Day: September 17, 2019

Stanford Grads’ Crypto Network Hits Half a Million Users in 6 Months

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A smartphone-focused cryptocurrency network created by a group of Stanford graduates has amassed over half a million users. The Stanford Daily reported on Sept. 16 that the project — dubbed the Pi Network — has consolidated its user base in under six months since its launch in March of this year. “Social security circles” The Pi Network was launched by a team of four: an anthropologist, two computer scientists and a business major (Chengdiao Fan Ph.D. ’14, Nicolas Kokkalis Ph.D. ’13, visiting student researcher Aurélien Schiltz and Vince McPhilip M.B.A.…

Chinese Crypto Scam Uncovered in the Philippines after Police Raid

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The local authorities in the Philippines have reportedly raided the offices of an alleged cryptocurrency scam and arrested the scammers who were targeting investors in China. According to a Sept. 15 report by local news outlet Inquirer, the raid was initiated by the agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group, and targeted the offices of Grapefruit Services Inc. on the 37th floor of ‘One Corporate Center’ in Ortigas Center, Pasig City. Grapefruit Services Inc. is a subsidiary of…

Binance Makes Strategic Investment in Chinese Crypto Media Firm

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Cryptocurrency exchange Binance, the world’s largest by trading volume, has made a strategic investment in Chinese media and data source Mars Finance. According to a report from Bloomberg citing a press release, the investment amount was not disclosed, but values the company at $200 million. Aside from Binance, which reportedly made its first strategic investment in China with the round, Beijing-based Mars Finance was also backed by Ceyuan Ventures and Matrixport, a financial services startup founded by co-founder of bitcoin mining firm Bitmain, Jihan Wu. The media site was founded by…

Bitcoin Price Will Explode Past $250K by 2022, Says Tim Draper

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A prominent billionaire venture capitalist, Tim Draper, has predicted that the Bitcoin price will rise past $250,000 by 2022 en route to gaining mass adoption and a market cap of over $1 trillion. For several years now, the Bitcoin price has been a subject of discussion in the global scene. As we published, some prominent commentators have suggested that Bitcoin will reach $1 million per token by the end of 2020. That may never happen unless there is a major collapse in the entire fiat world within the next three months.…

Bitcoin Addresses Worth $100,000 or More Hits All-Time-High

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The number of Bitcoin (BTC) wallet addresses holding a minimum of 10 BTC — worth over $100,000 to press time —  has hit an all-time high, multiple data sources reveal. According to BitInfoCharts’ Bitcoin Rich List, as of Sept. 17, there are 157,210 addresses holding between 10 and 1,000,000 BTC.  Earlier this month, Coin Metrics’ State of the Network report had plotted the latest data historically to reveal that these mega-holders are at an all-time high for the network. No. of Bitcoin wallet addresses holding >10 BTC. Source: CoinMetrics, Sept.…

US Army Seeks Blockchain Experts Who Can Trace Bitcoin in Real-Time

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The United States Army Contracting Command (ACC) of New Jersey has issued a pre-solicitation notice for cryptocurrency investigation service providers.  As a pre-solicitation, posted on July 25, the notice and the ACC’s responses do not bind ACC to solicit or award a contract. For use in criminal investigations According to the ACC, the cryptocurrency analytics solution is being sought for use by the U.S. Army Criminal Investigation Command (USACIDC) for use in criminal investigations and other missions. The notice outlines that the contractor must provide a cloud-based, online service —…

Tron’s Justin Sun is Giving Away $1.2 Million in Support for Andrew Yang’s UBI Initiative

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As part of the UBI initiative to weather the onslaught of automation, Tron’s Justin Sun give $1000 to 100 people every month from next year totaling $1.2 million in one year. Justin Sun, the founder and CEO of the Tron Foundation, has pledged his support for Andrew Yang’s initiative of universal basic income (UBI). In the latest, the U.S. Democratic Presidential Candidate Andrew Yang said that he will donate his campaign funds giving away $1000 to 10 people every month, starting next year in 2020. Justin Sun, who usually prefers…

Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

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The United States’ largest bank faced fresh ridicule from Bitcoin (BTC) circles this week after prosecutors said traders had conducted more market fraud. As Bloomberg reported on Sept. 16, JPMorgan Chase is facing an inquiry over the behavior of at least a dozen precious metals traders.  JPMorgan performed “thousands” of illegal moves According to investigators, the employees willfully engaged in price-fixing of precious metals on thousands of occasions. Both market participants and JPMorgan’s own clients suffered losses as a result, they claim.  “Based on the fact that it was conduct…

20% of Affluent UK Millennials Have Invested in Bitcoin: New Survey

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London-based law firm Michelmores LLP has surveyed affluent millennials in the United Kingdom and discovered that 20% have invested in Bitcoin (BTC) and other cryptocurrencies.  The survey, reported by FXStreet on Sept. 17, revealed that among those born between 1981 and 1996 with investable assets of £25,000 ($31,000) or more, 20% had invested in the new asset class. Almost 7 times the national average As FXStreet notes, this 20% figure is markedly higher than the national average of 3% — indicating that well-off millennials in the U.K. are almost 7…

Bitcoin is Not And Never Will Be ‘Money’ – CCN.com

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If you’ve been reading my column, you know that I do not believe in the long-term story of bitcoin and that trading it is actually worse than gambling in a Las Vegas casino. I don’t believe bitcoin will actually ever replace fiat currency, and the circumstances under which that could happen would actually undercut the ability for bitcoin to even be utilized, and the current state of the bitcoin market is that it is so volatile that it hardly classifies as a store of value. Tests For Whether Bitcoin is…