Mindy

  • Bitcoin Is Now the 11th Largest Money in the World

    As helpfully tweeted by the trader and analyst known as Rhythm, Bitcoin is now the 11th largest money/monetary supply in the world.

    Aug 9, 2019
  • Ethereum Falls to Below 8% of Entire Cryptocurrency Market

    The market capitalisation of the Ethereum network has fallen below the levels observed prior to its epic price run up in 2017. The total value of all Ether (ETH) tokens in existence now accounts for just less than eight percent of the entire cryptocurrency market. At the height of Ethereum hype, the smart contract platform accounted for over a third of the wider digital currency market. This caused its proponents to claim that it would overtake Bitcoin in a so-called “flippening”. Ethereum’s Fall from Grace As highlighted by Twitter user @StopAndDecrypt earlier today, Ethereum’s share of the entire cryptocurrency market has fallen to just 7.86 percent. This is the lowest it has been since early March 2017. High profile interest in the smart contract platform caused a lot of the hype that saw Ethereum’s rise to over a third of the entire digital currency market by June of the same year. Early announcements from the newly-formed Enterprise Ethereum Alliance announced the interest of big companies to investors eager to realise the kind of gains early Bitcoin speculators had seen. The likes of…

    Aug 8, 2019
  • Should Ripple Burn 50% of XRP’s Supply to Pump Its Price?

    A bunch of XRP fans are getting behind a proposal led by a prominent crypto trader that Ripple should burn half the XRP held in its reserves. The logic here is that by reducing the supply, the coin’s price will rise more easily, making a mint for everyone involved. The petition, started by trader Crypto Bitlord—who has more than 100,000 followers on Twitter—on August 5, has over 300 signatures so far. It recommends that Ripple no longer release its supply of XRP onto the crypto market, suggesting this will lead to a pump, “like the good ol days.” “Ripple continue [sic] dumping billions of XRP on us, crashing the price!” the petition states, adding, “Sure we know that XRP is a solid coin with major potential but this needs to stop!” Much of the blame is placed on Ripple’s holdings of XRP—50 percent of its total supply—which it systematically sells into the market to stimulate the growth of the ecosystem. Those moves rapidly increase the supply of XRP, putting downward pressure on the price. We have contacted Ripple for its response and will update…

    Aug 8, 2019
  • Tether Behind Bitcoin’s $4000 to $13,800 Bull Rally: Analyst

    A crypto Twitter analyst believes that Tether’s USDT issuances are the real catalyst of the Bitcoin price bull move from $4,000 to $13,800. BITCOIN IS NOT “SOUND MONEY” Earlier this week twitter personality Andrew Rennhack suggested that Bitcoin’s explosive rally from $4,000 to $13,800 was primarily fuelled by Tether printing a vast amount of USDT. According to Rennhack, Bitcoin is not “sound money” as “the entire cryptocurrency market is backed by unaudited Tether which has the top 24-hr trading volume.”  Humorously, Rennhack claims that Tether’s USDT issuance rate would “make even the FED blush”. Rennhack is of the opinion that there is no reasonable explanation for Bitcoin’s huge bull run, and he disregards the frequent talking point that “institutional investors rushed to buy BTC” as a hedge against stock market volatility.  A LONG RUNNING CONSPIRACY Rennhack isn’t the first person to suggest that Tether’s increasing market cap directly impacts Bitcoin price action. A number of market analysts and scholars have reached similar conclusions since the end of 2017’s monster rally. Since the start of June, more than $750 million worth of USDT were minted…

    Aug 8, 2019
  • New Mexico Regulation Could Force Local Blockhain Startups to Cease Operations

    A new law was introduced earlier this year by the Bank of Mexico, which entailed Mexican blockchain startups to apply for an operations license within the country. The reason why startups had to apply was due to the blockchain’s affiliation with finances, therefore classifying them as financial services providers. However, the law had not been fully implemented until only recently reports started coming in from Mexican media outlets about some blockchain startups that could ultimately halt their operations. The license comes with multiple costs, as monetary compensation is requested alongside experts that will ensure the startup’s compliance. This may sound harsh now, but let’s not forget that the previous version of the crypto regulation pretty much placed a permanent ban on handling, exchanging and selling cryptocurrencies by local startups. Having to apply for a license was basically a gateway for most entrepreneurs, but not all of them have the funding to handle it, unfortunately. Thankfully though, there are several Mexican authorities who are directly opposing the new requirements, stating that the bar is set way too high and could potentially introduce a monopoly from already established corporations…

    Aug 7, 2019
  • Thailand to Bring Cryptocurrency Under Anti-Money Laundering Rules

    Thailand’s anti-money laundering regulator is planning to amend the country’s laws to include cryptocurrency. Speaking to the Bangkok Post, Police Major General Preecha Charoensahayanon, secretary-general of the Anti-Money Laundering Office (Amlo), said he believes that, while currently not an issue, cryptocurrency “will be a tool of new money laundering.” Preecha said that Amlo currently does not receive complaints around money laundering involving cryptocurrencies, but warned: “We may not find any clue, but that doesn’t mean the wrongdoing does not occur.” The secretary-general argued that criminals will increasingly turn to digital assets to conceal their ill-gotten proceeds. To prepare for this shift, he told the Bangkok Post he plans to alter the country’s laws to bring cryptos into the AML regime, starting with the Anti-Money Laundering Act. Preecha indicated would add a rule requiring cryptocurrency exchange platforms to report activities to the Amlo, adding that such information is crucial to track laundered money over the internet. The legal changes would corresponds with international standards on crypto exchange service providers, he said. Thailand is a member nation of the Financial Action Task Force (FATF) – an international money-laundering…

    Aug 6, 2019
  • Market Outlook: Trade Wars and Filthy Fiat Battles Fuel Crypto Prices

    A slew of digital currencies have gathered decent gains over the last 48 hours and the entire market capitalization now stands at around $308 billion. Moreover, cryptocurrency trade volumes have kicked up a notch, capturing $66 billion in swaps over the last day. Overall, speculators think the recent spike in crypto prices is due to the overwhelming economic uncertainty worldwide. Despite Traditional Market Downturn, Crypto Markets See Steady Gains Cryptocurrency prices have jumped northbound once again as a large number of digital assets have seen gains between 2-15% over the last 24 hours. At the time of publication, the price of bitcoin core (BTC) is hovering just below the $12K mark at $11,757 per coin. BTC is up over 8% in 24 hours and has a market valuation of around $209 billion. The cryptocurrency is up 23% over the last seven days and there’s $23 billion in global BTC trade volume on August 5. Right behind BTC is ETH which is hovering around $231 per coin and is up over 4.9% today. Ripple (XRP) is up a hair over 2% this Monday and is trading for $0.32 per XRP….

    Aug 6, 2019
  • Iran Announces New Rules to Regulate Cryptocurrency Market

    New rules have been introduced by the Iranian government for regulation of cryptocurrency market as more people become interested in mining digital coins as a way of accessing international currencies at the time US sanctions. A bill ratified by the Iranian Cabinet and released on Sunday said that the government will not recognize as lawful any trade activity carried out inside Iran involving cryprocurrencies. It said the government and the banking system would not view the digital coins as legal tender and the Central Bank of Iran would not guarantee their value. However, the bill said mining digital currencies would be allowed inside Iran under certain conditions, including if miners obtain the approval of Iran’s industry ministry, do not mine the currencies inside a 30-kilometer boundary of all provincial centers except for the capital Tehran and the central city of Esfahan where tougher restrictions apply. It said the miners should also observe rules set by Iran’s standardization and communications authorities for mining machines, adding that certain fees will be applied for the energy used for mining the currencies. Discussing the…

    Aug 5, 2019
  • Goldman-Backed Apple Card Restricts Cryptocurrency Purchases

    Cryptocurrencies cannot be purchased with the new Apple credit card according to the American multinational technology company’s recently published customer agreement guidelines. The Apple card’s restrictions indicate that the company’s partner, Goldman Sachs, is leery toward cryptocurrencies and other “cash equivalents” like lottery tickets and casino chips. No Crypto Purchases With the Goldman Sachs Backed Apple Card The technology giant Apple (AAPL) recently announced the launch of a credit card, which allows people to spend credit with an annual percentage rate (APR) between 13-24%. The California-based firm revealed the card will be released at some point this month, according to the firm’s third fiscal quarter earnings call. Some of the biggest selling points for the new Apple Mastercard include: virtual use, no annual fees, and no fees for transactions and penalties. Another interesting aspect is that the card will not feature the traditional Mastercard 16-digit number or CVV code. “Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August,” Apple CEO Tim Cook revealed…

    Aug 5, 2019
  • Brazilian Tax Authorities Impose New Requirements on Crypto Trading

    Crypto traders in Brazil now have to report their transactions to the National Treasury. The Department of Federal Revenue of Brazil published guidance regarding cryptocurrencies in May stating transactions in excess of $30,000 Brazilian real ($7,600) must be reported to tax authorities. The ruling is widely seen as a means for the government to increase tax revenues. It targets both private investors as well as companies that deal in crypto. Brazil sees some of the highest cryptocurrency trading volumes in Latin America, topping nearly 100,000 BTC in April. Additionally, the total value of the crypto market exceeded $8 billion reals in 2018, according to the National Treasury. Information related to the purchase, sale, or donation of crypto funds will be submitted to the National Collection, through the Virtual Service Center (e-CAC), by the last working day of the month. Failure to comply may result in sanctions. Complete omissions may see fines from 100 to 1000 reais, while incomplete or inaccurate filings may be garnished 1.5 to 3 percent of the total value of the transactions. Another Brazilian media outlet reported the measures were introduced to prevent…

    Aug 5, 2019
  • Bitcoin Price on the Rise After First Fed Rate Cut Since 2008

    Bitcoin (BTC) has eked out moderate gains amid the U.S. Federal Reserve’s announcement of its first rate cut in over a decade. The top cryptocurrency by market value is currently trading at $9,950 on Bitstamp, representing a 2 percent gain on a 24-hour basis. The Federal Reserve (Fed) on Wednesday said it will lower interest rates by 0.25 percent to cushion the economy from a global slowdown and trade tensions. That was the first U.S. interest rate cut since the great financial crisis of 2008, and indeed since the creation of bitcoin in 2009. BTC rose by over $200 to $10,000 in the three hours leading up to the Fed’s announcement at 18:00 UTC. More importantly, the cryptocurrency remained bid in the following hours and hit a high of $10,172, according to Bitstamp data. The price action seems to have convinced investors that BTC picked up a bid due to Fed’s rate cut. Boon for bitcoin? Some observers believe rate cuts by the Fed bode well for BTC. This is because an interest rate cut reduces the yield on a currency. Further, the liquidity…

    Aug 2, 2019
  • US Regulator Plans to Outsource Running Cryptocurrency Nodes

    A recently published document reveals that the U.S. Securities and Exchange Commission (SEC) has plans to hire contractors to run specific cryptocurrency full nodes for the government agency. According to the SEC documentation, the regulator wants third-party contractors to run nodes for Bitcoin Core (BTC), Ripple (XRP) and Ethereum (ETH) in order to monitor compliance risks. Running a Full Bitcoin Node for the SEC Depending on whom you ask, the news of the SEC soliciting contractors to run full cryptocurrency network nodes could be seen as either positive or negative. The government document was first spotted by Trustnodes news outlet. Despite the fact that there’s a wide range of blockchain explorers out there, the agency wants to pay contractors to run nodes for BTC, ETH, and XRP. In the future, the SEC may also contract others to run nodes for Stellar, Zcash, Bitcoin Cash, EOS, and NEO. The document doesn’t really explain precisely why the SEC wants to outsource contractors to run these full node implementations, but the notice does highlight that it’s meant “to support its efforts to monitor risk, improve compliance, and inform commission policy with respect to digital…

    Aug 2, 2019
  • Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban

    Nasscom, a major Indain trade organization, has said that it is against a blanket ban on cryptocurrencies, which was recently proposed by a governmental panel in the country According to a report by local financial periodical The Economic Times on July 30, Nasscom commented: “Nasscom believes that the recent proposal of the inter-ministerial committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure. […] Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens.” As per the report, Nasscom claims that crypto projects can always be tested in regulatory sandboxes prior to launch. Nasscom also reportedly believes that banning crypto will only serve to push away legitimate businesses who are already pro-compliance. However, Nasscom does believe there is work to be done in terms of creating a regulatory framework to mitigate illegal activities in the crypto space: “We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulating would allow the law enforcement agencies to be better equipped to…

    Jul 31, 2019
  • US Awards Patent for Blockchain-Based Firearm Data Recording System

    Two American inventors have won a patent for a blockchain-based recording system for ballistic data.  The United States Patent and Trademark Office awarded two inventors — Jason Palazzolo and Kevin Barnes — a patent for a “firearm environmental recording apparatus and system” on July 23. This apparently could include multiple recording devices, including a camera, microphone, and spatial sensor module that can record velocity, spatial measurements and acceleration data.  The filing states that a blockchain database or network could be used to store or be associated with any of the data gathered by the mechanisms. Justifire and evidence for self-defense According to LinkedIn, Jason Palazzolo is the founder and CEO of a company called Justifire. On its website, Justifire advertises a product called a “blackbox for your firearm.” The featured device attaches to the barrel of a pistol and contains the same features mentioned in the patent — video, audio and spatial recording and data gathering. The website claims that the purpose of this technology is to provide proof of self-defense, saying, “This valuable data could be used by its owner as evidence of an…

    Jul 31, 2019
  • Government Restrictions on Cash Transactions Show Why Bitcoin is Important

    The government of Australia wants to ban cash payments for goods and services exceeding 10,000 AUD ($6,900). Interestingly, it excludes digital currency, such as Bitcoin, from the restrictions, arguing that if the regulations cover crypto assets, they would also limit innovation. Although Bitcoin is excluded from the proposed ban, such restrictions make the case for the permissionless digital asset even stronger. They exist in many countries around the world too. The Case for Bitcoin: A Restriction on Cash Transactions is a Restriction on Freedom Last week, Australia’s treasury stated in a memorandum that it plans to ban cash payments over 10,000 AUD. This would mean that all major purchases must be first authorised by a bank. Australia would join several others countries that have similar restrictions on cash transactions. Cryptocurrency analysis firm CryptoRand highlighted this earlier today via Twitter. The precise figure of some of the limits stated in the above Tweet were brought into question. For example, one person responding stated that Italy’s figure is actually 3,000 euros. Realistically, it makes little difference the exact figure of the limit. The fact that the government,…

    Jul 30, 2019
  • Circle CEO Allaire to Congress: Treat Crypto as a New Asset Class

    Crypto will take center stage on Capitol Hill for the second time in as many weeks when the U.S. Senate Banking Committee convenes Tuesday to discuss current and potential regulations. Jeremy Allaire, CEO of Circle, will testify as a representative of the Blockchain Association trade group. He will be joined by University of California at Irvine School of Law professor Mehrsa Baradaran and Congressional Research Service specialist Rebecca Nelson. The hearing is set to examine the regulatory questions around the industry and should be fairly broad, unlike the hearings on Facebook’s Libra project earlier this month. “It’s going to be a discussion about the broader industry and what are the regulatory challenges and what can the U.S. be doing better, so I’m pretty optimistic,” said Kristin Smith, head of the Blockchain Association. In his prepared remarks, Allaire calls for Congress to treat digital assets as its own asset class, as current regulatory burdens may make it difficult for U.S. companies to conduct business. “Being a law-abiding U.S. citizen should not put U.S. companies, or U.S. industry, at a disadvantage in the development of…

    Jul 30, 2019

Contact Us

Mail:uucjnews@gmail.com