http://www.allcryptocurrencies.news/all-crypto-currencies/portugal-joins-spain-france-in-cash-crackdown-bitcoin-will-benefit/Portugal is the latest country to close the net on cash.
Portugal has banned cash payments over -euro;3000 as part of a crackdown on anonymous payments.
A new package of rules which came into force Aug. 23 makes payments over the limit punishable by a fine of up to -euro;9000.
Spain, meanwhile, cut the maximum permitted cash transaction from a -euro;2500 limit set in 2012 to just -euro;1000, itself moving in line with France. Any Portuguese, Spanish or French people on here to shed light as to how people are reacting to this? Are they moving to Bitcoin, or are they indifferent?
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Found a really interesting, but very long article on why the bitcoin remittance industry isn't really growing: https://www.saveonsend.com/blog/bitcoin-blockchain-money-transfer/Part of it is because the people who start up bitcoin remittance businesses know all about the technology not not much about their target consumers. Another is that those on the receiving end of the money prefer to receive their money in cash, rather than paid into a bank account or in bitcoin form. And because the recipients want cash, the senders of the remittances are willing to pay a 3-5% premium to do so. Bitcoin (and other cryptocurrencies) are being defeated by people's desire to keep their finances away from the prying eyes of govts (which can track both bank accounts and the blockchain). I thoroughly recommend reading the whole article. |
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https://www.cnbc.com/2017/08/02/cboe-bitcoin-futures-winklevoss-brothers-digital-currency-exchange.htmlThe Chicago Board Options Exchange, the largest U.S. options exchange, is planning to launch its own bitcoin derivatives trading products by early next year.
Pending review from the U.S. Commodity Futures Trading Commission, the CBOE Futures Exchange (CFE) plans to offer cash-settled bitcoin futures in the fourth quarter of this year or sometime in early 2018, according to a Tuesday announcement.
The CFTC told CNBC in a statement that, "to date, the Commission has not received a filing for a bitcoin futures contract from the CFE."
Designated contract markets like CFE do not necessarily need prior approval from the CFTC in order to list a product for trading, according to the commission's website. Rather, those designated markets can list trading products by filing a self-certification with the commission one business day before the initial listing.
"We've really come to the conclusion recently that cryptocurrencies are here to stay," John Deters, chief strategy officer of CBOE parent CBOE Holdings, told CNBC in a phone interview.
Deters said the bitcoin futures, once reviewed, will be available to both institutional and retail investors. The Chicago Board Options Exchange does eye-watering amounts of business every day - so bitcoin futures on their exchange is a big deal.
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https://www.cnbc.com/2017/09/05/dubai-real-estate-project-first-to-be-priced-in-bitcoin-michelle-mone.htmlA 250 million pound ($325 million) luxury development has been launched in Dubai — and the people behind it don't mind if you pay in bitcoin.
Announced Wednesday by British entrepreneurs Michelle Mone and Doug Barrowman, Aston Plaza and Residences spans more than 2.4 million square feet and is split across two 40-storey residential towers.
Its developers claim that it will be the "first major development" to be priced in the virtual currency bitcoin.
The studio apartments will be sold initially at a starting price of 30 bitcoin — worth $133,918.
It includes more than 1,000 apartments and a shopping mall, and is due for completion by September 2019.
Transactions will be processed by cryptocurrency payments platform BitPay, which provides payment tools to Microsoft and billionaire Richard Branson's space endeavor Virgin Galactic.
"These property purchases can now happen in minutes from anywhere in the world with the speed of sending an email," BitPay CEO Stephen Pair said in a statement on Wednesday.
"We are pleased to partner with Knox group of companies in this exciting first for Bitcoin and for property payments."
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https://cointelegraph.com/news/suddenly-bitcoin-breaks-into-uk-housing-market-as-down-paymentIt is a first for the UK that Bitcoin can now be used as a down payment in the property market. Co-living pioneer The Collective have announced that they will be accepting the digital currency as a deposit from prospective tenants.
They are also eyeing out rental payments in Bitcoin, but that will only be implemented later in the year.
It is the first time a UK property developer has opened its doors on the famous digital currency, stating that the demand actually came mostly from international customers.
The Old Oak
The Collective's online booking form for its Old Oak living scheme, an ambitious co-living development with 550 rooms, will be accepting Bitcoin as a deposit on the flats.
The standard deposit is £500, which equates to about 0.148 at time of publishing. Additionally, with the volatile nature of Bitcoin seemingly holding back its ability to be utilized as a currency, The Collective has pledged “spot conversion,” which means it will bear any financial risk while holding the deposit, returning it at the original value when the tenancy finishes.
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https://www.cryptocoinsnews.com/south-korea-tightens-bitcoin-regulations-will-punish-icos-report/South Korean regulators are reportedly strengthening the regulation and monitoring of digital currencies including bitcoin.
South Korea’s digital currency task force – a group comprising of the country’s central bank, financial regulators and digital currency companies – have discussed increased regulatory oversight into trading and business practices as a means to further consumer protection efforts.
According to Business Korea, the task force held a joint meeting on Sunday where authorities planned to introduce these increased regulations for trading among the country’s domestic exchanges. The meeting, which was attended by the National Tax Service (NTS) and the Korea Fair Trade Commission (KFTC) also saw plans drawn toward strengthening user authentication procedures at exchanges as well as ‘suspicious transaction reporting’ systems at banks for transactions related to digital currencies.
Financial Services Commission (FSC) chairman Kim Yong-beom, who chaired the task force meeting, reportedly stated:
At this point, digital currencies cannot be considered money and currency, nor financial products. It looks like this is being co-ordinated with China. South Korea has some huge exchanges (and most of bitcoincash trading is done over there).
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https://www.forbes.com/sites/kenrapoza/2017/09/03/russia-opens-first-criminal-case-involving-bitcoin/#5c2dd77d5b6eLast week, Russian police arrested three businessmen for illegally trading in 500 million rubles worth of bitcoin, or around $9 million worth of the crypto-currency. The arrest marks the start of the first-ever criminal case against bitcoin sales in Russia, Vedomosti business daily reported on Sept. 1. The Russian government has a balancing act to do: they want to show that crypto-currencies will not be tolerated as a money laundering unit, on one hand, while on the other hand want to show they are rolling out the welcome mat for bitcoin and similar technologies. It's the latter, or risk losing out on major, global, life changing opportunities going forward.
According to Ministry of Internal Affairs press officer, Irina Volk, the three defendants illegally cashed the millions in bitcoin and are being brought up on charges of "Illegal Banking". Their names have been concealed. Arrests were made approximately 260 miles northeast of Moscow in the city of Kostroma. The exchange came to light after investigators found an unusual amount of activity in bank accounts stemming from 300 bank cards and sim cards used to store the digital currency. The money was being shifted into different accounts owned by family members, prosecutors believe. They haven't bought drugs or guns - they've just been trading, and that is enough to be charged with money laundering in Russia.
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https://www.coindesk.com/btc-es-big-claim-bitcoin-withdrawals-begin-tomorrow/BTC-e, the long-running and controversial bitcoin exchange targeted by US authorities last month, has claimed that users will be able to withdraw their funds beginning Saturday.
As previously reported, BTC-e – after its original domain had been seized by law enforcement following the arrest of a Russian national and the levying of a $110 million fine for money laundering violations – said it had secured "55 [percent] of the funds" originally held by the exchange, with the rest being confiscated. Yesterday, BTC-e renewed access through a new domain, allowing users to check their balances and communicate through the chat box.
In an update, the exchange said that users would be able to withdraw the portion of their funds still available – provided that they accept a deal which would see BTC-e issue a debt token aimed at making up for the confiscated funds.
The statement reads:
"On September 2, 2017, it will be possible to withdraw 55% of the funds from the account...on the condition that our debt obligations are abandoned to the remaining 45% of funds in the form of tokens. More details about the conditions, the principle of calculation and the form of output will be available tomorrow."
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https://www.bloomberg.com/news/articles/2017-08-30/bitcoin-exchange-sees-complaints-soar-as-users-demand-moneyThe most popular online exchange for trading digital currencies is generating a surge in customer complaints this year even as investors are lured by a dramatic rise in prices.
The U.S. Consumer Financial Protection Bureau has received at least 293 complaints about Coinbase Inc., according to data reviewed by Bloomberg. That compares with about six complaints for all of 2016, and makes Coinbase the biggest recipient of CFPB virtual currency complaints this year. The website has struggled to keep up with spiking volume and longer transaction processing times as the value of bitcoin and other cryptocurrencies soared to record highs.
More than a third of the grievances came from individuals who said they were unable to access their money when promised. Many people also complained about other transaction or service problems. Accusations of fraud represented less than 15 percent of the complaints.
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https://www.coindesk.com/f2pool-reneges-mining-pool-pulls-segwit2x-support-hard-fork/Chinese mining pool F2Pool no longer supports the controversial scaling agreement Segwit2x.
Though the proposal has garnered support from many large bitcoin companies and the majority of mining pools, many take issue with its aim to boost bitcoin capacity by way of a hard fork, a mechanism that could lead the cryptocurrency to split into separate blockchain networks.
Tension has been high with developers already hotly debating the merits of the hard fork (a grassroots movement has sprung up in opposition as well), even though the change is not slated for more than two months from now.
Although F2Pool was an original signatory of the agreement, its operator Wang Chun is now among the proposal's detractors.
In an email, Chun told CoinDesk:
"No. I don't support [the] Segwit2x hard fork." I wonder if other mining pools will follow. It may mean no hardfork in November.
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https://finance.yahoo.com/news/overstock-deals-bitcoins-wild-price-swings-145542616.htmlBitcoin has always had a long history of volatility and is currently on a big upswing. For much of January, the cryptocurrency sat at under $1,000. Now, a single bitcoin is worth more than $4,610.
This volatility may be great for bitcoin investors, but the growth has hindered bitcoin’s effectiveness as a currency, as people are reluctant to spend or transact during a surge. For many, at the moment, bitcoin is largely a hedging tool or an investment.
For companies that take bitcoin as a form of payment, however, the volatility poses another challenge: dealing with accepting a currency that may change in value significantly on a daily basis. Businesses are used to dealing with fluctuating currencies, but nothing like the 385% increases that bitcoin has seen over the past few months.
In 2014 Overstock (OSTK) was the first major retailer to accept bitcoin, becoming the first billion-dollar business to take the leap. The company’s strategy was to pocket 10% of a sale in bitcoin and convert the rest into U.S. dollars. To facilitate transactions, Overstock used Coinbase’s exchange to convert digital currency in real-time.
But during the surge this year, Overstock CEO Patrick Byrne changed the online retailer’s policy in two major ways.
Overstock’s new policy: keep half
“What we do now is 50% gets turned into U.S. dollars and 50% gets held as bitcoin,” Byrne told Yahoo Finance. “So we’re accumulating that bitcoin.”
In the first week of August, Overstock announced it would be accepting nearly all major cryptocurrencies by partnering with ShapeShift, another exchange. However, alternate cryptocurrencies that the company will retain on its books will be converted into bitcoin.
Beyond holding, Byrne said the company doesn’t use any swaps or forwards or any other fancy financial instruments to hedge Overstock’s bitcoin investments.
I expect he's bitterly regretting not holding onto the bitcoins Overstock got in 2014 when the price was about $300.
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https://www.coindesk.com/embattled-btc-e-outlines-three-stage-process-bitcoin-exchange-relaunch/A forum account tied to the cryptocurrency exchange BTC-e has offered new details on how it plans to revive the services weeks after it was taken offline following a crackdown by US authorities.
In a new update, a representative for the long-running and infamous bitcoin exchange outlined how the relaunch would happen over a several week-period, occurring in three stages.
During the first part, user information will be transferred to an as-yet-unnamed company "in full compliance with the European directives on personal data and in compliance with European legislation in this field", according to the post. This is expected to be completed by September 15.
After that, an unnamed financial investment firm – referenced in past posts as a key part of the revival plan – will move to restructure the exchange's digital assets, as well as begin an accounting of the transferred user data. In the last stage, the investment firm will "audit and register personal data in accordance with AML laws and KYC identification procedures."
The representative went on to write (in a translated statement):
"In parallel with the legal issue of restructuring, users will be given the opportunity to check the integrity of the digital balance in the user's account, and users will be able to make changes in the security of the account. For chat and support, chat will be available. For these purposes, the service will be launched on the old domain (btc-e.nz). You will be able to log in and check your balance before recounting." So it looks like they might require KYC compliance before they release any funds.
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https://www.cnbc.com/2017/08/29/dark-web-finds-bitcoin-increasingly-more-of-a-problem-than-a-help-tries-other-digital-currencies.htmlCriminals are dropping bitcoin in favor of other digital currencies that are harder for law enforcement to use in tracking activities in an anonymous corner of the internet known as the dark web, analysts said.
Although hard numbers on criminal activity in digital currencies are difficult to pin down, Shone Anstey, co-founder and president of Blockchain Intelligence Group, estimates that illegal transactions in bitcoin have fallen from about half of total volume to about 20 percent last year.
"Now it's significantly less than that," he told CNBC earlier this month, noting that overall transaction volume has grown globally.
A U.S. Homeland Security official confirmed to CNBC in a phone interview on Thursday that criminals are "looking more closely at other currencies like monero and ethereum."
"What the criminals are starting to see, and some of the trends we're picking up as well, is that bitcoin also works equally just as much against you as it does for you," said the official, who didn't want to be named.
On July 20, the U.S. Justice Department and Europol announced the closure of two of the largest dark web marketplaces, AlphaBay and Hansa, which listed tens of thousands of vendors selling illegal drugs, counterfeit identification documents and other illicit products.
The DOJ said AlphaBay transactions used bitcoin, monero and ethereum, while Europol estimated a minimum of $1 billion in transactions on AlphaBay since its launch in 2014.
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https://news.bitcoin.com/large-korean-conglomerate-bitcoin-remittances-legalization/A large South Korean conglomerate is entering the Bitcoin remittance market. Dongbu Group is partnering with Bitcoin remittance service provider Sentbe via its savings bank subsidiary. The move follows the legalization of “micro” Bitcoin remittances by the Korean government.
Established in 1969, Dongbu Group is a large global conglomerate in South Korea. The group produces industry, chemical, shipping, insurance and financial products.
One of its many subsidiaries, founded in 1972, is Dongbu Savings Bank. The bank announced this week that it has signed a Memorandum of Understanding (MOU) with the Bitcoin remittance company Sentbe. An official from the bank said:
We have been working on this business alliance to prepare for the fourth industrial revolution era under the traditional savings bank business.
South Korea-based Sentbe won a fintech award for its overseas remittance concept using Bitcoin in 2016. The service allows customers to send money to the Philippines, Vietnam, Indonesia, Japan, and China. It allows users to save up to 95% of the fees charged by traditional banks, its website detailed. The recipient will receive money within 24 hours.
The new law legalizes Bitcoin foreign exchange transfers for small sums. Fintech companies wanting to provide such services must register with the country’s Financial Supervisory Service (FSS), and meet certain financial requirements. A paid-in capital of over 2 billion won, roughly $1.77 million, and a debt-to-equity ratio of below 200%, are examples of such requirements. There is a limit of $3,000 for each transfer and an annual limit of $20,000.
In accordance with the amended act, Sentbe is in the process of being approved as a “micro-foreign remittance business,” the bank revealed, adding that it is preparing to expand the market of micro-foreign remittances
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https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015/The Internal Revenue Service is using bitcoin transaction tracing tools developed by startup Chainalysis, according to a new report.
Documents obtained by Washington publication The Daily Beast show that the tax agency has been using the startup's software since 2015.
Additional data from the General Services Administration, which handles the US government's logistics, indicates that the IRS has an active contract with Chainalysis that is valid through the beginning of September. To date, the IRS has paid Chainalysis more than $88,000.
The IRS states in the documentation that it's using the software to "trace the movement of money through the bitcoin economy," going on to explain:
"This is necessary to identify and obtain evidence on individuals using bitcoin to either launder money or conceal income as part of tax fraud or other Federal crimes."
While it's no secret that US officials are interested in closer oversight of cryptocurrency activities – a group of influential senators pushed for this kind of policy shift in late May – the IRS contract is notable given the tax agency's investigation of potential tax avoiders and its ongoing lawsuit against exchange startup Coinbase.
As previously reported by CoinDesk, the IRS wants to obtain several years' worth of data on customers of Coinbase.
The startup has pushed back against the IRS in federal court, ultimately forcing the tax agency to narrow its information request. In recent days, groups like the libertarian think-tank Competitive Enterprise Institute and the Washington-based nonprofit Coin Center have moved to oppose the effort in subsequent filings. If you want true discretion, you are better off using an alt.
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From today (August 22nd) Kraken is disabling some features: https://blog.kraken.com/post/1234/announcement-delisting-pairs-and-temporary-suspension-of-advanced-order-types/The following pairs will be delisted with all outstanding orders being canceled
XBT/GBP
ETH/GBP
XRP/CAD
XRP/JPY
EOS/EUR
EOS/USD
XLM/EUR
XLM/USD
GNO/EUR
GNO/USD
REP/USD
The ability to create new advanced orders will also be temporarily suspended (so you will only be able to create basic limit and market orders)
Open orders will remain open until cancelled or executed, but you will no longer be able to create new orders in any of the following advanced types:
Stop Loss
Take Profit
Stop Loss, Take Profit
Stop Loss, Take Profit Limit
Stop Loss Limit
Take Profit Limit
Trailing Stop
Trailing Stop Limit
Stop, Limit
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https://www.coindesk.com/45-million-ukrainian-lawmakers-reveal-big-bitcoin-holdings/Recent disclosures by members of Ukraine's national legislature revealed that three lawmakers have a combined wealth in bitcoin of more than $45 million.
According to a report from RIA Novosti, Russia's international news service, the three lawmakers are all members of the "Petro Poroshenko Block," which constitutes the largest grouping of legislators within the Parliament.
Of the three named by the report, Dmitry Golubov possesses the most bitcoin: 8,752 BTC, an amount worth roughly $36 million at current prices. Alexander Urbansky possesses 2,494 BTC while Dmitry Belotserkovets owns 398 BTC, worth approximately $10 million and $1.6 million, respectively.
The disclosures come as Ukraine inches toward regulating the cryptocurrency. I wouldn't be surprised if leaders of all developing countries held bitcoin - it's the one asset that can't be frozen if you get tossed out and need to run...
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https://www.cryptocoinsnews.com/government-employee-fined-after-getting-caught-mining-bitcoin-at-work/According to a recently published disposition, a computer systems manager at New York City’s Department of Education (DOE), named Vladimir Ilyayev, was fined after getting caught using the DOE’s computers to mine bitcoin.
According to reports, Vladimir Ilyayev has been working at the DOE for over a decade and, after getting caught, wasn’t fired, but got a fine of four vacation days, worth an estimated $611, by the New York City Conflicts of Interest Board (COIB).
The employee installed a bitcoin mining program on the DOE’s computers that ran at night, between 6 a.m. and 6 p.m. This went on for an entire month in 2014, before he got caught by the DOE’s Division of Instructional and Information Technology.
However, this wasn’t the first time Vladimir Ilyayev attempted to use the DOE’s computer to mine bitcoin. According to the disposition, he made “five or six” attempts to install the bitcoin mining program, and in each one of them he was “thwarted by the DOE security software.” Since he didn’t give up, he eventually managed to bypass security protocols for a month. Four vacation days is a pretty low fine, and I expect he thinks it was all well worth the hassle.
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Full details in the following post: https://www.bitfinex.com/posts/216I think they are giving Americans 90 days to move their money. (Posting this on here because they trade alts as well as btc/fiat) |
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