Daily Archives: October 13, 2018

Bitcoin Influencers’ Payment Ideas Get Twitter Buzzing

Bitcoin influencers Jimmy Song and Tony Vays opened up a can of worms recently when chatting on Twitter about Bitcoin payment methods, provoking an all-in scenario for followers.

Jimmy Song, an instructor at Programming Blockchain LLC and Bitcoin educator/developer was sharing his opinion about using Bitcoin as a payment method with Bitcoin and Blockchain Researcher Tone Vays, on Twitter. The argument was posed by Song that one could spend money using a credit card whilst staying in credit and then pay the monthly bill with Bitcoin. His tweet suggested:

“If you want to use Bitcoin as a method of payment, this strategy is more rational and convenient than doing lots of on-chain tx’s:

  1. Spend with your credit card with no debt on it.
  2. When your credit card bill comes, sell just enough bitcoin to pay the bill.”

This provoked the response by Jackson Palmer, Founder of Dogecoin, who joined the thread to tweet that there was a missing third step to the Song scenario to avoid incurring credit card debt. He suggested that one could calculate the capital gain/loss tax on the sale of Bitcoin to USD to pay off the credit card.

Bitcoin Cash follower, Elliot, suggested, “That’s right folks. BTC supporters tell you to sell your Bitcoin back to fiat. BCH supporters say you must use bitcoin as CASH. It is peer to peer electronic cash. 1 bit @tipprbot” to which blockchain enthusiast Jan Klosowski responded.

“People will use Bitcoin because it’s profitable. Not for ideological reasons.”

Tone Vays worked on Wall Street for almost 10 years starting as a Risk Analyst at Bear Stearns and later becoming a VP at JP Morgan Chase in the aftermath of the 2008 financial crisis. His feeling was that Song’s idea was feasible from a consumer standpoint and suggested that in 2014 he had spoken about how misusing Bitcoin could affect the entire ecosystem quite negatively.

When asked why Vays, a prolific trader as well as an educator, diversified his trading to incorporate traditional markets, he responded:

“Because all of my videos are on my love of Bitcoin, my explanations of blockchain, and covering blockchain news. I do all of this because you can’t monetize that content. So, coming to conferences and speaking is so that I can spread the knowledge of Bitcoin, but I make money from what I do best, which is trading.”

He suggested that traditional markets offered a better return on his investments.

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President of World Bank: DLT Has “Huge Potential” in Fighting Poverty

Jim Yong Kim, Korean president of the World Bank, has publicly come out in favor of blockchain technology as a tool for fighting poverty in a speech on the Indonesian Island of Bali.

Kim made the comments at the IMF and the World Bank Annual Meeting on October 11, suggesting that DLT had “huge potential” and as a result, the World Bank must keep abreast of emerging technologies.

The World Bank, part of the World Bank Group, is an international financial institution that provides loans to countries of the world for capital projects. It is comprised of two institutions: the International Bank for Reconstruction and Development, and the International Development Association.

At the forefront of all World Bank projects is the need to fight poverty, particularly in underdeveloped or developing nations. Kim referred to the need to combat corruption, often a barrier to successfully supporting developing nations, suggesting that this is a particular area where blockchain could make a significant impact. He commented:

“…we think distributed ledger has huge potential and we issued the first blockchain bond in August, where we created, allocated, transferred and managed the entire bond through blockchain technology.”

He went on to point out that the goal of the bank is to develop universal access to financial services by 2020 which he felt would be unlikely to occur without embracing available technologies and taking advantage of some of the “great things that are coming out,” referring to blockchain and AI.

As Bitcoin News reported recently, the World Bank and The Commonwealth Bank of Australia combined to create an Ethereum-based Australian dollar blockchain bond earlier this year. As for selecting both the CBA and Ethereum for the project, World Bank treasurer Arunma Oteh said that it had worked with the Australian bank for a year before it could launch the project. Ethereum was top of its list as it had “the largest and most active development community globally”.

Oteh continued on a positive note stating that the bank “will continue to seek ways to leverage emerging technologies to make capital markets more secure and efficient.”

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PR: DataBroker DAO Launches Flagship IoT Sensor Data Marketplace Ahead of International Expos

Bitcoin Press Release: Blockchain and Internet of Things (IoT) startup DataBroker DAO has officially launched the IoT sensor data marketplace.

October 10th, 2018, Dubai, UAE – For many businesses entering the blockchain space, the pressure of delivering on roadmap promises is almost equal to the success of the enterprise itself.

Marketplace Launched

In such a new and competitive market like blockchain, there are many concepts, solutions, and platforms that fail to break past their initial coin offering (ICO) and raise enough funds, or when they do, hit the ground with a product that isn’t quite ready, or doesn’t live up to expectation.

DataBroker DAO has overcome many major hurdles to see these milestones checked off, and finally one of the most significant facets of the platform and solution is here – the IoT sensor data marketplace. DataBroker DAO is a proof of concept of SettleMint, a young company focused on making blockchain accessible for all kind of organisations.

One of DataBroker DAO’s blockchain developers Peter-Jan Brone has written a tech talk with regards to the many details of the platform. Furthermore, DataBroker DAO has identified many sectors and benefits of IoT sensor data and considers the platform to be conducive to scientific breakthroughs.The DataBroker DAO marketplace is where individuals, industries and organizations of any size can buy and sell valuable IoT sensor data.

Since DataBroker DAO finalized the extended sale of its native DTX token on June 30th, and despite not quite meeting the target sale of 108 million DTX,  the company pressed forward building several significant partnerships as well as engaging with governments and communities across the globe to see how DataBroker DAO can have a positive impact in areas of need.

Global Reach

Earlier this year, DataBroker DAO attended the Smart Island World Congress, an event that was host to international experts seeking to discuss the challenges facing island nations and, if possible, find modern and transformative solutions to issues such as waste management through IoT sensor tech.

DataBroker DAO is set to be present at many expos and events in the coming months; a notable entry in the calendar is the Smart City Expo World Congress in Barcelona which takes place from November 13th to November 15th, 2018. Here, DataBroker DAO will be part of a gigantic event that will see tens of thousands of visitors, as well as hundreds of speakers and exhibitors, gather from across the globe. DataBroker DAO will be there to discuss improving life in cities through smart technologies.

Visit DataBroker DAO at the Flanders Investment and Trade (FIT) booth at the Fira de Barcelona.

Future Tech

IoT technology is a key factor in the Fourth Industrial Revolution, an era that is soon to be realized and one that many nations including China are preparing for. China is the world leader when it comes to IoT sensor data and hardware.

With this in mind, DataBroker DAO set out on a roadshow to increase presence in a country that is expected to have its GDP outperformed by IoT technologies, with an estimated growth of 20% to 30% expected by 2020. This market is presently valued at approximately CNY 500 Billion (USD 80 Billion).

With the marketplace officially launched, DataBroker DAO is now set to deliver its stated aims and much more.

Visit the DataBroker DAO Official Site – https://databrokerdao.com/
Check out the Whitepaperhttps://databrokerdao.com/wp-content/uploads/2018/09/whitepaper_databrokerdao.pdf
Chat on Telegram – https://t.me/databrokerdao
Follow on Twitterhttps://twitter.com/DataBrokerDAO
Like on Facebook – https://www.facebook.com/DataBrokerDAO/
Read the Medium – https://medium.com/databrokerdao
Follow the development live on GitHubhttps://github.com/DataBrokerDAO
Check out the SubReddit – https://www.reddit.com/r/DatabrokerDAO/

Media Contact
Contact Name: Frank Van Geertruyden
Contact Email: frank@databrokerdao.com

Databroker DAO 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.

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Blockchain Adoption ‘Harder Than Expected’, Claim Executives

A recent poll of executives shows that blockchain adoption within enterprises has been more challenging than initially thought.

Over 200 executives shared their views in the survey, each involved personally in blockchain initiatives of some form. Their background varied from banking, exchange companies, consultancy firms, and dedicated blockchain companies to name a few.

Of the participating executives in the consulting firm Greenwich Associates’ survey, 57% voted that instituting blockchain had been ”harder than expected.” The report points to hardware security and the autonomy of transactions as contributing causes for this significant percentage.

Another area deemed problematic was scalability; 42% said it was a ”major issue.” Unsurprisingly, only 7% of those from blockchain technology companies felt this way, with 33% of them saying it was ”not an issue.” Still, that leaves close to half of non-blockchain dedicated firms struggling to process high volumes of transactions on the blockchain network quickly.

Vice president in Greenwich Associates’ Market Structure and Technology group and the author of the report, Richard Johnson, believes that the disparity between the two groups could simply be put down to ”optimism” from blockchain companies over the technology. More so, they could be making the determination based on controlled tests and would face latency issues when the real-world application begins.

Most firms in the survey were yet to execute any distributed ledger technology (DLT) projects successfully, with slow transactions speeds presenting a major issue. Just 2% managed to reach over 15,000 transactions per second, although Johnson is optimistic about this small number, saying:

“We’re beginning to see firms figure out how to get the blockchain to run fast and do a lot of transactions per second, and I think that’s really encouraging.”

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Holland in Forefront of Promoting Blockchain Economy With Government Support

All the talk in Europe these days are about crypto-havens Malta and Switzerland as they continually break down borders with blockchain and emerging technologies and the subject of a flurry of positive government legislation, but Holland rarely gets a mention.

The Netherlands is a leader in advancing blockchain in Europe and often slips under the radar, but the Dutch government is no slouch when it comes to promoting the interests of companies adopting new technologies, especially when such projects benefit the entire community. Holland has been noted by others as a country with a social conscience, and legislation over the years has illustrated the degree to which its population is a beneficiary of the desire shown by the government to support its society as a whole.

With partners such as the World Bank, UN, and the EU Forum, the Netherland’s aims are progressive and express its social conscience. Emanuele Francioni, Tech-Lead of non-profit blockchain-based Dusk Foundation, explains where this government led social conscience is taking DLT:

“The Netherlands hosts one of the most passionate blockchain scenes in the world,” he suggests, adding that, “Most of the early experimentation by the government was done with multinationals through consortia, often in the permissioned [private] space…we are starting to see the first permissionless [public] initiatives getting more public traction, which is a very exciting area that should get a lot more attention.”

The Dutch government announced earlier this year that the Ministry of Economic Affairs and Climate Policy had created a special unit devoted to researching the ways in which blockchain technology can be harnessed to provide reliability in the area of tech development while being energy sustainable. Encouraged by the government’s actions, John Jansen of cryptocurrency exchange Deribit suggests:

“It’s amazing that the Dutch government created a special blockchain unit with the goal of not just regulating the new technology but actively looking for opportunities,” adding that this shows “ a positive attitude toward this technological development which benefits the blockchain ecosystem in the Netherlands.”

Jansen is further impressed by the stance of the Dutch population when it comes to trading and holding cryptocurrencies, commenting:

“Furthermore, crypto is catching on with the Dutch people as well… It was recently reported that in October of 2017, an estimated 135,000 Dutch people had invested in cryptocurrencies. But by February of this year, that number rose to 580,000. That’s 430% growth in five months. We have every reason to expect that number to continue to rise.”

The Dutch Central Bank may be wary, but even the Dutch royal family is in on the act with Plamen Nedyalkov, CEO of Zoom noting that Prince Constantijn van Oranje has been attending blockchain conferences across the lowlands, and has also become the chairman of StartUpFest Europe, which works with blockchain startups.

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Coinbase Lists Its First Ethereum ERC20 Token, 0x

Coinbase, the biggest cryptocurrency exchange headquartered in the United States, has listed its first Ethereum ERC20 token. The lucky ERC20 token is 0x, the #25 crypto on CoinMarketCap with a market cap of USD 414 million as of this writing on 12 October 2018. This opens up the door for many more Ethereum ERC20 tokens to be listed on Coinbase.

Getting listed on Coinbase is major news for any crypto since it makes them easily available throughout the United States as Coinbase is the go-to place to buy crypto in the country. This increases demand and price for any crypto that gets listed on Coinbase. It has been announced a while ago that 0x would likely be added to Coinbase, and 0x began to rally in the middle of September from USD 0.51 to USD 0.77 today, a 50% rally. The rally became more aggressive in the past couple of days due to Coinbase finally listing 0x. 0x is available for fiat to crypto trading on Coinbase Pro, and will soon be rolled out across all Coinbase platforms.

0x is the 6th crypto to be listed on Coinbase, the others being Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. Coinbase announced near the beginning of October that it was opening a new application process, and was planning on adding every possible crypto to its exchange, eventually becoming like Binance which has hundreds of cryptos available for trading. 0x is just the first of many cryptos that will likely be added to Coinbase, and as seen with 0x, getting added to Coinbase has a very positive impact on a crypto’s market price. Therefore, if Coinbase truly ends up listing all major cryptos, it could have a significant impact on the overall crypto market.

ERC20 is a protocol to make a token using the Ethereum blockchain, which is essentially a cryptocurrency that uses the Ethereum blockchain to secure itself. Numerous major cryptos are Ethereum ERC20 tokens, like Binance Coin, Maker DAO, OmiseGO, Aeternity, Basic Attention Token, Golem, Holo, Augur, Status, Populous, Waltonchain, and Chainlink. These are just the ERC20 tokens that have market caps in excess of USD 100 million, there are many more besides this with lower market caps that are still quite popular.

Now that Coinbase has added 0x, it would be quite easy to add any other ERC20 token since they use the same backbone technology, and considering Coinbase’s new policy to add every worthy crypto, it is likely that many more ERC20 tokens will be added to Coinbase in the coming months.

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BitcoinNews.com Daily Podcast 12th October 2018

Listen to the 12 October 2018 BitcoinNews.com Daily Podcast below.

On this edition of the BitcoinNews.com Daily Podcast, we discuss how Bitfinex has halted fiat deposits, and how Canada’s biggest exchange QuadrigaCX is under siege by banks. Hear about a giant inflatable rat covered with Bitcoin graffiti that was placed in front of the Federal Reserve. Learn about how 4 cryptos were delisted from Binance and how that has negatively impacted their market price.

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!

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US Financial Crimes Agency Condemns Iran for Use of Crypto to Avoid Sanctions

A US financial crimes regulator has condemned the use of cryptocurrencies by Iran as a way of bypassing economic sanctions, encouraging institutions and US-based exchanges to avoid dealing with the nation.

The Financial Crimes Enforcement Network (FinCEN) has urged domestic cryptocurrency exchanges to be aware of Iranians using cryptocurrencies, including Bitcoin, to circumvent US economic sanctions against the country.

FinCEN’s advisory report published Friday estimates that since 2013, Iran has hosted USD 3.8 million in Bitcoin transactions, with this coming in domestic peer-to-peer (P2P) and exchange transactions alongside third-party countries such as the US. The report advises institutions to use the technology available to monitor open blockchains and investigate ledgers to see if any transactions originate or terminate in Iran.

Despite the relatively low levels of cryptocurrency adoption in the middle eastern nation, Iran’s utilization of cryptocurrency is described as “illicit and malign” in its attempts to ”exploit” the financial system and provide a method of avoiding sanctions.

US-based exchanges were warned of their obligations under the Bank Secrecy Act that require ”appropriate systems” for preventing the facilitation of transactions that may oppose sanction requirements.

Sanctions against Iran were reinstated under President Donald Trump earlier this year when he withdrew the US from the Iran nuclear deal.

Last month, Bitcoin News caught up with IranbyBit, a travel startup that offers its services in Bitcoin, indeed as a way to avoid financial restrictions.

As founder Setare Shabanipour sees it, the more foreigners visit the country, the more likely it is that cynical perceptions of the country will dissipate: ”They can decide for themselves about the country and this can lead to a change of attitude toward Iranians in global communities and markets.”

While US sanctions against Iran are an attempt to target the government in a negative capacity, it cannot be helped that they also harm the whole economy and individual people themselves. Both asset freezes and trade embargoes have taken a serious toll on the Iranian economy and the people.

Shabanipour believes that by promoting Iran as a travel destination, she can help provide part of a solution: “It is inevitable that cultural bridges will form among foreign and local cultures. Such a flourishing market will result in attracting investment and building up more tourism infrastructures in Iran.”

 

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