Trader Gets Six-Figure Loan to Buy Crypto, Holdings Drop by 85%

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Trader Gets Six-Figure Loan to Buy Crypto, Holdings Drop by 85%

Altcoins

An Abu Dhabi-based cryptocurrency investor has shared his story of having taken out a six-figure loan to finance virtual currency investments only to watch his portfolio lose 85 percent of its value. The investor has shared his story in the hope that it can serve as a lesson to others.

Also Read:High-Profile Thai Crypto Case: Bitcoiner Lost Over 5,500 BTC – Ringleader Fled to US 

Trader Takes Out Six-Figure Loan to Buy Crypto During December 2017

Trader Gets Six-Figure Loan to Buy Crypto, Holdings Drop by 85%Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

Investor’s Portfolio Loses 85%

Trader Gets Six-Figure Loan to Buy Crypto, Holdings Drop by 85%Crypthomie stated that his cryptocurrency portfolio comprised NEO, XLM, ETH, and LTC, in addition to “some shitcoins that lost 95 per cent of their value already.”

Since the 18th of December, NEO has fallen 78% from $75 to the current price of $16.50, and over 91% from its mid-January highs.

XLM appears to have been the best performing of Crypthomie’s investments, dropping by 18% from $0.275 on the 18th of December to $0.225 today. However, XLM has lost 75% from its January high of $0.91.

ETH has fallen by over 60% from $725 on the 18th of December, and by 80% from its all-time high of $1,400 posted at the start of the year. LTC has lost 83% from its December 18 highs of $320 to currently be trading at roughly $55.

Loans Easily Available in the United Arab Emirates

Trader Gets Six-Figure Loan to Buy Crypto, Holdings Drop by 85%Crypthomie described the loan as comprising a “simple loan” that banks give out “almost instantly in UAE,” adding “You can get $100,000 within [a] few days [in] your account without much verification.”

“I’m 32 and it was my first speculative investment. I think it’s an age where we’re still unconscious and take [a] lot of risk[s] if we don’t have big responsibilities like a kid or bills to pay,” he said.

What is your response to Crypthomie’s story? Join the discussion in the comments section below!


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New Player to Offer Next Generation ASIC Chips This Year

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New Player to Offer ASIC Chips This Year

Mining

A new competitor is advancing on plans to enter the mining hardware market by the end of the year. Canadian company Squire Mining has raised almost $20 million to finance the design, development, and testing of a new ASIC chip and bitcoin mining rig. Squire also wants to set up its own crypto mining facilities.   

Also read: Venezuela to Have Two Units of Account – Petro and Petro-Pegged Bolivar

$20 Million to Develop New ASIC Chip

Squire Mining Ltd., a Canada-based investment company focused on global resource exploration and tech projects, has closed its non-brokered private placement equity financing of $25,500,000 CAD ($19.5 million USD). The money will be invested in a planned change in business – the firm now wants to enter the crypto space.

Squire intends to use financing proceeds to fund the design, development, testing and mass production test run of the company’s “next generation” ASIC chip and bitcoin mining rig, according to a press release. A portion of the funding will be reserved for further research and development of a second generation chips and rigs, and to cover marketing, promotion and distribution expenses.

New Player to Offer Next Generation ASIC Chips This Year

The company says it hopes to complete the manufacture and assembly of a pilot production test run of its first bitcoin (BTC) mining ASIC chip and rig by the end of the fourth quarter of 2018. According to a partnership agreement with design and system engineering architecture expert Peter Kim, which was signed in March, the ASICs will be 10nm chips.

The joint venture, in which the company will hold an initial 66 2/3% interest and Kim will hold 33 1/3%, will be based in South Korea. It will be responsible for the design, development and commercialization of the highly specialized hardware. Once the ASIC chip development is completed, the enterprise will also take care with sales of bitcoin and other crypto-mining systems and work to develop its own mining facilities.

Growing Mining Industry Attracts New Competitors

Squire Mining, which is currently filing final listing documents with the Canadian Securities Exchange, notes that the development of the nextgen chips and system architecture is the central foundation for the growing crypto industry. Its entry into the mining sector, currently dominated by the Chinese giant Bitmain which controls about 80% of the market, is expected to increase competition in the space.

New Player to Offer Next Generation ASIC Chips This YearCrypto mining is a profitable business and the Beijing-based Bitmain, which also owns some of the largest mining facilities, has reported profits of more than $3 billion dollars in 2017. The mining behemoth is now trying to diversify its product line – it recently launched two new Wi-Fi routers capable of mining x11 and blake2b cryptocurrencies like dash and siacoin.

Bitmain announced the routers days after Canaan Creative, the world’s second largest manufacturer of cryptocurrency mining equipment, said it was planning to sell a TV set that doubles as a mining rig.

Other players, including companies like Samsung, are also trying to take a share of the market. This spring, the South Korean electronics giant reported increasing profits thanks to its production of bitcoin mining chips. In July, Japanese internet giant GMO launched an upgraded version of its bitcoin miner equipped with 7nm ASIC mining chips. The new rig boasts a higher hash rate and is capable of mining both bitcoin core (BTC) and bitcoin cash (BCH).

Are you expecting more companies to join the competition in the mining hardware sector? Share your thoughts on the subject in the comments section below.


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Curing the Disease of Control with Taoism and Crypto-Anarchy

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Curing the Disease of Control with Taoism and Crypto-Anarchy

Op-Ed

Many people lust for control. They need to control objects, animals, and people. This need for domination leads some to use violence to sate their urges. Their blind obedience to control unlocks a pathology that destroys their thinking faculties. It turns them into animals, driven by a fetish for control. In some ways, this need to manage their surroundings can be seen as a disease.

Also read: Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

Wisdom of Taoism and Failings of Confucianism

Curing the Disease of Control with Taoism and Crypto-Anarchy

This sickness has led to the rise of laws, monarchs, government, and the bloodied reign of the nation-state. These institutions leverage control as mass coercion and violence, and even enshrine control as a social necessity. Luckily, there is a counterbalance. There is a cure for the disease of control. It is the anarchist sentiment. Anarchists can heal humanity and transform society.

Anarchists disavow control. They yearn for an absence of domination via absence of government. They acknowledge control is an illusion. There is no way a person or group of people can control another human being. Attempting to control anything leads to suffering, strife, and chaos. Whenever people thirst for control, they become tyrants. The anarchist, however, realizes things are best left in peace. Anarchists adopted this philosophy from the ancient Taoists.

The Taoists believed attempting to control their surroundings only causes backlash. They believed in the principle of Wu Wei,  or “non-action.” This principle suggests trying to undermine the natural order does not achieve happiness. Taoists, then, focused on practicing peace of mind and compassion. They reveled in the purity and ecstasy of nature. The Taoists believed in staying in tune with nature.

Control, in their view, was not the way. It is antithetical to the ebb and flow of the universe. The sage creator of Taoism, Lao Tzu, hinted at this when he said: “Life is a series of natural and spontaneous changes. Don’t resist them – that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like.”

The Authority of Confucianism

However, Taoists believed resisting nature implies control. Taoism thus arose as a reaction to Confucianism. The Confucianists believed in control. They believed in the idea of authority. They adhered to the notion that the family’s father was the ruler. Therefore, the Confucianists ingrained familial piety into the heart of society. There was no room for equality in the family. The father was the divine leader. An online article clarified this position:

“The central focus by which Confucian standards of ethics are measured: family. Family was the foundation of moral society in Confucianism. Every member of a family had a proper relationship with the others, defined by age, sex and birth order. A minor owed the elders respect, but could also expect protection, and so, everyone was part of this system.”

Of course, this “respect for elders” often got translated as domination by elders. This hierarchical organization in the family was also mirrored in society. The Confucianists ported their authoritarianism over to the metaphysical realm and into the social ecosystem. In matters of religion, God was the father. In matters of government, king was father. Thus all power flowed from these hierarchies. And until now, the Confucianist effort triumphed over Taoism.

Curing the Disease of Control with Taoism and Crypto-Anarchy

For the most of history, iterations of Confucianism have dominated society-at-large. Sometimes it was called divine right of kings. Sometimes it was called democracy. Other times it was called fascism. Each of these systems have been brewed inside the cauldron of violence-backed hierarchy, where piety to a controlling ruler takes precedence. Only recently has the anarchic spirit of Taoism reemerged to overturn this age old hogwash.

Today, computer developers, techno-alchemists, and anarcho-entrepreneurs have been building tools that undermine control structures. These techno-Taoists are crypto-anarchists. They wield information technology to loosen control, and provide individuals with freedom from coercion. The Crypto-Taoists and anarchists have created three tools that have began to unfetter humanity and disrupt the Confucian control-class.

Internet

First is the internet. Ironically, the internet was partially crafted by coercive influences within the American government. This demonstrates the tendency for Taoist spontaneity to erupt within the context of control. The internet still represents a counterbalance. It is a techno-dialogical hymn to freedom. The internet is a packet-sharing protocol that gave birth to the digital realm, freeing the flow and transmission of information. Before the internet emerged, governments controlled social narratives and beamed media indoctrination down on the unwitting masses.

With the rise of packet sharing information, people were also freed to provide dissenting information from the comfort of their own home. This was a essentially a Taoist technology. It possessed all the hallmarks of naturalistic and spontaneous order. Now counter-cultural revolutionaries, Arab Spring demonstrators, and voluntaryist hippies have counteracted the machinations of government with their own voice, shot down the rabbit hole of society with the laser-guided precision of the internet.

Cryptocurrency

The second is Cryptocurrency. The first one was bitcoin, which was created by an anonymous figure named Satoshi Nakamoto. It is a peer-2-peer decentralized money technology, which uses proof-of-work mining to lessen the influence of central planners. It works by leveraging a network of nodes that make it resilient against sabotage. The network of currency does not possess a central point of failure.

Overall,  cryptocurrency is Taoist in nature. It seeks to be impervious to control measures. It operates on the wavelength of nature, defying most efforts to control it. That said, cryptocurrency may be imperfect on a technical level, but it still destabilizes controlling influences across the world. In this sense, cryptocurrency is the first manifestation of the Crypto-Taoist will. It is money without control or censorship if used wisely. It is money anyone can use, and it provides the impetus for a new kind of Taoist revolution that subverts control of value and decentralizes it once and for all.

Printable Guns

Finally, there are printable guns. This is one of the newest iterations of Taoist anti-control measures. It is Wu-Wei and Kung fu combined into one powerful invention. As a result of the information revolution and decentralized technology era, 3D printable guns have come bursting out of the anarchists closet, largely thanks to Cody Wilson. He is the CEO of the company Defense Distributed, and he has printed the first widely available, single-shot printable handgun without a serial number. He calls it “the Liberator.”

Anyone can find plans for The Liberator online and print it if they have all the materials and equipment. This greatly unnerves the Confucian control class, because it means anyone can print a gun regardless of regulations and controls. This idea is anathema to everything sacred to their coercive regimes. Furthermore, there are a myriad of plans for all kinds of guns, including assault rifles and military grade weaponry. The advent of printable guns may forever alter the balance of power, threatening to dethrone the Confucian elite from power.

Curing the Disease of Control with Taoism and Crypto-Anarchy

All of these crypto-anarchist technologies represent a return to Taoism. They represent a paradigm shift away from the methods of Confucius to the ways of Lao Tzu. This means society will be humbled through loss of control. It implies becoming one with nature and recognizing the urge to control is a disease that requires a counterbalance.

Furthermore, attempting to control anything inevitably creates violent people and leads to the formation of totalitarian governments. This is why the flow of nature leads toward balance and harmony. This is why artificial barriers erode with time, and the principle of control gets overturned and turned to ash.

Let go of the lust for control. Embrace change; be enraptured by the ebb and flow of technological Taoism. It has returned, and the control mentality is being heavily disrupted. This trend will continue as more anarchic tools emerge to guarantee a freer future for humanity. Be here now! The Taoist renaissance is at hand.

Do you think the spirit of Taoism is returning? What does the future of freedom look like? Let us know in the comments section below.


Images courtesy of Shutterstock


OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

High-Profile Thai Crypto Case: Bitcoiner Lost Over 5,500 BTC – Ringleader Fled to US

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High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US

News

A high-profile crypto case involving a well-known actor and model has come to public attention in Thailand following the enforcement of the country’s crypto regulations. Over 5,564 BTC were reportedly stolen from a bitcoin millionaire. The alleged ringleader has fled to the U.S. Thailand’s main crypto regulator is cooperating with the police on the case.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

High-Profile Crypto Case

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US
Actor Jiratpisit Jaravijit a.k.a. “Boom”.

A high-profile crypto fraud case has recently gained public attention in Thailand following the implementation of the country’s cryptocurrency regulations. The case involves a well-known, 27-year-old soap actor and model, Jiratpisit Jaravijit, also known as “Boom”.

The actor, his sister, brother, and six others allegedly defrauded a 22-year-old Finnish bitcoin millionaire out of 5,564.4 BTC, the Bangkok Post reported.

According to police, Aarni Otava Saarimaa and his business partner were “lured into buying shares in three companies and investing in a casino and new cryptocurrency known as Dragon Coins but had seen no returns at all on the money they put in,” the publication elaborated, adding:

They also talked the victims into believing the Dragon Coins would be used at a casino in Macao, which they took them to visit to add weight to their claim. After receiving the bitcoins from the victims, the gang sold the cryptocurrency and transferred the money into various bank accounts.

Arresting the Gang

Boom was arrested last week at a filming location in Bangkok’s Chatuchak district after police found that he received part of the swindled money; he was later released on bail, the news outlet detailed.

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US
Prinya Jaravijit, Boom’s brother.

His brother and the alleged ringleader, Prinya Jaravijit, already fled the country to the U.S. via South Korea. The Thai police’s Crime Suppression Division (CSD) which is investigating the case is asking U.S. authorities to help track him down. Boom’s sister will be turning herself in on Wednesday, according to INN News.

The CSD learned of this case in January when Saarimaa’s Thai business partner, Chonnikan Kaeosali, filed a complaint, the Bangkok Post conveyed. The Finnish bitcoiner was approached by the fraudsters in June last year.

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to USLed by deputy commander Pol Col Chakrit Sawasdee, the CSD began gathering evidence to request arrest warrants for Boom, his siblings and six other suspects. “The Jaravijit siblings face charges of money laundering after investigators found they had purchased a number of plots of land recently,” the publication described, adding that they are likely to face fraud charges too.

“This case is complicated. We had to carefully examine documents and trace the money trail. We collaborated with Amlo [the Thai Anti-Money Laundering Office] and it took us almost seven months to get approval for the arrest warrants for the first group,” Pol Col Chakrit was quoted by the news outlet. He elaborated:

A total of 51 bank accounts have been frozen and 14 plots of land worth 176 million baht [~US$5,291,403] have been frozen as the investigation into the scheme proceeds…The money needs to be frozen and brought back to the victims.

Thai SEC’s Warning

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to USAs the case unfolds, the Thai Securities and Exchange Commission (SEC), the main regulator of cryptocurrencies in the country, issued a statement warning the public of crypto-related frauds.

On August 9, Voice TV reported that Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, commented that Boom’s case may be a violation of the country’s new crypto regulations or a criminal act. Nonetheless, the SEC will collaborate with the police on the case, he confirmed.

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US
Rapee Sucharitakul.

The SEC also urged the public to be cautious when approached to invest in cryptocurrencies or crypto-related projects, emphasizing that some schemes do not involve real investments.

For initial coin offering (ICO) tokens, the regulator revealed that currently no permit has been granted to any token issuers or ICO portals.

Companies already operating crypto businesses prior to May 14 that have applied for a temporary license by August 14 are allowed to keep operating temporarily until further notice. New businesses must obtain approval prior to starting crypto operations, the regulator clarified.

What do you think of this Thai crypto fraud case? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, Instagram, and Mgr Online.


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An ICO Venture Is Trying to Take Over a Tokyo Stock Exchange Listed Company

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An ICO Venture Is Trying to Take Over a Tokyo Stock Exchange Listed Company

News

Could we soon see a token-backed project listed on one of the biggest equity venues in the world? An Asian ICO venture is reportedly trying to take over a Tokyo Stock Exchange listed firm, which would effectively make it a public company.

Also Read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

Noah Coin Coming to the Tokyo Stock Exchange?

An ICO Venture Is Trying to Take Over a Tokyo Stock Exchange Listed CompanyNoah Ark Technologies is a Hong Kong based company which developed its own crypto token, called Noah Coin. According to its website, the company has several varied plans for the use of its token, including enabling remittances for Filipino workers employed abroad in Japan, serving the tourism industry and even powering a whole new city by 2023 (called Noah City of course).

The company is apparently not content with just raising funds from cryptocurrency investors via the ICO market, as it is reportedly trying to get its foot inside on a traditional stock exchange which will allow it greater access to old ways of raising capital. Noah is a shareholder of Beat Holdings, which is listed on the Tokyo Stock Exchange, and wants the public company to issue new shares and share acquisition rights so that Noah will obtain about half the voting rights.

Not So Fast

An ICO Venture Is Trying to Take Over a Tokyo Stock Exchange Listed CompanyAn ICO company trying to sneak in through the back door into the Tokyo Stock Exchange, has raised the alarm bells at the still crypto-cautious venue. In fact, a Tokyo Stock Exchange official reportedly told the Japanese Nikkei news agency that the operators felt “troubled, to be honest” by the proceedings between Noah and Beat.

In addition to the exchange, that might not be legally able to block a takeover of a listed firm, Noah also needs to get Beat to cooperate but the current management is said to be resisting the move. A shareholders meeting is expected next month and the matter might come to a head at that point. If the takeover indeed takes place, Noah might leverage its new status as a listed company to try and get an approval from regulators for a Japanese crypto exchange of its own.

Should Japanese financial authorities block this move or welcome the company to the Tokyo Stock Exchange? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Caribbean Central Bank Explores Issuing Its Own Digital Coin

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Caribbean Central Bank Explores Issuing Its Own Digital Coin

Altcoins

A growing number of governments and central banks around the world are looking to the possibility of issuing their own digital coins these days. The latest financial institution to join this trend is the Caribbean central bank of Curaçao and Sint Maarten.

Also Read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

Crypto Guilder

Caribbean Central Bank Explores Issuing Its Own Digital CoinCentrale Bank van Curaçao en Sint Maarten (CBCS), the central bank for the Netherlands Antillean guilder, is set to explore the feasibility of issuing a digital guilder to facilitate financial payments within the monetary union of Curaçao and Sint Maarten. For this purpose, the bank signed a Memorandum of Understanding (MOU) with Barbados-based Bitt Inc., a crypto company which is part of the portfolio of Overstock.com’s Medici Ventures.

“The MOU clears the way for collaboration and information sharing regarding a feasibility study, designed to determine the viability and functionality of using a central bank-issued digital guilder within the financial ecosystems of each member, and across both members of the monetary union,” explained Rawdon Adams, CEO of Bitt.

Cashless Society

Caribbean Central Bank Explores Issuing Its Own Digital CoinGovernments and central banks who previously expressed interest in creating an altcoin of their own listed several types of reasons for the possibility. Countries with restricted access to the global financial markets, such as Venezuela, Iran, and Russia see cryptocurrencies as a way to bypass economic sanctions. In contrast, more well-connected institutions see digital coins as a way to increase supervision on transactions in their domain by eliminating fiat cash. The latter appears to be the reason in this case.

Mrs. Leila Matroos-Lasten, acting President of the CBCS, said: “The central bank is determined to address its challenges proactively by exploring the latest technology available, for example, to reduce the level of cash usage within the monetary union, and to facilitate more secure, more AML and KYC compliant, and more efficient financial transactions within and between Curaçao and Sint Maarten. The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding the efficiency of cross-jurisdictional transactions and digital payments whilst ensuring compliance and security assurances obtained by these state of the art (fintech) solutions. This would be beneficial to everyone.”

Should small island jurisdictions issue their own coins or just adopt a universal cryptocurrency like Bitcoin? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Jamaica Stock Exchange Plans to Offer Cryptocurrency Trading

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Jamaica Stock Exchange Plans to Offer Cryptocurrency Trading

Finance

The Jamaica Stock Exchange (JSE) has announced it plans to allow investors the ability to trade cryptocurrencies through the regulated stock exchange. According to the JSE, the Canadian-based Blockstation will help facilitate the crypto-trading services.

Also read: Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Jamaica Stock Exchange Plans to Facilitate Crypto-Asset Trades in 2018

Jamaica Stock Exchange Plans to Offer Cryptocurrency TradingThe Jamaica Stock Exchange is interested in offering its clientele the ability to invest in digital assets. The JSE announced on Tuesday that the organization is partnering with the company Blockstation by signing a memorandum of understanding (MoU). The MoU states the two firms will enable JSE customers the ability to trade blockchain tokens within a secure and regulatory framework. JSE says that Blockstation’s network is well suited for managing digital currency trades, and the clearing and settlement of blockchain tokens.

Satisfying Considerable Investor Interest in Digital Assets

The two organizations believe the agreement will be a milestone as it could become the first international stock exchanges that will allow cryptocurrency trades. At the moment only digital currency futures, options, and exchange-traded notes are traded in a regulated stock exchange type of environment. JSE has been working with Blockstation by completing tests and hosting a successful live workshop with brokerage members and local regulators.

“We are excited to implement this service with our clients, satisfying considerable investor interest in digital assets. We are also proud to be at the forefront of bringing innovation to capital markets,” explains Marlene Street Forrest, the Managing Director of the JSE.

We are very comfortable moving forward based on the training and support provided by Blockstation, and because their trading platform incorporates familiar compliance rules to ensure a fair marketplace.

Jamaica Stock Exchange Plans to Offer Cryptocurrency Trading

The Importance of Offering Digital Assets Through Regulated Financial Institutions

Since the JSE launched its principal stock exchange in Kingston, Jamaica the organization has seen a lot of development. To accommodate growth the JSE launched its online trading platform in 2015, which at the time was the first of its kind within the Caribbean, enabling clients to view market performance, and buy and sell securities. A broker member of the JSE from the firm Sagicor Investments, Kirk Brown, says the JSE decision to offer digital currency trading is paramount for the growth of this budding tech-driven economy.         

“It is very important for investors to be able to invest in digital assets through their traditional financial institutions,” Brown emphasizes.

It’s exciting to be at the cutting edge where digital currency demand meets safe reliable access.

What do you think about the Jamaica Stock Exchange planning to offer digital currency trading services? Let us know your thoughts on this subject in the comment section below.


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ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAs

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ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAs

Crowdfunding

In recent news pertaining to initial coin offerings (ICO) regulations, an EU report has advocated the regulation of ICOs according to crowdfunding legislation, the governor of Korea’s Jeju Island wants his jurisdiction to become a special economic zone regarding cryptocurrencies and blockchain, and the U.S. SEC has warned consumers regarding the risks of self-directed Individual Retirement Accounts that offer exposure to ICOs and cryptocurrencies.

Also Read: Markets Update: Bloody Crypto-Markets Suffer More Losses

EU Report Advocates Incorporating ICOs into Fundraising Laws

ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAsThe European Parliament’s Committee on Economic and Monetary Affairs has published a draft report proposing that initial coin offerings become regulated under crowdfunding legislation.

The report states: “This Regulation gives the opportunity to ICOs that want to prove their legitimacy to comply with the requirements of this regulation. Whilst this regulation may not provide the solution for regulating the ICO market, it takes a much-needed step towards imposing standards and protections in place for what is an excellent funding stream for tech start-ups. […] Crowdfunding service providers that wish to offer an ICO through their platform, should comply with specific additional requirements under this Regulation. However, private placements, ICOs raising in excess of 8,000,000 [euros] or ICOs that do not use a counterparty do not fall within the scope of those requirements.”

The report asserted that “at present initial coin offerings are operating in an unregulated space and consumers are at risk from fraudulent activity taking place in this market,” emphasizing that the regulation of ICOs would provide greater protection to investors.

Jeju Island Governor Seeks to Build ICO Hub

ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAsWon Hee-Ryong, the governor of Jeju Island, the largest island located off the coast of the Korean Peninsula, has requested that South Korea’s central government designate the island as a special economic zone for cryptocurrency and distributed ledger technology. The governor met with a number of policymakers and other high-ranking government officials on Wednesday, according to local media.

“Blockchain is an opportunity for Korea to take the lead in global internet platform [development], […] Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry,” Won said. “For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow [the operation of] blockchain and cryptocurrency [firms].”

Emphasizing the need for a permissive stance regarding initial coin offerings, governor Won stated: “Entrepreneurs looking to innovate should be allowed to raise funds through cryptocurrency.”

SEC Warns of Self-Directed IRAs and ICOs

The United States Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) has published a report that seeks to warn investors of the potential “risks associated with self-directed Individual Retirement Accounts (self-directed IRAs)” in which initial coin offerings and cryptocurrencies are highlighted.

The report states that “Certain self-directed IRAs allow investment in so-called “digital assets,” which include crypto-currencies, coins, and tokens, such as those offered in so-called initial coin offerings (ICOs),” asserting that “Fraudsters may use the allure associated with ICOs and other digital assets to entice self-directed IRA investors with the promise of high returns. While it is possible that digital assets may provide fair and lawful investment opportunities, they may also be conducted without SEC registration or a valid exemption from registration, and may not provide complete or accurate information to aid investors in making informed decisions.“

Lori Schock, the director of the SEC’s OIEA, stated: “Now that some self-directed IRAs include digital assets — cryptocurrencies, coins and tokens, such as those offered in so-called initial coin offerings — we think it is important to alert investors about the potential risks and fraud involved with these kinds of investments that may not be registered.”

Do you think ICOs should be governed by crowdfunding legislation? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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PR: Keynote Launches $6 Million Diversity and Inclusion Fund for the Global Blockchain Industry

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Keynote Launches $6 Million Diversity and Inclusion Fund for the Global Blockchain Industry

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Keynote Launches a new fund to support diversity and inclusion in the development and use of blockchain technology.

Keynote​ is thrilled to launch a new $6 million Fund to support diversity and inclusion in the blockchain industry. The fund exists to ensure everyone has the opportunity to play an active role in the development and evolution of blockchain and opportunities to work and develop in blockchain are open to all regardless of age, disability, gender identity or gender expression, race, ethnicity, religion or belief, sex, sexual orientation or any other equality characteristic.

This year, Keynote are particularly encouraging applications to speak, volunteer and attend the World Blockchain Forum London from young people, women and people and people with disabilities as these groups are currently under-represented in the blockchain industry. These opportunities are aimed at those who will benefit most from this opportunity and who might not otherwise have the opportunity to develop their careers and knowledge within the industry. Applications to speak, volunteer or attend will be accepted on a rolling basis and will close on Friday 17 August 2018.

Keynote’s founder and CEO, Moe Levin, commented:
Digital currencies and blockchain, are intended to be democratizing and equalising and it’s really important the industry is representative of the population across globe. Diversity is the basis for collective achievement, and we therefore need more people to join the blockchain conversation. The range of perspectives and experience diversity brings is an asset to the blockchain industry.”

Over the last six years Keynote has invested $3 million into the education of young people in blockchain in marginalized and underserved populations. This Fund will now enable Keynote to continue and extend its support to ensure the blockchain industry is inviting perspectives from a diverse range of people from across the globe to activate new ideas, conversations and educative experiences

Keynote Chief of Communications, Amandah Hendricks says:
“It’s important to understand this fund exists not only to both support diversity in blockchain technologies, it’s also about bringing more people into the general cryptocurrency conversations. Awareness and good communication are key to a more diverse and inclusive environment and this will be a big focus at this year’s World Blockchain Forum in London. We are looking to support new and fresh perspectives and give a voice to everyone.”

The $6 million Fund will be officially launched at this year’s World Blockchain Forum held in the heart of London at the Old Billingsgate. Tickets are available at: ​london.keynote.ae/tickets​ and a full list of confirmed speakers and the agenda can be found​ ​here​.

For expressions of interest, please contact Amandah Hendricks, Chief of Communications, at amandah@keynote.ae​. Applications will be accepted on a rolling basis and will close on Friday 17 August 2018.
If you would like to be a part of facilitating global change via blockchain education through a ​partnership with us, please contact Amy Issersohn, Chief Strategy Officer, at amy@keynote.ae.

About Keynote

Keynote was launched in 2012 by blockchain strategist Moe Levin. Further information and details about Keynote and the event can be found at:​ ​london.keynote.ae

The World Blockchain Forum is the world’s largest two-day blockchain conference and will feature a star-studded lineup of over 100 world class presenters including a special fireside chat with influencers who have been part of some of the largest ICOs to date. The focus is on blockchain technology; specifically investments, successful past and future icos within the industry, legal implications and regulations, and how decentralization is disrupting the banking industry.

For media inquiries, please contact Amandah Hendricks Chief of Communications, at
amandah@keynote.ae

Supporting Link
https://london.keynote.ae

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Venezuela to Have Two Units of Account – Petro and Petro-Pegged Bolivar

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Venezuela to Have Two Units of Account – Petro and Petro-Pegged Bolivar

Economy & Regulation

President Maduro’s Venezuela is preparing to effectively adopt next week two official units of account – the nation’s crypto, El Petro, and the new petro-pegged bolivar that will replace the inflated national fiat. New salary and pricing mechanisms will be implemented as well, the country’s leftist leader promised.  

Also read: Malta Tops Exchange-Based Crypto Trade, Russia Leads in OTC Volume

Venezuela Introduces Crypto-Pegged Bolivar on Monday

Starting from August 20, Venezuela will have two official units of account the state-issued, oil-backed cryptocurrency, the petro, and the new petro-pegged, denominated bolivar, comments from President Nicolás Maduro confirmed. In a televised address, published also on Twitter, the Venezuelan head of state said: “As of next Monday, Venezuela will have a second unit of account based on the price, the value of the petro. […] it will begin to operate as the mandatory unit of account for our PDVSA oil company.”

As previously revealed, Venezuelan authorities are issuing a new version of the national fiat currency. The “sovereign bolivar” will have five zeros less than the highly depreciated “strong bolivar”, whose inflation may exceed 1 million percent by the end of this year, according to the projections of the IMF. The banknotes of the denominated bolivar are expected to enter circulation within a week. Quoted by ABC Internacional, the president explains that Venezuela will have the “petro” and the “sovereign bolivar” as units of account from August 20, when the monetary conversion will take effect.

Venezuela to Have Two Units of Account – Petro and Petro-Pegged Bolivar

On Monday, Maduro said that Banco Central de Venezuela (BCV), the country’s central bank, will begin to publish official figures for the value of the sovereign bolivar in petro and the value of the national crypto in international currencies. Without further elaborating, the Venezuelan head of state ordered his ministers responsible for the economy to explain the measures to the public this week. “Venezuela is going to have a real, official indicator […] so that the speculation with the Venezuelan currency comes to an end,” Maduro said.

Crypto-Anchored Salaries and Prices?

To facilitate a smooth transition, the government has declared Monday, August 20, a non-working day, local media reported. Both the sovereign and the strong bolivar will circulate together for some time before the old currency is phased out. Nicolás Maduro assured Venezuelans that the BCV and the other public and private banks already have the new banknotes and are actively adapting to implement the changes.

The Venezuelan president also said authorities were preparing to introduce and clarify new mechanisms for determining salaries and prices of goods and services, again anchored to the petro. In his words, they will lead to a substantial improvement in the incomes of Venezuelan workers and the restoration of the price ceiling mechanism in retail.

Venezuela to Have Two Units of Account – Petro and Petro-Pegged Bolivar

As noted in the report, the oil-backed petro has been theoretically available for use in payments in the country since April. Caracas has also announced four special economic zones where goods and services can be paid with the national cryptocurrency, but the scale of the transactions carried out so far is unknown.

The details of the upcoming monetary conversion are revealed after reports that the Venezuelan National Constituent Assembly is preparing a reform to the country’s Constitution that would include the establishment of a central bank for cryptocurrencies. The institution is expected to take responsibility for the exchange, monetary and financial policy related to crypto assets.

What are your expectations for the future and the effects of Maduro’s monetary reforms in Venezuela? Share your thoughts on the subject in the comments section below.  


Images courtesy of Shutterstock.


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