There's a Bigger Scam Than Anything in Crypto, It's Called KYC/AMLAn entire country, Somalia, began to starve because U.K. banks decided it was not worth the bother to bank remittance services. Forty percent of the country's population relied on these remittances – people sending their hard-earned savings home to feed their families. The U.K. banks' excuse: payments to Somalia were "high-risk," a euphemism for not worth the compliance cost of dealing with people with poor documentation. Invariably, those who pay the highest cost are society's weakest. https://www.coindesk.com/theres-a-bigger-scam-than-anything-in-crypto-its-called-kyc-aml/Founded in 2012, TransferGo currently has “over 600,000” registered users and is partnered with thirty banks. A remittance is the transfer of money from a foreign worker to another individual across international borders. In 2017, global remittance flows to developing countries reached a massive $466 billion. https://cointelegraph.com/news/uk-remittance-service-transfergo-adds-crypto-trading-in-world-first
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New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability While most traders are unlikely to be concerned with cybersecurity ratings, the existence of such tools may incentivize exchanges to improve their service, knowing that their every action is being monitored. Dmitriy Budorin, CEO of Hacken who created the platform, said: “Cryptocurrency exchanges are the backbone of the whole emerging crypto economy. CER will contribute to its healthier development. We hope that with CER, the exchanges will start taking their cybersecurity more seriously and refuse any bad practices, while users will receive comprehensive tools for smart decision making”. https://news.bitcoin.com/new-platform-ranks-cryptocurrency-exchanges-by-liquidity-security-and-reliability/https://cryptoexchangeranks.com/
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According to me, I think Banks will adopt blockchain technology to avoid being displaced during this revolution - There are more opportunities for them if the adopt blockchain and i don't see any reason why they will not. There will be no replacement of banks just a change in operating business models in existing banks to adopt blockchain technology.
I strongly agree with this. I don't know why people think something like Bitcoin would displace banks. If anything, for a company that provides financial services and protection, something like Bitcoin is a dream come true. For your average person, using and securing Bitcoin is quite difficult. A bank could provide all kinds of products and make all kinds of money off of those types of services. It's just a question of when imo. yep, -> A deputy director for the International Monetary Fund's Monetary and Capital Markets Department believes that central banks need to offer "better" fiat currencies in order to fend off any potential competition from cryptocurrencies.
The suggestions came in an article published Thursday, penned by deputy director Dong He. In that article – which boasts the tagline "Crypto assets may one day reduce demand for central bank money" – He argues that central banks may want to consider adopting some of the concepts in order to "forestall the competitive pressure crypto assets may exert on fiat currencies."
It's a notable statement and one that echoes past remarks from He as well as other IMF officials, including director Christine Lagarde. Indeed, Lagarde, back in March, said during an event that regulators should deploy some elements of the tech in order to "fight fire with fire."
He's argument in the latest piece is based on the possibility that, should cryptocurrencies and crypto-assets see wider adoption, there is a chance that central banks will lose their ability to influence the economy through tactics such as interest rate changes. https://www.coindesk.com/imf-official-central-banks-need-compete-crypto/
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Intercontinental Exchange, the firm that owns the New York Stock Exchange, is the latest Wall Street giant to be mulling a move into the cryptocurrency space, according to a report.
An article from The New York Times published Tuesday suggests that Intercontinental Exchange (or ICE) has been developing an online bitcoin trading platform for major investors who want access to bitcoin.
The newspaper cited emails and documents it obtained as well as conversations with four people with knowledge of the still-confidential project. https://www.coindesk.com/report-nyse-owner-ice-weighs-bitcoin-trading-platform-launch/
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As such, DAR went on a mission to figure out Blockchain's methods for what it calls "one of the longest standing mysteries in the cryptocurrency community" - bitcoin's estimated transaction value. In the company's report on the subject, published recently, DAR said Blockchain over-estimated transaction values from October to February 2017 and has mostly underestimated them since then.
Executives from Blockchain were not available for interview before press time. For the time being, the community will need to remember the old Russian proverb, repurposed by cypherpunks:
"Don't trust, verify." https://www.coindesk.com/blockchain-data-problem-bigger-think/
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The announcement was well-received, but some questioned why Ripple chose to withhold five billion from the escrow amount. 20 It was a mystery at the time, even for XRP investors and followers.
It turns out there was a reason. At that point, Ripple had not yet tried to cancel their previous years’ agreement with R3, and were forced to announce a smaller amount – 55 billion XRP – for the escrow lock-up. This would provide enough XRP – just in case – something went wrong with cancelling the outstanding options contract with R3.
This must have bothered Brad Garlinghouse -Ripple’s CEO – enough to attempt to terminate the contract with R3 amicably for both parties without legal intervention. The next month, he attempted to do so via email to David Rutter, the CEO of R3. 14 R3 wasn’t giving up on its opportunity to acquire XRP at the bargain price stipulated in the option, however. R3 sued, and then Ripple was forced to counter-sue as well. https://xrphodor.wordpress.com/2017/09/13/r3-and-ripple-deep-dive-for-xrp-investors/#one
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The owner of two well-known bitcoin websites has sparked controversy once again as he’s written an open letter to the community asking for a Proof-of-Work (PoW) consensus change. Cobra says bitcoin is slowly becoming less decentralized and he blames mining centralization. In fact, Cobra points to “one man and his company,” and that individual is Jihan Wu, the owner of the Chinese based Bitmain Technologies. Cobra says that the security of the Bitcoin core network depends solely on trusting that one company will be honorable.
“As long as they [Bitmain] control the majority of the hashrate, the only way to keep the network secure is the threat of a hard fork to a new PoW, but this will only work for as long the community is reasonably small and still overwhelmingly shares the same morals for a decentralized Bitcoin,” explains Cobra’s open letter. https://news.bitcoin.com/bitcoin-org-owner-asks-the-community-to-change-bitcoins-central-pow-algorithm/
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Coinbase Informs 13K Affected Customers Of Imminent Data Handover To IRS On Friday, Coinbase told the around 13,000 affected customers that the company would be providing their taxpayer ID, name, birth date, address, and historical transaction records from 2013-2015 to the IRS within 21 days.
Coinbase’s letter to these customers encourages them “to seek legal advice from an attorney promptly” if they have any questions. Their website also states that concerns may also be addressed on Coinbase’s Taxes FAQ. https://cointelegraph.com/news/coinbase-informs-13k-affected-customers-of-imminent-data-handover-to-irs
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