Half of Coincheck’s Stolen NEM May Already be Laundered

Hackers involved in the high-profile Coincheck heist earlier this year may have successfully converted half of the stolen NEM tokens into other digital currencies.


Hung out to Dry

As reported by Japan Today, hackers involved in the large-scale Coincheck heist may have utilized the anonymous “dark web” — which has proved troublesome to investigators trying to track the stolen cryptocurrency then valued at roughly $547 million.

According to a cybersecurity expert, hackers created a website on the dark web which allowed for the trading of digital currencies on February 7th. The conversion of NEM coins began immediately, and data illustrates that transactions are still being processed on said website — potentially making the stolen NEM all but untraceable.

money laundering

The Singapore-based NEM Foundation has been working overtime in efforts to track the stolen NEM, largely by flagging accounts suspected of being used for illicit transfers. While doing so, it has requested that all cryptocurrency exchanges deny transactions from flagged accounts.

Still, this process merely makes it more difficult for wrongdoers to launder the stolen NEM — as opposed to reclaiming it. Said Japan Digital Design Inc Chief Technology Officer Masanori Kusunoki:

It has become evident we cannot block currency laundering just because all transactions are recorded. Exchange operators need to make prior agreements on the handling of stolen virtual coins.

The report from Japan Today comes after BIG Blockchain Intelligence Group claimed that its Forensic and Investigations Division had successfully followed the laundered proceeds from the high-profile Coincheck hack to an exchange in Vancouver. Stated the company earlier this month:

BIG Blockchain Intelligence Group will compile the information gathered from its suite of proprietary technology search and data analytics tools into a comprehensive, official report outlining its forensic findings – for delivery to law enforcement agencies in Canada and the US.

Coincheck

Coincheck also began its promised reimbursement process last week, when the company paid out a total of $433 million USD to compensate 260,000 customers that stored NEM on the exchange.

Do you think those responsible for the Coincheck heist will ever be brought to justice? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Coincheck.

The post Half of Coincheck’s Stolen NEM May Already be Laundered appeared first on Bitcoinist.com.

Source: Bitcoininst

The Current Crypto-Bear Run Will be Nothing Like 2014

The Current Crypto-Bear Run Will be Nothing Like 2014

Since the beginning of the new year, the past three months has seen most cryptocurrencies lose over 60 percent of their values. Bearish markets have started to spark 2014 memories when BTC/USD markets and many altcoins suffered from a year-long downturn. Surely there have been few similarities to the current 2018 bear run and the one that took place four years ago. However there are some deep ecosystem contrasts within the crypto-space that leads one to believe this bearish sentiment won’t last as long — 2018 is not even comparable to the time BTC was called the “worst currency of the year.”

Also read: Markets Update: Bears Pull Crypto-Prices Near Last Bottom

The Stark Difference Between 2014 and Now

The Current Crypto-Bear Run Will be Nothing Like 2014 If you trade or hold cryptocurrencies you’ve probably heard many speculators say that we are experiencing a crypto-depression that will likely resemble the infamous 2014 bear run. In January of 2014, the price of BTC dropped from $864 per coin to roughly $200 over the course of the year. Mainstream media deemed the cryptocurrency the “worst currency of the year” as its performance was extremely lackluster against nation-state issued currencies. Things started looking better during the beginning of 2015 after BTC became unprofitable to mine in certain regions. Even though BTC prices lost 60 percent of their value that year things were a whole lot different. For instance, the spike that led to the 2014 bear run just before Mt Gox went under was much quicker and short-lived bull run.

The Current Crypto-Bear Run Will be Nothing Like 2014

The 2017 bull run lasted all year long with only around seven 20-30 percent corrections in between. Back in 2014, there were a bunch of hacked exchange incidents that affected the market significantly. Fallen trading platforms like Mt Gox and Mintpal left a significant mark on cryptocurrency markets. These days things have changed quite a bit. One great example is the Bitfinex hack which did affect markets temporarily, but after BTC/USD markets resumed the bullish upturn and continued to climb unaffected. In 2018 the Japanese exchange Coincheck lost more funds (the amount of USD loss at the time of both incidents) than Mt Gox, and this occurrence only affected markets for a day or two. This means cryptocurrency markets have been far more resilient to exchange breaches and in both of these examples, Bitfinex and Coincheck are still operational — unlike the fallen exchanges in 2014.

A Large Scope of Infrastructure and Mainstream Investment Vehicles

Back in 2014, there were not as many brokerage services and trading platforms compared to today. Now the cryptocurrency ecosystem’s infrastructure dwarfs 2014’s environment by a long shot. There are many exchanges and businesses that make it convenient for investors to purchase digital assets. There are wallets, a variety of full node protocols, payment processors, institutional and OTC dealers, brokerage services, and exchanges that offer a wide variety of crypto-assets. These businesses are committed to keeping cryptocurrency interest alive and well. Further unlike 2014, there is a vast amount of traditional crypto-investment vehicles like futures, options, exchange-traded notes, hedge funds, and indexes. These types of digital asset investments have attracted the attention of mainstream investors, and everyday joes who’ve just recently heard about the rise of cryptos.

The Current Crypto-Bear Run Will be Nothing Like 2014

Mainstream Media Coverage and Average Joes Are Hearing About Cryptos

Back in 2013-2014 the price of BTC and other altcoins did catch the attention of mainstream media (MSM). However, the price of BTC during the December all-time high reached roughly $1,250, a big difference in comparison to the recent $20K price BTC almost captured. In 2017 when the bull run was barrelling at full speed the price of BTC touched $5K, and the MSM started dedicating weekly broadcasts and headlines dedicated to the cryptocurrency. When the digital asset touched $10K, the headlines were daily stemming from well-known news outlets like Bloomberg, the Wall Street Journal, CNBC, and Time Magazine. CNBC, in particular, has focused a lot of energy towards cryptocurrencies within its online publication and its regularly scheduled television broadcasts like “Fast Money.” In 2014 the only time MSM reported on cryptocurrencies is when it wanted to make fun of the market losing considerable value for over twelve months.

The Current Crypto-Bear Run Will be Nothing Like 2014

One Thing is for Sure There’s Never a Dull Day in Bitcoin-Land

In 2014 and even 2015 not that many people knew about bitcoin and other altcoins. Back in February of 2014, the Wall Street Journal reported that 76 percent of Americans didn’t know what bitcoin was, and had never even heard of it. 80 percent of those surveyed said they would not bother with cryptocurrencies, and would rather invest in gold. In 2017 when BTC/USD markets surpassed $10K per coin a good majority of people had started hearing about bitcoin from multiple facets. The Wall Street Journal’s front page of it’s printed edition covered the $10K milestone and wrote: “even grandma is in.” Six months ago according to a Lend EDU study, 78.5 percent of U.S. residents polled had heard of bitcoin and 11 percent owned some. Another recent survey concluded that 88 percent of residents living in Japan have heard about bitcoin. On the global level statistics are just as staggering as cryptocurrencies are trending in Venezuela, Brazil, Colombia, Africa, Russia, Sweden, Switzerland, Australia, South Korea and many more regions.

The Current Crypto-Bear Run Will be Nothing Like 2014
A survey in November of 2017 concluded that 88 percent of residents living in Japan have heard about bitcoin.

The beginning of the ‘crypto-winter’ at the end of 2017 and the last three months of 2018 is a stark comparison to four years ago. It seems unlikely that the bear market this time around will last as long as it did with little infrastructure, barely any media coverage unless it was a negative story, hacked exchanges never came back or re-paid customer balances, there was only one mainstream investment vehicle (GBTC) at the time, and no one knew much about cryptocurrencies at all.

It’s been a pretty brutal bear run over the past three months, but it’s likely the market sentiment won’t last near as long. With the number of individuals and businesses with skin in the game, its very probable over the long term cryptocurrencies will continue to rise in value against fiat currencies — even after this tumultuous value cycle. There will always be one guarantee in the world of cryptocurrency — it’s never a dull day in bitcoin-land.

What do you think about the contrast between now and 2014? Do you think crypto prices will suffer the same fate as that year? Let us know in the comments below.

This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com 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 information in this Op-ed article.


Images via Pixabay, Cboe, WSJ, Bic Camera, and Coinmarketcap.com.


Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.

The post The Current Crypto-Bear Run Will be Nothing Like 2014 appeared first on Bitcoin News.

Source: Bitcoinnews.com

G20 Watchdog Says Cryptos Not a Risk, Resists Calls for New Rules

G20 Watchdog Says Cryptos Not a Risk, Resists Calls for New Rules

The Financial Stability Board, G20’s global watchdog, does not consider cryptocurrencies a risk to financial stability. In a letter to the Group of 20 central bankers and finance ministers, its Chair Mark Carney said FSB was pivoting away from designing new policies and focusing on reviewing existing rules. His comments suggest there is no G20 consensus on common crypto regulations, despite calls from member-states for adopting global guidelines.

Also read: Japan to Call for Crypto Rules at the G20 Summit

No Consensus for Global Crypto Regulations

G20 Watchdog Says Cryptos Not a Risk, Resists Calls for New RulesThe Financial Stability Board (FSB), the body that coordinates financial regulation for the G20 countries, has effectively dismissed calls from member-states to adopt global cryptocurrency rules. “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” its Chair Mark Carney said in a letter to central bankers and finance ministers, Reuters reported.

Representatives from G20 countries are meeting today in Argentina. Statements in several member-states suggested that crypto regulations would be on the agenda of the summit. In February, high-ranking French and German officials issued a letter urging their colleagues to discuss the implications of cryptocurrencies, like bitcoin, within the G20 format. According to recent reports from Tokyo, Japanese representatives intended to push for global rules on cryptocurrencies.

Carney’s comments suggest, however, that there is not enough consensus for a common approach to cryptocurrency regulation. The Financial Stability Board insists on more international coordination in monitoring the rapidly evolving crypto sector. “As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms,” its Chair said.

G20 Watchdog Says Cryptos Not a Risk, Resists Calls for New Rules
Mark Carney

Mark Carney, the serving governor of the Bank of England, recently called for greater regulation of cryptocurrencies. “The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system,” he stated in a speech earlier this month. Carney described the volatility associated with crypto markets as “speculative mania”. Commenting on the possibility of adopting global crypto rules, he admitted the regulation would likely be on a country-by-country basis.

“I would have a greater expectation for a series of national steps rather than some big coordinated approach,” the central banker said. He also voiced support for the idea to regulate some elements of the crypto-asset ecosystem to “protect the safety and soundness of the financial system”.

Carney will stand down as FSB’s Chair next year, when his term as Governor of the Bank of England ends. The G20 summit will take place in the Argentine capital Buenos Aires on March 19-20.

Do you think it’s possible to adopt global cryptocurrency regulations? Share your thoughts in the comments section below.  


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post G20 Watchdog Says Cryptos Not a Risk, Resists Calls for New Rules appeared first on Bitcoin News.

Source: Bitcoinnews.com

What is Zclassic (ZCL)? A fork of Zcash with the 20% founders reward and slow start removed

What is Zclassic?

Zclassic is a fork of Zcash founded by Rhett Creighton but with the 20% founder’s reward and slow start removed. Creighton’s reasoning was that the Zcash’s founder’s tax and closed-door, private funding round with top VC firms and Bitcoin whales were unfair.

So, he removed 22 lines of code and released this new Blockchain into the wild. He got rid of the slow start of mining in Zcash which created artificial scarcity of token supply.

zec rate of distribution

Slow mining start which increased the reward to 12.5 ZEC per block over 30+ days

As stated in the Zclassic whitepaper: “The mission of Zclassic is to stay as similar to Zcash from a technology perspective, but to never take any pre-mine, founder’s reward or any other kind of fee that goes to a small group of individuals with special permissions whether elected, appointed, or otherwise.”

While it might seem like a great idea to remove the founder’s reward, what you’ll find in this Zclassic saga is that no budget for development leads to…well a lack of it. This means pretty rough user experience, advanced barriers to entry (like command line access) and lack of secure and stable wallet options. Let’s dig in.

Zclassic Stats

Max supply: 21,000,000 ZCL

Current Supply: 3,458,950 ZCL

Algorithm: Equihash

Proof type: PoW

Launch date: 06/11/2016

 

It all began when Rhett Creighton removed those 22 lines from the original Zcash codebase and released it out into the world. Some argue it was done hastily and without proper promotion but by Creighton’s own admission this fork was released into the wild to “see what happens”.

Some observant miners saw this opportunity and jumped on board immediately, becoming whales practically overnight. From that point on it took on a life of its own.

Ironically, according to Creighton, he didn’t mine it or buy it at all even though he was the original core developer. In fact, he was working a full-time job while also the main core developer and project lead. His role included managing all the pull requests in GitHub which would update the network, wallets and core applications.

Although Creighton maintained the GitHub repository, building Zclassic was a team effort from the community. Sometimes to get the right answer quickly, you must simply post the wrong answer.

Zclassic acted as a launching pad for other projects

The team that now became ZenCash reached out to Creighton with their ideas of secure communication and other protocol improvements but he felt that Zclassic needed to stick to its core roots of no founders rewards or other incentives for development.

That led to ZenCash branching off of a 1:1 chain split which brought free ZEN to ZCL holders in an “airdrop” fashion at block 110,000 on May 23, 2017.

Recent Developments

The team released a new Electrum wallet in January to an eager community. It was authored by Duke Leto, core developer of HUSH, who had already implemented this wallet for their token.

Eleos Zclassic wallet

Bitcoin Private announced, a co-fork/fork-merge of Bitcoin and Zclassic

Bitcoin Private announcement by RhettThe next evolution of Zclassic is Bitcoin Private. The majority of the core ZCL developer team will move over to BTCP and continue development on that project.

The original members will facilitate the handoff to a competent team through a proposal evaluation initiative to vet ideas and teams. They will also maintain the ZCL GitHub until March 2019 or the new team takes over (whichever comes first).

A medium post was put out recently to further explain the future of Zclassic:

Future of Zclassic announcement

Challenges and Critiques

The biggest critique, as mentioned earlier, was completely removing the founder’s reward. The policy created a volunteer and community run vibe. However, many feel that projects should be completely volunteer funded from the community.

It appears, however, that there can also cause a lack of unity when it comes to development, hence why cohesive and dedicated teams exist. The Bitcoin Private whitepaper elaborates: “Unfortunately, Zclassic suffered from the same ideas which it derived its greatness: the absence of a founder’s tax led to a lack of active development.”

A few questions linger: How will those who put effort into the community be compensated? If there is no compensation, how can there be a fair expectation of quality development, marketing, and customer service activities?

Meteoric ZCL price rise and fall

Zclassic went from $7 in January 2018 to $200+ a month later and then back to $7 in the first week of March.

Zclassic was just chilling in single digits for a long time but, that all changed when the hard fork to Bitcoin Private was announced. Although Bitcoin was also providing a 1:1 split of Bitcoin Private, clearly ZCL was the better deal at single-digit prices.

This caused a mad rush as people rapidly bought up all the Zclassic tokens they could in preparation for the airdrop, causing a record-shattering all-time high of over $200.

Once the snapshot took place the price tumbled back down to $7 in what’s probably one of the most savage charts ever.

ZCL/BTC 6 month chart on Bittrex

Ouch.

Problems withdrawing coins from Cryptopia

As a result of the increased volume and then drastic dump, many coins got stuck for users for upwards of 48-96+ hours. This was due to the lack of miners on the network to help process transaction which caused a large backlog.

Cryptopia ZCL Announcement and Update

Some users have reported still not getting their coins even as of this writing.

Bittrex fail and alleged insider trading of ZCL

Cryptopia was not the only exchange to struggle with this process. The Bittrex handling of ZCL was a disaster and true chaos. They claimed they would be “partially” supporting the fork but made no guarantees of users to expect tokens due to a lack of a “fully supported wallet”. In addition, no Bitcoin balance snapshots would be supported.

Bittrex Statement on ZCL and BTCP

Bittrex also noted some technical issues that were not present with Zcash but were with Zclassic. This culminated with the Zclassic market being frozen for 15 minutes before the snapshot after which the market would be re-opened.

Cool, so just wait for the exchange to re-open and everything will work out just fine, right? Not quite. According to Youtuber Austin’s Cryptoplay House, the Bittrex price re-opened at $30 which was a 70% drop from before the snapshot.

Although a drop was expected post-snapshot, the fact that trading happened while the ZCL markets were closed is pretty troubling. Like…go to jail troubling if this was traditional markets.

Zclassic Dump on Bittrex from @cryptoplayhouse

The ZCL dump which took place while markets were “closed” on Bittrex (Source)

The lesson here is that exchanges are their own monster regardless of the coin, its technology and developer team. Purchasing power is purchasing power.

And this was a great example of what happens when whales take over a market. This is not the first time exchanges have (allegedly) taken advantage of chaos so, bringing up the question of what the proper conduct and standards for exchanges should be.

Nonetheless, this is the wild wild, crypto west and this is the current environment we are in. If you’re still not totally freaked out, let’s go into where to buy, mine and store this beast.

Where to buy Zclassic

As a result of drastic reductions in market cap and trading volume, Bittrex is the top liquidity option at the moment. Cryptopia is second in liquidity but use at your own risk as users are reporting transactions being stuck and/or slowed down.

Where to mine Zclassic

Zclassic has a variety of mining pools available and despite the chaos from the airdrop, remains a top mineable Equihash coin. Some of the top pools include minez.zone, suprnova, and zclmine.pro (0% fees)

Where to store Zclassic

Currently, there is a full node and electrum wallet for Windows, Mac, and Linux as well as a paper wallet.

Final Thoughts

Zclassic is a perfect example of what happens when you clone a coin, remove a development budget and turn it into a community-driven free for all.

We continuously forget that cryptocurrency is not only experimental but also can be a lot like “sausage making” behind the scenes (which is never a pretty sight).

Despite the rocky road and upset investors, Zclassic still stands. With the Bitcoin Private announcement, Creighton and a new decentralized team from across the globe are bringing their experience to this initiative. In addition, the outpouring of community support for Bitcoin Private further encourages the ethos of true decentralization that originally birthed Zclassic.

While some Zclassic community members feel abandoned, Bitcoin Private is still managing proposals to evaluate a new team and their ideas. The BTCP team will provide “blockchain breaking” updates until March 2019, or the new team takes over. It appears Zclassic is not being left out in the cold with the proposal review plan.

As a result, Zclassic continues despite its rocky and current uncharted waters. As always, only time will tell us the truth but for now, Zclassic is still here.

The post What is Zclassic (ZCL)? A fork of Zcash with the 20% founders reward and slow start removed appeared first on CoinCentral.

Source: Coin Central

Top Visa Executive Attacks Bitcoin, Brags About His Wealth

Late last week, in a series of statements which let you know how rich he is, a top executive at Visa lambasted Bitcoin with claims that rival even the greatest of FUD throwers.


Rich Guy Says ‘Bitcoin is Bad’

Vasant Prabhu, the chief financial officer of Visa — the world’s biggest payment network by market value — has taken time out of his busy schedule to bury Bitcoin beneath a mountain of negativity.

In addition to claiming that cryptocurrency has been utilized by “every crook and dirty politician,” Prabhu stated that the majority of investors have no clue what they’re doing. While subtly flaunting his status as ‘kind of a big deal,’ he told the Financial Times:

The people asking me are the ones who scare the hell out of me. You know, guys like the limo driver to the airport . . . They have no idea what they are doing.

(Because — you know — limo drivers are apparently incapable of making educated investment decisions.)

Bitcoin FUD

Prabhu also explained to the Financial Times how a bank teller informed the Visa executive of his plans to sell Bitcoin in March, and how a member of Prabhu’s extended family was excited over having doubled his profit over Thanksgiving dinner. Said Prabhu:

This is the ultimate thing that you hear about when you have a bubble, when the guy shining your shoes tells you what stock to buy.

(Which one is the shoe shiner? The bank teller or the member of Prabhu’s family who made an $8000 investment?)

Prabhu’s statements really shouldn’t come as a surprise, however, since he apparently doesn’t understand the original premise of Bitcoin whatsoever. He explained:

With a currency issued by the Federal Reserve, I know who stands behind it. Who’s good for the money [behind cryptocurrency]? Who the hell knows?

(That’s kind of the point, Mr. Prabhu.)

cryptocurrency

Prabhu also stuck to the mainstream financial institutions’ script by claiming Bitcoin and cryptocurrency is merely a tool for criminals, stating:

It’s very hard to get dirty money through a banking system. Cryptocurrency is phenomenal for all that stuff . . . Every crook and every dirty politician in the world, I bet, is in cryptocurrency.

Ultimately, Prabhu’s views either illustrate his own ignorance in relation to cryptocurrency or his intentional FUD (Fear, Uncertainty, and Doubt) throwing after the company he works for double, triple, and quadrupled charged buyers on Coinbase earlier this year.

As noted by Chris Skinner, a financial technology author:

There is some criminal activity associated with some cryptocurrencies but it is quite minimal. It’s a myth that the financial community want to promote.

Do you think Bitcoin is a bubble, or do you think Vasant Prabhu is merely throwing FUD at something he doesn’t understand and/or wants to undermine? Let us know in the comments below!


Images courtesy of Pixabay, Bitcoinist archives, and Shutterstock.

The post Top Visa Executive Attacks Bitcoin, Brags About His Wealth appeared first on Bitcoinist.com.

Source: Bitcoininst

Never Mind The Bitcoins: Carney Tells G20 Cryptoassets ‘Pose No Risk’

The head of the Bank of England Mark Carney has told members of the G20 that cryptoassets “do not pose risks to global financial stability.”


Carney: Crypto Is No Match For Credit Default

In a statement released Sunday a day before the group begins a summit in Argentina, Carney appeared to broadly copy the approach to crypto regulation seen from US regulators in February.

He was speaking in his capacity as head of international banking regulatory group the Financial Stability Board (FSB).

Mark Carney

“Even at their recent peak, their combined global market value was less than 1% of global GDP. In comparison, just prior to the global financial crisis, the notional value of credit default swaps was 100% of global GDP,” he wrote.

Their small size, and the fact that they are not substitutes for currency and with very limited use for real economy and financial transactions, has meant the linkages to the rest of the financial system are limited.

All Eyes On G20

The move represents a softening in stance for Carney, and foreshadows a G20 summit which many anticipate will see international cooperation on regulation begin to emerge.

Also in February, Carney had stated he thought Bitcoin had “failed” as a currency, while weeks later added cryptocurrencies as assets should not face an “outright ban.”

“Crypto-assets raise a host of issues around consumer and investor protection, as well as their use to shield illicit activity and for money laundering and terrorist financing,” he continues in the G20 statement.

At the same time, the technologies underlying them have the potential to improve the efficiency and inclusiveness of both the financial system and the economy.

Bitcoin has come off fresh weekly lows to move above $8,000 again as of press time, Bitcoinist last week reporting on how pressure from multiple sources continues to affect markets.

Going forward meanwhile, Carney confirmed the FSB “would identify metrics for enhanced monitoring of the financial stability risks posed by crypto-assets and update the G20 as appropriate.”

What do you think about Mark Carney’s statement? Let us know in the comments below!


Images courtesy of Shutterstock, Bitcoinist archives

The post Never Mind The Bitcoins: Carney Tells G20 Cryptoassets ‘Pose No Risk’ appeared first on Bitcoinist.com.

Source: Bitcoininst

PR: ZeroEdge.Bet Casino Opens New Office in London

ZeroEdge.Bet Casino Opens New Office in London

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

ZeroEdge.Bet, a start-up that is building a blockchain based online casino network, is expanding its reach and will be opening brand new offices in London. The move was prompted by unprecedented growth of business, ahead of the proposed ICO dates later this year.

The ZeroEdge team are extremely excited to meet fans and followers of the Zero Edge online casino network when their new offices open within the next few weeks. The team, comprising of a range of experts in their respective fields including online gaming, crypto currencies, marketing, support, and much more, have put out the welcome mat for gamblers in the United Kingdom.

“This is a great news for us and our community. We are delighted to have our new office in London. One of the reasons for opening an office in London, was the access to the skilled job market. Blockchain experts, gambling industry executives, marketing gurus are all there. Therefore, will be looking to grow our team to help us with our development on every aspect of the business.” – said Adrian Casey ZeroEdge.Bet CEO

UK gambling market is one of the largest in the world.
United Kingdom gambling market size exceeds £14 Billion Pounds each year. Zero Edge will launch first blockchain based gambling sites in UK market just after ICO finishes and all Zerocoins are distributed publicly.

It is not by coincidence that Zero Edge have chosen London as one of their main centres of operation. Aside from the fact that London is one of the most popular cities in the world, with a vibrant melting pot of global cultures, it also happens to represent one of the largest online gambling markets in the world.

Residents of the UK love to gamble online and do so around the clock at various top online casinos aimed at the UK market. However, up until fairly recently, UK gamblers have been facing the very same problem as gamblers in other parts of the world – playing at online casinos where, quite frankly, the house edge is out of control!

This is another reason why Zero Edge have chosen London to open their cutting edge new offices, to begin to roll out their plan to absolutely upset the entire online gambling industry with their unique 0% house edge concept, a first in online casino gambling (and gambling in general).

What is Zero Edge and How Does It Work?
Zero Edge online casino network is a brand new, revolutionary way of presenting online casino games to gamblers all over the world. While the traditional online casino focuses on making millions and millions of pounds off of your losses, Zero Edge is doing something entirely new. By offering 0% edge games demand is created for Zerocoin, which rises its value. Profits are made not from players loses, but from increased Zerocoin value. This model will disrupt the online gambling industry. Zero Edge casino are able to offer a true, guaranteed 0% house edge, making online casino games truly fair for the first time ever!

Additionally, ZeroEdge will also provide with an opportunity for entities to build and operate their own games on the ZeroEdge platform. This will allow anyone with minimal technical knowledge to run their own games and earn from the increased value of the ZeroEdge token. The game developers will be rewarded in ZeroEdge tokens for their contribution to the network depending on various factors, e.g. the popularity of game, UI/UX levels, etc. This feature will create a highly competitive environment and will ensure a wide variety of available games on the platform

https://tokensale.zeroedge.bet

Contact Email Address
media@zeroedge.bet
Supporting Link
https://tokensale.zeroedge.bet

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. Bitcoin.com 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: ZeroEdge.Bet Casino Opens New Office in London appeared first on Bitcoin News.

Source: Bitcoinnews.com

MyToken – Creating a New Ecosystem for Cryptocurrency Investment

When we hear the word cryptocurrency, we immediately think about decentralization, unregulated and scams. Maybe scam isn’t the first thought that comes into your head when you think about cryptocurrencies, but it is always there, stalking you.

You can’t blame yourself for thinking negatively about the crypto market, over the last week, more than 2000 crypto tokens have been developed and released into the market. Many, if not the majority, of these tokens are backed by teams with insufficient credentials. It is difficult to identify scams from the genuine, original tokens.

The initial high returns that were enjoyed by the early investors in the crypto market attracted these scammers, some even created whole pyramid schemes. These schemes took millions of dollars from unsuspecting investors, who were trying to get in on the high returns.

Observing this despicable situation in the crypto market, one can’t help but think that there should be a community, a platform that integrates the 2000 different crypto tokens and makes it easy to detect which of them are scams.

MyToken is absolutely doing that, and a lot more. The decentralized platform, which has only been partially released, has amassed a large user base in its home region of China. It claims to be the most widely used market exchange information application in the country.

The Problems

MyToken believes that the diversification of the blockchain industry has led to confusion and uncertainty for investors. In 2017 alone and mostly in the second half of the year, more than 500 blockchain related projects were funded through Initial Coin Offerings (ICOs).

The numbers were further inflated by the introduction of Ethereum’s smart contracts. This led to the “Blockchain 2.0” era and greatly reduced the development costs associated with building a blockchain project.

The rapid development, the saturation of the whole market created opportunities but also problems for the individual investors. Some of these problems are:

  • Too many tokens

More than 2000 cryptocurrencies are currently being traded by more than 300 different exchanges all over the world. This makes it next to impossible for investors to gather information regarding these projects and differentiate the genuine from the scams.

  • Too many exchanges

As mentioned above, over 300 exchanges are operating all over the world. All of them have different strategies and resources. Cryptocurrency exchanges are relatively cheap to set up and provide high returns. Investors are unable to grasp which exchange would be the most suitable for their requirements.

  • Not very efficient

Investors crypto assets are distributed over a wide array of different wallets, exchanges and blockchains. This causes confusion and the investors are unable to truly evaluate their crypto portfolios.

These are just some of the main problems that are faced by the crypto investors. Now, let’s see how MyToken aims to resolve these issues.

The Solution

The following definition of the MyToken application is found in the whitepaper of the MyToken project: “MyToken is an application providing aggregate crypto market information across exchanges. We aim to build a healthy cryptocurrency investing platform and provide investors with the most objective data; information and tools which will help them gain in-depth understanding of the blockchain industry and projects.”

As explained above, the MyToken is in the process of creating a centralized platform for the decentralized blockchain industry. The project is already in working condition and MyToken released the first version of their application in August 2017.

After 20 versions, the application provides the following functionality:

  1. Transaction data and information from the 300 exchange platforms.
  2. Price information of almost 2000 different cryptocurrencies with charts.
  3. Comprehensive background information about projects.
  4. Real-time evaluation of user’s assets.
  5. Integrated Twitter feed.

The application also has a cool UI with a black background. MyToken’s application is accessible over Android, IOS, HTML5 and Mac. This means that users can access it from any of their devices. Currently, more than 400,000 users are on the platform, mainly from China.

p1

Application Screenshot

The Future

MyToken does not want to limit itself to only providing quality data to its investors. Along with this functionality, the team is ambitiously working towards releasing a number of other functions. When the development is completed by the end of 2018, MyToken will be able to trade, exchange, provide information and act as a platform for discussing the crypto market.

The following are the projects that MyToken team has highlighted in their updated Whitepaper. They plan on integrating these functions over the course of the next few months.

  1. Target Advertisements by accurately matching the advertisers and audience in the crypto industry. The app will give users the choice to accept ads or stop seeing them.
  2. Increase trading by connecting to more cryptocurrency exchanges.
  3. Connect to more blockchain projects all over the world to create an effective channel for fundraising.
  4. Share user data and exchange information with cryptocurrency investment service suppliers.
  5. Create an app store for decentralized applications, called DApp store.
  6. Create a UGC system to support high quality content on the platform.

Perhaps the most interesting of their goal is the DApp store, which will provide blockchain projects with a platform, where they can share their products.

p2

MyToken’s Latest Business Structure Diagram

The Tokens

MyToken’s team will issue the MT token, which is an ERC-20 token, based on Ethereum’s blockchain. MT will serve as the medium of circulation in the platform and become “the core of the system consensus.”

The MT tokens will be used in all of the functions that were mentioned in the previous section.

In case of targeted advertising, the advertisers will use MT to pay the advertising fees to the MyToken foundation for displaying promotional content on the application. Users will be allowed to select the kind of advertisements that they would like to see, this will ensure privacy and users will have relevant advertisements displayed.

  • In case of transactions, MyToken will charge users for the service of each transaction, based on the consumption of network resources. This fee can be deducted in the form of MT tokens.
  • In case of connecting with more blockchain projects all over the world. The projects will use the MT token on the MyToken platform for better advertisement and reach to the investors.
  • In the case of sharing data with third-party services, they will use MT tokens to buy information from the MyToken platform. They can then provide users with useful information and charge them via MT.
  • In the case of high quality content, users will be provided MT in the form of an incentive to create more high-quality content.

The ICO of the MyToken platform started on 18th March 2018. The token distribution is as follows:

p3

Total token supply: 4,000,000,000 MT (400 million);

Hard Cap: 22,000 ETH;

MyToken will eventually destroy 1,000,000,000 MT through their buy-back policy and the remaining 3,000,000,000 MT will remain in circulation.

Advisors and Investors

Spectra Advisory will be the main partner of MyToken in their ICO. The advisory company is a blockchain and cryptocurrency consulting company working under the umbrella of Spectra Ventures and Advisory.

Along with Spectra Advisory, MyToken is backed by a number of different Chinese companies. The most notable of which are as follows:

  • Block Asset
  • Fenbushi Capital
  • InBlockchain

For more information

MyToken’s website

ICO page

Telegram: spectraofficial  (get updated info and 200 FREE MTs)

WeChat: spectravc

The post MyToken – Creating a New Ecosystem for Cryptocurrency Investment appeared first on CryptoPotato.

Source: Crypto Potato

Coincheck Drops Anonymous Monero, Dash, Zcash

Coincheck Drops Anonymous Monero, Dash, Zcash

Coincheck, the Japanese exchange that lost ~$550 million worth of NEM to hackers, will stop dealing with Monero, Dash and Zcash. The trading platform has recognized the risk posed by these cryptocurrencies which provide high levels of anonymity. Half of the NEM coins stolen in the hack may have been converted already on the darknet, a cybersecurity expert claims.

Also read: Hackers Target 400,000 Computers with Mining Malware

Anonymity Postpones Coincheck’s Registration

The Japanese exchange Coincheck, which is trying to recover from one of the worst hacks in crypto history, is expected to stop handling three cryptocurrencies providing high levels of anonymity, the Japan Times reported. Coincheck now recognizes the high risk posed by these coins when used in money-laundering transactions, unnamed sources said. The cryptos are Monero (XMR), Zcash (ZEC), and Dash (DASH).

Coincheck Drops Anonymous Monero, Dash, ZcashIt is virtually impossible to identify the recipients of funds denominated in these cryptocurrencies on their blockchains. That’s probably the main reason for Coincheck’s decision. The anonymity facilitates their possible use in money laundering, which is not the case with other cryptos, like bitcoin. The exchange is considering buying the coins at a fixed rate from customers who agree to sell. It will accept transfers from Coincheck accounts whose owners have been verified.

Coincheck’s application for new registration under the revised payment services law is still pending partly because the exchange works with anonymous customers. It was submitted with the Financial Services Agency (FSA) back in September, before the hack, and the screening is taking longer than expected, the Japan Times notes. Trading was suspended right after the attack in January and when it resumed last Monday, the three coins in question were not among the available options.

Stolen NEM Converted on the Darknet

The NEM coins that disappeared in the hack were worth about ¥58 billion (~$550 million USD) at the time. This month Coincheck said it was preparing to start compensating its customers, as news.Bitcoin.com reported. On Tuesday, the exchange announced it had refunded ¥46.6 billion ($440 million) to 260,000 customers who lost NEM.

A cybersecurity expert now claims the hackers may have converted half of the NEM cryptocurrency into other digital coins or fiat cash in order to launder the stolen money. According to the Chief Technology Officer at Japan Digital Design, Masanori Kusunoki, they have probably done that through a darknet website. The conversion started on February 7.

Coincheck Drops Anonymous Monero, Dash, Zcash

Kusunoki says it is getting more difficult to trace the coins. He believes the site is still being used for money laundering transactions. “It has become evident that we cannot block currency laundering just because all transactions are recorded”, the expert concluded. Masanori Kusunoki thinks it’s becoming impossible to trace the NEM coins.

No matter how far the chase will go, it’s going to be hard to reverse the damage. In mid-February Coincheck informed the FSA about the measures it was planning to take in the aftermath of the hack. More than ¥40 billion were cashed out immediately after the exchange resumed yen withdrawals. Two weeks later, 132 investors filed a lawsuit in a Tokyo court asking for ¥228 million yen.

Do you think the decision to stop trading anonymous cryptos will help Coincheck recover from the hack? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Coincheck Drops Anonymous Monero, Dash, Zcash appeared first on Bitcoin News.

Source: Bitcoinnews.com

Mastercard Open to Cryptocurrency, But There’s a Catch

An executive confirms that Mastercard is open to the use of cryptocurrency, but there is a major catch involved.


Banks have notoriously been steadfast in their opposition to cryptocurrencies, and this is for a very good reason. The peer-to-peer economic marketplace of digital currencies is a direct threat to the current financial monopoly held by banks and other financial institutions. Which is why it was surprising when an executive at Mastercard said that the credit card issuer was open to the overall use of cryptocurrency. However, there is a major catch to this announcement.

bitcoin

Crypto Cold Feet

Mastercard has put a lot of time and effort into blockchain technology, but they’re not exactly a fan of virtual currencies like Bitcoin. This was clearly evident when Mastercard and Visa classified the buying of cryptocurrency as a cash advance instead of a purchase.

At the time, the credit card giant stated:

Over the past few weeks, we have clarified to acquirers – or the merchant’s bank – the right transaction or merchant category code to use for these type of transactions (cryptocurrency purchases). This provides a consistent view of such purchases for both merchants and issuers.

The result was that using credit cards to buy Bitcoin and other cryptocurrencies became more expensive. Exchanges charged a higher fee, and users began accruing interest from the moment they used a card.

Mastercard

The Catch

It appears that the financial juggernaut has now changed their tune, but the reality is that they have not. Speaking to the Financial Times, Mastercard executive Ari Sarker says that the company is “very happy” to consider helping the use of cryptocurrencies, but only as long as those virtual currencies are issued by central banks.

Ari Sarker says:

If governments look to create national digital currency we’d be very happy to look at those in a more favourable way [compared with existing cryptocurrencies].

He goes on to add:

So long as it’s backed by a regulator and the value . . . it is not anonymous, it is meeting all the regulatory requirements, I think that would be of greater interest for us to explore.

Right now, the financial institution is running a pilot program in Japan and Singapore. Customers can cash out of Bitcoin and other cryptocurrencies onto their cards. However, Sarker says that the program is not a crypto trading one and that strict controls, such as anti-money laundering and KYC, are in place.

This action by Mastercard should come as no surprise. Banks want to get their mitts on their share of the vast amount of revenue flowing through the crypto sphere, but they want to do so while exercising full control. Hence, the desire to only support cryptocurrencies issued by central banks.

What do you think of this new development by Mastercard? Let us know in the comments below.


Images courtesy of Bitcoinist archives, Flickr/@reynermedia, and Adobestock.

The post Mastercard Open to Cryptocurrency, But There’s a Catch appeared first on Bitcoinist.com.

Source: Bitcoininst