Scalability is a term that we see increasingly being used in the community, especially in times of considerable demand. Scalability, Decentralization, and Security When the average transaction fee for Bitcoin steadily rose, questions were raised concerning Bitcoin’s ability to scale. Similarly, Ethereum’s scalability issues were made very clear when the viral success of CryptoKitties slowed down the entire Ethereum network. Scalability, in the context of blockchain architecture, can be looked at alongside ideas of decentralization and security, to form what Vitalik Buterin described as the ‘scalability trilemma’. The scalability trilemma…
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South Korea Mulls Over How to Cash Out State-Owned Cryptocurrency
The South Korean government is mulling over how to cash out the cryptocurrency it recently confiscated. While the most likely option is to auction the coins off using the government-owned auction platform, various concerns have been raised. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Cashing Out BTC The South Korean government is contemplating how to best cash out its recently-acquired cryptocurrency. As part of a criminal case, the government has seized 191.32333418 BTC belonging to “Ahn,” the convicted operator of a porn site. The country’s Supreme Court recently…
Read MoreBitcoin in Brief Saturday: Swiss Vote on “Sovereign Money”, Russian Banker Warns Against Crypto Ban
Swiss voters will decide this Sunday whether to turn back on fractional-reserve banking and support a “sovereign money” concept for the nation’s finances. Proponents of the initiative prescribe deeper centralization to remedy the shortcomings of the traditional financial system – a vision quite different from the decentralization that came with cryptocurrencies like bitcoin, following the 2008 global financial crisis. In today’s Bitcoin in Brief, we also cover a statement by a prominent Russian banker who warns that tight crypto regulations would hamper the development of blockchain technologies. Also read: Bitcoin…
Read MoreSEC ‘Underwhelmed’ by Lack of Enthusiasm for Regulation
Cryptocurrency exchanges dealing with ICOs are now required to register with the SEC, though one director at the independent agency claims the response has been weaker than expected. He also noted that a statement on either Ethereum or Ripple will be coming in the future. ‘We’re underwhelmed by the enthusiasm’ The US Securities and Exchange Commission (SEC) has already defined initial coin offerings (ICOs) as securities. In doing so, the independent regulatory agency requires cryptocurrency exchanges dealing with ICOs to register in order to operate legally. According to one SEC director,…
Read MorePR: How Edgar Allan Poe Inspired a Composer to Build Qravity – a Blockchain Platform for Creatives
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Deep into that darkness peering, long I stood there wondering, fearing, Doubting, dreaming dreams no mortal ever dared to dream before Lifestyles of the Poor & Famous On January 29, 1845, Edgar Allan Poe became an overnight sensation with the New York Evening Mirror’s publication…
Read MoreRegulations Round-Up: CFTC Rejects FOIA Request, SEC Not Modifying Securities Laws
In recent regulatory news, the United States Commodity Futures Trading Commission (CFTC) has rejected a Freedom of Information Act (FOIA) request regarding the subpoenas recently received by Bitfinex and Tether; the United States Securities and Exchanges (SEC) Chairman, Jay Clayton, has indicated that the regulator will not alter existing securities legislation to cater to cryptocurrencies. Maria Vullo, the Superintendent of Financial Services for the State of New York, has praised the regulatory efforts made by the CFTC and SEC in the arena of initial coin offerings, and the SEC has…
Read MoreWaltonchain (WTC) Price Climbs as Company Releases Key Product
Waltonchain is a project that aims to create a business ecosystem which successfully integrates blockchain-based technology and Internet of Things (IOT). The project gained further publicity as it was invited to a major blockchain conference in China and it announced the release of a mid-end infrared receiver chip key to the project. Waltonchain attempts to combine blockchain-based technology with RFID chips in order to successfully realize the value of IOT in its real-world application. At press time, WTC tokens are trading at $12.93, marking a near 6% increase in the last 24…
Read MoreRussia: Cryptocurrency Users Must Calculate Own Tax
Russian citizens will have to compute their own tax obligations from cryptocurrency trading, the head of the country’s tax office said on June 6. Cryptocurrency Trading Is ‘Excess Income’ In a document originally compiled last month, Alexey Sazanov, director of the Russian Ministry of Finance’s tax and customs policy department, said that cryptocurrency transactions cannot fall within standard tax practices. “The tax basis for cryptocurrency exchange operations is determined in rubles as an excess on top of the total income received by a taxpayer during the tax period from the…
Read MoreMining Manufacturer Obelisk Announces ASIC-Friendly Launchpad
Obelisk, a new ASIC manufacturer led by Siacoin developer David Vorick, has released plans for an ASIC launchpad for Proof of Work coins. Its aim is to provide new and existing cryptocurrencies with an ASIC-friendly algorithm that will mitigate the rising threat of 51% attacks. Although initially devised with the company’s own ASIC miner in mind, an open source design will allow other ASIC developers to release their own compatible units. Also read: Siacoin Developer: ASICS Are “Money Printing Machines” for Manufacturers Obelisk Proposes a More Open ASIC Algorithm New ASIC…
Read MoreCoinbase Acquires Investment Firms to Offer Regulated Crypto Securities
Coinbase is seeking to become a fully licensed broker-dealer through its acquisition of three federally regulated firms. The company is confident that it will get the approvals necessary to start offering fully-regulated crypto securities. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Coinbase as Regulated Broker-Dealer One of the world’s largest cryptocurrency companies, Coinbase, has implemented a plan to list crypto securities, the company announced on Wednesday. President and COO, Asiff Hirji, wrote: Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by…
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