Daily Archives: October 6, 2018

Japan Gets New Pro-Crypto Minister to Promote Tech and IT

Japan’s prime minister has appointed the country’s new Science Minister with a proven pro-blockchain history.

Japan’s latest cabinet appointment Takuya Hirai will also take on the important post of Minister of Technology and IT at a time when Japan is ramping up its focus on all things blockchain across the sectors.

The cryptocurrency community will be looking at this appointment with great interest as Minister Hirai, a member of Japan’s Liberal Democrats, has been a significant political player in the past in determining cryptocurrency legislation. He has also been a promoter of emerging technologies such as blockchain.

Earlier this year Hirai was General Advisor to a government-backed study group which had been asked to lay down further rules for the adoption of ICOs, and to offer proposals to the Financial Services Agency (FSA), Japan’s financial regulator. The minister was also the architect of the 2017 law that legalized cryptocurrencies in the country.

Hirai hasn’t shied away from promoting blockchain in Japan and as part of his role as chairperson of the Liberal Democratic Party’s IT Strategy Special Committee, as well as chairperson of the Fintech Promotion Parliamentarians’ Federation; he continues to advance the interests of blockchain companies. Hirai also drafted Japan’s basic cybersecurity law, which was enacted in 2015

The Financial Services Agency (FSA) has tightened its registration screening for cryptocurrency exchanges this year. The FSA is cleaning up its act somewhat after recent hackings, notably following the compromise of Tokyo-based Coincheck’s exchange, with losses to the tune of roughly $530 million. The FSA followed this up by a series of onsite inspections recently which revealed that best practice was not being observed by many exchanges.

It’s thought that Hirai’s appointment, as a minister versed with the new technology and digital currency, demonstrates the government’s determination to not only advance blockchain technology in Japan but to also clean up the industry and create workable rules for ICO’s, and also in the monitoring of exchanges by the FSA.

Due to Japan’s vibrant cryptocurrency space, there are currently estimated to be about 160 exchanges hoping to enter the Japanese market.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Japan Gets New Pro-Crypto Minister to Promote Tech and IT appeared first on BitcoinNews.com.

Famous Rapper Soulja Boy Tell ‘Em Drops Bitcoin Song

The famous American rapper Soulja Boy Tell ‘Em, who has previously hit the #1 spot on the Billboard Hot 100, has dropped a track called Bitcoin in his new album Young Draco. It is possibly the best Bitcoin rap song in history, and could certainly motivate people to adopt Bitcoin.

The song includes awesome lyrics like “This cryptocurrency man, it’s crazy”, “I made 100 racks off of Bitcoin”, “You can catch me trapping with the Bitcoin”, “I got on a computer and bought a Bitcoin”, “Stacking up Bitcoins I got money pouring”, “Send it through the Bitcoin watch my bands stack”, “I got Litecoins, Bitcoins, they my favorite ones”, “Bitcoin, Bitcoin, I got Bitcoins yeah”, “Flipping Bitcoins I bought a S10 Martin”, “I’m a hustler I be on the internet stacking”, and “made a million off of Bitcoins”.

This song could potentially motivate people who listen to Soulja Boy Tell ‘Em to start using Bitcoin, and that could be many millions of people. Additionally, this Bitcoin song could easily go viral and end up in the mainstream media. Although it is just a single song, it could have very beneficial effects for Bitcoin adoption.

Previously, the only other famous rapper to mention Bitcoin was Eminem. However, he only mentioned Bitcoin in the lyrics of one song mostly unrelated to Bitcoin. This song by Soulja Boy Tell ‘Em is probably the first song completely about Bitcoin that was released by a superstar musician and is another indication of how Bitcoin is entering the mainstream.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Famous Rapper Soulja Boy Tell ‘Em Drops Bitcoin Song appeared first on BitcoinNews.com.

Crypto Conversions Are Traceable According to US Customs Official

A US Immigration and Customs Enforcement official has said that it is possible to trace fiat to crypto and vice versa conversions, making financial transactions traceable down to the individual or organization involved.

During an October 3 hearing in the US Senate on International Narcotics Control, Matthew Allen, Assistant Director of Domestic Operations with the Homeland Security Investigations, a division of Immigration and Customs Enforcement said, “On darknet marketplaces and other ‘unindexed’ websites, purchases are often paid for with cryptocurrencies such as bitcoin and monero, among many others

Many law enforcement authorities over the world have shown their concern that cryptocurrencies enable criminals to perform their activities with ease since the transactions are not done through traditional banking channels, making them hard to trace. With currencies such as monero, a cryptocurrency designed to keep users anonymous by masking transactions so that they are not traceable, criminals are starting to favor them more and more.

He claimed that, although cryptocurrencies make the transfer of value easier for criminals, they still need to use fiat to convert into cryptocurrencies for the transactions and then back to fiat to use it. According to him, “Whenever monetary exchanges are made, a vulnerability is created”. It is this vulnerability, he told the Senate Caucus, that can be used to trace the owners of the cryptocurrency and track down the criminals.

He further explained “Utilizing traditional investigative methods such as surveillance, undercover operations, and confidential informants, coupled with financial and blockchain analysis, ICE-HSI (Immigration and Customs Enforcement – Homeland Security Investigations) is able to disrupt the criminals and dismantle the [transnational criminal organizations], as well as the cryptocurrency exchangers who typically launder proceeds for criminal networks engaged in or supporting darknet marketplaces.

He further briefed the Senate Caucus on different types of crypto exchanges and how they can be used to launder money. He particularly mentioned unregistered peer to peer startup exchanges, which do not declare themselves as money services business and do not follow regulations. These are favored by criminals since their money laundering can be kept anonymous.

He believes that carefully trained investigators can track cryptocurrencies and exploit the conversion since “This is the time when criminals are most susceptible to identification by law enforcement

In his discussion, he also informed that there has been a degree of success in tracing drug sales down to the criminals involved.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pexels (David McBee)

The post Crypto Conversions Are Traceable According to US Customs Official appeared first on BitcoinNews.com.

BitcoinNews.com Daily Podcast, 5th October 2018

Listen to the 5 October 2018 BitcoinNews.com Daily Podcast below.

On this edition of the BitcoinNews.com Daily Podcast, we discuss the Bitcoin Choppiness Index, and SPV and SPY mining which are producing empty blocks on Bitcoin and Ethereum. Learn about how Yale has invested some of their USD 30 billion endowment into crypto hedge funds, and how Satoshi Nakamoto ensured the fairest possible initial distribution of Bitcoin.

Follow the Bitcoin News Daily Podcast on AnchoriTunesSpotifyGoogle PodcastsStitcherRadio PublicPocket CastsOvercastCastbox, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Zachary, BitcoinNews

The post BitcoinNews.com Daily Podcast, 5th October 2018 appeared first on BitcoinNews.com.

Satoshi Nakamoto Was as Fair as Possible With the Initial Distribution of Bitcoin

According to research conducted by Dan Held, the Co-Founder of Interchange, Satoshi Nakamoto ensured that the initial distribution of Bitcoin was as fair as possible, with the minimum possible pre-mine. This is in stark contrast to numerous cryptocurrency projects today, where developers pre-mine large amounts of coins.

First off, Satoshi gave a heads up to the cyberpunks, the only people who would probably be interested in a decentralized cryptocurrency, 2 months before the genesis block was mined in January 2009. In October 2008 the Bitcoin whitepaper was released to the cyberpunk community.

When Bitcoin mining began at the genesis block, the code to mine Bitcoin was released the same day. Satoshi coded a 1 click miner that could produce significant amounts of Bitcoin just from mining with a personal computer, as the network hash rate was so low back then. There were 6 days between the genesis block on 3 January 2009 and the release of Bitcoin’s first wallet software on 9 January 2009. Within a day of the wallet software being released, Hal Finney began to mine.

During the first 1.5 years of Bitcoin’s existence, there wasn’t even enough hash rate to produce the full 144 blocks per day, 1 block every 10 minutes as it is currently, and the mining difficulty did not increase. It appears Satoshi was mining to keep the tiny network secure, not for profit, especially since Bitcoin had no monetary value until the latter half of 2010.

Further, Satoshi decreased his mining hash rate progressively as it became clear that the Bitcoin network was gaining enough mining hash rate to secure itself without Satoshi’s efforts. Initially, Satoshi’s hashrate was 4.3 MB/s, he decreased it to 2.6 MB/s in June 2009, and decreased it again to 1 MB/s in October 2009, and then ultimately stopped mining in early 2010.

Satoshi missed the potential to mine tremendous amounts of Bitcoin by reducing his hashrate early on, making it clear he was more concerned about a fair distribution than making money. If that wasn’t enough proof, Satoshi still hasn’t sold his Bitcoin fortune, estimated to be between 700,000 to 1 million bitcoins, which is a selfless move that benefits the entire Bitcoin market.

Thus, Satoshi showed an incredible amount of discretion and benevolence during the launch of Bitcoin by making it as fair of a launch as possible with the least possible pre-mine. Most cryptocurrencies launched today have automatic pre-mines to fund development efforts, initial coin offerings (ICOs) that sell the rest of the coins in exchange for Bitcoin or Ethereum. Yet none of these developers or projects are nearly as successful as Satoshi or Bitcoin.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Satoshi Nakamoto Was as Fair as Possible With the Initial Distribution of Bitcoin appeared first on BitcoinNews.com.

North America: Crypto and Blockchain News Roundup, 28 September-4 October 2018

North America

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest news from the cryptocurrency and blockchain sector, continent by continent and country by country.

USA

Congress Requests SEC to Clarify Crypto Security Laws: The US Congress has sent a letter to the Securities and Exchange Commission to clarify on their cryptocurrency guidelines to support the crucial innovation across the sector.

Congress believes that the cryptocurrency sector is important for the future of the United States economy and many startups are fleeing the country due to SEC’s policies. However, there is no consensus on cryptocurrency regulation in the Senate right now.

Cryptocurrency Pioneers Attack SEC in Joint Letter: A group of top cryptocurrency pioneers are attacking the overreaching efforts of the US Securities and Exchange Commission on cryptocurrencies. They believe that the efforts 0f the SEC will be detrimental for the overall industry in the country.

The letter follows a growing mistrust in the cryptocurrency community towards the SEC which is impeding the progress of this innovative sector.

Ex-President Bill Clinton Supports Cryptocurrencies and Praises Blockchain Technology: Bill Clinton has come out and praised blockchain technology at Ripple’s Swell conference in San Francisco. 

Ripple is currently out on a strong PR campaign and comments like these from Clinton will help their cause. They were also advocated by the actor and investor Ashton Kutcher, and Snoop Dogg earlier this year.

New York Attorney General Believes Many Cryptocurrency Exchanges Operating with “integrity”: New York’s tough cryptocurrency laws could be in for a change. The Office of the Attorney General of New York has said that cryptocurrency exchanges are reaching early stages of maturation and many of them are now offering services with a high degree of integrity.

OAG recently completed extensive surveys of major cryptocurrency exchanges and was reportedly satisfied with many of them.

Bipartisan Bill for Consensus-based Definition of Blockchain: A bipartisan bill introduced in the US House of Representatives is seeking to create a consensus-based definition of blockchain technology.

The Blockchain Promotion Act of 2018 was sponsored by Congresswoman Doris Matsui and Congressman Brett Guthrie who are members of the Energy and Commerce subcommittee as well as Technology and Digital Commerce and Consumer Protection.

Court Rules CFTC has Jurisdiction over Cryptocurrencies: In a recent case in District Court of Massachusetts, Judge Rya W. Zobel has decided that the Commodities and Futures Trading Commission (CFTC) will have jurisdiction over cryptocurrencies. 

The court ruled against a local coin project called The Big Coin and declared that it was not a commodity. The court used a very broad definition of the commodities to declare cryptocurrencies as such, as it says that all goods, services, and interests for which there are contracts for future or present delivery are commodities.

Canada

Firm Accepting Cryptocurrencies for Legal Services: Canadian firm Mcleod Law is now accepting cryptocurrencies for legal services in the country. The law firm became one of the first in The Great White North to accept Bitcoin from its clients.

Mcleod announced this week that the alternative option is for clients who have invested into cryptocurrencies. The firm is using Coinsquare cryptocurrency exchange for its services.

Election in Quebec to Define Future of Cryptocurrency Mining Projects: Canada’s Quebec region is undergoing elections and their results could affect the future of cryptocurrency mining projects in the state.

There are a considerable number of Bitcoin miners present in the region who faced a backlash from the government after their electricity requirements were found to be too much. The next government will likely seal the fate of these miners operating in the French-speaking area.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:BitcoinNews

The post North America: Crypto and Blockchain News Roundup, 28 September-4 October 2018 appeared first on BitcoinNews.com.

BitcoinNews.com Daily Podcast, 4th October 2018

Listen to the 4 October 2018 BitcoinNews.com Daily Podcast below.

On this edition of the BitcoinNews.com Daily Podcast, we discuss how the US District Court has ruled that the CFTC has jurisdiction over all cryptocurrencies, and how a Manhattan apartment has been tokenized on the Ethereum blockchain. Hear about how Coinbase will have a USD 8 billion valuation if a USD 500 million investment from Tiger Global is confirmed. Learn about how a public sale for Venezuela’s Petro will start on 5 November.

Follow the Bitcoin News Daily Podcast on AnchoriTunesSpotifyGoogle PodcastsStitcherRadio PublicPocket CastsOvercastCastbox, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Zachary, Bitcoin News

The post BitcoinNews.com Daily Podcast, 4th October 2018 appeared first on BitcoinNews.com.

PR: Global Revenue from Rare Crystallized Metal Producer to be Shared to OiCOiN Token Holders

Bitcoin Press Release: An already established German company dealing in the rare crystalized metal Osmium is releasing a revenue share cryptocurrency token for backers.

September 28th, 2018, Germany – Osmium is a rare and extremely dense metal product that is created in Switzerland and shipped to Germany for global distribution by the German Osmium Institute.

Osmium Value

Twice as dense as lead, Osmium is obtained when platinum metal is extracted from its ores and is used in many alloys, finding itself utilized by ‘end-use’ industries. It is then applied to goods such as jewelry, pen nibs, compass needles, electrical contacts and other products that are prone to frequent wear and tear, as well as having a firm position in the chemicals industry as it is an efficient catalyst for chemical reactions.

The value of this metal is high, as global annual production rarely exceeds 2 tonnes; comparatively, yearly worldwide gold production is climbing over 3,000 tonnes and it is believed estimated that the total availability of Osmium over the next decade is 44 metric tonnes.

With the Osmium Institute being the only company in the world with the know-how for Osmium production, it is to be expected that as the scarcity of the rare metal increases, as will its value and demand, the German Osmium Institute is positioned to market this ultra-precious item globally.

OiCOiN presents an opportunity like no other, all coin holders will be part of a revenue share pool. From this already established and world-leading business, 10% of all global revenue will go to OiCOiN holders. To put the potential of the project into perspective, Osmium is presently sold at almost 30 times the value of gold.

The OiCOiN website features a profit calculator, that allows potential backers to view the potential profitability from this opportunity.

Aggressive marketing in tandem with the exponential growth of demand for crystalized Osmium will catalyze the growth of OiCOiN. A huge majority (83%) of the funds raised will be used for marketing, PR as well as sales.

OiCOiN Tokenomics and Token Sale

OiCOiN is built on the Ethereum network as an ERC20 token and will be issuing a maximum of 250 million tokens. Tokens will be priced at 1 ETH per 1,000 OiCOiN.

OiCOiN has already gone through the private sale and presale phases of its token sale. The Token sale has now reached its second pre-sale round where the minimum purchase is 0.3 ETH with no maximum purchase limit.

Proceeds from the funding rounds will be utilized to further increase global distribution of Osmium; OiCOiN will be setting up a network of Osmium Institutes in 100 major cities across the globe, these institutes will act as evaluators and certifiers of crystalized Osmium.

German, USA, Spain, Australia, France and Russian institutes have already been set up and will be supplied with the crystalized Osmium by the German headquarters.

Purchasing these tokens enables contributors to be a part of an already profitable and successful business which is beginning to enter a new phase of long-term and sustainable growth.

Learn more about OiCOiN – https://www.oicoin.io/

Read the Whitepaper – https://www.oicoin.io/oicoin_whitepaper.pdf
Read the Lightpaper – https://www.oicoin.io/oicoin_lightpaper.pdf
Join the Telegram – https://t.me/OiCOiNchat
Instagram – https://www.instagram.com/osmiuminvestmentcoin/
Github – https://github.com/OsmiumInvestmentCoin/oicoin

Media Contact Details
Contact Name: Andrey Sergeenkov
Contact Email: admin@btcpeers.com

OiCOiN is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The OiCOiN token sale is closed to US participants and participants of all countries in which ICOs are illegal.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:

The post PR: Global Revenue from Rare Crystallized Metal Producer to be Shared to OiCOiN Token Holders appeared first on BitcoinNews.com.