Category Archives: Cyprus

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Press Red and Its All Systems Go: Man Invents Fail-Safe Bitcoin Sell-Off System

A cryptocurrency enthusiast is preparing for the day when he might need to shift his portfolio in a hurry, but he has chosen an entirely unique way of doing it, by using a red button.

In 1950s America, nuclear fallout shelters were constructed to protect against an escalation of the Cold War. Cypriot Ilker Dagli has constructed his own defence against another potential Armageddon; the total collapse of Bitcoin.

Dagli, clearly a prolific hodler of the benchmark cryptocurrency Bitcoin, is preparing for the day, hoping it may never happen when all those Bitcoin need to go, in an instant. In order to effectuate the quickest sale possible, the employee from Near East University in Cyprus has built his own version of the presidential red button.

No rockets launched at a press of this one, but all his cryptocurrency orders will be instantly cancelled and sold.  He is clearly happy to promote his invention; an innocuous looking small box boasting a large red button, as he has posted a video on YouTube with details of how his Bitcoin failsafe, called the “emergency stop loss button” will actually handle the emergency it was built for.

Although he used Binance for dumping his positions, in this video he suggests that his ESLB will handle most major exchanges. Dagli, clearly at home inventing useful products for the fourth industrial revolution, has also constructed an internet kill-switch in case the world wide web became just too impinging.

Rather than writing code, he decided to take the physical route and use a physical valve which could be used to adjust bandwidth.

The cryptocurrency space has its weird moments and altcoins can certainly raise a smile. Try Unobtainium, all 250,000 of them, clearly making them difficult to, well, obtain. However, at the height of crypto activity at the end of 2017, they had achieved a market cap of over $75 million.

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Image Courtesy: Ilker Dagli (YouTube)

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Five Small Countries Build Solid Foundations with Big Crypto Ambitions

Five small countries are becoming cryptocurrency beacons impacting on the space through growth and innovation, writes Benzinga.

Georgia with its population of 4 million, once a USSR member state, has minimal regulations regarding cryptocurrency with a booming mining community. Ranked at the end of 2017 as second by volume of countries mining crypto by Cambridge University research, much of the success is down to affordable electricity through hydropower.

The future looks bright for Georgian crypto enthusiasts. This affordability means that enthusiastic miners can make a living with low power overheads. Luka Kobeli, co-founder of blockchain company Blockmentor agrees, suggesting “everything about the way the economy functions is going to change” through blockchain and cryptocurrency in Georgia.

Thailand is another of Asia’s countries managing to launch itself into the region’s vibrant blockchain environment. Thailand Post made the announcement that it was to use blockchain in 2017 using a blockchain tracking system. At the beginning, of 2017 the country’s Electronic Transactions Development Agency pushed for legislation calling for the support and use of blockchain-powered smart contracts.

So popular is cryptocurrency in Thailand that education is becoming a priority. Recently, the Thai Fintech Association launched the Cryptoasset Revolution (CAR) course offering to provide participants a complete understanding and knowledge about investing in crypto assets and initial coin offerings in three months of courses running through the summer.

Malta has become increasingly appealing to Bitcoin companies conducting business, not only due to the island’s positive spin on blockchain technology and its open-minded approach to regulation, but also its strong economy.

The announcement that crypto exchange giant Binance has now made Malta home, followed by similar plans from rival exchange OKEX, German blockchain firm Neufundand and gaming platform The Abyss, have received recent media attention, causing over-regulated companies to consider their options.

“I understand that regulators are wary of this technology but the fact is that it’s coming. We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy,” maintains Malta’s prime minister Joseph Muscat.

In Liechtenstein, an entrepreneur can start a company without a bank account, and BTC or ETH will fulfill government requirements. This liberal approach to cryptocurrency is rarely seen; even crypto-friendly Switzerland has its limitations, and banks there have been no friends to VCs.

Yanislav Malahov did exactly that, founding his Aeternity blockchain company using ETH to the tune of CHF 50,000. The capital Vaduz holds monthly blockchain meetings and a huge bonus for residents is the country’s membership of the European Economic Area, but not the EU, allowing crypto businesses to trade freely across Europe.

Nicosia in Cyprus is home to one of the first Universities offering programs in blockchain and cryptocurrencies. The University of Nicosia, Cyprus, announced that it would offer the world’s first Masters program in digital currency back in 2013. The postgraduate course was aimed at financial services professionals claiming it was designed to:

“…help financial services and business professionals, entrepreneurs, government officials and public administrators better understand the technical underpinnings of digital currency…”

 

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Image Courtesy: Pixabay

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Turcoin Revealed as $20M Ponzi Amid False Promises of Turkish National Crypto

Turcoin, hailed once as Turkey’s new alternative digital token and potential national cryptocurrency has been denounced as a Ponzi scheme, writes Bitcoin Exchange Guide.

It appears that the founders have disappeared, apparently accused of fleeing Turkey, absconding with more than 100 million Turkish liras (about USD 20 million) collected from over 10,000 people in in the country.

The company had gained plenty of publicity since its startup including laying on massive parties for celebrity guests and awarding luxury vehicles to early adopters of Turcoin, late in 2017. Since then, it’s been reported that the cars were borrowed rather than owned by the company.

The Ponzi scheme ran for nine months before it was uncovered, duping customers with promises that it was to become Turkey’s national cryptocurrency, despite lacking any acknowledgement of that from government officials at any time.

The company originated out of Hipper, an Istanbul-based company founded by Muhammed Satıroğlu and Sadun Kaya, who are now both finger pointing at each other, neither claiming to be the perpetrator of any wrongdoing.

Satıroğlu, who owns 49% of Hipper, has claimed that he was simply a mediator and that the company holds no funds in its accounts. Kaya, with his 51% holding, has vanished, although the company is promising to return funds once its accounts are frozen; difficult considering Satıroğlu is claiming the company has no extra funds banked and that the funds are in Kaya’s account in Cyprus.

Cryptocurrency users should be aware of Ponzi schemes, many of which insist that customers lock up their funds for what would be regarded as an unreasonable amount of time. Bitconnect, which was recently outed as a Ponzi scheme last year by investors, including Ethereum founder Vitalik Buterin, is a case in point. Ponzi schemes often leverage the popularity of bitcoin and cryptocurrencies to promise impossibly high and regular returns. The Bitconnect example promised 40% return on investment each month, providing investors locked up their capital on its platform, writes BTC manager.

 

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