Latest posts of: Terraformer

Swiss luxury watch brand Hublot has unveiled its new watch Big Bang Blockchain in an official announcement September 19. The new model has been released to commemorate the upcoming 10th anniversary of Bitcoin (BTC).

As per Hublot’s release, the 210-piece limited edition can only be purchased with BTC. The number of units symbolises the fact that the number of bitcoins will never exceed 21 million.

To promote and sell the model, Hublot has partnered with Octagon Strategy Limited (OSL) – a major Asian digital asset brokerage which will help process customer data during the pre-sale.

To purchase a Big Bang Blockchain, a customer has to register on a dedicated website. OSL will then confirm the data and send the payment details via email. The new Hublot model will be delivered to its buyers in the beginning of 2019.

Continue reading >> https://cointelegraph.com/news/luxury-watchmaker-hublot-unveils-new-model-available-for-bitcoin-only

A federal judge ruled that cryptocurrencies meet the definition of commodities within the regulatory framework of the US Commodities and Futures Trading Commission (CFTC).

CRYPTOCURRENCIES MEET THE DEFINITION OF COMMODITIES

The US CFTC filed a lawsuit against a technology entrepreneur Randall Crater and a company that he had founded in January. The regulator had alleged that the defendant carried out a $6 million fraud against people who wanted to purchase a shady digital currency called My Big Coin.

Allegedly, My Big Coin Pay Inc., misappropriated investors by naming their cryptocurrency in a manner which sounds a lot like Bitcoin (BTC) $6742.81 -0.54%. What is more, the company also claimed that it was backed by gold.

Boston District Judge Rya Zobel ruled on Wednesday that My Big Coin did, in fact, meet the definition of a commodity under the Commodity Exchange Act.

The judges line of reasoning is that My Big Coin and Bitcoin can be, more or less, be categorized as virtual currencies.

Continue reading >> https://bitcoinist.com/us-judge-rules-cryptocurrencies-are-commodities/

Binance CEO Changpeng “CZ” Zhao has in five years taken his initial interest in cryptocurrencies and turned his passion into one of the most successful cryptocurrency exchanges in the world.

The young CEO has even graced the cover of Forbes magazine’s crypto rich list and was highlighted as being among the wealthiest entrepreneurs operating across the cryptocurrency industry.

In a new interview with CryptoGlobe, CZ shares details on his humble beginnings, and most importantly, sheds some light as to where he sees Binance and the cryptocurrency market as a whole going in the future.

Binance CEO: The Bull Market Will Return “Any Minute”

Zhao, who admits he can “kind of influence” the price of cryptocurrencies being an outspoken exchange operator, doesn’t believe we’re in a bear market at all and calls attention to Bitcoin’s seemingly unbreakable support at $6,000. CZ also points out that Bitcoin only reached $20,000 for a “week or so” and suggests that looking at the “long term” is the best strategy.

While CZ explained that he doesn’t like to “analyze markets because anything I say will be like super scrutinized,” he went on to comment that he thinks “that any minute the bull market will return,” suggesting that October to December are “good months.”

The cryptocurrency market historically has seen growth in prices during Q4 each year. In 2017, Bitcoin prices went parabolic reaching nearly $20,000 before falling to a 2018 low of $5,800.

CZ himself says he takes a more reactive approach, and “always” buys and holds.

Continue reading >> https://www.newsbtc.com/2018/09/26/binance-ceo-discusses-the-future-of-binance-crypto-and-the-next-bull-run/

Superrich International Exchange, a popular foreign currency exchange chain in Thailand, has reportedly revealed a plan to begin offering travelers cryptocurrency exchange service in addition to 32 fiat currencies. The company has 49 locations in Thailand, one in Cambodia, one in Britain, and is also in talks with regulators to start operations in Laos.

Superrich Entering the Crypto Space

Superrich International Exchange (1965) Co. has unveiled its plans to enter the crypto space, according to local media.

Having been in business since 1965, Superrich describes itself as “The best currency exchange in Thailand with 49 locations throughout the country and 2 in other countries, with 32 currencies available.” The chain consists of 43 locations in Bangkok, six in Thailand’s provinces, one in Cambodia and one in Britain. In addition, the company is in talks with the Laotian authorities to begin money-changing operations in the country, the Bangkok Post reported on Sept. 24.

The president of Superrich, Piya Tantivachayanon, was quoted by the publication saying:

"We would offer digital asset exchange for travellers…The company also plans to offer an e-wallet service, and we’re exploring business partners[hips] to help develop technology. There are many companies from Malaysia, Britain and Laos that have expressed interest."

Continue reading >> https://news.bitcoin.com/super-rich-thai-foreign-exchange-chain-cryptocurrencies/

Some 80 representatives from the cryptocurrency and traditional finance industries trekked to Washington, D.C. on Tuesday with a singular message for U.S. lawmakers: we need regulatory clarity on cryptocurrencies and initial coin offerings (ICOs).

That message was fully on display during the "Legislating Certainty for Cryptocurrencies" event held this week at the Library of Congress. Over the course of the morning and early afternoon, stakeholders outlined the difficulties they face when launching projects and products in the U.S.

The culprit behind their woes: uncertainty as to when cryptocurrencies are treated as securities and how startups should approach compliance more broadly.

Members of Congress, it would seem, are receptive to their complaints. Congressman Warren Davidson, who hosted the event, positioned the forum as a round-table discussion to solicit input from the industry on these very points. A spokesperson for the lawmaker told CoinDesk that Warren intends to introduce "light touch" legislation sometime within the next three weeks.

Continue reading >> https://www.coindesk.com/crypto-firms-to-congressmen-we-need-clarity-on-blockchain-token-rules/

Intercontinental Exchange (ICE) confirmed its Bakkt cryptocurrency platform’s first offering will take the form of physical Bitcoin futures. ICE, which also operates the New York Stock Exchange (NYSE) released new details Tuesday, September 25.

Bakkt, which ICE has said will be a “regulated ecosystem” for institutional investors aiming to get exposure to cryptocurrency, will offer futures against at least three fiat currencies: the U.S. dollar, British pound sterling and euro.

“Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR,” the company wrote on Twitter.

“For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.”

Continue reading >> https://cointelegraph.com/news/ices-bakkt-reveals-first-crypto-product-as-physical-bitcoin-futures

Walmart plans to sell leafy greens that are tracked using blockchain technology within the next year.

In a press release published Monday, the world's largest retailer both by revenue and by employee count announced that it told its suppliers for leafy green produce to integrate a blockchain-based tracking system built in collaboration with IBM by September 2019.

According to the letter sent to suppliers, any company working with Walmart must work with the IBM Food Trust network to create end-to-end traceability in two phases. The blockchain platform will make it easier for Walmart to source any food items quickly, with the release noting that tracing such items at present is "an almost insurmountable challenge."

The move comes in the wake of an E. coli outbreak that originated in Arizona earlier this year. While authorities at the Center for Disease Control warned consumers to avoid lettuce grown near the city of Yuma, Walmart vice president of food safety Frank Yiannas noted that it was difficult for customers to confirm where exactly their produce was grown.

He added in a statement:

"None of the bags of salad had 'Yuma, Arizona' on them. In the future, using the technology we're requiring, a customer could potentially scan a bag of salad and know with certainty where it came from."

Continue reading >> https://www.coindesk.com/walmart-will-start-tracking-groceries-on-blockchain-in-2019/

The China-based Ebang Communication, one of the largest ASIC mining chip makers in the region has announced a new series of mining rigs this week at the World Digital Mining Summit in Tbilisi, Georgia. Ebang has revealed three new bitcoin mining rigs for its Ebit Miner E-11 series that claims to boast hashrate speeds between 30-44 trillion hashes per second (TH/s).

Ebang’s New E-11 Miner Claims Speeds of Up to 44TH/s

Bitcoin miners will have a lot of mining rigs to choose from, as it seems a wide variety of new machines will be entering the market shortly. This week the firm Ebang Communication has announced it will soon be launching three new ASIC mining devices for SHA-256 compatible coins. The firm’s next generation Ebit E-11 series models will utilize 10nm semiconductor technology with efficiencies up to 44J/TH. According to Ebang’s website, the E-11 series miners sales will be “forthcoming.”

Continue reading >> https://news.bitcoin.com/ebang-announces-44-terahash-e-11-miners-with-10nm-chips/

Bitcoin ATM Arrives in Shropshire, Bitchains Plans to Continue Targeting Rural UK

The first ever Bitcoin ATM has arrived in Shropshire, U.K. The machine has been installed in the Red Lion Service Station by Church Stretton-based Bitchains.

Bitchains Plans Rural Expansion Before Heading to Major Cities

In what is a first for the county of Shropshire, a Bitcoin ATM has been installed at a petrol station in the town of Wellington. The company behind the installation of the new machine is Bitchains. It is based in Church Stretton and has big plans for expansion in rural England and beyond.

Bitchains business associate, Jack Chandler, spoke to the Shropshire Star about the decision to target smaller areas:

“We are aiming at more of the remote areas to install our ATMs to spread the knowledge and importance of cryptocurrencies.”

Continue reading >> https://www.newsbtc.com/2018/09/21/bitcoin-atm-arrives-in-shropshire-bitchains-plans-to-continue-targeting-rural-uk/

U.S. Representative Tom Emmer wants to support the development and use of blockchain technology and cryptocurrencies.

To that end, the lawmaker announced a trio of blockchain-focused bills Friday, saying he intends to introduce them into Congress in the coming weeks. The bills tackle a range of issues around the blockchain space, including development, miners and cryptocurrency-related taxes.

The bills are aimed at providing support for the nascent industry, a press release said.

In a statement, Emmer said that "the United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth."

He added:

"Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the [U.S.]."

Continue reading >> https://www.coindesk.com/us-congressman-drafts-bills-to-aid-blockchain-development/

A Canadian regulated bitcoin trust has achieved the mutual fund trust status, allowing eligible investors to invest in the trust through government-sponsored tax-efficient investment plans. The investment is approved by the Ontario Securities Commission and the British Columbia Securities Commission.

Mutual Fund Trust Status

First Block Capital Inc. announced on Monday, September 10, that its flagship product, the FBC Bitcoin Trust, “has now achieved mutual fund trust status.”

As such, the trust has become the “first and only” investment product approved by the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC) to offer “unit holders the exclusive opportunity to hold units of a bitcoin investment in their Tax Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP).”

Noting that the investment is available only to accredited investors, the firm explained:

''The trust units are [now] considered a qualified investment for a mutual fund trust under the Tax Act, having exceeded 150 unit holders within one year of launching.''

Continue reading >> https://news.bitcoin.com/canadian-regulated-bitcoin-trust-mutual-fund/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

It is not terribly common for a mainstream economist to say something good about bitcoin in the period of its downtrend, but Mohamad El-Erian once again made an exception.

Cryptocurrency’s Not Going Away

The Allianz chief economic advisor said in an interview that cryptocurrencies are not dead, though they may be overvalued. He specifically mentioned bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.

Continue reading >> https://www.ccn.com/bitcoin-price-should-stabilize-near-5000-allianze-chief-economist/

Australia has been on the international front line in incorporating blockchain technology into its government departments over the past months.

In developments this year, the Australian federal government has announced that welfare payments could be delivered over blockchain through its Centrelink system. The Australian Department of Health is now actively using blockchain for the storage of medical research records. The Department of Home Affairs is also considering blockchain to bring transparency to the continent’s supply chain. Also, the country has developed a forward-thinking approach to the integration of cryptocurrency into some public services.

In November, the State Government of New South Wales plans to trial a digital drivers license backed by blockchain in Sydney. This will give 140,000 license holders in Sydney’s Eastern Beaches access to the new Secure Logic TrustGrid license.

The new smartphone license on the Service NSW app follows a similar trial held in Dubbo, an NSW town of 55,000, 303 km north-west of Sydney. There, participants were able to use their digital license to gain access to pubs and clubs as well as use as ID when stopped by roadside police for standard checks or breath testing.

Continue reading >>https://bitcoinnews.com/australian-drivers-license-goes-blockchain-in-sydney/

The recent fallout in altcoin prices, particularly ethereum, has boosted bitcoin’s dominance of the crypto market, now commanding nearly 60% of market share.

As of today, bitcoin holds 56.72% of the market compared to ethereum’s 12.62%, according to CoinMarketCap.

Bitcoin’s price woes of the past month have not been enough to compromise its market dominance, largely because ethereum’s struggles have been disproportionately fiercer.

None of the other altcoins have been a factor in the historic bitcoin/ethereum rivalry for crypto market dominance, a rivalry that has consistently favored bitcoin.

The orange line presents bitcoin’s crypto market share while the dark blue line shows Ethereum’s. Source: coinmarketcap.com

Continue reading >> https://www.ccn.com/bitcoin-dominance-eyes-60-as-ethereum-price-flounders/

A European lawmaker believes that new regulations for initial coin offerings (ICOs) are the key to making them more "accessible" within the European Union.

Ashley Fox, a Member of the European Parliament (MEP), held a meeting on Tuesday to discuss proposed regulations that would set in place new rules for ICOs and, more specifically, the people and businesses that conduct them.

Fox said that the rules would be voluntary for projects that engage in token sales, though he hopes that companies will want to abide by them if they are adopted.

The MEP's proposal would limit the proceeds for ICOs to 8 million euros, mandate know-your-customer/anti-money laundering rules, and provide token startups with access to the entire EU, he explained in an exclusive interview with CoinDesk.

"What I'm aiming to do is bring transparency to ICOs, allowing intermediaries to perform the required due diligence. And the effect of this will be to provide an EU-wide law which gives a passport to the whole market," he said.

As time goes by, he added, more companies may wish to be regulated under the framework.

Fox went on to say:

"ICOs can carry on, but if they don't fill the [criteria], they won't benefit. [Introducing the regulations] will give them a passport to the whole of the EU market, and I also think it increases transparency. Right now you have 28 countries, some have national rules for raising money and some don't have any rules at all. If you raise money in France, for example, you can only use that money in France."

Continue reading >> https://www.coindesk.com/eu-lawmaker-wants-standard-regulations-to-allow-passport-for-icos/

French energy company Engie and business consulting group Maltem are launching a new blockchain development spinoff for commercial clients, the companies announced Friday.

Dubbed Blockchain Studio, the new venture will target clients in Asia and Southern Europe, Engie said in a press release. Its first product is a software suite that "accelerates and industrializes the implementation of blockchain projects."

"Most blockchain projects stagnate at the 'proof of concept' stage and this technology still remains the domain of experts and specialists," the company said in its release.

The tools will help in developing smart contracts, "making it accessible to users with no technical knowledge," as well as managing "the establishment of blockchain infrastructure accessible in the cloud or directly on the company's server."

Continue reading >> https://www.coindesk.com/energy-giant-engie-maltem-back-new-blockchain-studio-with-2-3m/

Cryptocurrency exchange Binance CEO Zhao Changpeng dismissed rumors he planned to perform an initial public offering (IPO) September 7, following fintech startup Robinhood.

FINANCE SKILLS ‘VERY MUCH NEEDED’

After a report by Sludgefeed which suggested Binance’s recent hiring of Wall Street executive Wei Zhou as its CFO this week meant it was seeking to IPO, Changpeng denied this was the company’s goal.

“(Binance) have no plans for IPO, but that doesn’t make those experiences less valuable in our new industry. On the contrary, those are very much needed,” he wrote on Twitter.

Zhou represents a considerable skill set when it comes to financial management, Sludgefeed noting he led two major corporations through the IPO maze on Nasdaq and the New York Stock Exchange.

Continue reading >> https://bitcoinist.com/binance-ceo-no-ipo-plans/

Goldman Sachs is dropping its plans to open a trading desk focused on cryptocurrencies, Business Insider reported Wednesday.

Previous reports had indicated that Goldman was hoping to set up a trading desk for bitcoin and other cryptocurrencies by the end of June. Now, Business Insider says, officials at the investment firm realized that more steps would need to be taken for a regulated bank to trade bitcoin, including factors beyond Goldman’s control.

Continue reading >> http://fortune.com/2018/09/05/goldman-sachs-bitcoin-trading-desk/

Bahrain Minister of Electricity and Water Affairs, Dr. Abdulhussain Mirza has called blockchain technology a “true mark of progress” as he urges companies to take full advantage of its benefits.

Speaking at the SmartSec Cyber Security and Blockchain Conference 2018, Mirza said the blockchain technology is an “important advancement” that helps us find a secure way to “facilitate transactions”, News of Bahrain reports.

“Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions. Blockchain’s ability to protect user’s data is a true mark of progress, because it can be applied in different companies from different industries including cybersecurity.”

The Minister also urged Bahraini companies to embrace the initiative as it has the power to promote “innovation” among the “great minds of the community.” He also spoke on cybersecurity and its threat to the global community. According to Mirza, “cyber-security is an essential part of our lives,” and the threat of cyber attacks should not be taken lightly.

Continue reading >> https://www.ccn.com/a-huge-step-forward-bahrain-minister-hails-blockchain-technology-urges-adoption/

As economic sanctions start to bite, Iran is now looking to cryptocurrencies to ease the damage. The world’s third-largest oil-producer seeks to follow in the footsteps of Venezuela, which has issued an oil-backed digital currency called the Petro. But can Iran succeed where Venezuela is ostensibly faltering?

Iran to Start Mining Cryptocurrencies in Three Weeks

Iran has agreed to officially recognize the mining of cryptocurrencies as an industry and the Central Bank of Iran, which oversees foreign exchange and monetary policy, will draft a policy framework for the industry in the next 18 days.

The Secretary of Iran’s Supreme Council of Cyberspace, Abolhassan Firouzabadi, told IBENA – a specialized news agency in banking and economy which is affiliated to the Central Bank of Iran – that deepening the use of cryptocurrencies is envisaged to smoothen trade between Tehran and its partners, especially in the wake of renewed US sanctions.

According to IBENA, Firouzabadi stressed that mining of cryptocurrencies like bitcoin had “been accepted as an industry in the government and all related organisations..” These include the government’s Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well and Ministry of Economic Affairs and Finance.

“But the final policy for legislating it (crypto mining) hasn’t been declared yet,” said IBENA.

Continue reading >> https://news.bitcoin.com/iran-officially-recognizes-cryptocurrency-mining/