For $8

For $8, man misleads Canadian Parliament on Bitcoin Cash

Cryptocurrency entrepreneur and Quebec FCA member Jonathan Hamel has come under fire for intentionally misleading members of the Canadian Parliament.

Hamel, who has been involved in cryptocurrencies since 2013 and a notable supporter of Segwit Core (BTC), made the misleading comments at a hearing in front of the Standing Committee on Finance, having previously alluded to his plan on social media.

Posting on Reddit ahead of presenting his evidence to the committee, Hamel solicited donations to say that Bitcoin Cash was a ‘scam’, in an intentional bid to prop up BTC at the expense of Bitcoin.

His decision to include an address for donations has come under particular criticism, calling into question the quality of the evidence presented to Canadian lawmakers.

According to his Reddit post, Hamel was keen for adverse comments about Bitcoin Cash to be recorded in Canadian parliamentary archives:  “Spoiler: I’m gonna say “Bcash is a scam” and it’s gonna be archived forever in the Parliamentary records (not a blockchain but still…). Donations are welcome.”

In addition to receiving around $8 in donations for his comments, Hamel also alluded to the fact that he was long on Segwit Core, and that his intention was to portray alternatives to Segwit Core as universally illegitimate.

Hamel told the committee it should be concerned with currencies other than Segwit Core, alleging they have no merit in their own right, and are inherently fraudulent.

“Other cryptocurrencies are downright scams, like Bcash,” the businessman said.

His behaviour has infuriated members of the Bitcoin community, with dozens of social media posts highly critical of his intentional efforts to mislead Canadian authorities. In particular, his position vis a vis his membership of the FCA, the leading regulator in the crypto space, has led to staunch criticism of his tactics.

Critical press reports have been widespread in recent days, drawing attention to the fact that Hamel, as a presumed expert, was allowed to intentionally mislead Canadian lawmakers with little to no existing background knowledge on cryptocurrencies or blockchain technology.

Furthermore, misleading parliament is a criminal offence in Canada, and there are now growing calls for Hamel to be brought to task for his actions.

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/for-8-man-misleads-canadian-parliament-on-bitcoin-cash/

Bitfinex in talks to move business to Switzerland: report

Bitfinex in talks to move business to Switzerland: report

Bitfinex, the fifth largest cryptocurrency trading exchange platform, is reportedly planning to cut its relations with Asia and move its offices to Switzerland.

News of Bitfinex moving to Switzerland was first reported by Handelszeitung. In an interview with the Swiss news outlet, CEO Jean Louis van der Velde said the Hong Kong-based trading exchange and its parent company, iFinex, are “looking for a new domicile,” where they can “merge the operations previously spread over several locations.”

Bitfinex already had several meetings with the top leader of Switzerland to solidify its move to the country, according to the report. The meetings were to ensure Bitfinex follows the law and establish its new office without hitches. Van der Velde said Bitfinex is also considering London as another option.

Moving from Asia to Europe would require Bitfinex to shut down its offices in Hong Kong, with iFinex forming a new public company. If all goes according to plan, Bitfinex will have its core businesses headquartered in Switzerland, according to van der Velde.

The decision to relocate comes around a time when Bitfinex is being hounded by controversies, most recently about an alleged pump conspiracy with Tether. Van der Velde told the Swiss news outlet: “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator.”

Bitfinex isn’t the only crypto company that is looking to relocate. Last week, Hong Kong-based cryptocurrency exchange Binance—the world’s largest cryptocurrency exchange by traded volume—confirmed reports that it is planning to open an office in Malta and possibly soon start a “fiat-to-crypto exchange” on the European island nation. Binance founder Zhao Changpeng said the company is close to securing a deal with local banks that can provide access to deposits and withdrawals. The move could be seen as an effort by Binance to escape serious regulatory issues which it encountered in China and Japan recently.

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/bitfinex-talks-move-business-switzerland-report/

Belarus targets cryptocurrency companies with crypto-friendly regime

Belarus targets cryptocurrency companies with crypto-friendly regime

Belarus has finally legalized cryptocurrency activities in the country. On March 28, the presidential decree “on the development of digital economy” came into force. According to reports, the country aims to become a global IT hub that will bring many businesses from around the globe. Many crypto entrepreneurs are expected to invest in the country, because of unprecedented freedoms and the many generous incentives from its newly-enacted decree.

The decree, signed into law last December by President Alexander Lukashenko, made Belarus the first country in Europe to offer freedom for all cryptocurrency activities. The new law has legalized all cryptocurrency-related businesses in the country, including exchange services, initial coin offerings (ICOs), mining operations, and smart contracts, among others.

One benefit from the presidential decree is there will be no taxes imposed on crypto-related activities. Unlike other countries, Belarus has exempted all cryptocurrency-related activities from taxation. Businesses and even private individuals who mine and trade cryptocurrencies in Belarus can now enjoy the tax breaks and other incentives until January 1, 2023. The decree has also allowed international cryptocurrency companies to operate in the country tax-free for the next five years.

To enjoy these benefits, businesses will need to register themselves as members of the Belarus High Technologies Park (HTP). Members of HTP will not be required to apply for work permits. They will also get a special visa waiver regime and a temporary residence status in Belarus.

The presidential decree has caused variety of changes and adoption of new laws and policies in Belarus. This week a crypto accounting standard was adopted to help adjust the accounting systems to accommodate cryptocurrency. The Central bank of Belarus has also made changes in its oversight of commercial banks and other financial institutions. They also address the introduction of new requirements for the internal control procedure.

The new rules and policies are aimed at preventing illicit incomes, terrorism financing and proliferation of weapon for mass destruction from being legalized. The Belarus government said the measures will help strengthen the anti-money laundering measures already set and improve cybersecurity in the country.

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/belarus-targets-cryptocurrency-companies-crypto-friendly-regime/

EU watchdog implements stricter requirements for crypto derivatives

EU watchdog implements stricter requirements for crypto derivatives

While the recent meeting of the G20 may not have established guidelines for how countries should—or shouldn’t—work with cryptocurrencies, there are still agencies of the European Union (EU) that are working to create regulations. The latest comes by way of an announcement by the European Securities and Markets Authority (ESMA), which has tightened the screws on cryptocurrency contracts for differences (CFDs).

With the change, the leverage limit for a cryptocurrency CFD was increased to 2:1. It previously had a fixed rate of 5:1. The new leverage limit stipulates that an investor must have enough funds to cover, at a minimum, half of the value of a contract. When the limit was set at 5:1, investors were only required to possess 20% of the contract’s value.

A CFD is an agreement for a futures contract through which any differences in settlement are conducted through cash payments, and not through physical goods or securities. It is the preferred method of settlement, as it gives both sides the same amount of risks and benefits associated with a security, even though a security is not actually owned. Since all gains and losses are paid in cash, it makes for a quick completion of the contract process.

The decision by the ESMA to change the limit comes after it determined that there was a greater risk associated with cryptocurrency CFDs. That risk comes from the extreme fluctuation in pricing, resulting in the underlying assets not necessarily carrying the same value from one day to the next.Regarding the limit change, the ESMA says, ““… For CFDs on cryptocurrencies many of these concerns remain present. Due to the specific characteristics of cryptocurrencies as an asset class the market for financial instruments providing exposure to cryptocurrencies, such as CFDs, will be closely monitored, and ESMA will assess whether stricter measures are required.”

The ESMA is an independent EU authority that works toward safeguarding the EU’s financial system stability. It assesses risks and provides a centralized set of policies for the EU as a whole, and maintains a supervisory role over financial markets. It reports directly to the EU Economic and Monetary Affairs Committee.

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/eu-watchdog-implements-stricter-requirements-crypto-derivatives/

Cboe asks SEC to not interfere with Bitcoin exchange traded funds

Cboe asks SEC to not interfere with Bitcoin exchange traded funds

At the beginning of this year, the U.S. Securities and Exchange Commission (SEC) sent a letter to Paul Stevens and Timothy Cameron, heads of investment companies with an interest in cryptocurrencies. The letter was written to provide some insight into the SEC’s position on cryptocurrencies, as well as to solicit feedback on the subject. The publication of the letter prompted the president of the investment firm Cboe Global Markets, Chris Concannon, to make an appeal to the SEC to not get involved with the development of a Bitcoin exchange traded fund (ETF).

Concannon’s letter expressed his belief that the SEC needed to maintain a hands-off approach because the Bitcoin ETF functions similarly to other commodity-based ETFs. In the letter, Concannon explained, “As the volumes continue to grow, especially on regulated U.S. markets, the overall spot Bitcoin market looks more and more like a traditional commodity market and CBOE continues to believe that the spot market is sufficiently liquid to support a Bitcoin ETP.”

The five-page letter by the SEC stated, “We believe…that there are a number of significant investor protection issues that need to be examined before sponsors begin offering these funds to retail investors.” It then went on to ask for feedback on a list of questions before adding, “Until the questions identified above can be addressed satisfactorily, we do not believe that it is appropriate for fund sponsors to initiate registration of funds that intend to invest substantially in cryptocurrency.”

An ETF is an exchange-traded product that acts like a marketable security. It tracks indices, commodities and bonds the same way that an index fund does. They are also traded like common stock on an exchange and usually have higher liquidity and lower fees than do mutual funds.

Whether or not the SEC will respect the request remains to be seen. However, the agency is starting to take a hard look at all cryptocurrency-related activity. It is currently investigating a number of companies and has issued subpoenas to those entities it feels are trying to circumvent securities regulations in the country. Since the SEC was awarded an increased budget by U.S. President Donald Trump, receiving 3% more than it had asked for, there’s a good chance that more fallout will be seen down the road.

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/cboe-asks-sec-not-interfere-bitcoin-exchange-traded-funds/

South Korean merchants could see crypto payment options by 2019

South Korean merchants could see crypto payment options by 2019

South Korean consumers are about to get access to a greater amount of shopping options where they can spend their cryptocurrency. South Korean exchange Bithumb has announced its plans to open up the platform and allow its users to use cryptocurrencies at more than 8,000 stores by the end of this year. The exchange will begin offering a pilot program in June, and roll out the service to additional merchants throughout the remainder of the year.

Bithumb is teaming up with Korea Pay, a digital payment provider in the country. Korea Pay currently handles transactions for over 200 brick-and-mortar stores and generates around $279 million each year. Consumers will be able to shop in stores such as Yankee Candle and Sulbing, and easily pay using their cryptocurrency wallet.

The announcement follows on the heels of a similar move by the popular exchange earlier this month. It has already partnered with a number of restaurants and cafes for the installation of cryptocurrency payment machines so that those establishments could accept crypto from their customers. The payment kiosks were created jointly by Bithumb and kiosk manufacturers Tros Systems, IYU and Unos Space.

Korea Pay Services ranks as one of the most successful payment system companies in the country. It is already used in over 400 establishments, including Starbucks and Outback.

Additionally, Bithumb has also entered into an agreement with Innovation Corp, a South Korean travel website that centers on hotels and vacation rentals. The website hosts more than 50,000 different lodging opportunities, and Bithumb user can now pay for their stay with any of 12 supported cryptocurrencies.

Bithumb is currently ranked sixth by trading volume among all exchanges, after falling one notch from earlier in the month. Its 24-hour trade volume sits at around $682 million. It recently opened a new customer service center in an affluent part of Seoul, South Korean, expanding its number of centers to eight.

Earlier this month, the exchange partnered with BitPay to allow consumers to make cross-border invoice payments. Whereas payments had to be reconciled through wire transfers that took four days and cost 4% of each transaction, the payments now can be completed in about a day and only cost 1%. BitPay is expected to process around $4 billion worth of transactions this year.

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/south-korean-merchants-see-crypto-payment-options-2019/

BitPay merchants can now receive Bitcoin BCH payments

BitPay merchants can now receive Bitcoin BCH payments

The wait is finally over for BitPay merchants wanting to accept payments made directly in Bitcoin Cash (BCH).

On Wednesday, the cryptocurrency payment processor announced that its affiliated merchants—over 100,000 of them—can now “do business with a growing, passionate community of Bitcoin Cash users” via a new feature that directly accepts Bitcoin BCH, the cryptocurrency with a market capitalization of over $15 billion.

“Adding support for Bitcoin Cash is another important step in our vision for blockchain payments. BitPay merchants can already immediately accept Bitcoin (BTC) from users around the world. By adding functionality for a new payments blockchain like Bitcoin Cash (BCH), we’re expanding the reach and scale of our merchants’ BitPay checkout experiences,” BitPay said in a blog post.

Merchants using the BitPay platform will have the option to pay either with BTC or BCH. Merchants can accept payments for both blockchains and get direct bank deposits the next business day with just a 1% transaction fee, according to BitPay.

BitPay merchants can now receive Bitcoin BCH payments

The announcement comes several weeks after BitPay quietly integrated BCH capability to virtually all of the merchants with whom it has an agreement, including Newegg, Namecheap, and Vultr. At the time, however, the BCH payments were still converted to U.S. dollars or BTC before they were delivered.

The next project in the pipeline is enabling settlements in Bitcoin Cash, which BitPay said will give its merchants “another way to get paid for payments accepted via BitPay.” The payment processor also plans to bring Bitcoin Cash to its mass payouts product, which can be used to pay out vendors, affiliates, developers, and payees around the world.

Since December, BitPay has been processing payments for multiple blockchains, starting with Bitcoin Cash. The decision comes on the heels of a “growing demand” to enable Bitcoin Cash support amid the high transaction fees and network congestion on the BTC chain. BitPay’s open source Copay wallet also promises to make it easier for users to spend and store their Bitcoin Cash alongside BTC, giving them “the freedom to choose—or to use both BCH and BTC.”

BitPay CEO Stephen Pair said told CoinGeek.com in an earlier interview that “offering the same service for the Bitcoin Cash blockchain will make it easier for consumers and businesses to use BCH for important transactions.”

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/bitpay-merchants-can-now-receive-bitcoin-bch-payments/

Yahoo Japan rolls out plans for new cryptocurrency exchange

Yahoo Japan rolls out plans for new cryptocurrency exchange

Yahoo Japan, the Japanese division of global media company Yahoo, has announced its intention to establish a cryptocurrency exchange, according to reports emerging today.

The company is preparing to buy a 40% stake in BitARG Exchange Tokyo, in a move that would see Yahoo Japan embark on the initial development stages of a new exchange, to be developed on existing BitARG technology, Nikkei Asian Review reported.

Analysts have suggested the move could lead to a wider ‘realignment’ in the cryptocurrency exchange space in Japan, with the Yahoo model likely to become a significant operator in the space once a market-ready exchange is ultimately launched.

Yahoo Japan confirms the plans would see development work begin in earnest, with a proposed timeline to launch of April 2019 at the earliest. The news follows denials earlier in the week from BitARG that a deal had already been signed.

The agreement will see Yahoo Japan take a 40% stake in the firm at a cost of around JPY2 billion (US$19 million). The share purchase is to be facilitated through Yahoo’s forex transaction platform YJFX, and looks set to be concluded next month.

BitARG is accredited Japan’s Financial Services Agency, which would enable Yahoo Japan to get more immediate access to the market without working through the licensing process in their own right. It is expected that Yahoo Japan will also provide further investment for the project in the months to come.

Registration is particularly significant in light of the recent warnings issued by the regulator to competing firm Binance, which remains unregulated in Japan. Similarly, this comes at a time of increasingly intense crackdowns from the Japanese financial regulator, which has focused on registration and compliance with local financial and securities laws in recent months.

Upon purchase, Yahoo Japan will send a team from its YJFX division to work on the project, primarily focusing on the development of the exchange, in addition to setting up systems for customer management and corporate governance, according to reports.

While April 2019 has been offered as a target date for launch, Yahoo Japan has already suggested that the timeline is flexible, and reliant on the successful development of the exchange technology.

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/yahoo-japan-rolls-plans-new-cryptocurrency-exchange/

Ford files patent for car-to-car cryptocurrency technology

Ford files patent for car-to-car cryptocurrency technology

US automotive giant Ford has become the latest major player to file for a patent relating to cryptocurrency and blockchain technology, according to reports.

Published on Tuesday, the Ford patent is designed to protect a system of “vehicle-to-vehicle cooperation to marshal traffic,” a model that looks at ways of allowing cars to communicate with one another to ease traffic flows and improve congestion.

The technology will allow different vehicles to communicate and coordinate their respective speeds, allowing for the most efficient allocation of travel according to current levels of congestion, according to the carmaker.

As opposed to the current system, where individual drivers focus on their own preferred timescales and speeds when driving, the Ford model could allow different vehicles to establish the most efficient speeds between them, for more efficient transport overall.

The patent application documents a so-called “Cooperatively Managed Merge and Pass (CMMP) system,” which would collect real-time data about different vehicles and driving behaviour, before allowing for algorithmic analysis of the most effective variables for efficient transport.

“This system would temporarily allow for particular cooperative vehicles (sometimes referred to as ‘consumer vehicles’) to drive at higher speeds in less-occupied lanes of traffic and also to merge and pass freely when needed. Other participating cooperative vehicles (sometimes referred to as ‘merchant vehicles’) voluntarily occupy slower lanes of traffic to [allow] the consumer vehicle to merge into their lanes and pass as needed,” the patent application stated.

The application goes on to describe how a new currency, referred to as CMMP tokens, could be used to carry messages between vehicles, and to establish the most efficient traffic priorities: “The CMMP system operates with individual token-based transactions, where the merchant vehicles and the consumers’ vehicles agree to trade units of cryptocurrency.” The CMMP tokens can be used to validate and authorize a transaction, such as occupying slower lanes of traffic, or merging into another lane and pass as necessary.

“For example, a driver of a consumer vehicle which is running late for an appointment may request to pass any participating merchant vehicles for a duration of 10 minutes on a particular road or highway for 60 CMMP tokens, at a rate of 10 seconds preferential access per token,” according to Ford.
how you can make it work later on,” he asserted.

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/ford-files-patent-car-car-cryptocurrency-technology/

CoinGeek.com funds the Cash Shuffle Group’s Bitcoin Cash (BCH) ‘Mixer’ Tool

CoinGeek.com funds the Cash Shuffle Group’s Bitcoin Cash (BCH) ‘Mixer’ Tool

CoinGeek.com continues to invest in developing BCH into the one true Blockchain with recent funding for: a terabyte block*, a tokenization mechanism (with a £5,000,000 prize for anybody who can achieve this) and now with the Cash Shuffle Group to add the ability to mix or shuffle coins on the Blockchain through multiple transactions to improve anonymity.

There’s nothing clandestine about anonymous payments, normal cash is the same and, of course, the two parties involved will be fully aware. But, to create a viable peer-to-peer, low-fee digital currency the ability for users to keep their transactions between each other is something that has been enjoyed since the birth of currency.

The Mixer tool is for BCH only and will be open source once seed is built. These improvements to the chain help tie BCH even more firmly to the original Satoshi White Paper and thus is not only the best Blockchain but also the only true Bitcoin.

Calvin Ayre, owner of CoinGeek.com, explains: “The Legacy Segwit Coin (BTC) should no longer call itself Bitcoin as there is no resemblance to the coin launched in 2008. BCH is now making sure it is true to the original vision and is adding other useful elements as the cryptocurrency world evolves. I am willing to listen any sensible arguments as to why this is not the case but can find none to refute the claim that BCH is the real Bitcoin.”

Alongside everything we are doing CoinGeek is also educating merchants about the benefits of adopting Bitcoin Cash as a lower-fee, fast-payment system. These educational efforts will really hit a peak at our CoinGeek Conference in Hong Kong this May 18th.

*A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second.

For media request please contact:

[email protected] or +44 7825 064776

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/coingeek-com-funds-the-cash-shuffle-groups-bitcoin-cash-bch-mixer-tool/

Vinny Lingham at TOKEN2049: If cryptocurrency doesn't self-regulate

Vinny Lingham at TOKEN2049: If cryptocurrency doesn’t self-regulate, governments will

Vinny Lingham tackles dumb money and half-baked tokenization projects which are attracting government scrutiny and can possibly lead to stifling regulation.

Last week’s TOKEN2049 put the ICO frenzy into the spotlight: it seems everyone is launching an ICO. Whether each token has technical and economic merits may be debatable, but it’s quite plain for anyone to see that things are going out of hand.

Civic CEO Vinny Lingham spoke at the TOKEN2049 conference in Hong Kong last week, focusing particularly on governance in the blockchain sphere.  He added that if the cryptocurrency industry wants to retain as much of its freedom as possible, it would need to “self-regulate” and construct its own code of conduct. Otherwise, governments will step in and may impose stricter regulations than most would be comfortable with, which could potentially impede innovation.

“The crypto sector will need to begin self-regulating due to a number of incidents that have caused concern recently, otherwise governments will impose stricter regulations,” Lingham said, summarizing the point in his presentation by saying “industries that don’t self-regulate get regulated.”

“If you look at history, if industries that don’t self-regulate in the sense that the business leaders don’t come together and argue for a code of conduct and a code of practices that becomes uniform across the industry, regulators get involved,” Lingham said.

Citing recent events such as the rise of scams, Lingham says government concern is not unfounded. These days, there are more ICOs than people can imagine, and there’s a lot of “dumb money” pouring into the space as misinformed people jump into investments without knowing full well what the risks are. Many cannot distinguish between legitimate projects and outright scams, despite obvious signs. Some even invest despite barefaced admissions by the project founders themselves that they are indeed, running a scam.

“These people don’t know better so now regulators are stepping up and saying we must protect people. This industry as it is emerging has got a lot of bad actors in it,” said Lingham. “There are things we can do around that as well in order to prevent too much regulation.”

“Token economy design is an important part of what you’re doing. Don’t take the money here and then worry about how you can make it work later on,” he asserted.

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/vinny-lingham-token2049-cryptocurrency-doesnt-self-regulate-governments-will/

Cryptocurrency groups fight back against advertising bans

Cryptocurrency groups fight back against advertising bans

A number of cryptocurrency associations and companies from countries including South Korea, Russia and China have apparently decided to file a class action lawsuit against internet advertising companies and social platforms that have decided to ban cryptocurrency and ICO advertisements. This lawsuit, which seeks to challenge the restrictions put in place by Facebook, Google and Twitter, was a collaborative effort of the participants at a recent cryptocurrency conference in Moscow, news.bitcoin.com first reported.

According to sources, the newly formed Eurasian Blockchain Association will file the suit in U.S. courts by May. This newly-formed association is made up from representatives from the Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA) and the Chinese Association of Cryptocurrency Investors (LBTC). These associations signed the agreement during the BlockChainRF-2018 Congress in Moscow. The sources also confirmed that a special crypto fund will be created to raise funds for this class action lawsuit and which is also accepting donations.

The advertising bans put in place by Facebook and Google have hit the cryptocurrency markets extremely hard with drops in values of around 50-60% in some cases. Twitter has also started banning cryptocurrency and ICO-related advertisements on its platform, dealing another blow to the industry which continues to decline considerably in value. At press time, the total market cap of crypto currencies has fallen below the $300 billion mark, almost a third of the value of one media conglomerate, Google. Another social networking site, Snapchat, is reportedly also considering an ICO ban.

RACIB President Yuri Pripachkin told Russian news outlet TASS that cartel collusion was one of the main points of the lawsuit.

“We think these four companies are using their monopoly power and have colluded to manipulate the market,” Pripachkin said, according to the news outlet. There has still not been a decision which U.S. state the suit will be filed, but Pripachkin indicated that this will be a state that has a positive stance towards cryptocurrency development, such as Wyoming.

In a separate story, it appears that Russia is losing big money on ICOs that are being set up by Russian businessmen abroad in more favourable business jurisdictions. A report states that up to $1.5 billion is being withheld from the Russian state coffers. However, this might change as the State Duma is expected to discuss two laws regarding blockchain technology, mining, cryptocurrency and ICOs.

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/cryptocurrency-groups-fight-back-advertising-bans/