Thai Central Banker: A National Cryptocurrency Is Years Away

Thai Central Banker: A National Cryptocurrency Is Years Away

Central bankers have been talking about issuing their own digital coins ever since they first saw the appeal that bitcoin holds for many people. However, the latest indications point to it being a very long time until we will see national crypto assets coming from any stable economies.

Also Read: The Daily: Teens Want Bitcoin, Coinbase-Funded Game to Enter Beta

Don’t Hold Your Breath for a Digital Baht

Thai Central Banker: A National Cryptocurrency Is Years AwayThe governor of the Bank of Thailand, Veerathai Santiprabhob, has revealed that a switch to digital currency will not happen in the country within the next three to five years, according to local media reports. The central banker said that the use of digital currency is complicated and people in developing countries need to be well prepared for it beforehand. He also argued that the technology needs to become more efficient first.

For these reasons, Thailand’s central bank has not yet introduced a national cryptocurrency to the public, and only plans to test digital currency for payment settlements between financial institutions. Its pilot intrabanks system will likely reach full implementation during the first quarter of next year, according to the Bank of Thailand governor.

A Mixed Message From Global Bankers

Thai Central Banker: A National Cryptocurrency Is Years AwayThe news out of Thailand follows what seems to be a recent cooling trend toward national cryptos. Last week, Alim Guliyev — chairman of the Central Bank of Azerbaijan — told the media in Baku that his institution would not issue its own cryptocurrency due to the risks involved. And earlier this month, a Bank of Israel team recommended holding off on creating an e-shekel.

The development of central bank-issued cryptocurrencies has also become a focus of the International Monetary Fund (IMF). The Washington-headquartered organization recently issued a stark warning to the Marshall Islands about its plan for the Sovereign, which has caused a political crisis in the country. But maybe just to further obfuscate the matter, IMF Managing Director Christine Lagarde said last week that central bankers actually need to consider issuing their own digital instruments to improve financial inclusion, consumer protection, privacy and fraud prevention.

Are you looking forward to national cryptos? Share your thoughts in the comments section below.


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’

Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’

EOS, the $4 billion blockchain project developed by Dan Larimer, has been savaged in an exhaustive new review. The 17,000-word report, based on extensive laboratory testing, concludes that EOS’s real-world throughput isn’t much better than Ethereum’s and that its consensus algorithm doesn’t function properly. “In order to succeed as a base layer protocol, EOS needs to re-architect its infrastructure,” is the damning verdict.

Also read: Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

EOS Faces Its Sternest Test Yet

Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’The EOS team are accustomed to receiving criticism from haters and skeptics, but in Bitmex Research they’ve met their toughest critic yet. A sprawling report — authored by four experts with the assistance of Whiteblock Labs, which ran benchmarks using an EOS testnet — has delivered a string of indictments on the Delegated Proof of Stake (DPoS) blockchain. Every facet of the blockchain has been examined, tested and found to be wanting in several key areas. The report adds weight to the notion that in design, EOS more closely resembles a traditional cluster of servers such as Amazon Web Services than it does a decentralized blockchain, explaining:

EOS is fundamentally similar to a centralized cloud computing architecture without the fundamental components of a blockchain or peer-to-peer network. EOS block producers are highly centralized and users can only access the network using block producers as intermediaries. Block producers are a single point of failure for the entire system.

Things don’t get any better from there, as the comprehensive report details everything its authors found to be wrong with EOS. The blockchain’s DPoS consensus algorithm, based on a design Dan Larimer pioneered for previous projects Bitshares and Steemit, is meant to utilize Byzantine Fault Tolerance (BFT). But as the report chastens, “it is impossible for EOS to implement Byzantine Fault Tolerance. A true BFT system would not be susceptible to cartels forming in the system … BFT consensus is theoretically impossible in EOS and the network should not be characterized as having any form of BFT.”

Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’
The price of EOS dropped sharply when Bitmex Research published its report, then dropped again when the price of BTC fell to $5,300, dragging all crypto assets down with it.

Block Producers Are the Gods of EOS

Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’
Dan Larimer

A lot of the criticism leveled against EOS to date has revolved around the extraordinary power held by its 21 block producers tasked with confirming transactions — or even reversing them in some cases. They’re also able to blacklist accounts, excluding them from the network. The Bitmex Research report does nothing to dispel these notions, writing: “There is no proper protocol that is setup to prevent block producers from colluding to maintain their role as block producers. This further proves the high level of centralization that exists in the EOS network and the tremendous power these block producers possess.”

During testing, the authors also found at least one “severe vulnerability” due to the fact that block producers aren’t obliged to reveal the code they’re running, which serves to reinforce the belief that “the overall network does not have a viable consensus algorithm as the underlying infrastructure of the network is not configured as a blockchain, rather a network of non transparent data centers.”

No Faster Than Ethereum

Report: Censorship-Prone EOS ‘Needs to Re-Architect Its Infrastructure’
EOS: Ethereum killer or smoke and mirrors?

In addition to having its consensus algorithm and cartel-like hierarchy critiqued, one of EOS’s greatest claims — to be faster than other blockchains — is also shot down. “During tests with real world conditions … performance dropped below 50 TPS putting the system in close proximity to the performance that exists in Ethereum,” noted the report. It also asserted that “it is clear that the EOS network is censorable,” before summarizing that “for EOS to be able to successfully act as a foundational base layer protocol, it needs to re-architect a significant portion of its infrastructure.”

To date, no Proof-of-Stake blockchain has come close to offering the level of security provided by Proof-of-Work chains such as Bitcoin. Short of a complete redesign, EOS looks unlikely to buck that trend. The report’s authors believe they may have found one use case for Dan Larimer’s project however: “EOS can potentially act as a side chain appended to other more foundationally secure networks, though the system would need to be rebuilt.”

What are your thoughts on Bitmex Research’s EOS report? Let us know in the comments section below.


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Ivy and Hiveex Launch Ivypay to Facilitate Consumer Bill Payments in Australia

Ivy and Hiveex Launch Ivypay to Facilitate Consumer Bill Payments in Australia

Ivypay, a cryptocurrency-based payments platform, was launched in Australia on Nov. 19. The service — built by blockchain company Ivy in partnership with Hiveex, a cryptocurrency broker — allows Australians to use digital currencies to pay bills and transfer money directly into their bank accounts.

Also Read: Islamic Countries Challenge USD ‘Sanctioning Tool’ With Planned Common Cryptocurrency

Mainstreaming Cryptocurrency Use

The developers of Ivypay, which was released in beta earlier this month, aim to bring cryptocurrency into the mainstream by streamlining the spending process. Users pay a 2 percent fee on the total amount of each transfer. The application currently supports bitcoin, ethereum, litecoin and ripple.

Ivy and Hiveex Launch Ivypay to Facilitate Consumer Bill Payments in Australia

“Our partnership … will enable everyday Australians to use cryptocurrency to pay their bills, pay off their credit cards, or convert to Australian dollars deposited in their bank accounts at some of the lowest rates on the market,” Ash Shilkin, president of Ivy, said in a statement to news.Bitcoin.com.

Shilkin acknowledged that virtual currencies are still far from reaching widespread adoption as a means of payment. However, applications such as Ivypay are starting to bring such objectives closer to reality, he claimed.

“We are pleased to have Ivypay on the market, while we build out the Ivy network as a bridge between those with cryptocurrency, and traditional financial institutions,” said Shilkin, adding that the company will roll the service out in countries such as the U.S. later this year.

Limited Cryptocurrency Use for Bill Payments

Ivy and Hiveex Launch Ivypay to Facilitate Consumer Bill Payments in Australia

A recent survey by Hiveex and Ivypay indicated that about 2.58 million Australians now own cryptocurrencies of some form, with more than 2,500 bills paid in virtual currencies in the country every month. Of those who don’t own digital assets, 49.5 percent said they would buy some or consider doing so if they could transfer funds directly into their bank accounts. One in 10 respondents who said they don’t own cryptocurrencies stated that they are hesitant to invest because they can’t easily transfer such currencies into their bank accounts, according to the companies, which surveyed 1,997 Australians.

“Despite cryptocurrency being around for the past decade, it still has quite a while to go before it’s as widely used as fiat currencies, like the Australian dollar,” said Fred Schebesta, co-founder of Hiveex, a company that was established in February to help people buy and sell cryptocurrencies, particularly large trades of more than 50,000 Australian dollars ($36,500).

Schebesta added:

We wanted to help build a platform to bridge the gap between fiat and crypto. It’s inevitable that cryptocurrency will have mass adoption when we create more ways to use it that are easier and cheaper alternatives to traditional banking. It’s going to shake up the way we pay for everything.

Founded in 2017, Ivy is partly owned by Australian Stock Exchange-listed Change Financial. It raised over $17 million at the start of this year in a private sale of tokens to build out its blockchain-based payments technology.

What do you think about the Ivypay payments platform? Let us know in the comments section below.


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The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter Beta

The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Backed Game Releases Trailer

In today’s edition of The Daily, we focus on the intersection between the cryptocurrency industry and gaming. A game startup recently raised $16 million from investors such as Okcoin and Galaxy Digital, while the developers of a game backed by the investment arm of Coinbase have released a new gameplay trailer. And in related news, a recent report shows that young people prefer cryptocurrency and in-game coins over fiat cash.

Also Read: Venezuelan Department Store Chain Accepts Cryptocurrency

Mythical Games Secures $16M of Funding

Mythical Games, a new Los Angeles-headquartered game studio, announced on Friday that it has secured $16 million in a Series-A financing round. The funds will support the development and co-production of blockchain-powered games for mobile devices, PCs and consoles. The round was led by Galaxy Digital and included Okcoin, Javelin Venture Partners, Divergence Digital, Fenbushi and Noris.

The startup plans to provide its proprietary platform to other developers to help build “player-owned” economies. It will also produce tools for brands to monetize their game assets.

“We believe that gaming — and specifically players’ interaction with in-game economies and virtual goods — will play a key role in how the masses first discover the true potential of the blockchain,” said Mike Novogratz, CEO and Founder of Galaxy Digital. “Mythical’s experience building rich and immersive game worlds will be invaluable to this mission.”

The company was founded by former executives from Activision, Blizzard and Yahoo. They each previously led development teams for games such as “Call of Duty” and “World of Warcraft.”

“The investment from Galaxy, Javelin, and our other new investors will allow us to ignite a new approach to developing games, giving players and content creators a bigger stake in the games they love,” commented John Linden, co-founder and CEO of Mythical Games. “We believe these new economics will come to dominate gaming, resulting in an even bigger addressable market for the industry.”

On Saturday, Mythical Games revealed its first collectibles game, “Blankos Block Party.”

The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter Beta

Fuel Games Releases ‘Gods Unchained’ Trailer

Fuel Games, another blockchain-powered game development company that was founded earlier this year, released an official gameplay trailer on Thursday for its upcoming title “Gods Unchained.” The startup raised $2.4 million in seed funding in May and is backed by Coinbase Ventures, Continue Capital, Sora Ventures and Nirvana Capital.

“Gods Unchained” is a competitive collectible trading card game, like a cross between “Magic: The Gathering,” “Hearthstone” and “Crypto Kitties.” Fuel Games also announced on Thursday that it will begin rolling out a closed beta of the game “over the next week or two.”

Teenagers Want Bitcoin for Christmas

The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter BetaBeyond investments by cryptocurrency exchanges in blockchain-powered games, another connection between crypto and gaming is that young people tend to prefer in-game digital currencies over old fiat money. Piper Jaffray, an investment banking and asset management firm, on Wednesday published its “Holiday 2018” consumer report, which rates the gift preferences of American teenagers. The reports shows that for the first time ever, young people prefer cryptocurrency and “V-Bucks” as presents over fiat cash, gift cards and money for car-related expenses.

The V-Buck is the in-game currency of the battle royale game “Fortnite.” The wildly popular title has been raking in hundreds of millions of real-world dollars per month from the sale of in-game assets, despite being free to play. The game’s incredible commercial success is probably a major contributing factor to the recent increase in game-development funding, as many investors hope to capitalize on its popularity.

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


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

If there are two things a bear market’s good for, it’s building and memeing. Your portfolio might be down, but if you’re anything like crypto Twitter, your meme bank will be filled to overflowing with riches. Bloody markets make for marvelous memes.

Also read: Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails

Bears Everywhere

Cryptocurrency Memes: The Only Assets That Can Survive a Bear MarketTwelve months ago, media outlets such as news.Bitcoin.com were running low on stock images of bulls to accompany stories of BTC hitting new all-time highs. One year on and it’s bears we’re running low on. Thankfully, internet image boards and Telegram channels are a ripe repository of the sort of bears last seen in childhood cartoons, now repurposed to suit the market we find ourselves in.

Do our memes reflect the mood of the markets or do the markets reflect the mood of our memes? Perhaps if we all shared more bulls in our cryptocurrency trading groups the good times would return.

Hide the Pain

While market downturns can be good for germinating new memes, they’re also good for resurrecting old ones. Hide the Pain Harold sticker sets have been seeing heavy usage on Telegram ever since BTC dropped below $6,000.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

NPC

2018’s defining meme has undoubtedly been the non-player character (NPC). It’s been used mercilessly throughout the cryptocurrency space to mock opponents, with the Blockstream/Bitcoin Core Telegram pack one of the finest sticker collections currently doing the rounds.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

Sergey and the Singularity

Some crypto memes are too arcane to explain. Quite why posters on 4chan’s /biz/ messageboard have fixated on the CEO of oracle project Chainlink doesn’t matter. Nor does it matter why they’re hoarding LINK in anticipation of an event dubbed The Singularity that’s supposedly going to make them stupidly rich. All that matters is poor Sergey Nazarov has been memed mercilessly, albeit for all the right reasons – namely humor and awareness by his devoted band of Link Marines.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

ICO Bingo

You’ve probably already seen the bagholder bingo card:

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

In a week where the SEC laid the banhammer on a brace of ICOs, it seems the perfect time to share bagholder bingo’s sister card – ICO bingo:

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

Finally, no matter how rekt your portfolio might be, remember – it can always get rekter.

Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market

What are your favorite crypto memes of the moment? Let us know in the comments section below.


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Major Venezuelan Department Store Chain Accepts Cryptocurrency

The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies.

Also Read: Coinbase Ventures Backs Home Crypto Mining Startup Coinmine

Traki Accepts Cryptocurrency Payments

Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.

According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).

Show of Support by Crypto Community

Major Venezuelan Department Store Chain Accepts CryptocurrencyDue largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund.

The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on.

On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need.

Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? Share your thoughts in the comments section below.


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Cryptocurrency Markets Consolidate Near 2018 Low

Cryptocurrency Markets Consolidate Near 2018 Low

The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on Nov. 15. Meanwhile, XRP has again overtaken ETH to rank as the second largest cryptocurrency by market capitalization.

Also Read: Crypto Exchange-Traded Product Live on Swiss Stock Exchange Next Week

Fork Drives New All-Time Price Lows for BCH

In the days leading up to the fork, BCH was trading within an approximately 6% range between $500 and $530. Support at the $500 area then broke at around midday on Nov. 15th, with the price crashing as low as $350 on Bitstamp. On Bitfinex, BCH spiked down to $250, before BCH trading was halted on the platform in the run-up to the fork.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/USD – Bitstamp – 1HR

In the days since the fork, BCH has predominantly traded within a 10% range of between $375 and $410. The aggressive sell-off has seen BCH lose over 35% of its value against the dollar in just 12 days, although this can be attributed to some of BCH’s value being assigned to the minority SV chain that forked off.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/USD – Bitstamp – 1D

When measuring against BTC, BCH established a new low of 0.046 BTC on Bitstamp after the markets broke below resistance at 0.066 BTC. Since Nov. 6th, BCH has lost approximately 45% of its value when measuring against BTC.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BCH/BTC – Bitstamp – 1D

Bitcoin cash is currently the fourth largest cryptocurrency by market cap with a total capitalization of $6.67 billion.

BTC Consolidates Below $6,000

Markets Update: Bitcoin Markets Consolidate Near 2018 LowLooking at Bitfinex, BTC experienced heavy selling pressure starting from approximately 4 a.m. on Nov. 14 when the markets began to test support at approximately $6,400. After a short period of consolidation, the markets then fell 9.5% from $6,460 to approximately $5,850 in less than three hours.

24 hours of sustained selling pressure then drove prices to set an annual low of $5,432 on Nov.15, before a sharp bounce found resistance at approximately $5,750. The aggressive sell-off saw the price of BTC drop approximately 15% in a single day. Since then, BTC has consolidated within a tight range of less than 5%, with prices hovering between $5,550 and $5,750.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
BTC/USD – Bitfinex – 1HR

On Bitstamp, the dump saw BTC lose 16% in 24 hours, falling from approximately $6,210 to set an annual low of $5,200. Since then, BTC has hovered between $5,400 and $5,600. BTC currently has a market cap of roughly $97.25 billion.

Ripple Boasts Largest Altcoin Market Cap

Markets Update: Bitcoin Markets Consolidate Near 2018 LowXRP has again overtaken ETH to rank as the second largest cryptocurrency by total capitalization, a position it has held since Nov. 15 as of this writing. XRP currently has a market cap of $20.6 billion.

When measuring against USD, XRP has fully recovered from its 16% crash that transpired on Nov. 15, with prices currently hovering at roughly $0.517.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
XRP/USD – Bitfinex – 1HR

When looking at XRP/BTC, the Nov. 15 sell-off appears to have formed an inverse head & shoulder pattern on the hourly chart, priming the markets for the Nov. 16 breakout that has driven the price of ripple up to test resistance at 0.000093 BTC in recent hours.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
XRP/BTC – Bitfinex – 1HR

ETH/BTC Sees Low Volatility

Markets Update: Bitcoin Markets Consolidate Near 2018 LowWhen measuring against BTC, ethereum has held relative stability in recent days, with the Nov. 15 dump trading within a tight range.

As of this writing, ETH is testing support at 0.0325 BTC, with the current price action appearing to follow roughly two months of sideways consolidation following May through July’s heavy selling pressure.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
ETH/BTC – Bitfinex – 1D

When measuring against USD, the Nov. 15 sell-off drove an approximately 17% drop in the price of ethereum once support at $210 broke. After bouncing off a low of $170, ETH has since consolidated between $175 and $185.

Markets Update: Bitcoin Markets Consolidate Near 2018 Low
ETH/USD – Bitfinex – 1D

Ethereum is currently the third largest cryptocurrency by market cap with a capitalization of $18.17 billion.

Do you think the markets have posted their lowest position for 2018 or is more selling pressure imminent? Share your thoughts in comments section below!


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Smart Contract Developers May Be Held Liable by the SEC

Smart Contract Developers May Be Held Liable by the SEC

Nick Szabo invented them but has reservations about what they’ve become. Vitalik Buterin adopted them but now regrets using their name. Dangerous when coded badly, and powerful when used intelligently, smart contracts have become a critical component of the cryptoconomy. Their code serves as the bond that glues the tokenized ecosystem together. Now, just to add further complexity, the SEC has begun monitoring smart contracts and their creators closely.

Also read: The Cobo Vault Hardware Wallet Will Outlive You

Smart Contracts, Legal Liability and the SEC

Smart Contract Developers May Be Held Liable by the SECSmart contracts, explained the U.S. Securities and Exchange Commission (SEC), “provide the means for investors and market participants to find counterparties, discover prices, and trade a variety of digital asset securities.” In its Statement on Digital Asset Securities Issuance and Trading, published Nov. 16, the SEC referred to smart contracts five times, particularly in reference to Etherdelta, whose creator was prosecuted for operating an unregistered securities exchange that ran on smart contracts he’d coded. What this ruling means for developers, moving forwards, is a matter of some debate and great concern.

Code has often been likened to free speech, with advocates adamant that developers should not be held liable for how their code is used. In the case of Etherdelta, the prosecution of Zachary Coburn was relatively straightforward, since he’d personally developed the smart contracts that powered the platform. In future, however, the SEC may not make a distinction between the developer of a piece of code and the end user. If the creator of a smart contract used to facilitate decentralized trading can be identified, that individual could conceivably be held liable for securities violations. As the SEC’s report notes:

An entity that provides an algorithm, run on a computer program or on a smart contract using blockchain technology, as a means to bring together or execute orders, could be providing a trading facility. As another example, an entity that sets execution priorities, standardizes material terms for digital asset securities traded on the system, or requires orders to conform with predetermined protocols of a smart contract, could be setting rules.

More Code Brings Greater Complexity

Smart Contract Developers May Be Held Liable by the SECMorally, code is neither “good” nor “bad”; the rules governing the operation of a smart contract are simply a consequence of the behavior mandated by its creator. These rules, and their permeation into every facet of the cryptoconomy, have forced a rethink of the way cryptocurrencies and their protocols are understood. With the emergence of sidechains such as Rootstock, federated chains such as Blockstream’s Liquid Network, and cross-chain products such as WBTC, the code that controls the cryptocurrency markets is becoming ever more labyrinthine and layered.

As the cryptocurrency industry’s reliance on smart contracts increases, regulators are going to have some difficult decisions to make. Who should be held liable when an entity conducts a securities violation, for example – the trader, the operator of the decentralized platform or the developer who coded the smart contract? Even the father of smart contracts, Nick Szabo, has acknowledged that, despite being wholly digital, they are ultimately an agreement that mirrors a traditional contract, writing: “‘Smart contract’ like ‘contract’ connotes a deal between people, but a deal intermediated and incentivized by dynamic machine-interpreted rules instead of the statically recorded human-interpreted rules of a traditional contract.”

Smart Contract Developers May Be Held Liable by the SEC

For U.S.-based developers who wish to remain free to code without worrying about legal liabilities, the only solution may be to remain anonymous. This is the approach being favored by the team behind the forthcoming Grin cryptocurrency, which makes use of Mimblewimble privacy tech. It’s also the approach taken by a certain S. Nakamoto 10 years ago upon launching his cryptocurrency. The SEC can’t prosecute whom it doesn’t know.

Do you think smart contract developers should be held legally liable for their code? Let us know in the comments section below.


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Markets Update: Traders Expecting Major BCH Action When Exchanges Open

Markets Update: Traders Expecting Lots of BCH Action When Exchanges Open

It’s been a pretty hectic week for cryptocurrency enthusiasts as the infamous Bitcoin Cash hash war has unfolded. Overall, the cryptocurrency economy has lost billions since our last markets update, with the entire market worth roughly $188 billion on Sunday, Nov. 18.

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

Riding Out the Lows

Most digital asset markets are seeing their lowest values in a year, leaving traders curious to see what happens next. The last week was filled with all kinds of craziness due to the Bitcoin Cash (BCH) split that took place on Nov. 15. Many digital asset enthusiasts believe the BCH fork possibly moved all the markets due to the economic activities used to fight the battle. Right now bitcoin core (BTC) is trading for $5,593 per BTC and has an overall market valuation of $97 billion. One thing many people didn’t notice during the hash war was that ripple (XRP) displaced ethereum (ETH) and took second place. The second largest market capitalization held by XRP is worth $20 billion and each ripple is being swapped for $0.50 today. Ethereum (ETH) prices are trading for $175 per coin and the market valuation is currently $18 billion. Lastly, the fifth position held by stellar (XLM) has a capitalization of around $4.8 billion and one XLM is trading for $0.25.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
Top 10 cryptocurrency markets Nov. 18, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) still holds the fourth position this weekend but the fork has depleted all the pre-fork money that went into the market in the weeks prior. BCH is trading for $381 right now which is a big improvement from its low of $269 on Nov. 15. Although it should be noted that a lot of large exchanges paused BCH trading over the last few days, but markets like Bittrex have recently opened. Because of the lack of trading vessels, BCH market pairs are quite interesting. Today ethereum (ETH) is dominating BCH pairs by 56% over the last 24 hours. This is followed by USDT (15%), BTC (14%), KRW (8.1%), and JPY (3.5%). Both the Korean won and Japanese yen have jumped considerably when it comes to BCH currency pairs.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
BCH/USD 7-day on Nov. 18, 2018.

BCH/USD Technical Indicators

Looking at charts from exchanges that are currently allowing trades like Bittrex and Voltaire shows BCH has been steadily climbing back up after being dragged down to the $269 low. The two Simple Moving Averages (SMA) are very close but the short term 100 SMA is still above the long-term 200 SMA trendline. This indicates the path toward the least resistance is the upside and when more exchanges open this will likely hold true for a little while but not for too long. At a price of $381, the 4-hour BCH Relative Strength Index (RSI) is still indicating oversold conditions at -23. Order books show a similar readout as the course toward $500 shows very little waves but there may be bumps after $450. On the backside, there are lots of foundations between the current vantage point and $300 with lots of pit stops.

Markets Update: Traders Expecting Major BCH Action When Exchanges Open
BCH/USD 4-hour. 11/18/18

The Verdict: Traders Patiently Waiting to Trade BCH Expect a Bunch of Market Action

Traders are waiting for more exchanges to open BCH markets up and when they do some believe the price could move wildly in any direction. Cryptocurrency proponents are also curious to what will happen to markets with the introduction of the new coin BSV, as most BCH supporters are confident exchanges will list the ABC chain as BCH. For instance, Kraken support has explained that the ABC chain will be given the BCH ticker, and Huobi Global emailed customers today stating: 

BCH ABC, the longer chain, will be retained for the designation of BCH. And, we will be designating the SV version of BCH as BSV.

News.Bitcoin.com also spoke with the CEO of the Colombian cryptocurrency trading platform, Panda Exchange, who told our newsdesk Panda will be listing the ABC chain as Bitcoin Cash (BCH).

“Panda believes the large chain is the only one that will survive, and we believe Bitcoin ABC still has the same soul  For that, we know BCH-ABC is BCH  And Panda will support the ABC chain and it will still have ticker ‘BCH,’” explained the Panda Exchange CEO. “Also all subproducts of Panda Group like Xeler ATM and ccoins.io will follow the same route.”

According to exchanges like Poloniex, which are trading BSV tokens at the moment, the price per BSV is around $99 USDC but is down 15% over the last 24 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 Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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The post Markets Update: Traders Expecting Major BCH Action When Exchanges Open appeared first on Bitcoin News.

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates Wallet

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates Wallet

In Sunday’s edition of The Daily, we cover the upcoming launch of a new Visa debit card that will allow users in the U.S. to spend cryptocurrencies through conversion to fiat. We also mention the updated Coinbase wallet and take a look at an educational course that’s going to reward students with digital coins.    

Also read: New Woe for ICOs, Bitcoin Cash Trading Resumes

Crypto.com to Launch Prepaid Visa Cards in the US

New York-based Metropolitan Commercial Bank and Foris Inc., a Jacksonville, Florida-headquartered affiliate of digital asset wallet provider Crypto.com, are preparing to issue Visa crypto debit cards in the United States. The announcement comes after Crypto.com, a Hong Kong-based company formerly known as Monaco, recently launched its Mco Visa card program in Singapore.

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates Wallet

The prepaid cards, which have no annual, monthly and ATM withdrawal fees, can be ordered from the wallet and card app of the cryptocurrency payment platform. The application allows users to purchase, sell, store, send and track cryptocurrencies. Customers can also use it to spend their digital coins in stores accepting Visa through conversion to fiat money without being charged exchange fees.

Reservations for the Mco Visa cards can be made after users pass an onboarding process which includes ID verification. According to a press release, over 100,000 cards have already been reserved globally. With the wallet app, cardholders will be able to manage the card usage and their crypto and fiat transactions. They can also freeze and unfreeze their cards with a single tap at any moment.

Coinbase Wallet Updated

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates WalletCryptocurrency exchange Coinbase has updated its Ethereum-based wallet to improve its looks and add new functionalities. According to an announcement on Twitter, all supported ERC20 tokens will now show up automatically, along with available values in local fiat currency. That means users will no longer need to manually add the tokens to their portfolios.

The California-based digital asset trading platform has also introduced a new crypto collectibles gallery integrated with Opensea and Rarebits to support hundreds of collectibles. Other changes include improved stability, security, and better gas price estimation. The wallet app has already been updated for iPhone users. The new version for Android phones is expected within the next few days.

Course Rewards Students With Coins

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates WalletAeternity, a company that manages smart contracts, has recently teamed up with peer-to-peer online learning platform Dacade to launch an introductory course for cryptocurrencies and blockchain. The free program is designed to educate users, developers and entrepreneurs on the basics of crypto-related technologies.

Furthermore, students who develop practical use cases will be rewarded with aeternity tokens. According to Coinmarketcap, the Aeternity coin (AE) currently sells for around $0.88. The first edition of the course is a non-technical introduction for beginners but the partners plan to soon form advanced learning communities for developers.

Tron Launches Dapp Development Program

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates WalletCryptocurrency project Tron (TRX) has unveiled a $1 million program to support developers of decentralized applications (dapps). The accelerator will distribute rewards among 56 teams developing dapps and products based on the Tron protocol.

According to an announcement, the initiative is aimed at supporting the spread of blockchain technologies among users. It comes after Tron recently bought the file-sharing service Bittorrent, the payment service Poppy and launched its Atlas project.

The winners of the three “grand prizes” will divide a pool of $550,000. Another eight “special prizes” of $30,000 will be awarded to leading projects in several categories, and 42 teams will receive “finalist prizes” worth $5,000 each.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Crypto.com.


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