Bitcoin s contractual language is quite limited, by design.Consider: heavily funded Bitcoin startup Coinbase will soon support Ethereum trading on its rebranded cryptocurrency exchange.People with projects they d like to build for The DAO can submit ideas in the form of a proposal written in plain English accompanied by smart contract code.But if this sounds to you like a poor fit with existing legal and regulatory structures, and/or a disaster waiting to happen, well, you re certainly not alone:To quote Eris COO and attorney Preston Byrne:the plain-English covenants made on funding proposals, the absence of legal certainty as to what THEDAO actually is and the nebulous and ever-shifting nature of THEDAO s membership, will make it very difficult to properly assign ownership in these projects work product.As Bitshares founder and DAO skeptic Dan Larimer puts it:The DAO has tentatively raised $100 million dollars worth of ETH, but so far the investors have taken no real risk.Let s wait for the results, if any — legal and otherwise — to roll in before declaring the DAO revolution underway.
Cameron left and Tyler Winklevoss claim Bitcoins is 'gold 2.0'Gemini, the cryptocurrency exchange founded and run by Cameron and Tyler Winklevoss, has expanded to the UK, starting off with trading in Bitcoin and ether, the native coin of the Ethereum network.They said the same approach would be duplicated in the UK and Canada where they expanded two weeks ago , and are looking to add the ability to trade fiat currency with Bitcoin/ether within the coming weeks.We have built an exchange that the larger financial institutional players can now finally do business in Bitcoin.So it a less onerous proposition in the EU or UK?That's a New York banking law licence, with those banking standards of compliance, capital requirements, and anti-money laundering rules - so that was definitely an onerous task.In terms of the increases in both cryptocurrencies, coupling, decoupling and so on, exchanges benefit from high volume of trading this can attract.
Since Coinbase was founded in 2012, hundreds if not thousands of Bitcoin competitors typically referred to as alt-coins were created.But today that changes, as Coinbase is announcing that they are adding site-wide support for Ethereum, a digital currency with a built in programming language designed to support and execute peer-to-peer digital contracts.The writing was on the wall for some time.In May, Coinbase co-founder Fred Ehrsam published a post on Coinbase s blog titled Ethereum is the Forefront of Digital Currency.Around the same time, Coinbase added support for Ethereum trading to GDAX, its online professional cryptocurrency exchange.Because while GDAX is mainly a professional exchange for traders, plain-old Coinbase is much more geared towards your average joe who is just dipping his toes into cryptocurrency for the first time.
Hackers earlier this week made away with more than $70 million worth of Bitcoins from Hong Kong-based cryptocurrency exchange Bitfinex.The company seemingly has more questions than answers at this stage although it has revealed one possible scenario that could be used to cover the loss.In a brief blog post on Friday, Bitfinex said they are still working out all the details but are leaning towards a socialized loss scenario among balances and active loans.What that essentially means is that Bitfinex may spread the $72 million loss among its users with each person forfeiting a portion of their account funds to collectively recoup the loss.Predictably, not everyone is happy about that potential scenario.One commenter compared the theft to someone stealing a stereo from their car parked in a large parking lot.
Hong Kong cryptocurrency exchange Bitfinex, which last week closed itself down after being hacked, has now told account-holders they'll all have to pay for the mess by surrendering some of their account balance.In a new update for users the outfit says that After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets.The company says This is the closest approximation to what would happen in a liquidation context and that when customers next log in to the site, they ... will see that they have experienced a generalized loss percentage of 36.067%.At least users' full balances are being noted, with a token labeled BFX to record each customer s discrete losses.The company's also actively discussing various strategic options with numerous potential investors as part of our strategy to fully compensate our customers, but warns those talks are in early stages and will likely take time to play out.It appears that some financial gymnastics are on the operators' minds, as the post says the tokens will remain outstanding until redeemed in full by Bitfinex or possibly exchanged—upon the creditor s request and Bitfinex s acceptance—for shares of iFinex Inc.
Blockchain-based Bitland is looking to address the unregistered land issue in West Africa.Blockchain technology has been predicted as a major step forward for developing countries plagued with land disputes and corruption around real estateThe creation of decentralised databases for land titles on a public ledger is a compelling use case for blockchain technology.The operation is scheduled for an official opening in Kumasi, Ghana this October, and the team has been progressing with promising behind-the-scenes developments, and has just launched their official ICO crowdfunding campaign with Danish CCDEK and decentralised cryptocurrency exchange, OpenLedger, said a statement.The Ghanaian Land Commission has been working with the World Bank on the Land Administration Project since 1999, seeking automated solutions for streamlining the land registration process, fighting fraudulent registration, and increasing productivity.CCDEK and OpenLedger CEO Ronny Boesing, said: "Bringing clarity to land ownership rights will not only reduce corruption, but will also open up trillions of dollars in locked capital, since land that does not have a functional title cannot be used as capital.
The anonymity of cryptocurrency makes it a headache for governments, who worry the currency is being used for drug dealing, money-laundering or tax evasion.A US government request to trawl through the personal data of millions of users of the cryptocurrency exchange Coinbase signals the start of an effort to pull digital currencies like bitcoin into the mainstream, experts have said.Cryptocurrencies – digital assets which exist entirely online but are exchangeable for goods or services – have grown in popularity in recent years, in part because they grant a degree of user anonymity.But user confidentiality has also caused headaches for governments, who worry the currencies are being used for drug dealing, money laundering or tax evasion.Digital currencies are currently taxed as an asset like gold, with capital gains tax due when there is an appreciation in value.In documentation supporting its petition, the IRS referred to three anonymous cases of taxpayers who had used virtual currencies to evade tax, two of which were corporate entities with annual revenues of several million dollars which used Coinbase wallets and concealed bitcoin transactions as technology expenses on their tax returns.
These are the show notes for the Unchained podcast.Tyler and Cameron Winklevoss, the twins known for their dispute with Mark Zuckerberg of Facebook and for their careers as Olympian rowers, are now proponents of bitcoin.They run the cryptocurrency exchange Gemini and have made investments in companies like 21 and Xapo through their investment fund Winklevoss Capital.Three-and-a-half years ago, they filed with the Securities and Exchange Commission to offer a bitcoin exchange-traded fund, or ETF, named the Winklevoss Bitcoin Trust, to trade under the ticker symbol COIN.The proposal has been updated around a couple dozen times, and the SEC has asked for public comments more than once and repeatedly extended the timeline on its decision.This week, on my podcast, Unchained, a bitcoin ETF optimist and pessimist discuss the likelihood of SEC approval Google Play, iTunes, Stitcher or TuneIn Radio — and along the way, touch upon bitcoin s liquidity, what impact recent events in China have had on its trading, as well as proposals for bitcoin ETFs by other companies.
GDAX, the cryptocurrency exchange run by Coinbase, has added margin trading to the platform.Eligible traders can now trade up to 3X leveraged orders on Bitcoin, Ethereum and Litecoin order books.If you’re unfamiliar with trading and exchanges, margin trading is when you borrow money from your broker to buy or sell more stock than you can afford.By buying or selling on margin, traders can increase their leverage and buying power, potentially generating profits beyond what their own cash balance would have supported.This feature is mainly geared toward institutional investors.That’s because Coinbase has launched the feature attempting to fit within the boundaries of the Commodity Exchange Act.
At least three bitcoin exchanges have said in recent weeks that they can’t process transactions in dollars, as global banks pull back from sectors they deem too risky.Hong Kong-based Bitfinex, the largest cryptocurrency exchange by market share, said last week its customers couldn’t withdraw or deposit any currencies because the Taiwanese banks that handle its transactions were blocking all requests.
p A dramatic rise in the value of bitcoin caused the world's largest cryptocurrency exchange to grind to a halt and fall offline.Bitcoin rocketed from $1,250 (£970) per coin to just under $2,800 in the space of a month, and gained by some $300 on 25 May alone.This, along with media coverage tracking the surging value, brought huge numbers of users to online exchanges, where bitcoins are bought and sold for fiat currencies like pounds and dollars.As a result, Coinbase, the world's most funded bitcoin exchange, which operates in 32 countries, could no longer cope with demand.The site became slow, new accounts could not be created, and eventually it fell offline.Customers new to bitcoin, but keen to invest due to stories of early investors earning millions, also flooded the exchange, setting up new accounts and throwing speculative cash into what quickly became a bubble ready to burst.
As if you needed yet another reminder -- if someone calls you up and asks for your password or other private information, don't give it to them.It’s easy to get a bit discouraged lately when it comes to securing our personal data.Cybercriminals use a variety of electronic means to break into systems, whether it is our own PCs or those maintained by the hundreds of companies with which we do business.Sometimes, it is the combination that does the trick — a breach in an individual’s PC serves as a gateway to organizational data and results in our information making its way into the wild.Such seems to be the case in an attack on the Bithumb cryptocurrency exchange.The news comes via Hot for Security, based on information from some local reports in Seoul, Korea where the attack occurred.
Just as South Korea is reportedly getting ready to regulate and legalize cryptocurrencies like Bitcoin and Ethereum, news have emerged that Bithumb, the largest cryptocurrency exchange in the country has been hacked.Data from 30,000 customers has been compromised and according to the BBC, the data is being used to fool users into letting thieves steal funds from their accounts.In a separate report BraveNewCoin explains that Bithumb users were victims of "voice phishing," where someone phoned them up saying they worked for Bithumb and scammed them out of funds.The breach is reported to have occurred in February, and is said to have involved an employee's home PC rather than computer servers at the firm's headquarters.Bithumb says it discovered the breach on June 29 and reported it to the authorities the next day.The exchange claims that the number of affected people represents approximately three percent of customers.
Cryptocurrencies need to be regulated or they risk going out of control as more people invest in these digital assets, the head of a major Chinese bitcoin exchange platform warned on Tuesday.Bitcoin and ethereum, two popular cryptocurrencies, have seen rapid price swings in recent months.In May, a 19 per cent price fall for bitcoin saw nearly US$4 billion in value wiped off.Last month, the price of ethereum crashed as low as 10 cents from around US$319 in about a second on the GDAX cryptocurrency exchange.Because there’s bullishness in the market, some predict bitcoin’s price to soar as high as US$100,000 in a decade.“I think regulation is much needed for this new asset class because otherwise it’ll run amok from society,” Bobby Lee, CEO of exchange BTCC, told CNBC’s “Squawk Box.”
the World's leading cryptocurrency exchange Coinbase announced on Thursday that it would adopt a new Bitcoin Cash exchange.Bitcoin customer also divided them belong to the new currency.on Tuesday the usual bitcoin alongside appeared in the new cryptocurrency, Bitcoin Cash.They have the same roots and the same principles of operation: the bitcoin stick to the old way of doing business where the bitcoin cash increase the block size of eight megabytes.the Largest size of the Bitcoin cash is capable of faster trading.Coinbase, not first gone according to Bitcoin Cashiin, and not Bitcoin owners will get a new currency to use.
Coinbase is positioned in the middle of the bitcoin action, and there is no sign of an end to the explosive growth.Coinbase, the cryptocurrency exchange, has raked in a massive $100 million from a Series D funding round, raising its value to unicorn status of over $1.5 billion.The Series D round has lifted the total funding accrued by Coinbase to a hefty $217 million, with the likes of IVP, Greylock Partners and Spark Capital adding significantly to the overall amount.Bitcoin has broken a number of its own records recently, surpassing the price of gold for an ounce to a unit, passing the $1000, $2000 and $3000 marks.This cryptocurrency success has not been the sole driver of the strong Coinbase performance, with other digital currencies such as Ethereum also gaining significant traction, contributing to its new unicorn status.Since 2015 Coinbase has tripled its value, and this growth can be attributed to an explosive spike in trading volume, approximately 10 times more trading that in 2016.
Researchers have discovered a new variant of banking trojan that targets cryptocurrency wallets instead of traditional accounts.Coinbase, the cryptocurrency exchange site targeted in part by the latest Trickbot variant, manages multiple currencies thus offering crooks a wider platform for abuse once they succeed in harvesting the account credentials.Coinbase has been added as a target to config files for the trojan, which already attempted to loot bank accounts with numerous providers worldwide, infosec firm Forcepoint Security reports.Cybercriminals have been developing Trickbot since its creation, adding new regional banks (most recently in the Nordics) to its hit list.Security researchers recently unearthed Trickbot campaigns targeting PayPal wallets.The switch to digital currency accounts matches the popularity of Bitcoin and the like as a form of payment.
With the aggregate cryptocurrency market cap soaring above $150 billion, an above-800% increase in the first eight months of this year, parties that previously dismissed digital currencies as a niche market are starting to make their mark.Governments and financial institutions, which were previously observers, are now taking a more active role in the development of token sales and the trading of digital currencies.Some analysts and speculators are interpreting these developments as the glimmers of the cryptocurrency bubble preparing to burst.But with the growth of the market, their shortcomings have become evident, including caps on fiat transactions, security failures, possibility for unfair practices and lack of transparency.Legolas, a new cryptocurrency exchange, aims to address these issues through a hybrid approach.Legolas employs the power of blockchain, the technology that powers Bitcoin, Ethereum and other cryptrocurrencies, to store order placements in a decentralized, transparent and immutable way.
Public Radio International (PRI) write security company Fireeye reports that the northern neighbour has hit South korea in the cryptocurrency exchange place of the bouquet.Fireeye, in recent months attacks there have been at least three.the Company believes that factors in the North Korean government-sponsored hackers.
In a filing with the US Patent and Trademark Office, analytics company FICO has submitted an application regarding a system for detecting unusual transactions.With the rise of cryptocurrencies and anonymous ways to move money between individuals, tracking money laundering and other financial crime has become much more difficult.FICO is seeking to collect publicly available information from cryptocurrency exchange sites as well as miners to track the flow of digital currencies.In the patent application, FICO details that the company would like to create "a Cloud based data store integrates information from multiple sources, including: a) Entities associated with legal and illicit BitCoin exchanges b) Entities associated with mobile payment and remittance networks".The size and scale of how rampant money laundering truly is within the realm of digital currencies is largely unknown due to its somewhat anonymous nature, but FICO is hoping to reveal some clues to help quantify the problem.The introduction of privacy focused currencies such as Monero makes it theoretically impossible to track any money transfers using a public ledger.
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