Indian Bitcoin Adoption Responds to Government Signalling for Regulation


Indian Bitcoin Adoption Responds to Government Signalling for Regulation

The Indian government recently announced that it is in favor of regulating bitcoin. A task force is being set up to provide recommendations. Bitcoin.com spoke with the CEO and co-founder of bitcoin exchange Unocoin, Sathvik Vishwanath, to find out the effect this decision has on Bitcoin adoption in India.

Also read: Indian Government to Recommend Bitcoin Regulation Within 6 Months

India in Favor of Regulating Bitcoin

In order to decide whether to regulate bitcoin, the Indian government set up a committee in April to evaluate the situation and provide recommendations. The finance ministry also asked for public comments, most of which are in favor of legalizing and regulating bitcoin.

Indian Bitcoin Adoption Responds to Government Signalling for RegulationOn Tuesday, CNBC aired a news segment announcing that the most of the committee members are in favor of regulating bitcoin. Bitcoin.com interviewed Sandeep Goenka, co-founder of the bitcoin exchange Zebpay, prior to this announcement. He clarified that a task force is being set up and it would take about 6 months for them to come up with recommendations.

Unocoin CEO Sathvik Vishwanath has since agreed, confirming that it would take a while for the recommendations to be finalized. Prior to asking for public opinions, the government met with him and other Bitcoin businesses in a “closed door meeting” to discuss bitcoin regulation. While the committee is supposed to deliver a report next month, Vishwanath told Bitcoin.com that “things with Indian government move quite slowly and Bitcoin may not be on their priority list,” adding that:

It would be amazing to see if they come up with the report in 1 month but this will still be a recommendation and not the government decision.

Bitcoin’s Popularity in India

Indian Bitcoin Adoption Responds to Government Signalling for RegulationMeanwhile, the public response to the news of Indian bitcoin regulation has been very swift and positive, adding to the momentum that has knocked most bitcoin exchanges offline and has bitcoin’s price trading at a heavy premium. “The growth last month is something we could not handle and ended up with some backlogs and it took two extra weeks to clear up,” Vishwanath noted. “Other players in the market ended up not accepting new users temporarily to clear the backlogs.”

He described the customer growth he is seeing on his exchange as “like a hockey stick curve.” He believes the growth will continue, telling Bitcoin.com that:

Now that the government committee has given out a positive vibe regarding bitcoin, there could be even more new customers flocking around. Undoubtedly, this has been the most exciting time for bitcoin in India.

Merchant Adoption

Vishwanath explained that there is a high demand from bitcoiners, but merchant adoption is still small. While there are still “not too many” vendors that accept bitcoin, he said:

We are able to sign up about 20-30 merchants per month to accept bitcoin lately. Our merchant base is quite vast and it spans from flight and bus ticket agents, books and cds merchants, saloons, server space rentals to e-retail merchant vouchers at discounts.

Nonetheless, even while “trading activities are quite picking up” and merchants are continually signing up, he noted that merchant adoption has slowed “as there is both regulatory uncertainty and high transaction fee for bitcoin transactions.” In addition, “the transaction fee for bitcoin is playing an important role and pushing back the micro transactions.”

Do you think bitcoin adoption in India is about to explode? Let us know in the comments section below.


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Netcents and VISA Team up to Offer Bitcoin Purchases via Credit Card


Netcents and VISA Team up to Offer Bitcoin Purchases via Credit Card

Netcents and VISA have announced a partnership to facilitate the direct purchase of bitcoins using a credit card.

Also Read: Cryptocurrency Hedge Funds Outperform Rivals

Netcents Have Announced That They Will Be Partnering With VISA to Allow Customers to Purchase Bitcoin Using a Credit Card

Netcents are a wallet service provider and payment processor that offers cryptocurrency products to businesses and private individuals. The announcement comes just months after a similar partnership was established with Mastercard. Netcents are based in Vancouver, Canada, but provides depositing services to 194 countries. Netcents is registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Netcents and VISA Team up to Allow Bitcoin Purchases

The partnerships with Visa and Mastercard allow Netcents to be one of the most streamlined services for purchasing cryptocurrency with fiat currency via credit card. The partnership has particularly positive ramifications for Netcents’ woocommerce payment processing plugin, which provides online merchants the ability to accept all fiat currency credit card payments in addition to bitcoin and ethereum payments

Although Netcents’ services offer one of the easiest options for a cryptocurrency beginner making their first purchases in the bitcoin markets, some cryptocurrency enthusiasts are arguing that integration between bitcoin businesses and major financial institutions such a Visa or Mastercard undermine many of the core values that underpin cryptocurrency.

What Began as an Anarchic Project Is Increasingly Being Used a Tool for Profit Generation by Financial Institutions

Using a credit card to purchase cryptocurrency divorces virtual currencies from many of the core use-values that underpins bitcoin’s basic protocol. The innovation of the blockchain, a trustless ledger that comprises a decentralized ledger that can validate and verify transactions without the involvement of third parties, is made essentially inert by the involvement of credit card companies in a transaction. The transaction is immediately dependant upon a centralized third party, and involves paying fees to the credit card companies, Netcents, and Visa or Mastercard, in order to access technology designed to circumvent the very third parties that are now facilitating the transaction.

Netcents and VISA Team up to Allow Bitcoin Purchases

With bitcoin’s recent price gains appearing to continue, greater cryptocurrency exposure in the media will generate increasing demand for services that provide bitcoin integration into mainstream contemporary architecture. The form that this integration appears to taking shape into is a cause for concern among cryptocurrency devotees.

What began as an anarchic project that sought to provide an autonomous alternative to the dominance of neoliberal financial institutions is increasingly being used a tool for profit generation by the very entities that bitcoin originally sought to circumvent. The revolutionary economic vision that many early adopters saw as the future of cryptocurrency is increasingly giving way to an embedding of cryptocurrency into the fabric of mainstream finance, with partnerships like that between Netcents and major credit card providers having the unfortunate effect of sterilizing the disruptive use-values inherent to cryptocurrency.

Do you think that greater embedding of cryptocurrency into the mainstream financial industries undermines the core values of bitcoin? Share your thoughts in the comment section below!


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FBI Requests New Funding To Investigate Use Of Virtual Currencies


On June 21 the acting director of the FBI, Andrew McCabe, gave a speech to U.S. bureaucrats requesting a new budget for the fiscal year of 2018. The request proposal totals of $8.77 billion, and some of that funding will be appropriated towards investigating the use of virtual currencies by criminals who “obscure their transactions.”

Also Read: FBI Director: ‘There’s No Such Thing As Absolute Privacy’

FBI Budget Request Asks for $63 Million to Combat Cyber Threats and the ‘Going Dark’ Program

FBI Mentions Digital Currency Obscurity in 2018 Budget Request
Acting director of the FBI, Andrew McCabe.

During this year’s FBI budget hearing Andrew McCabe asked for continued support during the agency’s leadership transition period. McCabe has taken the place of former FBI director James Comey who was let go by President Donald Trump. The acting director has the same concerns as Comey did in regards to the challenges involved with gaining access to digital information.

The $8 billion dollar request will enhance eight programs that McCabe says are critical requirements for the agency’s day to day operations. Quite a bit of the funding will go towards fighting cyber crime and battling technologies that provide anonymity.

“$41.5 million to enhance cyber investigative capabilities, and $21.6 million for operational technology investments related to the ‘Going Dark’ initiative,” details McCabe’s report.

Virtual Currencies Obscuring Illicit Transactions

The ‘Going Dark’ initiative was first described by James Comey in the past who explained that technologies like encryption and digital currencies were making it difficult for the FBI’s investigations. The main point of the ‘Going Dark’ summary details that agents cannot access certain devices because of stronger encryption. Alongside this, technologies such as cryptocurrencies are being used to anonymize financial transactions tied to illicit activity.

Some of our criminal investigators face the challenge of identifying online pedophiles who hide their crimes and identities behind layers of anonymizing technologies, or drug traffickers who use virtual currencies to obscure their transactions.

Funding Will Help Improve the FBI’s Resources Against Key Threats and Challenges

McCabe’s transcript details that FBI agents are using “technical capabilities and traditional investigative techniques,” to mitigate “cyber threats” and the challenge of “going dark.” The report says the monetary request will help address “key threats and challenges that we are facing, both as a nation and as an organization.”

The detailed budget request comes at a time when the U.S. government and law enforcement agencies are showing an increased focus on digital currencies as “monetary instruments” used in criminal funding. Senate Bill 1241 dubbed the “Combating Money Laundering, Terrorist Financing and Counterfeiting Act” also asks government agencies such as the FBI, CIA, and Homeland Security to increase their efforts researching these technologies.

What do you think about the FBI’s budget request to combat cyber threats and those who obscure transactions with digital currencies? Let us know your thoughts in the comments below.


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PR: Compcoin Announces $45M Initial Coin Offering For Its A.I. Trading Platform


Compcoin Announces $45M Initial Coin Offering For Its A.I. Trading Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

ORLANDO, Fla., June 13, 2017 — Compcoin, the digital coin catering to investors and forex traders, today announced terms for its upcoming Initial Coin Offering (ICO), which is scheduled for June 14, 2017. The company hopes to raise up to $45 million, which will go toward the development of new investor technologies, customer acquisition and company growth.

Compcoin is a new digital token focused on investing and growing capital. Investors may buy and hold Compcoin to leverage it as an alternative investment vehicle. However, the primary function of Compcoin is to grant investors access to ART – a proprietary, automated, algorithmic trading platform developed by its parent company, the Fintech Investment Group.

“Compcoin is the first digital coin that grants investors access the world of algorithmic trading in the $5 trillion per day foreign currency market. Previously, such technology had only been available to elite investors, hedge fund managers, large insurers, pension funds and global banks,” Said Alan Friedland, founder of Fintech Investment Group and Compcoin.

“After eight years of testing, which resulted in highly successful predictions and high returns, we believe Compcoin is ready to generate profits for forex traders on the open market. By making our proprietary trading technology available to everyday investors, Compcoin is leveling the investor playing field and giving owners a real opportunity to experience success in this highly desirable asset class.”

As part of its ICO, Compcoin will be offering 3 million coins at a price of $15 USD each. The first 700,000 coins will receive a 20% bonus. Further details on the bonus program can be found in the offer memorandum released today at www.compcoin.com. Investors can reserve their coins to the ICO by contacting Compcoin at 888-377-COIN (2646). If all 3 million coins are reserved prior to the ICO date, the coins will be issued on an exchange or exchanges within two to three business days after the ICO.

As of today, more than 4.6 million Compcoins have been minted since its introduction in 2014 – an average of 35 new coins every 10 minutes. The maximum number of Compcoin that will be minted is 10 million, or however many coins have been mined by the end of January 2020 — whichever milestone is reached sooner. A percentage of coins will be available for miners.

The more Compcoin an investor owns, the more money the investor can leverage for forex trades with ART. Since the supply of Compcoin will be limited, this demand will increase the value of Compcoin for long-term investors, forex traders and speculators on the open market.

Investors who are interested in learning more about Compcoin are invited to review the company’s offer memorandum. Highlights from the offer memorandum include:

Purchasing Compcoin only provides access to ART. Compcoin owners looking to execute forex trades via ART must set up and fund an account with the brokerage of their choice, and then link it to ART. At this time, Compcoin may not be used to fund forex trades.

The ability for Compcoin to store value, and potentially increase in value, off-sets any traditional account management fees that retail forex traders would have normally paid to execute trades. Instead of paying fees to a third party, Compcoin investors can use those dollars to purchase a digital asset that can be traded or sold for a potential profit at a later date.

Compcoin are transferable and divisible, and exhaust when used to activate the ART trading technology at a rate of 0.5% each quarter. Once a coin is exhausted, it may no longer be used or traded and new Compcoin must be acquired.

Compcoin is a unique, innovative, US-based digital asset that focuses on investing and increasing earnings growth, instead of spending or other transactional purposes. Compcoin is designed to be a financial asset superior in its ability to store long-term value. Investors may buy Compcoin to leverage it as an alternative investment vehicle – similar to the way investors buy, hold and sell other asset classes (e.g., equities, bonds, commodities, precious metals, etc.). The primary function of Compcoin is to grant investors access to ART – a proprietary and automated artificial intelligence trading platform. Compcoin seeks to be a trusted alternative investment vehicle for serious individual investors and a platform for financial growth. In order to do this, Compcoin focuses on technology, transparency, security, compliance, and financial control. For more info visit www.compcoin.com or call 888-377-COIN.

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Press Contact Email Address
friedlandalan@gmail.com
Supporting Link
www.compcoin.com

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Cryptocurrency Hedge Funds Outperform Rivals


Cryptocurrency Hedge Funds Outperform Rivals

The cryptocurrency hedge fund industry has significantly expanded in recent years. The meteoric rise in the price of bitcoin has solidified the success of many of these hedge funds, with reports suggesting that cryptocurrency hedge funds are outperforming their mainstream counterparts.

Also Read: Cryptocurrency Hedge Fund Polychain Raises $10 Million

Cryptocurrency Hedge Funds Have Outperformed the Average Global Hedge Fund

The cryptocurrency economy has become increasingly embedded in the traditional financial markets, including the emergence of several cryptocurrency hedge funds in recent years.

Cryptocurrency Hedge Funds Outperform Rivals

Eurekahedge was one of the first companies to offer cryptocurrency-based hedge funds, launching its Crypto-Currency Fund Index in 2013. Despite the cryptocurrency bear market of 2014 and the immense volatility within the cryptocurrency markets, Eurekahedge has managed to perform with an average annual return of 123.25%. Eurekahedge’s Crypto-Currency Fund Index tracks the performance of several different actively managed cryptocurrency hedge funds that are predominantly invested in bitcoin and ethereum, in addition to several other prominent cryptocurrency projects.

Eurekahedge has recently stated that “cryptocurrency hedge funds have outperformed the average global hedge fund, traditional FX hedge fund strategies, the MSCI ACWI and the S&P GS Precious Metals Index over all periods.”

Pantera Capital was founded in 2013, and claims to have been the first U.S. bitcoin investment firm. The company emerged out of Pantera Capital Management LP, a San Francisco-based investment firm that was founded in 2003. Pantera boasts a portfolio that includes many of the most successful companies in the cryptocurrency economy, including blockchain-based remittance provider Abra, major bitcoin exchange Bitstamp, bitcoin payment gateway Circle, and major altcoins Ripple and Zcash – both of which have seen dramatic price rises this year.

With Bitcoin’s Price Continuing to Rise, We Can Likely Expect Further Proliferation of Cryptocurrency Hedge Funds in Coming Years

Another high-profile entrant in the cryptocurrency hedge fund market is Polychain Capital, which was founded last year by Olaf Carlson-Wee, a former employee of Coinbase.  In September 2016 Polychain Capital generated media attention following its successful $10 million USD funding campaign conducted with venture capital firms Andreessen Horowitz and Union Square Ventures.

Cryptocurrency Hedge Funds Outperform Rivals

Polychain capital holds actively managed portfolios of blockchain assets. Carlson-Wee discussed Polychain’s portfolio with Forbes, stating that “There will be many types of assets codified into the blockchain, and they are all not just going to be on the Bitcoin blockchain – it’s going to be a number of different assets here. And the best way to invest in that is with a diversified portfolio.” Since launching, there has been a high demand for Polychain Capital’s digital assets.

Despite the high performance of the cryptocurrency hedge funds, some cryptocurrency adopters have argued that the increasing presence of major investment firms within the virtual currency space undermines the decentralization of the bitcoin markets.

With bitcoin’s price continuing to rise, we can likely expect further proliferation of cryptocurrency hedge fund in coming years.

Would you invest in a cryptocurrency hedge fund? Tell us your thoughts in the comment section below!


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South Korean Mobile Commerce Leader Omnitel Adds Bitcoin Services


South Korean Mobile Commerce Leader Omnitel Adds Bitcoin Services

South Korean mobile commerce leader Omnitel announced that its subsidiary Omni Networks is starting a bitcoin remittance business. In addition, the company plans to accept the digital currency for its video streaming service.

Also read: South Korea to Dispose of 216 Bitcoins in First Public Auction

Revised Bill Paves the Way for Omnitel

South Korean Mobile Commerce Leader Omnitel Adds Bitcoin ServicesThe revised bill of the Enforcement Decree of the Foreign Exchange Transactions Act of South Korea was finalized on Tuesday, according to Money Today. The amendment provides legal grounds for fintech companies to engage in remittance businesses, which was previously only available to commercial banks.

Among companies taking advantage of this amendment is Omnitel, a South Korea-based mobile commerce leader. Established in 1998, the company specializes in mobile broadcasting service and various public services such as disaster alerting service by utilizing the cell broadcasting system platform. Omnitel is a public company listed on Kosdaq, the Korean counterpart of Nasdaq, with 7.77 billion won in capital and about a 70 billion won market cap at press time. In addition to South Korea, the company operates in Algeria, China, Mongolia, Myanmar, Singapore, Malaysia, Vietnam, Thailand and Indonesia.

Omnitel sells over 70 brand coupons through its network, accounting for over 1,200 products. It streams over 10 media channels and has more than 400 partners, including South Korea’s largest credit card company Samsung Card, wireless telecommunications operator SK Telecom, Hyundai, and Lotte Card. Products and brands include Starbucks, Baskin-Robbins, CVG cinemas, 7-11, the Outback Steakhouse and the largest health care and beauty care chain store in Asia, Watsons. Omnitel is actively working on a smartphone app and services.

Omnitel Adds Bitcoin Services

In line with the newly revised law, Omnitel announced that its subsidiary, Omni Networks (formerly Omni Bank), has entered into a cross-border payments business, according to Money Today.

South Korean Mobile Commerce Leader Omnitel Adds Bitcoin ServicesIn March, the company announced an investment of 2.4 billion won to acquire an 8.89% stake in BTC Korea.com, the operator of the country’s largest bitcoin exchange by volume, Bithumb. Omnitel said at the time that Bithumb accounts for 70% of the domestic bitcoin trading market, with accumulated trading volume of 2 trillion won in 2016 since the exchange began trading in January 2014. Its daily transaction amount exceeded 3.5 billion won on January 5, earning the operator 4,181 million won in sales and net profit of 2,513 million won, the company detailed.

South Korean Mobile Commerce Leader Omnitel Adds Bitcoin ServicesFollowing this investment, Omni Networks started working on a bitcoin-based foreign exchange (FX) remittance business. The standard FX remittance fees and FX margins charged by banks in South Korea are between 5% and 7%, the company described, adding that it wants to lower commissions to between 8,000 and 13,000 won and FX margins to less than 2%. Moreover, it plans to shorten the transfer time from two to three days to less than one hour.

In addition, Omnitel plans to introduce bitcoin payments for mobile streaming content, which it says will differentiate itself from competitors. Bitcoin has been the company’s priority since its price spikes drove high demand in Asia. An Omnitel official said that the company’s first goal is “to rapidly enter the overseas remittance and mobile settlement market.”

What do you think about Omnitel entering the Bitcoin space? Let us know in the comments section below.


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Mycelium Employee Quits After ICO Funds Was Used for Spanish Vacation


Mycelium Employee Quits After ICO Funds Used for Spanish Vacation

In a recent interview former backend developer for Mycelium, Daniel Drawisz, has detailed his reasons for leaving the company. Daniel cites deceptive sale terms and conditions and misuse of ICO funds as his primary motivation for leaving the company, including shockingly the financing of a vacation to Spain for the development team.

Also Read: Australian Financial Authorities Look Into Ethereum’s Conflicts of Interest

Mycelium Conducted an ICO Crowdfund Last Year, Claiming in Their Press Material That Money Was Needed to Support Future Updates

Mycelium, formerly Mycelium Wallet, is a wallet provider that claims its development team has been working together since before bitcoin’s inception. Mycelium is incorporated in Cyprus and has released a number of bitcoin wallet-related products to the market.

Mycelium Employee Quits After ICO Funds Used for Spanish Vacation

Mycelium conducted an ICO crowdfund last year, claiming in their press material that money was needed to support future updates, in addition to wanting to afford their customers the opportunity to become stakeholders in the company. The press release also claimed that the Mycelium “team has been working untiringly to make Mycelium into a very functional, reliable product, serving the needs of both beginners and professional bitcoiners; now we are ready to bring Mycelium to the next level”. The ICO saw the distribution of only 5% of the company’s ownership to token holders.

Daniel Krawisz, a Former Backend Developer, Quit Mycelium After Claiming to Witness the Misappropriation of the Raised Funds

Towards the end of the crowd sale press release, there is an obscure disclaimer stating that “We think we have found the best solution to be legally compliant, but legal does not always mean right, or true, or secure, or honest. Personally, I would not even bother with trying to get all the papers and legal documents for this, instead just trusting the blockchain records for this much more and waiting for the first precedent protecting the rights written in the blockchain. A public promise to make something is still considered an obligation to do so, and this is exactly what I am doing here. Just to assure you that this crowd sale is legally sound, we have gone through all the necessary internal legal procedures to make this happen”. This confused, juridically meaningless clause should have been seen as a major red flag by potential investors.

Daniel Krawisz, a former backend developer, quit Mycelium after claiming to witness the misappropriation of the raised funds. “One of the first things they did when they sold these tokens is they kind of bought a vacation in [Spain] for all of the developers,” said Krawisz. “It was literally like a vacation because nobody did any work there. This is kind of why I decided to leave the company. I didn’t like that they were selling tokens in the first place, and then I didn’t like that they were immediately spending the money on a vacation.”

Mycelium Employee Quits After ICO Funds Used for Spanish Vacation

Krawisz also paraphrased some comments that were shared with him by a “higher-up” employee at Mycelium whilst on vacation in Spain. “These lawyers, you know, when we talk about making [a] token sale, they tell us, ‘This is illegal; you are going to jail.’ These lawyers, they believe everything needs to go by a template, and we wanted to do something new.” Daniel found this very disconcerting, stating “I just thought it was so weird that he was like joking about lawyers saying that they were going to go to jail for this.”

Daniel Krawisz also described the terms of the crowd sale as intentionally misleading and ambiguous, designed to conceal the fact that much of the funds raised were to be diverted towards costs such as ‘employee salaries’, and other costs that would be expected to have been absorbed by the company.

Although Mycelium has issued statements disputing Krawisz’s allegations, the recounted story does not look good for the company. With regards to the alleged vacation, Mycelium Community Manager Dmitry Murashchik states “We had a company retreat [or] get together to strategize, yes.” “We all live around the world, and the boss wanted to get us all together to strategize on how we should go forward, believing that this is best done in person. [Spain] was chosen because that’s where he was at the time, and it was the closest location to all but one or two of our devs, since most live in Europe and one was on vacation in Spain already. Only two employees had to be flown in from overseas.”

With allegations of mishandling funds against Mycelium, accusations that BAT’s ICO constituted the illegal distribution of unlicensed securities, and authorities examining the possibility that the Ethereum foundation may have acted in violation of conflict of interest laws in their handling of the DAO fiasco, it appears increasingly likely that we will eventually see a crackdown on ICO presales.

Do you think greater regulatory oversight for ICOs will be an inevitability? Share your thoughts below!


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Antshares Rebrands, Introduces NEO and the New Smart Economy


At a gathering at the Microsoft headquarters in Beijing on Thursday, with about 200 people in attendance, Antshares, the first open-source blockchain platform developed in China, announced a complete rebranding of its blockchain solution, as well as a number of other developments detailing their ambitious plans forward.One of the revelations was the platform’s new name and brand, NEO, which in Greek means newness, novelty and youth. The developers also highlighted the strengths of their advanced smart contract code, which will support decentralized commerce, digital identities and the digitization of many different assets. This rebranding of Antshares represents a new direction for the development of China’s blockchain community.Currently, holders of ANS can now automatically generate Antcoins (ANC) in their Antshares wallets, which will be used as gas on the platform. The ANS asset symbol will become NEO in the 3rd quarter of 2017; meanwhile, the NEO team is working on new clients and a UI for the new NEO brand.Throughout the day, there were presentations from participants including Microsoft representatives, NEO platform developers, and founders of partner platforms. Among the select attendees were several major potential investors, industry experts and blockchain enthusiasts, as well as members of the Chinese financial and mainstream media, including CCTV. Presenters at the conference included: Da Hongfei, founder of NEOAfter announcing NEO’s new brand and strategy, Da Hongfei elaborated on the future of blockchain technology, where every asset will be digitized and programmable with smart contracts. Calling for the transparency and openness of data, he introduced concepts of the “Smart Economy” and new smart contract system, and announced that he is building a new multi-chain protocol for interoperability.Da Hongfei’s top revelations at the conference were that:NEO is collaborating with certificate authorities in China to map real-world assets using smart contracts;NEO has received a new patent for cross-chain distributed interoperability;NEO’s recent new startup partners include Bancor, Agrello, Coindash, Nest Fund, and Binance, with more partner announcements to come.Erik Zhang, Core Developer of NEOIn his presentation, Erik Zhang discussed the evolution of Smart Contracts 2.0, and explained the main differences between NEO and Ethereum. One big contrast of these competing platforms is their programming languages. Ethereum requires developers to learn to program with Solidity. Neo, on the other hand, will support almost all programming languages via a compiler, including those on Microsoft.net, Java, Kotlin, Go and Python, greatly lowering the difficulty for developers to write smart contracts. By making its programming languages more inclusive, NEO hopes to attract a larger community of developers. Zhang also explained the mechanics of the NEO Virtual Machine, its execution engine and interoperability.  Slide Of The NEO Virtual Machine Tony Tao, CEO of NEO and Founder of Nest FundBased on the concept of Ethereum’s The DAO, a blockchain-based investment fund, Tony Tao is about to release a whitepaper for a similar project. Called Nest Fund, and built on NEO’s blockchain, this fund will make improvements on the failures of The DAO. By offering a global bounty reward for any hacker who finds bugs, Nest will be audited by a worldwide peer review, and will then release its token for decentralized investing.Srikanth Raju, Microsoft’s G.M of Developer Experience and Evangelism for the Greater China Region According to Mr. Raju, blockchain technology will lead us into a new digital age, displacing traditional businesses and middlemen throughout many industries. He said that Onchain (the company that founded NEO) is “one of the top 50 startup companies in China”, and offered his support for their endeavors going forward. Mr. Han Feng, Tsinghua University I-Center Fostering innovation and entrepreneurship at the top university in China, Tsinghua University’s I-Center focuses on the large-scale integration of technology resources. Speaking for the university’s growing interest in supporting blockchain technology, Mr. Han Feng said that current systems of commerce are “outdated and insecure,” and that the internet is ready for an upgrade to a blockchain-based operating system. Calling for a fully-automated, blockchain-based, decentralized economy, he said we can expect a digital revolution in the years to come. This will include digital currency, decentralized storage, secure smart contract codes, IoT, AI, and many more innovations. Chen Cheng Qiang, founder and CEO of InnospaceLocated in Shanghai, Innospace is a business incubation company, with office spaces, meeting spaces, cafes and living spaces. At today’s conference, Innospace CEO Chen Cheng Qiang announced a ¥200 million CNY ($29.3 million USD) incubation fund, a collaboration between his company and the NEO blockchain team. Plans for the fund include the establishment of a new blockchain space in Shanghai, combining working spaces, startup incubation and acceleration services. According to Mr. Qiang, his company plans to provide the most successful entrepreneurship acceleration services in China. Alex Norta, founder of AgrelloComing all the way from Estonia, Alex Norta announced that his startup Agrello will be partnering with NEO to develop smart contracts for automation, self-execution, accuracy and transparency. Powered by AI, Agrello will be a platform for non-programmers to create their own legally binding blockchain-based smart contracts. Use cases for Agrello’s tech include renting and sharing, freelance contracting, orchestrating production flows, and reducing administration costs for multinational corporations.Adam Efrima, CEO of CoindashWith offices in Israel and Shanghai, Coindash will be a social trading platform for crypto assets, offering portfolio management tools for digital asset investors. Features of the platform will include portfolio statistics and management tools, investment automation, an ICO dashboard, and insights into other traders’ successful investing strategies. In the upcoming development of Nest Fund, a blockchain-based smart fund by the developers of NEO, Coindash will offer advisory and prediction tools for Nest’s modern investors.Mr. Zhao Chang Peng, CEO of Binance The former CTO of OkCoin, Mr. Zhao Chang Peng is starting his own digital asset exchange, hoping to compete with platforms like Poloniex. Calling his new platform Binance, this new exchange will only deal in coin-to-coin transactions, avoiding fiat pairs and therefore avoiding Chinese regulations. In order to maintain a standard in mature digital assets, Binance will only list coins that meet its strict criteria. With a launch planned for later this year, the platform’s first traded assets will be bitcoin, ether and NEO. From the looks, sounds, and energy of the event, NEO has built up some strong momentum going forward. They have one the top blockchain development teams in all of China, with 50 million ANS ($325 million) to support their funding needs and a growing list of partners now aligning by their side. While it may take some time to steal the spotlight from Ethereum, we are sure to see more from this platform in the months to come.  The post Antshares Rebrands, Introduces NEO and the New Smart Economy appeared first on Bitcoin Magazine.
Source: bitcoinmagazine.com

Analyst: Like Amazon, Bitcoin Offers a Lucrative Multi-Decade Investment Opportunity


Analyst: Like Amazon, Bitcoin Offers a Lucrative Multi-Decade Investment Opportunity

A financial analyst looked closely at the spikes in Amazon’s stock price and bitcoin recently. While detailing similarities between the two investments, he explains why bitcoin may be one of the most lucrative trading opportunities for decades.

Also read: Most Popular Contactless Smart Cards in Japan Adding Bitcoin Hardware Wallets

Bitcoin is Most Lucrative

Education consultant and analyst Gordon Scott published an article on Wednesday explaining how “bitcoin looks a lot like an early Amazon,” referencing the massive spike in Amazon’s stock price that started in 1997. While citing bitcoin “holds real risks,” he believes “there is a real opportunity for traders right now”, adding that:

Bitcoin may be the most lucrative trading opportunity since internet stocks such as Amazon.com Inc. in the dot-com era.

Scott is the Managing Director of the Chartered Market Technician (CMT) program for the Market Technicians Association, a non-profit organization of professional technical analysts headquartered in New York City. Previously, he worked for IBM and TD Ameritrade and spent over 10 years as a trading coach and e-learning consultant.

Similarities to Amazon

Analyst: Like Amazon, Bitcoin Offers a Lucrative Multi-Decade Investment OpportunityAfter explaining the importance of blockchains and the tremendous impact they are likely to have on our society, Scott compared a few of bitcoin’s price spikes to that of the huge Amazon spike during the dot-com boom. He felt that the two spikes are similar because in each case investors are seeing a new technology that could change their world. “The latest run-up in the price of bitcoin is an indication that many more people are starting to believe these promises could actually be fulfilled,” Scott said.

Amazon went public in May 1997 at $18 per share in an initial public offering (IPO) which valued the company at around $438 million. Citing Amazon’s groundbreaking business model, Scott recalled that “investors were not able to fully and accurately quantify Amazon share value at first.” In 1997, people knew that Amazon had a great idea but they still could not fully give a proper valuation to its shares, he detailed, noting that “consequently, investors had to guess at the company’s value.”

Analyst: Like Amazon, Bitcoin Offers a Lucrative Multi-Decade Investment Opportunity

Scott compared the price of Amazon shares from 1997 to 1999 with bitcoin from 2016 to 2017 as well as from 2009 to 2010. The marketplace giant rose more than 6,000% in its first two years after its IPO, he described, noting that “18 years later the peak price from back then looks cheap by comparison today.”

Analyst: Like Amazon, Bitcoin Offers a Lucrative Multi-Decade Investment Opportunity

While Amazon’s price surge is still larger than any single bitcoin price surge, Scott pointed out that it happened over a longer period of time than any one of bitcoin’s surges. “Surprisingly, bitcoin’s performance in its first two years only achieved two-thirds of Amazon’s original run-up,” he conveyed, then concluded:

It’s possible that cryptocurrencies are not only here to stay, but potentially a life changing mechanism for all of us. If that’s the case, then bitcoin offers investors a multi-decade investment opportunity, rising like Amazon’s market cap — and a price — that defies logic.

Do you think bitcoin will continue to be a great investment opportunity for decades? Let us know in the comments section below.


Images courtesy of Shutterstock, Gordon Scott, Investopedia, Microtrends


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Source: bitcoin.com

PR: iDice June Development Update


PR: iDice June Development Update

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

It has been two and a half months ago since the iDice beta was released. In this, the iDice beta has processed nearly 2000 bets and has paid out 1440 ETH in player winnings, making it the fastest growing blockchain casino for Ethereum. The beta is available here: https://idice.io.

At the start of June, 2017, iDice only had around $200k USD in winnings. In the past 2 weeks, iDice has doubled the amount of bets from the past 2 months in only two weeks and has paid out a total of $500k USD.

iDice is billed as the world’s first mobile gambling app, a mobile casino that, according to top casino experts, has the potential to become the world’s biggest gambling company within the next 10 years. Industry experts estimate the mobile gambling segment to be valued north of $17 billion USD, and that number is still growing. iDice looks poised to dominate this market as the first and only mobile Dice app.

Studies have shown that the average person in the US spends roughly 71% of their digital minutes online through their smartphone or tablet, which is why so many companies are more focused towards mobile development than desktop. iDice’s goal is to be the first to provide a smooth and reliable gaming experience for mobile users. Currently, players have to put up with clumsy and unoptimized sites if they want to play with mobile devices. The iDice mobile app will eliminate this and create an optimized user experience without sacrificing any safety.

The company released new images of its prototype mobile app on Apple IOS devices. The improved UI looks highly optimized for mobile platforms as the company looks to dominate the mobile gambling segment. iDice’s competitors have a lot of catching up to do if they want to even stand a chance with competing with iDice’s flagship mobile app.

So far, the iDice ICO has raised over 5800 ETH ($1.8 million USD) making it the most successful gambling Dapp ICO to date. With only 3 days left on the crowdsale timer, investors are rushing to get their piece of the iDice pie. Anyone with Ethereum can invest in the platform. iDice tokens grant the holder the right to claim a portion of the company’s total profits similar to how a preferred share pays a share holder dividends. iDice token holders will have the advantage of the house edge being on their side, making it statistically likely for the token holder to make massive profits on their investment. Returns on similar projects in the past have ranged from 10x to 30x. Join the iDice ICO here: https://crowdsale.idice.io


This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: bitcoin.com