Roger Ver and Ryan X. Charles Reveal the Future of Cash

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Roger Ver and Ryan X. Charles Reveal the Future of Cash

Op-Ed

The Four Seasons Hotel Hong Kong (香港四季酒店) in the city’s financial center is this week’s spot for Roger Ver’s weekly video update, a project started just about a month ago. He’s joined at the five-star retreat for the episode by Ryan X. Charles, CEO of Yours.org. The two men discussed their participation in an international conference and revealed an exciting future for decentralized, censorship resistant, cash.  

Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech

Ver and Charles Make an Entertaining, Informative Pair

“Everybody’s been excited about ‘bcash’ for quite a while,” Roger Ver (CEO of Bitcoin.com) smiled and giggled with joy at the delicious irony. “So, it’s finally here everybody!” A very relaxed Mr. Ver has taken to making weekly videos, highlighting his work within the bitcoin cash community. He was prompted to laughter by Yours.org co-founder and CEO Ryan X. Charles, joining Mr. Ver for a one-off video recently. Both men were in the glow of Antiguan entrepreneur and Coin Geek owner Calvin Ayre’s latest Hong Kong conference. Overlooking Victoria Harbour, viewers soon notice there’s a third presence in the background. Turns out, the famous International Commerce Centre building in West Kowloon, all 1,587.9 feet of it, can be seen during its LED light show.

Roger Ver and Ryan X. Charles Reveal the Future of Cash

They were laughing at the name Purse.io chose for its latest product, bcash. When trolls wish to hector bitcoin cash supporters they often employ the name. Well, the two CEOs remarked gleefully, now the association has a real use case. It’s a fork of bcoin, a full node implementation, and both agreed they’d be employing the innovation. The Purse.io adventure parallels the ecosystem’s, as viewers come to find out. Mr. Charles prompts Mr. Ver into expanding on just why Mr. Ver was such a heavy proponent and user of the tech.

Mr. Ver explained how he used Purse.io for a great many business transactions, for nearly everything. When bitcoin core (BTC) fees became untenable for transactions, he left the service altogether, cashing out his remaining BTC for bitcoin cash (BCH). With Purse.io continuing to innovate and adapt, accepting BCH and offering a handy 15% discount on Amazon purchases, Mr. Ver happily encouraged viewers to return to the service. And indeed there does seem to be a resurgence in so-called micropayment tech, as more and more businesses transition to BCH.

Fast and Furious

Mr. Charles then raves about Openbazaar’s move into decentralized cryptocurrency exchange, a very big deal in the community. Traditional exchanges ask quite a lot of potential users, with frictions in onboarding and withdrawal, not to mention invasive personal questions. They’ve long gone against a basic aspect of crypto philosophy. Mr. Ver explained the store at Bitcoin.com will also sell its goods and services on Openbazzar.

Roger Ver and Ryan X. Charles Reveal the Future of Cash

Continuing on the micropayment innovations, both praised Mr. Charles’ latest project, the Money Button. The days-old tech is a spin on Yours.org’s BCH micropayment social media concept. Mr. Charles’ content providers asked for an API usable on their own proprietary websites; a money button, if you will, for the internet. The Yours.org CEO describes the Money Button as similar to pressing Like on Facebook. The prototype looks to be pretty amazing and transformative if the tech holds up: imagine every site surfed, readers and viewers had the ability to tip in fractions of BCH as a show of appreciation. Mr. Charles is careful to stress it is still not ready for large scale deployment, but he does want folks to give it a try over the next two months in the hopes of gaining feedback and working out bugs.

These are just some of the forward-looking subjects the two shared. Celebrating the ‘Pizza Anniversary,’ Marco Coino app, shout out to those protesting on behalf of a bitcoiner being charged for ridiculous crimes, more Lightning Network folly, decentralized crowdfunding through Lighthouse, Twitter censorship games, Memo.cash, Blockpress.com, and, of course, the 32MB Bitcoin Cash upgrade and OP codes. For those wishing to keep up with the ongoings of bitcoin cash, whose innovations are coming fast and furious, or are just curious about the digital currency. Roger Ver and Ryan X. Charles are arguably the best ambassadors around. No word if the two plan further collabs in the video sense, but Mr. Ver did stress future shows will include a displayed key which Bitcoin.com Wallet holders will be able to scan for free BCH!

Are you excited about BCH adoption and innovation? Let us know what you think of this subject in the comments below.


Images via Pixabay, Youtube.


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The Privacy Coin Matrix: A Comprehensive Spreadsheet of Anonymous Digital Assets

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The Privacy Coin Matrix: A Comprehensive Spreadsheet of Anonymous Digital Assets

Privacy

After delving into the world of cryptocurrencies one can see that good majority of digital asset proponents are big fans of privacy and anonymity. Just recently a spreadsheet document was published that lists the top privacy-centric coins and the various differences between them. The paper called “Privacy Coin Matrix,” allows enthusiasts to see a comprehensive list of cryptocurrency networks that focus on promoting financial privacy.

Also read: Marvel, The Simpsons Go Crypto

Introducing the Privacy Coin Matrix

A Google Docs’ spreadsheet has been recently published on the wide variety of cryptocurrencies that aim to bolster financial anonymity. The paper is very comprehensive and includes various details about each coins’ attributes strewn across a very long spreadsheet. Coins that are present in the ‘Matrix’ spreadsheet include Bitcoin Core (BTC), Monero (XMR), Zcash (ZEC), Dash, Verge (XVG), PIVX, Bitcoin Private (BTCP), and more. There are a total of twenty cryptocurrencies listed, alongside some relatively unknown coins like Zoin (ZOI), and Colossus Coin (COLX). There are a bunch of privacy-centric coins missing from the list as well such as anon tokens like Boolberry (BBR), and Bitcoin Dark (BTCD).

The Privacy Coin Matrix: A Comprehensive Spreadsheet of Anonymous Digital Assets

There are fourteen separate sections that distinguish each coin such as the asset’s summary, features, resources, trading, supply and distribution, wallets, and privacy benefits. With each section summarizing the protocols’ features it can give a reader an in-depth look at how much privacy these networks actually give to users. For instance, in the ‘privacy’ section, readers will likely get the most information concerning anonymity methods. Both Bitcoin Core (BTC) and Ethereum (ETH) mentioned in the list fail miserably when it comes to nearly everything privacy related.

The Privacy Coin Matrix: A Comprehensive Spreadsheet of Anonymous Digital Assets

Some Coins Offer Very Little Privacy, Scaling is Dependent on Unfinished Second Layer Solutions, and Others Have No Wallet Support

The lists details that other coins such as Monero, Zash, Particl, Bitcoin Private, Zencash, Zclassic, and Sumocoin obfuscate a recipient, and a senders’ transactions with certain features. Anonymity protocols these coins use are methods like ring signatures, stealth addresses, and zsnarks (zerocoin). According to the Matrix spreadsheet many of the other coins mentioned like Dash, and Colossus show no cryptographic privacy, and they depend on techniques like Coinjoin. Further, the list also details whether or not the coins have an auditable supply and a trusted setup.

The Privacy Coin Matrix: A Comprehensive Spreadsheet of Anonymous Digital Assets

The coins’ ability to scale is also a section worth reading as it shows which cryptocurrencies have begun to scale through forks, and others waiting on technologies like Lightning to come to fruition. Other technologies mentioned in the scaling section include masternode protocols, bulletproofs, and other second layer options. Lastly, some of the coins mentioned have wallet implementations across most clients created within the industry, while other coins have very little wallet support making utility very difficult for coins like Phore, Zoin, Colossus, Spectrecoin, and Sumokoin.

The Privacy Coin Matrix: A Comprehensive Spreadsheet of Anonymous Digital Assets

Matrix List Cuts Through the Anon-Coin Hype

Besides this list, there are more anonymity focused cryptocurrencies in existence that claim to provide significant privacy for users utilizing these networks. However, the Matrix spreadsheet cuts through all the anon-coin hype, headlines, and shilling taking place across the web by separating features, attributes, and facts, into a list of things cryptocurrency proponents care about.

What do you think about the Privacy Coin Matrix spreadsheet? Are there privacy coins that you didn’t see mention in the Matrix list? Let us know your thoughts on this subject in the comments below.


Images via the Matrix, The Wachowski Brothers, and the Matrix spreadsheet. 


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Hebron Resident Accused of Laundering Millions From Stolen Credit Cards With Bitcoin

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Hebron Resident Accused of Laundering Millions From Stolen Credit Cards With Bitcoin

Security

The Tel Aviv District Court has received today an indictment against Halmi Git, a 33-year-old from the Palestinian city of Hebron, for a wide-ranging affair involving the management of forums for the sharing and sale of stolen credit card details. His forums have allegedly involved about 1,300,000 users from around the world, leading to massive fraud.

Also Read: Bitcoin in Brief Monday: New EU Rules Kill Another Crypto Venture

Stealing Even From the Moon

Hebron Resident Accused of Laundering Millions From Stolen Credit Cards With Bitcoin

According to the indictment, the defendant established the forums in 2008 and managed them until his arrest at the beginning of the month. The entrance to the forums was free of charge, but users could purchase a VIP status to receive stolen details of “fresh” credit cards, which are more likely to be still working. Additionally he published manuals and guides that provided information and tools on how to commit various computer offenses, remotely hacking computers and taking over remote computers or servers.

Halmi also allegedly committed crimes of fraud against users of his own forums. The defendant would offer selling cell phones at discounted prices, but once a user transferred him money he would block the user from the site and take his money without providing compensation. He would then publish a message, supposedly in the name of the deceived user, in which he thanked the defendant for providing the cheap mobile phone.

Apparently trying to convince investigators his actions were not motivated by specific malice towards Israelis, many of which were his alleged victims, Halmi is quoted as saying: “We are thieves, from wherever we can take money, we will take it – it does not matter where, from Israel, the US or even the moon, we will reach it and use it.”

1,071 BTC Seized

Hebron Resident Accused of Laundering Millions From Stolen Credit Cards With BitcoinAccording to the indictment, the defendant demanded that all payments to him be made through Bitcoin, to make it more difficult to locate him. In addition, Halmi acted consistently to disguise his identity by technological means, made many money transfers between different Bitcoin wallets for the purpose of covering his tracks, used online masking services to distance himself from his various accounts, and recorded parts of his property in the name of his relatives.

The Israeli State Prosecutor’s Office attributes to the defendant money laundering of at least 1,071 BTC, estimated at NIS 31,000,000. During the interrogation, in a precedent-setting move, the defendant’s Bitcoin wallet was seized and the amount found in it was transferred to a police wallet. The State Prosecutor’s Office intends to confiscate all the contents of the defendant’s Bitcoin wallets, if and when he is convicted. The case was investigated by investigators of the Israeli national cyber unit at Lahav 433.

The offenses with which Halmi is charged are: credit card fraud under aggravated circumstances (multiple offenses), receiving a thing fraudulently under aggravated circumstances, providing means for committing a crime, violating the Computers Law and money laundering.

What should be the punishment for such an alleged crime? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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Onchain Capital Founder Bullish on BCH and ETH

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Onchain Capital Founder Bullish on BCH and ETH

Economy & Regulation

The founder of Onchain Capital, and host of CNBC Africa’s ‘Crypto Trader’ show, Ran Neu-Ner, recently discussed his outlook for cryptocurrency regulation, initial coin offering (ICOs), and shared his outlook for several top cryptocurrencies markets. Mr. Neu-Ner described Bitcoin Cash and Ethereum as markets that he intends to ‘HODL’, adding that right now, he is passing on BTC in favor of more “exciting” virtual currency markets.

Also Read: Blockchair Feed Reveals Messages Encoded in the BCH, BTC and ETH Blockchains

Onchain Capital Founder Warns That Lack of Regulations May Stifle Entire Cryptocurrency Industry

Onchain Capital Founder Bullish on BCH and ETHIn an interview with CNBC‘s Fast Money, Mr. Neu-Ner described the United States Securities and Exchange Commission (SEC) as having taken an appropriate position in cautiously monitoring the cryptocurrency markets up until now, however, warned that a failure to introduce clear regulatory apparatus pertaining to virtual currencies may be to the severe detriment of the United States’ burgeoning cryptocurrency industry.

“I think the initiative by the SEC was a great one, but I think the joke is on the SEC now because they need to come up with regulation now, if they don’t come up with regulation, they may stifle an entire industry,” he said.

Mr. Neu-Ner added: “Now I know they are balancing investor protection with the need to grow an industry, but if you look to places like Japan and Singapore, they’ve got thriving ICOs, and they’ve got a thriving new industry, and my fear, having travelled extensively to that region, and spoken to all the founders and the legislators there, is that the US actually may be falling behind, and that we may not get a silicon valley here in the USA, because it may all fall into the legislations that are favourable towards these ICOs, and have got some kind of regulation in place.”

Mr. Neu-Ner Warns of Potential “Brains Drain” if Regulators Fail to Act

Onchain Capital Founder Bullish on BCH and ETHWhen questioned as to whether he believed that continual innovation in the cryptocurrency sector was contingent on the legitimation of the ICO industry, the Onchain Capital Founder stated “Well you can get the innovation without the ICOs, and that’s what the U.S. people are doing, they are establishing companies in places like Malta and Gibraltar, and Singapore, and place where there are favourable tax incentives, and places where the regulation speaks well towards ICOs.”

Mr. Neu-Ner also warned that ”the U.S may get a brains drain towards those areas – if you go to Singapore [or] Japan, you’re speaking to Americans, and they’re there because they want to launch their ICOs.”

“I think the SEC did adopt a responsible approach by taking their time to see what is happening with the industry, but now we know that crypto is real, we know [that] crypto, and the blockchain, is not going anywhere anytime soon. And now they’ve got to come to the party, and give us some kind of regulation, so we know where we stand,” he concluded.

Onchain Capital Founder Passes on BTC

Onchain Capital Founder Bullish on BCH and ETHMr. Neu-Ner also participated in Fast Money’s “HODL or FODL?” segment, in which he gave his assessment of the outlook for several major cryptocurrencies.

Regarding BTC, he stated “I like bitcoin a lot, but I’m going to FODL. Mr. Neu-Ner stated that although he believes that the price of bitcoin is currently “low,” and that the price “is going to continue to go up […] slowly and in a stable way,” Mr. Neu-Ner emphasized that ”there are more exciting cryptocurrencies out there, and if you’re going to ask me whether I’m going to put my money in bitcoin, or something more exciting, I’m going to go with something more exciting.”

When asked of if his ‘FODL’ response to bitcoin was due to greater institutional investment dampening down the volatility of the BTC markets, Mr. Neu-Ner stated “a little bit of that, but, a lot of the money is going from bitcoin, and even Ethereum and the more established coins, into this ICO frenzy.”

Mr. Neu-Ner continued: “There’s this frenzy happening which is not on the markets, […] where hundreds of millions of dollars are going into ICOs – where’s that money coming from? It’s not coming from fiat, it’s people cashing in their bitcoin and their Ethereum, and when they cash in the markets are going to go down.” Despite such, Mr. Neu-Ner does hold a bullish outlook for BTC and ETH, adding “That said, I do think the institutions are going to come in towards the end of this year – they’re going to go to bitcoin and Ethereum first, and then the market is going to go up.”

Mr. Neu-Ner Bullish on BCH and ETH

Onchain Capital Founder Bullish on BCH and ETHWhen asked of his outlook for Bitcoin Cash, Mr. Neu-Ner resolutely stated that he’s “HODLing,” adding “I think there’s a lot of potential for Bitcoin Cash, I like the team […] that are driving it – it’s all the old bitcoin people.”

Mr. Neu-Ner jokingly predicted that his stance would lead him to be “murdered on Twitter” by “the trolls and the bitcoin maximalists,” adding that “I love both Bitcoin Cash and [bitcoin] equally, but if you ask me where I put my money right now, Bitcoin Cash has more potential.”

Regarding Ethereum, Mr. Neu-Ner states “HODL for sure,” adding ”they’ve got the biggest community in the industry – thousands of people, the smartest people in the room. They’ve got use cases, [and] they’re solving their scaling issues […] so I’m holding Ethereum.”

Mr. Neu-Ner Throws XRP in the Garbage

Onchain Capital Founder Bullish on BCH and ETHWhen of XRP, the Onchain Capital founder stated: “Ripple I’m throwing in the garbage.” Mr. Neu-Ner elaborated, seeking to distinguish between “Ripple, the company – one of the best companies [he] know[s],” and “XRP, the token – [of which he] can’t work out what it’s used for.”

Mr. Neu-Ner stated that “Ripple, the company, does the banking systems, it ’replaces’ bank to bank transfers, primarily international money transfers” – adding that “you don’t need the XRP token to do that.”

Mr. Neu-Ner concluded that “So as far as I know, I can’t find a use for the token, so I’m out.” Adding “it’s centralized, and that defeats the whole purpose of blockchain.”

Do you agree with Mr. Neu-Ner’s predictions for markets? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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PR: Assembling the A Team – The Start of a New Era- INGOT Coin & Trade.io

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Assembling the A Team - The Start of a New Era- INGOT Coin & Trade.io

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.

It is no secret that everybody wants to make their own ICOs, raise funds and provide better and more efficient services. With the revolution of Blockchainit seems that we are headed towards a better, more complete and innovative future. Companies across all industries are pushing hard to be the early bird that eats the worm and achieving their legacy and create history.

So why have we not yet gained the momentum we are all waiting for. Don’t you feel like we were supposed to move even faster with all this fund raising and innovative implementations. Can we truly compare this to the revolution of the internet. Masterminds are coming together, creating new projects and ways to adventure into the world of Blockchain, Cryptocurrencies & Smart Contracts, so the real question is, how do we gain the true momentum of this technology and use it to better our lives and our future.

Same Technology, Different Race

The truth is, as humans we compete to always finish first and eventually find out that all the other participants are in a totally different race. It starts with innovation and the intention to improve the industry but surely turns to a competition on who finishes the fastest, and makes the biggest buzz. What if we told you we can change that.

What if it were possible to work together, hand in hand while sharing resources and knowledge. There are a few reasons why people are unable to partner up and work together,

1.Ego. People think it’s a weakness to cooperate or even think they are too good and can accomplish everything by themselves.

2.Fear. Market participants are scared of companies and other ICOs they do not know a lot about. There is always the assumption that any ICO could be a scam and would affect you negatively.

3.Competition, in which everyone solely focuses on themselves and any ICO trying to find an ally, believes there are many others that are doing better and can land better partnerships.

Collaboration Vs. Competition

INGOT Coin & Trade.io Assemble the A Team
C vs C — I believe in Collaboration, I don’t believe in Competition. Let’s collaborate stated by Iman Mutlaq, INGOT Coin Founder.

Iman Mutlaq Founder of INGOT Coin & Jim Preissler, CEO of Trade.io formed a partnership and plan to establish a new collaboration of a diverse set of innovative companies and market leading entrepreneurs that consists of many reputable organizations including successful and promising upcoming ICOs, experienced advisers, proven visionaries, well-accredited universities and other organizations.

It is good to compete as long as there is efficiency in the competition. Competition becomes harmful when companies are no longer focused on the main goal; how can we improve our services while using Blockchain and other technological advancement to further enhance the services provided to the people.

Both Iman and Jim have a great deal of experience in the financial sector. They both share a common goal; to collaborate and innovate together to pioneer the industry just like they have done in their careers. It doesn’t stop there, both Iman and Jim are already finalizing agreements with multiple organizations to join this alliance and unite to create an never-ending Legacy.

What to Expect Next.

Alone you might do great, alone I might do great; but together we can make history, Stated by Jim Preissler, CEO of Trade.io

Both companies have very strong teams backing them up, not to mention great Advisers, the following does not even cover half of their respective teams,

1. Iman Mutlaq@INGOTCoin Founder
2. Jim Preissler@Trade.io CEO
3. Saad Mohib@INGOTCoin ICO Adviser & Co-Founder HalalChain
4. CHIEN LEE@Trade.Io Board Member
5. DAMIAN MCDOWELL@Trade.Io Board Member
6. Ali Shibib@INGOTCoin CEO
7. CHARLES VOLTRON@Trade.Io Chief Technology Officer
8. Sydney Ifergan@INGOTCoin ICO Marketing Adviser
9. ROY GUTSHALL@Trade.io COO
10. Ahmed Khawanky@INGOTCoin CMO
11. MANMOHAN SINGH@Trade.io CSO
12. Victor Chow@INGOTCoin ICO Business Adviser
13. Bogdan Fiedur@INGOTCoin ICO Tech Adviser
14. John Van der Vos@INGOTCoin ICO Adviser
15. Darrell Emmanuel@INGOTCoin Investment Adviser
16. Will Corkin@Trade.Io Director of Consulting & Strategy
17. George Mentz@INGOTCoin ICO Legal Adviser
18. Helen Astaniou@Trade.io CMO
19. Pranav Bhatia@INGOTCoin Blockchain R&D Adviser
20. Naviin Kapoor@INGOTCoin Blockchain ICO Adviser
21. Warren Whitlock@INGOTCoin PR & Marketing Adviser

INGOT partners with Trade.io to enhance their ICO and leverage their established stakeholders with trade.io’s expert consulting services to maximize value to ingot’s ICO participants. Both teams are now working on providing to their group and establish a conglomerate of partners. They already have universities, ICOs and visionaries who share the same vision approaching the group with desire to join.

We are expecting this week to be full of surprises and new recruitment to the group. We have almost finalized with H.E Shaikh Ali Al Khalifa from Bahrain as well as multiple organization that I can not mention, just yet. Iman Mutlaq comments on the new partnership

Contact Email Address
a.khawanky@ingotcoin.io
Supporting Link
www.INGOTCoin.io

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.

LMAX Exchange Group Launches Institutional Cryptocurrency Exchange

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LMAX Exchange Group Launches Institutional Cryptocurrency Exchange

Finance

LMAX Exchange Group, which operates a UK Financial Conduct Authority (FCA) regulated FX trading venue, has announced today a physical cryptocurrency exchange dedicated to serving only institutional clients. The company says it developed LMAX Digital at the request of its existing clients who asked for a credible, efficient and trusted platform to trade with like-minded institutions.

Also Read: Bitcoin in Brief Monday: New EU Rules Kill Another Crypto Venture

Institutional Grade Crypto

LMAX Exchange Group Launches Institutional Cryptocurrency ExchangeLMAX Digital will offer access only to the most liquid crypto assets including BTC, ETH, LTC, XRP and BCH, 24 hours a day, seven days a week. The company explains that trading is governed by similar rules and principles as LMAX Exchange’s FCA regulated MTF (Multilateral Trading Facility), meaning that the exchange offers the same level of security, compliance, KYC and anti-money laundering policies and procedures as its established operations.

Other features of the service include keeping one public rulebook for all members; a central limit order book (CLOB) with streaming, firm institutional liquidity; safe and secure hot/warm/cold multi-signature wallets; and a full custodian solution. Execution details include a matching latency of under 350 microseconds; a high throughput greater than 100,000 messages per second; an uptime of 100%; and all orders time-stamped in microseconds (receipt to execution). After the launch of LMAX Digital in a London-based data center (LD4), the company intends to also roll out infrastructure in New York and Tokyo in the near future.

Game Changer

LMAX Exchange Group Launches Institutional Cryptocurrency Exchange
David Mercer, CEO, LMAX Exchange

“We are furthering the legitimisation of the crypto currency market by offering institutions a platform on which to acquire, trade and hold crypto currencies securely with high quality, deep liquidity,” said David Mercer, CEO of LMAX Exchange. “Over $10 trillion of FIAT has been traded on our exchanges to date and we have institutional clients in over 100 countries. We’ve applied everything we’ve learned in the institutional FX market to LMAX Digital, to create a fundamentally improved, secure digital exchange based on our proven trading technology, market leading liquidity and transparent and precise execution.”

“The rise of institutional trading of crypto currencies will be a game-changer for the industry. We believe our new exchange will support the transformation of the crypto market from the fringes to the mainstream. Digital currencies are, without a doubt, coming of age. Exchanges will play a crucial role in bringing the major crypto currencies into wider circulation, helping them to become accepted into conventional funds which in turn will help to support a normalisation of value,” he added.

Serious institutional money has been pouring into the crypto market since 2017, leading to the recent launch of new services catered specifically to this segment from the likes of Coinbase and others.

What do you think about this development in the institutional space? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

Sleeping in His Car and Working Two Jobs: Man Goes All In on Crypto

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Sleeping in His Car and Working Two Jobs: Man Goes All In on Crypto

Altcoins

If you had one opportunity to seize everything you ever wanted, would you capture it or just let it slip? So convinced is one man that cryptocurrency is the future, he’s given up his apartment and is living in his car while putting every spare cent towards his crypto portfolio.

Also read: Marvel, The Simpsons Go Crypto

Crypto or Bust

Last year, as bitcoin mania escalated, stories began to surface of men mortgaging their homes and going all in on crypto. But it’s not just homeowners that have given up everything in the pursuit of crypto glory: one man has forsaken his apartment in favor of living out of his car. It’s a life choice that even the most ardent of bitcoin maximalists would deem excessive, but then crypto has a tendency to attract extremists possessed with a fervent zeal.

Sleeping in His Car and Working Two Jobs: Man Goes All In on Crypto

The Canadian man, posting under the handle “Livinginmycar”, shared his sleeping arrangements on 4chan’s biz message board, where crypto traders assemble to shitpost and share portfolios. Some commenters were supportive of his cause, while others were less sympathetic, one writing: “How fucking retarded are you brainlet, when you think that crypto will make you rich?…Money was made and you missed the train. Good luck waking up with 30 and being broke.” OP (i.e the original poster who started the thread) remains undaunted however, explaining how he balks at paying $800 per month in rent because “that money belongs in my crypto stack”.

Living in a Garage, Working in a Warehouse

Sleeping in His Car and Working Two Jobs: Man Goes All In on CryptoThe man explains that he parks his car in his friend’s garage to sleep, for which he pays $40 CAD per month. Despite the cramped conditions, he hasn’t forgone all home comforts, finding space to squeeze in a memory foam mattress and comfy quilts. He’s also able to shower at a friend’s house and store some items there. As for his crypto portfolio, the unnamed Canadian is currently pinning his hopes on Collosusxt, Fundrequest, Policypal, and Dero.

During the day, the man works as a forklift driver in a warehouse and in the evenings he delivers food. His own meals come in the form of takeaway, but he claims to try and eat healthily. Some biz posters who had cheered the guy in the original thread, in which he first proposed his car living scheme, have since withdrawn their support after seeing the coins he’s coveting. OP’s portfolio reportedly stands at $6,000 CAD, but he professes to be adding an additional $2,500 per month.

Sleeping in His Car and Working Two Jobs: Man Goes All In on Crypto

While commenters were divided on whether OP will make it in his quest to become crypto rich, it was widely agreed that he’ll have a memorable tale to tell years from now. As high risk strategies go, giving up your apartment and going all in on altcoins is about as perilous as it gets. Win or lose, OP will be able to look back and know that he gave it his all in his one shot for glory.

Would you live in your car in exchange for crypto riches? Let us know in the comments section below.


Images courtesy of Shutterstock, and 4chan.


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Poland Backpedals on “Irrational” Crypto Tax After Strong Backlash

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Poland Backpedals on “Irrational” Crypto Tax After Strong Backlash

Taxes

Authorities in Poland have realized how inapplicable their decision to tax all crypto transactions really is. A high-ranking official from the Finance Ministry said in an interview that his department “accepts the irrational effect” of the tax it wanted to levy on every purchase and sale of cryptocurrency, regardless of their profitability. Other reports suggest that Warsaw has no intentions to strictly follow the letter of the current tax law before it develops a comprehensive approach towards the crypto sector.

 Also read: The Government Dilemma: How To Tax Something One Pretends Does Not Exist

Temporary Abandonment of Irrational Ideas

The Polish Finance Ministry intends to issue a new regulation to “temporarily abandon” the tax on transactions with virtual currency. It also plans to carry out “in-depth analysis” and prepare “system solutions” to regulate this particular economic space. The move comes after an interpretation of the tax code in April prompted angry reactions from the country’s crypto community, an online petition, and even protests in Warsaw.

“The Ministry of Finance has accepted the irrational effect of the PCC tax on cryptocurrencies,” Deputy Finance Minister Paweł Gruza recently told Business Insider Polska. He was commenting on his department’s decision to impose the Polish “Civil Law Transactions Tax” (PCC in Polish) on all crypto transactions. “So far, the Ministry hasn’t done anything about the PCC, except for recognizing cryptocurrencies as property rights, which automatically means obligation to pay the civil law transactions tax,” he noted.

Poland Backpedals on “Irrational” Crypto Tax After Strong Backlash

Gruza was referring to a controversial decision to tax crypto incomes and profits, which was announced less than a month before the end of the tax campaign in Poland on April 30. In an official position published last month, Ministerstwo Finansów said that Polish residents should report on their tax returns all revenues from trade and exchange for cryptocurrencies like bitcoin, litecoin and ethereum.

The notice reads that crypto incomes and gains are subject to personal income tax in accordance with the current tax legislation. Moreover, the ministry insisted that all purchases and sales of cryptocurrency, considered transfers of property rights, should be taxed regardless of the profit or loss made. The tax rate for these so called “civil law transactions” is only 1%. However, as it does not depend on their profitability, traders could potentially lose all their funds to taxes. A recent update, quoted by the Polish Press Agency, indicates that the ministry has had a second thought on the subject:

Taking into account the specificity of trading in virtual currencies, which boils down to trading these property rights through their purchase, sale and exchange, and therefore entering into multiple sale and exchange contracts, the entity that trades the virtual currency may be required to pay tax in an amount that often exceeds the funds invested.

As a consequence of this realization, plans to tax crypto transactions have been abandoned. The new regulation on the matter is expected by June 15.

Protesters Gather in Front of the Finance Ministry

The initial interpretation of the Polish tax law, which has not been updated to encompass cryptocurrencies, quite expectedly drew negative reactions from the Polish crypto community. Its members immediately organized an online petition blaming the government for effectively restricting access to the growing cryptocurrency market. The tax regime was imposed without any consultations with the affected parties.

There are indications that the strong backlash was the main factor that forced the Finance Ministry to rethink its position. After meeting protesters in front of the ministry last month, Deputy Finance Minister Paweł Gruza announced: “There will be no PCC tax on trading of cryptocurrencies before any final solutions are worked out, which will happen in no less than two years. However, we maintain the obligation to settle the personal income tax, while working on temporary solutions.”

Mr. Gruza also said that “unfortunately” those who had already paid the civil law transactions tax, would not get a refund. “We are working on legislative solutions to solve this problem,” he assured. The official added that a working group has been set up to develop “simple and transparent taxation rules” regarding cryptocurrencies. According to the Polish outlet Kryptowaluti, there is hope that the upcoming legislation will exclude the PCC tax.

Poland Backpedals on “Irrational” Crypto Tax After Strong Backlash

A new law is expected to “rationalize” the income tax regime in Poland, as well, which currently has a progressive scale with two brackets – 18% for annual incomes of up to PLN 85,528 zloty (€20,400), and 32% for those above the limit. The changes should be introduced next year. Some reports suggest that Polish crypto investors may be granted additional tax exemptions in that respect, although there has been no official confirmation of that.

On the contrary, the track record of the Polish government so far proves a rather hostile attitude towards cryptocurrencies like bitcoin. Earlier this year the executive branch of power in Warsaw approved a draft law aimed at bringing cryptos under the traditional anti-money laundering and counter-terrorism financing provisions of the Polish legislation.

Financial authorities in Poland have been accused of spending taxpayers’ money on smear campaigns against decentralized digital currencies in at least two occasions. Recently, the country’s Financial Supervision Authority (KNF) issued a new tender order to plan and conduct a campaign aimed at “building awareness” for the risks of investing in cryptocurrencies, listed alongside pyramid schemes and unsupervised forex activities. Earlier this year, it was revealed that the Central Bank of Poland and the KNF had paid a popular Polish Youtube network to produce anti-crypto videos.

Do you agree that the strong reaction of the Polish crypto community is the main reason for the decision to abandon the tax on crypto transactions? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Bitcoin in Brief Monday: New EU Rules Kill Another Crypto Venture

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Bitcoin in Brief Monday: New EU Rules Kill Another Crypto Venture

The Daily

The upcoming implementation of a major regulatory push by the European Union to control how companies can operate on the Internet has killed another venture in the cryptocurrency sphere. This story, astrology-based financial investment, and many more feature in today’s edition of Bitcoin in Brief.

Also Read: Marvel, The Simpsons Go Crypto

Parity Shuts Down ICO Passport Service

Bitcoin in Brief Monday: New EU Rules Kill Another Crypto VentureThe team behind Parity Technologies, the developers of the Parity multi-signature wallet, have announced they are shutting down PICOPS, a service used by ICO campaigns to comply with KYC/AML regulations by validating that the owner of an Ethereum wallet has already passed an ID background check. The reason for the closure is a new EU dictate called the General Data Protection Regulation (GDPR), which is meant to bring a new set of “digital rights” for EU citizens and guard their personal data. The regulation that will come into force this Friday has already killed other services in the crypto space such as the P2P exchange Cointouch and has forced others to change the way they do business such as Localbitcoins.

The Parity team explained that: “GDPR creates new and untested challenges when storing personal information on the blockchain. These challenges make running a service like PICOPS more difficult. We are looking at ways of resolving the uncertainty and making PICOPS compliant with GDPR while keeping it useful. However, as things stand, the solutions we have identified restrict the service to a very limited set of features. Because of this, the significant resources required to make PICOPS GDPR-compliant, and the fact that PICOPS is not part of our core technology stack, we have decided to discontinue the service, despite overwhelming market needs and demand.”

Indian Ban Case Shifts to Supreme Court

The Supreme Court of India has taken over the cases of Coin Recoil and others challenging the Reserve Bank of India (RBI) ban on local banks from dealing with bitcoin companies. The next hearing of this now combined case is planned for July 20, 2018.

Rashmi Deshpande, Associate Partner at Khaitan & Co., commented: “The Supreme Court has recently transferred the entire batch of petitions pending at High Court level with respect to the contentious issue of RBI effectively banning transactions in cryptocurrencies. This decision highlights the importance of this issue at a national level from not just a legal, but also an economic standpoint. We strongly believe that the RBI’s circular to effectively discourage the business of cryptocurrency exchanges is an arbitrary decision against the freedom of the right to trade guaranteed by the Constitution. We are hopeful that justice will be meted out at the Supreme Court level.”

Written in the Stars

Bitcoin in Brief Monday: New EU Rules Kill Another Crypto VentureAstrology-based financial investment is apparently a thing, and many practitioners are using it to navigate the tumultuous seas of the cryptocurrency markets. This is according to a Marketwatch report that cited a number of astro-investors and even a professional astro-analyst talking about the practice as well as their predictions.

This matter came into the forefront recently after ex-NFL star Ricky Williams shared his use of the of study of celestial objects with CNBC. “When I look at things, I tend to look at astrology to get insight. The insight that got me interested in Bitcoin was the planet Uranus is about to enter into Taurus,” he explained.

Roboforex to Compete with Wallets

Roboforex, an IFSC (International Financial Services Commission of Belize) licensed financial firm offering crypto CFDs, has introduced a new service for its clients to buy BTC with fiat directly from the broker. The company believes that its regulated status will convince users to use their accounts over existing wallets.

Denis Golomedov, Chief Marketing Officer at Roboforex, said: “Providing the ability for clients to deposit into their accounts in Bitcoin is not only an additional service, which expands clients’ opportunities, but also a standalone product, which significantly dominates over its market counterparts. Security has become very significant issue recently, as more and more information appears about hacking cryptocurrency exchanges and stealing users’ assets. Using the cryptocurrency is much more convenient and safer for clients within the framework of their trading and investment activities, using products and services provided by a regulated broker”.

What do you think about today’s news updates? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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PR: ECOMI Partners with tokidoki to Transform Characters into Digital Collectables

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ECOMI Partners with tokidoki to Transform Characters into Digital Collectables

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.

During Consensus Week in New York, Singapore-based blockchain technology company, ECOMI, announced its first license with tokidoki, the internationally recognized and iconic lifestyle brand that has amassed cult-like following for its larger-than-life characters.

ECOMI will bring tokidoki’s iconic characters into the digital world with verified ownership by creating digital tokidoki collectables in the form of a non-fungible token available on the ECOMI Collect app.

“We chose tokidoki as our first brand partner because of their ambition to expand into the digital realm when it comes to collectable items,” says David Yu, CEO of ECOMI.

“Their very diverse global audience are already collecting tokidoki’s unique characters in various forms. Being able to have verifiable ownership of unique digital art on the ECOMI Collect app is going to change the way collectables are viewed, bought, and traded.”

With the decentralized nature of blockchain, the ECOMI Collect app will simplify interactions with underlying technologies by bringing licensed digital collectables to a global audience while maintaining international standards of security, and intellectual property protection.

“We are always looking to work with innovative companies and look forward to disrupting the collectables market with ECOMI,” says Pooneh Mohajer, tokidoki Co-founder and CEO

Since the dawn of cyberspace, the nature of the Internet has made it very easy for expressions of creative works such as, but not limited to, literary, graphic, and audio-visual works, to be copied and distributed over the Internet anonymously, which has been a risk for creators.

“We feel the tokidoki characters can be applied to all products and are especially excited that we will be one of the first licenses in the digital collectables space.” says Simone Legno, tokidoki Co-founder and Chief Creative Director

A range of digital collectables will be made available in Q3 / Q4 2018 through the ECOMI Collect app, a decentralized application that employs blockchain technology to verify and trace ownership of digital commodities.

About ECOMI:
ECOMI delivers the benefits of decentralization, ownership, privacy and control to the mainstream. Operating through the ECOMI app, the ECOMI Secure Wallet and ECOMI One hardware devices enable users to securely store and interact with cryptocurrencies, digital assets and data in one user-friendly solution. ECOMI’s ecosystem is underpinned by blockchain technology in three primary areas – Protection of private keys, real-world cryptocurrency payments, and the exciting new world of crypto-collectables.

For more information, please see: www.ecomi.com

About tokidoki:
tokidoki, which translates to “sometimes” in Japanese, is an internationally recognized and iconic lifestyle brand based on the vision of Italian artist Simone Legno and his partners, serial entrepreneurs Pooneh Mohajer and Ivan Arnold. Since debuting in 2005, tokidoki has amassed a cult-like following for its larger-than-life characters and emerged as a sought-after global brand. The tokidoki universe contains a diverse array of characters across several character families, each with its own unique story. tokidoki offers an extensive range of products which include apparel, handbags, cosmetics, accessories, toys and more. As an innovative company, tokidoki is known not only for its eye-popping aesthetic and criminally cute characters but also its megawatt partnerships with the likes of iconic brands such as Hello Kitty, Karl Lagerfeld, LeSportsac, Barbie, Onitsuka Tiger, Sephora, Marvel and others.

For more information, please see: www.tokidoki.it

For more information, contact:
Rhys Skellern
ECOMI Communications Manager
rhys@ecomi.com

Supporting Link
http://ecomi.com

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.