North Korea to Hold Crypto Conference in April

North Korea plans to host an international summit of experts from the cryptocurrency industry. The Pyongyang Blockchain and Cryptocurrency Conference will be held in April of next year at a science and technology center in the national capital.

Also read: Crypto Detectives Project Rates and Investigates Suspicious ICOs

Delegates to Pay €3,300 to Attend the Forum

Alejandro Cao de Benós, a special delegate for the North Korean government’s Committee for Cultural Relations with Foreign Countries, announced the upcoming event in a tweet this week. According to the conference’s official website, the event will be held between April 18 and 25, 2019. International experts in the field will gather “for the first time in Pyongyang to share their knowledge and vision, establish connections and discuss business opportunities.”

The main summit will only take two days, but attendees will also enjoy an organized tour of the country that will include a trip to the city of Kaesong and a visit to Panmunjom in the Demilitarized Zone between North and South Korea. The Korean War Museum, the Juche Tower and the Kim Il Sung Square will be part of the itinerary as well.

North Korea to Hold Crypto Conference in April

During the first few days of their stay, the guests will be taken to the Great People’s Study House and the Pyongyang University of Foreign Languages. And before they leave, they will visit an information technology company, the Taedonggang beer brewery and conduct private business meetings with their counterparts.

Recreational activities such as skating, bowling, shooting and shopping will all be part of the program, which will cost delegates €3,300 (~$3,760). The amount includes accommodation at a three-star hotel with three daily meals, including a vegetarian menu, transportation, Korean-English translation services and access to the conference venue. However, participants will have to pay for their visas separately, which cost another €80 each.

South Koreans, Japanese, Israelis
and Journalists Not Allowed

North Korea to Hold Crypto Conference in AprilThe actual forum itself will only take place on April 22 and 23 at the Pyongyang Sci-Tech Complex. Interested representatives from the international cryptocurrency industry are welcome to join, except for citizens of South Korea, Japan and Israel. Holders of U.S. passports will be allowed to apply, but the event will be closed to the media.

Participants and lecturers are required to send copies of their passports, as well as contact information and short resumes that identify their positions, as well as the companies or organizations they represent. The documents will be accepted up until Feb. 10, 2019. The FAQ section of the event website assures attendees that North Korea “can be considered the safest country in the world.”

Cao de Benós, who is also the president of the Korean Friendship Association (KFA), will lead the conference in cooperation with cryptocurrency expert Chris Emms. According to The Independent, Emms currently serves as an expert within Britain’s All-Party Parliamentary Group on Blockchain, a forum that was set up to make the U.K. a leader in distributed ledger technologies and related innovations.

North Korea and Cryptocurrencies

Pyongyang’s plans to organize an international crypto event were first announced this past August. According to a report by U.S.-based Radio Free Asia (RFA), the event was initially scheduled to take place in October of this year. The broadcaster quoted one security expert as saying that the North Korean government wanted to demonstrate its capabilities in the field of crypto technologies at what it referred to as the first Korean International Blockchain Conference.

North Korea to Hold Crypto Conference in April

Earlier reports that the Pyongyang University of Science and Technology had started offering crypto courses appeared to confirm the country’s intentions to develop its potential in the cryptocurrency space. There have also been numerous other reports indicating that North Korea, which is currently under western economic sanctions, had become interested in crypto technologies because of the opportunities they provide for unrestricted and anonymous global transactions.

Over the past year, the North Korean government has been accused by officials in Seoul and Washington of a number of alleged crimes related to cryptocurrencies. In February, the South Korean intelligence service said that hackers associated with the North had been trying to attack digital asset exchanges in the South. And in March, a former representative of the U.S. National Security Agency claimed the North had obtained 11,000 bitcoins, worth more than $200 million at the time, through mining and hacking activities in 2017.

What do you think about the upcoming cryptocurrency conference in North Korea? Tell us in the comments section below.

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ETH Mining Not Profitable, Miner Heats Home With ASIC Rigs

In recent mining news, Susquehanna International Group has reported that it is no longer profitable to mine ether with a GPU. In other news, a Canadian miner has taken to Twitter to share photos of a system that recycles the heat generated by his six ASIC miners, while Jihan Wu has accused Craig Wright of attempting to conduct a 51 percent attack on the Bitcoin Cash network.

Also Read: The Daily: BTC Spot Index Launches, Futures Platform Delayed

Susquehanna Claims It’s ‘No Longer Profitable’
to Mine ETH with GPUs

Susquehanna International Group, a global trading and technology company, has announced that mining ETH with a graphics processing unit (GPU) is no longer a profitable activity. According to the company’s analysis, the dollar-denominated monthly returns from GPU mining of ETH fell to approximately zero as of Nov. 1. In a note issued to clients, Christopher Rolland — a semiconductor analyst for Susquehanna International — clearly stated that GPU ETH mining is “no longer profitable.”

ETH Mining Not Profitable, Miner Heats Home With ASIC Rigs
Source: Susquehanna

According to the company’s analysis, the profitability of GPU mining of ether peaked at around $65 per month at the start of the year, before dropping as low as $20 in April, as a result of a significant drop in the price of ETH during the first quarter. Profitability rose to roughly $30 throughout most of the second quarter, before sliding down to zero in the following months.

Canadian Miner Heats Home with Six S9 Antminers

A Canadian cryptocurrency miner has tweeted a photo of a prototype heating system designed to heat his 600-square-foot home using recycled heat generated by six ASIC miners. He claimed that the system is able to “comfortably heat” his home at his “desired temperature” and is operational year-round. The miner explained that excess heat is recirculated outside of his home and that the setup is “fully quiet.”

Wu Accuses Wright of Attempting 51% Attack

ETH Mining Not Profitable, Miner Heats Home With ASIC RigsAt the recent Nikkei/CNBC “Future of Money” conference in Tokyo, Jihan Wu — the co-founder of Bitmain — took aim at Craig Wright and proof-of-stake (PoS) mining. Discussing the recent Bitcoin Cash fork and subsequent hash war, Wu described Wright’s actions as an “attempted 51 percent attack on BCH,” adding that “no one should try and take the community by force.”

Turning to criticize PoS mining, Wu stated that it presents numerous “unsolved problems and risk factors” that have yet to be resolved.

Do you think that a bounce in price will restore the profitability of ETH GPU mining? Share your thoughts in the comments section below.

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Bitcoin Isn’t Volatile – the World Is

Bitcoin Isn’t Volatile – the World Is

It’s been a horrible year for cryptocurrency. Assets down an average of 90 percent, constant despair and each new day bringing fresh horror. Who’d want to be a bitcoin trader? But when you zoom out beyond the cryptosphere to gain some perspective, it turns out that crypto’s not doing so badly after all. With trillions of dollars wiped off major tech stocks, 2018 has been unkind to investors across all asset classes.

Also read: Fear, Loathing and Opportunity: How Crypto Traders Are Handling the Drop

Bear Market Takes a Bite out of FAANGs

“I’m sorry,” repeated the apology for the umpteenth time. “I’m sorry that this rogue wave capsized our boat.” The wave in question was a spike in the price of natural gas that wrecked the account of options seller James Cordier and his 290 clients. The rambling 10-minute apology video, which instantly went viral, demonstrates the dangers of selling naked call options — essentially bets on securities you didn’t own. When natural gas spiked by 20 percent in a matter of hours, the author of “The Complete Guide to Option Selling” was, to use crypto parlance, rekt. “Putting it simply — he had to buy very high and sell really low,” explained Palisade Research.

Bitcoin Isn't Volatile – the World Is
Not cryptocurrency: This is natural gas

While the case of Cordier is extreme, it demonstrates that sudden swings and crushing losses are not the preserve of the crypto space. In fact, it’s been the norm for most asset classes this year. In the past two months, the so-called FAANGs — Facebook, Apple, Amazon, Netflix and Google — have seen more than $1 trillion wiped from their valuations, while the Nasdaq is down 15 percent from its Aug. 30 peak. Oil prices have also slumped, down more than $20 per barrel from their October high. On Nov. 20, all 11 sectors of the S&P 500 index recorded a deficit, including energy and technology, which lost 3.5 percent and 2.4 percent, respectively. Facebook is down 39 percent from its all-time high, Amazon is down 25 percent, Apple and Google are down 20 percent, and Netflix 36 percent.

Volatility Is All Part of the Circle of Life

When viewed in a broader context, cryptocurrency volatility is merely part of a larger boom and bust cycle that has defined markets ever since the dawn of civilization. From 18th-century Isaac Newton FOMOing back into the tulip bubble and getting rekt to 1930s Wall Street traders losing their shirts, epic losses are all part of the human struggle. Acknowledging this may not directly benefit bitcoin traders in the here and now, but it does help to contextualize their losses.

“Thank you so much for the barbecue sauce,” trembled Cordier in a barely audible voice as he expressed gratitude to his many clients over the years. “I will enjoy it … To Larry and Rex, looks like I owe you a Cuban sandwich.” The bizarre nature of the fund manager’s parting video likely contributed to its virality. For crypto investors, it provided some relief from their own financial worries, and highlighted that catastrophic losses are not unique to their sector. Volatility isn’t a bitcoin thing — it’s a global thing.

Do you think market volatility is inevitable? Let us know in the comments section below.

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SEC Investigates Salt Lending’s ICO, Huobi Advises Russian Bank on DLT

SEC Investigates Salt Lending's ICO, Huobi Advises Russian Bank on DLT

In recent regulatory news, the U.S. Securities and Exchange Commission (SEC) has reportedly launched an investigation into Salt Lending’s 2017 initial coin offering. Separately, the SEC revealed that it has stopped accepting public comments on nine bitcoin exchange-traded funds that it rejected in August, and digital asset exchange Huobi has announced that it is providing cryptocurrency consulting services to a Russian state-owned bank.

Also Read: Indian Government Expects to Finalize Crypto Bill Next Month

Crypto Loan Provider Subpoenaed by SEC

SEC Investigates Salt Lending's ICO, Huobi Advises Russian Bank on DLTCryptocurrency loan platform Salt Lending and former board member Erik Voorhees are under investigation by the SEC, according to The Wall Street Journal, which cited “people familiar with the probe.” Voorhees has responded by publishing a separate article that describes the newspaper’s claims as “inaccurate and misleading.”

Salt Lending was reportedly subpoenaed by the SEC in February, with the regulator seeking information regarding the $50 million ICO it held in 2017. The report states that the SEC aims to determine whether the ICO constituted an unlicensed securities offering, while also investigating how the proceeds were spent.

Public Comment Closes on Nine Rejected ETFs

SEC Investigates Salt Lending's ICO, Huobi Advises Russian Bank on DLTSeparately, the SEC has revealed that it recently stopped accepting feedback on nine proposed bitcoin ETFs that it rejected on Aug. 22. It said in October that it would review public comments on the proposed funds through early November.

Two of the ETFs in question were filed by Proshares, in partnership with the NYSE Arca exchange. Two others were proposed by Graniteshares, while another five of the rejected ETFs were brought forward by Direxion.

The day after the regulator rejected the ETFs, SEC Commissioner Hester Peirce took to Twitter to clarify that it had delegated the assessment of the proposed funds to its staff. She added that the commission would review the decisions made by its staff on the matter. At the time of writing, the SEC had not yet provided any further comment regarding the ETFs, nor had it set a deadline for its deliberations.

Huobi Provides DLT Consulting Services to VEB

SEC Investigates Salt Lending's ICO, Huobi Advises Russian Bank on DLTHuobi has agreed to provide consulting services to Russia’s Vnesheconombank (VEB) relating to distributed ledger technology (DLT), according to Vladimir Demin, the head of VEB’s Center of Digital Transformations. He claimed the state-owned bank had started working on DLT projects that do not involve cryptocurrencies or tokens.

“Using [DLT] only in a non-token way is like jumping halfway over the abyss,” Demin said, adding that VEB has also been talking to the Bank of Russia and State Duma about cryptocurrency regulations. “Huobi came out as the most suitable partner as they are already working with the governments of Australia, Singapore, [and] China.”

Huobi is also reportedly finalizing a contract that will see the company provide training for a DLT program at the Plekhanov University of Economics. Reports about its partnerships in Russia follow the exchange’s launch of a office staffed by 30 people in Moscow earlier this month.

Do you think that the SEC will reconsider its decision regarding the nine rejected ETFs? Share your thoughts in the comments section below.

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The Daily: BTC Spot Index Launches, Futures Platform Delayed

The Daily: BTC Spot Index Launches, Futures Platform Delayed

In today’s edition of The Daily, we cover a number of developments in the institutional segment, including a new BTC spot index, a delay in the launch of a futures platform and an investment by Binance in an over-the-counter (OTC) trading desk in San Francisco. We also cover an investigation into Tether and, on a lighter note, why Kobe Bryant is going to a crypto event.

Also Read: Bchd Developers Announce Neutrino Wallet for Bitcoin Cash in Beta

Price Index Based on OTC Trading

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformMV Index Solutions, a Vaneck company with about $14 billion invested in its products, launched the MVIS Bitcoin US OTC Spot Index on Tuesday. The BTC index is based on price feeds from established U.S. digital asset trading operations. It tracks the price performance on three OTC liquidity providers, including Circle Trade, Cumberland and Genesis Trading.

“Vaneck continues to support market structure developments in the digital asset space. MVIS’ work with our core OTC partners, Cumberland, Circle Trade and Genesis Trading, is a major step forward towards greater transparency and price discovery in the institutional Bitcoin market,” said Gabor Gurbacs, director of digital asset strategies at Vaneck/MVIS. “The index may pave the way for institutionally oriented products, such as ETFs, as well as provide further tools to institutional investors to execute institutional size trades at transparent prices on the OTC markets.”

Bakkt Launch Now Planned for Late January 2019

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformIntercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), has announced that it will delay the launch of its bitcoin futures platform, which was originally slated to open in December. The start of trading on Bakkt is now set for Jan. 24, 2019.

“As is often true with product launches, there are new processes, risks and mitigants to test and retest, and in the case of crypto, a new asset class to which these resources are being applied. So it makes sense to adjust our timeline as we work with the industry toward launch,” stated Bakkt CEO Kelly Loeffler.

Loeffler also revealed that Bakkt now has insurance for bitcoin in cold storage. It is now in the process of securing insurance for the warm wallet within the Bakkt Warehouse architecture, she added.

Market Manipulation Investigation Focuses on Tether

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformThe U.S. Department of Justice investigation to determine if anyone is manipulating cryptocurrency prices is reportedly zeroing in on Tether (USDT). Federal prosecutors are said to have recently started focusing on allegations that Tether and Bitfinex have been used to illegally influence the market, according to three people familiar with the matter. They are looking into how Tether Ltd. prints new coins and why they primarily enter the market via Bitfinex, the unidentified sources added.

The investigation follows a report by University of Texas Professor John Griffin and co-author Amin Shams that links Tether to the 2017 bull market.

Binance Backs China-Focused OTC Trading Desk

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformBinance Labs, the incubation arm of the cryptocurrency exchange, has made a $3 million investment in San Francisco-based OTC crypto company Koi Trading. With desks in Hong Kong and Beijing, Koi Trading offers global market-making for cryptocurrency exchanges and high-frequency trading, as well as support services such as quantitative research and compliance consulting. Its founding team consists of three former core team members of Hbus, the U.S. partner exchange of Huobi.

Koi Trading said it looks for underserved clientele in China and the U.S., even in today’s market. The company explained that OTC trading in China boasts a daily volume of at least 150 million yuan ($21.6 million). However, without trusted escrow agents most trades are arranged via messaging apps, so it is difficult to secure professional service providers.

“With Koi’s robust AML program, extensive banking relations in the U.S., investment from Binance Labs, and strong trust amongst counterparties in Greater China, we aim to be the market nexus that reduces trust and information asymmetry and improves cryptocurrency OTC deal close rate,” said Hao Chen, founder and CEO of Koi Trading.

Kobe Bryant to Attend Cryptocurrency Summit

The Daily: BTC Spot Index Launches, Futures Platform Delayed The Daily: ETF Specialist Launches BTC Spot Index, NYSE Owner Delays Futures PlatformTron has announced that Kobe Bryant will be a special guest at Nitron Summit 2019, which will take place in San Francisco in January. The former NBA superstar is scheduled to share his “life experience and insights” at the event, presumably with an emphasis on how he transitioned from basketball to the business world. Bryant is the co-head of his own investment firm, Bryant Stibel, which has invested in 15 ventures, including a sports media website, a video game publisher and an online education platform in China.

“Kobe Bryant is a basketball genius. I have been a huge fan of Kobe and deeply inspired by his journey,” Tron founder Justin Sun commented. “It’s my great honor to have Kobe as our special guest for the Nitron Summit. It’s worth mentioning that Kobe Bryant is not only a basketball genius, but also an investment genius. We look forward to hearing his great speeches at the summit.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

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Indian Government Expects to Finalize Cryptocurrency Bill Next Month

Indian Government Expects to Finalize Cryptocurrency Bill Next Month

The Indian government has reportedly filed an affidavit with the country’s supreme court detailing its progress on cryptocurrency regulations. “Serious efforts are going on” to prepare the draft crypto bill and report, the government explained. The two are expected to be discussed by the inter-ministerial committee by next month.

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

Government’s Counter-Affidavit

Indian Government Expects to Finalize Cryptocurrency Bill Next Month
Subhash Chandra Garg.

The Indian supreme court has been trying to hear the petitions against the crypto banking ban by the central bank, the Reserve Bank of India (RBI). On Oct. 25, the court directed the government to file a counter-affidavit within two weeks, detailing its crypto regulatory progress. The court specifically asked for a report from the committee set up by the finance ministry to recommend crypto regulations. This committee is headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary.

On Tuesday, Quartz reported that the government has filed the counter-affidavit with the supreme court, which the publication claims to have reviewed.

“A finance ministry panel set up in November 2017 could be ready with draft regulations next month,” the news outlet wrote. It proceeded to publish the following excerpt from the counter-affidavit:

…currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.

Indian Government Expects to Finalize Cryptocurrency Bill Next MonthThe publication continued to explain that “It is expected that the draft report will be placed before the IMC [inter-ministerial committee] by next month.” Both the draft report and the bill will be circulated to IMC members and discussed at the next IMC meeting.

According to the counter-affidavit, “The next two meetings of the Garg panel, to be held next month and in January 2019, will deliberate the draft report, and the provisions of the draft bill on virtual currencies,” the news outlet conveyed.

Supreme Court Hearing

Indian Government Expects to Finalize Cryptocurrency Bill Next MonthThe central bank issued a circular in April banning financial institutions under its control from providing services to crypto businesses. The ban went into effect in July. A number of petitions have been filed against the ban.

The Indian supreme court scheduled to hear all the petitions against the ban on Sept. 11. However, the hearing has repeatedly been postponed. Then, on Oct. 25, the court directed the government to submit the counter-affidavit before the next hearing is scheduled.

Meanwhile, banks have closed accounts of crypto exchanges, forcing them to come up with their own solutions to provide fiat support to their customers such as through peer-to-peer systems.

What do you think of how the Indian government handles crypto regulations? Let us know in the comments section below.

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KPMG: Institutional Investment Key to Cryptoassets Growth

KPMG: Institutional Investment Key to Cryptoassets Growth

Auditors KPMG have published a report stressing the need for institutional investors to join the cryptocurrency industry. The report outlines the importance of cryptoassets as an investment alternative and how institutional investors can take part in the process.

Also Read: Zimbabweans Use BTC to Pay For Food Hampers Amid Foreign Currency Crisis

‘Digital Assets Have Potential, Institutionalization Needed to Scale’

In the report, released Nov. 18, the Netherlands-based firm said a new world of finance is emerging in which transacting in digital assets may become standard operation. “Cryptoassets have potential,” KPMG wrote, in the report titled ‘Institutionalization of Cryptoassets.”

KPMG: Institutional Investment Key to Cryptoassets Growth

“But for them to realize this potential, institutionalization is needed. Institutionalization is the at-scale participation in the crypto market of banks, broker dealers, exchanges, payment providers, fintechs, and other entities in the global financial services ecosystem,” it said.

The study comes at a time the use of digital currencies is gaining worldwide adoption, both as a unit in financial transactions and as a store of value.

Christine Lagarde, the managing director of the International Monetary Fund, last week said central banks throughout the world should consider issuing digital currency to make transactions more secure. Lagarde argued that state-backed cryptocurrencies could satisfy public policy goals related to financial inclusion, consumer protection, privacy and fraud prevention.

Although observers point to the risks of central banks’ involvement in cryptocurrency, such as the potential to slow down transactions and raise costs through over-regulation, KPMG views the coming on board of financial institutions as crucial to boosting public confidence in digital assets.

“Institutionalization is the necessary next step for crypto and is required to build trust, facilitate scale, increase accessibility, and drive growth,” the auditors asserted, adding that it would be prudent for countries in hyperinflation, like Argentina, to adopt cryptocurrencies to preserve value.

KPMG: Institutional Investment Key to Cryptoassets Growth

KPMG said: “A globally accessible, decentralized store of value could have a significantly stabilizing impact on the country’s economy. Bitcoin could potentially represent such a store of value in the future.

“Interestingly, even though there are large price fluctuations with Bitcoin, it is not inherently volatile. The supply is in fact fixed and algorithmically secured. It is the demand that is fluctuating and this could eventually stabilize as the market matures,” it added.

Truly Open Global Financial System

Writing in the same report, Coinbase chief compliance officer, Jeff Horowitz, said cryptoassets are an opportunity to transform the financial industry into a truly open global financial system.

“Regulatory agencies are also beginning to seriously discuss cryptoassets, which could help drive institutional participation, encouraging the marketplace to think about how engagement with these assets fits into both existing rules and regulations and new frameworks that may be needed for crypto,” he said.

However, Horowitz noted that the focus on cryptocurrency innovation must not come at the expense of security, compliance, and consumer protection.

KPMG: Institutional Investment Key to Cryptoassets Growth

“Leaders in the crypto space, including crypto entities and industry partners, have a responsibility to help influence and educate key legislators and regulators to advance the overall governance and enforcement framework,” Horowitz detailed.

“In many ways, leading crypto companies should aspire to meet the standards and leading practices established by traditional financial services companies. We believe this will help promote trust and accelerate the adoption of crypto by investors and institutional clients,” he added.

Do you think corporate investors will help grow the cryptocurrency industry? Let us know in the comments section below.

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Crypto Detectives Project Rates and Investigates Suspicious ICOs

Non-Profit Project Investigates and Rates Suspicious ICOs

An online platform created in Russia has set a noble goal of making the cryptocurrency industry safer for investors. The project investigates initial coin offerings (ICOs) that have raised suspicions and performs the due diligence for free. A report about each ICO is then published containing а summary of the findings and a conclusion about the project’s nature.

Also read: Crypto Experts From Sanctioned Countries to Receive Training in Crimea

Coin Offerings Under Surveillance

The Crypto Detectives portal examines the whitepaper and website of a project that’s been included in its “Under Surveillance” list. The established business model, applied marketing strategy and legal structure of the company conducting the token sale is placed under a magnifying glass.

The platform checks the social media accounts and Slack channels used by the startup and verifies whether its team members are real persons. Investigators look for online activity including media appearances and interviews.

Crypto Detectives Project Rates and Investigates Suspicious ICOs

The market segment in which the ICO project is positioned are analyzed with the help of external experts. The final report is also based on a study of the competition in the sector and the economic viability of similar tokens that have been issued by other projects.

Anyone can suggest a new investigation by filling out an online form on the Crypto Detectives’ website, providing their name, phone number and email address, along with a short description of the case and other information relevant to the request.

Red, Yellow and Green Projects

The platform claims it does not conduct its investigations in order to blackmail startups and it does not produce custom-made reports. The authors admit their conclusions reflect their subjective opinions but note they are ready to revise them if provided with information refuting the findings. They also say they are ready to support good projects that plan to conduct ICOs.

Crypto Detectives Project Rates and Investigates Suspicious ICOs

The crypto detectives point out that they care about the interests of investors in the cryptocurrency industry. Through a partnership with another company, LT Solutions, they also offer legal advice to investors and provide legal support to people who have lost money in fraudulent schemes including ICOs, cryptocurrency trading platforms and crypto-lending programs.

The surveyed projects are classified according to the results of the investigations and assigned an alert rating which can be green, yellow or red. A table shows if the crowdfunding is completed or ongoing and provides links to the projects’ websites and whitepapers.

A Couple of Examples

Crypto Detectives has so far investigated and rated over a dozen ICOs. Among them is Wi Fi Global, which has been tagged with a red alert indicating the project is dangerous for potential investors. The business idea behind its token sale has been plagiarized from another Russian project with a similar name – World Wi-Fi. It aims to build a decentralized wifi system that allows users to connect to otherwise locked wifi networks anywhere in the world, free of charge. The expenses will be covered by advertisers, while the owners of the wifi devices will get a share of the revenues for allowing guest users to access the web through an additional secured public network created for them.

Crypto Detectives Project Rates and Investigates Suspicious ICOs

The Wi Fi Global project, however, has been exposed as an outright scam. It turns out neither of the names on its management team belongs to a real individual. The ICO has no reputable advisors and it hasn’t issued the promised ERC20 token, WT. At the same time, its online marketing has been very aggressive, with pages and pages of posts and comments on crypto forums. Crypto Detectives’ conclusion is clear: “Trust us, there is no chance you’ll ever get anything from this project. These are thieves and rogues.”

The Russian detectives have designated another ICO called Bloom as a “green” project. It plans to create a global decentralized credit scoring system with a number of useful applications and features, from credit history manager to credit risk calculator. Three of the project’s four co-founders have been roommates at Stanford and its advisors are legitimate representatives of the industry, including for example Joeu Krug, co-founder of Augur. Bloom is also partnering with other projects like Ethland, Lendoit and Everex.

“Although the project is in its early stage, the ‘dream team’ behind it, and the fact that it’s well elaborated, suggest that it will be successful … Stanford rules,” Crypto Detectives concludes.

What do you think about the Crypto Detectives project? Tell us in the comments section below.

Images courtesy of Shutterstock, Crypto Detectives.

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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PR: Lightning Fast Stablecoin USDX Launches Token Sale

Lightning Fast Stablecoin USDX Launches Token Sale

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

Stablecoins have been a hot topic in 2018, and many different companies are creating cryptocurrencies for P2P payments. The USDX Wallet payment system stands out from these overly complicated and undeveloped projects by delivering rapid and secure transactions with the ease of sending a text. Whether you are depositing money, organizing international money transfers, paying salaries, or making non-cash transactions, this digital payment system is a secure and reliable choice.

As a blockchain-based wallet, USDX Wallet guarantees multi-level security for all transactions and instant transfers of assets via a phone number. The native blockchain used by USDX is based on BitShares, and it allows 100,000 transactions per second. For reference, that is the speed of Visa and Mastercard — combined. Many of the pain points of crypto transfers are also solved by this innovative payment system, including cryptocurrency volatility, low transaction speeds, security issues related to private keys, and excessive fees, among many others.

Available at Google Play and the App Store, this free app features smooth navigation and slick design, making it a pleasure to use. Face ID and Touch ID features will soon be available for the wallet, making authorization even faster and smoother. Ease of use is coupled with security of use as USDX Wallet employs strong encryption algorithms to protect users’ private keys, which are necessary to access funds. Another security layer is two-factor authentication (2FA) performed via SMS codes or push notifications (depending on user preference). As the Whitepaper states, all USDX services are based on AWS and the Google Cloud platforms, which foster scalability, maintainability, and the overall security of the system. Security and stability are of the utmost importance to USDX Wallet and its currency owners.

The USDX token is a stablecoin pegged to the U.S. dollar at a 1:1 ratio via a smart contract. USDX is collateralized by the system’s core cryptocurrency, LHT, which refers to Lighthouse Blockchain Technology, the company behind the app. The total supply of LHT is 1B coins, which will be released gradually to the market. Only 5% of the supply will be issued in the first year, while another 5% will be locked on the blockchain to provide 200% collateralization. The benefit of withholding coins is encouraging confidence in LHT owners and potential owners that the value won’t suddenly evaporate if the market becomes flooded.

These tokens are available for purchase during the token sale, going on from November 1 to December 31, or until all the allotted coins are sold from this first pool. There are no private sales or presales, and the project has already received venture investment. Developers have set the stage for exchanges integration, and the listing is planned for January 2019. Future profits will come from business account fees. USDX tokens could be purchased via the native app with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and a bunch of other altcoins. Significant bonuses can be earned for any purchases before the end of 2018.

● For a 35% bonus: Download the USDX Wallet app, register, and get 35% extra tokens on your first purchase.
● For a 25% bonus: Invite friends and get 25% back of their first purchase.
● For a 10% bonus: Get 10% more bonuses for second and all subsequent orders.

Unlike so many other companies in the industry, USDX Wallet prioritizes effortless crypto transfers. This is a universal payment system for everyone, from newbies to crypto pros. If you’re looking for an easy and effective way to transfer your crypto assets, USDX Wallet may be exactly the solution you’ve been looking for.

Lighthouse Blockchain Technology GmbH is a company of entrepreneurs and blockchain professionals with a goal to boost innovations in digital economy. The team has an extensive experience in implementing complex tech-savvy solutions; team members are experts in finance, project management, app development, marketing and design. The company is built on the following principles: make people’s lives better and save their time, strive for innovation and build great products to make users happy. Lighthouse Blockchain Technology operates in the legal field and is ready to build relationships with governments and financial institutions. For partnership requests please email at

Supporting Link

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

The post PR: Lightning Fast Stablecoin USDX Launches Token Sale appeared first on Bitcoin News.

Markets Update: Cryptocurrencies Shed Billions in Bloody Sell-Off

Cryptocurrency enthusiasts have been glued to the price charts over the last 48 hours as digital assets across the entire crypto-economy have plunged significantly. Since our last markets update two days ago, the digital currency ecosystem has lost over $30 billion and the overall market capitalization of all 2,000+ coins now sits at around $159 billion.     

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

The Sell-Off and Shakeup

Markets have been bloody over the last few days with nearly every digital asset reaching its lowest price point of the year. Traditionally, cryptocurrency prices are usually bullish during November, but this year has been the exact opposite. Even though prices are extremely low, cryptocurrency market volumes have more than doubled over the last 24 hours. This shows that traders are playing new positions and scooping up coins at much lower prices in hopes their value will rise again.

Markets Update: Cryptocurrencies Shed Billions in Bloody Sell-Off
Top 10 cryptocurrencies on Nov. 20, 2018.

Right now the price of bitcoin core (BTC) is around $4,800, but during overnight trading sessions BTC stumbled down to $4,237 per coin. Ripple (XRP) markets have been doing better than most but had dipped to a low of $0.41 per XRP. The XRP token is down 6.6% today, and over 13.4% over the last seven days. XRP is now back up to $0.46 per token according to the most recent data. Ethereum (ETH) now commands the third position among the top 10 market capitalizations and is down 35% for the week. Currently, ETH is trading for $144 per coin and holds a $14.8 billion market valuation. Lastly, stellar (XLM) has been pushed back to fifth position and is trading for $0.21 this Tuesday. Stellar markets are down 23% for the week but briefly managed to take the fourth position among the top 10 market caps.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets took a pretty hard hit this week and prices have dropped about 54% over the last seven days. However, prices have varied depending on which exchange is being observed due to some metrics splitting the price of BCH into two. For instance, the aggregated price for BCH on data sites like Coinmarketcap show $255 per BCH, but other trading platforms like Bitstamp show a spot price of $302.

Markets Update: Cryptocurrencies Shed Billions in Bloody Sell-Off
BCH daily chart.

Further, bitcoin cash trade volume globally is super low compared to the rest of the crypto-economy, with only $134.9 million global trades over the last day. This is due to a lot of exchanges which are still not servicing BCH orders, five days after the network fork. Again this has made currency pairs much different than in weeks prior as ETH is the top pair traded with BCH today, capturing 34% of all BCH trades. This is followed by BTC (29%), USDT (17.7%), KRW (13.7), and JPY (3.1%). BCH/USD markets show only 0.55% of all BCH trades are currently using USD for swaps.

Technical Indicators

Looking at the charts on Bitstamp currently shows an average BCH/USD spot price of around $303. Relative Strength Index levels were screaming a low of -10, showing significant oversold conditions during the early morning trading sessions, but have bumped back up to around -36. The RSI and Stochastic still show conditions are oversold, but BCH prices are starting to kick back into a higher gear and these conditions may not last long.

Markets Update: Cryptocurrencies Shed Billions in Bloody Sell-Off
Bitstamp BCH/USD Nov. 20, 2018.

The two Simple Moving Averages (SMA) show the short-term 100 SMA is above the longer term 200 SMA, indicating a possible trend reversal from bearish to bullish could be on the cards. Order books show a different story, however, as both sides have significantly sized buy and sell walls. On the upside, there will be some good pit stops around $360 and higher and on the backside foundational support from the current vantage point until $240.

Markets Update: Cryptocurrencies Shed Billions in Bloody Sell-Off
Bitstamp BCH/USD Nov. 20, 2018.

The Verdict: Market Participants Still Confident in the Long Term

It’s hard to gauge how the cryptocurrency community is dealing with the big drops in value as many still seem confident in the long-term future of digital assets and blockchain technology. However, most crypto markets saw a huge sell-off, recording their lowest figures since Oct. 2017. The five coins that have shed the most over the last 24 hours are centrality (CENNZ), maker (MKR), aeternity (AE), waves (WAVES), and bitcoin gold (BTG). Meanwhile, Bitcoin Cash proponents are waiting for more businesses to open up services as exchanges and wallets have slowly been coming back online over the last 24 hours. According to data collected from Coinmarketcap and Poloniex, the split coin BSV has been trading at between $40-60 over the last two hours.

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

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Trading View, and Satoshi Pulse.

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