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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

What Will It Take For Bitcoin To Replace The Dollar In Everyday Transactions - Forbes


Forbes

What Will It Take For Bitcoin To Replace The Dollar In Everyday Transactions
Forbes
Of all the problems that keep Bitcoin and other cryptocurrencies from replacing the dollar in everyday transactions, one stands out: volatility—value fluctuation in relation to the dollar. That's according to a recent survey conducted by Survata, an ...

Posted on 23 February 2018 | 7:21 pm

Bitcoin Debate: Warren Buffett Bear Vs. Winklevoss Twins Bull - Forbes


Forbes

Bitcoin Debate: Warren Buffett Bear Vs. Winklevoss Twins Bull
Forbes
There are two distinct views on Bitcoin and cryptocurrencies. One view is that they will flame out and most, if not all, will become worthless . The other side is that at least some are destined to become much more valuable and become engrained in not ...

Posted on 23 February 2018 | 4:46 pm

Here's How Much Bitcoin Elon Musk Owns - Fortune


Fortune

Here's How Much Bitcoin Elon Musk Owns
Fortune
Tesla CEO Elon Musk isn't exactly active in cryptocurrency. Musk revealed this week on Twitter how much Bitcoin he owns—and it's not much. Musk shed light on his bitcoin ownership in response to a question from a Twitter follower asking why there were ...
Elon Musk Just Revealed the Surprising Amount of Bitcoin He OwnsMoney Magazine
Tesla Billionaire Elon Musk Reveals How Much Bitcoin He OwnsInvestopedia (blog)
Elon Musk just revealed how much bitcoin he owns—and it's surprisingly littleCNBC
BGR -SlashGear
all 6 news articles »

Posted on 23 February 2018 | 4:26 pm

Secretive Chinese bitcoin mining company may have made as much ... - CNBC


CNBC

Secretive Chinese bitcoin mining company may have made as much ...
CNBC
Bitmain likely took in the same operating profits as chipmaker Nvidia did last year, Bernstein analysts estimate.

and more »

Posted on 23 February 2018 | 3:24 pm

Video Game Giant Ubisoft Is Exploring Blockchain Use Cases

Ubisoft, the company behind Assassin's Creed and Just Dance, is exploring applications of blockchain for video games.

Posted on 23 February 2018 | 3:00 pm

Bitcoin and blockchain consume an exorbitant amount of energy. These engineers are trying to change that - CNBC


CNBC

Bitcoin and blockchain consume an exorbitant amount of energy. These engineers are trying to change that
CNBC
If blockchain technology is going to revolutionize how we transact with each other, computer scientists need to solve one big problem: It can consume way too much energy. The original blockchain, which underlies bitcoin, runs on an algorithm that could ...

and more »

Posted on 23 February 2018 | 2:45 pm

New York Lawmakers Are Open to Revisiting the BitLicense

Two New York state senators held a roundtable Friday on the controversial BitLicense regulation, and said legislation to reform it may come soon.

Posted on 23 February 2018 | 2:00 pm

Austria Planning New Regulations for Cryptocurrency, ICOs

Austria is drawing up cryptocurrency regulations, using as a model existing rules for the trading of gold and derivatives.

Posted on 23 February 2018 | 12:00 pm

Ethereum Governance 'Not That Bad' Says Buterin Amid Fund Debate

During an ethereum core developer meeting Friday, Vitalik Buterin argued the protocol's governance isn't functioning poorly, it's just misunderstood.

Posted on 23 February 2018 | 11:00 am

Jeffrey Gundlach says if you want to know where stocks are going next, watch bitcoin - CNBC


Barron's

Jeffrey Gundlach says if you want to know where stocks are going next, watch bitcoin
CNBC
Want to know where stocks are going next? Jeffrey Gundlach says take a look at bitcoin. "Strangely, bitcoin seems to be the poster child for social mood and market mood," Gundlach, founder of DoubleLine Capital, told CNBC's "Halftime Report" on Friday ...
Bond King: Follow Bitcoin for Stock DirectionBarron's
Gundlach says bitcoin is 'poster child' for stock market's moodMarketWatch

all 10 news articles »

Posted on 23 February 2018 | 10:44 am

Nokia Launches Blockchain-Powered IoT Sensing as a Service for Smart Cities

Nokia Launches Blockchain-Powered IoT Sensing as a Service for Smart Cities

Nokia is launching a set of services, based on Internet of Things (IoT), data analytics, and blockchain technologies, for economically and environmentally sustainable “smart cities.”

In the emerging IoT, billions of connected devices and sensors will generate vast amounts of data. Smart cities will need to retrieve, process, interpret and act upon real-time environmental data in a timely manner to ensure they remain sustainable environments for their citizens. To enable efficient IoT ecosystems for smart cities, it’s important to create new data monetization opportunities for IoT sensor network operators able to provide smart city authorities with real-time processed and analyzed environmental data.

"Cities need to become digital in order to efficiently deliver services to their habitants,” said Asad Rizvi, head of Global Services business development at Nokia. “Smart infrastructure, which is shared, secure, and scalable, is needed to ensure urban assets and data are efficiently used. We can help cities with that. In addition, we can help operators generate new revenue utilizing their existing network by providing solutions for smart city players, such as city, transport, travel and public safety authorities."

Nokia’s Sensing as a Service (S2aaS) provides intelligent analytics on environmental data gathered from IoT-connected sensors, which operators can sell to cities and other authorities. Nokia envisions IoT-based, real-time monitoring systems able to provide timely environmental information for smart city management. For example, S2aaS will detect unusual environmental behavior like illegal construction, trash burning or unusual particles in the air.

NetworkWorld notes that the idea behind the product is to provide a way for mobile network operators (MNOs), many of which use Nokia cell site equipment, to monetize existing infrastructure, such as towers, by selling live environmental sensor data to cities and others.

Nokia’s S2aaS is powered by a blockchain with a built-in micropayment platform, which supports smart contracts for “anonymized, private and secure micro-transactions that allow operators to monetize analyzed data and generate new revenue streams.”

“Our complete micropayment platform can help you quickly generate new revenue from your data,” reads a Nokia solution paper. “Based on blockchain, the distributed ledger technology that is taking finance, healthcare, and a range of other industries by storm, our platform allows you to easily integrate third parties into your data market — expanding your customer base and service offerings. And as every transaction is verified against other peers in the blockchain network, you can be sure that your platform is secure.”

Independent operators will have the option of a traditional CapEx (Capital Expenditure) business model, or a revenue sharing service model. Nokia stated that it will work with clients to identify optimal business models for their specific use cases.

Nokia will manage all hardware installation, equipping existing network sites with new environmental sensors and edge gateways. S2aaS will include a complete platform for collecting and processing sensor data hosted in Microsoft Azure, AWS, or Nokia’s private cloud, using a choice of Amazon IoT, and Microsoft IoT, or Nokia’s own AVA cognitive services platform. According to the company,  AVA “integrates cloud-based delivery, intelligent analytics and extreme automation to deliver instant and flawless personalized services.”

Nokia will present S2aaS and related services at the Mobile World Congress in Barcelona, Spain, held from February 26 to March 1, 2018.


This article originally appeared on Bitcoin Magazine.

Posted on 23 February 2018 | 9:58 am

Georgia Becomes Latest State to Consider Bitcoin for Tax Payments

Two state senators in Georgia have proposed a new bill that would allow citizens to pay their tax obligations in bitcoin.

Posted on 23 February 2018 | 8:45 am

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Menendez Hints At US Action on Venezuela's Controversial Crypto

A U.S. senator who has previously spoken out against Venezuela's newly launched "petro" cryptocurrency isn't done with the issue.

Posted on 23 February 2018 | 8:05 am

Nano Goes Giga in Down Week for Crypto Prices

The majority of the top 25 cryptocurrencies are reporting losses on a weekly basis, but the nano token has bucked the trend.

Posted on 23 February 2018 | 7:00 am

How To Avoid Crypto, Bitcoin `Pump and Dump' Scams - Forbes


Forbes

How To Avoid Crypto, Bitcoin `Pump and Dump' Scams
Forbes
It was only a matter of time. Traditional swindlers have discovered cryptocurrencies. They are using their old techniques to fleece new investors. The most recent warning comes from the U.S. Securities and Exchange Commission (SEC) and Commodity ...

and more »

Posted on 23 February 2018 | 6:53 am

High Stakes: Ethereum's Fight Over Lost Funds Explained

Ethereum is facing what might be its biggest tech crisis in some time, with developers split over whether software changes should recover lost funds.

Posted on 23 February 2018 | 6:30 am

Bank of China Moves to Patent Blockchain Scaling Solution

Bank of China has filed a patent application for a process it says is better able to scale blockchain systems.

Posted on 23 February 2018 | 5:00 am

Bitcoin Is Back Over $10K, But Rally Looks Weak - CoinDesk


CoinDesk

Bitcoin Is Back Over $10K, But Rally Looks Weak
CoinDesk
Bitcoin is witnessing a minor corrective rally Friday, but the bulls may have a tough time regaining control, the technical charts suggest. CoinDesk's Bitcoin Price Index (BPI) fell to $9,592.96 at 01:59 UTC - the lowest level for one week. As of ...

and more »

Posted on 23 February 2018 | 3:58 am

Bitcoin Is Back Over $10K, But Rally Looks Weak

Bitcoin is witnessing a minor corrective rally today, but longer-term gains may be elusive, according to price chart analysis.

Posted on 23 February 2018 | 3:45 am

Why Venezuela Should Worry About a National Crypto

While a lot is still unclear about Venezuela's state-backed "petro" token, what is apparent is that many feel it's potentially harmful for its people.

Posted on 23 February 2018 | 2:00 am

SEC Advocacy Director Says Crypto Investors Shouldn't 'Flip A Coin'

A new SEC blog post advises potential cryptocurrency investors to do their research prior to buying a token.

Posted on 23 February 2018 | 12:00 am

Report: Mutual Funds Could Save Billions With Blockchain

Shifting to a distributed, blockchain-based infrastructure could bring huge financial benefits to the asset management industry, research indicates.

Posted on 22 February 2018 | 10:00 pm

Turkish Lawmaker Proposes National Cryptocurrency

Politicians in Turkey are reportedly eyeing on launching the country's proprietary cryptocurrency. 

Posted on 22 February 2018 | 8:20 pm

Bitcoin Fees Drop: Why It Happened And What It Means

Not so long ago bitcoin's transaction fees were over $20, but now they're down to around $3 again. CoinDesk explores why.

Posted on 22 February 2018 | 6:30 pm

French Regulator Says No to Online Crypto Derivatives Ads

France's market regulator says crypto derivatives fall under MiFID II regulation and that they should not be electronically marketed.

Posted on 22 February 2018 | 4:10 pm

Tezos Foundation Reorganizes, Gevers Steps Down

Tezos Foundation Reorganizes, Gevers Steps Down

After months of infighting between the organizers of Tezos, a blockchain project currently in development, and the Tezos Foundation, a Swiss nonprofit that controls the project’s pursestrings, the two remaining original members of the Foundation have “voluntarily” resigned. This means that since December, the entire three-person board has been replaced.

According to an announcement by the Tezos Foundation, Johann Gevers, the former president of the Foundation, has stepped down and will be replaced by Ryan Jesperson, a Tezos project contributor.

Diego Olivier Fernandez Pons also stepped down and will be replaced by Michel Mauny, a senior researcher at Inria, the French company that developed OCaml, the programming language Tezos is written in.  

Another board member, Guido Schmitz-Krummacher, resigned in December “because he was frustrated with the infighting, which was consuming a lot of his time,” according to Reuters. He was replaced by Lars Haussmann, head of accounting firm Haussmann Treuhand AG, on January 31, 2018.

Infighting

Tezos, a blockchain project aiming to compete with the likes Ethereum and Cardano, was co-founded by Kathleen and Arthur Breitman. In an uncapped initial coin offering (ICO) put forth as a “fundraiser,” the project raised $232 million worth of bitcoin and ether in July 2017. Those funds, which ballooned in value to around $1 billion due to this year’s rally in cryptocurrencies, were put in the control of the Tezos Foundation.

The Breitmans, who retain ownership of the Tezos code through Dynamic Ledger Solutions, a Delaware-based company, have been fighting to get rid of Gevers since October. At that time, the Breitmans’ lawyer sent a 46-page letter to the two other members of the Foundation (Schmitz-Krummacher and Fernandez Pons, at the time), accusing Gevers of “self-dealing, self-promotion and conflicts of interest” and calling for his prompt dismissal.

According to reports, the dispute originated a month before, when Gevers drew up a compensation package for himself, which the Breitmans claimed was excessive and not properly disclosed. It’s likely that the event also acted as a signal to the Breitmans that in setting up the Tezos Foundation, an organization that was supposed to operate completely independently of Dynamic Ledger Solutions, they had put too much control in the hands of too few people.

On October 18, 2017, in a blog post, Arthur Breitman proposed a solution to the power struggle, which involved setting up Tezos AG, a subsidiary of the Foundation that would have its own budget and allow Dynamic Ledger Solutions to operate with less oversight. The Breitmans also proposed increasing the number of people on the Tezos Foundation board from three to seven.

Since October, Gevers had kept relatively silent on the matter until January 28, 2018, when he published a blog post (archived) outlining steps for how the Foundation would push forward with the launch of the platform. (He later deleted the post.)

“I am glad to announce that the Foundation has regained access to banking services, which  —  due to the controversy surrounding the Tezos project  —  had been suspended since October 2017,” he wrote. “This allows us to continue with our top priority, which is to build an operational team that can execute the Foundation’s mission.”

In another interesting turn of events, a few days later, in an attempt to overthrow the Tezos Foundation, community members backing the Breitmans launched an alternative Swiss foundation dubbed “T2.” Wall Street Journal reporter Paul Vigna described the move as “not unlike shareholders in a corporation proposing a new board of directors because they like the CEO more than the board.”

Listed among T2’s seven founding members were Jesperson and Mauny and Olaf-Carlson Wee, CEO of cryptocurrency investment fund Polychain Capital, an early Tezos backer.

Lawsuits

The infighting, in addition to delays in the launch of the network and a holdup on funds, led to other complications. Since October, at least four class-action suits have been filed against Tezos on behalf of contributors accusing the project of selling securities.

When the project was launched, the Breitmans portrayed the tokens as a donation to the project, but some contributors believed they were investing in a cryptocurrency that would go up in value like bitcoin. Those contributors were given vouchers for tezzies, the native token that will operate on the Tezos platform once it launches; but until the project launches, they are unable to redeem their tokens.

The changeover in board members of the Tezos Foundation may be a sign that good news is on the horizon. At the recent Cyber Days conference at the UCLA Blockchain Lab, Kathleen Breitman hinted the platform would be launching in a few weeks.  

This article originally appeared on Bitcoin Magazine.

Posted on 22 February 2018 | 2:53 pm

Venezuela’s On-and-Off Love Affair With Cryptocurrency Mining: It’s Complicated

Venezuela’s On-and-Off Love Affair With Cryptocurrency Mining: It’s Complicated

If you want to see first hand how cryptocurrency functions in a market outside of speculative investing, right now, Venezuela is an interesting place to look.

“Venezuela could become a case study repeated all over the world under certain conditions,” said Jeffrey A. Tucker, editorial director of the American Institute for Economic Research (AIER), in correspondence with Bitcoin Magazine. “Crypto is there as the escape hatch, the way out, a tool of emancipation. If you have a power source, you can mine. If you need to save or trade or move your wealth, crypto is there for you.”

Crisis-Catalyzed Currency

Venezuela has been in economic recession for more than a decade. As a result, the government has maintained strict control over its currency, the Venezuelan bolivar (VEF), since 2003.

Venezuela’s most abundant resource is oil. It is the fifth largest oil exporting country in the world, with the largest reserves of non-conventional oil (extra-heavy crude) in the world. Ultimately, it is oil which has catalyzed Venezuela’s cryptocurrency boom.

Falling oil prices since 2014 have spurred the country’s current economic depression. The government’s response has been to increase state control over the economy at the expense of the private sector. In 2017, inflation of the Venezuelan bolivar (VEF) exceeded 650 percent. As the exchange rate continued to tumble, the country’s gross domestic product (GDP) contracted 12 percent by the end of 2017.

“Many people are leaving Venezuela. The country doesn’t have enough money to provide food, medicine and other necessities for its people,” a Venezuelan programmer aware of cryptocurrency mining procedures in Venezuela told Bitcoin Magazine in an interview, under condition of anonymity.

Power to Mine

In this economically desperate climate, cryptocurrency has found one of its most sustaining use cases as an immutable store of value and currency for individuals who cannot trust their own government. The last two years have seen an enormous spike in cryptocurrency earning and mining, most notably for bitcoin.

Because the Venezuelan government subsidizes electricity past the point of negligibility, the country has become a geopolitical hotspot for mining. Antminer S9s are the most popular computer used to mine bitcoin in Venezuela. They cost about $3,000 each (plus shipping) and usually come from China by way of a covert middle country.

According to our source’s approximation, “Having three S9 miners is about 30 cents a month to pay for electricity. Three devices would be one bitcoin-ish in 10 months.”  The beginning price for mining has made it an effective way to supplement income, with two to three devices per household, though many have scaled their operations to the point where they are able to independently support themselves.

“There must be tens of thousands of people mining in Venezuela,” said Randy Brito, founder of the non-profit website BitcoinVenezuela.com. “People that are earning cryptos, either mining or working, usually use them to buy abroad — they buy food, medicine, car parts, other machinery parts; but the most common thing people buy are foreign currencies in other platforms where they can load cards that they can use to buy on Amazon and other stores that only accept cards and not cryptos directly.”

In Venezuela, bitcoin is the most commonly mined cryptocurrency because it was the first, and it is still currently the most widely used. LocalBitcoins has also given bitcoin the advantage in Venezuela because it does not trade other cryptocurrencies; it is able to operate more safely than other local exchanges because it’s not based within the country.

However, Brito also admitted that Ethereum, Litecoin, Dash and Bitcoin Cash as well as other altcoins are being used more and more often.

According to our anonymous source, there are two main problems with mining cryptocurrency in Venezuela: In a country where the national currency has essentially no value, people are willing to get currency with value at the cost of committing violent crimes; and the government is not on your side.

2017: A Year of Contradiction

2017 was a particularly confusing and uneasy time to mine cryptocurrency in Venezuela. The year began with a government authority crackdown on large scale cryptocurrency mining operations.

Miners were jailed for a laundry list of crimes: "the legitimacy of capital, illicit enrichment, computer crimes, financing of terrorism, exchange fraud and damage to the national electricity system."

By October 2017, authorities were even cracking down on small “household” mining operations. The congruity in all of these raids is that arrested miners could almost always get out of jail through bribes or fines, but they could never get their equipment back.

Brito doesn’t live in Venezuela anymore, but, as a self-described “anarchocapitalist” and libertarian, he is still very critical of its government.

Most of the big mining farms with thousands of ASICs or rigs are run by people close to the government, those that are not and are caught with several devices, end up being raided and the devices subtracted. Regular people buy the devices with foreign currency they have saved or they acquire in the free (black) market, or buy them from others that import them using bolivars inside the country.

“Defaulted-Promise” Coins

On December 3, 2017, Venezuelan President Nicolas Maduro announced that the Venezuelan government would create its own official cryptocurrency called the Petro. He then went on to highlight the benefits of cryptocurrency mining, introducing a representative from the newly formed National Association of Cryptocurrency Miners.

Less than two weeks later, however, police raids on cryptocurrency mining operations proceeded as though it were still as illegal as ever.

“We are building the Blockchain Observatory for the possibility of a registry for all those who are exercising digital mining in Venezuela. We want to know who they are, we want to know where they are, we want to know what equipment they are using. We want to move toward the regularization of digital mining in Venezuela,” announced the recently appointed superintendent of cryptocurrency, Carlos Vargas, in December 2017.

In January 2018, the Venezuelan government opened online registration for those interested in mining cryptocurrency legally. While Petro is clearly the main focus, authorities have said that those involved in the program can mine other cryptocurrencies so long as they are approved by the state.

There is very limited third-party confidence in the Petro’s success. While some cryptocurrency champions might say, “Wait, a decentralized token representing a finite oil supply could be very interesting, if done right,” most remain skeptical.

“It [Petro] is backed by nothing but the promise of a government that have already defaulted,” said Brito.

This article originally appeared on Bitcoin Magazine.

Posted on 22 February 2018 | 10:21 am

Government of Spain Considers Blockchain-Friendly Regulations

Government of Spain Considers Blockchain-Friendly Regulations

The government of Spain is preparing blockchain-friendly legislation including possible tax breaks to attract companies in the emerging blockchain technology sector, Bloomberg Politics reports.

“We hope to get the legislation ready this year,” said MP Teodoro Garcia Egea, who is preparing a comprehensive cryptocurrency-related bill. “We want to set up Europe’s safest framework to invest in ICOs.”

Initial Coin Offerings (ICOs) and token sales are one of the latest blockchain-related hot trends and have permitted several companies to raise tens and even hundreds of millions of dollars in a short space of time, bypassing the need for prior regulatory approval.

ICOs can be very appealing to speculators because the value of a successful token can rise spectacularly, but regulatory agencies, such as the Securities and Exchange Commission (SEC) in the U.S., are beginning to clamp down on token sales, claiming that crypto-tokens are equivalent to company shares traded on the stock market. According to the SEC, some ICOs are essentially Initial Public Offerings (IPOs), and should be subject to similar regulations for the protection of investors.

At the same time, too much regulation could stifle innovation and push promising blockchain-based firms to relocate to less restrictive jurisdictions offshore. According to Garcia Egea and the Popular Party, the ruling political party of Spain to which the lawmaker belongs, it’s in Spain’s interest to attract and keep those firms, and, therefore, the country should adopt a blockchain-friendly regulatory approach.

Garcia Egea added that the bill in preparation was inspired by existing blockchain-friendly regulatory frameworks such as those that enable the Crypto Valley in Switzerland. It could include ways to attract investment in blockchain technologies, such as a threshold below which a cryptocurrency investment wouldn’t need to be reported to the regulator, and specific regulations to make it attractive for entrepreneurs to use a blockchain to carry out initial coin offerings, or ICOs, as a financing tool.

As shown by a series of recent posts (in Spanish) published in his personal website, Garcia Egea wants to introduce a whole range of emerging technologies in the Spanish economy, including digital administration, cybersecurity, 3D printing and blockchain technology.

For example, Garcia Egea supports the Alastria consortium focused on the establishment of a semi-public, permissioned national blockchain infrastructure and digital identity system.

“Smart contracts, ensuring the traceability and unchangeability of specific information, raising funds through ICOs (Initial Coin Offerings), etc. is possible through this new network [Alastria],” said Garcia Egea (translated by this writer).

“The time has come to establish a legal framework for individuals and firms to execute [smart-contract based] financial transactions in a protected and secure way, using the best available technology,” added Garcia Egea. “This will not only provide legal security to financial investments done through this channel, but it will also place Spain in a privileged position to attract capital, talent and future-oriented projects, and an ecosystem upon which to build the future of the internet of value.”

It seems likely that, if Garcia Egea and the Popular Party manage to convert their vision into law, Spain could become one of the few crypto-havens in the Eurozone, which could result in many innovative technology developers and ICO operators relocating to Spain.

Find out more about cryptocurrency regulation around the world in our feature, Cryptocurrency Regulation in 2018: Where the World Stands Now.



This article originally appeared on Bitcoin Magazine.

Posted on 22 February 2018 | 9:38 am

Venezuela Launches “Petros” Cryptocurrency Amid Growing Skepticism

Venezuela Launches “Petros” Cryptocurrency Amid Growing Skepticism

With crushing debt and a starving population, the Maduro government in Venezuela is launching what it says is the world's first sovereign cryptocurrency.

The cryptocurrency is designed to bypass U.S. government sanctions against the socialist regime. The “Petros” cryptocurrency will have an initial value tied to the price of a barrel of Venezuelan crude oil in mid-January, which was $60 per barrel, with a target of 100 million Petros to be sold.

The U.S. Treasury Department warned that the move may violate last year’s sanctions, while Venezuelan opposition leaders say the sale constitutes an illegal issuing of debt.

After the first day of trading, President Maduro claimed to have raised $735 million. State officials are claiming a 5x increase in traffic to the website, but some critics, including Venezuelan product designer and cryptocurrency writer Alejandro Machado, are skeptical.

In speaking with Bitcoin Magazine, Machado commented that he was unable to find any transactions on the blockchain regarding Petros and, while the token was originally slated to be released on the Ethereum network, it since has transitioned to NEM.

“The government hasn't confirmed that this is the address, but they confirmed they're using NEM, and it's the only mosaic matching the Petro description,” Machado said. “The mosaic's metadata also uses similar phrasing to the white paper.”

Machado has been writing about the upcoming Petros since early December 2017, remarking, “Many think it’s yet another episode of empty propaganda, but I profoundly disagree: chavismo is facing the existential danger of running out of funds, and they’re betting heavily on the Petro.”

His skepticism about the plan runs deep: “No doubt aware of their terrible track record, the government is incentivizing participation in the private sale by offering a 60% discount. What company in the world would sell 38 million units of a product for less than half their market value? A company that doesn’t intend to ship you the product after you buy, of course.”

With $150 billion in foreign debt, quadruple-digit inflation, the collapse of their oil output, and crushing sanctions by the U.S. and the EU, the Venezuelan government has become increasingly creative in ways to generate revenue. Petros represent nothing more than a promise against the 300 million barrels of oil that Venezuela believes they can recover but have yet to pull from the ground. There is an additional problem that U.S.-based investors purchasing the Petros would be in violation of American sanctions and could find themselves in trouble with Uncle Sam.

This article originally appeared on Bitcoin Magazine.

Posted on 21 February 2018 | 11:25 am

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

German Newspaper "taz" accepts Bitcoin

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February 23, 2018 -
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