Category Archives: Cryptocurrency
This little-known cryptocurrency is heading towards the top ten – Decrypt
Cosmos (ATOM), a cryptocurrency used in an ecosystem of different blockchains, is slowly sneaking towards the top ten coins by market cap. The price of cosmos gained 7% today to reach $3.92 while bitcoin and the vast majority of other cryptocurrencies see losses of between 1-3%.
Overall, cosmos has been in an uptrend for the past three monthsand is currently up more than 26% since September 12, 2019. Meanwhile, bitcoin, ether (ETH) and XRP are down 31%, 20.5% and 13.7% respectively across the same time period.
Its most recent rally is likely attributed to news that Binance users will be able to stake their ATOMs on the Binance staking platform, allowing them to earn a passive income in the form of regular staking rewards.
Staking is a hot topic at the moment and announcements of exchanges and wallets supporting staking of Tezos have caused its price to surge in recent months.
As a result, cosmos continues to make headway towards breaking into the top ten coins by market cap. Cosmos has climbed from rank 20 to its current position at rank 16 in the last three months.
Part of the reason behind cosmos's meteoric growth throughout the latter half of 2019 could be the result of gradually improving trade volumes. Since July, the average daily trade volume of ATOM has doubled and now regularly exceeds $200 million traded per day.
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Likewise, cosmos has also seen its adoption improve in recent months, after being listed on several major cryptocurrency trading platforms, including Kraken, Crypto.com, Poloniex, Huobi Global and most recently, Binance.US.
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This little-known cryptocurrency is heading towards the top ten - Decrypt
$1.6B in Bitcoin bought during 2017s bull run hasnt moved – The Next Web
Bitcoins long-term holders continue to keep their cryptocurrency close, despite its declining value 59 percent of BTCs circulating supply still hasnt moved in at least one year.
Generally, these trends are in-line with shrinkingBitcoin BTC trading volumes, reports research firm Delphi Digital.
Still, the firm highlighted 220,000 BTC (worth roughly $1.6 billion at current prices) bought way back in November 2017 the start of peak Bitcoin-mania that hasnt moved at all since then. Surely, some strong hands.
Trading activity spiked at the end of October, when Bitcoins price last pushed above $9,000, butvolumes had reached six-month lows by the end of November.
Declining volume has been the trend since the high back in June, a symptom of a general decrease in new money entering the space, said Delphi Digital analysts.
In fact, Bitcoins month-over-month volume has dropped by 9.4 percent across the top cryptocurrency exchanges, with the largest decline coming from spot USD markets.
The firm again noted this means its possible theresless capital entering and exiting the space.
As for where the inflowing Bitcoin goes,major exchanges Binance and Huobi persist as the industrys dominant trading venues. Together, they account for over 50 percent of BTC deposits every month since August.
Analysts noted that OKEx and Huobi saw strong increases since the beginning of August, but highlighted that a portion of the latters activity was actually a byproduct of a cryptocurrency-fueled Ponzi scheme known as PlusToken.
The worst monthly decline since the same month last year definitely added insult to injury to the crypto markets ongoing drawdown. Fading catalysts and sentiment are partially to blame, but one of the real culprits is the lack of new buyer demand, said Delphi Digital.
Often times, it seems as if capital is just being reshuffled among existing player who can ignite violent market moves given the minuscule size of this market, so a renewed enthusiasm among investors is going to be required for bitcoin (and crypto at large) to reverse its downward trend, it added.
Published December 11, 2019 14:43 UTC
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$1.6B in Bitcoin bought during 2017s bull run hasnt moved - The Next Web
ING bank wants to give clients a compliant way to store cryptocurrency, report – The Next Web
Major Dutch bank ING is developing technology so that its clients can safely store digital assets like cryptocurrencies, Reuters reports citing sources familiar with the matter.
The firm then told reporters it sees increasing opportunities surrounding digital assets, both asset-backed and native security tokens. ING noted a focus on providing a compliant way to access the sector.
Reuters sources said that the custody project is operating out of its Amsterdam offices, but that its still in its early stages. The bank reportedly also has several other blockchain initiatives.
Keeping cryptocurrency safe has become a business in itself. Last year, prominent cryptocurrency exchange Coinbase began offering its own custody services.
While Coinbase is certainly a trusted exchange, for a household name like ING to offersimilar services would only be a boon for the digital asset industry.
Not all banks are sold on the idea, however. Earlier this year, Hard Fork reported that another Dutch institution,ABN AMRO,ING shelved plans for a custodial cryptocurrency wallet, citing lack of interest.
Published December 12, 2019 14:29 UTC
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ING bank wants to give clients a compliant way to store cryptocurrency, report - The Next Web
Wondering About The Tax Treatment Of A Cryptocurrency Hard Fork And Airdrop? – JD Supra
Updated: May 25, 2018:
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Wondering About The Tax Treatment Of A Cryptocurrency Hard Fork And Airdrop? - JD Supra
Police arrest head of $2.7M Ugandan cryptocurrency scam – The Next Web
Police have arrested one of the directors of a cryptocurrency startup in Uganda that closed suddenly and made off with investors money.
A Mr Samson Lwanga, director of Dunamiscoins Resources Limited, was arrested last week and should appear in court later this week, local news reports.
Its reported that the scam managed to con 10 billion Ugandan shillings ($2.7 million) out of victims.
The authorities are still on the look out for the other four directors of the company.
Like numerous other cryptocurrency-based scams, Dunamiscoins promised investors and employees large returns in a short space of time. However, after a month, the company shut down its offices, leaving investors in the lurch and employees out of work many of whom were yet to even start their job.
We have already opened a general inquiry file and investigations are going on. We recorded statements from the complainants and arrested one of the directors called Samson Lwanga who is currently detained at Old Kampala Police Station, a police spokesperson said in a statement.
According to the police spokesperson, Mr Lwanga is willing to refund money to investors, but he cant because their accounts have been frozen. The police are investigating if this is true.
At the time of Hard Forks first report on the scam, it was unclear how many people had been affected by Dunamiscoins.
However, in Daily Monitors latest update, it seems the scam is bigger than first reported. And the story sounds all too familiar.
Investors were encouraged to get their friends and family to participate, only to find out later that they had all been duped
According to the report, at least 1,000 people had registered with the cryptocurrency startup, however, some victims have said the number of people involved is closer to 10,000.
Dunamiscoins reportedly began operating in March, and was paying out to early investors. It came crashing down last week when its offices shut and phone lines were disconnected.
Published December 10, 2019 10:19 UTC
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Police arrest head of $2.7M Ugandan cryptocurrency scam - The Next Web
Cryptocurrency scammers carefully built up their target’s trust, then they fleeced him mercilessly – Mirror Online
Baffling seems to be the best way to describe the online account of an investor who lost his entire life savings on a cryptocurrency website.
The 78-year-old retired trawlerman, who Ill call just by his first name John, began by putting 250 into Cryptomusu.com.
It claimed to offer a secure platform and expert help in trading virtual currencies incuding Bitcoin, Ethereum, Ripple, Dash and others, promising highest yields in the market.
John describes his account manager Daniel Cohen at a wild guess a made-up name as very friendly, saying: We used to discuss families and Liverpool and our likes and dislikes.
Having wormed his way into Johns confidence, the account manager persuaded him to invest more and more, saying he should borrow from friends or family, or put the money on his credit card.
His investment became 2,500, then he put in another 14,000 and 5,000 shortly afterwards.
John says he could not make head nor tail of the website but that didnt seem to matter at first because Mr Cohen traded on his behalf and his account appeared to flourish.
Then, literally overnight, a supposed balance of $90,000, around 81,000, was wiped out due to what the website called some bad trades.
Cryptomusu persuaded John to try to recover his loses by taking out a 15,000 loan and increasing his overdraft to fund new investments, with equally disastrous results.
John is now having to pay 500 a month to cover debts that a few months ago he could never have imagined having.
His emails to Cryptomusu pointing out that they were aware of his complete lack of knowledge of cryptocurrency trading resulted in a compensation offer of just 3,000, and only if he signed a non-disclosure agreement.
You convinced me that I had nothing to worry about as my money was as safe as houses, he said to Mr Cohen in an email.
Can you imagine how I feel right now?
I cant eat or sleep and I havent told my wife yet that we are bankrupt and could even lose our home.
I am in a state of shock verging on suicidal.
You actually called me your friend and assured me that you would take care of us.
It now seems to me that your task was to gain my complete confidence, which you did, build up a good repartee and then take me to the cleaners.
Youd need a heart of stone not to be moved by that and Cryptomusu hasnt been moved.
According to its website its owned by a company called Agatha Limited at 8 Copthall, Roseau Valley, Dominica in the Caribbean.
This notorious address has been used by other cryptocurrency companies, including Options Tech Limited.
Last year the Financial Conduct Authority warned consumers to avoid this unauthorised company and its websites unitedmarkets4you.com, upperbrookstreet.com, cryptexmarkets.com and blockchainexchangepro.com.
It has also warned against other sites at the same address including toroption.com and binaryuno.com.
Cryptomusu has not replied to my emails.
US arrests three in alleged USD 722 mn cryptocurrency fraud – Business Standard
US authorities arrested three men in an alleged fraud that raised USD 722 million from investors lured by fake bitcoin mining earnings, the Justice Department announced Tuesday.
Prosecutors described the scam as a "high-tech Ponzi scheme" run by the "BitClub Network," which took money from investors and rewarded them for recruiting new shareholders.
From April 2014 through December 2019 the group attracted unsuspecting investors using fraudulent earnings purported to come from the network's mining pool, according to the statement.
The scheme was orchestrated from Passaic, New Jersey and constituted a "worldwide fraudulent scheme," according to an indictment signed by US Attorney Craig Carpenito of New Jersey.
In messages with his co-conspirators, defendant Matthew Brent Goettsche referred to investors as "dumb" and said he was "building the whole model on the backs of idiots" as he directed others to manipulate the figures, the Justice Department said.
Defendants "are accused of deploying elaborate tactics to lure thousands of victims with promises of large returns on their investments in a bitcoin mining pool," said Paul Delacourt, assistant director with the FBI's Los Angeles office.
"The defendants allegedly made hundreds of millions of dollars by continuing to recruit new investors over several years while spending victims' money lavishly."
The Justice Department charged Goettsche and Jobadiah Sinclair Weeks, both of Colorado, with conspiracy to commit wire fraud.
The two men were also charged with conspiracy to offer and sell unregistered securities, along with the third defendant, Joseph Frank Abel of California.
Justice Department officials said two other defendants remained at large and their identities are being withheld.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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US arrests three in alleged USD 722 mn cryptocurrency fraud - Business Standard
What is Cryptocurrency? A Simple Explanation
What is Cryptocurrency? https://blockgeeks.com/
A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature.
Cryptocurrencies have skyrocketed in value over the last few years. Almost everyone has heard about Bitcoin, but how many people actually know what Bitcoin is? How many people know where they come from and how they work? Our video Cryptocurrency Explained will tell you everything you need to know about cryptocurrencies in an easy to understand format.
Cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.
In his announcement of Bitcoin in late 2008, Satoshi said he developed A Peer-to-Peer Electronic Cash System.
His goal was to invent something; many people failed to create before digital cash.
Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. Its completely decentralized with no server or central authority. Satoshi Nakamoto, 09 January 2009, announcing Bitcoin on SourceForge.
The single most important part of Satoshis invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.
after more than a decade of failed Trusted Third Party based systems (Digicash, etc), they see it as a lost cause. I hope they can make the distinction, that this is the first time I know of that were trying a non-trust based system. Satoshi Nakamoto in an E-Mail to Dustin Trammell
After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.
This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, youll know more about cryptocurrencies than most people do. So, lets try to make it as easy as possible:
To realize digital cash you need a payment network with accounts, balances, and transaction. Thats easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.
In a decentralized network, you dont have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.
But how can these entities keep a consensus about this records?
If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?
Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible.
For more blockchain guides, content, and videos, visit us at http://www.blockgeeks.com
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What is Cryptocurrency? A Simple Explanation
8 Best Blockchain & Cryptocurrency Books To Read in 2019 …
Cryptocurrency books are a wonderful way to learn about the exciting Bitcoin, Altcoin, and Blockchain world.
Due to the relatively young age of the cryptocurrency space, there arent that many cryptocurrency books available yet.
However, as with most things in life, quality is more important than quantity.
The cryptocurrency space is an industry that has attracted a lot of intellect, and this is clearly reflected in the quality of books that have been written on the topic.
In this article, we compare the best cryptocurrency books to help you find a cryptocurrency or blockchain book you will find interesting.
With over 130 reviews on Amazon.com, out of which 88% give the book 5 stars, The Bitcoin Standard is by far one of the best cryptocurrency books out there. The book is authored by Saifedean Ammous, a very vocal Bitcoin maximalist, and economist.
In The Bitcoin Standard, Saifedean covers the evolution of money, dives deep into what makes Hard money and why its so important and outlines a potential future with Bitcoin as the global reserve currency.
Written by Andreas Antonopoulos, a Bitcoin educator and well-known figure in the space, Mastering Bitcoin is a must-read for people that already grasp the basics of Bitcoin and want to dive deeper.
This cryptocurrency book teaches its readers how exactly Bitcoins infrastructure functions, the role of cryptography in Bitcoin, and also gets into some technical details of how programmers can develop a Bitcoin-like cryptocurrency.
Andreas has a very unique and comprehensive writing style that elegantly reflects his years of experience as an educator and public speaker.
The Internet of Money is Andreas Antonopoulos second cryptocurrency book and aims to lay out a future with Bitcoin as money in a much more non-technical way. This cryptocurrency book takes a top-level approach on explaining what Bitcoin is, and how it will change our lives. Again, as we already pointed out in the previous book, Andreas years of experience as a Bitcoin educator make his writing style very enjoyable to read.
The internet of money has over 281 reviews on Amazon.com, which puts it right at the top next to The Bitcoin Standard as one of the best cryptocurrency books.
If your goal is to get a general overview of the cryptocurrency space then the blockchain book Bitcoin and Cryptocurrency Technologies might be for you. Authored by Arvind Narayana, an assistant professor at Princeton, the book dives into the origin of cryptocurrencies, key terms like decentralization and privacy, and also the value proposition and risk of altcoins.
In essence, the book aims to give a solid overview of what is often described today with the slightly overused word Blockchain technology. That being said, its important to note that the book does not address Ethereum or programmable blockchains in any real way.
In conclusion, the book is written in a very comprehensive style and is especially a good fit for newcomers to the cryptocurrency space that want to fall down the crypto rabbit hole.
On spot 5 of our list of best cryptocurrency books, we have The Business Blockchain, an in-depth analysis of how Blockchain technology is poised to disrupt enterprise and how firms operate. The author William Mougayar predicts a future with thousands of blockchains that will redefine power and governance by enabling frictionless value exchange and also a new flow of value.
The foreword by Vitalik Buterin adds a very interesting touch to the book and is the sealing stamp for this written masterpiece. Although the book does briefly touch on the tech side of things, that does not stop it from being an excellent read for people that are not very familiar with Blockchain just yet.
The Age of Cryptocurrency was written by Wall Street Journal reporters Paul Vigna and Michael Casey back in 2015, however, it is still highly relevant today. This cryptocurrency book thoroughly answers the question of why anyone should care about Bitcoin. It achieves this by presenting the idea of a financial system that is running on Bitcoin, and how such financial system could have prevented the economic meltdown of 2008.
That being said, the book also balances the potential downsides of a Bitcoin-based financial system, mentioning the facilitation of illicit money transfer as the main factor.
Although many cryptocurrency books do a great job at how a future with cryptocurrencies could look like, they often neglect the investment and entrepreneurial opportunity of this historic wealth transfer.
Authored by Chris Burniske and Jack Tatar, the book Cryptoassets approaches the topic of Bitcoin and cryptocurrencies from an investment perspective, showing investors what to be on the lookout when investing in this wild asset class.
Furthermore, Cryptoassets also teaches investors how to navigate in a market which very nature is based on a series of repeating bubbles, plagued of scams, and that is highly volatile.
Cryptocurrency Investing Bible aims to debunk some of the most common misconceptions about Bitcoin and cryptocurrencies in general. The book answers questions like why cryptocurrencies are not a bubble, why all digital assets are not a scam, why cryptocurrencies are not only used by criminals, and why its not just money for nerds.
This book is an excellent starting point for newcomers to the cryptocurrency space, and the author Alan T. Norman does an excellent job at breaking down even the most complex concepts into easy to grasp terms.
Selected as Financial Times book of the month, Life After Google is a written masterpiece that dives into the societal changes that come with the rise of Blockchain technology, and what this means for large corporations that have been abusing our data for the past decade. In his book, George Gilder claims that the age of Google is coming to an end and that the Blockchain economy will bring the power back to the individual in a variety of ways.
In the words of Peter Thiel, founder of PayPal, Googles algorithms assume the worlds future is nothing more than the next moment in a random process. George Gilder shows how deep this assumption goes.
In Blockchain for Dummies, Tiana Laurence Founder of Factom, explains Blockchain technology and its potential impact in a very simple way. This Blockchain book is an excellent starting point for people that know absolutely nothing about Blockchain technology, and that want to get their feet wet with a good read.
The book also covers how businesses can become more efficient by adopting Blockchain technology, so if you are a business owner, then that might be another reason why you could find this book intriguing.
Digital Gold covers Bitcoins value proposition as the best store of value and form of exchange that humanity has ever created. Some other topics that are discussed in-depth in this bitcoin book are the origin of Bitcoin and its mysterious founder, the Silk Road dark web marketplace and why it was such a crucial step for bitcoin, and also in Bitcoins first black swan event unchained by the Mt Gox hack. This book is an excellent choice for readers that want to learn about the past, present, and future of Bitcoin, without diving too deep into technical details.
If you want to learn more about this topic, then you should definitely also check out our article on why Bitcoin is the new Gold.
American Kingpin is a cryptocurrency book that describes the fascinating story of the dark web marketplace Silk Road, and how it connects to the development of Bitcoin. The book describes that it was the first large-scale application of Bitcoin as a form of exchange and that it was the factor that truly let the genie out of the bottle.
In this book, Nick Bilton describes the story of Ross Ulbricht, a 26-year-old libertarian, from when he started the Silk Road, until his arrest by the FBI in 2014. The book perfectly describes the true challenge that it was for law enforcement to shut down the Silk Road due to it leveraging an unseizable store of value, Bitcoin.
With over 400 positive reviews on Amazon.com, this book absolutely deserves its spot as one of the best cryptocurrency books available at the moment.
Mastering Ethereum is another masterpiece by Andreas Antonopoulos in which he dives into the technicals of how to build your first smart contract, what decentralized autonomous organizations are, and how Ethereum might redefine the future of Governance.
The book also dives into why multi-billion organizations like IBM and NASDAQ are starting to get interested in this groundbreaking technology, and what the future holds for Ethereum and its native currency ETH.
This blockchain book can get quite technical at times, hence why we would only recommend it to people that are very familiar with the space or that have a technical background.
In The Scandal of Money, George Gilder describes how broken our current financial system is and calls out the blatant corruption that is going on. Especially, the cryptocurrency book describes how our monetary system was actively designed to make the elite richer, at the cost of the middle and low class. If your goal is to better understand the problem that Bitcoin and cryptocurrencies, in general, are trying to solve, then this cryptocurrency book is for you.
Through a compilation of emails, forum posts, and comments, The Book of Satoshi gives us a profound insight into the twisted yet genius mentality of Bitcoins anonymous founder. Although the book was published back in 2014, the bitcoin book is still as up to date as it can get since there are absolutely no traces or updates from Satoshi since he disappeared back in April 2011.
The book also profoundly dives into the economics of Bitcoin, and its potential future outlook.
This book by Phil Champagne is an excellent resource for anyone that wants to learn more about the mysterious Satoshi Nakamoto or about the implications of Bitcoin in our society.
Is there a great blockchain or cryptocurrency book that we have missed in this article? Let us know in the comment section below!
CoinDiligent Staff Writer
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8 Best Blockchain & Cryptocurrency Books To Read in 2019 ...
What Is Cryptocurrency Mining? – Mycryptopedia
What is Cryptocurrency Mining?
Last Updated: 1st November 2018
Cryptocurrency mining is a process by which new coins are introduced into the existing circulating supply, as well as a process used to secure the network the coin operates on. The people who mine a coin, are known as miners. Therefore, instead of having a central authority that controls and secures the money supply, this control and security is spread out across the network that miners help to maintain.
The Mining ProcessTransactions that occur on the network such as, Alice sends 10 bitcoins to Bob, are collected by a miner and bundled up into a block. The miner then verifies that all transactions in the block are valid, as if he attempts to submit a block with an invalid transaction, the block will be rejected. An example of an invalid transaction would be Alice sending 10 Bitcoins to Bob, even though she does not have 10 Bitcoins to send.
After the miner has successfully verified that all transaction in the block are valid, he must then compute a cryptographic hash. It is necessary for miners perform this computation in-order to prevent just anyone from being able to create blocks therefore secures the network against fraudulent blocks. Computing a cryptographic hash requires a large amount of computing power as hundreds of millions of calculations are needed to be performed each second. This process is known as proof-of-work. Once the miner successfully solves the hash, his block is then relayed to the network to be checked against the consensus rules. Once accepted, the block is then added to the blockchain network and the miner is rewarded with set amount of the cryptocurrency.
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What Is Cryptocurrency Mining? - Mycryptopedia