Category Archives: digital currencies

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New York Legislators Vote for a Cryptocurrency Task Force

The banks committee sect of the New York state legislature has voted in favor of progressing a bill that would authorize a digital currency task force.

The vote took place on May 30, with the committee confirming their backing for a task force that would study the effects of the implementation of cryptocurrencies on the state’s financial markets.

The Task Force

The banking committee is not the final hurdle for the bill, however, as it still must meet approval by the remaining legislators. Should this be successfully passed, the bill would commission a report that studies the impact of regulations on both the cryptocurrency and blockchain industries.

Specifically, the study would investigate how such regulations would affect the development of these industries, how the use of cryptocurrencies might affect local tax receipts, and what is needed to increase the transparency of the digital currency marketplace.

The inquiry would be required to provide the accurate number of cryptocurrency exchanges operating in New York state, as well as details of both large digital currency investors and energy consumption of mining operations. As reported by Coin Telegraph, the information gathered may be collected from any organization, government entity or person.

Notably, the bill states a requirement to review “laws and regulations on digital currency used by  other states, the federal government, foreign countries, and foreign political and economic unions to regulate the marketplace.”

The task force would be formed of nine members that would operate under the jurisdiction of the state governor, temporary president of the Senate, and the speaker of the assembly, with the final report expected for publication in December 2019.

US crypto crackdown

In an ongoing process of a US crackdown on cryptocurrency operations, last week the US Department of Justice (DOJ) opened a criminal investigation into whether traders are manipulating the price of Bitcoin and other cryptocurrencies.

Earlier this year, the North American Securities Administrators Association issued a warning for investors about the potential risks carried without cryptocurrency and initial coin offering (ICO) investments.

It is important to note, however, that less than 1 percent of bitcoin transactions are associated with illicit activities. If the report is produced by the New York task force, this could be an important opportunity to dispell unreasonably negative perceptions of the cryptocurrency industry.

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Coinshares Chairman Danny Masters Bullish on Bitcoin Revolution

In a recent Bloomberg PNL podcast, Coinshares chairman Danny Masters took an in-depth look into the future of distributed ledger technology, security and regulation in the industry.

He said, “The distributed ledger technology that’s being pioneered by the development surrounding Bitcoin and other cryptocurrencies are really the democratization of transactions as in the same way when the internet appeared we saw the news and information traveling around without the need for news or big organizations as centers for distribution for the information. This is what is at the core of what makes this the revolution.”

Masters went on to talk about Coinshares as a digital trading asset hedge fund, allowing users to trade without actually owning any currency, hedging services or proprietary capital.

The Coinshares chairman defended the point that cryptocurrency was not causing a momentary global leakage in any leverage of fiat assets: “I think what is clear is that there was some regulatory sandbox, in which digital assets of all kinds existed. All the way from back when we started in 2013, right through the third or fourth quarter of last year”.

He said that when the crypto ecosystem was in the sub-10 billion dollar phase, it was still very experimental. But as the market rapidly approached a trillion dollars in late 2017, the media hype around it brought a lot of attention. Banks and governments could no longer ignore Bitcoin’s substantial potential for the future.

Masters is best known as the chief investment officer for Global Advisors. He manages over USD 800 million in crypto assets, leveraging Bitcoin certificates and selling them to Nasdaq in what is by far his most significant product pull.

 

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PR: Hacken Launches Its Tokenized Bug Bounty Platform

Bitcoin Press Release: A decentralized cybersecurity company, which has grown from the promising Ukrainian startup, launches its long-awaited product, tokenized bug bounty platform, called HackenProof. The core value of the platform is ethical cooperation between white hat hackers and responsible IT and blockchain companies. As it is a tokenized platform, all transactions are conducted in custom-tailored token HKN, what contributes to its decentralization.  

April 03, 2018, Ukraine – HackenProof is a crowdsourced vulnerability rewarding platform enabling IT businesses, and blockchain companies to detect software bugs and improve the overall security of the infrastructure. Having remuneration in HKNs, researchers are the main stakeholders of the platform. Clients sign up for the bug bounty program, set the scope, decide on program type, set the level of payment, and wait for the reports. There are three primary benefits of HackenProof:

The cost of starting HackenProof is cheaper than hiring independent experts. Specialists with different levels of knowledge, mindset, tools and from various time zones attack client company’s resources in 24/7 mode. A clear report and analytics of the system’s vulnerable areas allow implementing more secure procedures. Hacken has already opened HackenProof for companies that needed it most. They are NEVERDIE, Interkassa, OSA, TicketsUA, and NapoleonX. The latter addressed Hacken after receiving blackmail from a black hacker who threatened to disclose their security flaw. Express bug bounty was launched, and no severe vulnerability was found.

Until April 31st, every project which orders bug bounty will be given 20% discount on the signup fee. If the first deposit is in HKNs, the project will be granted 50% discount. Sign up includes a free penetration testing of a product or system.

Dmitry Budorin, Hacken’s CEO said:

“Since the beginning of our project, Hacken’s mission has been improving global cybersecurity standards. That’s why we decided to integrate tokenized economy into the security field. We believe that this approach will help modern businesses to get services of better quality while spending less money. At the same time, white hat hackers will also get a significant financial benefit and appropriate working conditions.”

About Hacken

Hacken is a global tokenized business with operating cybersecurity products. In January Hacken’s token (HKN) has lined up with $8,32 (0,0005 BTC at that moment). In February, the price of HKN token reached its peak in BTC – 0.0008. It had a low market cup during token sale along with a low total supply of 5.6 million tokens. HKN’s price directly depends on the quality of the provided services, number of secured clients and overall size of the white hat community

Hacken’s security partners are Nucleus Vision, SingularityNet, Qbao, Remme, Legolas Exchange, Jibrel, SONM, CRYCASH, Indorse, Membrana, Kuna, Skraps, Neuromation, CCN, Amchart, Essentia, Selfllery, and Fluence.

The Hacken Ecosystem Contains other services as well:

  • Anti-phishing.
  • Smart Contract Audit.
  • Penetration Testing.
  • HackIT conference.

To learn more about Hacken visit their Website: https://hacken.io/
Meet the Team: https://hacken.io/#team
Follow on Medium: https://blog.hacken.io
Read on Reddit: https://www.reddit.com/r/hacken/
Chat on Telegram: https://t.me/hackenio
Connect on Twitter: https://twitter.com/Hacken_io

Media Contact
Contact Name: Katherine Lysenko
Contact Email: e.lysenko@hacken.io

Hacken 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. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

About Bitcoin PR Buzz -Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 5 years. Get your own professional Bitcoin Press Release. Click here for more information about Bitcoin PR

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Liechtenstein to Bypass Heavy Crypto Regulations

Liechtenstein’s Prime minister has stated he wants to be at the forefront of the digital age, suppressing any burdensome regulations on blockchain technology.

The Liechtenstein government has the aim to provide its citizens with sensible but cohesive blockchain regulations; this will create a stable legal environment that will help further the country’s innovation within this sector.

While the matter remains uncertain in other countries, who aim to introduce blockchain and crypto laws steadily. With no global regulations insight from the recent G20 summit.

In a recent post, the Prime minister stated; “There is no point in creating regulations that are excessive and lacking in practical relevance because then the blockchain economy will simply develop outside the regulations. That surely would not be in the interest of any country. Therefore we want to propose a sensible regulatory approach utilizing this law, where the role of the state in creating legal certainty and confidence comes into effect where it is needed.” The new law will be passed by Liechtenstein’s Financial Market Supervisory Authority, which in the past has dealt with over 100 related inquiries within the blockchain sector.

The government gained notoriety, reviewing the legislation already in place, set by other countries, and is also in consultation with some fintech conglomerates. The PM expects the bill to be a fair-to-all law, once passed with the aim to present the proposal to the public this summer.

The prime minister also when on to urge that blockchain is the future and it can significantly change almost all aspects of our economic life and financial services.

In a Forbes article, Malahov one of the co-creators for ethereum had a chance to revisit the country, Malahov is a founder of Aternity and has based this new venture out of Liechtenstein. Stating ” Liechtenstein’s quaint valleys and fairytale castles are enough to attract any entrepreneur.”

 

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Peter Thiel States Bitcoin Will Be the Online Equivalent to Gold

Paypal co-founder and billionaire investor Peter Thiel sees Bitcoin as the online equivalent to gold, betting on Bitcoin and arguing that a quest to amass a great deal of money is the bubble that never pops. Thiel holds Bitcoin as a haven for its stores on monetary assets.

Thiel has decades’ worth of strategic and smart investments, as co-founder of PayPal and one of the first investors in Facebook. He backs the idea that Bitcoin will become a store of value instead of a currency used for an online transaction:

“I’m not talking about a new payments system. It’s like bars of gold in a vault that never move, and it’s a sort of hedge of sorts against the whole world going falling apart.”

If the market sees further consolidation, Bitcoin price could drop a further 25% from February highs, although technical analysis traders have mixed opinions on the matter.

Thiel’s investments could be more than what meets the eye and he could be more bullish on the currency than he lets on. In January 2018, Founders Fund, of which Thiel is the co-founder, recently purchased between USD 15 million to 20 million worth of Bitcoin across several of its funds.

Thiel’s comments could help the market, with the price slowly climbing back up from a fall below USD 7,682. Thiel also struck a bullish tone on Bitcoin against altcoins,suggesting that the most substantial cryptocurrency by market capitalization will maintain its position.

Nevertheless, his sentiments did not express complete confidence. Thiel speculated that there is a 50 to 80 % chance that Bitcoin would have no value in the future.

 

 

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Blockchain technologies fueling video games and consoles that can create profit for players

PlayTable from Blok.Party is the world’s first Blockchain gaming console that looks close to an all-in-one tabletop gaming console with the capacity to play a diverse array of video games on its system.

It’s an Android touchscreen console, powered by the Ethereum blockchain and utilizes the toys-to-life genre to significant effect.

Toys-to-life is a genre where players use real-life figurines to do battle (see Skylanders or Disney Infinity). PlayTable combines this with traditional tabletop games such as Magic the Gathering to create an interactive gaming system that boasts the potential to have profitable returns for the player.

The radio-frequency identification (RFID) tags on the bottom of the figurines have unique identifiers which are tracked via the Blockchain.

Using the transparent public ledger, a digital collectable can be tracked across different platforms and will not require a third-party server to authenticate the ownership. Players could quite easily create a new chip, invalidate the old one and ship it worldwide;  in effect, players can now buy and sell high-level or valuable RFID-equipped figurines.

Another exciting application of the Ethereum blockchain is a Massively Multiplayer Online Role-Playing Game (MMORPG) called Ethercraft. It’s a game in which players make their way through dungeons, slaying enemies, gathering loot and crafting items.

The twist is that players can trade items with other users or sell them for real-world Ethereum (ETH). Interestingly the in-game gold currency is an ERC20 token itself (XGP), its value is tied to that of ETH and can be earnt completing challenges and in-game objectives; XGP can be exchanged for ETH at any time using the Ethercraft Smart Contract, which is a pretty nifty feature.

Monetizing the Video Game experience has primarily been a benefit passed to developers and publishers; the industry is raking in staggering market revenue figures across all available platforms, but it seems that gamers are spending more money than ever on games and aren’t quite getting much in return.

Players on PC and Mobile platforms are spending heavily on in-game content that come in either physical and digital forms. Whether you’re playing a game you’ve already paid for, or one that is Free-To-Play, you can now purchase weapons, character skins, in-game currency, perishable items and so on.

Blockchain technologies are perhaps going to bring an end to the money vacuum that modern players are being suckered into. Unique resilient economies within a platform or a game could generate new creative innovations that further the rewards the players and enhances the gaming experience beyond that of just financial gains, but create a new sense of consumer ownership over their products, be they physical or digital.

 

 

 

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Single-purpose cryptocurrencies have a problem

Let’s face it. There’s a slight problem with cryptocurrencies and no, it’s not the issue of regulation. And no, it’s probably not the volatile markets or any other buzzwords or catchphrases you can think of.

Spoilt for choice?

It comes down to the eye-watering amount of pending and existing cryptocurrencies. CoinMarketCap.com has, at present, 1,565 coins and tokens listed; it’s a mind-bogglingly large number of cryptocurrencies and, to an outsider, it doesn’t quite make sense.

Cryptocurrencies are viewed as these odd digital credits that you can purchase for real money and well, that’s about it.

Unless you’ve painstakingly spent the time searching around for places and businesses in which you can go to spend your cryptocurrencies, then you’re likely nonplussed about the whole Bitcoin boom. And if you have taken it upon yourself to search for a place, you’ll come up with a few traders and merchants that accept Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) or any of the ‘big coins’ in the business.

Or too many cooks?

Then there is the second part of this issue. It comes in the form of a question and be prepared to think about this one. When there are 180 UN-approved currencies in the world, what good is it to have 1,565 coins?

The logical conclusion would be that the majority of these coins are entirely redundant, but that just isn’t the case.

A staggeringly large number of coins are utility tokens that solely function within an internal economy on their native platform, and this also is by no means is a particularly healthy situation for the industry at large.

Imagine that, to access your Google Drive Cloud storage you had to pay with a cryptocurrency to do so. Every single time you acted within its cloud storage platform it would be ‘fuelled’ or ‘funded’ by a coin designed explicitly to do so.

Well, you have all your cloud-storage tokens, now how about some Starbucks tokens to get your coffee? Do you have enough Apple tokens to make purchases through the App store or have you not converted enough of those tokens from the tokens you use to pay your rent?

Notice anything odd with the above?

Cryptocurrencies by their hundreds tackle niches within industries, offer solutions to some particularly fringe topics which may excite the novice or veteran traders who know how to navigate the markets profitably.

But to assume that the everyday cryptocurrency users will happily and continuously go through the process of converting their primary coins such as BTC or ETH to gain access to things that regular currency can buy? It just doesn’t seem logical and will stifle the blockchain industries’ efforts to get adopted en masse globally.

The single-use tokens that exist will have to shorten out at some point if there is to be any hope for the industry to have an easily accessible, widely available and uncomplicated future for its consumers. To the average onlooker, it’s safe to say that less is more.

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