Day: December 10, 2018

Mastercard Applies For New Patent for Anonymous Blockchain Transactions – A Regulated Bitcoin Tumbler?

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Mastercard, the company who have gone through the entire process of laughing, fighting, and then embracing Bitcoin (and then attacking it again), have applied for another new patent in the blockchain space. Their last one was in regards to — we’re not making this up — a fractional reserve crypto bank. They describe a novel method of anonymizing transactions which does not, in function, represent those in place by Monero or other privacy coins. Instead, the method described sounds a lot like coin mixing, a service that various businesses in…

ICOs Can Be Effective, But ‘Securities Laws Must Be Followed’

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United States Securities and Exchange Commission (SEC) Chairman Jay Clayton has said that Initial Coin Offerings (ICOs) “can be effective” but that “securities law must be followed.” Clayton spoke on the subject during a speech about the SEC’s activity this year at the BLANK. In regards distributed ledger technology (DLT), digital assets and ICOs, Clayton stated that this is an “area where the Commission and staff have spent a significant amount of time.” He then further added that he expects “that this trend will continue in 2019.” Clayton underlined that…

Bitcoin Drops Further as Much-Awaited Bitcoin ETF Is Pushed Down the Road: BTCManager’s Week in Review Dec 10

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The price of bitcoin dropped by over 15 percent versus last week’s close after it became clear that the crypto markets will have to wait longer for a potential Bitcoin ETF to be approved in the U.S. “Crypto Mom” Provides Insights Hester Peirce, a commissioner of the SEC often referred to as “crypto mom” for her positive stance towards cryptocurrencies, spoke at the Digital Asset Investment Forum held in Washington D.C. where she stated on the topic of Bitcoin ETF approval: “Don’t hold your breath.” “I do caution people not…

How Bitcoin Can Solve the Automation Crisis

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How Bitcoin Can Solve the Automation Crisis December 10, 2018 by Evan Faggart Automation has become a big fear in developed economies over the last few years. With the threat of huge waves of unemployment — coming from machines replacing human jobs — many people have taken up the fight against automation. But does automation really cause permanent unemployment? And can Bitcoin help reduce the pain of automation? Also read: Stablecoins: Bad Money For the Modern Age Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders &…

Crypto Bear Market Has Even Led $15 Billion Bitmain to Lay Off Employees

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The ongoing bear market has begun to take its toll on a number of businesses, as many seek to close up operations, reduce staff, or make other changes that impact their ability to stay afloat. The latest cryptocurrency firm to feel pressure due to continued price decline, is the $15 billion-valued mining giant Bitmain. Bitmain Closes Israeli Dev Center Due to Crypto “Shake Up” After a mere two years in operation, Bitmain will be shutting down its development center in Ra’anana, Israel, citing continued turmoil and uncertainty in the cryptocurrency…

2 recent scenarios a Bitcoin trader found themselves against the law

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Bitcoin has become one of the hottest cryptos that most people will be proud to own. However, trading or just owing BTC can cause physical harm or be on the wrong side of the law. It is advised, therefore, as a bitcoin trader, do not flaunt your BTC holdings and be very cautious with whom you trade with. In two scenarios outlined below, a Bitcoin trader found themselves on the other side of the law after their BTC trades and dealings failed to appease financial regulators in the United States.…

Major South Korean City to Build Blockchain-Enabled Virtual Power Plant

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South Korea’s government will spend 4 billion Korean won (KRW) (about $3.5 million) to set up a blockchain-enabled virtual power plant (VPP) in the city of Busan. The development was reported by South Korean newspaper Yonhap News Agency on Monday, Dec. 10. Busan, South Korea’s second most populous city after Seoul, has announced that the city administration has selected a project to support an innovative energy industry in the region by building a VPP based on a citizens-shared blockchain. The project will be reportedly represented at the national competition in…

A statement from Information Commissioner, Elizabeth Denham in support of International Human Rights Day 2018

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This year is the 70th anniversary of the signing of the Universal Declaration of Human Rights (UDHR), which exists to create equal dignity and worth for every person. A statement from Elizabeth Denham, Information Commissioner: Today is International Human Rights Day and I want to take the opportunity to show my support for the Standup4humanrights campaign. The campaign was set up to raise awareness of the continued importance and relevance of the principles in the UDHR. We all have a part to play in upholding human rights, both as individuals and…

UK Parliament Member Suggests Making Bitcoin a Payment Option for Local Taxation System

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A conservative member (MP) of the United Kingdom’s (U.K.) Parliament has said that making payments to local authorities and utility providers with Bitcoin (BTC) should be possible. The MP’s statements were reported by local news outlet Express.co.uk on Dec. 10. The article notes that Eddie Hughes, a member of the U.K. Parliament for the Walsall North constituency, described himself as a “crypto enthusiast with amateur knowledge.” He notes that blockchain gets a lot of attention and members of the parliament “have a duty to understand it.” Hughes further explained that…

Financial Action Task Force Urges UK to Improve AML Activities in Cryptocurrency Sector

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The Financial Action Task Force (FATF), an intergovernmental financial security body, has demanded the United Kingdom step up its cryptocurrency monitoring. According to a new report released Dec. 7, the country needs increased measures to prevent money laundering and combat terrorist financing (CFT). As part of its dedicated “mutual evaluation” on the U.K.’s Anti-Money Laundering (AML) and CFT efforts, the FATF identified the need to give its mechanisms for reporting suspicious activity a “significant overhaul.” In addition, certain sectors of the economy — specifically real estate agents and high value…