The bitcoin price rally in the summer of 2019 may have been the work of PlusToken investors. The scam, highly influential in China, but largely invisible to Western traders and social media, benefited greatly from the hype and growing BTC prices. Plus Token Raised Demand for Bitcoin in Early 2019 Dovey Wan, the co-founder of Primitive Crypto, is of the opinion that the PlusToken scheme may have manipulated the bitcoin market. The BTC crash in July is also ascribed to PlusToken emptying out its wallets through Huobi. IMO PlusToken is…
Read MoreMonth: November 2019
Russian Tax Authority Registers Crypto as Part of a Company’s Capital
A company has blazed a trail in Russia, successfully convincing the country’s tax agency to accept that its equity capital now includes cryptocurrency. The change in the ownership distribution has been registered after the firm filed a set of notarized documents confirming a new investment was made in digital coins, not fiat rubles. Also read: Belarusian Bank Gets the Go-Ahead to Service Crypto Investors Investor Buys 5% of Artel’s Equity Using Bitcoin At present, cryptocurrencies don’t have any legal status and are not regulated in Russia. Yet a company called…
Read MoreUpbit Reports ‘Irregular Withdrawal’ of $51 Million in Ethereum
Upbit, one of the ‘big four’ South Korean crypto exchanges has reported an irregular 342,000 Ethereum (ETH) withdrawal from its wallet. While details remain sketchy as to the nature of the withdrawal, the platform says it will cover the amount from its corporate funds. Upbit: Irregular Withdrawal or Crypto Exchange Hack? In what seems like a possible hack, Upbit released an official statement on its website revealing an irregular withdrawal of 342,000 ETH (about $51 million) from its hot wallet. The platform did not state whether the withdrawal was due…
Read MoreAlibaba, OneConnect Leads China’s Blockchain Patent Race
Alibaba and OneConnect scored the highest in China’s recent Blockchain Patents list after they both filed IPO prospectuses at the same time. The development of blockchain technology continues to rage on across the world, and countless corporations are struggling to take the lead. A little over a week ago, on November 18th, BlockData published a new report titled China Blockchain Patents Report 2019 and the Comprehensive Strength list of China’s Blockchain Patents 2019. The report leaves little doubt as to which Chinese companies are among the strongest in the blockchain…
Read MoreWill China’s Crypto Yuan be Used for Retail Payments or Mass Surveillance?
China’s blockchain drive has been about one thing: getting its people used to a state-backed crypto asset. The People’s Republic is determined to get its crypto yuan out as soon as possible and bankers have stressed that it will be for retail use. Knowing China, there could be other motives. Crypto Yuan Nears The former governor of the People’s Bank of China, Zhou Xiaochuan, has been discussing possible implementations of the crypto yuan. According to local bitcoin outlet 8btc Zhou spoke about two types of central bank digital currencies at…
Read MoreSouth Korean Committee Passes Bill Enforcing FATF Crypto Rules
South Korea’s national policy committee has passed an amendment establishing a legal framework for cryptocurrencies. It requires crypto exchanges and service providers to register with the country’s financial regulator and comply with the recommendations set by the Financial Action Task Force. Also read: IRS Dispels Crypto Tax Confusion Committee Passes Bill On Tuesday, the South Korean National Assembly’s national policy committee passed an amendment to the Act on Reporting and Using Specified Financial Transaction Information, local media reported. Joongang Daily described on Wednesday that the bill “will establish a legal…
Read MoreDevs Discuss Formal Specification Project for Bitcoin Cash
On Monday, Bitcoin ABC’s lead developer Amaury Séchet explained in a blog post that Bitcoin Cash will be getting its own formal specification from Bitcoin Verde programmer Joshua Green. Séchet noted that although a slew of developers have written documentation, “the existing state of affairs is poorly documented.” Green and his team writing a formal specification for Bitcoin Cash is “great news” to the software engineer. Also read: Privacy-Enhancing BCH Tool Cashfusion Begins Working Behind the Scenes Bitcoin ABC’s Amaury Séchet Discusses the Attempt to Create a Formal Bitcoin Cash…
Read MoreBitcoin Cash House African Expansion to Feature in Toronto Meetup
Besides networking with the local community, bitcoin cash meetups are a great way to learn about the development of the cryptocurrency and the ecosystem from the people that make it happen. The upcoming Toronto meetup, for example, will feature new details about the expansion of the Bitcoin Cash House to Africa. Also Read: Bitcoin Cash House Launches Crypto Hub in Venezuela Toronto to Host Special Bitcoin Cash Meetup on Sunday A local group of bitcoin cash supporters from the most populous city in Canada, Toronto, is going to host a…
Read MoreAnother Research Paper Finds Flaws With the Lightning Network
On November 21, researchers from Hungary and Institute for Computer Science and Control published a critical examination of the Lightning Network, the protocol intended to amend BTC’s scalability issues. The researchers’ simulation findings indicate the Lightning Network is “economically irrational for the majority of the large routing nodes who currently hold the network together.” Also Read: Report: Lightning Network Still Way off Being Ready for Commercial Use Current Lightning Network Routing Is Not Economically Viable Many BTC supporters have long believed that the Lightning Network (LN) will be a solution…
Read MoreBitcoin-Based IRA Investments to Break $1 Billion Soon
The pension crisis is deepening across the world. As a result, Bitcoin-based retirement products are now taking center stage. Most notably, the Bitcoin IRA, which is already processing over $350 million. Investor Sentiment Is Bullish on Bitcoin The pension crisis is spreading all over the world. In many countries, retirees are seeing their pensions reduced by government ruling, by inflation, or by diminishing bond yields. Indeed, current negative bond yields can no longer provide the returns needed to fulfill the promises made to retirees. In the U.K., academics are on…
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