Why developers should attend CoinGeek Seoul

There are many reasons why developers should attend CoinGeek Seoul conference in October. As the only cryptocurrency capable of realizing massive on-chain scaling as originally envisioned in Satoshi Nakamoto’s whitepaper, Bitcoin SV (BSV) is the weapon of choice for an increasing number of blockchain developers.

Yet it is an ecosystem that is continually developing and improving to more accurately reflect both the origins of Bitcoin and the needs of developers, miners and the wider community. This is one of the many reasons why developers should attend CoinGeek Seoul, taking place on October 1-2 at the Le Meridien Hotel. The event is aimed at giving developers a greater insight into the technology, and the upcoming developments in BSV that can aid future projects.

The event will see BSV developers and stakeholders of all kinds meet to discuss issues and learn more about the direction for the protocol, with a view to giving more developers the confidence to build on BSV. Another reason why developers should attend CoinGeek Seoul is that the event — the second of its kind to take place in Asia — will help them learn more about BSV and why it remains the optimum choice for blockchain developers.

“Professionals from leading blockchain and cryptocurrency startups, global enterprises, crypto mining, investors, and other brands are coming to learn about exciting developments for Bitcoin SV, as well as the benefits of massive on-chain scaling for miners, application developers, and enterprises.”

The event is not exclusive to BSV supporters, and all developers with an interest in BSV are welcome to attend the event.

As well as learning from keynote speakers at the event, delegates will also benefit from opportunities to network with other developers, and to explore more of what’s possible with BSV tokens and infrastructure.

The event will also feature presentations from the finalists of the upcoming Bitcoin Association’s 2nd BSV Virtual Hackathon, showcasing some of the best concepts developed over the event.

For anyone with an interest in BSV, or in blockchain and cryptocurrency more generally, CoinGeek Seoul remains a must-attend event for crypto developers. Get your tickets today, and learn how you can join harness the power of BSV scaling.

South Korean lawmakers to champion legalised ICOs

South Korean lawmakers to champion legalised ICOs

South Korea has been on the frontline of ICO regulation in recent months, following the decision of lawmakers there to outlaw initial coin offerings, as part of a wider crackdown on activities within the cryptocurrency space.

Now, a group of lawmakers is reported to be working on a bill that would seek to overturn the ban, and reintroduce ICOs on a legal footing.

According to local media reports, lawmakers are drawing up proposals which could be presented later this year, of early 2019 at the latest. The proposals are being led by Rep. Hong Eui-rak, who told the National Assembly this week of his plans to challenge the 2017 ban.

“The bill is aimed at legalizing ICOs under the government’s supervision…The primary goal (of the legislation is helping remove uncertainties facing blockchain-related businesses,” Hong said, according to Korea Times.

However, far from a return to the free-for-all conditions of the unregulated market, the proposals would allow only “research centers” and public organisations from deploying the funding model, which most market analysts would consider a step in the right direction for legitimising token issues. Nevertheless, the proposals will come as a surprise to some, following the decision in South Korea to ban initial coin offerings in the first place.

The 2017 decision seems to have had little impact on trading volumes or interest in the wider cryptocurrency space in South Korea, save for a reduction in the number of dubious ICOs being launched each month.

It follows similar moves by regulators elsewhere to bring ICOs in line with existing securities laws. In the U.S., for example, the Securities and Exchange Commission declared some ICOs to be de facto securities, accompanied by several other motions towards a formal, regulated environment for the ICO model.

Authorities in China have come down hard on the other extreme, effectively banning the model outright—a policy approach that has apparently gained some traction across other Asian countries.

This makes a new structure in South Korea potentially even more significant, and the chance to set a new precedent for regulating ICOs in the region.

With the implications of the 2017 ban still becoming apparent, it remains to be seen whether the more moderate approach proposed in the bill will gain the necessary support to become law, and to soften the regulatory approach to ICOs in South Korea.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
South Korea central bank to pilot 'cash-free' society with crypto

South Korea central bank to pilot ‘cash-free’ society with crypto

Since 2016, South Korea’s central bank, the Bank of Korea (BOK), has wanted to develop a cash-free society. Those plans may be one step closer, as the bank launching a pilot program that will explore the feasibility, and is considering cryptocurrency and blockchain technology to make it happen.

The project was published this week in a report by the BOK, according to Token Post. In the report, the bank’s “2017 Payment Report,” details the creation of an organization that will research cryptocurrency and analyze the effect it could have on the financial system. The bank further stated that it has already begun to investigate the use of blockchains for the cash-free system, including the use of the technology as a payment system.

The pilot program is designed to reduce the costs associated with printing and distributing physical money. According to officials, South Korea spent about $47 million issuing paper and coin currency in 2016 The country is pushing to be “cash-free” by 2020.

An added benefit that a cash-free program offers to the country is that it would include the “underground economy,” which is mostly cash driven. An analyst with the Shinhan Investment Corp. stated that, “[A cashless society] can open the underground economy, and thus enhance equivalence in taxation. The shoe box full of 50,000 won banknotes that you see in movies will disappear in reality (with the advancement of a cashless society).”

This is only the latest in a series of steps to move away from physical currency. In 2017, the BOK implemented a program that allows customers to deposit small change from transactions directly onto prepaid debit or phone cards.

If the new program functions as well as the bank hopes, it would be a significant step forward for global acceptance of cryptocurrencies. It could possibly push them into mainstream financial transactions, ultimately allowing digital currency to fulfill the role for which it has been designed.

South Korea isn’t the first country to consider a switch to cryptocurrencies. Sweden is running a program now that could see the country’s e-krona replace its fiat currency. That program could see cryptocurrency becoming the currency of choice in the country within the next four to five years.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Mayhem at South Korean exchange—free crypto coins given out in error

Mayhem at South Korean exchange—free crypto coins given out in error

The reputation of cryptocurrency exchanges continued to take a beating of late. The latest development occurred in South Korea, where coins were reportedly given out for free due to a system glitch.

New exchange Cashierest caused a sensation in South Korea’s crypto space after it was revealed that its users were allowed to withdraw up to five times their coin holdings due to a system glitch, Money Today reported. The exchange is now asking for the users to return the coins in good faith, failing which it will seek civil liabilities and damages from those users who do not return the coins voluntarily.

However, there seems to be a snag in this request since some users have actually reported that they couldn’t even with draw the coins themselves at all causing consternation. Cashierest was launched in March and appears to be suffering from teething and technological problems as it struggles to find its place in the crypto space. According to the report, the amount of cash that was withdrawn from the exchange was actually more than that which had to be sent to the other virtual currency trading site.

According to an investor who posted online, the amount of $11,086 was moved to the exchange initially but the amount of $55,400 was actually deposited. The transaction was made in Korean won even though most crypto exchanges in South Korea do not support the currency. After this happened, Upbit detected the error through its transaction confirmation system and halted the withdrawal, eventually suspending all withdrawals on a temporary basis. Other news sources stated that Cashierest started to stop withdrawals at around 1:30 p.m. last Friday although the exchange also claimed that all returned to normal by 4:39 p.m. with deposit and withdrawal services operating as usual.

Eventually Cashierest put up a notice explaining the software glitch and asked for the money back within a 24-hour period, failing which it would seek legal redress and damages along with interest. Several users also complained online that they were having problems with their withdrawals with some having theirs cancelled.

The damage amount is estimated to be at KRW1 billion ($924,000). Cashierest is also not part of the South Korean Blockchain Association, which has declared a commitment to self-regulation, so user’s rights appear to be on rather flimsy ground here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Gaming giant Nexon in talks to acquire Bitstamp for $350M

Gaming giant Nexon in talks to acquire Bitstamp for $350M

South Korean gaming behemoth Nexon is reportedly negotiating to take over Bitstamp, one of the oldest cryptocurrency exchanges in the world.

Sources familiar with the deal told Business Insider that Nexon is planning to buy Bitstamp for price consideration of about $350 million.

Founded in 2011, Luxembourg-based Bitstamp has been the first cryptocurrency exchange to operate in the world. It currently ranks 13 among the biggest exchanges having over 50,000 trading accounts. Bitstamp allows trading between U.S. dollar and BTC. It also allows deposits and withdrawals of USD, EUR, BTC, Litecoin, ETH, XRP, and Bitcoin Cash.

Nexon is an international gaming company in South Korea formed in 1995, and has developed popular games like KartRider and MapleStory. It also offers game enhancements for players such as avatar customization and pets. Their interest in the cryptocurrency market started in 2017, when they signed a deal with Korbit, a South Korean exchange. Nexon bought 65 percent of the company stake for about $80 million.

The gaming industry has shown great interest in cryptocurrencies and virtual exchanges. On Monday, Razer, a gaming hardware company announced its intention to take over Malaysian-based e-payment firm, MOL Global. The merger will combine Razer’s zGold virtual credits business and the MOL Global’s MOLPoints virtual credit business, paving the way for Razer’s plans to create the world largest virtual credit platform for gamers. Earlier this year, Circle acquired a U.S.-based cryptocurrency exchange Poloniex for $400 million.

While some gaming companies are taking over virtual exchanges, others have decided to create tokens to be used by players in their gaming platforms and other areas. In February 2018, Atari, a gaming company behind games like Pac-Man and Pong announced its plan to launch its own cryptocurrency, Atari Token. The token is intended to make it easier for gamers to make in-house purchases and reduce monetary risks for both players and the company.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Yet another crypto pyramid scam reaped $20B in South Korea: report

Yet another crypto pyramid scam reaped $20B in South Korea: report

The crackdown on cryptocurrency-related pyramid scams continues, this time featuring alleged swindlers from South Korea.

On Thursday, an Incheon District Court judge has fined two men accused of using a pyramid scheme involving fake virtual currencies to reap $20 billion from South Korean investors, Yonhap reported.

The two men, which initially received KRW26 billion ($24 million) from investors, built an illegal multi-level company that promised high returns for those who would invest in SegWit-Coin BTC (also referred to as Bitcoin legacy or Core).

One of the suspects is a 51-year-old man based in the Philippines, according to the report. That man, who served as head of the multi-level company, is allegedly in the Interpol watch list. In South Korea, he is facing a fine of $15 million for the alleged pyramid scheme, while his 62-year-old cohort is ordered to pay $8 million in fine.

“The multi-level transaction is a risk to the socioeconomic order with mass production of many victims,” said Judge Hwang Jin-jin, of the Incheon District Court 14.

Authorities across Asia have been beefing up their efforts in clamping down multi-level marketing schemes that bank on the surge of popularity of cryptocurrencies like SegWit-Coin BTC. This week, police in China arrested four people in the city of Xi’an who were accused of conning some 13,000 individuals out of $13 million in supposed investments. Investigators said the scam, which started in October 2017, revolved around the Da Tang Coin (DTC), an altcoin linked to a company called DTC Holding.

In the Philippines, a couple was charged with scamming 50 people into investing in SegWit-Coin BTC in 2017. Police said the husband-and-wife team convinced their victims to invest in a company called “NewG,” promising a 30% return on their investments every 15 days. The couple amassed an estimated $17 million from this scheme.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
South Korea toughens import requirements for crypto mining chips

South Korea toughens import requirements for crypto mining chips

Cryptocurrency mining in South Korea is about to become more difficult, thanks to the Korean Customs Service (KCS).

Customs officials in South Korea have tightened the standards applied to cryptocurrency mining chip imports, adding them to a list of products that must meet certain basic specifications before they can be imported, according to KCS data published on Wednesday.

Crypto mining chips will now be required to have certification in support of sanitation and safety, as well as a series of other requirements that apply to importing other types of restricted products.

The decision has been made following reports of a significant increase in the number of chips imported into South Korea, driven by strong demand from cryptocurrency miners. According to media reports, November and December of 2017 saw in excess of 454 chips imported, at a total value of 1.3 billion won—equivalent to roughly $1.2 million.

The new measures will require chips to be compliant with a number of additional regulations, which the authorities say is a result of the energy consumption in cryptocurrency mining, and the fire risk that comes with overheating hardware.

Imported chips will also have to comply with radio frequency regulations, in addition to the other standards required by the National Radio Research Agency, which is responsible for setting regulation in this area.

The new customs regulation comes at a time of tightening restrictions over cryptocurrency in South Korea more broadly, following a raft of regulatory changes introduced over the last few months. In addition to banning foreign speculation on Korean crypto exchanges, and ending the practice of anonymous cryptocurrency trading in the country, the authorities have been involved in several high profile crackdowns.

Most recently, Korean police made arrests across 13 companies suspected of leveraging cheap electricity to power crypto mining operations, as well as the decision last year to ban mining cryptocurrencies in shopping centres, on account of the increased fire risks associated with the mining process.

The news will come as a blow to miners in South Korea, who must now comply with the tighter standards for importing chips in future.  It remains to be seen whether the measure will have the desired effect, in limiting the number and increasing the quality of chips imported for crypto mining purposes.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Samsung eyes blockchain-based supply chain management to cut costs

Samsung eyes blockchain-based supply chain management to cut costs

The tech giant is continuously strengthening its integration of blockchain technology.

Samsung is reportedly working on transitioning to a blockchain-based system to manage their global supply chain.

In an interview with Bloomberg, blockchain chief Song Kwang-woo of Samsung SDS Co. says that the move is expected to cut shipping costs by 20%—a substantial amount considering that the Korean manufacturing giant expects 488,000 tons of air cargo and over a million 20-foot shipping containers for this year. Samsung’s global smartphone and semiconductor manufacturing supply is a multi-billion dollar business.

Blockchain technology has the perfect features to disrupt and streamline supply chains, enabling real-time communication, tracking, and documentation of relevant product information embedded in product tags for every single product in circulation. All of these can be stored and monitored in an incorruptible, time-stamped ledger, automating the currently redundant, time-consuming, paper-based manual processes that shippers still employ. It also allows easy verification of legitimate products, and can effectively purge out counterfeit goods.

With a vast line-up of benefits, several start-ups and even industry big names like IBM have joined the race pursuing the same mission—focusing on a more efficient, digital coordination system for supply chains using the technology.

“It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation,” Song said.

This isn’t the company’s first venture into blockchain technology. Samsung is the biggest smartphone and chip manufacturer in the world, and will be one of the first and biggest companies to aggressively integrate blockchain technology into their product line. Samsung’s flagship blockchain project, Nexledger, promises to be a B2B scale infrastructure offering digital identity, payments, and authentication.

Last year, they also won a contract to take charge of the Seoul government’s public sector for blockchain platform, a project where they will cover welfare, public safety, and transportation by 2022. In January this year, the company also started manufacturing ASIC miners and peripherals, a move cryptocurrency analyst Joseph Young says would “provide Bitmain its first real competitor.”

Whether the supply of these new mining products will also be monitored by their blockchain-based supply chain management system is not specified, although it would make so much sense.

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

Bithumb brings offline cryptocurrency payments to South Korea

It wasn’t too long ago that, in some parts of the world, it became possible to use nothing more than a cell phone linked to a bank account to buy products from vending machines. It’s a novel concept that eases the customer experience, and Bithumb, South Korea’s largest cryptocurrency exchange, is hoping to kick things up a notch with vending machines that accept crypto payments. The pilot program has been working well, and the exchange has now expanded its kiosks in the country to accept Bitcoin Cash (BCH).

At the end of March, CoinGeek reported on a program being tested by Bithumb to bring cryptocurrecy to over 8,000 retail merchants. The plan is to make paying with digital currency just as easy as paying with fiat, and the exchange set up partnerships with three kiosk manufacturers—UNO Space, IYU and Tros Systems—to help further its agenda. The kiosks are to be installed in small businesses centered on the food and beverage industry.

With the program up and running and beginning to show signs of success, Bithumb made the decision to incorporate the ability to pay with BCH. The news was first introduced by Bitcoin.com owner and Bitcoin Cash supporter Roger Ver, who tweeted a picture of him standing by one of the machines. The caption under the photo reads, “This food ticket vending machine in Korea is accepting Bitcoin Cash thanks to @BithumbOfficial.”

Bithumb hopes to launch three different services for the kiosks. The first two, Touchpad and Touchbone, have been created to offer flexibility to small businesses and allow them to choose the service that best represents their needs. The third, Bithumb Cache, is a service that allows Bithumb traders to convert funds at a kiosk by entering a password.

Bithumb has an average daily trading volume of about $245 million. Its trading platform is available in English, Spanish, Hindu, Chinese and Japanese, and the company offers apps in both the Android and iOS platforms.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Deconomy 2018 - Day 2 Summary

Deconomy 2018 day 2 summary

Cryptocurrency exchange Bithumb kicked off the second day of the Deconomy 2018 with an overview of South Korea’s growing cryptocurrency market, considered to be the largest in the world. Bithumb Vice President Jung-a Lee took the stage and gave a rundown on the growth the company has experienced in the past six months.

With trading volume reaching a daily record high at KRW3.2 trillion and a current market share of 40-55%, Bithumb shared security measures for the overheating market. In the wake of the latest cryptocurrency cyber-attack in Japan, Coingeek.com spoke to Sangyup Lee, Bithumb’s head of PR, on how the company can prevent this from happening in South Korea.

“We also have experienced some security issues last November, but we have made a lot of improvements in our security system, so we now have some security software which ensures people that their accounts are safe and also convenient to trade,” Lee said.

The highlight of Deconomy 2018’s Day 2 focused on the decentralized platform and shared global infrastructure, Ethereum. Research scientist Vlad Zamfir started the segment speaking about blockchain governance. He stated that there is no need to rush legitimizing blockhain governance nor choose a solution that is convenient to empower certain stakeholders over others as this may result in negative consequences down the line.

“We need to be careful not to just quickly legitimize everything because we’re anxious we don’t have clear governance processes,” Zamfir said. He also added, on the contrary, that the community needs to be mindful that if they don’t legitimize anything then they won’t have any governance process either.

He recommended to have a public conversation and build legitimacy on blockhain governance. “If we don’t have legitimate blockchain processes, someone else might govern for us,” Zamfir concluded.

Zamfir later joined an Ethereum research scientists panel led by Vitalik Buterin. Moderated by Joseph Poon, the group discussed the importance of scaling and opened up about the challenges around it.

“One of the greatest barriers to this space’s growth in a more productive way is the dissemination of the information that will allow people to evaluate and validate these protocols themselves,” said research scientist Karl Floresch.

Buterin closed the day with an “Ethereum vision” speech, which focused blockchain’s potential and efficiency. “The point of all these is that there is a large set of designs that we could choose from if we want blockchains that are more efficient,” he explained. He added that the community can use a combination of on-scale improvement like sharding and plasma, and do things like state channels. Although Buterin didn’t provide any clear timeline for these solutions, he claimed that it’s more cultural and social factors that are slowing down the process.

He ended his speech with statements on the current state of where blockchain is. “Finding the right end part of the space for your application to be in, fully developing the all the corners of the space and making all the corners of the space as easy to use, as easy to develop and as easy to build things in and really trying to figure out how much you can really get if you want it,” Buterin said, “that’s what I think the next phase of the blockchain space is about and that phase has already begun.”

Also watch: Deconomy 2018 Day 1 summary

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Deconomy 2018 day 1 summary

Deconomy 2018 day 1 summary

Seoul, the critical hub for blockchain and cryptocurrency in South Korea, is hosting to the first annual Deconomy 2018. The two-day forum brings together intellectuals and the brightest minds from the digital space, entrepreneurship, the academe, and thought leaders and enthusiasts of cryptocurrencies.

With over a thousand attendees, the day one was inaugurated by a special keynote by David Chaum, cryptographer and recognized as the inventor of digital cash. Chaum is famous for creating ecash in the 80s, and has been an important figure in the development and innovations in cryptography.

The launch of bitcoin in 2009 has opened the world into the possibilities of how we live and will live in the future with blockhain. As paradigm shifts into open, public protocols within the technology, more projects that are actively underway are expected to grow the cryptoworld’s future even further.

Several of these projects were presented by some of the biggest names in the crypto space. Ripple Chief Cryptographer David Schwartz presented Ripplenet, a frictionless global epayments solutions. He also added how Ripple continues to carve its own niche in the industry with its latest products Xvia, xRapid and xCurrent. Lightning Network’s creator Joseph Poon also gave an overview of what Plasma is, a system of smart contracts built on top of Ethereum. Poon also shared his thoughts on scalability structures and advised to be very skeptical about it as a lot of ‘bullshit’ is happening in the space. He has not elaborated what these are, though.

These presentations were preceded by a keynote speech by financial cryprographer Ian Grigg who talked about the need to make identity work in the blockchain space. To do that, Grigg said trust is needed—after all, trust makes your identity safe, nurtured and growing.

Grigg later joined the first panel and discussed the journey and the evolution of Bitcoin with Schaum, nChain Chief Scientist Dr. Craig Wright, and Mattereum co-founder Vinay Gupta, who admitted to have experienced a lot of failed revolution in the past. The morning session ended with panelists offering advice on how not to become a victim of a failed revolution: Take risks. Continue working hard no matter what other people say about you or what you do, according to Wright; Find a use of case when creating products or services, said Grigg; Create something that of value to the society, said Chaum; and don’t be afraid to work on old ideas, said Gupta.

The second half of the forum kicked off with simultaneous sessions discussing the state of blockchain, market trends and the views of traditional financial businesses. As the global interest in Bitcoin increases, the cryptocurrency market expands beyond financial institutions leading to the creation of more blockchain-supported businesses and investments.

Investors and entrepreneurs venturing into the space shared their positive outlook despite the recent drop on the value of cryptocurrencies. “I think this will correct and the main cryptocurrencies again as they typically do,” nChain Group CEO Jimmy Nguyen said, noting that this event may scare some people for a short term but not necessarily a bad thing in the long run as it will funnel out ICOs and alternative coins.

Air Asia’s CEO Tony Fernandes who spoke at this event shared how being in the blockchain space is the place to be for his company. “Air Asia is always trying new things, and change management is what we are about,” he said, “so being here has been an experience for me. Air Asia is all about modernization…(blockchain) That’s why we’re here.”

The late afternoon sessions brought on the most interesting discussions on Bitcoin and the controversies surrounding it, featuring the best pool of speakers a crypto event could bring together. Blockstream CSO Samson Mow, Bitcoin.com Roger Ver and Dr. Craig Wright spoke respectively about their passion—Bitcoin and the Future, How Digital Currency Will Change the World, and A Visual depiction of Bitcoin Scaling and Enterprise Growth. A notable moment during these sessions was when Ver, who talked about the impact of Bitcoin on economic freedom, showed a slide with Bitcoin Core and Blockstream logos, and emphasized how the Core group has been delaying the adoption of Bitcoin, thus preventing more people to achieve economic freedom.

The day closed with an intense, one-on-one panel on Bitcoin scaling between Mow and Ver, which turned into a heated debate about BTC and Bitcoin Cash. Ver who has been challenging Mow for a debate for quite some time was clearly at the forefront.

“Samson has made one Lightning network payment this week, and I’ve made countless Bcash payments today. Therefore, lightning network isn’t being used,” Ver said responding to Mow’s answer about the number of transactions he made with the Lightning Network. Ver added, “Samson can only name three merchants that accept Lightning network. Therefore, only three exist.”

Ver emphasized, “Bitcoin Core is some science project for people who live in first world countries.”

When moderator Jeff Paik asked about why there is so much animosity between the two, Mow answered, “Now that you (Ver) have your own coin and BCH people have their own chain to promote, there really doesn’t need to be any animosity.”

During the Q&A session with the panel, Ethereum founder Vitalik Buterin called out Dr. Craig Wright who previously asked a question to the panel. Buterin questioned the organizers why Wright was allowed to speak at the conference forcing the organizers to cut the debate—which has gone overtime—much to the dismay of the attendees.

Also watch: Deconomy Day 2 summary

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/deconomy-2018-day-1-summary-video/

CoinNest co-founder arrested in South Korea over embezzling charges

Coinnest co-founder arrested in South Korea on embezzlement charges

Kim Il-hwan, co-founder of South Korean cryptocurrency exchange Coinnest, was arrested in Seoul on Monday on allegations of embezzling customer funds, local news outlets reported.

This is the first time any representative of a Korean digital currency exchange has been arrested. Prosecutors believe Kim had been removing funds from customer trading accounts.

The arrest comes after the South Korean government had taken many measures to control cryptocurrency activities in the country. The Seoul Metropolitan Government Financial Investigation Division started investigating three virtual currency exchanges in December, including Coinnest. According to reports, the investigators got hold of the accounting data of the three virtual currency exchanges and critically analyzed the information for 20 days. It was during this process that the office of the prosecution stumbled upon information showing the alleged misconduct by the Coinnest CEO.

Kim was one of the four executives taken in by Seoul police for questioning, according to local newspaper Hanguk Ilbo. It is believed the embezzled funds summed up to KRW1 billion (US$940,000).

Media outlet Seoul Kyungjae reported that the cryptocurrency exchanges first claimed irregularities when the Seoul Metropolitan Government Financial Investigation Division started its investigations. This stand, however, was changed as the authority dug deeper into the investigations.

The police claimed to have evidence on suspicious transaction activities on many exchange platforms in the country. There are reports of an ongoing investigation of yet another virtual currency exchange that used a disingenuous scheme to collect funds from people.

The raid proved to the public that the laws implemented at the beginning of the year are helping the Seoul government eradicate fraudulent activities in the country. The new laws, which came into effect last January 30, required digital currency exchanges in South Korea to comply with Know Your Customer (KYC) and Anti Money Laundering regulations during their operations.

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

source: https://coingeek.com/coinnest-co-founder-arrested-south-korea-embezzling-charges/