Coin News

The bankruptcy trustee for the now-defunct bitcoin exchange Mt Gox has released a new update, offering fresh details on the claims submitted so far.

A new paper suggests bitcoin will need a major redesign to scale into a mainstream payment network.

A new political party in Australia wants to replace the existing political system with a system that allows people to vote using bitcoin, according to Reuters. The Flux Party believes that voters can use bitcoin to grant votes on legislative proposals. It believes bitcoin will enable representative democracy in the information age. The party’s goal […]

The post New Australian Political Party Claims Bitcoin Will Bring ‘Democracy 2.0’ appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

  Blockchain technology developer Digital Asset Holdings has revealed new ‘strategic business relationships’ with consulting and technology services firm Accenture, financial services firm Broadridge and one of the ‘Big Four’ in auditing and services network PricewaterhouseCoopers (PwC). In a press release today, New York-based blockchain technology startup Digital Asset has announced the formation of three […]

The post Digital Asset Announces Blockchain Partnerships with Accenture, Broadridge & PwC appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Despite major investments by financial giants, and the latest hype around blockchains, for many the world of bitcoins are still notorious with the darker sides of the internet. Namely drug dealing and terrorism, or are simply thought to be the stuff of sci-fi fantasies. Recently, the financial industry has collectively increased their interest for blockchain […]

The post Should All Ecommerce Sites Accept Bitcoins? appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

This is the second article in a two part series on the different types of Blockchain startups.  Part one discussed public blockchains.  Part two discusses private blockchains.

 In what should be the best recommendation for backups ever in the history of computing a Los Angeles hospital has been struck by ransomware and cannot access patient records, x-rays, and other important data. Hackers are using the ransomware, which encrypts all the files on a network, to hold all of the hospital data hostage and they are asking for about $3.6 million in bitcoin to release… Read More

On February 17th and the 18th at the Bers Van Burlage, Amsterdam, Netherlands, decentralized technology enthusiasts from all over the world will gather together to explore the developing industries and technology around decentralization at the D10E conference. Formerly known as Coin Congress, “D10E” stands for “decentralization” as a numeronym and the primary topics of the […]

The post D10E Hosts Conference on Decentralization Technologies in Amsterdam appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

IBM has announced new technology and business consulting initiatives to rapidly advance the use of distributed ledger technology across multiple industries. The company is deploying a Blockchain-As-A-Service offering for developers.

Using the new blockchain services available on IBM’s open standards cloud applications platform Bluemix, developers can create, deploy, run and monitor blockchain applications on the IBM Cloud. Blockchain applications can also be deployed on IBM z Systems high performance mainframe computers.

"Blockchain is about reimagining some of the most fundamental processes we use every day, from supply chain to trade settlement,” Jerry Cuomo, IBM vice president of Blockchain Technologies, told Bitcoin Magazine. “We want customers to focus on the potential use cases. The cloud helps remove any of the technological barriers that IT puts in place so organizations can spend more time developing business solutions. Using IBM’s new blockchain services on Bluemix, the developer could instantly be running a fully configured blockchain environment so they can focus on creating applications."

The Wall Street Journal notes that IBM is becoming the biggest backer of blockchain technology, and taking a leading role in the development of innovative, next-generation blockchain applications beyond Bitcoin.

“I think the number of places that a distributed ledger can be used could become almost limitless,” said Arvind Krishna, senior vice president of IBM Research, and mentioned applications to coordinating back-end systems for supply chains, tracking stock or real-estate ownership and settling international financial transactions.

“IBM’s vision for making blockchain a powerful new business solution across multiple industries is becoming a reality as our clients begin piloting innovative new code, services and z Systems optimized for distributed ledgers,” said Krishna. “These advancements are making it easier for developers to move from understanding the potential of blockchain, to actually using it to change their business processes in powerful new ways.”

The tech giant is making nearly 44,000 lines of code available to the Linux Foundation’s open source Hyperledger Project to help developers easily build secure distributed ledgers that can be used to exchange most anything of value. IBM is persuaded that Hyperledger could make blockchain-based services faster, more scalable and easier to use, and expects Hyperledger software to provide special advantages for owners of IBM hardware, said Krishna.

IBM’s blockchain code includes a new consensus algorithm developed by IBM Research, tailored to specific blockchain use cases, and advanced identity management features. The pluggable architecture of IBM’s code allows developers to use software modules (consensus module for example) that best suits their needs, and write smart contracts in popular programming languages – such as Java or Golang. Fine-grained privacy and confidentiality control allows authors of smart contracts to precisely specify both who can view them and who can execute them.

IBM and Japan Exchange Group (JPX), Japan’s largest stock exchange, announced an agreement to test the potential of blockchain technology in low transaction markets. IBM will work with JPX to jointly evaluate how the IBM open source code blockchain code could be used for trading and settlement in low liquidity markets.

As the Hyperledger Project evolves, the joint IBM and JPX evaluation work will transition to use of the code produced by that effort. IBM is also working with the London Stock Exchange Group to enable the creation of solutions that will help manage risk and bring additional transparency to global financial markets.

IBM is expanding its blockchain consulting practice for the financial services and logistics industries, and will open IBM Garages focused on blockchain technology in London, New York, Singapore and Tokyo. IBM Interactive Experience (iX), which according to IBM is the largest digital agency network worldwide, will support clients in the creation of new business models based on blockchain technology.

“IBM blockchain is open for business,” states the IBM Blockchain website. “Learn how blockchain will fundamentally change the way we do business. Then let us help you give it a try.”

With the momentum around blockchain growing exponentially, and interest shifting beyond financial services to its potential as a game-changing initiative for other industries, IBM is claiming a leadership role. The Wall Street Journal notes that IBM’s entrance into the nascent blockchain market will push more large companies into testing the technology.

The post IBM Deploys Blockchain-As-A-Service, Announces Initiatives to Make the Blockchain Ready for Business appeared first on Bitcoin Magazine.

This post is by Chandra Lye.

The executive body of the European Union (EU) has warned of a further crackdown on virtual currencies in hopes of cutting off financing to terrorists.

Details were revealed recently in the European Commission’s Action Plan for strengthening the fight against terrorist financing and its call for Bitcoin exchanges to come under the supervision of the Anti-Money Laundering Directive.

If proposed legislation passes, virtual currency exchanges would be accountable for gathering comprehensive information about those looking to change bitcoin into traditional currency.

“We must cut off terrorists’ access to funds and enable authorities to better track financial flows to prevent devastating attacks such as those in Paris,” E.U. Commission Vice President Valdis Dombrovskis said in a statement.

Forbes has argued the currency has not been that anonymous, as each transaction has been documented on the blockchain. But a spokesperson for the E.C. said the public ledgers were not transparent enough.

“Indeed, public ledgers offer traceability to transactions between accounts,” press officer Letizia Lupini explained. “However, these accounts remain anonymous. This anonymity is potentially an incentive for unlawful activities.”

Regulators and advocacy groups have said more education is needed, not regulation.

Jason Weinstein, director of the Blockchain Alliance, told Bitcoin Magazine that restrictions were not the solution.

“Criminals and terrorists are using all sorts of technology to try to hide their activities over the Internet, but those who turn to Bitcoin as part of that effort are making a big mistake,” he said.

David Long, principal and senior consultant at the Northern California Fraud Prevention Solutions, said it would be easier to launder euros than bitcoins, “Though from an initial investigative standpoint, bitcoins might present more of a challenge due to the necessity of uncovering who is actually responsible for a given transaction or transactions.

“However, once the actor's identity is uncovered, the blockchain makes it possible to uncover most, if not all, of a person's transactions,” Long said. “This capability is without parallel when the subject is dealing in euros or dollars.”

Bitcoin was called the “single, common currency for cybercriminals within the E.U.,” in a 2015 report by Europol. Combined with the claim by Reuters that bitcoin has been the most popular virtual currency, claiming 80 percent of the European market, and in the wake of the Paris terrorist attacks, the E.U. has been compelled to act.

“With today's Action Plan we are moving swiftly to clamp down on terrorist financing, starting with legislative proposals in the coming months,” Dombrovskis said in a press release. “We want to improve the oversight of the many financial means used by terrorists, from cash and cultural artifacts to virtual currencies and anonymous pre-paid cards, while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens."

Yet questions have been raised about whether the regulations will accomplish what the E.C. wants.

“Those looking to remain hidden when they buy and sell bitcoins are likely already avoiding online exchanges. Most exchanges today are already following KYC/AML procedures,” virtual currency expert Michael Yeung said.

There has also been concern about what tougher regulations could mean for small businesses working in Bitcoin.

“Regulation is desirable and required, but regulation that is too onerous may end up destroying legitimate businesses in their infancy,” blockchain researcher and consultant at CryptolQ, Albert Szmigielski said.

Weinstein, director of the Blockchain Alliance, has warned in a Forbes article that complex regulation may pave the way for a black market takeover.

“Regulators should appreciate the fact that most of the Bitcoin companies are startups and do not have a lot of resources,” he said. “The simpler the landscape of compliance rules, the better it is for not only the companies but also the public for whom the regulations are there to protect.”

The new rules will be announced by the end of June. Countries will have until 2017 to put them into effect.

Photo Thijs ter Haar / Flickr(CC)

The post European Commission Plans Crackdown on Bitcoin: New Regulations by June appeared first on Bitcoin Magazine.

Inspired by the confirmation of gravitational waves , British composer Arthur Jeffes has taken data from the LIGO experiment and set it to music. Without a doubt, these billion-year-old ripples coursing through the fabric of spacetime never sounded so good.

Read more...

Bitcoin price pushed higher from $400 today and is currently attempting $420 in gravity defying advance. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis Time of analysis: 14h00 UTC OKCoin BTC/USD […]

The post Bitcoin Price – Another Day, Another High appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

This article is by Rebecca Campbell.

The creators of a new digital currency say that mathematical algorithms will ensure that its users keep their transactions counterparties and amounts encrypted.

While digital currencies such as Bitcoin are known for their pseudonymity, it is often possible to trace transactions across the shared Bitcoin ledger blockchain. This allows individuals to determine exactly who is sending bitcoins and where they are sending them.

In a bid to provide a true anonymous service, the creators of the new digital currency Zcash say that identification of users will be virtually impossible to detect. Currently in its pre-release alpha testing stage, Zcash will rely on cryptographic algorithms, which are known as zero-knowledge proofs. This system presents users with the opportunity to prove they have the money without revealing their identities or the amounts they are intending to transact at any time, giving greater control to those who are concerned about their privacy when it comes to digital transactions.

The news came by way of Zcash, which said on its website:

“Unlike bitcoin, Zcash transactions automatically hide the sender, recipient, and value of all transactions on the block chain. Only those with the correct view key can see the contents. Users have complete control and can opt to provide others with their view key at their discretion.”

Start of Something New for Bitcoin

In 2014, Zcash creator, founder and CEO Zooko Wilcox initially proposed the theory in an academic paper. In that short time, the digital currency has come a long way with still plenty of work to be done before Zcash can mature into a complete open system.

To further cement the future of Zcash, Wilcox said in a forum post last week that the Zcash team hopes to have a live version of the digital currency available in July. In the meantime, those eager to learn more about the currency can play around with the alpha version on a “testnet” network with a version of the currency that has no value at present.

Viable Choice for the Future?

Wilcox went on to say in a recent blog post that the added privacy would make Zcash the ideal choice for financial institutions and consumers to use compared to other digital currencies:

“Companies need privacy in order to conduct their business. This is true for all sorts of companies, in all sorts of businesses.”

Other digital currencies have previously claimed to provide enhanced anonymity compared to Bitcoin. These currencies focus on the CryptoNote procedure, which supports ring signatures. It is these ring signatures, which are a type of digital signature, that makes it mathematically impossible to see which group of users performed a transaction. Another currency, Dash, claims to provide anonymity to users by combining unrelated transactions. This prevents observers from determining the sources and destinations of transactions.

Despite these innovations, Bitcoin remains the most valuable digital currency by market cap and is also the most widely accepted digital currency.

Wilcox said that privacy helps to strengthen social ties and social institutions:

“We believe that personal privacy is necessary for core human values like dignity, intimacy and morality. As we move more of our lives into the Internet, and integrate our lives more with the lives of people from around the globe, we want the new society we are building to be one of the peaceful and prosperous kind.”

The post New Digital Currency Zcash Promises Total Anonymity and Privacy appeared first on Bitcoin Magazine.

Japanese Bank Mizuho Financial Group has released a press release announcing their partnership with Cognizant, a leading provider of information technology, consulting and business process outsourcing services to build a blockchain solution for secure record keeping of documents among Mizuho’s various companies around the world.   Mizuho has become another financial institution seeking to develop […]

The post Mizuho and Cognizant to Develop Blockchain Solutions for Record Keeping appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

CoinDesk first published Bitcoin-related content in May 2013. The website, launched by Spotify angel investor Shakil Khan, came to fruition in just four weeks. “I was just sitting there and I literally had five e-mails that day from very seasoned entrepreneurs asking me, ‘What do you know about Bitcoin?’” said Khan. “There’s a lack of […]

The post What’s Next For CoinDesk? appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

The Securities and Exchange Commission (SEC) has sought judgments against Homero Joshua Garza, GAW Miners and ZenMiner, LLC, claiming they engaged in selling fraudulent investments in virtual currency mining operations. The motion filed in the U.S. District Court District of Connecticut claims the defendants did not have the computing power needed to generate the profits […]

The post SEC Seeks $10 Million In Judgment Against Garza And Companies For Fraudulent Investment Scheme appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Good morning! Here's what you need to know on Wednesday.

1. A Chinese military adviser has warned China to be prepared for war in the Korean Peninsula. Tensions in the region have risen following Kim Jong Un’s recent nuclear and satellite tests.

2. Saudi Arabia, Russia, Qatar, and Venezuela agreed on Tuesday to freeze oil production at the level of supply produced in January, dashing oil bulls' hopes of a cut that would have increased prices.

3. US rock band Eagles of Death Metal appeared on stage in Paris on Tuesday in front of the survivors of the Bataclan massacre in which 90 of their fans died in November.

4. Brazil will accept payment from Iran in euros and other currencies for planes, cars and machinery to sidestep lingering US sanctions on the oil-rich nation, Trade Minister Armando Monteiro told Reuters.

5. China has deployed surface-to-air missiles to a disputed island in the South China Sea. Satellite imagery shows two batteries of eight surface-to-air missile launchers on Woody Island, part of the Paracel Island chain in the South China Sea.

6. A US judge has ordered Apple to help the FBI hack into an iPhone belonging to one of the shooters in San Bernardino, California. The ruling requires Apple to supply highly specialised software the FBI can load onto the phone to cripple a security encryption.

7. Some of the world's biggest banks are hiring former spies to try to prevent the rise of any more so-called rogue traders and ensure that banks are at a lower risk of being hit with heavy fines.

8. The British Government has launched a consultation on plans to try and make websites hosting pornography verify users' ages. The government says it is a necessary step to ensure children are not exposed to porn online.

9. Former French President Nicolas Sarkozy is under investigation over his 2012 campaign finances, Le Figaro reports. A PR firm which organised some of Sarkozy’s campaign appearances is suspected of manipulating financial records.

10. Barack Obama harshly criticised the Republican presidential candidates during a press conference on Tuesday. Obama said he continued to believe that Donald Trump will not become president.

And finally ... Here are 9 things to do in your 20s to become a millionaire by 30.

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