Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

If there are two things a bear market’s good for, it’s building and memeing. Your portfolio might be down, but if you’re anything like crypto Twitter, your meme bank will be filled to overflowing with riches. Bloody markets make for marvelous memes.

Also read: Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails

Bears Everywhere

Cryptocurrency Memes: The Only Assets That Can Survive a Bear MarketTwelve months ago, media outlets such as news.Bitcoin.com were running low on stock images of bulls to accompany stories of BTC hitting new all-time highs. One year on and it’s bears we’re running low on. Thankfully, internet image boards and Telegram channels are a ripe repository of the sort of bears last seen in childhood cartoons, now repurposed to suit the market we find ourselves in.

Do our memes reflect the mood of the markets or do the markets reflect the mood of our memes? Perhaps if we all shared more bulls in our cryptocurrency trading groups the good times would return.

Hide the Pain

While market downturns can be good for germinating new memes, they’re also good for resurrecting old ones. Hide the Pain Harold sticker sets have been seeing heavy usage on Telegram ever since BTC dropped below $6,000.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

NPC

2018’s defining meme has undoubtedly been the non-player character (NPC). It’s been used mercilessly throughout the cryptocurrency space to mock opponents, with the Blockstream/Bitcoin Core Telegram pack one of the finest sticker collections currently doing the rounds.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

Sergey and the Singularity

Some crypto memes are too arcane to explain. Quite why posters on 4chan’s /biz/ messageboard have fixated on the CEO of oracle project Chainlink doesn’t matter. Nor does it matter why they’re hoarding LINK in anticipation of an event dubbed The Singularity that’s supposedly going to make them stupidly rich. All that matters is poor Sergey Nazarov has been memed mercilessly, albeit for all the right reasons – namely humor and awareness by his devoted band of Link Marines.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

ICO Bingo

You’ve probably already seen the bagholder bingo card:

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

In a week where the SEC laid the banhammer on a brace of ICOs, it seems the perfect time to share bagholder bingo’s sister card – ICO bingo:

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

Finally, no matter how rekt your portfolio might be, remember – it can always get rekter.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

What are your favorite crypto memes of the moment? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market appeared first on Bitcoin News.

Source: Bitcoin.com

Major Venezuelan Department Store Chain Accepts Cryptocurrency

Major Venezuelan Department Store Chain Accepts Cryptocurrency

The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies.

Also Read: Coinbase Ventures Backs Home Crypto Mining Startup Coinmine

Traki Accepts Cryptocurrency Payments

Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.

According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).

https://platform.twitter.com/widgets.js

Show of Support by Crypto Community

Major Venezuelan Department Store Chain Accepts CryptocurrencyDue largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund.

The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on.

On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need.

Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Major Venezuelan Department Store Chain Accepts Cryptocurrency appeared first on Bitcoin News.

Source: Bitcoin.com

Cryptocurrency Markets Consolidate Near 2018 Low

Cryptocurrency Markets Consolidate Near 2018 Low

Cryptocurrency Markets Consolidate Near 2018 Low

The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on Nov. 15. Meanwhile, XRP has again overtaken ETH to rank as the second largest cryptocurrency by market capitalization.

Also Read: Crypto Exchange-Traded Product Live on Swiss Stock Exchange Next Week

Fork Drives New All-Time Price Lows for BCH

In the days leading up to the fork, BCH was trading within an approximately 6% range between $500 and $530. Support at the $500 area then broke at around midday on Nov. 15th, with the price crashing as low as $350 on Bitstamp. On Bitfinex, BCH spiked down to $250, before BCH trading was halted on the platform in the run-up to the fork.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/USD – Bitstamp – 1HR

In the days since the fork, BCH has predominantly traded within a 10% range of between $375 and $410. The aggressive sell-off has seen BCH lose over 35% of its value against the dollar in just 12 days, although this can be attributed to some of BCH’s value being assigned to the minority SV chain that forked off.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/USD – Bitstamp – 1D

When measuring against BTC, BCH established a new low of 0.046 BTC on Bitstamp after the markets broke below resistance at 0.066 BTC. Since Nov. 6th, BCH has lost approximately 45% of its value when measuring against BTC.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/BTC – Bitstamp – 1D

Bitcoin cash is currently the fourth largest cryptocurrency by market cap with a total capitalization of $6.67 billion.

BTC Consolidates Below $6,000

Markets Update: Bitcoin Markets Consolidate Near 2018 LowLooking at Bitfinex, BTC experienced heavy selling pressure starting from approximately 4 a.m. on Nov. 14 when the markets began to test support at approximately $6,400. After a short period of consolidation, the markets then fell 9.5% from $6,460 to approximately $5,850 in less than three hours.

24 hours of sustained selling pressure then drove prices to set an annual low of $5,432 on Nov.15, before a sharp bounce found resistance at approximately $5,750. The aggressive sell-off saw the price of BTC drop approximately 15% in a single day. Since then, BTC has consolidated within a tight range of less than 5%, with prices hovering between $5,550 and $5,750.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BTC/USD – Bitfinex – 1HR

On Bitstamp, the dump saw BTC lose 16% in 24 hours, falling from approximately $6,210 to set an annual low of $5,200. Since then, BTC has hovered between $5,400 and $5,600. BTC currently has a market cap of roughly $97.25 billion.

Ripple Boasts Largest Altcoin Market Cap

Markets Update: Bitcoin Markets Consolidate Near 2018 LowXRP has again overtaken ETH to rank as the second largest cryptocurrency by total capitalization, a position it has held since Nov. 15 as of this writing. XRP currently has a market cap of $20.6 billion.

When measuring against USD, XRP has fully recovered from its 16% crash that transpired on Nov. 15, with prices currently hovering at roughly $0.517.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
XRP/USD – Bitfinex – 1HR

When looking at XRP/BTC, the Nov. 15 sell-off appears to have formed an inverse head & shoulder pattern on the hourly chart, priming the markets for the Nov. 16 breakout that has driven the price of ripple up to test resistance at 0.000093 BTC in recent hours.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
XRP/BTC – Bitfinex – 1HR

ETH/BTC Sees Low Volatility

Markets Update: Bitcoin Markets Consolidate Near 2018 LowWhen measuring against BTC, ethereum has held relative stability in recent days, with the Nov. 15 dump trading within a tight range.

As of this writing, ETH is testing support at 0.0325 BTC, with the current price action appearing to follow roughly two months of sideways consolidation following May through July’s heavy selling pressure.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
ETH/BTC – Bitfinex – 1D

When measuring against USD, the Nov. 15 sell-off drove an approximately 17% drop in the price of ethereum once support at $210 broke. After bouncing off a low of $170, ETH has since consolidated between $175 and $185.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
ETH/USD – Bitfinex – 1D

Ethereum is currently the third largest cryptocurrency by market cap with a capitalization of $18.17 billion.

Do you think the markets have posted their lowest position for 2018 or is more selling pressure imminent? Share your thoughts in comments section below!


Image courtesy of Shutterstock, Tradingview


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post Cryptocurrency Markets Consolidate Near 2018 Low appeared first on Bitcoin News.

Source: Bitcoin.com

Smart Contract Developers May Be Held Liable by the SEC

Smart Contract Developers May Be Held Liable by the SEC

Smart Contract Developers May Be Held Liable by the SEC

Nick Szabo invented them but has reservations about what they’ve become. Vitalik Buterin adopted them but now regrets using their name. Dangerous when coded badly, and powerful when used intelligently, smart contracts have become a critical component of the cryptoconomy. Their code serves as the bond that glues the tokenized ecosystem together. Now, just to add further complexity, the SEC has begun monitoring smart contracts and their creators closely.

Also read: The Cobo Vault Hardware Wallet Will Outlive You

Smart Contracts, Legal Liability and the SEC

Smart Contract Developers May Be Held Liable by the SECSmart contracts, explained the U.S. Securities and Exchange Commission (SEC), “provide the means for investors and market participants to find counterparties, discover prices, and trade a variety of digital asset securities.” In its Statement on Digital Asset Securities Issuance and Trading, published Nov. 16, the SEC referred to smart contracts five times, particularly in reference to Etherdelta, whose creator was prosecuted for operating an unregistered securities exchange that ran on smart contracts he’d coded. What this ruling means for developers, moving forwards, is a matter of some debate and great concern.

Code has often been likened to free speech, with advocates adamant that developers should not be held liable for how their code is used. In the case of Etherdelta, the prosecution of Zachary Coburn was relatively straightforward, since he’d personally developed the smart contracts that powered the platform. In future, however, the SEC may not make a distinction between the developer of a piece of code and the end user. If the creator of a smart contract used to facilitate decentralized trading can be identified, that individual could conceivably be held liable for securities violations. As the SEC’s report notes:

An entity that provides an algorithm, run on a computer program or on a smart contract using blockchain technology, as a means to bring together or execute orders, could be providing a trading facility. As another example, an entity that sets execution priorities, standardizes material terms for digital asset securities traded on the system, or requires orders to conform with predetermined protocols of a smart contract, could be setting rules.

More Code Brings Greater Complexity

Smart Contract Developers May Be Held Liable by the SECMorally, code is neither “good” nor “bad”; the rules governing the operation of a smart contract are simply a consequence of the behavior mandated by its creator. These rules, and their permeation into every facet of the cryptoconomy, have forced a rethink of the way cryptocurrencies and their protocols are understood. With the emergence of sidechains such as Rootstock, federated chains such as Blockstream’s Liquid Network, and cross-chain products such as WBTC, the code that controls the cryptocurrency markets is becoming ever more labyrinthine and layered.

As the cryptocurrency industry’s reliance on smart contracts increases, regulators are going to have some difficult decisions to make. Who should be held liable when an entity conducts a securities violation, for example – the trader, the operator of the decentralized platform or the developer who coded the smart contract? Even the father of smart contracts, Nick Szabo, has acknowledged that, despite being wholly digital, they are ultimately an agreement that mirrors a traditional contract, writing: “‘Smart contract’ like ‘contract’ connotes a deal between people, but a deal intermediated and incentivized by dynamic machine-interpreted rules instead of the statically recorded human-interpreted rules of a traditional contract.”

Smart Contract Developers May Be Held Liable by the SEC

For U.S.-based developers who wish to remain free to code without worrying about legal liabilities, the only solution may be to remain anonymous. This is the approach being favored by the team behind the forthcoming Grin cryptocurrency, which makes use of Mimblewimble privacy tech. It’s also the approach taken by a certain S. Nakamoto 10 years ago upon launching his cryptocurrency. The SEC can’t prosecute whom it doesn’t know.

Do you think smart contract developers should be held legally liable for their code? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Smart Contract Developers May Be Held Liable by the SEC appeared first on Bitcoin News.

Source: Bitcoin.com

Markets Update: Traders Expecting Major BCH Action When Exchanges Open

Markets Update: Traders Expecting Major BCH Action When Exchanges Open

Markets Update: Traders Expecting Lots of BCH Action When Exchanges Open

It’s been a pretty hectic week for cryptocurrency enthusiasts as the infamous Bitcoin Cash hash war has unfolded. Overall, the cryptocurrency economy has lost billions since our last markets update, with the entire market worth roughly $188 billion on Sunday, Nov. 18.

Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide   

Riding Out the Lows

Most digital asset markets are seeing their lowest values in a year, leaving traders curious to see what happens next. The last week was filled with all kinds of craziness due to the Bitcoin Cash (BCH) split that took place on Nov. 15. Many digital asset enthusiasts believe the BCH fork possibly moved all the markets due to the economic activities used to fight the battle. Right now bitcoin core (BTC) is trading for $5,593 per BTC and has an overall market valuation of $97 billion. One thing many people didn’t notice during the hash war was that ripple (XRP) displaced ethereum (ETH) and took second place. The second largest market capitalization held by XRP is worth $20 billion and each ripple is being swapped for $0.50 today. Ethereum (ETH) prices are trading for $175 per coin and the market valuation is currently $18 billion. Lastly, the fifth position held by stellar (XLM) has a capitalization of around $4.8 billion and one XLM is trading for $0.25.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
Top 10 cryptocurrency markets Nov. 18, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) still holds the fourth position this weekend but the fork has depleted all the pre-fork money that went into the market in the weeks prior. BCH is trading for $381 right now which is a big improvement from its low of $269 on Nov. 15. Although it should be noted that a lot of large exchanges paused BCH trading over the last few days, but markets like Bittrex have recently opened. Because of the lack of trading vessels, BCH market pairs are quite interesting. Today ethereum (ETH) is dominating BCH pairs by 56% over the last 24 hours. This is followed by USDT (15%), BTC (14%), KRW (8.1%), and JPY (3.5%). Both the Korean won and Japanese yen have jumped considerably when it comes to BCH currency pairs.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
BCH/USD 7-day on Nov. 18, 2018.

BCH/USD Technical Indicators

Looking at charts from exchanges that are currently allowing trades like Bittrex and Voltaire shows BCH has been steadily climbing back up after being dragged down to the $269 low. The two Simple Moving Averages (SMA) are very close but the short term 100 SMA is still above the long-term 200 SMA trendline. This indicates the path toward the least resistance is the upside and when more exchanges open this will likely hold true for a little while but not for too long. At a price of $381, the 4-hour BCH Relative Strength Index (RSI) is still indicating oversold conditions at -23. Order books show a similar readout as the course toward $500 shows very little waves but there may be bumps after $450. On the backside, there are lots of foundations between the current vantage point and $300 with lots of pit stops.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
BCH/USD 4-hour. 11/18/18

The Verdict: Traders Patiently Waiting to Trade BCH Expect a Bunch of Market Action

Traders are waiting for more exchanges to open BCH markets up and when they do some believe the price could move wildly in any direction. Cryptocurrency proponents are also curious to what will happen to markets with the introduction of the new coin BSV, as most BCH supporters are confident exchanges will list the ABC chain as BCH. For instance, Kraken support has explained that the ABC chain will be given the BCH ticker, and Huobi Global emailed customers today stating: 

BCH ABC, the longer chain, will be retained for the designation of BCH. And, we will be designating the SV version of BCH as BSV.

News.Bitcoin.com also spoke with the CEO of the Colombian cryptocurrency trading platform, Panda Exchange, who told our newsdesk Panda will be listing the ABC chain as Bitcoin Cash (BCH).

“Panda believes the large chain is the only one that will survive, and we believe Bitcoin ABC still has the same soul  For that, we know BCH-ABC is BCH  And Panda will support the ABC chain and it will still have ticker ‘BCH,’” explained the Panda Exchange CEO. “Also all subproducts of Panda Group like Xeler ATM and ccoins.io will follow the same route.”

According to exchanges like Poloniex, which are trading BSV tokens at the moment, the price per BSV is around $99 USDC but is down 15% over the last 24 hours. 

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section 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.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Markets Update: Traders Expecting Major BCH Action When Exchanges Open appeared first on Bitcoin News.

Source: Bitcoin.com

More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed

More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed

A growing number of companies are entering the cryptocurrency space in Thailand. However, they have not applied for approval from the Thai Securities and Exchange Commission (SEC), prompting the regulator to issue several warnings against unapproved operators.

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

Companies Entering Thai Crypto Space

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSince Thailand enacted its cryptocurrency regulations in May, a growing number of companies have been launching crypto exchanges and issuing tokens in the country.

Q Exchange, a joint venture between Thai and South Korean companies, has been promoting its services in Thailand with a plan to open the first “cryptocurrency bank” in the country, Channel 3 News reported. The company aims for its Thai operation to be the crypto exchange hub of Asean countries, the media outlet detailed, and quoted the company’s general manager explaining:

The goal is to open exchange branches nationwide of more than 30 branches in 2018 and increase to 70 branches in 2019.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSouth Korea-based cryptocurrency exchange Coin25 announced on Tuesday that it has set up a subsidiary in Bangkok and “is operating more than 60 branches in Thailand and Laos,” Business Korea reported. However, this exchange only offers the trading of its own token.

Mrc Biz Ltd. has also been promoting an initial coin offering (ICO) in Thailand, the Thai SEC revealed on Friday. Another company, Corexfly, announced that it was launching an exchange in Thailand back in August. “Corexfly has concluded an agreement with Korean exchange B&C to establish Dabit exchange in Thailand,” the company’s website states.

Furthermore, South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, have also unveiled their plans to open exchanges in Thailand.

SEC Issues More Warnings

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededAccording to Thailand’s cryptocurrency regulations, companies wanting to conduct crypto business in the country must gain approval from the SEC, the main regulator of the country’s crypto industry. So far, only six crypto exchanges and one dealer have been temporarily approved while their applications are being reviewed.

The six exchanges are Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). Currently, Coins Th. is the only company that has been temporarily approved to operate as a cryptocurrency dealer. No approvals have been granted to new exchanges or token issuers.

The SEC has issued several warnings against unauthorized crypto businesses and tokens. Recently, it warned investors about Db Holdings Plc. and nine unauthorized tokens.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals Needed
Rapee Sucharitakul.

Q Exchange Ltd. also received a warning, the Thai SEC announced on Tuesday. The commission explained that while the company has not been granted approval, it has been advertising and soliciting customers to buy and sell cryptocurrencies. The SEC has notified the exchange to stop advertising and selling investments in the country.

On Friday, the commission issued a warning against Mrc Biz Ltd. which has been promoting its ICO in Thailand without approval. The company has not submitted any applications to the SEC and has neither been approved to conduct crypto business nor issue tokens, the commission emphasized.

Rapee Sucharitakul, secretary-general of the Thai SEC, was quoted by Bangkok Biz News on Thursday saying that the commission expects the finance ministry to approve the applications of some companies to operate crypto businesses such as ICO portals, exchanges or dealers in December.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of all these companies trying to enter the crypto space in Thailand? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, and Khaosod.


Need to calculate your bitcoin holdings? Check our tools section.

The post More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed appeared first on Bitcoin News.

Source: Bitcoin.com

The Cobo Vault Hardware Wallet Will Outlive You

The Cobo Vault Hardware Wallet Will Outlive You

The arms race between hardware wallet manufacturers is showing no signs of abating. Every new device must be more secure, robust and impregnable than its predecessor to claim the bragging rights and earn the shekels of the crypto rich, to whom nothing but the best will do. The Cobo Vault is the latest hardware wallet clamoring to be the best device of its kind.

Also read: Which Cryptocurrency Hardware Wallet is Best for You?

In a Post-Apocalyptic Society, Many Years From Now…

The year is 2140 and the last bitcoin has just been mined. Thanks to the nuclear war, the population has been reduced to a few hundred thousand hardy souls. Bitcoin is the world’s global reserve currency, only there isn’t much world left to fight over. Just some scorched earth, cockroaches and a handful of gunmetal grey objects jutting wilfully from the soil. These are Cobo Vaults, the last surviving hardware wallets in the galaxy.

The Cobo Vault Hardware Wallet Will Outlive You
What’s in the box: wallet, charger, hard case, mnemonic tablet, letters, screwdriver, charging cable, instructions.

Hyperbole aside, it’s too early to tell how the Cobo Vault will fare in the longevity stakes. What can be said, in the here and now, is that this is the largest and heaviest hardware wallet (HW) you are likely to own. The Vault has many properties, but portability isn’t one. Unlike, say, the Coolwallet, the Cobo Vault is not designed to leave your strongroom or bank vault. Which is a tougher ask than it might sound, because the Vault is the sort of device you want to show to all your friends. Do not be seduced by the sleek metal casing and seductively heavy touchscreen imploring you to Instagram this wallet. Those aesthetics are for you and you alone to admire. Good opsec is mindset, not a device.

The Cobo Vault Hardware Wallet Will Outlive You
The Cobo Vault is both water and puppy-proof.

Features and Benefits

If you’re confident that you can resist the urge to shout your ownership of the Cobo Vault from the rooftops, here’s what you can expect from the $299 device (which will retail for $479 once full production starts):

  • Air-gapped with no wifi, bluetooth NFC, or USB capabilities
  • Encryption chip with tailored firmware that meets BIP 32, 39, and 44
  • Supports BTC, ETH, BCH, DASH, LTC, ETC, TRX, and EOS plus ETH, TRX and EOS tokens
  • Military grade outer casing
  • Built-in self-destruct mechanism to protect private keys
  • Multi-signature capability
  • Multi-coin and tokens with no storage or memory limit for coins
  • No physical points of attack
  • Water-resistant aerospace metal body
  • Magnetically detachable battery to avoid corrosion

The Cobo website is replete with video footage of a Vault being plunged into the water and presumably living to tell the tale. Its protective case can also support the weight of a tank, so we’re told. I wasn’t brave enough to test my review device in such a manner, as it wasn’t manufactured to final spec, but like the Cobo Vault, perhaps you’re made of sterner stuff.

The Cobo Vault Hardware Wallet Will Outlive You
The Vault is beautifully packaged.

Hands on With the Cobo Vault

The Vault is beautifully packaged, with build quality, design, and presentation that almost rivals Ledger, the experts at delivering immaculately packaged wallets. This is the sort of HW that unboxing videos were made for. A small instruction card guides users through setup, in between delivering stern warnings such as “the security chip will self-destruct if tampered with.” Because the Cobo Vault app has yet to be made available on the Google Play store, I had to install it using the link provided, prompting all kinds of scary warnings from Android:

The Cobo Vault Hardware Wallet Will Outlive You

Production versions will direct users to the Play or App stores, eliminating this heart-hastening step. After installing the app, you’ll need to power up the Cobo Vault, which means removing the battery compartment and charging it using the separate dock. After powering up the Vault, you’re directed to a page on the Cobo website to scan in the QR code and verify the device. Then, after opting to create a new vault using the touchscreen device, it’s time to note down your mnemonic, heeding the onscreen warning to watch out for “spying eyes or hidden cameras.” Entering the 24-word seed is confusing, as it is unclear that you’re meant to hit return after typing each word. There are still some elements of the Cobo Vault that could benefit from refinement, starting with mnemonic confirmation.

The Cobo Vault Hardware Wallet Will Outlive You

Pairing Devices

Once the seed has been recorded, it’s time for some more QR code scanning, this time to pair the Cobo Vault with the mobile app. When that’s been completed, the mobile app shows a perfunctory wallet screen. BTC and ETH are the only coins supported in the test version, but the full version will ship with support for all of the coins listed earlier including BCH and DASH.

The Cobo Vault Hardware Wallet Will Outlive You
The Cobo Vault mobile wallet

A feature which now comes as standard on many HWs, the Vault included, is the ability to create a hidden vault. If the owner is forced to unlock their wallet under duress, they can reveal an address containing only a nominal amount of cryptocurrency. An unlimited number of hidden vaults can be created with the Cobo Vault, making it impossible for a physical attacker to tell for certain whether they’re being shown the real wallet. To verify that everything’s working correctly, I send a test BTC transaction to the Vault, and then send it on to a different address, using the Vault to sign the transaction using a QR code scan.

Physical Assembly

With most hardware wallets, the review ends once the mobile wallet and device have been paired, bitcoin address created and test transaction sent. But with the Cobo Vault, the real fun begins when you prepare to pack the device away. The body and battery are separated and slid into separate compartments in the protective case. The case holds the entombed sections snug, without so much as a rattle, no matter how vigorously you shake the ensemble.

The Cobo Vault Hardware Wallet Will Outlive You

One accessory that’s yet to be covered in this review is the mnemonic tablet and letter block that enables you to encase your 24-word seed in a metal holder that looks as robust as the protective case for the Vault itself. It would be nice if there was a means to easily separate the two halves of the tablet, so that the seed could be stored in two separate locations. If you do decide to affix the letters into the tablet, using the screwdriver and 282 letters provided, go ahead, but it might be wise to obfuscate one or more of the words. It might be wiser still to store your mnemonic tablet in a different location to your Cobo Vault.

The Cobo Vault is a solid piece of kit that’s likely to claim the mantle of Toughest in Class, at least within the sensibly priced wallet category. A few hundred bucks seems a reasonable outlay for a device that should, provided proper opsec is used, keep your cryptocurrency safe until time indefinite, or until you need to liquidate it at least. The software could and will be better in places, and the UX needs tidied up. Expect these niggles to have been resolved when the production version begins to ship.

The Cobo Vault will outlive you. The sooner you come to terms with that, the sooner you can accept your own mortality and the immortality of bitcoin.

What are your thoughts on the Cobo Vault? Let us know in the comments section below.


Images courtesy of Shutterstock.


Disclaimer: Bitcoin.com does not endorse nor support this product/service.

Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The post The Cobo Vault Hardware Wallet Will Outlive You appeared first on Bitcoin News.

Source: Bitcoin.com

Crypto Experts From Sanctioned Countries to Receive Training in Crimea

Crypto Experts From Sanctioned Countries to Receive Training in Crimea

Crypto Experts From Sanctioned Countries to Receive Training in Crimea

The leading crypto industry association in Crimea has proposed establishing an international training center to prepare experts from countries that have been placed under western sanctions. The idea is to use advanced technologies associated with cryptocurrencies to attract foreign investors to these jurisdictions.

Also read: Estonia Issues Over 900 Licenses to Cryptocurrency Businesses

Plan for Crypto Course Put Forward in Crimea

Crypto Experts From Sanctioned Countries to Receive Training in CrimeaAs part of the initiative, the Crimean Republican Association of Blockchain Investment Technologies (Krabit) intends to launch an educational course that could become part of a university curriculum. Lecturers, including members of the organization, will train students from countries and territories that are currently subjected to economic and political sanctions imposed by foreign powers like the U.S.

Following the Maidan Revolution in February of 2014, which changed the geopolitical orientation of Ukraine, authorities in the Autonomous Republic of Crimea, where the Russian ethnic population forms a majority, held a referendum to join Russia. The proposal was supported by almost 97 percent of those who voted, over 80 percent of Crimeans, according to the Russian side. In March of that year, Crimea and the Federal City of Sevastopol became part of the Russian Federation.

The accession, which was not recognized by Kiev and a large part of the international community, led to economic sanctions for the territory that have curbed foreign investment. Numerous proposals have been made to circumvent these restrictions using crypto technologies. One of them recently came from the Permanent Representative of the Republic of Crimea in the Kremlin, Georgiy Muradov, who said that a blockchain cluster and a cryptocurrency fund could soon be established in the Crimean special economic zone to attract investors. A plan to set up an assembling facility for mining equipment has also been discussed.

Crypto Experts From Sanctioned Countries to Receive Training in Crimea

According to Krabit’s president, Roman Kulachenko, who spoke with Tass on the sidelines of the “Security. Crimea – 2018” forum, the republic is not the only affected entity that could take advantage of cryptocurrency technologies to evade sanctions. He mentioned Abkhazia and South Ossetia, two other pro-Russian republics in the former Soviet space that are facing similar problems. In his opinion, the educational center can help them successfully overcome some of the challenges. Other sanctioned countries, such as Iran, are also relying on Russian support to develop their crypto capabilities.

Kulachenko noted that crypto and blockchain technologies can be employed to create platforms that would allow foreign investors to anonymously operate in these jurisdictions. However, he also remarked that in order to do so, a proper regulatory framework for digital assets, smart contracts and blockchain technologies has to be developed and implemented. Russian government institutions have been postponing the adoption of such legislation for months, and according to recent reports from Moscow, the drafts that have been filed in the State Duma this past spring have been revamped and do not even mention cryptocurrencies, mining and smart contracts in their latest revisions.

TV Program to Educate the Public About Cryptocurrencies

Crypto Experts From Sanctioned Countries to Receive Training in CrimeaAnother educational initiative related to cryptocurrencies has been recently announced in Russia. Mir, an international broadcasting corporation with several Russian language TV channels, a radio station and an online outlet, is launching a new program that will inform viewers about digital coins, mining and other related technologies.

Mir was established by the members of the Commonwealth of Independent States (CIS) back in the early ‘90s. Now it broadcasts in 23 countries, including almost all of the former Soviet republics, the U.S., Switzerland, Germany, Israel, and other countries with large Russian-speaking diasporas.

The producers of the TV show ,called “Visiting the Numbers,” want to explain to their audience in simple terms what blockchain means, how cryptocurrencies are mined and how to invest in digital assets. The weekly program, which will be broadcasted on the Mir and Mir 24 channels, will cover the most important developments and current topics in the crypto space for viewers in the CIS countries and around the world.

What do you think about the new Russian educational initiatives? Share your thoughts on the subject in the comments section below.   


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Crypto Experts From Sanctioned Countries to Receive Training in Crimea appeared first on Bitcoin News.

Source: Bitcoin.com

Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails

Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails

Another 'Satoshi Message' Attempts to Sway Public Opinion, But Fails

It’s been a crazy week in cryptocurrency land as a large portion of the community watched the Bitcoin Cash (BCH) network split into two chains on Nov. 15. Following the 24 hours of the BCH hash war, an interesting message was found stemming from block height 9 that claims there is an “issue with Segwit.” Of course, a few cryptocurrency developers have once again deemed the latest Satoshi signature as “fake” and have explained that the new message was likely another fluke attempt by Craig Wright.

Also read: Hash Wars: BCH Proponents Confident a Resolution Is in Sight

Cryptocurrency Community Scrutinizes Another So-Called Signed Message from Satoshi

Another 'Satoshi Message' Attempts to Sway Public Opinion, But Fails During the second day of the BCH hash war, a few cryptocurrency enthusiasts came across a message that appeared to be a valid signature for Satoshi’s key in block 9. The address contained a message which warned of some issues with the Segwit protocol on the BTC chain. Furthermore, the owner of Coingeek, Calvin Ayre, tweeted out to his followers a small statement in regard to the block 9 key signature and stated that “Satoshi Lives.” Ayre also retweeted the message from a Twitter account called “@Satoshi” which led to a few other tweets about the message.

“I do not want to be public, but, there is an issue with Segwit,” explains the signed message and the tweet from the now deleted, but archived Satoshi handle. “If it is not fixed, there will be nothing and I would have failed — There is only one way that Bitcoin survives and it is important to me that it works. Important enough, that I may be known openly.”

The Satoshi Twitter handle also tweeted a message across the social media platform that said:

The message will be clear in Dec 2019.   

Another 'Satoshi Message' Attempts to Sway Public Opinion, But Fails
Most of the cryptocurrency community believes the signed message is just another failed attempt by Craig Wright.

More Proof of Nothing

With all that’s going on in the BCH community and specifically Craig Wright, many observers believe the signature stems from him. Of course, a large majority thought it was just a PR stunt from Wright and company and quickly disregarded the message.

Another 'Satoshi Message' Attempts to Sway Public Opinion, But Fails
The message allegedly signed by Satoshi.

However, lots of people took a closer look at the message and agreed that it likely derived from Wright and even so the signature was still phony. For instance, the CTO of Purse, Christopher Jeffrey, detailed that the message appeared to be a valid signature from Satoshi’s key in block 9 but further stated that “anyone can mutate a hash for a valid ecdsa signature to produce a seemingly ‘new’ signature/message.” Jeffrey further said that he and a friend had fun creating fake Satoshi signatures in the past. “Looks like another failed attempt from Craig Wright if I had to guess,” explained the Purse developer.

Another 'Satoshi Message' Attempts to Sway Public Opinion, But Fails
Many respected bitcoiners explained that they considered the message to be phony and invalid.
Another 'Satoshi Message' Attempts to Sway Public Opinion, But Fails
CTO of Purse, Christopher Jeffrey.

In addition to Jeffrey’s statements, the BTC developer Gregory Maxwell showed the Reddit community on r/btc how easily the fake signature message can be accomplished. Jeffrey further explained on Reddit that he had long suspected that Craig would attempt this type of stunt. Overall, most of the BCH community members across social media channels like Twitter and Reddit didn’t seem to think the latest Satoshi message was legitimate. Craig Wright did respond to a Twitter handle called @Checksum0 who tweeted about the message during the day and said, “No, that is bamboozled — The last time it was spent from that address is 2009.”

Later on, Wright did tweet some more cryptic messages to his Twitter followers that seemed very similar to the block 9 message.

“I have done all I can for now to warn people — I will work to make the system right, it is not you, it is not your profit, it is sound money for the world,” Wright detailed. “If you cannot understand that, I cannot make you — I hope that your children will. About a year from now, I have something to release, but, right now, I cannot. So, the place is marked and saved, and in the time it takes, you will find what that is… when it is fixed — So, more cryptic markers,” the Nchain representative concluded.

What do you think about the so-called message from Satoshi warning about Segwit in Dec. of 2019? Do you think the signature attempt was phony and proved nothing? Let us know what you think about this subject in the comments section below.


Images via Github, Pixabay, Archive.org, and Shutterstock.


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails appeared first on Bitcoin News.

Source: Bitcoin.com