Monthly Archives: January 2018
Investing.com – Bitcoin steadied on Wednesday rebounding from a dip below $10,000 amid a report that South Korea doesn’t intend to ban cryptocurrency trading.
“There is no intention to ban or suppress cryptocurrency [market],” Kim Dong-yeon, South Korea Finance Minister, said when questioned by a lawmaker on the government’s plans to regulate the market, Reuters reported Wednesday.
The comments did little to renew demand for cryptocurrencies as the total cryptocurrency market cap at $508 billion remained only modestly above $478 billion – the level last seen following the so-called crypto-bloodbath on Jan. 16.
fell 1.18% to $10,100, while , the second largest cryptocurrency by market cap, gained 1.23% to $1,106.90.
, meanwhile, fell 1.93% to $1.11, well below its all-time high of $3.28 on the poloniex exchange.
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The much-hyped $20 million KodakCoin ICO was supposed to debut on Jan. 31. Instead, the iconic brand announced the night before launch they needed at least several more weeks to get to know their customers better, as they enter the “accredited investor verification phase,” leaving the 40,000-plus potential buyers who want dibs on Kodak’s “photo-centric cryptocurrency” waiting. Skittish investors fled KODK, as the stock tumbled 13% after gaining 200%-plus when the KodakCoin ICO was announced.
The delay comes on the heels of a couple of critical reports, most notably from The New York Times questioning the vetting practices of the nostalgic brand. The Times suggests that Kodak’s push into cryptocurrencies, for which it is betting its comeback, is one fraught with questionable decisions, most notably its business partners, including “a paparazzi photo agency, a penny-stock promoter and a company offering what has been called a “magic money-making machine.’”
Publicly traded Kodak, which only a few years ago filed for bankruptcy protection, must have known it would have a target on its back even though it registered its token as a security given the hard-line regulators have taken on cryptocurrencies and ICOs of late. SEC chairman Jay Clayton …
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The Swiss are bucking an otherwise resistant trend among the world’s regulators toward cryptocurrencies. Instead, Switzerland is embracing the culture of cryptocurrencies, as evidenced by a leadership role for the domiciling of upcoming ICOs, as reported in the FT. As home to Crypto Valley, the Swiss version of Silicon Valley located in the canton of Zug and filled with blockchain companies, the country now wants its leadership position to encompass all things crypto.
Swiss Economics Minister Johann Schneider-Ammann at a crypto finance conference for private and institutional investors, the first of its kind held in the Swiss Alps earlier this month, said that Switzerland wants to be the “crypto nation.” He said it with the condition that momentum that has gripped Crypto Valley continues.
Switzerland is already an attractive domicile for companies, given its business-friendly regulatory environment and transparency, creating ideal conditions for blockchain startups to come. A propensity for tax evasion among wealthy clients, however, precedes the Alpine country, having tarnished its reputation in the interim. Now policymakers must contend with that reputation when setting the parameters for the Digital Revolution they want to foster.
Bern has created an ICO working group, similar to the approach of the …
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Tabassum Naiz · January 31, 2018 · 7:00 pmTokyo-based SBI Holdings has announced that its digital assets exchange, SBI Virtual Currencies, which launched in beta yesterday, will list Ripple (XRP) as the only cryptocurrency supported at launch.
XRP is the first and the only cryptocurrency to be listed on SBI Virtual Currencies during its initial launch period. The newly released digital asset exchange, owned by SBI Holdings, is designed to streamline cryptocurrency trading for its institutional customers and individuals in Japan. The company originally proposed its plan for launching the exchange in late 2016 but at the time had not disclosed either the release date or which cryptocurrencies would be supported.
SBI VC is among the first group of companies to apply for and receive Japan’s digital currency exchange license in November 2017. Additionally, the recent formation of a consortium of Japanese brokerages, headed up by SBI Ripple Asia, will make Ripple’s payment protocol accessible across the Asian region.
According to an official announcement, Yoshitaka Kitao, SBI Holdings CEO and Executive Chairman, sees solid potential in XRP. During a discussion in August 2017, Kitao said:
Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset,” …
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Bitcoinist.net · January 31, 2018 · 5:30 pmHardforks in the Bitcoin system don’t surprise anyone anymore, but the Ethereum fork, carried out simultaneously with the ICO conducted by the e-Chat team is really something revolutionary for the entire crypto-community.
The thing is that the project has long outgrown the limits of the usual blockchain-based messenger and transformed into an interesting, self-developing start-up.
The e-Chat team decided to transform the messenger into a multi-functional platform where any participant or business can create their applications based on the e-Chat platform, as well as create their own tokens to pay for services provided both inside the application and outside it. A wide range of services will be available, from a taxi to a babysitter in the neighborhood. Similar functionality exists in the WeChat application, but the degree of protection in it leaves much to be desired, and all payments are possible only in fiat currency. At the moment, the only competitor to the e-Chat project may be Telegram, which launches the ICO in March 2018, but it will happen only in March, and the guys are conducting ICO already now.
Ethereum – e-Chat fork, can be held in early March. Making such an uncompromising step, the team of …
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Bitcoinist.net · January 31, 2018 · 5:00 pmSingapore January, 2018 – Blockchain company BitCar.io has sold SGD 6.5 million of BITCAR tokens in its pre-ICO, amid strong interest for its exotic car pegging and trading platform.
75 million BITCAR tokens were purchased in the pre-ICO with up to a maximum 175 million tokens being made available in the company’s ICO, which begins 31 January at 3 P.M Singapore time.
Singapore headquartered BitCar is developing its Blockchain platform that will facilitate cryptocurrency payments for fractional ownership of highly collectible hyper and classic cars.
BitCar co-founder Dr. Gov Van Ek said:
BitCar’s platform is designed to allow users to peg their crypto to scarce hard assets, like rare and exotic cars, some of which have outperformed gold, stocks and property over the past decade.
Rare exotic cars such as Lamborghinis, Ferraris and Bugatti’s will be acquired for BitCar and stored or displayed for up to 15 years – and historically these cars appreciated over time.
BitCar Executive Dan Woodroof said:
BitCar is targeting high-end cars as they’ve historically had much lower price fluctuations than cryptocurrencies. Our feedback has been that one immediate use of the BitCar platform is as a place of stability in times of crypto market volatility.
Adam James · January 31, 2018 · 4:30 pmAs investors eagerly wait in anticipation to see where exactly Bitcoin will go, its prospects as a viable currency are coming under scrutiny.
Cryptocurrency, Minus the ‘Currency’?
Bitcoin is looking less and less like a viable currency every day, as companies continue to drop the popular cryptocurrency as a method of payment.
One such company dropping support for Bitcoin is Stripe.
According to the self-proclaimed “first major payments company to support Bitcoin payments,” lengthy transaction times and high failure rates have made Bitcoin payments anything but convenient, and the rapidly fluctuating price of the cryptocurrency creates headaches for businesses. Worse yet, high fees make Bitcoin transactions about as costly as bank transfers.
Because of this, we’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.
Additionally, industry-leading digital distribution platform Steam dropped support for Bitcoin in December, also citing high fees as troublesome.
Adding insult to injury, even The North American Bitcoin Conference in Miami stopped accepting the titular …
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South Korea’s finance minister Kim Dong-Yeon has said that the government has no plans to shut down or ban cryptocurrency trading. The news is a welcome respite for investors worried that authorities might go as far as China in out-right banning cryptocurrency trading and investment platforms.
“There is no intention to ban or suppress cryptocurrency,” Dong-yeon said in a statement reported by Reuters. He added that the government’s immediate task is to regulate exchanges.
The comment from the Finance Minister comes as traders and investors around the world have been spooked by conflicting comments from government officials in South Korea — a major global hub for cryptocurrencies — about whether the country was planning to ban exchanges, something originally proposed by the country’s Justice Ministry. Over the past few weeks, government officials from several different ministries have come out in both support of and opposition to the potential ban.
On the same day of proposing it, in fact, the Justice Ministry was forced to soften its stance (that of an out-right ban), which many argue was unlikely to succeed from the beginning. It found little support from other governmental ministries, including the Ministry of Finance which refused to endorse …
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