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Showing posts from January, 2018

Robinhood Smartphone Trading App Adding Bitcoin and Ether

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Robinhood Smartphone Trading App Adding Bitcoin and Ether - Popular smartphone app Robinhood announced it will begin to allow users to trade bitcoin next month, and without transaction fees. Until now, online retail brokerage platforms have been careful about dabbling in bitcoin by way of futures contracts, preferring not to deal directly in cryptocurrency. The young app is ready to try a loss-leader model in what some consider the future of money.  Robinhood Gets Crypto  Cofounder Vlad Tenev of the Robinhood trading app urged: “Cryptocurrencies have become the first foray into investing and financial services to a large number of people,” he told Evelyn Cheng.
“Now it’s become more and more clear [that bitcoin is an] investing asset. We will connect to many exchanges, up to a dozen or more, over the next several months. We want to break even on this business, not to profit from it. 
Read: Bitcoin is getting bashed at Davos but the crypto world is fighting back
We view this as an opportuni…

Bitcoin is getting bashed at Davos but the crypto world is fighting back

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Bitcoin is getting bashed at Davos but the crypto world is fighting back - Bitcoin was hammered by top business leaders at the World Economic Forum in Davos, but those in the cryptocurrency world had a message of their own. Cryptocurrencies were one of the biggest topics at the Forum. 
There was an official session on it, CNBC ran a few panels about the subject in The Sanctuary, and there was even a dedicated spaced called Crypto HQ, which focuses on blockchain technology. While the potential of blockchain, the underlying technology behind cryptocurrencies, was praised, bitcoin got slammed.  "There is no intrinsic value for something like bitcoin so it's not really an asset one can analyze. It's just essentially speculative or gambling," Stephen Poloz, the governor of the Bank of Canada, told CNBC Thursday. 
Read: If you own bitcoin, here’s how much you owe in taxes
Nobel Prize-winning economist Robert Shiller told CNBC ahead of Davos that it may be around for 100 year…

If you own bitcoin, here’s how much you owe in taxes

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If you own bitcoin, here’s how much you owe in taxes: Whether you've used bitcoin as an investment or as a currency, you owe taxes on it. As far as Uncle Sam is concerned, bitcoin is not currency. It's property. That means whenever you buy something with bitcoin, it's two transactions, not one. What you're actually doing is selling a property (bitcoin) for a cash value and then using money from that sale to buy a product.  So every single purchase you make with bitcoin has to be reported on your taxes. For many, though, bitcoin is just an investment. If you've held those bitcoins for less than a year and sell them, that cash will be taxed as income. 
If you've held for more than a year, it's taxed as a capital gain — which could run 20 percent. Adding on transaction and accounting fees could raise costs to 60 percent, as was the case for one early bitcoin adopter.

Read: All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to Improve
But here…

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to Improve

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All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to Improve: In the latest development, a report has it that the South Korean Communications Commission has conducted a survey of major cryptocurrency exchanges in the country and found them to have insufficient customer data protection. Eight exchanges have been sanctioned, with 30 days to resolve their issues and safeguard their systems. 
All Major Exchanges Are in Violation  The South Korean Communications Commission (KCC) announced on Wednesday that it has sanctioned 8 cryptocurrency exchanges “a total of KRW141 million [~USD$132,540] in penalties for violating the Personal Information Protection Act.”

This announcement followed the agency’s on-site survey of 10 exchange operators, in collaboration with the Ministry of Science, Technology, and Information and the Korea Internet Development Agency (KISA).

Read: CBN Governor Warns Nigerians Over Bitcoin
The KCC wrote: "Among the 10 surveyed companies, all eight c…

CBN Governor Warns Nigerians Over Bitcoin

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In the latest development, a report has it that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said investing in virtual currencies such as bitcoin, is a “risk that cannot be supported” by the apex bank.  According to the report source, Emefiele stated this in an interview with reporters in Abuja. 
During the interview, he pinpointed the “dangers” in bitcoin trading, saying he had commissioned the bank to carry out research into the market to understand underlying issues. 
“Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful. 
“We cannot as a central bank give support to situations where people risk savings to gamble. 
“I have asked my colleagues in the research and monetary-policy department to study the market and get to know what the issues are. 
“The central bank may in future make some very concrete pronouncements as to the direction,” Emefiele said.
Read: Stock trading app Robinhood to launch bitcoin, ethereum tradi…

Stock trading app Robinhood to launch bitcoin, ethereum trading in five states

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Stock trading app Robinhood to launch bitcoin, ethereum trading in five states- Stock trading app Robinhood is becoming a cryptocurrency broker. Customers in California, Massachusetts, Missouri, Montana and New Hampshire will be able to trade bitcoin and ethereum through the app beginning in February, Robinhood announced Thursday. 
In the meantime, all customers can now track prices and receive alerts for 16 cryptocurrencies on the app. The prices of bitcoin and other digital currencies surged last year as investors, including some on Wall Street, bet cryptocurrencies and the blockchain technology behind them could one day transform the world as much as the internet has.

Read: 50 Cent forgot he had a stash of Bitcoin now worth $8m
Bitcoin was developed as a way to send money around the world quickly and cheaply. However, transaction fees have soared above $20 and other digital currencies have yet to prove their actual use. That hasn't stopped investors from pouring in. 
"Crypt…

50 Cent forgot he had a stash of Bitcoin now worth $8m

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50 Cent forgot he had a stash of Bitcoin now worth $8m: 50 Cent has discovered that he is a Bitcoin millionaire, thanks to some long-forgotten album sales. In 2014, he released the album Animal Ambition and became the first artist to accept Bitcoin as payment. 
The rapper received more than 700 Bitcoins under the deal, but then forgot about the cryptocurrency, according to celebrity newsite TMZ.  The hoard is worth $7-$8m, although the currency's price volatility means that could change fast. In 2014, one Bitcoin was equivalent to about $662, but was worth about $11,200 on Thursday according to Coindesk. "Not bad for a kid from South Side, I'm so proud of me," 50 Cent - whose real name is Curtis Jackson - wrote on Instagram, confirming the news in a post that featured a screenshot of the TMZ article.

Read: How to see old profile videos on Facebook
50 Cent also posted a picture of himself on Instagram surrounded by Bitcoins, with the caption: "A little bit coin an…

Bitcoin Prices Decline Below $14,500, Ripple's XRP Plunges Below $2: Five Things To Know

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Bitcoin Prices decline Below $14,500, Ripple's XRP Plunges Below $2: Five Things To Know: Bitcoin and Ripple XRP prices had plunged on Monday after website CoinMarketCap removed prices from South Korean exchanges. 
Bitcoin prices fell below $14,500 mark today to trade at $14,234, extending its recent selloff, according to recent trading data from Luxembourg-based Bitcoin exchange Bitstamp. Ripple's XRP prices also plunged sharply. 
Bitcoin and Ripple's XRP prices had plunged on Monday after website CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning, resulting in a steep drop in all virtual coins they track. 
Read: Below $15K | Bitcoin Plays Defense Amid Bear Move
In recent trade, Bitcoin was at $14,227 down around 1 per cent, on the Bitstamp exchange. CoinMarketCap shows real-time prices and market capitalisations for more than 1,300 cryptocurrencies and is widely followed by market participants.  5 thin…

Below $15K | Bitcoin Plays Defense Amid Bear Move

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Below $15K: Bitcoin Plays Defense Amid Bear Move: Bitcoin remains on the defensive, despite yesterday's sharp recovery from $14,000 levels. Data source OnChainFX indicates the world's largest cryptocurrency by market capitalization has depreciated by 4.54 percent in the last 24 hours. As of writing, CoinDesk's Bitcoin Price Index is at $14,750 levels. 
The BPI fell to a low of $13,957.19 at 15:14 UTC yesterday, reportedly due to a sell-off triggered by price data site CoinMarketCap's unannounced decision to exclude three Korean exchanges from its averages. However, bitcoin (BTC) was already on the back foot, possibly due to fears of China crackdown on the bitcoin mining industry in the country. 
Read: Quebec Lures Cryptocurrency Miners as China Sours on Industry
The BPI's failure to hold above $15,000 today only underscores the bearish undertone in BTC. Further, the technical charts indicate BTC is still not completely out of the woods. An argument is being put for…

Quebec Lures Cryptocurrency Miners as China Sours on Industry

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Quebec Lures Cryptocurrency Miners as China Sours on Industry: Quebec was fishing for tech giants but caught bitcoin miners. At least that’s how David Vincent, business development director at electric utility Hydro Quebec, describes the results of a campaign launched in 2016 to lure the likes of Facebook, Amazon and Microsoft to build their data centers in the Canadian province.

The sales pitch was simple: the province offers plentiful, cheap and renewable electricity, along with cold weather and a politically stable environment.

And while Hydro Quebec has gotten plenty of bites from traditional data center operators, the company also quickly discovered those same traits are equally attractive for cryptocurrency mining operations.

Read: CES 2018 | Kodak soars on KodakCoin and Bitcoin mining plans
Nonexistent just six months ago, interest in Quebec from commercial-scale bitcoin miners has skyrocketed, Vincent said, amid the surge in cryptocurrency prices and political uncertainty in othe…

CES 2018 | Kodak soars on KodakCoin and Bitcoin mining plans

CES 2018: Kodak soars on KodakCoin and Bitcoin mining plans: Shares in photo firm Eastman Kodak soared nearly 120% after it revealed plans to mint its own crypto-currency, the KodakCoin. 
The US firm said it was teaming up with London-based Wenn Media Group to carry out the initial coin offering (ICO). 
It is part of a blockchain-based initiative to help photographers control their image rights. Kodak also detailed plans to install rows of Bitcoin mining rigs at its headquarters in Rochester, New York. 
Details of this second scheme - which is being branded the Kodak KashMiner - were outlined at the CES tech show in Las Vegas. Customers will pay up-front to rent mining capacity. 
Kodak is the latest in a series of companies to see its value jump after revealing plans for blockchain-related activity. 
Read: Bitcoin Mining Wastes Energy? What If That's Good?
"This is a phenomenon we saw back during the dot com days in the late 1990s where traditional companies would mention some k…

Bitcoin Mining Wastes Energy? What If That's Good?

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Bitcoin Mining Wastes Energy? What If That's Good? - I am frustrated by the debate over whether or not bitcoin is an environmental disaster waiting to happen. No one seems to know what assumptions to use.  Depending on what efficiency ratios we assume for currently operating ASIC mining rigs, they're either consuming 35 terawatt-hours per year, the equivalent of Denmark, or something far less, closer perhaps to Bolivia. 
Read: How to hide Facebook friends list from public and other friends
The stinginess of mining pools to provide information about their operations can be partly blamed for this. We also don't know how much of mining runs on low-carbon energy, such as the mining farms that use geothermal energy in Iceland or hydropower in Washington State. Surely that matters. And then there’s the "compared to what?" question.  Gas-guzzling banks  If bitcoin is to be assessed as an alternative to fiat currencies, banks and traditional payment systems, then we must c…

I regrets calling bitcoin a fraud and believes in the technology behind it - Jamie Dimon

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Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it - J.P. Morgan Chase Chairman and CEO Jamie Dimon is backpedaling a bit on his earlier criticisms on cryptocurrencies. In September, Dimon called bitcoin a fraud. "I regret making" that comment, he said Tuesday on Fox Business.  "The blockchain is real," Dimon added in the interview. "You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people." 
Read: Aerospace Engineer Uses Bitcoin Cash to Buy $415,000 Home in Seattle
ICOs stands for initial coin offerings, a controversial way some cyrptocurrency companies are raising funds. "I'm not interested that much in the subject at all," Dimon added in the interview. Along with his earlier bitcoin is a &q…

Aerospace Engineer Uses Bitcoin Cash to Buy $415,000 Home in Seattle

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Aerospace Engineer Uses Bitcoin Cash to Buy $415,000 Home in Seattle: The mainstream adoption of cryptocurrency is continuing on pace in all different business sectors and in many economies across the world. The latest example of this featured in the press is the recent acquisition of a home using bitcoin cash.  The Bitcoin Cash House  A young aerospace design engineer has used bitcoin cash to buy a three-bedroom $415,000 house in Tukwila, a suburb of Seattle, Washington. The 23 year old investor, Cary Kuo, had to endure a lot of bureaucracy but was eventually able to use his cryptocurrency holdings to pay for a ten percent down-payment on the property and get a mortgage for the rest. 
Read: Microsoft Has Stopped Accepting Bitcoin Deposits
This is assumed to be the first time ever someone has used any cryptocurrency to acquire real estate in the regional market, according to the Seattle Times. 
It can also be a precedent for someone securing a traditional mortgage in the US nationally for …

Microsoft Has Stopped Accepting Bitcoin Deposits

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Microsoft Has Stopped Accepting Bitcoin Deposits - Cryptocurrency users are used to seeing more and more adoption of the instruments by companies. From time to time there are setbacks however, like Microsoft now reversing its previous bitcoin position. 
Microsoft’s About-Face on Bitcoin 
Technology giant Microsoft (NASDAQ:MSFT) has canceled a previous bitcoin funding method for clients. The company has already sent out an email to all its clients who the system detected were affected by this funding issue. This settles the issue after a lot of speculation on social media and community forums based on partial information.

Read: The Bitcoin Price Equivalence Shows What “Cheap” Cryptocurrencies Are Really Worth

A Microsoft representative has also confirmed the matter on chat with us, and explained that from “December 26, Microsoft is no longer accepting Bitcoin in exchange for credit on the customer’s account.

The “Redeem bitcoin” link on Account.Microsoft.com has been removed, so customers …

The Bitcoin Price Equivalence Shows What “Cheap” Cryptocurrencies Are Really Worth

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The Bitcoin Price Equivalence Shows What “Cheap” Cryptocurrencies Are Really Worth - There’s been a lot of talk lately about market capitalization and circulating supply. As sub-$1 altcoins have shot up in price, some new investors have been making noises about their anointed coin being worth more than bitcoin one day.  What these new entrants fail to take into account is digital scarcity: the notion that assets which are plentiful are cheaper than those with a limited supply for good reason. Bitcoin Price Equivalence is a new website that seeks to set that right.  Cheap But at What Price?  The rise of crypto’s “penny stocks” has brought with it fevered debate about how much these digital assets are worth. A widely circulated tweet last week “Removing Unit Bias,” asked, “If everything had the same supply cap as Bitcoin, would you still buy it?” and displayed popular cryptocurrencies’ current value if there were just 21 million of each in existence.

Bitcoin columnist Eric Wall followed thi…

Vermont Senator Proposes Digital Currency Tax Legislation

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Vermont Senator Proposes Digital Currency Tax Legislation - Earlier this week Senator Alison Clarkson (D) from Vermont has proposed legislation that outlines a use case for government-based cryptocurrency solutions for the green mountain state.  Latest Vermont Bill Discusses State Entities Utilizing Emerging Technology, While Digital Currency LLCs Could Pay Taxes In Crypto  The Windsor District Democrat, Alison Clarkson, recently introduced a bill that discusses various government statutes and the use of cryptocurrencies. The proposed legislation will be seen by the state’s Committee on Economic Development, Housing and General Affairs. 
Read: TD Ameritrade | Cryptocurrencies are the 'greatest opportunity' to get millennials to trade
The entire bill covers the use of digital assets tethered to blockchains and various digital currency solutions. Subchapter twelve discusses digital currency limited liability companies which include physical presence, taxation, and exemptions for s…

TD Ameritrade | Cryptocurrencies are the 'greatest opportunity' to get millennials to trade

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Cryptocurrencies are the 'greatest opportunity' to get millennials to trade: TD Ameritrade - The cryptocurrency market may be just what is needed to lure millennials into trading, TD Ameritrade chief market strategist JJ Kinahan told CNBC on Monday. Digital currencies fell on Monday but have made huge gains over the past year.  "People complain that we haven't gotten millennials to trade. Maybe this isn't the product I'd like people to start with, but this is the greatest opportunity we've had in the market to get people who weren't traditionally interested in the market," he said in an interview with "Closing Bell." 
Over the past year, bitcoin — the biggest cryptocurrency by market cap — is up more than 1,500 percent. Ripple, meanwhile, ripped 35,000 percent last year alone. 
The steep rise of bitcoin has led some, such as J.P. Morgan Chase CEO Jamie Dimon, to call bitcoin a "fraud" and others to declare it is in a bubble. Las…

Ethereum co-founder: Cryptocurrency market will see crash and then consolidation

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Cryptocurrency market will see crash and then consolidation, Ethereum co-founder says: A report has it that the cryptocurrency market will strengthen after bitcoin alternatives that lack substance have failed, a former chief executive and co-founder of Ethereum said. 
"My personal opinion is that we're going to see a consolidation after a crash," Charles Hoskinson told CNBC in an interview Friday.

Hoskinson now runs blockchain research firm IOHK, but was previously in charge of Ethereum, which develops the underlying technology for the cryptocurrency ether (also known as ethereum). 
Read: Ethereum | Cryptocurrency's value could triple in 2018 - Steven Nerayoff
A number of alternative cryptocurrencies — including Cardano, a cryptocurrency overseen by Hoskinson's company — have rallied substantially in recent weeks as investors look beyond the most prominent cryptocurrency bitcoin. 
Ripple's XRP, for instance, temporarily overtook ether as the second-largest cryptoc…

Ethereum | Cryptocurrency's value could triple in 2018 - Steven Nerayoff

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Ethereum co-creator Steven Nerayoff says the cryptocurrency's value could triple in 2018 - In the latest development, Ethereum co-creator Steven Nerayoff says increased projects built on the cryptocurrency could trigger a "flippening" in 2018, in which ethereum overtakes bitcoin.  "What you're seeing with ethereum is exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year," Nerayoff said Monday on CNBC's "Fast Money." 
While bitcoin was designed to function as a peer to peer electronic payment system, ethereum was designed for smart contracts that execute when specific conditions are met. 
Read:Bitcoin | I Love Cryptocurrency. That's Why I Sue Exchanges
Nerayoff, who helped craft token sales for the ethereum project, said businesses …

Ripple | Cryptocurrency will be bigger than bitcoin if it hits $7

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Ripple will be bigger than bitcoin if it hits $7 - Market capitalization has become an obsession with many cryptocurrency watchers. It refers to the value of the entire digital currency in circulation and is worked out by multiplying the supply of the virtual coin by the price per unit. 
With bitcoin, the largest cyrptocurrency by market cap, having a quiet start to the year, many investors are looking at alternative cryptocoins.  Ethereum and ripple, for example, have seen fairly strong rallies to begin the year. And many are wondering which one could usurp bitcoin as the biggest cryptocurrency. Ethereum and ripple have been jostling for the second spot, and that has changed depending on price. That jostling turned volatile on Monday as the price of ripple tumbled. 
Read: Ethereum | Cryptocurrency's value could triple in 2018 - Steven Nerayoff
Bitcoin also fell, while ethereum gained in value. Ripple's current circulation is 38,739,144,847 digital coins. At Monday's earli…

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