Úno 18

The New Normal: Cryptocurrency Goes Mainstream This Tax Season

· February 18, 2018 · 7:30 am

Until quite recently, most cryptocurrency investors either did not know or did not care to pay taxes on the capital gains they accumulated buying and selling digital coins. The cryptocurrency community is now facing a hard truth: they have to pay taxes just like all the rest of us.


[Editor’s note: This is a guest article by Mario Costanz, CEO of Happy Tax]

Virtual currencies exploded onto the investment scene last year, due in large part to the astronomical rise in the popularity of Bitcoin and its many successors. Interest in this exciting new investment shows no signs of slowing, and soon cryptocurrency will be as ubiquitous as the other traditional securities traded daily on Wall Street.

Until quite recently, however, most cryptocurrency investors either did not know or did not care to pay taxes on the capital gains they accumulated buying and selling digital coins. The cryptocurrency community is now facing a hard truth: they have to pay taxes just like all the rest of us.

The attention that virtual currencies are receiving from federal and state regulators is a positive sign that this innovative technology is heading towards the mainstream. Of course, it has a long way to go until it gets there. In the meantime, however, cryptocurrency investors need to accept the reality of growing government oversight.

Paying Cryptocurrency Taxes is Not Optional

Bitcoin emerged from an anonymous source far on the fringes of the internet nearly a decade ago. For a time, cryptocurrency traders enjoyed an investment environment free from government oversight. This has caused many investors to turn a blind eye to increasing regulation, particularly from the Internal Revenue Service.

Tax liability for virtual currency investments is still a bit of a gray area in many respects, and new laws and policies are sketching out the boundaries. However, one thing is absolutely clear: if you trade cryptocurrencies, you must report your activity to the IRS.

Internal Revenue Service (IRS) Asked to Provide a Clearer Cryptocurrency Tax Framework

To the great dismay of many early virtual currency investors, the IRS declared virtual currencies to be taxable capital assets back in 2014. Like other capital assets, cryptocurrencies are subject to the capital gains rules. The tax rate depends on how long you held your coins before you sold them, as well as the price you bought in and the price you sold out. If your capital losses on your cryptocurrency investments exceed your capital gains, you can claim the loss as a deduction on your income tax returns, up to $3,000.

In other words, the same rules apply to cryptocurrency investors as taxpayers who trade stocks and other securities. This sounds simple enough for any seasoned trader, but unfortunately, things in the cryptocurrency world tend to get complicated quickly.

Most securities are used only in straightforward buy-and-sell transactions. However, cryptocurrencies are also intended to be used to purchase goods and services. Contrary to the popular belief – and wishful thinking – of many cryptocurrency investors, cashing out of your virtual currency investments isn’t the only taxable event in the lifespan of your investment. Rather, tax liability arises whenever cryptocurrencies are traded for other coins, cashed out into fiat currency, or used to purchase goods and services. So, for example, if you buy a new couch on Overstock.com using bitcoin, your purchase will be subject to capital gains tax in addition to any sales tax that may apply.

Paying Crypto Taxes Using Cryptocurrency

This type of double-taxation poses a real challenge to the integration of cryptocurrency into retail payment systems. Fortunately, however, it isn’t all bad news. Just last week, the Arizona State Senate passed a bill allowing residents to pay their state income taxes using “Bitcoin, Litecoin, or any other cryptocurrency” allowed by the state revenue department. While the bill still needs to go through the Arizona House of Representatives before it becomes a law, it represents a landmark moment in the cryptocurrency world.

The Arizona bill has been received with a mix of enthusiasm and skepticism. On one hand, the inherent value of cryptocurrencies is still up in the air. Virtual currencies have become legendary for their volatility. The price of Bitcoin more than doubled in the last two months of 2017 before falling again to half its value in the first two months of 2018.

Bitcoin Taxes

Well-known cryptocurrency critics, like Warren Buffett and JPMorgan Chase CEO Jamie Dimon, claim that cryptocurrencies offer little to any market value and that current market prices are fueled entirely by speculation. On the other hand, the blockchain technology that supports the virtual currency market is a groundbreaking innovation that has the potential to change the way people use money entirely.

The fate of the Arizona law is now in the hands of state representatives, and it remains to be seen how the saga will unfold. It’s a bold legislative move that may be tossed aside by the state’s more conservative House of Representatives. However, it’s also a sign of the times. Arizona recognizes the potential value of virtual currencies as a technology, not just a security or replacement for traditional cash.

As a result, the state is posturing itself as a cryptocurrency-friendly market in anticipation of greater adoption of virtual currency technology and its derivatives. While the long-term viability of any virtual currency remains to be seen, the integration of cryptocurrency into government revenue streams is a positive sign for the future of this exciting new technology.

Will you be paying taxes on your cryptocurrency income this season? Let us know in the comments below!


Images courtesy of HappyTax, Shutterstock 

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Úno 17

Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

· February 17, 2018 · 10:30 am

A Chicago trader is facing up to 20 years in prison for stealing over $2 million in Bitcoin and Litecoin cryptocurrency from his employer.


Most 24-year-olds would be quite happy to be attached to a new cryptocurrency unit for a major financial entity. That’s not a bad career path for someone who previously worked as a cryptocurrency trader in South Korea before joining Consolidated Trading LLC to become an assistant bond trader in July 2016. A new department looking to dive into the burgeoning crypto world is a great stepping stone for moving up. That is unless that person is a degenerate gambler. Such is the case of Joseph Kim, who stole over $2 million in Litecoin and Bitcoin cryptocurrency from his employer.

Chicago

Stealing Begins Almost Immediately

The cryptocurrency group was created by Consolidated in September 2017, and Joseph Kim joined the unit sometime during that month. He had his own personal cryptocurrency accounts, which he informed his employer of, and he was told to cease all personal trading to avoid a conflict of interest.

However, Kim transferred 980 litecoins (worth $48,000) on a weekend shortly after joining the new unit. When a supervisor found out, Kim said he transferred the coins to a “personal digital wallet for safety reasons” due to issues he was having with Bitfinex, the cryptocurrency exchange in Hong Kong. He then said that the coins had been transferred to a Consolidated wallet (which was untrue).

In November, the trader then sent 55 bitcoins (value of $433,000) from Consolidated into an unknown account. When confronted on this transfer, Kim said that the transfer had been blocked and that he was taking steps to unblock it. He later sent back 27 bitcoins into the corporate account, leaving 28 in his possession.

The Sizes Get Bigger

Eventually, Kim transferred 284 bitcoins (worth $2.8 million) from the company’s account into a personal wallet. He later sent back 102 of those coins into the Consolidated account, after which he then transferred the remaining 182 coins into a different account. Of that last amount, Kim lost a portion of it by personally trading.

Cryptocurrency gambling

When eventually confronted over all the transfers, Kim admitted to investing in short future positions using 55 bitcoins. He continued stealing cryptocurrency from the company to cover his margin calls, losses, and personal investments. After being arrested, Kim said that he was a degenerate gambler and admitted to converting the stolen Litecoin into Bitcoin for investment purposes.

Eventually, Consolidated managed to recover roughly 144 bitcoins from Kim’s various personal wallets. The financial company lost about $603,000 overall from the rogue trader’s gambling addiction.

In an email to his superiors at Consolidated, Kim said:

It was not my intention to steal for myself. I was perversely trying to fix what I had already done. I can’t believe I did not stop.

Investment gambling is real, and cryptocurrency is just a new avenue for some to indulge in the practice. The US Attorney has charged Joseph Kim with wire fraud, which could net him up to 20 years in prison. Kim has also made history, of a sort. He’s the first person in Chicago to be charged with wire fraud in regards to cryptocurrency.

Do you think that we’ll see more cases of traders pilfering cryptocurrency to fuel their gambling addiction in the future? Let us know in the comments below.


Images courtesy of Pixabay and Bitcoinist archives.

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Úno 16

Optioment Bitcoin Scam Triggers Europe-Wide Manhunt

· February 16, 2018 · 10:30 am

After possibly thousands of investors got burned by arbitrage-trading company Optioment last year, Austrian authorities have asked Interpol to help track down the fraudsters responsible for the Bitcoin scam.


Another Bitcoin Scam Burns Buyers

European authorities are on the hunt for criminals involved in defrauding thousands of individuals and losing over $100 million worth of investors’ Bitcoin.

According to reports, Optioment ran a now-defunct website while holding large-scale events in Austria — in which the company advertised itself as a “private Costa Rica-based Bitcoin fund” promising unrealistic returns. Law firm Lansky, Ganzger & Partner claims Optioment promised weekly interest payments upwards of 4 percent on long-term Bitcoin deposits, with the added incentivization of inviting new users.

Optioment apparently paid out returns on a timely basis at the beginning of its operation, which boosted investor confidence and encouraged users to reinvest in the scheme. Sometime around the massive bull run in November and December of last year, however, the returns stopped coming, and the fraudulent scheme collapsed.

Spokeswoman Christina Ratz told Bloomberg that prosecutors in Vienna are consolidating “hundreds of complaints” against the fraudulent company, and Die Presse originally reported that upwards of 10,000 individuals have been victimized, resulting in roughly 12,000 lost bitcoins — currently worth an estimated $118.5 million at the time of this writing.

Interpol

According to Bloomberg, no arrests have yet been made, but Interpol has been asked to investigate individuals in Denmark, Latvia, and Germany.

Reinforcing European Rhetoric

The hunt for Optioment’s operators comes at a time when some European countries are calling for a crackdown on cryptocurrency.

French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier have gone on record to state that cryptocurrencies are risky for investors and threaten long-term global financial stability.

British Prime Minister Theresa May has also expressed concerns over cryptocurrency’s criminal usage, stating that she is looking “very seriously” at cryptocurrencies “because of the way they are used, particularly by criminals.”

EU

Additionally, European Central Bank board member Yves Mersch has recently stated that cryptocurrencies are “not money, nor will they be for the foreseeable future.”

Most recently, the European Supervisory Authorities (ESAs) have also recently issued a press release warning consumers of the dangers associated with buying cryptocurrency.

Do you think scams like Optioment are permanently damaging the reputation of cryptocurrency in Europe and around the world? Let us know in the comments below!


Images courtesy of Wikimedia Commons/@Plani and Bitcoinist archives.

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Úno 15

Ripple Signs Major Deal with Saudia Arabia’s Central Bank

· February 15, 2018 · 10:30 am

Ripple, the third largest cryptocurrency by market cap, has been on a tear lately, and it has now signed a significant deal with Saudi Arabia’s central bank.


Ripple Rapidly Gaining Traction

Ripple continues to make inroads into the traditional financial sector. It has recently announced a massive deal with the UAE Exchange and a major partnership with Lianlian International. Additionally, Banco Santander is set to roll out Ripple payments in Q1, and just today came the news that Western Union will begin testing XRP transfers.

Ripple XRP

According to reports, Saudi Arabia’s central bank has penned a deal with the San Francisco-based cryptocurrency company, which aims to help banks in the oil-rich kingdom settle instantaneous cross-border payments using blockchain software. Specifically, Saudi Arabia will utilize xCurrent, Ripple’s enterprise software solution facilitating such payments with end-to-end tracking.

Saudi Arabia’s deal with the cryptocurrency company is the first such blockchain-utilizing pilot program launched by a central bank. Dilip Rao, Ripple’s global head of infrastructure innovation, says:

Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.

Saudi Arabia’s partnership with the virtual currency company comes after Gulf regulators have expressed concerns over Bitcoin and the cryptocurrency market’s lack of regulation. Thus, Ripple has, unsurprisingly, proven itself to be an attractive offer.

Ripple Shoots Up After AMEX Deal and Secret US Bank Meeting

Unlike Bitcoin and other cryptocurrencies that are largely founded on the premises of deregulation and decentralization, Ripple has openly marketed itself as a blockchain solution for traditional financial institutions. In turn, the cryptocurrency has long come under criticism for undermining what some consider to be the very foundations of cryptocurrency and blockchain technology.

Drawing further skepticism from investors is the fact that the vast majority of XRP tokens are owned by Ripple’s parent company, thus making it technically capable of regulating the price of said tokens.

XRP saw highs around $3.84 on January 4th but has since fallen as low as $0.59. It is currently trading at $1.12.

In December, UAE central bank governor Mubarak Rashed al-Mansouri also told Reuters that the central banks of both Saudi Arabia and the United Arab Emirates are working together in hopes of issuing a digital currency that would help facilitate cross-border transactions between the two countries.

What do you think of Ripple’s efforts to continually sign major deals with financial institutions? Do you think Ripple undermines cryptocurrency’s foundations? Let us know in the comments below!


Images courtesy of Shutterstock and Bitcoinist archives.

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Úno 14

Sp8de: The First Blockchain-Based Casino ICO with Jackpot Rounds

· February 14, 2018 · 10:30 am

Have you ever walked into a casino, only to walk out frustrated, feeling that you got cheated? Have you ever wanted to gamble at the convenience of your own home, without having to interact with people? Sp8de might be the answer for you.


Sp8de – Casino on Cardano

Similar to many new ICOs and blockchain projects, Sp8de aims to utilize the power of blockchain and cryptocurrency to revolutionize a specific market; in this case, casinos and gambling. However, unlike many other ICOs, Sp8de isn’t based on Ethereum. Instead, it will be based on Cardano, which, at time of writing, is the 5th largest cryptocurrency by market cap.

According to Sp8de, Cardano was chosen over other proof-of-work cryptocurrencies (e.g. Bitcoin or Ethereum) because they believe that POW coins cannot scale transaction-wise. For them, proof-of-stake is a much better option.

Ouroboros, the underlying proof-of-stake protocol beneath the Cardano blockchain, relies on generating unbiased entropy. This is extremely useful for projects like Sp8de – gambling platforms can use these randomly-generated numbers to ensure that their games are provably fair.

Sp8de is a protocol and a blockchain-based platform with features that are tailored for the growing blockchain gambling industry. Sp8de will be built on top of Ouroboros, which will equip it with the ability to generate fresh unbiased randomness for casino games. The transparent nature of the blockchain will also allow it to provide provably fair and completely decentralized games.

Initial Coin Offering – with Jackpots!

Sp8de has just concluded its presale last week, on February 8th. The ICO is divided into five stages: the pre-sale and four sale rounds, with each round having a different number of tokens available, different price per token, different likelihood of winning the lot that each token brings to its owner, and the number of lots reserved for participants.

Sp8de ICO Jackpots

Every Jackpot is essentially an airdrop of tokens. Every token sold during a sale preceding a jackpot will have a chance of winning a jackpot during the subsequent jackpot phases. This means that early participants will have a chance to win in multiple jackpot rounds. Participants of the 4th sale phase will only get one shot at winning the last jackpot.

Each jackpot will consist of a large sum of SPX tokens that will be awarded to a winner. Each jackpot phase will have multiple lots of prizes:

  • Jackpot I: 10 Jackpots each of 28,888,888.80 SPX. A total of 288,888,888 SPX on February 15, 2018, 9:00 AM UTC
  • Jackpot II: 28 Jackpots each of 13,888,888.86 SPX. A total of 388,888,888 SPX on February 23, 2018, 9:00 AM UTC
  • Jackpot III: 100 Jackpots each of 8,888,888.88 SPX. A total of 888,888,888 SPX on March 3, 2018, 9:00 AM UTC
  • Jackpot IV: 888 Jackpots each of 2,127,127.13 SPX. A total of 1,888,888,888 SPX on March 11, 2018, 9:00 AM UTC

To ensure that everybody gets the same shot at winning and no one is luckier than others, tokens won from a jackpot will not increase one’s chances of winning in a subsequent round.

Sp8de ICO and Jackpot Rounds

Not all tokens are created equal – tokens sold in the same phase can have different multipliers attached to its probability of winning the jackpot. A more detailed mathematical explanation is available in the Sp8de Whitepaper. Unsold tokens will be partially allocated to the jackpots and to the Sp8de Foundation, which will use them for further development and promotion of the project.

For more information about Sp8de, please visit sp8de.com.

What are your thoughts on Sp8de’s platform and unique ICO? Is Cardano a better blockchain choice than Ethereum? Let us know what you think in the comments below.


Images courtesy of Sp8de

Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Úno 13

WELL Telemedicine Project Cures from Crypto Neurosis to Achieve Hard Cap

· February 13, 2018 · 10:30 am

The usual mornings for cryptocurrency traders have been starting out on-edge lately. Rate exchanges for crypto have been going up and down sporadically and no one can predict it’s path. The wheel of neurosis untwists with every piece of news about whales going to a certain cryptocurrency or another; just one glance at Markets List can make somebody insane. Until getting into crypto becomes as routine as going to the mall, each of us has to hold in their nerves by ourselves or try to get some help.


“It’s insane!” – the most common definition of what is happening in the cryptocurrency market. The psychological state of traders is on the brink of falling. Psychologists and psychotherapists could provide the necessary support for distracted “bitlievers”. But what about the confidentiality of the visit? Would you feel secure in a one-on-one visit with your doctor? When it comes to large transactions in the state of the uncertain legal field, I consider you would not.

In a classical practice, client-therapist confidentiality has a lot of breaches. Imagine that the psychotherapist who treats you has a different understanding of medical secrecy. Once you are in a bad mood, blowing off some steam by verbalizing your negative thoughts, it can turn into a precedent for an informational leak. Consultancies performing to regulate rather than to actually do the therapy were common practice in history (you will find cases of patient privacy violation here: https://www.propublica.org/series/patient-privacy). On the other hand, psychotherapists or other counselors could easily be scapegoated for their client’s actions.

The most popular question on chats of ICO projects that repeats again and again is: Is it moon or not? Or, why will it [token] go high? To be fair, nobody worries, when the only aim of token contribution is the welfare of speculators. But what if the token you hold involves widespread usage in everyday life?

After trying telemedicine practice once, most of the doctors want to proceed. Psychotherapists realized that for effective communication with patients, they do not need to install a $10 000 couch in the office. Endocrinologists could provide better care when reading patients’ medical records more attentively. Those are some of the advantages of telehealth.  But there are the usual disadvantages as well:

  • Payment reimbursement for provided services
  • Difficulties with collecting verified medical records
  • Fears that telemedicine platform will be hacked with all of the data
  • Hackers or a service provider will record the process of consultation for own purposes.

All of these illnesses can be healed with a blockchain injection. Let’s consider a blockchain relevance in the healthcare industry with the example of WELL – a decentralized healthcare marketplace, being developed on the basis of the most popular telemedicine platform in Southern California.

When we speak about payment for healthcare, there are 2 problems: difficulties with cross-border transactions and high price. Using WELL tokens, a user can send and receive payment in minutes. No more middle man who gets nearly 30% of the cost due to Ethereum-based transactions. Another challenging issue is also related to the process of payment. Once a patient has treatment, both sides will be referred according to the smart contract principle.

Blockchain technology makes EHR storage even more secure than if it’s placed on a hard-drive somewhere in the Swiss mountains. For more use cases of token usage, click here.

Nobody knows how long the cryptocurrencies hysterics will endure. Furthermore, crypto investors are still very dependent on bumping perspective. These facts increase rates of depression and other diseases like OCD (obsessive cryptocurrency disorder), an illness that is specific to cryptocurrency enthusiasts.

Speaking of the healthier way of fighting bewilderment, digital healthcare provides a lot of wellness dedicated platforms, devices and apps. The Fruit Street app, for example, helps monitor dangerous conditions those suffering from diabetes, or AliveCor – a smartphone-connected device that measures electrocardiogram rhymes. But there is no single, central application or website where the crypto consumer can get appropriate medical care wherever he is, as a resident or as a traveler.

Where doctors can manage their own practice paperless, spending more time figuring out what is the most efficient way of treatment for their patients. Where patients cannot only pay but also earn money, just by providing de-identified data to researchers. Where there are no breaches of securities and worries of hackers stealing information. Some of these features exist separately, but not in one single application.

Let’s come back to the doctors. The first reports that such a clinic or a doctor began to work for cryptocurrency as payment sounded in 2013. In 2018, the medical community is even more actively involved in the world of crypto, and this means that the tokenization of medicine is just around the corner- including the pharmaceutical industry, distributors of medical equipment and scientific laboratories.

You still have time to take your place amongst conscious patients, providers, and supporters of WELL at https://t.me/joinwell.


Images courtesy of WELL

The content of this article was provided by the company referenced. Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Úno 13

Runners Will Take Part in Lympo’s ‘World First’ Token Rewards Run

· February 13, 2018 · 10:00 am

Lithuania, 12th February 2018: Health and wellness app Lympo1 is sprinting into new territory by supporting the first Marathon in the world to use blockchain.


Lympo will partner with Danske Bank Vilnius Marathon to stage the event in Lithuania, in which every runner will be rewarded with LYM tokens via the Lympo digital fitness wallet.

“Vilnius is where Lympo’s journey started. We created our vision for this digital fitness wallet in this city. I ran my first ever half-marathon in this same event many years ago and the first international Blockchain Centre was opened here. I have real, personal connections,” said Lympo CEO Ada Jonuse.

Lithuania is rapidly becoming known as the Blockchain gateway to Europe, following the launch of the International Blockchain Centre in the country’s capital, Vilnius.

The marathon event will showcase one of the country’s leading Blockchain platforms and demonstrate how Lympo’s technology has the potential to revolutionize health and wellness data around the world.

“This marathon will highlight our company and the state-of-the-art technology we are creating in Vilnius. Runners can admire the city’s historic landmarks and picturesque scenery in the knowledge that it’s also the birthplace of new digital ideas,” Ms. Jonuse said.

More than 14,000 runners will receive LYM tokens, which can then be stored and used to pay for fitness and wellbeing products and services, to encourage people to embrace a healthier lifestyle.

“It’s a winning combination to offer our runners a new way of motivation for their quest to achieve better health goals and have the Lympo app supporting this year’s Danske Bank Vilnius Marathon,” said Race Director Darius Mikulis.

Lympo is a game-changing sports and wellness ecosystem that will track workout data via smartphones and wearables, rewarding users with Lympo tokens for hitting fitness and mindfulness targets. Tokens can then be used to pay for health products and services.

As an extension of the app, the Lympo for Sports Foundation will be a mechanism to provide funding for sporting events and initiatives to promote healthy living.

Lympo is keen to be involved with other major sporting events and the 10km run in Vilnius is the first off the starting blocks.

The event takes place on the 12th September 2018.

More information can be found at www.lympo.io.

About the Lympo App

The Lympo app is a health and wellbeing wallet that rewards users with Lympo tokens (LYM) for sharing and achieving their health goals. It is part of a Lympo ecosystem for health and fitness data sharing including all industry players: personal trainers, gyms, sports and wellness businesses and health insurances.

By tracking fitness and wellness data on smartphones and wearables, Lympo aims to build healthy lifestyles and grow the Lympo community. Tokens earned can be used to pay for fitness, wellness and other health-enhancing products and services.

When users sign up to the app, they will be able to aggregate and later monetize their health and sports data, allowing them to interact with health insurances, sports, and wellness businesses and employers who want to encourage their staff to remain healthy.

About Lympo Blockchain for Sports Foundation

The aim of the Lympo Blockchain for Sports Foundation is to support sporting events and initiatives around the world while promoting the Lympo app and encouraging healthy lifestyles.

Some of the Lympo tokens will be reserved for the Sports Foundation, which will be overseen by a board made up of famous athletes, Lympo partners, and leaders in sports communities from various countries.

Lympo token holders owning a considerable amount of tokens will be invited to vote on funding proposals.

For further information, please contact:

Heidi Cuthbert
+61 411 272 366
[email protected]


Image courtesy of Augustas Didzgalvis

The content of this article was provided by the company referenced. Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Úno 12

Exclusive ICO Discount for Last 48 Hours: How Team Lakshmi from Lydian Is Creating the Fastest DLT and a Massive Wait List

· February 12, 2018 · 10:30 am

Launched by Lydian and running on company’s own DaVinci Marketing Cloud, The Whisper Network (the fastest blockless DLT) aims to solve the scalability issues that the current blockchain struggles with. By utilizing artificial intelligence and a blockless Direct Acyclic Graph (DAG), The Whisper Network will provide a platform for clients to target their digital advertisements. It aims to go beyond the standard cryptocurrency markets and to bring market interest from various other sectors.


DAG operates to link recently made transactions to verify new ones. It removes the reliance on miners verifying blocks of transactions and allows those transactions to go through almost instantly. Each participating device must pull its weight in verifying a transaction, resulting in lower transaction fees and allowing small payments to be made.

Lydian has been promoting the Whisper Network for months now, with a fully funded ICO coming to a completion soon. In that time, the waiting list has grown to over 500 companies and individuals – waiting to try the new protocol and its two decentralized applications: MonaChain and MonaBrowse. DaVinci Marketing Cloud’s state-of-the-art digital advertising technology is already being utilized by luxury brands and Fortune 1000 corporations to target new customers. Even more, the company has added a Waiting List on the official Lydian website as demand continues to surge..

MonaBrowse will create a user-centric advertising experience by giving users more control than ever. MonaChain will fight against ad-fraud tactics that plagued the industry by $17 billion last year. These DApps (decentralized applications) are available to everyone who participated in LydianCoin.

LydianCoin is ERC20-compatible and you can purchase “LDN” with most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH), and about 20 others including FIAT.

As the Whisper Network aims to get rid of the outdated technologies that plague Bitcoin and other older cryptocurrencies, Lydian aims to become a prominent name in the new age of digital advertising and the evolution of Blockchain 3.0 allowing it to become blockless. The Company has been seen a positive reception for its ambitious goals. In recent weeks prominent investors and influential advisors have joined their board, further increasing the momentum for the company.

This is all thanks to the research and development team behind The Whisper Network, known internally as Team Lakshmi based out of their offices in India. Team Lakshmi first created their patent-pending artificial intelligence engine, MonaLisa, and are now developing The Whisper Network.

It so happens that “Lakshmi” is the name of an Indian goddess that stands for fortune, wealth, and prosperity. Thus, follows the trend of the name Lydian – which was the first civilization that used and created physical coins as currency.

A promotion currently exists for the last 48 hours of their token sale. If you participate with 1 BTC and 10 ETH, you can receive a 50% discount by using Promo Code: WNP50. If you make a new deposit, you can receive a 25% discount by using Promo Code: WNP25.

To learn more about Lydian and how it’s trying to make a tangible difference in this space, please visit https://lydian.io.

About DaVinci Marketing Cloud

DaVinci11 is the world’s first high-frequency machine-learning marketing OS, built to enhance the advertising and SaaS industries. It collates customer experience, so marketers can target a customer throughout the entire purchase journey and across all consumer touch-points, regardless of delivery channel. Its proprietary AI technology, Mona Lisa, builds a consumer persona by aggregating data across channels.

The platform’s fluid and constant in-stream of data are sorted into a semantic graph to form connection clusters, using the correlation variables. All through a single click, it empowers agencies and marketers to allow connected software to optimize a manually driven $230 billion global advertising market. The company’s headquarters are in Miami, but it has offices in Sydney, Auckland, Singapore, London, Dublin, Amsterdam, Hong Kong, Shanghai, Kuala Lumpur, Christchurch, Taipei, and India.


Images courtesy of Lydian

The content of this article was provided by the company referenced. Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Úno 11

New Jersey Cracks Down on Fraudulent Bitstrade

· February 11, 2018 · 7:00 am

Following the fallout from fraudulent Ponzi-scheme Bitconnect’s demise, New Jersey has officially ordered cryptocurrency investment entity Bitstrade to stop offering unregistered and fraudulent securities in the state.


New Jersey regulators have uncovered yet another fraudulent cryptocurrency investment company.

The announcement comes by way of Attorney General Gurbir S. Grewal and the Division of Consumer Affairs and has been ordered by the Bureau of Securities after an investigation found Bitstrade to be in violation of New Jersey’s Uniform Securities Law.

ponzi scheme

Bitstrade was found to have sold unregistered securities while guaranteeing upwards of 10 percent daily returns, despite lacking a proper registration to sell securities in New Jersey.

Bitstrade also failed to disclose what have been deemed “key material facts” to prospective investors, including an official address, the names of its executive officers, the company’s financial status, potential risks to investors, and how investors’ money is used. Attorney General Grewal stated:

The Bureau’s action today reinforces our commitment to protecting investors as they navigate the uncharted and largely unregulated domain of cryptocurrency-related investments. We want to make sure that investors tempted to cash in on the cryptocurrency rage aren’t being lured into sending funds to an anonymous internet entity without knowing where the funds are going or how they’ll be used.

A visit to Bitstrade’s official website indicates that all signs indeed lead to a Ponzi scheme.

The company claims to be registered in the United States and purports to guarantee “outstanding returns” by “working as an investment pool, collecting multiple lower value investments and grouping them into one single HUGE investment, using those funds to trade on the stock market”—without any actual information as to how they use investors money.

BitConnect Sued By 6 Investors Who Lost Over $700K

If it sounds too good to be true, it probably is. According to Sharon M. Joyce, Acting Director of the Division of Consumer Affairs:

What makes Bitstrade’s fraudulent offer potentially more harmful for unsophisticated investors is that cryptocurrency is virtually anonymous, so there is no recourse for investors to recoup their losses. We’re reminding investors to be extra vigilant about fully vetting what is being sold before investing with cryptocurrency.

The Bureau additionally found Bitstrade’s Redland, California and Scottsdale, Arizona addresses to be falsified.

According to Christopher W. Gerold, Chief of the Bureau of Securities, “Bitstrade is a prime example of a company seeking to capitalize on the cryptocurrency craze. Regulators, including the Bureau, are actively responding to fraudulent crypto-cloaked securities offerings.”

Bitstrade requires purchases be made with Bitcoin.

Do you think Bitstrade is a Ponzi scheme? Do you agree that state regulators should actively try to prevent individuals from investing in fraudulent companies? Let us know in the comments below!


Images courtesy of Bitcoinist archives.

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Úno 10

France & Germany ‘Threatened’ by Bitcoin, Want Global Crypto Crackdown

· February 10, 2018 · 9:45 am

With Bitcoin and other cryptocurrencies finally bouncing back after a steep correction to start the new year, finance ministers in France and Germany are looking to shut down the party by calling for a crypto crackdown.


France and Germany ‘Threatened’ by Cryptocurrency

French and German finance ministers continue to call for strict regulation on Bitcoin and other cryptocurrencies.

According to reports, French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier signed a letter to fellow G20 finance ministers, in which they claim cryptocurrencies are not only risky for investors but also threaten long-term global financial stability. They write:

Given the fast increase in the capitalization of tokens and the emergence of new financial instruments … these developments should be closely monitored.

They also claim that cryptocurrencies “are currently largely mislabeled as ‘currencies’ in the media and on the internet,” creating a “lack of clarity” which “can only fuel speculation.”

Bitcoin Germany

The finance ministers additionally claim to be the good guys, looking out for newbie cryptocurrency investors who aren’t quite sure what they’re getting themselves into, writing:

… the buildup of individual exposures to such volatile tokens could have damaging consequences for misinformed investors who do not understand the risks they are exposing themselves to.

Of course, these sentiments can easily be interpreted as authorities from traditional financial institutions feeling the mounting pressure from a rapidly increasing and ever more popular cryptocurrency market, which very much aims to disrupt traditional financial structures.

FUD, FUD, and More FUD

Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier are not alone in expressing fears over Bitcoin and cryptocurrency. Other individuals from traditional financial institutions are also voicing their concerns.

European Central Bank board member Yves Mersch expressed his negative opinion on Thursday, stating that cryptocurrencies are “not money, nor will they be for the foreseeable future.”

ECB EU

Additionally, Bank for International Settlements head Agustin Carstens expressed his deep-rooted fears, begging central banks to shut down Bitcoin—claiming cryptocurrencies are “piggybacking” on established institutions and becoming a “threat to financial stability,” stating:

[Bitcoin is] a combination of a bubble, a Ponzi scheme and an environmental disaster.

Now that’s some serious FUD.

What do you make of French and German finance ministers calling for a global cryptocurrency crackdown? Does this worry from mainstream financial institutions signal their growing fear of Bitcoin? Let us know in the comments below!


Images courtesy of AdobeStock, Shutterstock, Bitcoinist archives.

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