Many Uncertainties Still Surround the Approval of the ‘First Bitcoin ETF’ by the SEC

Many Uncertainties Still Surround the Approval of the ‘First Bitcoin ETF’ by the SEC

Should Bitcoin be a regulated digital asset or a free disruptive innovation or somehow a combination of both? The above question has been a reoccurring topic in the cryptosphere. While many believe that Bitcoin is a regulated product and could cause no harm, others are of the opinion that it both a disruptive innovation and a regulated product. This makes it difficult for the United States Securities and Exchange Commission (U.S. SEC) to approve a…

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Report: Mining Ethereum with GPU Becomes Unprofitable

Report: Mining Ethereum with GPU Becomes Unprofitable

Mining cryptocurrencies, especially Ethereum (ETH), using a graphics processing unit (GPU) has been confirmed to yield little to no gain. This is according to a new report by CNBC on the 13th of November. The slump in cryptocurrency mining is a resultant effect of the drastic fall in the price of Bitcoin in 2018. According to some estimates, Bitcoin also dropped to a point where it was not profitable to mine it anymore. Mining of…

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Tokyo Police Shuts Down Cryptocurrency Pyramid Scam, Arrests 8 Men

Tokyo Police Shuts Down Cryptocurrency Pyramid Scam, Arrests 8 Men

When investing in cryptocurrency it’s extremely important to be mindful of various scams that you could be targeted for. There are a number of individuals that are working to create scams that con people out of Bitcoins and other cryptocurrency. Because it’s quite easy to transfer crypto and because it could be difficult to receive a refund on cryptocurrency, it can be one of the perfect tools for the creation of financial scams. A recent…

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BP, Shell and Equinor Back Blockchain Platform to Modernize Post-Trade Process

BP, Shell and Equinor Back Blockchain Platform to Modernize Post-Trade Process

According to a new report, VAKT Global Limited – a privately held company – is launching a digital ecosystem for physical post-trade processing. This platform will leverage blockchain technology; it will remove paper-based processes and reconciliation, create new trade finance opportunities and enhance efficiency. This venture is supported by oil giants like Shell, BP, and Equinor. Other members include trading houses such as Koch supply and trading, Gunvor and Mercuria, and financial players such as…

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Bitcoin Scammers Hack into Twitter Accounts of Target, The Body Shop (Among Others)

Bitcoin Scammers Hack into Twitter Accounts of Target, The Body Shop (Among Others)

Target and The Body Shop were targeted in a new wave of verified Twitter account hacks. This new attack follows a wave of similar attacks, including the attack where hackers masqueraded as Elon Musk by changing the name of other verified accounts they hacked into. Hackers used Elon Musk’s identity and credibility within the industry to encourage users ot part with their Bitcoin in exchange for more Bitcoin that never materialized. In this latest attack,…

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Australia’s ‘Smart Money’ Examines Controlled Spending with Cryptocurrency

Australia’s ‘Smart Money’ Examines Controlled Spending with Cryptocurrency

Many government bodies find difficulty with digital currency because of its ability to be spent nearly anywhere. Many types of digital cryptocurrency can be exchanged online for elicit items and more under the right circumstances. If more protections were introduced and the creation of blockchain-powered digital “smart money” with certain regulations was introduced (such as in Australia), it could be possible for many government bodies to be more on board with a cryptocurrency. Under a…

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Survey: 25% of Millennials Use Cryptocurrency; 30% Want to Learn More

Survey: 25% of Millennials Use Cryptocurrency; 30% Want to Learn More

Millennials, usually categorized as anyone born between 1981 and 1996, are sticking to cryptocurrency and continuing to stay turn away from traditional investing. Why Millennials like Cryptocurrencies Millennials are the first generation to grow up in a digital age. Millennials order their food online, their taxi’s, connect with their friends, maintain their business networks and get their entertainment online. This desire for the digital makes cryptocurrencies an attractive choice for millennials. Cryptocurrencies are an exciting…

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Crypto Trader Fined $1.1 Million for Running Bitcoin and Litecoin Scams

Crypto Trader Fined $1.1 Million for Running Bitcoin and Litecoin Scams

A press release issued on the 9th of November 2018 by the U.S. Commodity Futures Trading Commission (CFTC) stated that Joseph Kim of Phoenix, Arizona was ordered to pay $1.146 million in restitution to his company and customers for his fraudulent Bitcoin and Litecoin scheme. According to the press release, Joseph Kim – a former crypto trader with Firm (a Chicago-based proprietary trading firm) – admitted to defrauding his employer and dubiously obtaining funds from…

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4 Unregistered Crypto Companies were Shut Down by Colorado’s Division of Securities

4 Unregistered Crypto Companies were Shut Down by Colorado’s Division of Securities

Colorado’s division of securities has officially issued cease-and-desist warnings to four different companies that have their own ICO or “securities” offerings. Each of these companies was operating within the state of Colorado and they were shut down as the result of an investigation performed by an ICO task force. The division of securities has been cracking down on companies offering their own digital coins without proper registration for the issuance of such securities. Companies that…

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University of Richmond Defines Blockchain Technology and its Legal Implications

University of Richmond Defines Blockchain Technology and its Legal Implications

University of Richmond has released a blockchain summary based on their research called “Blockchain Demystified: A Technical and Legal Introduction to Distributed and Centralised Ledgers”. Blockchain technology is the source of great excitement in today’s technology-driven world, but it can often be complex and confusing. Below is a summary of the report to help you better understand the technology and its legal setting. What is blockchain technology Richmond university defines blockchain as a type of…

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