocurrency by market capitalization ($521 million), responded with 15% bounce from approximately $0.87 to $1.00 and 0.0001395 BTC to 0.0001614 BTC over the course of two hours. ZRX is now trading for roughly $0.974 and 0.00015 BTC.

0x, Coinmarketcap, Jul 8th – Jul 15th

Basic Attention Token, the thirty-seventh largest cryptocurrency market with a total capitalization of $334.3 million, produced the strongest bounce of the markets confirmed to be in consideration for a Coinbase listing. BAT gained 19.3% from roughly $0.2777 to $0.3314 and 4464 satoshis to 5335 satoshis over the course of one and half hours, before producing a secondary high of $0.3403 and 5466 satoshis three hours later.

Basic Attention Token, Coinmarketcap, Jul 8th – Jul 15th

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Source: Bitcoin.com

Indian Central Bank Justifies Its Crypto Stance – Outlines Key Areas of Concern

Indian Central Bank Justifies Its Crypto Stance – Outlines Key Areas of Concern

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of Concern

The Reserve Bank of India has justified its crypto banking ban to an industry group which has been trying to convince the central bank to ease crypto restrictions. In response, the central bank outlines key areas of concern and upholds its stance on crypto.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

RBI’s Main Concerns

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of ConcernIndia’s central bank, the Reserve Bank of India (RBI), has divulged key areas of concern regarding cryptocurrency. The communication is in response to a representation submitted by the Internet and Mobile Association of India (IAMAI). The document was sent to the central bank during the Supreme Court hearing of IAMAI’s petition against the crypto banking ban.

While RBI’s response cannot be made public, some industry participants have seen it and have discussed its content.

A source who has seen the document told news.Bitcoin.com that RBI told IAMAI it is particularly concerned about investor protection, cryptocurrencies’ lack of intrinsic value, and their anonymity, which could lead to money laundering.

Investor Protection

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of ConcernSohail Merchant, CEO of crypto exchange Pocketbits, commented on RBI’s response, stating that “all the basis of their arguments is ‘Investor Protection’.”

Nischal Shetty, CEO of crypto exchange Wazirx, concurred. “Some of the arguments seem to be around investor protection,” he noted, adding that “but investor protection comes with regulation and not a ban!”

Other crypto exchanges also agree that a ban is not the way to protect investors. Praveen Kumar, CEO of crypto exchange Belfrics, was quoted by Quartz:

By limiting transactions via bank accounts and allowing more cash-related transactions, RBI is allowing more people to get duped…Instead, they need to regulate the exchanges and lay down guidelines that can help prevent these frauds.

In addition, the source shared with news.Bitcoin.com that, “exchanges have been hacked globally and that worries them.”

There has been a rise in crypto-related scams in India. Even BJP party leaders have been accused of being involved in a bitcoin scam. Recently, the Indian state of Maharashtra announced that it is setting up a special investigative unit to investigate all crypto-related cases.

No Intrinsic Value

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of ConcernThe central bank is also concerned that “cryptos have no intrinsic value,” the source added.

RBI’s view reiterates the statement issued by the country’s finance ministry in December last year. Aimed at warning people of the risks of investing in cryptocurrencies, claiming that they are “like Ponzi schemes,” the statement reads:

VCs [virtual currencies] don’t have any intrinsic value and are not backed by any kind of assets. The price of bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in ponzi schemes….

Anonymity of Crypto

The third major factor of concern for RBI is the “anonymity of crypto leading to money laundering,” the source noted.

However, exchanges argue that strict adherence to know-your-customer (KYC) norms would prevent money laundering, Quartz elaborated and quoted them clarifying, “all transactions are usually carried out via bank account transfers to keep a tab on the money trail.”

India is also not the only country concerned about the anonymity of crypto. Japan, where cryptocurrency is a legal means of payment, is another. The country’s top financial regulator has reportedly been pressuring exchanges such as Coincheck, which was hacked in January, to drop privacy coins.

What do you think of RBI’s concerns? Let us know in the comments section below.


Images courtesy of Shutterstock and the Indian government.


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The post Indian Central Bank Justifies Its Crypto Stance – Outlines Key Areas of Concern appeared first on Bitcoin News.

Source: Bitcoin.com

What Does the Future Hold for Augur’s Prediction Market?

What Does the Future Hold for Augur’s Prediction Market?

What Does the Future Hold for Augur’s Prediction Market?

Following great delays and great fanfare, Augur’s decentralized prediction market has launched. One week on, an examination of the sort of wagers it’s attracted shows the ways in which the Ethereum-based project can be harnessed as well as the potential hazards. How decentralized is Augur and, if push came to shove, could the platform prove that it is truly censorship resistant? The fate of Augur may hinge on the outrageousness of the predictions its users place.

Also read: Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered

The Market That Was Three Years in the Making

What Does the Future Hold for Augur’s Prediction Market?Long before the ICO meme hit peak velocity, there was Augur. The project held its crowdsale back in 2015, raising $5 million, a figure that looks modest by today’s standards. Tokens were issued at $0.6 apiece, which is a snip given their current price of $29 – and Augur’s native REP token has reached more than twice that price at its peak. Building a decentralized prediction market powered by smart contracts is as difficult as it sounds. Even so, no one expected it to take until mid 2018 for Augur to launch.

As of last week, Augur has been live, enabling the masses to post predictions and to sell shares in the outcome of the event coming to pass. The higher the price of the share, the likelier the particular outcome is. Officially, Augur relies on the wisdom of the crowd. Unofficially, it’s a form of unlicensed gambling. The legality of Augur and its ability to circumvent censorship has become a hot topic. Should the US, where the project is based, take exception to the nature of its business model or to the iniquity of certain predictions, it could pressure the founders into winding up their operations. While there’s nothing to suggest that Augur’s in trouble, one morbid prediction could be all it takes.

What Does the Future Hold for Augur’s Prediction Market?

Predictions for Good, Predictions for Bad

In its first week, Augur has seen some interesting predictions placed, ranging from the predictable to the meta.

What Does the Future Hold for Augur’s Prediction Market?

As a “decentralized” project that is reliant on a web domain hosted on a centralized server, Augur is no more decentralized than Cryptokitties. Shut down the site and you would effectively shut down the platform, even if it could be ported to an alternative domain. Working within the constraints of the web in its extant form, however, Augur is decentralized in the sense that no one can stop the flow of ether and REP tokens that lubricate its market, and no one can stop its code from being cloned. As with any crypto project that has clearly defined leadership, however, a subpoena from the US government is likely all it would take to send Augur on an extended hiatus.

What Does the Future Hold for Augur’s Prediction Market?

There is nothing to suggest the US gov has its sights set on making life hard for Joey Krug and his Augur colleagues, just as there’s nothing to suggest that the team would wind down or censor their project without a fight. But with a marketplace where it’s possible to place any sort of prediction and then to profit from it coming true, the potential for abuse doesn’t need spelling out. As crypto commenter Matt Odell noted, assassination and terror attack markets are just two of the possible applications for Augur.

In that respect, Augur elicits memories of a deep web site called The Assassination Market. Like many supposed darknet sites, it was probably a hoax, but its premise wasn’t so far removed from Augur. Operating under the slogan “We close governments”, The Assassination Market explained its methodology as follows:

1. Someone adds a name to the list along with some information.
2. People add money to the dead pool.
3. Other people predict when that person will die, but the content of the prediction stays hidden until after the fact.
4. Correct predictions get the pool.

In other words, there was a monetary incentive to kill public figures. It seems unlikely that anyone would predict a presidential assassination just to claim a few ether from Augur, but it’s an interesting possibility. Until the platform’s been stress-tested to the limits, we won’t know what it’s capable of and what abuses it can withstand. For the sake of all decentralized markets in, the future of Augur is worth watching.

Do you think Augur will be able to withstand attempts to shut it down? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter and Augur.


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The post What Does the Future Hold for Augur’s Prediction Market? appeared first on Bitcoin News.

Source: Bitcoin.com