Blockchain For Nuclear Controls: Govts, Others ‘Should Start Thinking Now’

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October 20, 2017

Simpsons_2809_KampKrustier_Sc_1079_Avid_Color_Corrected_hires2 — THE SIMPSONS: When Bart and Lisa return home abruptly after a traumatic incident at Kamp Krustier, they put an end to Homer and Marge’s romantic encounters. Without sex to distract him, Homer becomes a more productive worker and caring husband, but Marge misses the old Homer. Then, Bart and Lisa return to camp to confront the source of their trauma in the all-new “Kamp Krustier” episode of THE SIMPSONS airing Sunday, March 5 (8:00-8:30 PM ET/PT) on FOX. THE SIMPSONS ™ and © 2016 TCFFC ALL RIGHTS RESERVED. THE SIMPSONS ™ and © 2016 TCFFC ALL RIGHTS RESERVED. CR: FOX.

Governments should “start thinking now” about the use of Blockchain for nuclear security, or be left “flat footed,” a new report claims.

Writing in The Bulletin, Harvard researcher Aaron Arnold argues Blockchain could ultimately hold the key for international joint efforts to control and stop illicit trafficking of nuclear materials.

“The use of Blockchain technologies to undergird global supply-side WMD control systems may be some years away,” he writes in an extensive analysis of current practices.

“Nonetheless, it is clear that this technology will be a fundamental component to ensuring trust in global markets in the not too distant future.”

Blockchain is already finding its way into sectors such as defense and protection of sensitive government data. Implementations are only getting started, however, with wider acceptance hinging on deeper understanding of what is still a tool in its infancy.

“On the one hand, the transparency and “smart contract” properties of Blockchain-enabled transactions can help reduce fraud and illicit activities. On the other hand, without new legal and regulatory frameworks, national authorities will be left flat-footed,” Arnold continues.

In terms of nuclear, North Korea remains the prime case by which Blockchain’s effectiveness in streamlining security can be measured.

Collective preventative measures from structures such as the Nuclear Suppliers Group – a network of Nuclear supplier countries which aims to control exports and proliferation through guidelines – are the next logical step for Blockchain.

Nonetheless, Arnold points out, several barriers to mass adoption remain. These include regulatory incompleteness, scalability and the overall young state of the technology.

“Unfortunately, there seems to be little consensus as to whether Blockchain-based systems will help or hinder monitoring for illicit transactions and fraud,” he commented.

Put 10% Savings in Bitcoin, Mark Cuban Tells Vanity Fair ‘Adventurers’

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October 20, 2017

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XXX VIP_CUBAN01_092114 S BKN USA TX — Apr 20, 2014; San Antonio, TX, USA; Dallas Mavericks owner Mark Cuban watches warmups before the game between the San Antonio Spurs and the Dallas Mavericks in game one during the first round of the 2014 NBA Playoffs at AT&T Center. Mandatory Credit: Jerome Miron-USA TODAY Sports ORG XMIT: USATSI-179872 ORIG FILE ID: 20140420_tcb_an4_008.JPG

Investor and entrepreneur Mark Cuban has upped his cryptocurrency advocacy, telling Vanity Fair readers to put 10 percent of their money into it.

In a video guide on “getting rich,” Cuban produced nine tips on maximizing potential wealth long-term.

Among them in fifth place was advice to “invest up to 10 percent of savings” in so-called “high risk” assets, specifically Bitcoin and Ethereum.

“If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10 percent and put it in Bitcoin or Ethereum,” he said.

“But if you do that, you’ve got to pretend you’ve already lost your money.”

Watch this video on The Scene.

Cuban’s own perspective on Bitcoin has undergone a metamorphosis this year. Despite considering its price as a bubble, the billionaire subsequently invested in both an ICO and a dedicated cryptocurrency hedge fund.

While some skepticism remains, Cuban’s 10 percent figure is still higher than that advised by fellow investor Fred Wilson, who last week suggested a maximum of three to five percent crypto holdings for the “average” investor.

“I think that’s likely at the high end of what the average person should have, but I also think it’s not a ridiculous number for the average person to have,” he said discussing the topic.

“Many endowments, pension funds, etc allocate three to five percent of their portfolio to venture capital. They know (it’s) a risky asset but it has the potential for outsized returns.”

Japanese Banking Chairman: Cryptocurrencies Mean New Data Opportunities

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October 20, 2017

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MUFG New President Nobuyuki Hirano Interview — Nobuyuki Hirano, president of Mitsubishi UFJ Financial Group Inc., speaks during an interview in Tokyo, Japan, on Monday, April 8, 2013. Mitsubishi UFJ Financial Group Inc., Japan's biggest lender, plans to increase loans to energy and utility industries in the U.S. to capitalize on a recovery in the world's largest economy, Hirano said. Photographer: Tomohiro Ohsumi/Bloomberg *** Local Caption *** Nobuyuki Hirano

A Japanese national cryptocurrency will allow its finance sector to “use data to create new value” not possible with traditional setups.

This is according to comments from Mitsubishi UFJ Financial Group (MUFG) CEO Nobuyuki Hirano, who is also chairman of the Japanese Bankers Association.

Speaking at a news conference Thursday, Hirano said the possibilities offered by (presumably centralized) cryptocurrencies would also Japan’s finances to “reap the benefits,” Reuters reports. He explained:

“We would be able to capture kinds of financial behavior that cannot be collected as data in cash transactions.”

Japan has rapidly turned on to the phenomenon of decentralized cryptocurrency such as Bitcoinand its controllable alternatives.

A major consumer drive to increase propagation, along with formal regulations for exchanges has increased public confidence in what was previously regarded as a highly niche concept.

While the government oversees its nationwide J-Coin digital currency project, Hirano is also overseeing MUFG’s own cryptocurrency, MUFG Coin, pegged to the yen and currently under trial with company employees.

A cagey statement from the bank read last month:

“…We can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a Blockchain technology.”

Jeff Sessions Says Dark Web Use with Bitcoin is ‘Big Problem’

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October 20, 2017

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US president Donald Trump’s Attorney General Jeff Sessions has called the Dark Web a “big problem” and hinted at potential future regulatory moves.

As part of a testimony at the Senate Judiciary Committee on Justice Department oversight, Sessions responded to a query from California senior senator Dianne Feinstein, who raised the issue of Dark Web crime.

“It seems to me that the problem of the Dark Web being used by criminals is going to grow in the coming years,” Feinstein stated.

Sessions responded that the phenomenon was “worrying” law enforcement.

“We’re very concerned about that, the FBI is very concerned about that,” he said.

Discussing AlphaBay, the Dark Web portal the US took down in July, Sessions added that users were “using Bitcoins and other untraceable financial capabilities.”

“It is a big problem,” he concluded.

The two politicians’ mutual headache over the Dark Web hints at a possible focus for future maneuvers on digital privacy.

While the testimony was somewhat erroneously reported by other media resources as anti-Bitcoin, Sessions nonetheless only suggested by association that Bitcoin’s anonymity served criminals’ objectives.

Such a perspective is outdated, however, as trends suggest Dark Web users have abandoned Bitcoin in favor of privacy-centric altcoins such as Monero long ago.

A broader understanding of Bitcoin is still the topic of debate for US lawmakers more generally, with the situation on the ground for users meanwhile remaining shaky.

This week, popular exchange Bitfinex announced it would withdraw from the US marketcompletely by Nov. 9 due to regulatory barriers.

Bitcoin Price Cracks $5,700 but Ethereum Wanes after Byzantium

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October 17, 2017

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The crypto markets have exhibited mixed performance during the early portion of the week. The bitcoin price continued to hover near its all-time high on Tuesday, climbing just enough to crack the $5,700 barrier. The ethereum price, meanwhile, lost ground following the successful deployment of its much-anticipated Byzantium hard fork.

Chart from CoinMarketCap

Altogether, the markets rose about $1.5 billion for the day, although the non-bitcoin market cap fell by about $1 billion. Yesterday, the total crypto market cap was $172.4 billion, This value declined throughout the day — along with the bitcoin price — briefly dipping as low as $169 billion. However, the markets saw a significant bump at 6:00 UTC on Tuesday, enabling them to climb to a present value of $174 billion.

Chart from CoinMarketCap

Bitcoin Price Cracks $5,700

Since surpassing the $5,000 mark last week to set a new all-time high, investors have been watching the charts with anticipation to see whether the bitcoin price would hold above this historic level or contract to a lower threshold. Thus far, bitcoin has managed to avoid a pullback. Despite dipping below $5,500 on several occasions, the bitcoin price has consistently recovered to the $5,600 mark. On Tuesday, the bitcoin price extended this recovery a bit further, climbing above $5,700. At present, the bitcoin price is trading at a global average of $5,733, which translates into a $95.3 billion market cap.

Bitcoin Price Chart from CoinMarketCap

Several analysts predict bitcoin could rise into the $6,000 to $7,500 range by the end of the year, but its short-term trajectory will be heavily dependent on the outcome of the contentious SegWit2x hard fork.

Ethereum Price Wanes After Byzantium

The ethereum price broke out of its slump in the days immediately preceding the activation of Byzantium, a hard fork intended to upgrade the Ethereum protocol. After hovering near $300 for some time, the ethereum price rose as the hard fork approached and briefly spiked to $348 after it was activated. However, despite a seemingly-successful activation, the ethereum price has tapered off since the fork, perhaps indicating that traders had already priced it in.

Ethereum Price Chart from CoinMarketCap

At present, the ethereum price is trading at $327, which represents a daily decline of 4% and translates into a $31.1 billion market cap.

Altcoin Markets Mixed

The altcoin markets were a mixed bag for investors, with most of the significant movement occurring at the top of the charts.

Altcoin Price Chart from CoinMarketCap

The ripple price declined 6% following the first day of “Swell”, a fintech conference hosted by Ripple. XRP investors are convinced the startup will make a major announcement that will cause the ripple price to increase, and they already priced in the expected news — at least to some extent. If the conference passes without an announcement of a major banking partnership, or something similar, the ripple price is likely to decline further.

Ripple Price Chart from CoinMarketCap

The bitcoin cash price, in contrast, surged by 12% on Tuesday, making it the best performer of any top 30 cryptocurrency. Bitcoin cash is now trading at $350, which gives it a market cap of $5.8 billion.

Bitcoin Cash Price Chart from CoinMarketCap

The impetus for the rally appears to be Bitcoin.com’s announcement that it considers bitcoin cash to be the true “bitcoin” and may alter the name and ticker symbols it uses to refer to other chains. The website — which is owned by bitcoin cash proponent Roger Ver — is not an official source for bitcoin news or information, but some argue that it presents itself that way to new users, and it ranks well for the Google search term “bitcoin”.

The remaining top 10 cryptocurrencies exhibited little movement for the day. The litecoin price declined 3% to $62, while dash and monero each dipped a bit more than 1%. NEM and bitconnect held near their previous-day levels, and NEO rounded out the top 10 with a 3% increase to $28.

Hong Kong Bitcoin Exchange OKEx to Open SegWit2x Futures Market

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October 17, 2017

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Bitcoin exchange OKEx has announced it will join Bitfinex in opening a futures market to enable traders to speculate on the outcome of the SegWit2x hard fork scheduled for November. Notably, the exchange states that it will list the original chain as BTC, regardless of the fork’s outcome.

The Hong Kong-based exchange made the announcement in a blog post, stating that it will open a SegWit2x futures market on October 17 as a way to provide support for “all major Bitcoin technical development roadmaps” and respect their customers’ individual wishes.

From the post:

“OKEx would like to take this opportunity to reiterate that: as a company dedicated to [promoting] Bitcoin application, we strive to provide the best services to our customers. Therefore, we will support all major Bitcoin technical development roadmaps and respect our customers’ individual desire.”

OKEx will allow users to split BTC into tokens representing the future value of coins on both blockchains. The ticker BT1 will be used to designate coins from the original chain, while BT2 will represent coins on the SegWit2x chain.

Following the fork, tokens will be converted to coins from their corresponding blockchain. Significantly, the original chain will retain the “BTC” ticker, regardless of any external factors such as hashrate or accumulated difficulty. This means that BT1 tokens will be converted into BTC, while SegWit2x tokens will be converted into withdrawable coins but will continue to trade under the BT2 ticker on OKEx. If the hard fork is called off, BT1 will be converted into BTC and BT2 will be destroyed.

The OKEx futures market is structured similarly to that of Bitfinex, which intends to list the SegWit2x blockchain under the B2X ticker after the fork. At present, BT1 is trading at $4,870 on Bitfinex, while BT2 is valued at $804. Given their low liquidity, analysts disagree about the extent to which these valuations signal support for each blockchain, but SegWit2x critics have pointed to BT2’s low value as justification for their opposition to the hard fork.

Singapore’s Central Bank Hires Accenture for Blockchain Interbank Payments Prototype

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October 17, 2017

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Professional services and consultancy giant Accenture has been appointed by Singapore’s central bank to develop a prototype blockchain solution for interbank payments.

Earlier this month, the Monetary Authority of Singapore (MAS) – the country’s defacto central bank and financial regulator – revealed the successful development of three different blockchain models for decentralized inter-bank payment and settlements. The prototypes were developed using three separate platforms namely R3’s Corda, the open-source Hyperledger Fabric and JP Morgan Chase’s Ethereum-based Quorum. The developments marked the second phase of Project Ubin, an initiative by the central bank to ultimately produce and deploy a digital representation of the Singaporean dollar. As a consortium, Project Ubin comprises of 11 financial institutions and 5 technology companies, led by Singapore’s central bank.

“A key outcome of the consortium’s effort is the ability to perform netting while protecting the privacy of transactions,” revealed Sopnendu Mohanty, Chief FinTech Officer, MAS. “This helps to open up the opportunity for a wider adoption of DLT-based settlement systems.

Subsequently, Accenture revealed it has now been appointed by the MAS and the Association of Banks in Singapore (ABS) to ‘manage and develop a prototype’ using the 3 distributed ledger technology (DLT) platforms for interbank payments solution.

David Treat, managing director of Accenture’s global blockchain practice added:

Project Ubin is making a great leap forward in proving the value and potential of DLT systems and their ability to transform industries. The value of the technical innovations arising from the program is matched by the value of the strategic thinking going into how the interbank payments ecosystem will transform and build new value.

The MAS has also commissioned to publish a technical report at the end of Project Ubin’s Phase 2, sometime in mid-November. Phase 1 has already seen Singapore’s central bank successfully issue a digitized token of the Singaporean dollar via JPMorgan’s Quorum Ethereum-based blockchain.

Terminally-ill Man Borrows over $300,000 to Invest in Bitcoin, is a Millionaire Now

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October 17, 2017

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Back in May, CCN covered the story of a redditor that went by “gingerbreadfutters.” The redditor published a thread in which he claimed to have been watching bitcoin price trends for a while and, being a risk taker, decided to put it all-in on bitcoin. According to him, he took an equity loan on his house for $325,239, which allowed him to purchase 191.118 bitcoin.

At the time, the redditor stated he had a terminal disease, and added that if bitcoin were to reach the $10,000 mark he would move to the West Coast to “get away from all the angry people” that live where he resided.

Various redditors criticized the move, while others wished him luck. When the redditor bought his bitcoins, one coin was worth $1,700 as the cryptocurrency had just hit a new all-time high. Now, as bitcoin soars past $5,700 we decided to take a look at the numbers and see how much gingerbreadfutters has, assuming he didn’t sell any of his coins, and that nothing happened in the meantime.

At press time, one bitcoin is worth $5,736 according to data from CoinMarketCap, which means he now has about $1,096,258.58 worth of bitcoin. The cryptocurrency’s value has been surging, partly thanks to its growing acceptance, partly due to rising global demand, and partly due to SegWit2x hard fork in November.

The Chicago Board of Exchange (CBOE), one of the largest exchange groups in the world, announced a partnership with Gemini, the cryptocurrency exchange owned by the Winklevoss twins. The partnership allows CBOE to use Gemini trading data to power bitcoin derivatives and indices, but still needs to be approved by the Commodity Futures Trading Commission (CFTC).

Bitcoin’s market cap recently went over the $93.8 billion mark, and the cryptocurrency ecosystem’s market cap is now at $174 billion. Billionaire Wall Street mogul Mike Novogratz recently stated that he believes one bitcoin might soon be worth $10,000. If so, gingerbreadfutters will nearly have $2 million worth of the cryptocurrency– more than enough to move to the West Coast.

Bitcoin’s new all-time high was, as expected, met with a lot of criticism from those who believe they’re warning others of impending doom, such as financial analyst Gary Shilling, who called bitcoin a “black box.”

As covered by CCN, as mainstream acceptance of bitcoin grows, and as public figures keep pointing their fingers at it, the price increase should continue, as it is, after all, enjoying free publicity. As bitcoin closes in on the $6,000 mark, its becoming bigger than investment banking giant Goldman Sachs.

Similar bitcoin investments have been done in the past, as previously stated by redditor jhansen858:

“Some guy did that like 2 or 3 years ago when it was at like 500 and people told him he was an idiot. You will be fine as long as you don’t lose your nerve”

Gingerbreadfutters’ account has been deleted, presumably due to unwanted attention, as once someone who has a lot of money puts that information out there, bad actors might try to get a piece. If he did hold on to his coins, his bold investment has certainly paid off.

Billionaire Bitcoin Investor: ‘Jamie Dimon a Rent-Taker, He’s Going to Lose’

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October 17, 2017

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Former Wall Street mogul and billionaire bitcoin investor Mike Novogratz has called Jamie Dimon a ‘rent-taker’ who will lose the fight against the ‘cryptorevolution’ led by cryptocurrencies like bitcoin and blockchain technology.

Retired Wall Street macro fund manager Michael Novogratz has offered his opinion on JPMorgan Chase chief Jamie Dimon’s much-publicized recent comments on bitcoin. Dimon called bitcoin a ‘fraud’, threatened to fire any employee trading bitcoin and more recently, said ‘stupid’ bitcoin buyers will pay the price for adopting the cryptocurrency.

In an interview with Bloomberg, Novogratz said Dimon’s position as a banker affords him no choice but to belittle bitcoin. The oncoming crypto-tide, the former Wall Street giant said, is one that’s going to wash over the banking industry.

Billionaire Novogratz, who revealed he holds 10% of his money in Bitcoin & Ether, stated:

Jamie Dimon gets paid to worry about bitcoin because he’s a rent-taker. The decentralized revolution is about going after the rent-takers. His bank is in the crosshairs of the cryptorevolution. So he’s playing defense. He’s going to lose.

Dimon’s public tirades against bitcoin have led predictably led to the general consensus that JPMorgan Chase is against cryptocurrencies. To the contrary, JPMorgan representatives have since sought to diffuse the situation by claiming the bank is receptive to digital currencies “that are properly controlled and regulated”, according to the bank’s chief financial officer Marianne Lake.

“It is an oversimplification of the issue to think that bitcoin is synonymous with blockchain or cryptocurrencies generally,” added JPMorgan spokesman Andrew Gray in a comment to Bloomberg.

Earlier this month, Novogratz said institutional investors had already begun to invest in bitcoin and stated: “the herd is coming”. Novogratz is also starting a $500 million crypto hedge fund, with a speculated $150 million of his own money and claimed the combined cryptocurrency market could be worth over $5 trillion in five years.

Australia’s Bitcoin Regulation Bill Gets the Green Light

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October 16, 2017

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Australian authorities are making progress with revisions to the AML/CTF bill which will include bitcoin exchanges under the scope of Australian legislation for the first time.

The Australian Parliament published [PDF] newly updated provisions today, part of a wider reform of the government’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. In it, the Senate Legal and Constitutional Affairs Legislation Committee has prioritized the regulation of digital currency exchange operators, among other objectives, under the purview of the Australian Transactions and Reporting Analysis Centre (AUSTRAC), the country’s financial intelligence agency and watchdog.

Underlining the recommended regulatory move as an industry ‘best practice’, the committee added:

AGD observed that the Report on the Statutory Review recommended the application of the AML/CTF Act and the Regulations to digital currencies and digital exchange providers.

The highlights specific to digital currency exchanges are:

The bill will enable new powers conferred on AUSTRAC’s chief executive, enabling the official to “make rules to expand or narrow the scope of the digital currency definition.”
A number of civil penalties will be introduced for unregistered operators of digital currency exchange services, all of which are subject to strict liability.
A new designated service and register to regulate digital currency exchanges will be established within six months of the bill’s legislation.

The committee’s approach to regulation is aided by a review of the current law, complete with recommendations by the Attorney-General’s Department (AGD).

Citing some concerns toward the six-month timeframe for reforms is the Law Council, which called for guidance on possible exemptions for ‘low value’ transactions below $1,000 at bitcoin exchanges. The Law Council also called the notion imprisonment due to aggravated offences, aside from strict liability offences, between 2-4 years and even up to 7 years in extreme cases as “draconian”.

Pointedly, today’s report pointed to concerns from Australian bitcoin startup Living Room of Satoshi, a payments company that enables Australians to settle their bills with bitcoin. The startup has seen meteoric growth, processing $5 million in household bills with the cryptocurrency since its launch in April 2014.

The bitcoin startup called for an exemption from regulation for low-value payments made with digital currencies under $1,000.

An excerpt from committee’s revisions read:

Living Room of Satoshi submitted that the application of AML/CTF regulations on low value payments would be a significant hindrance to retail businesses that accept payments under $1000 in digital currency form. It submitted that an exemption for low value payments should be included as part of the bill to limit the impact on small businesses.

Ultimately, the committee recommended the bill be passed.

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Blockchain For Nuclear Controls: Govts, Others ‘Should Start Thinking Now’

Put 10% Savings in Bitcoin, Mark Cuban Tells Vanity Fair ‘Adventurers’

Japanese Banking Chairman: Cryptocurrencies Mean New Data Opportunities

Jeff Sessions Says Dark Web Use with Bitcoin is ‘Big Problem’

Bitcoin Price Cracks $5,700 but Ethereum Wanes after Byzantium

Bitcoin Price Cracks $5,700

Ethereum Price Wanes After Byzantium

Altcoin Markets Mixed

Hong Kong Bitcoin Exchange OKEx to Open SegWit2x Futures Market

Singapore’s Central Bank Hires Accenture for Blockchain Interbank Payments Prototype

Terminally-ill Man Borrows over $300,000 to Invest in Bitcoin, is a Millionaire Now

Billionaire Bitcoin Investor: ‘Jamie Dimon a Rent-Taker, He’s Going to Lose’

Australia’s Bitcoin Regulation Bill Gets the Green Light

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Cyprus registers Binance as a cryptocurrency service provider.

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

To solve the blockchain modularity issue, Celestia raises $55 million.

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