Day: October 12, 2018

Markets See Piecemeal Price Action, Some Stability After Yesterday’s Plummet

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Friday, Oct. 12: after yesterday’s carnage, crypto markets are seeing some relative price stability. The top cryptocurrencies by market cap are seeing mild movement, both red and green. Market visualization by Coin360 Bitcoin (BTC) has has seen little price action on the day, and is up 0.5 percent to trade at $6,318 as of press time. Ater a strong week of sustained trading around $6,600 – briefly trading as high as almost $6,670 Oct. 8 – the top coin took a plummet yesterday, hitting as low as $6,201. On its…

Ethereum Token 0x Rallies 17% after Exchange Listing

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Coinbase may have announced plans to list hundreds of new assets over the coming months and years, but that doesn’t mean that the San Francisco-based cryptocurrency exchange has lost its status as crypto-token kingmaker. Yesterday, on Oct. 11, Coinbase announced that it had begun the process of listing 0x (ZRX), an ERC-20 token that runs on Ethereum, on its professional order-book exchange Coinbase Pro (formerly GDAX). At present, traders can make ZRX deposits, though the order books had not yet opened for trading as of the time of writing. In…

Blockchain No Panacea, But Social Security’s Dilemma Seems a Ripe Fit

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Blockchain No Panacea, But Social Security’s Dilemma Seems a Ripe Fit October 12, 2018 by William Peaster An October 10th report explored the challenges inherent to modernizing the Social Security identification system in the United States, its author ultimately recommending a “smart card” system as a fix. Blockchain is no panacea, and its use cases may be limited, but the tech would similarly seem to be in its lane in addressing the obstacles raised in the report.  Also see: In Senate Crypto Hearing, Bitcoin and Blockchain Get Defended, Derided Subscribe to…

ETC Labs Launches Startup Incubator Pilot as Applications Exceed 100

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The director of Ethereum Classic’s investment branch ETC Labs revealed in an interview Thursday, Oct. 11, that it will work with as many as 24 startups each year. Elizabeth Kukko confirmed that six selected projects were currently involved with ETC Labs in a pilot scheme, with the full incubator to launch in Q1 2019. “The goal of this pilot program is to put the incubator model to work and get feedback from these initial teams before going live,” she explained. The move comes as Ethereum Classic (ETC) continues to lose…

Gemini Adds Litecoin Trading With New York Watchdog Approval

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Investors will soon be able to trade litecoin on the Winklevoss brothers-founded cryptocurrency exchange Gemini. The exchange announced Friday that it would soon enable deposits and trading for litecoin (LTC), adding the early bitcoin spin-off to its existing offerings of bitcoin, ethereum and zcash. Vice president of engineering at the firm, Eric Winer, wrote in a blog post that the move comes as part of the exchange’s effort to support “the future of money” by providing “a safe and regulated environment for both innovation and consumer protection.” The listing has…

Recently Hacked Adult Entertainment Platform SpankChain Returns Stolen BOOTY, Ethereum

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Ethereum-based adult entertainment platform SpankChain confirmed that it had recovered all the funds lost during a security breach October 6. In a series of tweets Friday, Oct. 12, officials said that after speaking by telephone with the hacker who stole 165 ETH ($32,000) from the project’s smart contract, he had agreed to return the amount in full. SpankChain had notified users about the breach a day after it occurred, promising to instigate reimbursements of lost money to affected investors. Of the total losses, only around $9,000 consisted of customer funds,…

Crypto Market Erases $16 Billion in 24 Hours, Can Bitcoin Rebound?

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Within a period of 24 hours, from October 11 to 12, the valuation of the crypto market has declined from $217 billion to $201 billion. The 7 percent decline in the valuation of the crypto market was triggered by a sudden drop in the price of Bitcoin from $6,600 to $6,250. The 5 percent decrease in the value of Bitcoin, which occurred in less than 30 minutes, was somewhat expected by traders who were concerned by the declining volume of the dominant cryptocurrency. How Can the Market Recover? Earlier this…

FinCEN Lambasts Iran’s ‘Illicit and Malign’ Use of Crypto to Evade Sanctions

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The U.S. Financial Crimes Enforcement Network (FinCEN) is calling on cryptocurrency exchanges to monitor Iranian use of crypto to evade sanctions. The agency requested this in an advisory issued Thursday, Oct. 11 The call comes as part of a wider directive warning of the “systemic” Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) risks Iranian activity poses to the global financial system. According to FinCEN, as of 2013 Iranian use of cryptocurrency includes “at least $3.8 million worth of bitcoin-denominated transactions per year.” Conceding that the use of crypto in the…

European Blockchain Foundation with TradeBits Ecosystem meets with parliament

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A successful meeting with the European Parliament In a press release on October 11th, 2018 the European Blockchain Foundation visited the European Parliament together with partners from Tradebits Ecosystem and Cecil Alliance Foundation. This was in order to meet with one of the members of the European Parliament Caroline Nagtegaal, which aimed to have a discussion on the challenges and opportunities regarding regulations that can help growing projects move forward and join the growing Blockchain technology market. The Chairman of the EBF Mr. Bart Brands made a statement saying that: “Clear…

European Blockchain Foundation has opened up a partnership with TradeBits Ecosystem

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A successful partnership with the European Parliament In a press release on October 11th, 2018 the European Blockchain Foundation visited the European Parliament together with partners from Tradebits Ecosystem and Cecil Alliance Foundation. This was in order to meet with one of the members of the European Parliament Caroline Nagtegaal, which aimed to have a discussion on the challenges and opportunities regarding regulations that can help growing projects move forward and join the growing Blockchain technology market. The Chairman of the EBF Mr. Bart Brands made a statement saying that: “Clear…