Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat

Indian Crypto Exchanges Prepare for RBI Ban – New Trading Tools, No Fiat
Source: Bitcoin.com

As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading. Zebpay plans to continue crypto-INR trading pairs even after the ban. Unocoin has launched a weighted basket order tool to simplify crypto investing. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space No Fiat Withdrawals But Trading to Continue The date for India’s crypto banking ban imposed by the Reserve Bank of India (RBI) is drawing near. All regulated banks and financial institutions must stop servicing cryptocurrency exchanges by July 5. Zebpay, a leading cryptocurrency exchange in India, warned its customers this week that their “rupee withdrawals could stop,” citing RBI’s order. The exchange wrote: If Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible…[However]…

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South Korea: Reports of 10% Tax on Cryptocurrency Gains Are Fake

South Korea: Reports of 10% Tax on Cryptocurrency Gains Are Fake
Source: Bitcoinist.com

South Korea’s Ministry of Finance has denied reports of 10% income tax on cryptocurrency investments.  10% Tax on Crypto Grains is Fake News Taxation has been a hot topic in the cryptocurrency world this year. Governments want their piece of the pie and traders are anxious to know how badly their tax collectors plan to gouge them. Luckily, many governments have already announced their stances on the matter. Some have chosen complete leniency—as with Thailand who waived taxes on cryptocurrency gains altogether—but others have taken cruel action to deter investors as with the United States who imposed a capital gains tax on every single microtransaction. One nation that has remained relatively quiet on the matter is South Korea and that has led to a lot of speculation from Korean crypto enthusiasts. Recently, reports have been circulating, stemming from an article…

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Bitfinex Loses Chief Strategy Officer

Bitfinex Loses Chief Strategy Officer
Source: Livebitcoinnews.com

Last year, Bitfinex chose to sever relations with customers in the United States. Now the fourth-largest cryptocurrency exchange is losing their chief strategy officer (CSO), Phil Potter. The ongoing regulatory overtures by the US government has had some consequences. One such consequence was that Bitfinex, the world’s fourth-largest cryptocurrency exchange, decided to no longer do business with individuals from the USA back in August 2017. CSO Leaving Now, another consequence of the exchange turning away from working with the US is happening. The company’s chief strategy officer, Phil Potter, is leaving the company. In a statement, he says: As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive team. In addition to leaving the exchange, Potter is also leaving his post…

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Crypto Facilities Eyes Litecoin (LTC) Derivatives Launch

Source: Btcmanager.com

Since the first bitcoin futures contracts were launched in December 2017, when the price of bitcoin saw an all-time high of $20K, more firms have joined the bitcoin derivatives bandwagon. In the latest development, a UK-based regulated trading platform that created the first Ethereum futures contracts is set to launch its Litecoin derivatives. Litecoin Futures Ready for Launch Crypto Facilities, an FCA-regulated firm that offers clients’ bitcoin (BTC), ethereum (ETH) and ripple (XRP) futures contracts are set to launch its litecoin derivative product shortly. According to a Finance Magnates report, the London-based firm is looking to make it possible for crypto traders to bet on both long and short selling of litecoin. Crypto Facilities has announced the first-of-its-kind product for the sixth largest cryptocurrency will go live on June 22, 2018, at 4 pm BST. Commenting on the milestone reached…

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Bitcoin Price Watch: Is the Recent Drop Part of a Bigger Picture?

Bitcoin Price Watch: Is the Recent Drop Part of a Bigger Picture?
Source: Themerkle.com

At press time, bitcoin is retaining its $6,100 price from yesterday. The currency fell to this position from $6,700 after Japan’s Financial Services Agency (FSA) sent notifications to more than five digital currency exchanges saying that they must heighten their security measures against money laundering after noticing weaknesses in their infrastructures. Bitcoin has continued to suffer drops over the past week. Its initial slump to $6,700 occurred after hovering at the $7,600 mark for some time, and now the price is just $100 away from its February low. While bitcoin did drop below $6,000 during yesterday’s evening hours, things didn’t last, and the coin quickly pushed itself back up to $6,100, where it has been ever since. Bitcoin has allegedly lost over 70 percent of its value since December, when it managed to strike near the $20,000 range. However, many…

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Mt. Gox Bankruptcy Ends with Possibility of $1.2 Billion in Cryptocurrency Paid to Creditors

Mt. Gox Bankruptcy Ends with Possibility of $1.2 Billion in Cryptocurrency Paid to Creditors
Source: Livebitcoinnews.com

One of the most seismic hacks in Bitcoin history was Mt. Gox, the largest exchange at the time. Now a Japanese court rules that the exchange’s bankruptcy is over, opening the door for victim payouts. There have been quite a few hacks of Bitcoin exchanges over the years, but none have had the impact like the Mt. Gox hack. The exchange was once the largest one in the world, but it collapsed after 850,000 bitcoins were stolen. Pillage and Plunder At the time, the coins were worth $473 million. Today, they’re worth a jaw-dropping $5.2 billion. However, all was not lost as 200,000 bitcoins were found and then frozen as bankruptcy proceedings began. This, naturally, left many customers holding the bag, but now there’s a ray of light at the end of the tunnel. The Tokyo District Court put a…

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6 Reasons Why Bitcoin Price is Down — (And Some Positive News Too)

6 Reasons Why Bitcoin Price is Down — (And Some Positive News Too)
Source: Bitcoinist.com

As the week comes to a close, let us reflect on and digest all the news — most of which was negative, that happened in the cryptocurrency arena affecting Bitcoin price. Oh Look, Another Exchange Hack Tuesday evening, popular South Korean cryptocurrency exchange Bithumb reported a system breach that resulted in approximately $31 million worth of cryptocurrencies being stolen. Coincidentally, in the days following the hack, there was a large marketwide dip — Bitcoin and Ethereum dropped 11 and 15 percent, respectively. Even those who don’t use Bithumb weren’t very pleased after the hack — as Bitcoin transaction speeds and fees soared, due to the exchange moving huge amounts of cryptocurrencies away from its hot wallets. On a small positive note, Bithumb promised to fully reimburse all those who had cryptocurrency stolen from them. (More) Trouble In Paradise For EOS…

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Are Centralized Exchanges Breaking the Crypto Promise?

Are Centralized Exchanges Breaking the Crypto Promise?
Source: Themerkle.com

Exchange hacks are becoming the new normal. Just two weeks after Conrail’s $37.2 million hack, it was time for Bithumb’s $31 million hack, with the difference being that Bithumb is the world’s sixth largest cryptocurrency exchange based on CoinMarketCap data, far larger than Coinrail. Last December, another South Korean exchange called Youbit filed for bankruptcy after suffering hacks. Of course, these hacks are still much smaller than the infamous Mt. Gox hack. With such a terrible track record, why would anyone still work with crypto exchanges? Bitcoin, the world’s first cryptocurrency, was a direct response to the Great Recession of 2008; as central bodies collapsed, it offered a peer-to-peer, independent alternative with which to transfer funds. Blockchain is all about decentralization and removing the intermediaries which profit off one’s earnings and impose their biased will. But by removing them, we are also…

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Korean Cryptocurrency Exchange Loses $31 Million to Hackers

Source: Btcmanager.com

The hack of Korean cryptocurrency exchange Bithumb on June 20, 2018, has once again raised concerns over the security practices of cryptocurrency exchanges. Here, the attackers made away with digital coins worth an estimated $31 million. While that figure does not eclipse the infamous Mt Gox hack of 2014, it has undoubtedly resurfaced similar investor concerns. The hack also triggered a panic selloff, which only worsened the bearish sentiment in the market. Are Cryptocurrency Exchanges Easy Targets? Korean cryptocurrency exchange Coinrail also reported a similar security breach on June 10, 2018. With the sudden onslaught of attacks, it seems as if cryptocurrency exchanges have become a prime target for hackers, mainly because they store a massive wealth in the digital currency. Cryptocurrency prices had peaked in 2017, which brought in a massive influx of investors into the market. This also…

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What Is Forging, and Is It a Viable Alternative to Bitcoin Mining?

What Is Forging, and Is It a Viable Alternative to Bitcoin Mining?
Source: Themerkle.com

As more and more people join the cryptocurrency conversation, Bitcoin mining has been thrust into the limelight. And just like everything surrounding this inherently controversial industry, it’s shrouded in misconceptions. Bitcoin mining is disastrous for the environment. It’s expensive. It’s draining the earth’s natural resources. These are all valid arguments, but they are based on blinkered statistics. It takes a lot of power to mine Bitcoin and other cryptocurrencies; that’s no lie. But when we hear cries of “A single Bitcoin uses 32 terawatts of energy each year!” and “Mining Bitcoin can power 3 million US households,” we conveniently ignore the bigger picture. Bitcoin mining is no worse than, say, the energy we use to stream movies on Netflix, heat our houses, and update our statuses. Or take our cars on short journeys, deepen our carbon footprint by flying, eating…

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Investors Should Sleep with One Eye Open as a Reckoning is Coming for ICOs.

Source: Btcmanager.com

Initial coin offerings (ICOs) have been a useful tool as they have led to an explosion of start-up companies all around the world as these companies can raise billions of dollars through this fundraising method. However, according to the president and CEO of BATS Global Markets (Cboe), Chris Concannon, the market for ICOs is about to be hit with a tidal wave of regulations. His expert level advice is important as Cboe is one of the world’s largest exchange holding companies, which offers cutting-edge trading and investment solutions to investors all over the globe. As a veteran on Wall Street and a long-time member of the crypto-community, Concannon understands that if ICOs are defined to be unregistered securities by the Securities and Exchange Commission (SEC), then the SEC may attack industry participants and lawsuits will certainly ensue. In an interview…

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The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More

The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More
Source: Bitcoin.com

Over the past year and a half bitcoin and cryptocurrencies have caused a serious hype that’s stretched a bit into the mainstream. These days people hear about digital currencies more often and one reason is due to all the fantastic crypto-infused products that have invaded pop culture. Cryptocurrency clothing, knitted sweaters, socks, coffee mugs, and backpacks sporting digital currency symbols, has grown quite extensive. Also read: Bitcoin in Brief: Plagiary, Numerology, and Nano Does a No-No The Crypto-Pop Culture Invasion: The Amount of Cryptocurrency Branded Products Out There Invading Our Mainstream Culture Would Make Andy Warhol Smile    Today we’re gonna talk about the massive amounts of goods available these days that show off everyone’s favorite cryptocurrencies in a fashionable sense. Back in the early days, you’d be lucky to get a bitcoin embroidered hat or a silk screened t-shirt…

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Bitcoin Price Hits Four-Month Low

Bitcoin Price Hits Four-Month Low
Source: Livebitcoinnews.com

The bears have been out in force throughout 2018, and they’re not done yet. The overall Bitcoin price hit a four-month low yesterday due to multiple issues. 2018 has not been a good year when looking at the overall Bitcoin price. The number one cryptocurrency by market cap reached almost $20,000 back in mid-December 2017, but this year has been one for the bears. Down, Down, Down Bitcoin hit a fourth-month low in price yesterday, coming in at $6,006. A lot of people predicted that the cryptocurrency’s value would rise a number of times this year, such as after the Consensus conference, but those predictions have come to naught so far. Some have claimed that there are multiple issues pushing the downward Bitcoin price. There have been a couple of exchange hacks this year, with Coinrail being targeted first and,…

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Litecoin Founder Remains Optimistic Despite Recent Bithumb Hack

Litecoin Founder Remains Optimistic Despite Recent Bithumb Hack
Source: Themerkle.com

Charlie Lee, the developer behind the world’s sixth-largest cryptocurrency, Litecoin, believes the price of Bitcoin and other cryptocurrencies will recover “fairly soon”. Lee shared his thoughts on the current bear market, what developments in the industry excite him the most, and the recent hack on Bithumb, the South Korean crypto exchange. The hack does not in any way reflect weaknesses in blockchain technology and should not lead to a price drop, Lee noted. Lightning Network, Security Measures, and a Bear Market The hack of Bithumb does not change the fundamentals of Bitcoin or the other cryptos, Lee stated in the interview. Drawing parallels between the hack and a bank robbery, the computer scientist who previously worked at Google and Coinbase said: Because it’s like, if a bank gets broken into and gold gets stolen, does that affect the price of…

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Bitcoin Magazine’s Week in Review: Fortunes and Fallacies

Bitcoin Magazine’s Week in Review: Fortunes and Fallacies
Source: Bitocoinmagazine.com

This week, leading South Korean crypto exchange Bithumb experienced a major hack, while Mt Gox, the most notorious exchange to be hacked in bitcoin history, is also back in the news.In Switzerland, the Bank of International Settlements is spreading some misinformation about digital currencies and blockchains; meanwhile, attorney Pamela Morgan is in the U.S. sharing great information regarding how you can plan for cryptoasset inheritance. In China, the asset management firm Reality Shares is giving investors access to blockchain-based companies at the forefront of this brave new world.Featured stories by Jimmy Aki, Shawn Gordon, Nick Marinoff and David Weiss.Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry. Subscribe to our newsletter here.“No Grounding In Reality”: BIS Report Tells A Strange Crypto StoryThis week, the Bank of International Settlements (BIS) in Switzerland issued a new document…

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MIT Media Lab Project Enigma Partners with Intel on Privacy Research

MIT Media Lab Project Enigma Partners with Intel on Privacy Research
Source: Themerkle.com

American multinational technology company Intel has partnered with Enigma on research and development of privacy in computational technologies. Announcing the partnership in a blog post, Enigma said that it was excited to work with Intel as it seeks to advance its protocol and privacy technologies for public blockchains. The partnership comes a few weeks before Enigma launches its testnet and, later this year, its mainnet. Enigma will have access to Intel’s Software Guard Extensions (SGX) which will become central to its privacy-focused technologies, the company revealed. Partnering to Address Blockchain’s Biggest Challenges Enigma addresses two key challenges facing blockchain technology: privacy and scalability. Usually, various projects have focused on one while neglecting the other. Promising to turn ‘smart contracts’ into ‘secret contracts’, Enigma’s protocol withholds the input data in ledger transactions from the nodes that execute the code. This protects…

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 3 Altcoins & One ICO Worth Immediate Attention

 3 Altcoins & One ICO Worth Immediate Attention
Source: Bitcoinist.com

Bitcoin and altcoins, in particular, have had some tumultuous times the past few months. However, it has become increasingly evident the majority of the ‘new’ traders were wiped out from the markets. Now that consolidation has occurred there could be bullish signs beginning to brew. Bitcoin, Altcoins in a Sea of Red It is never enjoyable to open one’s portfolio to witness a sea of red. However, this theme has become all too common in the past six months. The altcoin season of 2017 seems like a thing of history as the market has retracted more than 60%. Right? Well, it depends who is asked. Corrections are exceptionally healthy especially in markets that fluctuate hundreds of percent North and retract well over 50 percent. No one said crypto was easy to stomach. It is a fickle ‘asset/investment.’ With such extreme…

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US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy Coins

US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy Coins
Source: Bitcoin.com

The US Secret Service is worried about the illicit use of cryptocurrencies. A high-ranking official of the agency has urged Congress to consider additional legislation to address anonymity-enhanced cryptocurrencies and services intended to obscure transactions on blockchains such as tumblers or mixers. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Undermining US Laws Deputy Assistant Director of the US Secret Service’s Office of Investigations, Robert Novy, gave a testimony before the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance on June 20. Novy explained that his agency is primarily concerned with the use of cryptocurrencies “in criminal schemes that undermine the integrity of financial and payment systems, their use in cases of fraud, and their general use as a means of money laundering,” stating: While some digital currencies have operated lawfully, others have been used extensively…

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John McAfee “poisoned”, swears revenge

John McAfee “poisoned”, swears revenge
Source: Bit-media.org

  A month ago, crypto entrepreneur John McAfee told The Independent that he feared for his life now McAfee has claimed “incompetent enemies” have poisoned him.   McAfee took to Twitter on Friday, 22 June, to share photos of himself lying in a hospital bed covered in tubes.   “I apologize for my three-day absence but I was unconscious for two days at the Vidant Medical Centre in North Carolina and just woke up,” McAfee tweeted.   “My enemies managed [sic] to spike something that I ingested.  However, I am more difficult to kill than anyone can possibly imagine. I am back.”   FacebookTwitterSubscribe   Full story: Here are McAfee’s tweets on the poisoning issue.   My wife @theemrsmcafee and I with a message to my incompetent enemies pic.twitter.com/s7rT105OWy — John McAfee (@officialmcafee) June 22, 2018 And for those who did…

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US Congresspeople Who Own Cryptos Will Have to Identify Themselves

US Congresspeople Who Own Cryptos Will Have to Identify Themselves
Source: Themerkle.com

The time to take a stand on cryptos for US House members has come. Those who have bashed cryptos in public but have secretly been investing in them will now be outed, thanks to a new memo issued by the House Ethics Committee. The committee announced that it had decided to consider cryptos as “other forms of securities” for the purpose of financial disclosure. Members of Congress who own cryptos valued at $1,000 or more will be required to include this information on their annual financial disclosure statements. The memo also laid out policies regarding the involvement of members in ICOs as the country awaits the SEC’s assessment on how the prevailing securities laws apply to them. Mining Included as Well Cryptocurrencies are still a new industry, and existing oversight bodies have yet to come up with comprehensive policies to…

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4 Blockchain Entrepreneurs Win $100K Thiel Awards

4 Blockchain Entrepreneurs Win $100K Thiel Awards
Source: Coindesk.com

Entrepreneurs and developers behind four different blockchain startups can add their names to the list of Thiel Fellowship awardees. The Thiel Foundation, created and funded by billionaire investor and PayPal co-founder Peter Thiel, announced its 2018 class of Thiel Fellows on Friday. Among this year’s recipients are Vest co-founder Axel Ericsson, Polkadot co-founder Robert Habermeier, MyCrypto CTO Daniel Ternyak and Mechanism Labs co-founder Aparna Krishnan, according to a press release. They join the crypto community’s most notable Thiel Fellow – ethereum co-founder Vitalik Buterin, who received the award in 2014. Each recipient will be given a $100,000 grant over the next two years to help them build their current and future projects. In a newsletter, Allyson Dias, director of the Thiel Fellowship, said the purpose of the fellowship is to help young aspiring entrepreneurs to find innovative approaches to tackle real-world…

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UBS CEO Believes Blockchain is The Solution to Banking Woes

Source: Btcmanager.com

Sergio Ermotti, the Chief Executive Officer of Swiss investment bank UBS, believes that blockchain may be the answer to the banking industry’s woes. UBS Chief Discusses Blockchain When asked about blockchain technology in an interview with Finder on June 19, 2018, Emotti replied affirmatively. “It’s almost a must. The freeing up of resources to become more efficient will come through technology and blockchain is a great way [of reducing costs].” Ermotti’s statement comes at a time when banks such as UBS are suffering from smaller margins and increased regulatory pressure. A boost to efficiency and market advantage – both of which are offered by blockchain – may go a long way to set the bank apart from others in the running. He went on to state that he envisions distributed ledger technology will gradually overhaul the banking industry over the…

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What is Bitcoin? – New Kindle Edition

What is Bitcoin? – New Kindle Edition
Source: Bit-media.org

  Bit-Media recently announced the publication of its new e-book, What is Bitcoin? The e-book is available for download on Amazon.   What is Bitcoin, is a consistently high ranking search term on google and a question that our readers constantly ask. The new Kindle book, What is Bitcoin?, is not only an introduction to Bitcoin and blockchain but also a very handy resource guide, listing numerous resources that the Bitcoin enthusiast or trader might need.   FacebookTwitterSubscribe   A short summary of the contents of What is Bitcoin? Part 1 – An introduction to, What is Bitcoin? What can I do with BTC? How much do I need to know to be involved with Bitcoin? Legal requirements Part 2 – How is Bitcoin processed Part 3 – How to trade with Bitcoin Part 4 – How to store your…

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