Bitcoin Price Analysis After Sudden Upswing, Bitcoin Price Drifts Downward

Source From http://cryptscout.com/news-portal/?id=20&ref=2594&utm_source=RSS&utm_medium=rss&utm_campaign=news-portal

n nn nn Last week, we saw a violent move to the upside as bitcoin rallied 11 over the course of one day. Since peaking in the upper $3,600s, bitcoin has seen close to zero bullish follow-through, and the price has begun to drift downward over the course of the last weekFigure 1 BTC-USD, Hourly Candles, Downward DriftDownward-drifting markets like this can often be a sign that distribution is taking place. It represents an overall lack of bullish pressure. And, fro

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What Bitcoin Did #74 How Bitcoin Works With Matt Corallo

Source From https://letstalkbitcoin.com/blog/post/what-bitcoin-did-74-how-bitcoin-works-with-matt-corallo

‘œBitcoin is the culmination of 30 years of attempts at building digital money for the internet.’ ‘” Matt Corallo

Interview location: London

Interview date: Thursday 7th Feb, 2019

Company: Chaincode Labs

Role: CEO

What is Bitcoin? Is it digital gold? Is it money?

Whoever I put this question to, the answer always changes but one thing that is consistent is that it always retains to technology and value. Perhaps Bitcoin is therefore many things which come together to create a new type of financial infrastructure.

In this episode, I talk with Bitcoin Core developer, Matt Corallo. We discuss what makes Bitcoin work, covering topics such as the Lightning Network, fungibility and inflation. We also talk about issues important to Matt such as BetterHash and adoption.

This episode is also on:

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Crypto Press’s Morning Crypto News Digest – 2/15/2019 2:05:26 PM – UTC

Source From https://crypto.press/2019/02/15/crypto-presss-morning-crypto-news-digest-2152019-20526-pm-utc/


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Bitcoin_Logo-bitcoin-latest-price-daily-price-information 2/15/2019 2:00:00 PM,$BTC | #BTC – bitcoin’s Current Price: ▼ $3633.9976 | 1h ▼ : -0.1 % | 24h ▲ : 0.54 % | 7d ▲ : 3.6% | More on: Bitcoin Information

thereum-news-ethereum-price-information-ETHEREUM-ICON_Black 2/15/2019 2:00:00 PM,$ETH | #ETH – ethereum’s Current Price: ▲ $123.0356 | 1h ▲ : 0.01 % | 24h ▲ : 0.84 % | 7d ▲ : 10.53% | More on: Ethereum Information

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Major Canadian Exchange Coinsquare Acquires Zero-Fee Payment Network StellarX
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2019-02-15

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Major Canadian exchange Coinsquare has acquired StellarX, a Stellar-based zero-fee decentralized payment network
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8 Illicit Crypto-Mining Windows Apps Removed From Microsoft Store

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2019-02-15

Eight apps have been removed from Microsoft’s app store after Symantec found they could illicitly mine cryptocurrency.

Detected Cryptojacking Prompts Microsoft to Remove Eight Free Apps from Microsoft Store

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2019-02-15

United States-based tech giant Microsoft has removed eight Windows 10 applications from its official app store after the detection of cryptojacking code

Luxembourg Passes Bill to Give Blockchain Securities Legal Status

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2019-02-15

Securities issued on blockchains in Luxembourg now have the same legal status as traditional securities, after the passing of a new bill.

Russia Isn’t Bothered to Recognize Bitcoin for Now, Says Justice Minister; What Drove his Decision?

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2019-02-15

Russia’s Minister of Justice, Alexander Konovalov, has indicated that it is unnecessary to give cryptocurrencies a legal definition at this point in time, according to the country’s state-owned news agency TASS. In a meeting with Russian legislators, Konavalov argued that it would be unwise to define cryptocurrencies in their current state. Additionally, Konavalov said it was also premature to formalize legislation touching on cryptocurrencies in Russia. As was reported by …

Majority of Voters Support ASIC-Resistant ETH Algorithm Implementation, Online Vote Shows

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2019-02-15

Over three times more Ethereum is held by voters in favor of the ProgPoW implementation than those who voted against it at press time, according to an informal vote

Ripple CEO Brad Garlinghouse Says JPMorgan Coin ‘Misses the Point’ of Crypto

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2019-02-15

Ripple CEO Brad Garlinghouse says the newly-announced digital asset from United States banking giant JPMorgan Chase “misses the point” of cryptocurrency

On.Live Is Pleased to Announce That ONL Token Holders Can Now Use Bitgo’s Industry-Leading Wallet and Custodial Offerings

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2019-02-15

BitGo is the market leader in digital asset financial services providing security, compliance, custodial, liquidity solutions for institutional investors. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of global Bitcoin transactions and $15 billion per month across all cryptocurrencies.nIn 2018, BitGo introduced BitGo Custody and launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. …

Major Canadian Exchange Coinsquare Acquires Zero-Fee Payment Network StellarX

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2019-02-15

Major Canadian exchange Coinsquare has acquired StellarX, a Stellar-based zero-fee decentralized payment network


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  • JP Morgan to launch its own cryptocurrency

  • How JPMorgan’s cryptocurrency is different from bitcoin

  • JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business

  • Stanford Seminar – Building the Cryptocurrency Ecosystem

  • Ripple XRP: Is JP Morgan’s Cryptocurrency A Threat To XRP?

  • Breaking News | Is JP Morgan Launching Their Own Cryptocurrency?

  • Nasdaq’s Bitcoin and Ethereum Indices Solve a Major Problem | Cryptocurrency News


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Ripple CEO Brad Garlinghouse Says JPMorgan Coin ‘Misses the Point’ of Crypto

Source From https://cointelegraph.com/news/ripple-ceo-brad-garlinghouse-says-jpmorgan-coin-misses-the-point-of-crypto

Following JPMorgan Chase’s announcement of the upcoming release of their own digital asset, Garlinghouse criticized the move on Twitter.

Ripple (XRP) CEO Brad Garlinghouse says the newly-announced digital asset from United States banking giant JPMorgan Chase “misses the point” of cryptocurrency, according to a tweet published on Feb. 14.

As reported, JPMorgan Chase revealed its blockchain-powered JPM Coin yesterday, saying the asset will initially be used to increase settlement efficiency in select operations. Directly following the announcement, Garlinghouse responded on Twitter:

“As predicted, banks are changing their tune on crypto. But this JPM project misses the point — introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”

The CEO linked his comments to an earlier article he penned two years ago, critiquing the prospects of proprietary bank-issued digital coins — which he dubs bank coins. In his earlier piece, Garlinghouse had argued that such projects are misguided, and would inevitably culminate in “an even more fragmented currency landscape than what we have today”:

“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

Notably, as reported, JPMorgan has outlined that JMP Coin will be initially be focused on facilitating international settlements by major corporations, helping speed up transactions that currently take a day or longer using existing options such as SWIFT — a similar prospective area of application to that of Ripple.

Indeed, Garlinghouse just recently underscored Ripple’s own professed ambitions to supplant SWIFT’s global interbank network, commenting that “what we are doing on a day-to-day basis is in fact taking over SWIFT.”

A Bloomberg article has today cited multiple industry figures who argued that JMP Coin risks a becoming a direct threat by encroaching upon Ripple’s turf — the cross-border payments and remittance market for banks and enterprises.

One industry expert noted that “JPM’s project is much more evolutionary than revolutionary — it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin. The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP.”

Lastly, unlike Ripple, JPMorgan Chase has designed its asset as a stablecoin by means of a U.S. dollar peg — which a different commentator argued could heighten its attractivity for financial institutions, who may shun a volatile unit of exchange for settlement and payments.

As Garlinghouse also noted, the JPMorgan Chase move represents something of a volte-face: the bank’s CEO Jamie Dimon is notorious for having openly condemned Bitcoin as a “fraud.” Dimon later diluted his antagonism in private comments to Cointelegraph at the World Economic Forum last year.

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Judge Delays Decision to Appoint Legal Counsel for QuadrigaCX Creditors

Source From https://bitcoinmagazine.com/articles/judge-delays-decision-appoint-legal-counsel-quadrigacx-creditors/

Quadriga crt 1.jpg

A group of lawyers from some of Canada’s top law firms convened in a court in Halifax, Nova Scotia, today to secure the right to represent creditors in the ongoing QuadrigaCX litigation. By the end of the hearing, the presiding judge wouldn’t make a decision on which firm would play counsel for QuadrigaCX’s clients, though he promised a decision within the week.

“The decision to delay appointment of representative counsel is a sound one. The Court needs to be able to select the right firm that can present Canadians across the country with expertise and in a cost-effective manner. Most users are in British Columbia and Ontario and so firms with solid representation there would be key, so that customers from those provinces have access to the process,” Christine Duhaime of Duhaime Law told Bitcoin Magazine.

During the session, the Honorable Justice Michael Wood heard testimonies from the four law firms that creditors have turned to for counsel, namely, Bennett Jones LLP; Osler, Hoskin & Harcourt LLP; McInnes Cooper LLP and latecomer Goodmans LLP.

Jack Julian, a reporter for Canadian news outlet CBC, live-tweeted the courtroom proceedings, tallying up a total of 18 lawyers who were present at the hearing. One of these, Maurice Chiasson, represented QuadrigaCX while another represented Ernst & Young, the firm that has been appointed monitor over the case; the rest represented some 200 clients affected by the exchange’s inability to honor withdrawals. These clients reportedly have $50 million CAD tied up in the exchange in the aftermath of the death of its founder and CEO, Gerald Cotten. The $50 million CAD represented today is just a piece of the $250 million CAD debt that the exchange owes its customers.

“There are many complicating factors in this motion,” notes blockchain lawyer Chetan Phull of Smartblock Law. “The ‘creditors’ are spread out all over the world, QuadrigaCX is running low on funds for its defense, and Justice Wood has one week to decide who will represent all the creditors. This must be a difficult decision for Justice Wood. Relevant considerations will likely include competence with cryptocurrency and international resources. The first factor will be important to address solvency matters as they relate to the accessibility of various cryptocurrency reserves of QuadrigaCX. The second factor will be important to cost-effectively triage client-intake and evidence management for a litigation with such a global scope.”

“Justice Michael Wood says all contenders are ‘eminently qualified’ to be representative counsel. They all claim to represent similar numbers of clients with similar total losses. He says he ‘won’t be flipping a coin’ and will have to analyze the submissions closely,” Julian tweeted.

One of the firms, Goodmans, which Julian says has a client with a $1 million claim on the exchange, suggested creating a “steering committee” of seven individuals, which would consist of two lawyers from the other three law firms competing for representation and one from Goodmans. The committee would then be in charge of appointing legal counsel for the affected creditors. Justice Wood ultimately dismissed this proposal, saying it would amount to the firms having to “duke it out,” tweeted Julian.

According to Julian, Raj Sahni, an attorney for Bennett Jones, lambasted the use of online chat rooms as “completely inappropriate” for disseminating information in this case. In the fallout after Cotten’s death, Reddit (particularly the subreddit QuadrigaCX2) has become a hotbed of activity for QuadrigaCX customers to swap information, air grievances and cook up what most would consider conspiracy theories.

To cut through the noise and give this information legitimacy, one firm, Miller Thomson, suggested curating a website that would aggregate creditor information and answer questions these affected users have in public or private.

The proceedings highlighted that most of the creditors are individuals with fewer than $50,000 CAD in the exchange. These affected users are already down significant capital, and the legal counsels stressed the importance of making this process as frictionless as possible to mitigate legal costs for the already cash-strapped creditors. The monitor, Ernst & Young, has proposed a $100,000 CAD cap on fees beginning today, which would exclude fees calculated to this point.

Even as lawyers are seeking to expedite the counsel appointment process to the capital benefit of their representatives, it became apparent early on that Justice Wood might not reach a decision today. The case is murky and unconventional, he said, and Julian tweeted that the robustness of each law firm contending for legal counsel hasn’t made “life any easier” for the judge regarding his decision.

“Wood says this [is] an odd situation. We don’t have secured and unsecured creditors, third party suppliers, employees etc. Only clients. So it’s unlikely there will be parties clamouring for changes on the next court date of March 5,” Julian wrote.

After a midday recess, the court reconvened and Justice Wood revealed that he would not decide on representative counsel today, as choosing between the four will be difficult. While he said that each is "eminently qualified," Chetan Phull of Smartblock Law said that the ideal counsel will have to have a stellar report card for handling the technological nuance and international breadth of the case.

"Relevant considerations will likely include competence with cryptocurrency and international resources. The first factor will be important to address solvency matters as they relate to the accessibility of various cryptocurrency reserves of QuadrigaCX. The second factor will be important to cost-effectively triage client-intake and evidence management for a litigation with such a global scope.”

Outstanding Issues

At the end of the hearing, the court also addressed a number of outstanding issues in the case, including the absence of $30 million CAD worth of bank draft notes that QuadrigaCX claims that it is owed by its payment processing partners. QuadrigaCX is making haste to secure these funds as most of the $300,000 CAD it has in its possession for legal fees are nearly depleted.

“The Court learned today that the advisors are almost out of the money allocated, having spent $250,000 in fees in a short time. It remains unclear how additional funds will be secured because there was only $300,000 set aside that was a secured debt to Mr. Cotten’s widow, approved by the three new directors, the Court heard. I think they will have to solve the cash crunch soon by securing banking relationships quickly to deposit the over $20M in bank drafts they said they have,” Duhaime commented to Bitcoin Magazine.

As monitor, Ernst & Young commented that it was close to reaching deals with some of these nine processors, though the firm was vague on the progress it has made toward decrypting Gerald Cotten’s hardware, which allegedly holds the keys to the company’s inaccessible cold storage, or in retrieving the $460,000 CAD that QuadrigaCX “inadvertently” sent to one of its cold wallets on February 6, 2019.

Bitcoin Magazine recently broke news that multiple QuadrigaCX users have reported receiving deposits from Robertson Nova Consulting Inc., a company, CBC claims, that Gerald Cotten’s widow, Jennifer Robertson, presides over as president, secretary and director. Bitcoin Magazine’s sources commented that email addresses appearing to belong to Robertson were listed on the reply-to lines of deposit confirmations. The same sources also told Bitcoin Magazine that they had received mass amounts of cash, at times amounting to thousands of dollars, in the mail as part of the withdrawal process.

With additional notes from Jessie Wilms

This article originally appeared on Bitcoin Magazine.

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Morgan Creek Bags $40M Raise, Attracts Industry First Funding From Pensions

Source From http://cryptscout.com/news-portal/?id=20&ref=2587&utm_source=RSS&utm_medium=rss&utm_campaign=news-portal

n nn nn Even in a bear market, Morgan Creek Digital has no problem swimming upstream.The crypto asset management firm just bagged a $40 million dollar investment and what appears to be the first blockchain/crypto investment by a major pension fund. Two pension plans from Fairfax County, Virginia, the $1.43 billion Police Officers Retirement System and the $3.9 billion Employees Retirement System, were the lead investors in what was originally projected to be a $25

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