Craig Wright’s Bitcoin Cash Fork Can Hit $1 Million: Fmr Reddit Crypto Dev




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According to former Reddit crypto lead-turned-entrepreneur Ryan X. Charles, there are only a couple options for the future of Bitcoin, specifically Bitcoin Cash-spinoff Bitcoin SV — it goes to astronomical highs, or it goes to zero. To illustrate his point, published the following tweet on Friday. It seems he has decided that of the two networks that came out of the BCH hard fork, he’s on the side of Bitcoin SV (BSV).

While there are of course many possibilities for the future of cryptocurrencies as a whole, and certainly any number of futures for all versions of Bitcoin, the real message of the Yours.org founder’s tweet lies in the last bit: “Adoption trumps everything.”

Yours.org One of First Services Launched on Bitcoin Cash

Charles had long advocated for larger blocks in the Bitcoin network, believing that the ability to simultaneously process millions of transactions is vital to the long-term success and viability of Bitcoin. It wasn’t until Bitcoin Cash went live that he felt he could launch Yours.org, which requires on-chain payments for people to read content — with payments as low as 1 penny being processed on a regular basis. Yours.org is something like a hyper-monetized WordPress.com or Tumblr, without building its own blockchain as Steemit has done.

In an interview with CoinGeek, he said:

“Something that I think the nChain and CoinGeek side understand that seems to have been glossed over on the ABC side is the desperate urgent need to scale right now.”

After leaving Reddit, Charles listed for a bit, floating the idea of creating a decentralized version of the social site, but eventually landed on the creation of Yours.org. More recently, he has been active on a Bitmain-backed payments project called Money Button, which makes it easy for websites to accept payments through cryptocurrencies.

It is important not to sensationalize such statements as “go to one million USD.” While many believe that various crypto tokens can hold values that high in the distant future, Charles’ primary point of view is that scaling and adoption are crucial to the success of Bitcoin — whatever version. As such, he’s chosen Bitcoin SV as his dog in the race because he believes it is best equipped for scaling.

Only time will tell what scaling strategy works best, but in the Bitcoin world, there are now three competing visions — the off-chain scaling of Bitcoin Core, the medium-careful scaling of Bitcoin ABC, and the aggressive on-chain scaling of Bitcoin SV.

Featured Image from CoinGeek/YouTube

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Bulgarian Prosecutors Detain Three Hackers Allegedly Involved in $5 Million Crypto Theft

Bulgarian Gendarmerie forces and specialized prosecutors have arrested three hackers allegedly involved in stealing $5 million in crypto, Sofia-based newspaper 24 Chasa reports Monday, Nov. 26.

Bulgarian police reportedly seized cryptocurrencies worth around $3 million, as well as the equipment allegedly used by the thefts, including computers, flash drives, and a hardware portfolio for storage of crypto data.

Apart from notebooks containing crypto accounts, the prosecutors have also seized a car that was allegedly purchased with stolen funds and worth about 60,000 in Bulgarian Lev (BGN) (about $35,000). According to prosecutors, the suspects implemented new hacking methods and performed advanced computer skills in the scam. The criminals also used specialized software for the hacking scheme.

The prosecutors reportedly launched the investigation five months ago, shortly after being informed about the first cases of the alleged scam. The suspects are currently imprisoned by order of a local specialized court.

Last week, U.S. authorities in the state of California arrested a 21-year old man from New York for the alleged theft of $1 million in crypto in a “SIM-swapping” scheme. The hacking method involves the stealing of a cell phone number in order to hijack online financial and social media accounts.

Previously, California-based law enforcement group REACT Task Force reported that “SIM swapping” has become one of its “highest priorities” in a bid to fight cryptocurrency fraud.



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At Least 12 $50 Million+ ICOs Still Haven’t Launched Tokens, Says BitMEX Research

At least twelve Initial Coin Offering (ICO) projects that raised over $50 million in their token sales have yet to launch, new data by cryptocurrency trading platform BitMEX revealed Nov. 21.

In a mailing list circular, CEO Arthur Hayes identified well-known projects such as Telegram, Filecoin and Overstock’s tZero among the twelve big ticket ICOs still yet to determine when exactly their native token will go live.

“These deals have massive valuations, and many of the most venerated token funds took down large chunks. It is unclear when, if ever, these deals will ever list on the secondary market,” he commented, continuing:

“Given the large amount of token supply out there, who will buy this s**t?”

“2019 is going to be the year of reckoning for many funds,” Hayes meanwhile concluded:

“If these things come to market, there will be no accounting tricks to hide the gargantuan losses that these funds will post.”

Hayes’ strong words summarize the troubles faced by the ICO market this year. Following almost twelve months of bear markets in cryptocurrency, many projects have hemorrhaged money, with previous research by Diar noting around 70 percent are now worth less than what they raised during their ICO funding.

Estimated in September when Bitcoin prices were around 30 percent higher than at press time, the figure is now likely to be higher still.

Other ICOs have since fallen foul of the law, with both Paragon and Airfox receiving orders to repay millions of dollars to investors by U.S. regulators, who found both guilty of selling unregistered securities in the country.



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TRX/USD Bearish, $250 million Gap for a Tron–Monero Flip

The Bitcoin—altcoin couple is the reason why altcoins resurgence depends on Bitcoin price ticks. At the moment it is a Bitcoin winter and altcoins are struggling. TRX/USD and EOS/USD prices are trending below key support levels despite Ledger Nano S providing support for EOS dApps.

Let’s have a look at these charts:

EOS/USD Price Analysis

Despite the biting market conditions, you can now use your Ledger Nano S to interact with EOS dApps. Nonetheless, some functions as Chintai or removing orders from DEXs aren’t available.  Ledger will soon release a firmware to fix this. To explore EOS dApps, all you have to do is update the Ledger Live app and the EOS software before activating “arbitrating data” under settings. Thereafter you can import your Ledger Key into Scatter and you are good to go.

Price wise EOS is perched at fifth but volatility is low shedding 1.2 percent in the last day. Nevertheless, our previous EOS/USD trade plan is valid. As long as EOS is trading below $4, investors can unpack EOS at spot and wait for prices to shrink to $1.5 before searching for buying opportunities on pull backs. Meanwhile traders can short at spot prices with stops at Nov 20 highs at around $4.3 aware that price spikes that hit these stops invalidate this projection.

LTC/USD Price Analysis

LTC/USD Price Analysis

It’s all red for Litecoin and like before, sellers are in charge. However, at spot prices and factoring in volumes and weekly trade ranges, odds are LTC prices would bounce back towards $40 or Nov 20 highs. Because of this we recommend traders to hold off from unloading at spot prices and instead exercise patience.

Read: Top Tech Stocks Lost More Than Entire Crypto Market Since All-Time High

Once there is a recovery and bulls print higher, investors seeking to cut losses can exit while traders can initiate shots with stops at $45-$50 and first targets at $30, $20 or even $15. However strong high volume surges clearing $50 would invalidate this bear projection as it would perhaps trigger the next wave of buy activity thrusting prices towards $55–$60.

XLM/USD Price Analysis

XLM/USD Price Analysis

As long as XLM/USD is moving inside this 15 cents trade range with supports at 15 cents and resistance at 30 cents, our previous XLM/USD trade plan is valid. Notice that sell momentum is picking up thanks to Nov 19–20 high volume losses that reversed Nov 14-15 bulls.

Though we are optimistic of a recovery because prices are down +85 percent from 2017 peaks and Fibonacci retracement rules point to possible pull backs towards the 38.2 and 23.6 percent levels at around 30 cents and 45 cents, declines below 15 cents shall bin this forecast. Instead, prices could sink towards 8 cents.

TRX/USD Price Analysis

TRX/USD Price Analysis

This week’s decline didn’t spare TRX and even with Justin Sun shills and superior transactions, TRX/USD is down 28 percent. TRX is still $250 million away from replacing Monero in tenth though the cap could widen if there are drops confirming the bear breakout below Aug lows at 1.5 cents.

Also Read: Gigantic Opportunities: Blockchain Capital Partner Touts Crypto Bullishness

From our previous TRX/USD price analysis, bears are definitely in control. Since our trade conditions are true, we suggest shorting at spot prices with stops at Nov 20 highs at 1.6 cents and targets at Jan 24 lows.

IOT/USD Price Analysis

IOT/USD Price Analysis

Technically IOT/USD is bearish and one of the top losers this week. IOTA is down 26 percent in the last week and with prices finding support at 30 cents, our first targets, we expect a follow through today. For our bull projection to be valid, we need to see strong surges above 50 cents and the main resistance trend line.

However, should there be retest and a sell signal print in lower time frame at or around the 45 cents—50 cents zone then investors should dump their longs and fade the trend with targets at 30 cents and later 20 cents.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Mining Pool Offers ‘One of the Fastest Engines’ for 3.5 Million Miners

On Nov. 14, MinerGate, a top-tier mining pool platform with 3.5 million users worldwide, has released the final version of their xFast Miner engine. As Claude Lecomte, the CEO and Founder of MinerGate reported to Cointelegraph, the brand new version of the engine has significantly increased the level of performance and functionality of the platform.

According to the company’s website, MinerGate provides miners with a high-quality merged-mining service, with 99.97 percent uptime, withdrawal amounts starting from 0.01 coins, and convenient smart mining features.

New engine, faster than ever

In the latest xFast Miner’s version, MinerGate has noticeably increased the mining speed for each of the 11 supported cryptocurrencies – including BTC, BTG, ZEC, XMR, and others – that can be mined with the app. Therefore, the new engine is capable of boasting a performance improvement of “up to 20 percent in terms of hash rate, depending on the algorithm of the mined coin compared to the previous hash rate,” reports the official press release.

At the same time, the new version is now compatible with a majority of the utilized GPUs on the market, as the update was also aimed at expanding the platform’s hardware support. Also, the new miner has both command line and general user versions of the interface.

“Now MinerGate provides users with some of the fastest hash rates among collective mining pools, with an industry-best hash rate of 283 for Monero among other standouts,” commented Lecomte. With this update, MinerGate intends to set a new standard of efficiency and functionality on the mining platform.

Previously, the beta version of MinerGate xFast Miner, released in September, was downloaded by more than 80,000 users. The further-improved, final version is now available for all MinerGate users.

Setting the new standard

In order to compare MinerGate’s xFastMiner to its competitors, the company provided a press release containing the following statistics of the most popular open-source miners: XMRig, Claymore, XMR-Stak, Ethminer for ETH, and Bminer for ZEC.

According to the data, the xFast miner appears to be the best solution for GeForce CUDA mining. Only ZEC mining on the CUDA GTX 960 configuration is better with Bminer, but the Minergate team says it is already working to improve this index too.

“xFast mining on AMD OpenCL configurations gives the user a tangible advantage for XMR and ETH mining,” reads the press release.

Although CPU mining is not the main solution for these coins, xFast miner shows comparable results with competitors:

Recently MinerGate launched its brand-new BTC mining pool. It is MinerGate’s first public SHA-256-based BTC mining pool, opening new frontiers for listing SHA-256-based PoW cryptocurrencies.

The company emphasizes that just having good hardware is not enough for efficient mining in today’s market. As it states, even on a standard configuration, a user can get a significant performance increase by choosing the right software miner. With this idea in mind, the MinerGate team aims to challenge their peers and competitors by launching an updated mining engine, which is supposed to become a turning point for the mining industry.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.



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Christie’s Records $318 Million Art Sale on a Blockchain




A new milestone in blockchain adoption has been set with the successful recording of a record-breaking art sale on a blockchain.

On November 13, the Barney A. Ebsworth Collection sale at the famous Christie’s auction house in New York raised a total of $317,801,250, in the process becoming the most valuable art auction to ever to be recorded on a blockchain. In a press release about the auction, Christie’s revealed that the auction was handled in partnership with art-focused technology provider Artory, using its permissioned blockchain to host the auction information.

Record-Breaking Sales Figures

On a night that saw several sales records for American art pieces broken, at least thirteen auction records were set, with Edward Hopper’s Chop Suey alone fetching an eye-popping $91,875,000. The auction saw participants from 23 countries bidding for an art collection curated by famous collector Barney A. Ebsworth which had the work of famous artists like Jackson Pollock, William de Kooning, Charles Demuth and Georgia O’Keeffee.

In total, 42 art pieces were auctioned off, with Artory’s private Ethereum blockchain implementation recording the details of the sale. The permissioned blockchain known as The Registry logs all significant information in the life cycle of an artwork such as sales, final prices, auction dates, item titles, restorations and thefts. The only information not stored is the identity of owners, which ensures that the privacy of art collectors and investors is strictly respected.

In so doing, all prospective buyers have a secure and immutable digital record of the history artwork they are buying, ensuring that they do not lose money purchasing fakes. Every time the artwork is sold, a digital certificate is generated, which enhances buyer assurance and helps Christie’s ensure that only original artworks are auctioned in its premises.

In October, CCN reported that Christie’s announced a partnership with Artory to register its artwork sales and increase transparency in the artworks and collectibles auction space. According to information revealed at the time, the Barney A. Ebsworth collection sale, expected to generate more than $300 million will be the first implementation of the partnership, as the 252 year-old auction house looks to build on its impressive 2018 performance that saw it auction an amazing $4.04 billion worth of art in the first half of 2018.

On Thursday, a new batch of 49 pieces from the Barney A. Ebsworth collection – described as the ‘most important privately-held collection of 20th Century American Art’ – are set to go on auction, with Artory’s blockchain recording solution set to be utilised again.

Featured image from Shutterstock.

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Chinese Blockchain-Related Company Xunlei Reports $45.3 Million Q3 Revenue

Chinese desktop software and blockchain-related company Xunlei has published its Q3 report Wednesday, Nov. 14. According to the report, the firm’s revenue increased in 2018 after the introduction of blockchain services.

The report notes that the company’s Q3 revenue reached $45.3 million, representing an increase of 1.1% year-over-year. The firm attributed $19.8 million of that revenue to its cloud and Internet value-added services sectors, which is an increase of 8.3 percent over the same period last year.

Lei Chen, CEO of Xunlei group, stated that blockchain remains one of the key investment areas for the company, noting:

“We believe that blockchain is a technology that can change our lives, and we will strive to make it available in different areas in a simpler and more cost-effective way.”

The company specifically mentioned its blockchain platform ThunderСhain, which has been launched this year, and lists recent blockchain-related partnerships, including a deal with the largest media group in China, People’s Daily, which is also the official newspaper of the Communist Party of China.

Xunlei, known for its P2P software and BitTorrent client and especially popular in China, re-oriented towards blockchain technology development in October 2017.

Back then, following a sustained downturn over two years, the company announced its first blockchain-driven initiative: the Link Token, which could be used to pay for some of Xunlei’s services. Shortly after, Xunlei became the best performing stock on Nasdaq, seeing up to 75 percent increase in shares, according to Bloomberg.

Later, in November, Xunlei came under scrutiny from China’s financial regulator following a state ban on Initial Coin Offerings (ICO). Consequently, its shares fell 40 percent. Despite the loss, Xunlei launched two new blockchain products in the spring, StellarCloud and ThunderChain Open Platform. Several months after the launch, the company’s CEO Lei Chen claimed that in Q2 Xunlei saw a $65.8 million in revenue, meaning a growth of over 70 percent on a year-over-year basis.

As Cointelegraph previously reported, in 2018 Xunlei also partnered with People’s Daily to construct a laboratory for “technology innovation” at the People Capital’s Blockchain Research Institute. Moreover, the two will develop a blockchain-driven platform to organize competitions, seminars, workshops, and promote and identify startups in the blockchain industry.

Several crypto-related companies have recently published their Q3 2018 reports: Japanese IT giant GMO Internet revealed a “historical performance” of its crypto-related sector, and Canadian Bitcoin (BTC) mining company Hut 8 declared a record revenue of $13.5 million, an increase by 126 percent compared to the previous quarter’s revenue of $5.9 million.

Moreover, Q3 2018 marks biggest quarter yet for Bitcoin revenue of Square — a U.S. financial services company that introduced Bitcoin support in its Square Cash payment app earlier this year.



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Tokyo Police Arrest 8 Men Allegedly Involved in $68 Million Crypto Pyramid Scheme

Tokyo police have arrested eight men that are suspected of collecting a total amount of $68.4 million in cash and cryptocurrency using a pyramid scheme, Japanese daily newspaper Asahi Shimbun reports Wednesday, Nov. 14.

The suspects claimed to run a U.S. investment company dubbed “Sener,” conducting seminars with foreign speakers. The police report that at least one of the meetings has been recorded, with video uploaded on YouTube. During the seminars, the group of suspects promised monthly returns from 3 to 20 percent for the investments. The suspects also asked the participants to pledge to invite other investors in order to get additional returns.

The investigators believe the suspects received cash and Bitcoin (BTC) from about 6,000 people in 44 prefectures, including Tokyo. A group lawsuit was filed at the Tokyo District Court by 73 victims of the fraud, seeking approximately $3.2 million in damages. According to Asahi Shimbun, six men have already admitted to the allegations, while two others deny them.

The Tokyo police believe the suspects tried to avoid prosecution by using cryptocurrencies, as they are in a “gray zone,” according to Japanese financial regulation. As explained by Financial Services Agency (FSA), digital currencies are not considered as securities that are under the jurisdiction of current law. However, they can be regulated depending on the structure of the investment, the FSA added.

Japan is known for its crypto-friendly stance, which remains relatively unchanged despite the massive hacks on local crypto exchanges Coincheck and Zaif in 2018.

The FSA, which issues licenses for crypto exchanges to operate in the country, gave the local crypto industry self-regulatory status in October, certifying the Japanese Virtual Currency Exchange Association (JVCEA) to monitor the space.

Furthermore, a Japanese taxation policy committee is seeking to facilitate cryptocurrency tax reporting. In October, the officials held a debate discussing the current legal framework and offering to stimulate a more thorough reporting of cryptocurrency gains.



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Bitmain Sues Anonymous Hacker Over $5.5 Million Theft

Chinese mining giant Bitmain is suing an anonymous hacker that allegedly stole $5.5 million in cryptocurrency last April from the company’s account on the digital exchange Binance.

The hacker’s identity is still unknown, and he’s described only as “John Doe” in official court documents, which were filed in accordance with the lawsuit on November 7, 2018, with the U.S. District Court for the Western District of Washington in Seattle. The documents state that the hacker managed to take over the company’s Binance account, then use bitcoin stored in the account to purchase ether tokens. These tokens were utilized to buy and manipulate the price of an altcoin known as MANA coin (MANA).

John Doe then transferred the MANA into a separate Binance account they controlled. The documents explain, “Upon further information and belief, John Doe took his/her market manipulating and theft scam a step further by essentially reversing the same orchestrated trades between Bitmain’s wallet and John Doe’s wallet using a deflated MANA price. While accessing Bitmain’s digital wallet without authority, John Doe placed an order to sell MANA out of Bitmain’s digital wallet at a deflated price. At the same time, John Doe placed a purchase order for MANA at that deflated price from John Doe’s Binance wallet.”

They continue to say, “Binance’s automated system matched the deflated MANA sell order with the deflated MANA purchase order and executed the trade, and John Doe obtained significant gains at the expense of Bitmain. As a result, John Doe benefitted twice from transferring MANA into and out of Bitmain’s digital wallet.”

Once these steps were completed, the court filing reports that the hacker transferred all the crypto funds from the theft into a wallet on Bittrex, a competing digital asset exchange. John Doe then cashed in on the profits and disappeared.

The documents say the hacker willingly and knowingly accessed a protected computer without appropriate permission with the intention of defrauding Bitmain.

“By means of such conduct, John Doe furthered the intended fraud and obtained things of value, specifically bitcoin and other digital assets, causing a loss to Bitmain exceeding $5,500,000,” the filing states.

Specifically, the documents assert that the defendant’s actions are a violation of the Computer Fraud and Abuse Act (CFAA), and that Bitmain is entitled to specific damages under the Act’s provisions.

It was reported last month that losses incurred by hacks on digital exchanges during the first nine months of 2018 exceed the total losses of 2017 by roughly 250 percent and that approximately $950 million has been stolen this year.

To view the court filing in full, click here.

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Trader Jailed and Fined Over $1 Million for Bitcoin and Litecoin Fraud …

The U.S. Commodity Futures Trading Commission (CFTC) issued a press release on Friday, November 9, 2018, stating that it had fined Arizona resident Joseph Kim for perpetrating a fraudulent cryptocurrency trading scheme against his former employer and other investors. The same day, a District Court in the Northern District of Illinois sentenced Kim to 15 months on wire fraud charges.

Misappropriating Employer’s Funds

According to the release, Kim had misappropriated his employer’s funds between September and November 2017. Kim, who was employed by a Chicago-based trading firm at the time, had transferred the company’s tokens from the cryptocurrency exchange where they were kept into his wallet address.

When questioned about the illegal transfers, Kim falsely stated that the platform’s security issues were the reason why the tokens were moved. The firm discovered the misappropriation of funds in November 2017; by then, Kim had lost approximately $601,000 of the company’s funds. The company subsequently fired him.

Defrauding Investors

Kim then went out to solicit investment funds from unsuspecting investors, telling them he had left his former employer willingly to start a company of his own. After falsely informing investors he had a “low-risk virtual currency arbitrage strategy,” he got at least five investors, who gave him approximately $545,000 to invest in the crypto market.

Kim made poor investment decisions, leading to a total wipeout of his clients’ investments. Again, he concealed the losses, going so far as to falsify account statements sent to investors, which reflected profits where there were none.

Fines

The CFTC fined Kim $1.146 million, to be paid as restitution to his former employer and his investors. The agency has also imposed on Kim a permanent trading and registration ban for crypto trading and for soliciting of funds.

Director of Enforcement James McDonald calls the order issued against Kim evidence of the agency’s “commitment to actively police the virtual currency markets and protect the public interest.”

The U.S. Securities and Exchange Commission (SEC) has also been busy ramping up its enforcement against fraudulent schemes in the industry.

Just last week, the SEC charged crypto exchange EtherDelta with running an “unregistered national securities exchange.”

The agency also went after TokenLot LLC and Crypto Asset Management LP for registration failures in September 2018.

Its brokerage arm, the Financial Industry Regulatory Authority (FINRA), had a taste of the crypto industry, when it went after publicly traded company Rocky Mountain Ayre Inc. (RMTN) and its CEO, Timothy Tilton Ayre, charging him with the “unlawful distribution of an unregistered security.”

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