Coinbase gives up data to New York attorney general

Coinbase gives up data to New York attorney general

New York’s Attorney General (AG) Eric Schneiderman asked a number of cryptocurrency exchanges to turn over corporate data last month. While some exchanges like Kraken told him to basically get stuffed, Coinbase has agreed to the request.

In a public response to the request, and perhaps as a means of saving face, Coinbase said, “We applaud the [Office of the Attorney General] for taking action to bring further transparency to the virtual currency markets.” The response is part of a five-page letter penned by the exchange’s chief legal and risk officer, Mike Lempres, who further detailed the $150 billion in assets held by the company, as well as its received funding of $225 million and its financial position, which he describes as “a profitable and self-sustaining business.”

Schneiderman, who has never been an ally to the cryptocurrency industry, sent a request to 13 exchanges in April that demanded information on 32 separate points. He solicited information about their operations, their leadership, privacy, funding and relationships with other financial institutions, and much more. As any power-branding zealot would do, he only gave the exchanges two weeks to comply.

Coinbase’s letter further details its involvement with law enforcement and regulatory agencies around the world, its system upgrades (which, according to Lempres, helped the platform maintain 99.99% uptime in April) and Coinbase’s “state of the art” cybersecurity program. Lepres also stated that the company is a federally-regulated money service and currently holds licenses to operate in 31 states, including in New York with its BitLicense.

Coinbase may have reported “99.99% uptime” for April, but it wasn’t without issues in the month. From April 12 to April 16, users reported not receiving email confirmations for instant purchases, a glitch that Coinbase subsequently corrected. On April 2, purchases using the exchange’s Xfers payment method were unavailable for about four hours, but no sells were apparently affected.

The public version of the information provided is a watered-down version of what was presented to Schneiderman per a request by Lempres made from the start. Lempres had requested “confidential treatment” to the entire response, delivered to the AG via Coinbase’s own “encrypted end-to-end secure file exchange service consistent with our security protocol.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Coinbase value more than quadruples to staggering $8B: report

Coinbase value more than quadruples to staggering $8B: report

As the cryptocurrency mania continues to take hold, it appears that the owners of the exchanges that carry out the daily trades are laughing all the way to the bank. Case in point is San Francisco-based exchange Coinbase, which is now reportedly valued at a staggering $8 billion. That’s a jump of over $6 billion from the $1.7 billion valuation it reported less than a year ago—an incredible increase that demonstrates the power of the crypto boom in late 2017.

The increase in Coinbase’s valuation was revealed during its bid to acquire cryptocurrency networking platform Earn.com. The Earn.com acquisition was worth more than $100 million, and according to a Recode report, the San Francisco startup valued itself at about $8 billion when it offered an equity package to the founders and shareholders of Earn.com. Since the company is not publicly traded, the estimation of $8 billion is a self-made one although it is certainly believable.

However, the valuation of Coinbase at these incredible levels is not only an internal assumption. According to Recode, brokers have been negotiating Coinbase stock at a price that should place the value of the exchange at between $4 and $6 billion. Although that’s a slightly more conservative estimate, it still represents a huge leap in Coinbase’s valuation from less than a year ago.

This increase in valuations has largely been down to the huge boom in cryptocurrency trading over the past few months, although prices are still way back from the all-time highs registered in December. Interestingly, the current value of NASDAQ, which operates the U.S. tech exchange as well as another eight European stock exchanges, has a value of around $15 billion.

This means that Coinbase alone is worth more than half of NASDAQ in just a few months and the numbers can only continue to grow as interest in crypto currencies and Bitcoin continues to increase exponentially. This valuation by VC investors is not new since Binance—the world’s largest cryptocurrency exchange—has also seen its valuation soar incredibly over the past months. Binance is not even a year old and has increased its turnover to around $1.7 billion a day by offering a huge slew of cryptocurrencies and trading pairs.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Coinbase money laundering trial to be held in open court

Coinbase money laundering trial to be held in open court

In 2017, Paul Vernon, CEO of now-bankrupt cryptocurrency exchange Cryptsy, was found guilty of stealing over 11,000 of his customers BTC coins in 2014. He claimed that the loss was due to the exchange being hacked, but that claim was quickly refuted especially given the fact that he ran away to hide in Asia. At the time the amount surpassed $10 million, and Vernon was ordered to pay back $8.2 million to investors.

There were allegations that Vernon laundered the cryptocurrency through the Coinbase exchange, resulting in Silver Miller—a law firm known to target crypto companies—to file a lawsuit against the exchange. Coinbase had hoped to have the case heard in private arbitration, but the law firm turned down the idea. Now, the federal appeals court has ruled that the case will be heard in front of the public.

Silver Miller filed the class-action suit with its co-counsel, the Wites Law Firm. The suit alleged that Vernon was able to convert the stolen crypto through his Coinbase accounts between 2014 and 2016, and that Coinbase was responsible for culpable negligence in not providing more stringent account oversight. According to the lawsuit, “Plaintiffs seek damages based upon the unlawful conduct of COINBASE in failing to properly monitor customer accounts that held investors’ money and ignoring its duty to investigate suspicious activities under U.S. anti-money laundering rules.”

Silver Miller was part of the original lawsuit against Cryptsy and Vernon. The firm’s co-founder, David Silver, wanted cryptocurrency exchanges to have greater accountability and transparency in their actions, saying, “This ruling brings the plaintiffs one step closer to finding out just what type of Know Your Customer protocols and Anti-Money-Laundering protections Coinbase employed and whether Coinbase complied with state and federal statutes in that regard. Coinbase has delayed and tried to keep discovery hidden from the public long enough. That stops now.”

Coinbase has had a rough go of things lately. It was accused of insider trading following the announcement that it would accept Bitcoin Cash in late 2017, resulting in a lawsuit being filed earlier this year. It just recently announced that it was doing away with its Coinbase Merchant Tools platform in favor of Coinbase Commerce, a move that puts the onus on merchants to collect cryptocurrency payments instead of relying on Coinbase for the transactions. The move has brought significant blowback, with many companies threatening to drop Coinbase completely.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Coinbase blocks Wikileaks Shop

Coinbase blocks Wikileaks Shop, cites ‘violation’ but gives no explanation

The move was seen as one tainted with political influence, and seems similar to the bank blockade of 2011.

In a series of Tweets, the Wikileaks Shop said that Coinbase has suspended their account and banned them from the platform, citing a violation of their terms of service without providing any specifics as to what the violation was.

The shop sells merchandise online, the profits from which are used to finance the operations of Wikileaks, as well as assist in its founder Julian Assange’s legal battle. The multi-award winning non-profit website has made a lot of enemies in its existence, fearlessly exposing controversial documents to the public, including those from the US government.

In 2011, the website released a statement saying their website has been barred by financial institutions, a form of retaliation instigated by offended politicians in an effort to intimidate the foundation and cut off their resources.

“WikiLeaks has published the biggest leaks in journalistic history. This has triggered aggressive retaliation from powerful groups. Since 7th December 2010 an arbitrary and unlawful financial blockade has been imposed by Bank of America, VISA, MasterCard, PayPal and Western Union. The attack has destroyed 95% of our revenue. The blockade came into force within ten days of the launch of Cablegate as part of a concerted US-based, political attack that included vitriol by senior right wing politicians, including assassination calls against WikiLeaks staff,” they wrote.

Blockchain expert Andreas Antonopoulos compared Coinbase’s recent ban against Wikileaks to this bank blockade, pointing out the irony in the fact that Wikileaks played a major role in increasing mainstream interest in Bitcoin after banks backed them into a corner.

Coinbase’s move was seen as one tainted with political influence, and some say it demonstrates the centralization and control the government has over the exchange. In response to the move, Wikileaks has called for a boycott of the platform.

It should also be noted that Coinbase is in the middle of yet another boycott call from other companies after they decided to remove certain merchant tools to urge merchants to use their newly launched Coinbase Commerce. Reddit has already dropped BTC as a payment option on the site following Coinbase’s announcement.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
CheapAir wants your opinion on dropping Coinbase

CheapAir wants your opinion on dropping Coinbase

Your input is needed. In an open letter to customers, CheapAir’s CEO, Jeff Klee, wants to know what people think about moving away from Coinbase for a different option such as BitPay. Now is the perfect time to let your voice be heard.

Since 2013, customers have been able to pay for flight and hotel bookings using BTC coin; however, Klee points out that Coinbase’s decision to suspend “custodial” solutions for merchants could be a deterrent to the practice. In lieu of Coinbase’s Merchant Tools, all merchants will have to switch to Coinbase Commerce by the end of May. With that transition, merchants will have to be in charge of their own cryptocurrency payment solutions.

Klee suggests BitPay as a viable alternative, although he notes that BitPay is limited to a degree since it only works with certain protocol-compliant wallets.

“We understand what BitPay is trying to accomplish,” Klee wrote. “The issues they are trying to address—delayed or incorrect payments—are real and were especially rampant back in December and January when transaction volumes spiked. On the other hand, I am not keen on the idea of asking our customers to, in many cases, do more work or change wallets just to be able to transact with us.”

There are several ways for customers to leave their feedback: by commenting on the post on the website; by responding to the @cheapair handle on Twitter; or by sending Klee an email directly to jeff@cheapair.com. All feedbacks are welcome, whether they be in favor or against the move, or even general comments on the idea. No deadline to leave comments was given.

Litecoin’s Charlie Lee has already spoken up on the subject. In a tweet, Lee suggested using AliantPayment, which currently only accepted SegWit-Coin BTC, Ethereum and Litecoin.

The jury is still out on whether or not the Coinbase move is a smart one. Already, Reddit has removed BTC coin as a payment option for its Gold premium membership program due to the switch, and many other companies may follow suit.

Atlanta, Georgia-based BitPay has been around since 2011. It accepts BTC coin and Bitcoin Cash, and is currently one of the world’s largest cryptocurrency payment processors. It has partnered with NewEgg, Microsoft, TigerDirect and Warner Bros. Records. It reportedly processes more than $1 million in payments daily.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Developer's toolkit for Bitcoin Cash continues to grow

Developer’s toolkit for Bitcoin Cash continues to grow

The Bitcoin Cash (BCH) community has seen increasing development activity in recent months, coinciding with rapid development in the technical infrastructure underpinning BCH—the true remaining Bitcoin as envisioned by the Satoshi Nakamoto whitepaper.

The cryptocurrency has already attracted significant interest from wallet providers and exchanges, with numerous other developers working on their own unique protocols derived from the BCH blockchain.

We’ve listed five new, unique development tools available for BCH developers, providing a framework for programmers to contribute their own ideas to developing the BCH ecosystem.

Nakasendo
Early this week, nChain—one of the influential tech groups leading the development of BCH—launched version 1.0 of its Nakasendo software development kit (SDK).

The SDK provides a cryptographic library that will enable more flexible key generation and sharing. The library incorporates nChain’s two patent-pending assets: deterministic key generation and secure split key technique. These two assets will help ensure the security of private keys and digital wallets as a whole, protecting users and businesses from potential Mt. Gox-like attacks.

Nakasendo is available for free usage on Bitcoin Cash blockchain under the nChain Open Bitcoin Cash License. The SDK, however, can be used on any blockchain—or even any type of digital wallet, product, application, where access to a digital asset, resource or communication is needed, according to nChain Group CEO Jimmy Nguyen.

Coinbase CashAddr support for Ruby apps

On Tuesday, Coinbase engineer Josh Ellithorpe announced on Twitter the launch of his open source project, which is a Bitcoin Cash CashAddr library for the Ruby coding language.

The project describes itself as a “library to convert between base58 and CashAddr BCH addresses,” essentially making it easier for Ruby software developers to implement the CashAddr format. CashAddr is a serialization protocol for naming addresses within the Bitcoin Cash network makes the addresses distinctively recognizable, and, in the process, helps avoid human errors as well as provide extensions for future functionalities currently being developed for the network.

Flowee

Flowee provides an interface between the BCH network and external apps, via its simple API. The technology allows for interactions between applications and the Bitcoin BCH blockchain, providing the rails for developers to bring their ideas to BCH.

The Flowee team describes their technology as ‘the lowest level of the stack’, which powers top-level applications that interact with the BCH blockchain, saying: “In the hub, we process all those bitcoin data structures and as such, this is the lowest level of the stack where end-user bitcoin applications make the top-level of the stack.”

The open source project’s hub offers a network-based API that enables “fast processing of huge amounts of data in a bi-directional manner.”

“A quick example is that a tool can connect to the Hub and subscribe to a specific bitcoin address. The connection stays open and when a payment comes in for that address the hub will send a notification to the user,” according to the Flowee website.

BitBox

An alternative to Flowee in providing the essential building blocks for BCH applications is BitBox. BitBox allows developers to create applications in single commands, with dozens of different utility methods at developers’ disposal.

It allows anyone to simply create their own BCH blockchain, for development, testing and experimentation, as well as providing an effective mechanism for building blockchain apps.

According to their introductory text, “the command line utility lets you quickly stub out an application with web bindings and tests as well as a console with the entire BCH RPC available.

“Your own Bitcoin Cash blockchain to configure however you choose. This blockchain is created from scratch each time you start Bitbox. It doesn’t connect to the real network and only consists of transactions and blocks which you create locally so it’s quick and responsive. Execute commands from the command line and client/server.”

bitcoin.J.cash Protocol

Created by a fork from the original bitcoin.j protocol, bitcoin.J.cash allows developers to write code compatible with the web and HTML, in what is fast becoming one of the favoured methods of developing for BCH.

The codebase is easy to use, and allows for a sandbox wallet for both send and receive, without requiring a full node implementation. As such, it’s arguably the most lightweight method of developing applications for the technology.

The library’s readme text was quoted by news.bitcoin.com saying: “This project implements Bitcoin Cash signature algorithm. It is based on bitcoin.j and forked from PR-1422.”

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Coinbase shopping spree continues with $120M Earn.com buy

Coinbase shopping spree continues with $120M Earn.com buy

San Francisco-based cryptocurrency exchange Coinbase has not been resting on its laurels of late, and has announced the acquisition of Earn.com in a $120 million deal on Tuesday.

The terms of the acquisition were not disclosed, but it appears that those investors who funded Earn.com over the years will be going away with quite a handsome return on their original investment, according to Tech Crunch. In fact, there had already been reports that Coinbase would be paying in excess of $120 million for Earn.com although these rumours were never actually confirmed.

Earn.com, formerly known as 21 Inc., started off as a cryptocurrency mining startup but after limited success, it branched out into a cryptocurrency networking platform where users could accumulate SegWit-Coin BTC (also referred to as Bitcoin legacy or Core) by simply answering emails and completing other spurious tasks. Although that may seem slightly pyramid-like and Ponzi in its origins, those who stuck it out when SegWit-Coin BTC was just a few dollars have undoubtedly struck it rich now with the price hovering at around $8,000.

Earn.com is also developing its own coin on an ERC20 platform, which it is touting instead of SegWit-Coin BTC. This is intriguing as Coinbase has recently announced that it will be adding support to the ERC20 token to its array of products. Still, Earn.com recently announced that it would not be going ahead with the launch of the ERC20 token just yet since it needs to have more time to integrate with Coinbase’s structure—quite a logical decision.

Following the acquisition, Coinbase hired former Earn.com CEO Balaji Srinivasan, who will take up the coveted position of Chief Technology Officer—a major scoop for Coinbase. Srinivasan was previously a partner at Andreessen Horowitz and brings a wealth of experience to the whole operation.

Incidentally, Coinbase has recently announced a deal with Cipher Browser, which it purchased in full. This is a mobile Ethereum wallet which allows users to access applications which are decentralized. Coinbase also launched a new Venture Capital Fund called Coinbase Ventures, which provides startups with up to $15 million in early seed financing. It seems that the U.S. cryptocurrency exchange is pretty busy all in all and is looking bullish for the future.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Lawsuit accuses JPMorgan of charging high fees for crypto purchases

Lawsuit accuses JPMorgan of charging high fees for crypto purchases

It seems like Jamie Dimon and company are fine with making huge amounts of interest off the cryptocurrency market in private, while bashing digital currencies like Bitcoin in public. The situation, however, just got a little worse for the billionaire investment banker after JPMorgan Chase and Co had been slapped with a lawsuit on the exorbitant interest rates it allegedly charged a client who purchased cryptocurrency in Idaho.

According to a Fortune report, Tucker used his Chase credit card to buy cryptocurrency from Coinbase. In his lawsuit, Tucker claimed the bank treated his purchases as a cash advances instead of normal payments, resulting in him getting charged with interest rates of as much as 30% annually together with additional fees.

Tucker said his previous Coinbase purchases were also made using his credit card, and he would pay them off at the end of each billing cycle without incurring of the additional financial charges—until the recent incident.

Tucker, who is seeking a class-action status for the suit filed in a Manhattan federal court insisted that he and other bank customers were taken for a ride by JPMorgan Chase and Co with such exorbitantly high charges, saying the banking giant “smacked them with instant-cash-advance fees, plus much higher interest rates than normal, and left them without any recourse.”

The man is seeking a refund of all related fees he paid, as well as an additional $1 million in damages.

Sources who spoke with CoinGeek confirmed that this practise appears to be standard across the crypto market sphere, with banks treating the purchases of cryptocurrencies as loans similar to credit cards where they can charge interest rates as high as 30%.

Banks all over the world have taken a hard-line against cryptocurrency purchase, charging exorbitant fees and very high interest rates for the privilege. In Malta, which purports to be “The Blockchain Island,” the country’s largest bank, Bank of Valletta, does not allow cryptocurrency purchases with its credit cards.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Coinbase seeks SEC license for brokerage

Coinbase seeks SEC license for brokerage

Cryptocurrency trading platform Coinbase has applied to the U.S. Securities and Exchange Commission (SEC) for a license to offer brokerage and electronic trading services, according to reports.

Last week, the Wall Street Journal reported that the San Francisco-based firm have met with regulators in recent weeks as it begins the process of applying for the required licenses.

Crucially, the licensing would enable Coinbase to list a number of other tokens, including those previously ruled by the SEC to be securities, and could open up a raft of new token and cryptocurrency markets on the Coinbase platform.

Valued at over $1.6 billion, Coinbase is the leading platform for buying cryptocurrencies like SegWit-Coin BTC (also known as Bitcoin Legacy or Core) and Bitcoin Cash. If the license is to be granted, and Coinbase predictably follows through on listing an array of new tokens and cryptocurrencies, it could be the trigger for other platforms to follow suit.

As far as cryptocurrencies are concerned, the SEC has remained vague on what is and isn’t to be classed as a security. As guidance, the agency recommends following the Howey test, derived from a Supreme Court ruling in 1946, which provides that (1) there is an investment of money, (2) an anticipated profit from the investment, (3) that the investment is in a common enterprise, and (4) that the profits are derived from the efforts of a third party.

The definition matters, because platforms like Coinbase run the risk of falling foul of securities laws, unless they are licensed and regulated to engage in securities brokerage.

On the license being granted, Coinbase will only be permitted to list tokens that have been registered with the SEC by their issuers, which means investors will have access to full financial disclosures, unless they are limited to institutional investors only.

Coinbase President Asiff Hirji said removing the uncertainty in the current regulatory structures would allow Coinbase, and by extension other platforms, to offer a broader range of assets.

“As soon as there is more regulatory clarity than there currently is you would expect us to start listing more assets,” Hirji told CNBC.

As the Coinbase application unfolds, it is expected that other exchanges will likely follow suit to remain competitive across potential new, regulated token markets.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Ripple's XRP scrambles to get listed on Gemini

Ripple’s XRP scrambles to get listed on Gemini, Coinbase: report

As the cryptocurrency market continues to take a hit with values plummeting by around 80% of their worth since January, Ripple’s XRP coin is struggling to get listed on two major exchanges in the United States, according to a NewsBTC report.

XRP has been consistently touted as a “crucial link” between banks and the innovative cryptocurrency market. It is supposedly designed for maximum speed and efficiency, but its value has slumped disastrously in recent weeks with its value currently at below the $0.50 mark.

The news outlet quoted a source who claimed there was an attempt by Ripple executives to persuade Gemini to list the currency in the third quarter of 2017. The sum of $1 million was also allegedly offered. However, this bid was deemed unsuccessful. Further attempts were also made to list the currency on Gemini with a payment rebate structure and the payment of costs, but they also came to nothing.

Talks with Coinbase also hit a snag with Ripple coming out with a huge offer of $100 million in XRP coins to allow traders to start trading in the asset, according to the report. Although Ripple even offered to pay back the loan in the coin or in dollars, where the exchange would have profited if the price rose upon listing. In the end, however,  Coinbase decided not to list the currency

Currently, clients of Coinbase and Gemini exchanges can only trade in Segwit-Coin BTC (inaccurately referred to as Bitcoin Legacy or Core by many) and Ethereum. Coinbase also offers trading in Bitcoin Cash and Litecoin. Gemini’s founders, the Winklevoss brothers, indicated that they might be offering trading on Bitcoin Cash and Litecoin in the not too distant future.

Incidents of cryptocurrencies paying to be listed on exchanges were not unusual, according to an Autonomous Research report, which noted that costs could reach up to $3 million “for an opportunity to get quick liquidity.”

What could complicate matters is if the digital token that seeks to be listed is later deemed to be an unregistered security, the report quoted Clifford Chance lawyer Jesse Overall saying. Ripple’s rise in price in the past had been linked to rumours that it would be listed on U.S. exchanges but when this came to nothing, the price tanked badly and has not shown any sign of recovery since.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/ripples-xrp-scrambles-get-listed-gemini-coinbase-report/

Satoshi’s Vision Conference day 3 recap

Satoshi’s Vision Conference day 3 recap

As more businesses try to get into the digital currency landscape, a session on cryptocurrency investing opened the third day and last day of the Satoshi’s Vision Conference in Tokyo.

Bitcoin anthropologist Christina Storey explained the importance of good investors in this space and shared the top qualities on how to become one: indifference to other people’s opinion, skepticism, and willingness to plan for luck. Storey stressed that in investment space, you have to be willing to recognize that you are always interacting with unforeseen events that may occur to you as the investor or unto your investment vehicle. She also mentioned how people tend to become cult members of their own belief, so it’s not a bad thing to cultivate doubt when looking for an investment.

Limited access to traditional banking system and a high number of remittances from abroad have made Africa a crypto-driven market. Lorien Gamaroff, CEO and co-founder of South Africa-based Bitcoin wallet Centbee, talked about how huge the crypto market in Africa and crypto adoption in this region. He explained how his company plans to help Bitcoin Cash reach mainstream adoption through its product.

“What we’re trying to do is make the experience very much like an existing social media like WhatsApp or Twitter,” he shared. He added, “If the Bitcoin experience is exactly the same as that (using WhatsApp and Twitter), then adoption will grow a lot more.”

Coinbase Senior Engineer Josh Ellithrope had an energetic update about the integration of Bitcoin Cash in their system during his presentation. He also shared recent developments like CashAddr, whose support helped mitigate people sending funds to the wrong chain, and Buy Widget. This new product enables third party developers to embed Coinbase buy functionality into their websites and applications.

Just when you thought the conference won’t get any better, Dr. Craig Wright entered like a true rock star with Metallica’s Enter Sandman blaring in the session hall. The nChain Group chief scientist discussed Bitcoin Network Topology, and also emphasized the importance of the Bitcoin community uniting as one.

“We’re going to build Bitcoin Cash as an ecosystem. I don’t want a fragment system,” Wright said. “To be strong, it’s not that we are centralized, it is that we are a whole. To be strong, we have to be unified and united. This is what happened. This is what corrupted us. We became split. We became divided.”

Dr. Wright ended his speech with a simple and yet powerful statement, “The power of Bitcoin is within Bitcoin. The power to make it work is in us,” and was received with applause and standing ovation from the audience.

Also watch: Day 1 and Day 2 of the Satoshi’s Vision Conference

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/satoshis-vision-conference-day-3-recap-video/

Reddit no longer accept BTC for payments

Reddit no longer accepts BTC for payments

It would appear that Reddit is moving away from legacy Bitcoin (BTC). The ability to use the cryptocurrency has been removed as an option for users wanting to make payments for their Reddit Gold accounts, as well as send payments as gifts to other Reddit Gold members. While it would seem that the move wasn’t officially announced in advance by Reddit staff, it was later confirmed by a Reddit forum moderator.

A post by Reddit user BitcoinXio pointed out the absence of the payment option on March 23. He had uploaded a video walking through the steps of sending money to another Reddit Gold user, only to find options for sending the money with either a credit card or a PayPal account. In posting the video, the user asked if Reddit had removed the option, to which a forum moderator, emoney40, confirmed the removal. The moderator, who is active in other Reddit forums expect for /r/btc, commented, “The upcoming Coinbase change, combined with some bugs around the Bitcoin payment option that were affecting purchases for certain users, led us to remove Bitcoin as a payment option.”

Payments with BTC were marginal on the site, so its deletion as an option won’t impact the community greatly. However, emoney40 mentioned that Reddit will monitor the forums and could bring it back in the future.

The move is in preparation of the launch of Coinbase Commerce. To prepare for the launch, Reddit has made the decision to do away with the Coinbase Merchant Tools. As of May 31, any merchants that are using Coinbase Merchant Tools will have to make the jump to Coinbase Commerce.

Coinbase Commerce is a payment system that allows businesses to easily accept cryptocurrency payments. Due to its nature, it’s available for use by any establishment, anywhere around the world.  It also integrates easily into the eCommerce site Shopify for any retailer using the platform.

Reddit is an online forum platform where virtually any topic is available for discussion. Any member can post topics, called communities, which are moderated by volunteer users. Reddit Gold is Reddit’s premium membership program and costs $3.99 per month or $29.99 per year. It gives subscribing users the ability to visit the site ad-free, as well as personalize options such as an avatar or the site them, and a slew of other benefits.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.