Japan’s Financial Services Agency has published its draft report outlining new cryptocurrency regulations. The report contains measures in areas that are not currently addressed in existing laws such as hacking incidents, self-regulation, deemed dealers, privacy coins, and margin trading.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
New Crypto Regulatory Framework
Japan’s top financial regulator, the Financial Services Agency (FSA), published a draft report outlining the country’s new regulatory framework for cryptocurrencies and initial coin offerings (ICOs) on Friday. The report, which was discussed at the agency’s 11th study group meeting, contains recommendations from the previous 10 study group meetings. According to local media, there was no major objection to the proposed measures in the report so the FSA is expected to draft regulations based on its content.
One major area in the report concerns preventing and dealing with hacking incidents such as the hacks of two major Japanese crypto exchanges — Coincheck in January and Zaif in September. The FSA will require crypto exchanges to strengthen the “management and maintenance of customer property,” such as the management of private keys. For consumer protection, the FSA states that it is necessary for exchanges to have net assets “equal to or more than the amount equivalent to the currency and repayment funds” in the event of a hack. The document also outlines countermeasures against crypto exchanges going bankrupt.
The FSA explains that it recognizes the rapidly changing technological innovation and sees the importance of collaborating with accredited self-regulatory organizations. “For this reason, we urge members to join the certified [self-regulatory] association” and develop systems according to their rules, the FSA wrote. In October, the Japan Virtual Currency Exchange Association (Jvcea) obtained accreditation from the FSA to be able to legally enforce self-regulatory rules.
The document also explains that the FSA deems it appropriate to refuse or cancel the registration of operators that neither join “the accredited association and conform to the self-regulation” nor establish their own internal systems to comply with the self-regulatory rules.
The report also addresses “deemed dealers,” which are companies that have been allowed to operate crypto exchanges while their applications are being reviewed. Currently, there are three of them: Coincheck, Lastroots, and Everybody’s Bitcoin. The report points out that some of them have been aggressively advertising and rapidly growing their businesses, but many of their customers are not aware that they are not registered.
The FSA has proposed a number of measures for them. Firstly, they cannot expand their businesses or list additional coins until they are registered. Moreover, they can neither acquire new customers nor advertise or solicit for the purpose of acquiring new customers. They must also post a notice on their websites about the status of their registration.
Some Other Measures
Among other measures outlined in the report are restrictions on privacy coin listings, transactions in derivatives, and margin trading.
In addition, the report discusses ICO regulation. ICOs “can be subject to the securities regulation,” the FSA noted, adding that “We are implementing administrative measures.” Depending on their structure, tokens may be subject to regulation by the Financial Instruments and Exchange Act or the Fund Settlement Act. The document also reveals that the FSA finds it appropriate for third-party organizations to establish a framework and examine token issuers’ businesses and financial situations.
Additionally, the report addresses crypto custody businesses which do not fall under existing laws. The FSA has proposed measures such as introducing a registration system, maintaining an internal control system, separating the management of exchanges’ and customers’ cryptocurrencies, publishing response policies in case of hacking incidents, and retaining funds for repayment.
What do you think of Japan’s proposed new regulatory framework for cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section.
The post Japan Publishes Draft Report of New Crypto Regulations appeared first on Bitcoin News.
On Friday, Openbazaar and Bchd developer, Chris Pacia, revealed a new Bchd project feature currently in the making that would allow for Bitcoin Cash-based bi-directional payment channels. Moreover, in contrast to the Lightning Network, the Bchd developers explained that the team has created an overlay network based on the Inter-Planetary File System (IPFS).
Also Read: A Look at Some of 2018’s Most Popular Cryptocurrency Traders
A Generic Overlay Network Based on IPFS Built for Bitcoin Cash
The Bchd developer Chris Pacia has published a Medium post explaining a new bi-directional payment channel protocol for the Bitcoin Cash (BCH) network which they hope will be complete by early next year.
Pacia and fellow contributors at the Bchd project just recently published the client’s library and wallet. The following day, the programmers released the Neutrino wallet which can enhance BCH privacy. Bi-directional payment channels are used in unison with the Bitcoin Core (BTC) network which allows the Lightning Network (LN) participants to exchange micropayments. However, some people consider LN not very user-friendly and others have criticized its security due to routing complications. Instead, the programmers built a generic overlay network based on IPFS’s libp2p. IPFS is a network that enables a more decentralized peer-to-peer method of allocating hypermedia in a distributed fashion.
The open source Gcash overlay implementation, which is based on the modular network stack Libp2p, can be found on Github. According to Pacia, it offers features like extensible peer identities, encrypted and authenticated connections, protocol multiplexing, stream multiplexing, and distributed hashtable technology (DHT) techniques. The Gcash overlay section of the repository states that “using the overlay network in your app is dirt simple.” Further, the applications that could benefit from this type of overlay connection would be peer-to-peer gambling apps, atomic swap protocols, coin mixers, wallet-to-wallet communication, and basic payment channel protocols. There will also be Tor integration and at the moment Bchd developers need to connect Tor as an optional transport.
‘Nothing Stopping All Bitcoin Cash Apps From Being Interconnected’
The idea was well received by Bitcoin Cash proponents on r/btc, with many from the community offering Pacia feedback in regard to the protocol’s functionality. One commenter said that “Bchd is really making a run for best BCH implementation.” In the Bchd Medium post it links to some examples on how to “register a custom protocol, store and retrieve data from the DHT, and publish data over pubsub.”
The blog post continues:
The Bchd developers wholeheartedly believe there is nothing that can deter BCH applications from communication and interconnectivity. The programmers hope other developers are interested in pursuing this path and conclude that if people have any feedback to contribute or questions to feel free to reach out.
What do you think about the idea of an overlay network for the Bitcoin Cash blockchain that allows for bi-directional payment channels and DHT technology? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, IPFS logo, Pixabay, and Bitcoin.com.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post BCH Devs Publish Bi-Directional Payment Concept Based on IPFS appeared first on Bitcoin News.
The campaign to see bitcoin withdrawn from third-party wallets to private wallets on Jan. 3 is gaining traction. Over the past week, hundreds of Twitter accounts, including those operated by prominent figures such as Nick Szabo, have appended “[Jan/3 ]” to their Twitter handle to show support for the operation, timed to coincide with Bitcoin’s 10th anniversary.
Also read: Support for Proof of Keys — Celebrating Genesis Block Day
Your Keys, Your Coins
Last week, news.Bitcoin.com reported on Trace Mayer’s campaign to celebrate Genesis Block Day, which falls on Jan. 3, by withdrawing cryptocurrency to noncustodial wallets. “Not your keys; not your bitcoin,” is the mantra he invoked. “I want to start a new cultural tradition where we declare and re-declare our monetary sovereignty every Jan. 3 as a celebration of the Genesis Block,” proclaimed Mayer.
The vast majority of cryptocurrency holders are aware that they only truly own their coins once they’re stored in a private wallet. Due to laziness or a desire to have funds accessible for trading at a moment’s notice, however, many people store their coins with third-party services such as exchanges. It’s bad opsec, and it also violates one of the basic tenets of bitcoin: that it’s currency you and only you control.
Mayer’s Genesis Block Day is in many respects a return to Bitcoin’s roots, when the only wallet available was the noncustodial Bitcoin-qt client, and there were no exchanges to rely upon for coin custody. It is one of Bitcoin’s many ironies that as the cryptocurrency has grown in value, so has the proportion of people entrusting their coins to third-party services.
Proof of Keys on Jan. 3 Gains Traction
Numerous figures within the Bitcoin community have now added “[Jan/3 ]” to their Twitter profile to show their support for the grassroots movement. They include Max Keiser, Caitlin Long, and Giacomo Zucco. Jan. 3, 2019, is shaping up to be a very busy day for Bitcoin supporters, with the 10th anniversary set to grab most of the headlines. Once the day has passed, and the mainstream media has expended its supply of thought pieces on “What Has Bitcoin Achieved in the Last 10 Years?,” attention can turn to the Proof of Keys initiative.
It’s a scheme whose success can be measured, crudely at least, through the number of onchain transactions recorded that day. A major upswell in BTC and BCH transactions can be taken as evidence that the Genesis Block Day campaign has resonated with the community. Regardless of how many takers the inaugural event persuades, Proof of Keys looks set to become a staple of Bitcoin’s unofficial calendar for years to come, and in doing so to return ownership of more money to the people.
What are your thoughts on the Proof of Keys campaign? Let us know in the comments section below.
Images courtesy of Shutterstock and Twitter.
Need to calculate your bitcoin holdings? Check our tools section.
The post Support Grows for Bitcoin Proof of Keys on Jan. 3 appeared first on Bitcoin News.
Cryptocurrency trading is a popular pursuit, as the fluctuation of digital assets provides plenty of profit-taking opportunities. The volatility gives expert traders enough room to pull in daily profits by carefully predicting price movements. Digital currency fans follow a slew of sophisticated traders online because they frequently publish technical analysis (TA) or short-term outlooks for the crypto markets.
Also Read: Despite 2018 Bear Market, Top Crypto Markets Have Outperformed FANG Stocks Since 2017
Despite the Dips, Cryptocurrency Intra-Day and Swing Traders Made a Lot of Money in 2018
Here’s a look at the top cryptocurrency traders on Twitter and the TA publishing website Tradingview. The digital asset traders mentioned below have thousands of followers, and often publish their ideas so others can get a glimpse at their trading positions. There’s a lot of money to be made trading cryptocurrencies and there are many people who exchange digital assets for a living. Lots of intra-day and swing traders play the markets for profits every day and any type of movement can make them money. The 2017 digital currency bull run made crypto traders a bunch of capital, with the best even using the 2018 cryptocurrency bear market to make further profits.
The first analyst on our list is the Canadian cryptocurrency trader Philakone (@Philakonecrypto). He’s been tweeting his analysis of various digital currency markets for quite some time and has amassed over 107,000 followers on Twitter. The trader habitually talks about bitcoin trading on a regular basis and explains how he is playing his current position. Philakone says he’s “married to the Elliot Wave Theory,” a form of technical analysis that uses investor psychology, optimistic and pessimistic trends, and price swings that produce market impulses and waves. The method created by Ralph Nelson Elliott is a popular technique used by many cryptocurrency traders. Crypto trader Philakone live streams his technical analysis for coins like BTC, XRP, and BCH.
Philakone tweets frequently about cryptocurrency movements and how to forecast swings.
Another trader people follow is Nick Core (@Crypto_core), a day trader and statistician who routinely explains his bitcoin market outlook on Twitter, Youtube, and Tradingview. Core’s analysis gives an overview of digital asset price action and other indicators throughout various videos and the trader also discusses technical positions on the Discord platform. The trader has 33,000 followers on Twitter and almost 7,000 following his Tradingview outlooks. An examination of Core’s published ideas shows the trader will use exchanges like Bitfinex and Bitstamp, with most of his analysis on coins like BTC, XRP, and LTC.
Nick Core’s TA videos on Tradingview are quite popular and Core tweets about cryptocurrency markets regularly on Twitter.
Mr. Jozza (@Mrjozza) is a well-known bitcoin trader who posts a lot about the market trends taking place nearly every day. For instance, on Friday, Dec. 14, speaking about current BTC/USD trends, Mr. Jozza explains his “Bitcoin scribble of destiny — Looking for a stop-run below $3k, even with this tapered off sell volume” while sharing a chart that shows his short-term forecast. The trader has more than 16,000 followers on Twitter and his posts mostly touch upon BTC/USD market trends.
Mr. Jozza is a long-time bitcoiner and trader who frequently gives his analysis of BTC and other cryptocurrency price movements.
Magic Poop Cannon
One interesting and popular strategist on the website Tradingview has over 44,000 followers and goes by the name Magic Poop Cannon. The trader’s 500+ written ideas concerning the price of BTC and other market trends have received close to 1 million views to date. Magic Poop Cannon’s TA is filled with descriptions and indicators that show what he thinks will happen with the value of bitcoin over short-term periods. The trader believes he is “the master of the charts” and he posts his TA nearly every day. Magic Poop Cannon is big on writing about BTC, LTC, BNC, and even stocks tied to the blockchain industry like Nvidia.
Magic Poop Cannon is one of the most popular BTC/USD analysts on the platform Tradingview.
Another well-known trader on Tradingview is an analyst who calls himself Excavo. The analyst is Tradingview’s most read BTC/USD strategist and has close to 70,000 followers on the platform. Excavo has written 1,227 technical analysis reports which have captured over 850,000 views. The cryptocurrency trader uses indicators like ‘long’ and ‘short’ positions on Bitfinex and other market trends to figure out whether or not the price of BTC is going up or down. Excavo also has his own trading Telegram channel and he discusses other markets besides cryptocurrencies as well. His last post on “The Unofficial Start of the Financial Crisis” gives a TA reading of the Dow Jones Industrial Average on the brink of a market slump.
Excavo is Tradingview’s most popular analyst on the entire site according to all-time records.
Cryptobull (@Cryptobull) is a bitcoin and altcoin trader who’s very well known on Twitter, with 173,000 followers on the social media platform. On Saturday, Dec. 15, Cryptobull explained that BTC was slightly below the weekly 200 moving average (MA) and noted “Historically we don’t spend a lot of time here.” The trader is quite humorous in his daily tweets, but in between the slew of cryptocurrency-themed memes, Cryptobull gives his price movement forecasts. Besides detailing some short-term BTC trends last week on Dec. 6, Cryptobull had a survey asking his followers whether or not the “bottom was in.” More than 52% of the 6,472 people polled voted that the “bottom was not in” and BTC prices would likely go lower. Cryptobull focuses his energy on BTC trades.
Cryptobull tweets about market sentiment often.
Mr. Swing Trader
The cryptocurrency trader Eric Choe (@Cryptochoe aka Mr. Swing Trader) gives his insights on a daily basis to 142,000 Twitter followers. Choe says he makes a “few big trades” per week and claims he can turn $1K into “whatever.” The popular Mr. Swing Trade also has a Telegram channel and makes swing trade calls on a regular basis. On Friday, Choe detailed how he trades when he’s “too busy” stating that he plans trades on Sunday, scans 250 coins, identifies up and down trends, sets alerts and retrace levels, enters on pullbacks, and exits at key levels. The trader says he employs this technique for 2-5 cryptocurrency trades per week. Choe’s website and trading group statistics show the trader usually has positions in BTC, XRP, ETH, and EOS.
Eric Choe’s trading results he shares on his trading Slack channel.
The cryptocurrency trader Xuan Haimmoer from Vietnam is a popular author on the Tradingview platform with over 6,000 followers. He’s been a top TA publisher on the charting website over the past few weeks and has published 571 posts on BTC, XRP, EOS, and other cryptocurrency markets. 14 hours ago, Haimmoer provided his analysis for BTC and said he wakes up every morning to look at the screen and watch the market. Haimmoer likes to note the changes that have taken place after his last analysis. The trader uses the Elliot Wave trading method as well, and at the moment his short-term target is between $2,800-3,000 per BTC. Haimmoer also runs his own trade discussion channel on Telegram for people interested in his trading reports.
Xuan Haimmoer is an up and coming Tradingview analyst from Vietnam who has garnered a bunch of attention over the past few weeks.
Trading Strategies That Are a Bit More Realistic Than Wall Street Bigwigs
There are many other traders that cryptocurrency enthusiasts follow in order to get a perspective of what may or may not happen next within the crypto-economy. Some of them are not even necessarily dedicated crypto traders, but do speak on the market from time to time, like the inventor of the Bollinger Bands technique John Bollinger (@bbands). Other individuals to follow include the Whaleclub administrator BTCVIX (@BTCVIX ), Willy Woo (@woonomic) and the semi-retired cryptocurrency trader ‘฿TF%$D!’ (@CryptoHustle).
A good portion of digital currency proponents follow traders like the ones mentioned above, because their prognosis is more realistic than that of old Wall Street farts constantly shouting that BTC’s price will be $25,000 by the year’s end. These traders have been far more down to earth and a number have successfully called short-term cryptocurrency swings. It’s not smart to follow these traders’ every move, because even experts are often wrong, but it’s always nice to get an overall glimpse of how a good portion of pro traders are feeling. Another thing to consider is that some of the so-called ‘expert’ traders on Tradingview and Twitter have been openly criticized for trading techniques, shilling, and other erroneous errors. For instance, even though some of these strategists have over a hundred thousand followers, online critics have denounced a few of the traders mentioned above.
What do you think about the traders mentioned above? Are there any traders that you follow that we missed? Let us know your thoughts about this subject in the comments section below.
Disclaimer: The traders, methods, and subjects mentioned in the editorial above 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, Twitter, and Tradingview.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post A Look at Some of 2018’s Most Popular Cryptocurrency Traders appeared first on Bitcoin News.
In the absence of a comprehensive regulatory framework for cryptocurrencies in Russia, lawyers have taken matters into their own hands. A new advisory body of legal experts will look into cases where the current legislation does not reflect the specifics of the growing digital economy and propose solutions.
Also read: CEO of Romanian Exchange Coinflux Arrested on US Warrant
Legal Commission to Solve Problems Stemming From the Lack of Proper Rules
During a round table discussion on these issues, the Russian Lawyers Association and an educational organization called Blockchain Lawyers have agreed to establish a specialized commission that will address the legal challenges in the crypto industry. It will also work with companies in other related sectors such as blockchain development, artificial intelligence, quantum technologies and the internet of things.
The commission’s main task will be to provide answers to outstanding questions and solve problems arising from the lack of proper crypto regulations, the Russian outlet Bitcrypto News reported. The participants in the round table expressed confidence that the new body will be able to give legal definitions to many new economic and technological phenomena in the digital space.
The members of the commission will help projects and organizations in the industry to overcome specific challenges. Some of them are related to accounting and taxation, for example. The Russian government currently treats cryptocurrencies as “other property.” In the case of ICO tokens, however, the digital coins can also represent property rights. The problem is that the Russian tax code applies different rates to these two categories.
According to Mikhail Uspenskiy, partner at the law firm Taxology, keeping accounting records competently will be extremely difficult until Russian lawmakers finally adopt new laws to clearly define the legal nature of cryptocurrencies and tokens. However, the lower house of Russia’s parliament, the State Duma, has postponed the adoption of the legislation that was filed this past spring.
Russian Authorities Favor Conservative Approach to Crypto Regulation
After introducing a number of changes to the original texts, Russian deputies eventually dropped several key terms such as “cryptocurrency” and “mining” from the main bill, the law “On Digital Financial Assets.” Representatives of the crypto industry protested against its latest version and even proposed their own, alternative bill that grants cryptocurrencies a “special status.”
In a recent statement, Russia’s deputy prime minister Maxim Akimov defended the conservative regulatory approach. Commenting on the recent market slump that decreased the capitalization of most decentralized cryptocurrencies, he also said that authorities in Moscow do not plan to introduce any more significant amendments to the draft legal framework.
During the round table, the legal experts discussed a number of other related topics such as the need to regulate law enforcement in the crypto industry and provide protection for the rights of cryptocurrency holders. The new commission is expected to deal with these issues as well. The body will operate within the Moscow regional branch of the Russian Lawyers Association.
What do you think of the idea to create a legal commission to support the growing Russian crypto industry? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Diar.
Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.
The post Lawyers to Help the Russian Crypto Industry Deal With Inadequate Laws appeared first on Bitcoin News.
Despite the 2018 cryptocurrency bear trend renewing gleeful predictions of bitcoin’s demise from mainstream financial analysts, the leading crypto markets have dramatically outperformed the ‘FANG’ (Facebook, Apple, Netflix, and Google) stocks since the start of 2017.
Also Read: Linkedin Names ‘Blockchain Developer’ Top Emerging US Job of 2018
FANG Stocks Up Between 25% and 115% Since Start of 2017
As with the cryptocurrency markets, the FANG stocks broke into new record highs during early 2017, leading to a multi-month bull trend driven by accelerated momentum. However, in spite of currently posting year-to-date losses between 75% and 90%, the leading cryptocurrency markets have significantly outperformed the FANG stocks since the start of 2017.
At the start of 2017, AAPL (Apple) was trading for approximately $115. After rallying throughout 2017, APPL continued to set record highs during 2018 before going parabolic in the third quarter following a breakout above $1 trillion in market cap.
Since establishing an all-time high above $230 at the start of October, APPL has aggressively retraced roughly 30% back to currently trade for approximately $165, resulting in the stock having gained approximately 43% since January 2017.
Of the FANG stocks, FB (Facebook) has seen the greatest price volatility in price over the past two years. Trading for approximately $115 at the start of January 2017, FB saw 12 months of predominantly bullish action before producing a roughly 23% retracement from a then-record high of $195 down to $150 during the first quarter of 2018.
The second and third quarters of 2018 saw FB rally to post a record high of nearly $220, before suffering a violent 40% crash to establish local support at $125. As of this writing, FB is trading for $144, equating to a gain of 25% since the start of 2017.
NFLX (Netflix) has been the strongest performing of the FANG stocks since January 2017. NFLX began 2017 trading at nearly $125 before producing 18 months of sustained bullish action.
Since producing a double-top at approximately $420 during June and July, NFLX has recently retraced by roughly 40%. As of this writing, NFLX is consolidating at the $265 support area, resulting in a price gain of 115% in nearly 24 months.
GOOG (Google) has been the least volatile of the FANG stocks in the last 24 months, beginning 2017 at roughly $772. GOOG then produced 19 months of mostly bullish price action, before double-topping at roughly $1,255 during July and August.
GOOG has suffered the smallest losses of the FANG stocks since posting its current all-time high, having retraced nearly 20% to test support at $1,000. GOOG is currently trading for $1,042, equating to a price gain of 35% since January 2017.
Top Crypto Markets Gain Between 200% and 4,000% in 24 Months
At the start of 2017, the top five cryptocurrencies by market cap were BTC, ETH, XRP, LTC, and XMR.
Despite losing nearly 77% since the start of the year, BTC has gained nearly 250% since January 2017, gaining from nearly $965 to currently trade for $3,344.
In spite of posting a YTD loss of 88.5% as of this writing, ETH has gained over 1,000% in nearly 24 months, rising from $8 to $88.5.
Of the top crypto markets from the start of 2017, XRP has since produced the largest gains, with prices increasing nearly 4,350% from roughly $0.0065 to 0.29 today, despite posting a YTD loss of 87%.
Although LTC has yielded a YTD loss of 90%, the now seventh-ranked cryptocurrency by market cap has still produced price gains of more than 500% since the start of 2017, gaining from $4.33 to $26.5 today.
While XMR has slipped to rank 12th by market capitalization and produced a YTD loss of 88.5%, Monero has gained nearly 200% since January 2017, with prices rising from $13.8 to $40.4.
Do you HODL or day-trade? Share your favorite trading strategies in the comments section below!
Images 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 Despite 2018 Bear Market, Top Crypto Markets Have Outperformed FANG Stocks Since 2017 appeared first on Bitcoin News.
In today’s edition of The Daily, we feature a couple of stories from the U.S. political scene. President Donald Trump has chosen a known Bitcoin advocate as the Acting White House Chief of Staff. And a congressman proposes to fund the building of a barrier on the U.S.-Mexico border with a “Wall Coins” crowdsale offering.
Also Read: Password Manager App Dashlane Mocks Cryptocurrency Owners
Mick Mulvaney Moves Up in the Trump Administration
U.S. President Donald Trump has announced on Friday that Mick Mulvaney, Director of the Office of Management & Budget, will be named Acting White House Chief of Staff. As we reported when he was first appointed as Trump’s budget director back in February, Mulvaney has made public his positive interest in Bitcoin.
Mulvaney has solicited bitcoin donations for his campaigns in the past. And at a Small Business Committee hearing on Bitcoin, he stated: “I know it isn’t a mainstream issue yet — and may not become one — but it is extraordinarily interesting and something that could eventually influence the dollar and our monetary policy. In fact, one of the witnesses drew favorable comparisons between Bitcoin and Milton Friedman.”
“Mick has done an outstanding job while in the Administration. I look forward to working with him in this new capacity as we continue to MAKE AMERICA GREAT AGAIN!” Trump tweeted about the new appointment on Friday. “For the record, there were MANY people who wanted to be the White House Chief of Staff. Mick M will do a GREAT job!”
Buy a Brick, Build a Wall
Speaking about President Trump, promising to build a “big, beautiful” wall on the U.S. southern border to stop illegal immigration from Mexico was a pillar of his elections campaign. However, the president has not been able to push forward the process of securing funds for his flagship project so far. So, could an ICO be the answer? That’s what one congressman is now proposing.
Warren Davidson, Republican member of the U.S. House of Representatives from Ohio’s 8th congressional district, talked about this idea in a recent interview with NPR.
“I’ve offered a modest compromise called Buy a Brick, Build a Wall that we introduced, which lets the American people, or whomever should choose to donate – Mexicans or otherwise – to donate to the program,” Davidson explained. “You could do with this sort of, like, crowdfunding site. Or you could even do blockchain, and you could have wall coins. But you could raise the money. And frankly, if we get it right at the Treasury, you could even accept Mexican pesos.”
Time will tell if this was just an off-the-cuff remark that will never become an official plan or something more than that, but Davidson certainly knows the American digital assets field well. At a regulatory round-table he hosted on Capitol Hill a couple of months ago, the congressman called on regulators to provide clarity for crypto entrepreneurs as quickly as possible. “Legitimate players in the industry have a desire for some sort of certainty so we can prevent and prosecute fraud. I’m confident we can move forward and make this a flourishing market in the U.S. It’s an imperative for us to do, we did it well with the internet,” he stated.
What do you think about today’s news tidbits? 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 The Daily: Trump Chooses Bitcoin Advocate as Chief of Staff, Congressman Proposes Wall Coins appeared first on Bitcoin News.
In today’s chatter report, Calvin Ayre eagerly welcomes Jiang Zhuoer to mine on BSV but then quickly changes his mind. Zhuoer reveals that btc.top created a BSV block by accident and Rick Falkvinge calls for code changes to be reviewed in the same manner as legislation.
Also Read: Linkedin Names ‘Blockchain Developer’ Top Emerging US Job of 2018
Btc.top Creates BSV Block by Mistake
Coingeek owner Calvin Ayre recently took to Twitter to congratulate and welcome mining pool btc.top for mining a block on the BSV chain.
https://t.co/cyQxBaFxG4 an ABC mining conspirator now mining real #Bitcoin SV. This is good. #BSV is open for business and wants to invite any miner who now understands that our future is tied to BSV to join with us. No Bitcoin attacks please https://t.co/mCSGWH2AgG
— Calvin Ayre (@CalvinAyre) December 14, 2018
The celebration was short lived, as btc.top CEO Jiang Zhuoer published a Medium article in response to clear up the misunderstanding. In it, Zhuoer explained that btc.top had only ever mined two BSV blocks. The first block was an empty block mined before the BCH hard fork as a test for the hash war, and the second block was mined “accidentally”.
To add insult to injury, Zhuoer began criticizing Nchain chief scientist Craig Wright, calling him a detriment to the BCH community and a liar. Ayre didn’t take kindly to Zhouer’s comments and responded by calling Zhuoer’s post “nonsensical”.
this guy is kind of pathetic. the cult of anti Craig is not a vision guys and this post is nonsensical. Metanet is a vision and it really does not matter what you think if you are wrong all the time https://t.co/yRdTdtMs2K
— Calvin Ayre (@CalvinAyre) December 14, 2018
Code Is Law and Should Be Treated as Such
As American Academic Lawrence Lessig famously said, “Code is law”. Well, founder of the Pirate Party Rick Falkvinge wants to take Lessig’s infamous quote one step further. Falkvinge is calling for Github pull requests to be reviewed in the same manner as new legislation.
In his latest video, Falkvinge proposed that code changes should be evaluated on their effectiveness, necessity and their proportion of good to bad. Changes are only effective when they move a project closer to its goals, he explained.
Are Changes to Bitcoin Code Necessary?
Falkvinge reasoned that change is necessary when there is a problem that needs to be addressed. With the Bitcoin community, the problem is that we have not yet achieved the goal of bitcoin as world money. Therefore, the argument that something like CTOR is unnecessary is not a valid argument because it implies that “no action is required”. Instead, Falkvinge believes that changes to the Bitcoin code are necessary until the Bitcoin community achieves the goal of bitcoin as global money.
Do the Benefits Outweigh the Costs?
Lastly, Falkvinge proposes assessing code changes based on the proportion of good to bad each code change brings. When the benefits of introducing new code outweigh the bad of not doing so then the change should be implemented.
To illustrate an instance when a code change was not worth being made, Falkvinge uses the example of the Bitcoin Core optimization that allowed a quicker block validation time but introduced a bug for “unbounded money creation”. Fortunately, Falkvinge points out that most code changes don’t have such disastrous effects, and tend to cause more good than harm.
At the end of the video, Falkvinge concludes by explaining that the worst thing is to move in the “wrong direction”, and so the default should be to constantly improve code.
What do you think of Ayre’s exchange with Zhuoer? Should code be reviewed like legislation? Let us know below.
Images courtesy of Shutterstock.
Bitcoin Games is a provably fair gaming site with 99% or better expected returns. Try it out here.
The post Chatter Report: Zhuoer Claims BSV Block Created ‘Accidentally’, Falkvinge Likens Code Review to ‘Legislation’ appeared first on Bitcoin News.
Police in Romania have detained the founder and CEO of Coinflux, one of the country’s major cryptocurrency exchanges. Vlad Nistor has been arrested on a warrant issued by U.S. authorities accusing him of a number of crimes, including the defrauding of American citizens. A court in Bucharest is currently reviewing the extradition request.
Also read: Ukrainian Village Distributes Dividends From Crypto Investment
Crypto Entrepreneur Accused of Fraud and Money Laundering
The 29-year-old businessman was apprehended by Romanian policemen and prosecutors earlier this week at his home and office in the city of Cluj. The arrest was conducted in the presence of four U.S. law enforcement agents, local media reported.
According to the publications, Nistor is now awaiting a decision by the Bucharest Court of Appeal regarding his extradition to the United States. In its request, the U.S. Justice Department has accused him of running a fraud scheme, committing computer fraud, leading an organized crime group and money laundering.
Coinflux is one of the largest digital asset trading platforms in Romania. Nistor, a graduate of Brunel University in the U.K., established the bitcoin exchange in December of 2015. He has been described as a professional with seven years of experience in the financial sector, including pension funds where he managed savings worth millions of euros.
According to local news outlet Ştiri de Cluj, the company’s turnover in 2017 was €3.25 million ($3.68 million). Its website claims that the platform has, so far, exchanged over €201 million worth of cryptocurrencies in more than 203,000 transactions for over 19,000 traders.
Coinflux offers its users the opportunity to buy and sell major cryptocurrencies such as bitcoin core (BTC), ethereum (ETH), litecoin (LTC) and ripple (XRP). It accepts payments in Romanian leu, euro and supports Sepa transfers. Trading is currently disabled, however. In a blog post, the exchange said its bank accounts have been frozen and explained:
Due to a recently started, unexpected investigation, we are in the unpleasant situation of temporarily stopping any digital currency exchanges … We are doing all possible efforts, along with our legal advisers, to make sure everyone who had money deposited in Coinflux wallets gets it back.
The platform’s team further noted that, due to the investigation, they have been unable to send the announcement through the usual communication channels — via email and by publishing it on the website. “Our expectation is that we will gain back control within the next days,” they added.
Vlad Nistor Released, Expected to Appeal His Extradition
According to the latest information on the case, the judges from the Bucharest Court of Appeal disagreed with Nistor’s arrest. Romanian media reported that the entrepreneur was released before the weekend but placed under judicial control for a period of 30 days.
Coinflux’s chief executive is not allowed to leave Cluj and the magistrates have banned him from conducting any financial transactions that involve digital assets. No decision has been taken yet regarding the U.S. extradition request and Nistor has until Dec. 20 to submit an appeal against it.
His case is not the first of this kind in Europe in the past few years. In the summer of 2017, Greek police arrested the suspected operator of the infamous Btc-e exchange, Alexander Vinnik, in Thessaloniki on a warrant from authorities in the U.S. He is accused of laundering billions of dollars through the now-defunct crypto trading platform, including bitcoins stolen in the Mt. Gox hack.
Vinnik is also wanted by his native Russia and France for other crimes. However, a lawsuit against him filed in Cyprus has been dropped, as news.Bitcoin.com reported. The Russian recently announced through his defense team his decision to go on a hunger strike in protest against his treatment by the Greek judiciary.
What do you think of Vlad Nistor’s arrest in Romania? Share your thoughts on his case in the comments section below.
Images courtesy of Shutterstock, Coinflux, and Vlad Nistor (Twitter).
Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.
The post CEO of Romanian Exchange Coinflux Arrested on US Warrant appeared first on Bitcoin News.
On Friday, Dec. 14, Bitcoin Cash developer Mark Lundeberg announced his new project Openswap, a fork of the Electron Cash client that features atomic swap functionality. Lundeberg’s been working on the Openswap software for months and the tool can perform swaps between bitcoin cash (BCH) and BTC in a trustless fashion.
Also read: Markets Update: Bears Continue to Drag Cryptocurrency Prices Down
In-Wallet Atomic Swaps and Onchain Negotiations
Mark Lundeberg has revealed a new project he’s been working on and has published the software’s open source framework. According to the developer, the Openswap protocol is a clone of the Electron Cash light client but also offers a few different features. The Openswap software has an atomic swap platform, onchain private messaging (BCH messages that use encrypted OP_RETURN payloads), and also includes BTC wallet support. Lundeberg’s first iteration which he plans on releasing soon will contain a basic walkthrough of the atomic swap process and the ability to trade BCH for BTC or vice-versa. The onchain messaging can be used for negotiation purposes explained Lundeberg in his announcement.
“The initial release features BCH and BTC, by integrating elements from the BTC Electrum into BCH Electron Cash — Other Bitcoin compatible coins can be added later such as litecoin, dash, doge, and others,” the developer detailed.
Lundeberg continued by stating:
I welcome developers from these and other communities to help build the next generation software.
Anonymous, Trustless, and Decentralized Bitcoin Cash Trades
In order to use Openswap, the user simply opens the ‘addresses’ tab and right clicks to choose the ‘Openswap’ command. The protocol’s documentation explains at this point the user is able to view private messages they have sent and received in the past. Moreover, this area allows Openswap users to make offers and initiate the atomic swap process. The virtual order book resides on the BCH chain and with enough liquidity, the application could bring forth a BCH-based decentralized exchange (DEX). Even though the program is in its infancy, in theory it could be used by any type of cryptocurrency trading platform.
“The software is designed to follow the model of a decentralized exchange, in the sense that it could be used by any capable liquidity provider to provide exchange services,” Lundeberg stated.
The Electron Cash developer Jonald Fyookball explained during the announcement that he thought the Openswap fork was “excellent” news. “This could be big news for Bitcoin Cash if people start using a BCH DEX,” Fyookball detailed on the Reddit forum r/btc. Lundeberg explained the Openswap protocol could be utilized in other multi-currency wallets but he chose Electron Cash because he’s more familiar with the software’s framework. The initial release will be published soon, Lundeberg concluded, but he wants testers and developers experimenting with Openswap first. The project’s creator has also created a Telegram channel for people who want to provide feedback and contribute to testing.
What do you think about the Openswap protocol? Let us know what you think about this project in the comments section below.
Images via Shutterstock, Bitcoin.com, and Pixabay.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post BCH-Based Openswap Client Will Feature Trustless Atomic Swaps appeared first on Bitcoin News.