Day: December 29, 2018

Nvidia Faces Class Action Lawsuit Over Losses After Diminished Mining GPU Demand

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Graphics processing unit (GPU) producer Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners. Schall law firm announced the lawsuit on Dec. 24. The complaint states that “the Company made false and misleading statements to the market.” Namely, according to the announcement, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.” Shall states that the GPU producer also declared: “Any drop off in demand for its…

Chinese crypto investors have not lost faith in cryptocurrency, poll

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A large number of Chinese crypto investors are still holding onto the advantages of Bitcoin and other cryptocurrencies, a recent poll has indicated. The poll which was conducted for 14 days, from November 26 to December 10, attracted 4,980 respondents but only 4,200 responses were used to draw the final conclusion. According to 8BTC, out of 4,200 respondents, forty percent indicated that they would be happy to have some of their hard cash converted into virtual currencies in the coming days. This group of Chinese crypto investors made this revelation…

Bitcoin Undervalued, People Building on it Will Lead to Recovery

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Over the last 48 hours, following a large loss on Christmas, the Bitcoin price has recovered back to around $4,000. The dominant cryptocurrency, which still holds a market valuation of over $64 billion, has demonstrated wild volatility in a wide price range from $3,100 to $4,300 throughout December, struggling to recover to November levels. Last month, the cryptocurrency market was valued at around $220 billion. As of December 28, the valuation of cryptocurrencies remains at $133 billion, down $87 billion within a 30-day span. Key to the Recovery of Bitcoin…

Craig Wright Fails to Win Over Federal Court, Multi-Billion Dollar Bitcoin Lawsuit Remains Open

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Photo: Marco Verch / Flickr A South Florida federal court has denied Craig Wright’s attempt to dismiss a lawsuit. The crypto entrepreneur and self-proclaimed bitcoin inventor allegedly misappropriated billions of dollars’ worth of crypto estate. Ira Kleiman sued Wright on behalf of the estate owned by his brother, the late Dave Kleiman. The suit states that Wright schemed to grab Dave’s bitcoins and his rights to specific intellectual property linked with the bitcoin technology. Kleiman is seeking the return of a chunk of the 1.1 million bitcoins mined by the…

Major American Magazine Time Column Reports About Bitcoin’s Liberating Potential

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Bitcoin (BTC) has a substantial liberating potential, American mainstream newspaper Time reports on Dec. 28. The aforementioned article claims that “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.” According to the article’s author, Bitcoin “can be a valuable financial tool as a censorship-resistant medium of exchange.” Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, reportedly said that the fee on a wire transfer from the United States to Venezuela can be as high as 56 percent.…

Founder of Brazil’s Largest Bitcoin Exchange Dead at 24

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Gustavo Schiavon, one of the founders of Brazil’s largest cryptocurrency exchange, Foxbit, died in a car accident involving several vehicles in São Paulo, Brazil, local news outlet Globo reported on December 25, 2018. Young Brazilian Crypto Entrepreneur Dies in a Car Accident Tragedy has struck Brazil as the country’s crypto community mourns the death of one their brightest entrepreneurs. Gustavo Schiavon, a co-founder of the country’s largest cryptocurrency exchange, has passed away in a car accident in the Brazilian state of São Paulo. According to a report from Globo, a…

Skeptical Payoneer CEO Dismisses Idea of Single Currency Like Bitcoin as Unrealistic

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News Payoneer chief executive officer Scott Galit has dismissed the idea of a single global currency like bitcoin as unrealistic. Galit argued that he doesn’t believe countries like the U.S. will ever allow citizens to pay taxes in bitcoin because of too much volatility in the price of the cryptocurrency. Also read: Former Mt. Gox CEO Says He is Sorry But Maintains His Innocence as Trial Closes U.S. Will Never Allow Tax to Be Paid in Bitcoin, Says Galit As a single global currency, bitcoin is viewed as key to ending…

Crypto Tidbits: Bitcoin Stolen From Electrum Users, Litecoin Sponsors UFC

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While the holiday spirit was in full swing over the past week, the crypto industry maintained its unrelenting drive for growth and adoption. The Litecoin Foundation divulged a sponsorship with the UFC, while Bitcoin’s Lightning Network continued to swell. However, it hasn’t been all sunshine and rainbows, as the Electrum Wallet came under attack, while Huobi and Bitmain laid off employees. Crypto Tidbits Electrum Wallet Breached, 250+ Bitcoin Stolen: On Thursday, reports arose that Electrum Wallet, a popular open-source project founded in mid-June 2011, was breached in a “clever attack.” Per ZDNet, who…

Bitcoin Above $3,900 Again as All Top Cryptocurrencies See Gains

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Saturday, Dec. 29 — all of the top 20 cryptocurrencies are seeing moderate to substantial gains, with Bitcoin’s (BTC) price going above $3,900 again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is up over six percent on the day, trading at around $3,926. Looking at its weekly chart, the current price is substantially lower than Monday’s high of $4,265, but the cryptocurrency is still trading significantly up from $3,642 — the mid-week low registered yesterday. The current price is also near $3,963, where Bitcoin started the…

1 Million Accounts and 100 Million Contracts

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TRON founder Justin Sun’s plan for blockchain domination seems to be going well. The TRON blockchain now has over 1 million user accounts and has reached over 100 million contracts recorded. The number of TRON addresses, or users, is growing by between 10,000 and 40,000 per day. According to tronscan.org TRON, user address growth now looks like this: TRON Address Growth Chart Source: tronscan.org It’s good news for TRON but Ethereum addresses are also still growing quickly. Etherscan.io shows Ethereum address are rising by over 50,000 per day. Ethereum Address…