Is there a dedicated thread to the bitfinex incident? Some questions I have:
1. How was it hacked?
2. What was the amount?
3. Settlement progress.
1) Not sure.. Does anybody know exactly what the security breach was? 2) 119,756 bitcoins or ~$70Mn 3) Losses are being spread across users. All users will see a haircut of 36% and will be issued BFX tokens (essentially bitfinex IOUs) instead. |
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Hacked bitcoin exchange says it will spread losses among usershttp://www.business-standard.com/article/international/hacked-bitcoin-exchange-says-it-will-spread-losses-among-users-116080600123_1.htmlAfter suffering a crippling hack earlier this week, Hong Kong-based bitcoin exchange Bitfinex said it may spread the loss among its users, including ones not directly impacted by the hack.
"We are leaning towards a socialised loss scenario among bitcoin balances and active loans to BTCUSD positions," the exchange wrote in a blog post Friday. Bitfinex is still "settling positions and balances," and will provide more details soon, it said.
Efforts to contact Bitfinex were not immediately successful. A representative of the exchange, verified by Bloomberg, wrote on Reddit that users who either had bitcoin deposited at the exchange or who were in the process of lending US dollars for margin trading would be affected.
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Bitcoin not money, judge rules in UShttp://cio.economictimes.indiatimes.com/news/internet/bitcoin-not-money-judge-rules-in-us/53571818Bitcoin, a Florida judge says, is not real money. Ironically, that could provide a boost to use of the crypto-currency which has remained in the shadows of the financial system.
The July 22 ruling by Miami-Dade Circuit Judge Teresa Pooler means that no specific license is needed to buy and sell bitcoins.
The judge dismissed a case against Michel Espinoza, who had faced money laundering and other criminal charges for attempting to sell $1,500 worth of bitcoins to an undercover agent who told the defendant he was going to use the virtual money to buy stolen credit card numbers.
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Bitcoin regains lost ground as hackers steal $65 millionhttp://economictimes.indiatimes.com/news/international/business/bitcoin-regains-lost-ground-as-hackers-steal-65-million/articleshow/53534067.cmsBitcoin plunged, then erased losses on Wednesday as one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency.
Bitcoin was little changed against the dollar as of 10:03 am on Wednesday in New York, after sinking as much as 15%. Prices dropped 7.8% on Tuesday after declining 6.2% on Monday. Hong Kong based exchange Bitfinex said on Tuesday it halted trading, withdrawals and deposits after discovering the security breach. The exchange said it was still investigating details and co- operating with law enforcement, but acknowledged some bitcoins were stolen from its users.
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Bitcoin crashes after hacking on Hong Kong exchangehttp://www.business-standard.com/article/international/bitcoin-crashes-after-hacking-on-hong-kong-exchange-116080300814_1.htmlThe price of the world's most popular crypto-currency Bitcoin crashed this morning after one of the largest exchanges halted trading because hackers stole about $65 million of the digital currency. Globally prices fell from around $620 two days ago to around $535 per Bitcoin.
Bitcoin is mined using cryptography and its prices are based on the cost of mining. In 2009 it was trading for a few cents but as more coins are mined is cost rises as more high-end computers and continuous power are needed.
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The R3 blockchain consortium’s latest member is Thomson Reutershttp://tech.firstpost.com/news-analysis/the-r3-blockchain-consortiums-latest-member-is-thomson-reuters-328102.htmlThomson Reuters has joined a consortium of the world’s biggest financial institutions that is working on how to use blockchain technology in global financial markets, the company said on Tuesday. Blockchain technology powers the digital currency bitcoin, enabling data sharing across a network of individual computers. It has gained worldwide popularity due to its perceived usefulness in recording and keeping track of assets across practically all industries.
Thomson Reuters will be the first major data and technology provider to join R3, the consortium of more than 55 banks and other financial institutions. New York-based fintech firm R3 formed the consortium last year. Thomson Reuters is the parent company of Reuters News.
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Jack Ma takes on China opaque charities in first blockchain forayhttp://economictimes.indiatimes.com/news/international/business/jack-ma-takes-on-china-opaque-charities-in-first-blockchain-foray/articleshow/53483013.cms
Chinese billionaire Jack Ma wants to pry the lid off China's opaque charities. Ant Financial, the affiliate of Alibaba Group Holding he controls, is using the technology behind bitcoin to record transactions and improve the accountability of the country's philanthropic organizations.
The company began a tamper-proof ledger based on blockchain technology to record donations made by its more than 400 million users of Alipay, the online payments and investment service. Donors will be able to track transaction histories and gain a clearer understanding of where their funds go and how they're used, Chief Technology Officer Cheng Li said. That makes it tougher to alter records, and may help restore some of the trust that's been squandered over the years.
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5 technologies that can change your financial markets foreverhttp://economictimes.indiatimes.com/markets/stocks/news/5-technologies-that-can-change-your-financial-markets-forever/articleshow/53461544.cms
Digital disruption is making financial markets more transparent, accessible, inclusive and efficient. Moreover, it also helps the regulators get a better sense of the risks that participants typically take.
Here are the 5 technologies which can revolutionise the financial markets in the coming days:-
Bitcoin and Blockchain technologies
Blockchain, the 'distributed ledger' technology behind virtual currency Bitcoin, records financial transactions or any digital interaction in a secure, transparent, traceable, and an efficient way. Hence, it not only suits for providing a universal virtual currency but also for digital accounting and auditing the financial transactions of any nature.
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Sri Lanka is doing very well in this test as they already have lead of 196 runs with 4 wickets in hands. This match had very dramatic start as in first 2 days of game 21 wickets were down of both sides. Australia has less chances now to win in my opinion with the passage of time draw is becoming favorite as result of this test match.
Sri Lanka has done very well to bat them self's out of a hole and now take a big lead in the game. It is going to be tough now for Australia to win this game but the pitch seems to be holding up well. The key to Australia winning this game will be the opening partnership, if Australia can get a good start I think they will go on and win the game even though it will be tough batting last. Batting last is a pressure game, irrespective of how the pitch plays. Australia will have a tough time trying to win/draw this match. |
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I think Bitcoin's primary selling point is decentralization.
Any coin which attempts to deviate from that is no different - whether it is a "Fed"coin or a Bharatcoin.
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Though it seems a real fraud but in digital currency world getting 180 times the invest is not a surprise at all. With new crypto currencies emerging every now and then, one can bet on crypto currency and get filthy rich in no time!  Anybody claiming to do that with your money is definitely a fraud. If I knew of a sureshot way to get 180x of my money, I wouldn't go around trying to get others to invest in this scheme. |
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Should RBI issue a new digital Bharatcoin?http://www.livemint.com/Opinion/gUwOElKlYuZAj7HMyKFsFM/Should-RBI-issue-a-new-digital-Bharatcoin.htmlThe various prerequisites for an eventual move towards a cashless economy are gradually falling into place. India already has a new digital platform for mobile payments that is perhaps one of the best in the world. A new report by the Boston Consulting Group estimates that digital payments in India would touch $500 billion by 2020. Rajan Anandan, Google’s vice-president for South-east Asia and India, told this newspaper on Tuesday that the Indian digital payments industry is at an inflection point.
Few would remember that the Reserve Bank of India (RBI) had begun taking a serious look at the future way back in 2003, when a working group on the use of electronic money submitted its report. The central bank later seemed to have grown wary of new digital currencies such as bitcoin; it even issued formal warnings about the risks of using them. It has now decided to join the revolution through a joint committee with the finance ministry on cashless payments.
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First cryptocurrency fraud busted, kingpin arrested in Bengaluruhttp://www.newindianexpress.com/cities/hyderabad/First-cryptocurrency-fraud-busted-kingpin-arrested-in-Bengaluru/2016/07/28/article3550570.eceIn one of the first reported cases of cyber crime, involving cryptocurrency in Hyderabad, the complainant was lured to invest Rs 18 lakh on www[dot]3gcoin[dot]eu, which claimed to return 180 times the invested amount in two years.
The company’s operations head, BM Jagadeesha, was arrested in Bengaluru by the Cyderabad cyber crime team on July 16 and is now on remand.
“Though cases have been registered on the basis of cheating, forgery, fraud, impersonation, breach of trust, this is the first case of its kind registered with Cyberabad police regarding cryptocurrency,” said Md Riyazuddin, inspector of police (cyber crimes), Cyberabad.
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How do we pay taxes on BTC and how do we show it in our accounts?
You should pay taxes in INR, the same way you will pay taxes normally. Depending on how you earned/made profits on bitcoin, you should classify it accordingly (other income/ capital gains) What if someone is 18> years and making 500k+ inr every year then is it necessary for him to pay taxes ? Yes. Age really doesn't matter in this case. Even in the case of minors, income is clubbed with that of the guardian and income tax has to be paid. |
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Europe's First Regulated Bitcoin Product Launches In Gibraltarhttp://profit.ndtv.com/news/forex/article-europes-first-regulated-bitcoin-product-launches-in-gibraltar-1436089Europe's first regulated bitcoin product - an asset-backed exchange-traded instrument that will invest exclusively in the digital currency - begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse. The Web-based currency can be used to send money instantly around the world, free of charge and with no need for third-party checks. It is accepted by several major online retailers and is used in more than 200,000 daily transactions.
Its value has been highly volatile, peaking at more than $1,200 in late 2013 before crashing after the collapse of the Mt Gox bitcoin exchange. It has since stabilised somewhat, trading at around $655 on Monday, up more than 50 per cent this year.
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