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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Who Needs a CSD? Nivaura to Issue First Regulated Bond in Ethereum

Blockchain startup Nivaura will today initiate its first bond denominated in ether. And, notably, the issuance will be conducted on a blockchain.

Posted on 22 November 2017 | 3:00 am

Survey: CFOs Think Bitcoin Is 'Real' But Are Divided on Price

A group of CFOs polled by CNBC are split on whether bitcoin is a bubble, according to newly published results.

Posted on 22 November 2017 | 12:00 am

Bitcoin House Money - Seeking Alpha


Bitcoin House Money
Seeking Alpha
Those who love Bitcoin want to hold and those who hate won't buy, and they can't short or play with derivatives at this point in time. Perhaps there is a rational way to intelligently ride the Bitcoin wave by setting conservative selling points to ...

and more »

Posted on 21 November 2017 | 10:59 pm

Enabling or Crippling? The Risks of State-by-State Blockchain Laws

A hodgepodge of state laws intended to sanction blockchain technology could end up making nationwide solutions commercially impracticable.

Posted on 21 November 2017 | 10:00 pm

Wealth Managers Being Bombarded With Investor Requests to Buy Bitcoin - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Wealth Managers Being Bombarded With Investor Requests to Buy Bitcoin
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Wealth managers around the world are being bombarded by Bitcoin requests, according to a new report by Bloomberg. The spectacular rise in value of the cryptocurrency has caused a run on the investment, with a huge number of investors seeking positions ...
JPMorgan reportedly getting into bitcoin futures trading even though Dimon believes it is a fraudCNBC
Can anything stop bitcoin? Price above $8000CNNMoney
Bitcoin's Growing on Jamie DimonBloomberg
Business Insider -CoinDesk -Wall Street Journal
all 62 news articles »

Posted on 21 November 2017 | 8:12 pm

Warning Signs About Another Giant Bitcoin Exchange - New York Times


New York Times

Warning Signs About Another Giant Bitcoin Exchange
New York Times
But if you want to see where the price of Bitcoin is actually determined in round-the-clock bidding, you have to go to a number of unregulated exchanges that often fly in the face of American and European laws. These days, no exchange is bigger than ...
A Hacker Warning for BitcoinBloomberg
Untethered? Bitcoin Shrugs Off Hack to Push Above $8000CoinDesk
Bitcoin rebounds to all-time high, shrugs off cryptocurrency hackCNBC
TechCrunch -Business Insider -Fortune -Bloomberg
all 107 news articles »

Posted on 21 November 2017 | 4:55 pm

Bitcoin Regulation is Simple in Theory, Incredibly Complex in Reality - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Bitcoin Regulation is Simple in Theory, Incredibly Complex in Reality
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Regulators have been struggling to come to a consensus, keep in touch and set a working relationship with Cryptocurrencies since they became big enough to worry about. The idea is simple, but implementation is much more difficult due to the ...
Russia Will 'Never' Consider Bitcoin Legalization, Says MinisterCoinDesk
Bitcoin Just Surged to a New All-Time High Above $8200Futurism
Bitcoin Will “Never” be Legalized in Russia, Claims MinisterCryptoCoinsNews
Telegraph.co.uk -Investorplace.com -Bitcoin News (press release) -CoinDesk
all 155 news articles »

Posted on 21 November 2017 | 4:36 pm

BitLicense Architect Ben Lawsky Joins Ripple Board

Ben Lawsky, the former New York Superintendent of Financial Services who spearheaded the BitLicense regulatory framework while in office, has joined startup Ripple's board of directors.

Posted on 21 November 2017 | 3:30 pm

Top 5 Tips For New Bitcoin Investors - Forbes


Forbes

Top 5 Tips For New Bitcoin Investors
Forbes
While Bitc0in investing can be intimidating for those just getting their feet wet, there are several tips that newcomers can use to maximize their chances of success. By following the Top 5 tips listed below, investors can boost their chances of ...

Posted on 21 November 2017 | 3:05 pm

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New Code Released for Vlad Zamfir's Ethereum 'Casper' Upgrade

The Ethereum Foundation's lead developer for the Casper upgrade, Vlad Zamfir, uploaded the first version of the protocol's code to GitHub on Tuesday.

Posted on 21 November 2017 | 2:30 pm

Blockchain Data Links Tether 'Attack' to 2015 Exchange Hack

The individual or group behind the alleged Tether attack may have been involved in a previous well-known hack in the bitcoin space.

Posted on 21 November 2017 | 1:00 pm

Hacker Allegedly Siphons $31 Million Out of Tether, Driving Further Speculations About the Cryptocurrency

Hacker Allegedly Siphons $31 Million Out of Tether, Driving Further Speculations About the Cryptocurrency

Tether, a cryptocurrency pegged 1-to-1 to the U.S. dollar, was allegedly hacked today to the tune of $31 million.

Tether functions to convert U.S. dollars to a type of cryptocurrency. The project’s token (USDT) is pegged to the dollar and is used in exchange trading. The idea behind Tether is that instead of having to sell your bitcoin or other token for a fiat currency, you can convert it to USDT, and either hold it in USDT or else transfer your USDT to another exchange and use it to purchase tokens there.

As for the exchanges, USDT allows them to trade in something akin to dollars, without requiring them to have a bank account.

Tether operates on the “Omni Layer Protocol,” which itself operates on top of the Bitcoin network, and uses Bitcoin addresses. According to a blog post on the project’s website, $31 million worth of USDT was sent to an unauthorized Bitcoin address on November 19, 2017.

In the blog post, Tether also noted it released a new version of the Omni Core software used by exchanges and wallets to support USDT transactions, thus implementing a temporary hard fork to the Omni Layer. As a result, the affected tokens are frozen in place, making them essentially worthless to the hacker.

“We strongly urge all Tether integrators to install this software immediately to prevent the coins from entering the ecosystem,” Tether wrote, adding that “any tokens from the attacker’s addresses will not be redeemed.”

Some exchanges, like Kraken, have stopped trading USDT temporarily while they upgrade to the newer software.

The heist was made in three separate USDT transfers out of Tether’s core Treasury wallet in the amounts of 23,000,000; 7,900,000; and 500,000 USDT. It is unclear why the hacker did not move all of the money out at once.

In addition to the other exchanges it trades on, USDT is widely traded on Bitfinex, an exchange that lost 119,756 BTC (worth $72 million at the time) in a hack that took place a year and a half ago.

News of the Tether attack comes at a time when some — notably the blogger “Bitfinex’ed” — are questioning whether USDTs are being issued without backing of actual U.S. dollars. Similarly, there has been growing speculation that Tether is being used in possible market manipulation to drive up the price of bitcoin.

The current market cap value of USDT is around $673 million. If that money is backed by real reserves, as Tether claims, the project would need to have at least that much in its bank account in Taiwan.

Tether publishes a bank account balance on its website’s Transparency page and claims the money is redeemable for U.S. dollars at any time directly through the Tether platform.

The project’s website has been up and down sporadically, since the hack. An archive of the site is available here.

The post Hacker Allegedly Siphons $31 Million Out of Tether, Driving Further Speculations About the Cryptocurrency appeared first on Bitcoin Magazine.

Posted on 21 November 2017 | 12:32 pm

Report Warns SAFT May Increase Legal Risk of Token Sales

Making ICOs compliant while delivering on their disruptive promise may be a harder needle to thread than the SAFT plan anticipates, a new paper says.

Posted on 21 November 2017 | 10:40 am

ECB President Draghi: Cryptocurrency Impact Still 'Limited'

European Central Bank president Mario Draghi reiterated his view that cryptocurrencies are too small to regulate on Monday.

Posted on 21 November 2017 | 9:50 am

NAGA Flourishes at the Epicenter of Blockchain’s Digital Disruption

NAGA Thumb

Blockchain technology’s disruptive force in business and commerce has been well documented. With strong momentum ensuing from its beginnings as the foundational technology supporting Bitcoin, distributed ledger technology shows great promise in terms of its potential impact on the future of our planet. 

One emerging enterprise at the nexus of these developments is The NAGA Group AG, a German fintech company. NAGA’s strategic aim is to create world-class mobile and web applications for the capital markets and gaming sectors, along with cutting edge, blockchain-based solutions.

Listed on the Frankfurt Stock Exchange as one of Europe’s fastest growing fintech firms, with six offices operating in five countries, NAGA’s successful IPO in July 2017 sparked a share price increase of 500 percent within less than three months.

Indicative of its strong advancement as a curator of cutting-edge concepts and business ideas, NAGA is backed by a number of high profile shareholders, including the Chinese Fosun Group and Hauck & Aufhäuser (one of Europe’s oldest banks founded in 1796).

“We Don't Copy, We Disrupt” is a key theme undergirding NAGA’s roadmap of progress. Employing a highly data-driven approach, it aims to reimagine the prevailing banking sector model through innovative, transparent and simplistic mobile-first concepts. All product development and design efforts target international expansion and a global marketing solutions.

New Collaborations, NAGA’s Acceleration Forward

NAGA’s foundational ecosystem is based on SwipeStox, an existing iOS and Android app and online trading platform that functions as a social network for traders. Operational since early 2015, this network is utilized by hundreds of thousands of registered users, facilitating over 200,000 monthly transactions at the tune of more than $4 billion.

Signaling its next significant breakthrough, NAGA Group and Deutsche Börse formed a joint venture called Switex in December 2016. This venture merges the financial trading world with the gaming world, allowing users to trade in-game merchandise. Currently under development, Switex is scheduled to launch in beta form in Q1 of 2018.

NAGA is also scheduled to launch a digital wallet that will align both platforms noted above. This will allow tokens to be stored so that individuals can use them for SwipeStox, Switex and other forthcoming projects such as the NAGA Trading Academy.

This tool will also provide a mechanism for the conversion of blockchain assets such as bitcoin, ether, litecoin and others. Moreover, NAGA plans to launch a debit card which will support users in their desire to spend cryptocurrencies both online and offline.

Prominent Figures

The NAGA Group AG was recently buoyed by the announcement that Roger Ver and Mate Tokay, Bitcoin.com’s CEO and COO respectively, had joined the company’s team of advisors.

Through the influence of these two cryptocurrency leaders, the company hopes to fuel the next iteration of barrier-free investing into stocks or virtual goods through its forthcoming proprietary token, NAGA Coin.

As arguably Bitcoin’s first angel investor, having funded the seed rounds for a majority of the entire first generation of Bitcoin-related businesses, including the Bitcoin Foundation, Bitpay, Blockchain.info, Ripple and Kraken, Ver is considered a prominent voice and strong advocate for Bitcoin adoption around the world. His philosophy and ideology of libertarianism and “voluntarism” align pretty succinctly with those espoused by NAGA.

Ver holds the view that every person on the planet has the right to freedom of choice, voluntary association and self-governance. This assertion aligns well with NAGA’s aim to build a supportive ecosystem which will allow underbanked individuals throughout the world to participate in financial and crypto markets. This opportunity for involvement in the world of trading and investing is seen as a critical step to fostering financial independence and free lifestyles.

Ver’s colleague, Tokay, is also an active and vocal proponent of Bitcoin. Having cut his teeth as a Bitcoin miner in 2013, Tokay continues to stay abreast of emerging crypto trends as part of his involvement with several successful blockchain-related projects.

“I am thrilled to join the NAGA token sale as an advisor; they already have a working product that will allow millions of unbanked people to trade on the crypto markets and with that giving them the opportunity to reach financial freedom,” Tokay said.

Dovetailing off of this news was the decision to add Bitcoin Cash (BCH) to the list of accepted cryptocurrencies for NAGA’s upcoming token sale.

“We consider BCH to represent the future of cryptocurrencies because of its small transaction cost and other benefits,” said NAGA founder Benjamin Bilski. “Thus, we believe that it will reduce the barriers for our potential investors and future customers to become a part of our ecosystem.”

Igniting the Next Frontier

With the ultimate vision to establish a cryptocurrency that allows anyone to invest and trade easily and securely, NAGA will launch a token pre-sale on November 20, 2017. The Naga Development Association Ltd. will partner with the NAGA Group to introduce the ERC20-based token, NAGA Coin (NGC), a decentralized currency unit with the purpose of bringing together all of the platforms the NAGA network through its own proprietary NAGA Wallet.

During the pre-sale, 20 million NGC tokens will be available with a 30 percent sale bonus. The main sale will then commence on December 1, 2017, and last until December 15, 2017. The maximum cap in tokens for the main sale is 200 million.

Learn more by visiting NAGA’s website as well as joining its Telegram chat. 

The post NAGA Flourishes at the Epicenter of Blockchain’s Digital Disruption appeared first on Bitcoin Magazine.

Posted on 21 November 2017 | 9:37 am

Morocco Regulators Warn of Penalties for Cryptocurrency Use

The foreign exchange office of the Moroccan government has stated that the use of cryptocurrencies can lead to penalties under existing rules.

Posted on 21 November 2017 | 8:15 am

Russia Will 'Never' Consider Bitcoin Legalization, Says Minister

The Russian minister of communications and mass media said yesterday that the country will not consider the legalization of digital currencies.

Posted on 21 November 2017 | 7:01 am

Blockstream, Digital Garage Team Up to Foster Blockchain in Japan

Bitcoin infrastructure company Blockstream has expanded its partnership with IT firm Digital Garage to boost blockchain development in Japan.

Posted on 21 November 2017 | 6:00 am

Untethered? Bitcoin Shrugs Off Hack to Push Above $8,000

Fears over a cryptocurrency hack revealed yesterday saw a brief crash in prices, but bitcoin soon bounced back.

Posted on 21 November 2017 | 5:15 am

R3, Microsoft Expand Partnership to Boost Corda DLT Adoption

Distributed ledger startup R3 is moving to more deeply integrate its Corda platform with Microsoft's Azure cloud service.

Posted on 21 November 2017 | 4:00 am

Lightning Can Scale Bitcoin, But Are Costs a Barrier?

Often trumpeted as the future of bitcoin, the success of the Lightning Network may come down to economic forces, say researchers.

Posted on 21 November 2017 | 2:00 am

Ethereum Startup ConsenSys Opens New London Office

Ethereum development startup ConsenSys is expanding to London.

Posted on 21 November 2017 | 12:00 am

Finance chiefs say bitcoin is 'real' but many think it's in a bubble right now - CNBC


CNBC

Finance chiefs say bitcoin is 'real' but many think it's in a bubble right now
CNBC
Ninety-seven chief financial officers (CFOs) on CNBC's Global CFO Council were asked their view on bitcoin. Out of the 43 that responded, 27.9 percent said the cryptocurrency is "real but in a bubble." Another 14 percent said that bitcoin is "real and ...
30 Percent of CFOs Still Call Bitcoin a Bubble: CNBC SurveyCointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

all 3 news articles »

Posted on 20 November 2017 | 11:25 pm

Tether Claims $30 Million in US Dollar Token Stolen

The team behind the stable cryptocurrency Tether is claiming $30 million worth of its funds have been sent to an unauthorized address.

Posted on 20 November 2017 | 9:15 pm

Bitcoin ATM Installations Draw Warning from Russian Prosecutors

Prosecutors in the Russian state of Tatarstan have issued a warning to a local businessman about two bitcoin ATMs.

Posted on 20 November 2017 | 3:45 pm

Op Ed: “We Never Thought of That” — When Venture-Backed Companies Undertake Reverse ICOs

Op Ed: “We Never Thought of That” When Venture-Backed Companies Undertake Reverse ICOs

With well over $3 billion raised this year alone, in very little time initial coin offerings (ICOs) have emerged as a major source of venture finance. Even companies that have already raised conventional venture funding will be tempted to raise additional funds through ICOs. Although not fully intuitive, some have labeled token issuances by entities that previously obtained equity financing as “Reverse ICOs.”

One prominent example of a Reverse ICO has already occurred. Recently, Kik Interactive successfully completed an ICO of nearly $100 million. With over $3 billion raised in ICOs this year alone, ICOs are not unsubstantial. What made the Kik offering far more unusual is that Kik has already raised over $100 million from venture investors.

The standard documents used for angel and venture investing predate the current ICO craze and, not surprisingly, do not expressly address ICOs. Understandably, these documents are all “share-centric.” The question that needs to be addressed, therefore, is: What rights, if any, do existing investors have when their company elects to undertake an ICO?

What makes the analysis particularly difficult is that, broadly speaking, there are three types of ICOs:

  • Equity Tokens — these tokens are essentially digital shares with the issuer specifying equity participation, voting rights and other token/shareholder rights.

  • Non-Equity Security Tokens — these tokens do not grant equity rights but under the Howey test are nonetheless classified as securities.

  • Utility Tokens — these tokens allow the purchaser to buy products or services from the issuer.

Although not the subject of this article, the U.S. Securities and Exchange Commission (SEC) has issued initial guidance with respect to the securities law status of tokens issued in ICOs. The SEC’s Chief Accountant has also put out guidance detailing some of the accounting issues raised by ICOs.

This article will identify several issues raised by ICOs under commonly used SAFE, Convertible Note, Series Seed and Series A documents.

Why Existing Investors Might Object to Reverse ICOs

On the surface, Reverse ICOs would seem to be a net positive for existing investors. Except for equity tokens, ICOs provide non-dilutive financing to companies. Even when tokens are classified as securities, they generally are not issued as equity  —purchasers do not have a share in the issuer, do not receive dividends and do not get voting rights. However, there are several reasons why existing investors might be concerned:

Multiple “Plays” on the Same Company

After a Reverse ICO, a venture-backed company will have both tokens and equity in the hands of investors. Prior to the ICO, the only way an investor could invest in the company was by buying its stock. After the ICO, the investor would have a choice of buying the stock or buying tokens.

At least in the current environment, there is reason to believe that demand for tokens will be greater and drive up relative prices for tokens. Equity holders may find reduced demand for their equity. Further, if the tokens remain outstanding at the time of an exit, it is difficult to predict the impact of outstanding token pools on exit valuations in either an acquisition or IPO scenario.

Impact on Follow-On Venture Funding

Many venture funds make relatively small initial investments, anticipating that they will deploy significantly more capital in subsequent rounds. ICOs may reduce companies’ needs for future equity raises. As a result, venture funds may have reduced opportunities for follow-on funding.

Delay or Elimination of Conversion Events

For holders of Convertible Notes and SAFEs, under most currently used form documents, ICOs typically will not be considered an event that triggers a conversion. In some cases, ICOs may also delay or even eliminate subsequent equity financings. Further, in successful companies, ICOs often will raise the pre-money valuation at which conversion occurs, thereby diluting SAFE/Note holders (although conversion caps in many of these instruments may mitigate the impact).

Avoiding Pre-Emptive Rights

Under the current agreement forms, tokens sold in an ICO would not trigger the pre-emptive rights of existing shareholders — thereby denying them an automatic right of participation in the ICO.

Absence of Transfer Restrictions

Under the current agreement forms, tokens sold in an ICO would not be subject to the rights of first refusal, co-sale rights and the transfer restrictions typically applicable to shareholders in venture-backed companies.

ICOs Do Not Trigger Other Typical Preferred Shareholder Provisions
  • Anti-Dilution Protection. If a company underprices its tokens, its impact on valuation could be similar to a “down round.” However, unless tokens are issued as equity, they would not trigger the anti-dilution protection clauses in the standard forms.

  • Liquidation Preferences. If token holders are given equity participation in an issuer, the issuing documentation will need to specify where they stand in the liquidation stack. For utility tokens, if the claim against the company is viewed as contractual (i.e., the holders of a pre-payment for products/services), token holders may be unsecured creditors instead of shareholders — in which case they would rank ahead of all equity classes.

  • Mandatory Conversion of Preferred Shares. Venture documents typically provide for mandatory conversion of preferred shares in an IPO of a specified minimum amount raised and minimum share price or approval by what is typically a supermajority of preferred shareholders. Several ICOs have raised in excess of $100 million. If these companies go public, it is possible that some may not need additional funding and may do so without a public offering of additional shares (i.e., a direct offering). However, if not all shareholders agree with the decision to go public, the mandatory conversion provision could not be utilized unless approved by a supermajority of the preferred shareholders, which in some circumstances could impede the ability of an IPO to proceed.

Impact on Future Cash Flow

Many ICO issuers are positioning their tokens as “utility tokens” that can be used in the future to buy the issuer’s product or service. As a result, these tokens constitute pre-pays for the future delivery of goods and services. In the future, when the products/services need to be delivered, the venture may experience cash flow issues because no new funds will be coming in to pay for the product or service.

Impact of Regulatory, Tax and Accounting Uncertainty

Currently, the regulatory status of ICOs is unclear. Issuance of tokens in a manner that does not comply with the eventual regulations that emerge could create liabilities for the company and/or limit its ability to issue equity in the future. In addition, the accounting and tax rules for ICOs have not been established, and as a result, there may be ambiguity with respect to several representations and warranties the company typically will need to make in future financings and liquidity events.

Fiduciary Uncertainty

Officers and directors of companies have fiduciary obligations to maximize shareholder value. When companies are insolvent, these duties shift to protection of the interests of creditors. What, if any, fiduciary duties a board has with respect to token holders has not been explored. If a company is facing a decision that would benefit shareholders at a cost to token holders, do board members have any fiduciary obligation to the token holders? Investor representatives on boards of companies that have conducted Reverse ICOs will not only have to deal with uncertainty but also potential conflicts of interest if they have not participated in the Reverse ICO.

Can Investors Prevent a Company from Undertaking an ICO?

While it is difficult to believe that a company would undertake an ICO without board approval, in many early-stage companies, investors do not have control of the board. However, commonly used investment documents may leave shareholders with limited recourse where boards back an ICO. In general, in SAFEs and Convertible Notes, holders do not have protective rights and, as a result, they do not have the ability to prevent an ICO.

The protective provisions in the Certificate of Incorporation for Series Seed financings would not provide Series Seed holders with the ability to prevent an ICO. In the NVCA Series A documents, ICOs do not easily fit into any of the matters for which the investor director’s approval is required. The same applies to the protective provisions for the benefit of preferred shareholders detailed in the Certificate of Incorporation.

What Now?

For blockchain startups, ICOs have become the dominant form of fundraising — far exceeding venture capital financing. Given the strength of the ICO market, “Reverse ICOs” are likely to become even more pervasive. For investors this could be very challenging. Existing form agreements in the venture space are likely to be revised to address the possibility of Reverse ICOs. However, the regulatory, tax and accounting uncertainties around ICOs may not be quickly resolved, leaving uncertainty around some of the concerns raised in this article.

Revising the form agreements will not address the thousands of venture-backed companies that were financed using pre-ICO forms. For existing investors the path forward is more difficult. Where investors control the board or have blocking rights, they will have the ability to prevent ICOs or influence their terms. For other investors, particularly in early-stage ventures with founder-dominated boards, ICOs have the potential to overturn several assumptions under which early investors funded. These investors may have to wait for situations in which their approval is needed for unrelated corporate actions or their funding is necessary and leverage that position to insist upon amendments to existing investment documents to address some of the investor challenges resulting from Reverse ICOs.

This is a guest post by Dror Futter. Views expressed are his own and do not necessarily reflect those of BTC Media or Bitcoin Magazine.

The post Op Ed: “We Never Thought of That” — When Venture-Backed Companies Undertake Reverse ICOs appeared first on Bitcoin Magazine.

Posted on 20 November 2017 | 3:25 pm

CBOE Releases New Details on Bitcoin Futures Contracts

Options exchange CBOE has released early specifications for its planned bitcoin futures product.

Posted on 20 November 2017 | 2:10 pm

Bitcoin is working well for some big-ticket purchases despite its volatility - CNBC


CNBC

Bitcoin is working well for some big-ticket purchases despite its volatility
CNBC
Even as some of the world's most influential investors denounce bitcoin, the digital currency has steadily moved from the "dark web" into the real world and demonstrated where it may be most practical: big payments. CNBC spoke with individuals and ...

Posted on 20 November 2017 | 11:28 am

Now the SegWit2x Hard Fork Has Really Failed to Activate

The SegWit2x Hard Fork Has Now Really Failed to Activate

In case there were any remaining doubts, it now seems clear that the SegWit2x hard fork will not happen.

The SegWit2x project, a product of the New York Agreement signed onto by a long list of companies and miners in May, had scheduled a hard fork to double Bitcoin’s block weight limit today. And while the controversial effort was suspended by leaders of the project last week, this would not have stopped anyone else from proceeding with it. Companies like Coinbase were indeed taking into account that the SegWit2x hard fork could still happen.

The Fork That Wasn’t

SegWit2x nodes — most notably btc1 — were programmed to fork away from the Bitcoin blockchain this afternoon (UTC) to create the SegWit2x blockchain and a new currency, often referred to as B2X. However, not a single SegWit2x block has been mined since fork point, nor is there any indication that this is likely to happen. For all intents and purposes, there is no SegWit2x — nor a B2X.

Further, software bugs in the btc1 codebase made all btc1 implementations grind to a halt even before it reached the expected fork point. While Bitcoin and SegWit2x nodes were widely expected to share a single blockchain up until block 494783 and then to go their own ways at block 494784, btc1 nodes never made it past block 494782.

This is mainly because the first block on the SegWit2x chain was required to have a “base block” larger than one megabyte. This is how the chain would diverge from the original Bitcoin protocol. But due to what is referred to as an “off-by-one error,” SegWit2x blocks started to reject smaller-than-one-megabyte blocks one block too soon — at block 494,783 instead of 494,784.

Moreover, another btc1 bug prevented miners from mining a big enough block when it was needed. So even if some miners did want to proceed with the fork, they accidentally wouldn’t have done so — at least not automatically. Miners would instead have had to manually configure their block weight settings, but it’s unlikely they knew about this step. Btc1 maintainer Jeff Garzik (while also denying there was a problem) has since released a patch to resolve this issue.

But judging by the absence of any SegWit2x blocks, the patch hasn’t made a difference, most likely because few, if any, miners were interested in mining on the SegWit2x chain in the first place.

NO2X?

Despite the seeming failure of SegWit2x to take off in any way, it should be noted that there is technically no way to declare a fork like SegWit2x officially “dead” or “failed.”

While unlikely, it’s always possible that the SegWit2x hard fork could proceed at some point in the future. In fact, there is no way to tell whether the SegWit2x chain is currently being mined with a little bit of hash power right now, and it is strictly impossible to foresee whether it will be mined later on. Perhaps a SegWit2x block will be found a day from now, a week from now or even ten years from now, at which point SegWit2x and B2X will technically come into existence.

However, since the SegWit2x chain did not include a mining difficulty reset, it will be as hard to mine a B2X block as it currently is to mine a BTC block. Meanwhile, market support for B2X appears to be extremely low, with B2X futures trading below 2 percent of BTC. So even if miners decide to mine B2X blocks, they’d almost certainly be earning far less than they would by mining BTC. Or, more accurately, they’d spend more on electricity bills than they’d be able to earn by mining B2X. The financial incentive to mine the SegWit2x chain just isn’t there.

Alternatively, SegWit2x could see a bit of a rebirth in the form of “BitcoinX” (BTX). This project, supposedly started by disappointed SegWit2x supporters, will take a snapshot of bitcoin balances at block height 494,783 and start a SegWit2x-like altcoin that offers all BTC holders the equivalent amount in BTX. Though, while this coin is arguably more viable than B2X thanks to a mining difficulty reset and more, it really is a new coin — arguably even more so than B2X would have been.

The post Now the SegWit2x Hard Fork Has Really Failed to Activate appeared first on Bitcoin Magazine.

Posted on 17 November 2017 | 2:54 pm

Crypto Trading and Traditional Assets: New Options for Investors

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While trading of crypto-assets is booming, some investors are looking for options to trade traditional assets like stocks via cryptocurrencies. Three new operators are among those developing trading platforms to meet this need, with blockchain-based tokens pegged to the underlying assets.

Ankorus

Ankorus is establishing a platform that will permit trading traditional assets, including stocks, bonds, futures, options, gold, silver, commodities, ETFs, FX and bitcoin futures with cryptocurrency.

“Ankorus will establish an online exchange populated by any financial asset currently available worldwide,” reads the Ankorus white paper. “Various auditing measures will be taken to establish transparency, and customers will be able to validate that tokenised assets are fully backed and held by Ankorus.”

To enable cryptocurrency holders to buy real-world financial assets, Ankorus will create and allocate tokens that are exactly value-pegged to the underlying assets in exchange for cryptocurrency.

Ankorus will hold its “fundraising contribution” or “Token Generation Event” (TGE) between November 25 and December 25. The ANK token will be distributed to contributors during the TGE.

“The ANK is a utility token, used for commissions, for datafeeds, professional technical charting software, webinars, financial education materials and also membership for those who wish,” Ankorus CEO John Cruz told Bitcoin Magazine. “The ANK token will be allocated during our TGE and later listed on exchanges, beginning with EtherDelta. It is an ERC20 token.”

Another token, the Anchor Token, will be the asset value-pegged token, separately created to tokenize specific securities using a yet-to-be-determined technology.

“Anchor Tokens will come later, after we receive the requisite regulatory approval,” said Cruz. “Anchor Tokens will be created for our customers when they wish to tokenize specific assets. For example, if a customer wishes to purchase and tokenize Apple stock, we create an Apple Anchor Token (known as AAPL.A) or simply credit the customer with them if we created one earlier.”

One of the most interesting asset classes that Ankorus is targeting is that of traditional financial instruments based on cryptocurrencies, such as futures and derivatives. A few weeks ago Bitcoin Magazine reported that CME Group, one of the world’s largest derivatives exchanges, will launch a bitcoin futures product before the end of Q4 2017. In a video, Cruz explains why he considers CME bitcoin futures as a breakthrough that could soon push bitcoin’s price up to $50,000, and expresses confidence in Ankorus’s ability to offer CME bitcoin futures trading soon.

It’s worth noting that Ankorus’s offering can be seen as the reverse of CME bitcoin futures: while CME will offer a traditional financial instrument tied to cryptocurrencies to investors that prefer not to hold and trade cryptocurrencies directly, Ankorus wants to make CME bitcoin futures and other traditional financial instruments available to cryptocurrency holders.

One is left to wonder how Ankorus will navigate the compliance minefield, which has blocked similar initiatives before. The Ankorus team insists that they will be totally SEC-compliant and follow all KYC (Know Your Customer), AML (Anti-Money Laundering) and CTF (Counter-Terrorist Financing) regulations. According to the white paper, Ankorus intends to become a fully registered broker-dealer, acquire membership on a large and reputable exchange, follow best practices for insurance and auditing on a regular basis, and establish a compliant trading platform that will bridge the crypto and finance worlds.

“By becoming a broker-dealer entity, we will get SEC blessing,” said Cruz. “Everyone else is trying to tokenize assets by not being a broker-dealer entity; this is where they run into trouble with the SEC.”

“Within the team we have experience of complying with different market regulators’ KYC, AML and CTF requirements for an FX remittance company,” Ankorus COO Haldane Marnoch told Bitcoin Magazine. “PEP [Politically Exposed Persons] lists are vetted and we check against a suite of sanctions lists too. Documents supplied by our customers for proof of identity or proof of address expire and need to be renewed on a regular basis. Source of funds also needs to be proven for larger transactions.

“Our team is familiar with all the provisions required for operating across multiple jurisdictions,” continued Marnoch. “We’ll use as our primary reference the standards set by the SEC and the CFTC, but naturally we’ll be implementing processes to comply with each and every market we trade in, for instance the FCA in the U.K.”

“We will become a division of a Futures Commissions Merchant (FCM), expected early March, and will be able to fill orders for CME bitcoin futures at that time,” added Cruz.

LAToken and Jibrel Network

LAToken (LAT), which recently raised $19.6 million in a token sale, wants to broaden the use of cryptocurrencies in the real economy and allow cryptocurrency holders to diversify their portfolio by getting access to tokens linked to the price of real assets.

The LAT platform is already operational: asset tokens can be created, listed for sale and traded on the LAT platform. At this time, tokens linked to the price of stocks (e.g., Apple, Amazon, Tesla), commodities (oil, gold, silver) and real estate are already being traded on the LAT platform. Tokens linked to artwork are soon to follow.

According to the white paper, the LAT platform provides cryptocurrency holders with transparent price discovery and diversification across multiple asset classes, allowing for the creation or listing of third-party asset tokens compliant with LAToken disclosure and legal structure rules.

Jibrel Network wants to provide currencies, equities, commodities and other financial assets and instruments as standard ERC20 tokens on the Ethereum blockchain.

Jibrel Network’s draft white paper explains that the platform will support tokens, dubbed Crypto Depository Receipts (CryDRs), which represent ownership of an underlying traditional asset held by Jibrel. On release, Jibrel will support six fiat currencies (USD, CNY, EUR, GBP, RUB, AED) and two money-market instruments.

In the future, Jibrel plans offer CryDRs pegged to a wide range of currencies, commodities, securities and derivatives. The project will hold a token pre-sale between November 27 and January 27.

Both LAToken and Jibrel Network expect to be fully compliant with applicable regulations, including KYC/AML rules, and apply for relevant licenses where needed. Full compliance may prevent the companies from targeting customers in certain jurisdictions. For example, the Jibrel token sale will not be available to U.S., Chinese and Singaporean residents.

The post Crypto Trading and Traditional Assets: New Options for Investors appeared first on Bitcoin Magazine.

Posted on 17 November 2017 | 1:34 pm

Blockchain Coalition Seeks to Make Bitcoin Welcome in Wyoming

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A group of people are on a mission to bring Bitcoin back to the state of Wyoming after unfriendly laws made it impossible to transact with cryptocurrencies there more than two years ago.

The Wyoming Blockchain Coalition announced its formation this week. Its volunteer members aim to create a legal and regulatory environment in the state that welcomes cryptocurrencies and blockchain technology companies with open arms.

Among the group’s advisors are Patrick Byrne, CEO of Overstock — Byrne lives in Utah but has been a Bitcoin advocate for years — a former Wyoming governor, and two deans and a computer science department head from the University of Wyoming.

Outdated Laws

Bitcoin used to be welcome in Wyoming. But a 2015 interpretation of the Wyoming Money Transmitters Act (which the state passed in 2003, years before Bitcoin even existed) by the Wyoming Division of Banking made it impractical for cryptocurrency exchanges to operate in the state.

Cryptocurrencies are not specifically included on the list of “permissible investments” within the Act, as stocks or securities would be. As a result, after learning it would have to put up huge financial backing to stay in operation in the state, Coinbase suspended its operations in Wyoming indefinitely in June 2015.   

But a lot of people think the law doesn’t make sense. They see cryptocurrency as the future, and they think Wyoming would benefit from being more progressive.

Caitlin Long is one of those people. Now living in New York, where she serves as chairman and president at smart contracts platform company Symbiont, Long grew up in Laramie, Wyoming.

Over the summer, she wanted to give back to her alma mater. But when she went to personally fund an endowment for female engineers at the University of Wyoming, she found out the school was unable to accept her bitcoin as an appreciated asset.  

Fortunately, Long was able to find a charity outside of Wyoming that could legally liquidate the bitcoin and send it to the university through a donor-advised fund.

“They still got the cash, but it prompted a lot of discussion internally in the university about ‘what just happened here?’” Long told Bitcoin Magazine.

Long would not disclose how much she donated, but typically, donations to an endowment are $50,000 and up.

“When universities have donors that are interested in donating properties, they usually try to find ways to accept the properties,” she said.  

The event prompted a lot of discussion among some of the people within the university and eventually led to the formation of a coalition aimed at educating about and advocating for the adoption of blockchain technology in the state.  

Long offered up her services as an advisor member. “I’m in the business,” she said. “So I volunteered to help with both the bitcoin and the blockchain education efforts.”

No Time to Lose

The coalition is moving quickly. Within a week, the group formed an LLC, sent out a press release stating its goals and launched a website. “This is very, very new, and it is happening in real time,” said Long.

They have good reason to make haste. The new legislative session begins in February. If the coalition wants to push through a bill that will get digital currencies recognized as a “permissible investment” under the Wyoming Money Transmitters Act, they will need to move quickly.

Currently the group is working on legislative language with local attorneys and legislators. Next, they need to educate the citizens of Wyoming and the legislators about the benefits of Bitcoin and blockchain technologies. Some of that will involve webinars and live events, as as well as organizing a dinner in Cheyenne during the legislative session.  

Last year, a similar regulatory effort, Wyoming House Bill 26, did not pass, but that was due to lack of knowledge and some “unrelated political feuds,” Robert Jennings, another one of the group’s advisor members, told Bitcoin Magazine.

This time around, he thinks “blockchain [technology] and cryptocurrency will stand on its own merits.”

Jennings added, “There is already a groundswell of support in the state due to the rise in popularity of Bitcoin.”

But, he cautioned, it will require “an extensive education campaign, which is why we formed the Wyoming Blockchain Coalition.”

The post Blockchain Coalition Seeks to Make Bitcoin Welcome in Wyoming appeared first on Bitcoin Magazine.

Posted on 17 November 2017 | 1:28 pm

Bitcoin Price Analysis: BTC Pushes All-time Highs and Tests Historic Resistance

Bitcoin Price Analysis

Throughout the life of bitcoin’s two-year bull run, it has been confined within two macro trends: one parabolic and one linear — both on a logarithmic scale:

Figure_1.JPGFigure 1: BTC-USD, 1-Day Candles, Macro Trend

The parabolic envelope (black curves) has confined the entire bull run throughout the last two years. Over the weekend, we saw a test of the lower curve that proved to be proper support and propelled the market into a bounce that now has the market testing the upper linear trendline (purple lines) at the time of this article:
Figure_2.JPGFigure 2: BTC-USD, 2-Hour Candles, Test of Upper Trendline

As the bitcoin market approaches the upper trendline, the price action will coincide with a test of the previous all-time high. Expect this to be a point of resistance with possible market turbulence. However, if we manage to break that resistance level and hold support above the trendline, there is no clear resistance until we test the parabolic envelope in the upper $8,000s.

If we look at the macro indicators for this move, we see some signs that have proven to be indications of short-term rallies leading to corrections:

Figure_3.JPGFigure 3: BTC-USD, 1-Day Candles, Bollinger Band Trend

The last two corrections bitcoin has seen came on the tail of a minor pullback that rebounded to a new all-time high. The one-day candle trend is, so far, showing a repeated pattern that has led into a reversal each time it tested the upper parabolic curve. A rounding of the Bollinger bands during an upward move (shown in purple) is a forecast for decreased upward volatility that will lead to either a consolidation period or a reversal to the lower Bollinger bands.

While a reversal is not required of this move upward, one can speculate that once the price tags the upper parabolic curve, we could see a pullback to the lower Bollinger bands on the one-day charts. A pullback to the lower Bollinger bands would see support quite nicely with the lower parabolic curve.

One of two outcomes can be expected from this move upward: either we will test the upper parabolic trendline and reverse, or we will break above and consolidate before continuing on a very strong bullish move to new highs.

However, these macro moves have become increasingly more demanding on the market as we continue to get squeezed within the parabolic envelope. The forecast of the Bollinger bands indicates we are not likely to see a sustained move higher without a consolidation period or a pullback.

Summary:

  1. Over the weekend, bitcoin saw another test of the lower parabolic curve that proved to be strong support.

  2. After testing the parabolic curve, the market rebounded and has now established a new all-time high.

  3. If this trend continues, bitcoin could see prices in the mid to upper $8,000s before any noticeable resistance stands in the way of the price growth.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: BTC Pushes All-time Highs and Tests Historic Resistance appeared first on Bitcoin Magazine.

Posted on 16 November 2017 | 4:00 pm

The Lightning Network Now Supports Transactions Across Blockchains

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Although still in testing phase, the lightning network can now be used to send transactions across different blockchains. The Lightning Labs development team successfully swapped testnet bitcoin for testnet litecoin through a lightning channel this week: ownership of the coins changed hands, while no transaction was recorded on either blockchain.

“Previous atomic swaps that I have done were on-chain, and had the on-chain limitations of slow [transactions] and high transaction fees,” Litecoin creator Charlie Lee told Bitcoin Magazine, referring to an older trick to exchange different types of coins trustlessly. “Off-chain atomic swaps are significantly better. They are instant, [have] low fees, and better protect one’s privacy.”

The successful test paves the way for trustless cryptocurrency exchanges, near-seamless multi-coin payment processors and more.

Bitcoin and Litecoin

The lightning network is the highly anticipated second-layer payment network to be deployed on top of Bitcoin. And as an open protocol, it’s relatively easy to deploy lightning network support for other cryptocurrencies that are forked from Bitcoin’s codebase — like Litecoin.

Interestingly, if the lightning network runs on different blockchains, these chains can effectively be linked together. If one or several peers on the network are willing to take one type of coin and forward another, it’s possible to send bitcoins on one end of a channel that will end up as the equivalent in litecoin on the other end.

In a Medium post published in the first week of 2017, Lee explained that this potential to create these kinds of “bridges” between cryptocurrencies made him throw his weight behind the Segregated Witness (SegWit) soft forks on both Litecoin and Bitcoin.

When SegWit activated on Litecoin last spring, Lee’s vision came one step closer to reality. Because the soft fork had not yet activated on Bitcoin at that time, Lightning Labs decided to add Litecoin support to their LND lightning network implementation. Thus, by the time SegWit activated on Bitcoin last summer, LND was already compatible with both chains.

The testnet versions of these two blockchains are now made interoperable through the lightning network for the first time, allowing users to swap one type of coin for the other.

“The primary advantages over previous solutions are speed, cost and privacy,” Lightning Labs developer Conner Fromknecht told Bitcoin Magazine. “Transfers are more or less instant, and don’t require the cost of an on-chain transaction. Additionally, in the cooperative case, the transactions are never broadcast, and leave no trace on the blockchain, offering privacy benefits. And with any luck, these privacy benefits will only continue to improve.”

The Test (and the Potential)

This week’s specific test was done on a local machine, on which Fromknecht himself created two nodes: “Alice” and “Bob.” These two nodes were modified to be able to monitor both the Bitcoin and Litecoin testnets. Fromknecht then created a single lightning channel that sent testnet litecoin from Alice to Bob and testnet bitcoin back from Bob to Alice at a fixed exchange rate. While still all in an experimental setting, the test was successful; Lightning Labs today published a blog post and a video detailing the results.

In addition to offering a faster, cheaper and more private solution to exchanging coins, the successful test paves the way toward a whole new range of possibilities in the context of the lightning network. For example, peers on the network could eventually act as cryptocurrency exchanges, competing with one another to offer the best exchange rates.

“Arguably the most important benefit of Lightning swaps is the ability to efficiently exchange different currencies without a custodian,” Fromknecht said. “Our ecosystem heavily depends on exchanges to fulfill this role today, but Lightning swaps offer users a choice to get the best of both worlds — instant exchanges without relinquishing control of your money.”

Similarly, such exchangers could act as payment processors: it would be much easier for users to spend litecoin at merchants that only accept bitcoin (or vice versa). And it’s even conceivable that bitcoin-to-bitcoin payments over the lightning network will route via Litecoin hubs, if that’s the cheapest way to get funds from A to B.

For Lee, at least, this is not as unlikely as it sounds, and the successful tests mark another step toward his vision for the lightning network on Litecoin and Bitcoin.

“The Litecoin team is excited to work with Lightning Labs to explore the true potential of instant cross-chain atomic swaps,” he concluded.

For a more in-depth technical explanation of these kinds of atomic swaps, see our previous article “Atomic Scaps: How the Lightning Network Extends to Altcoins” or the blog post and video published by Lightning Labs today.

The post The Lightning Network Now Supports Transactions Across Blockchains appeared first on Bitcoin Magazine.

Posted on 16 November 2017 | 3:48 pm

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

November 22, 2017 -
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