Čvn 18

EOS Tokens Not For Passive HODLers

· June 17, 2018 · 10:00 pm

If you’ve bought into EOS with an intention to be a long-term HODLer without having to do anything with the tokens, you might want to reconsider. According to the project’s Constitution, if your account is inactive for 3 years, it may be put up for auction. A closer look EOS’ highest law can certainly make you raise an eyebrow.


EOS, the project which raised $4 billion in a year-long Initial Coin Offering (ICO), has put down a set of rules in what is referred to as their Constitution. While rumors have it that this is just a proposition and that the EOS community has to ratify it, the very first introductory statement of the document reads:

This constitution is a multi-party contract entered into by the Members by virtue of their use of this blockchain.

Lack of Definitions and A Lot of Controversies

Lack of Definitions and A Lot of Controversies

The document, placed in the projects GitHub, is contributed by two people – Thomas Cox, Block.one’s VP of Product, and Danial Larimer – the company’s Chief Technical Officer (CTO). Taking a closer look at the text, though, would make anyone, even people without any legal background, ask a few questions.

Starting off with the sentence mentioned above, the lack of a definition for the term “Member”, could constitute future issues. Let’s break it down a bit.

Article XIII of EOS’ Constitution states the following:

This Constitution and its subordinate documents shall not be amended except by a vote of the Token Holders with no less than 15% vote participation among tokens and no fewer than 10% more Yes than No votes, sustained for 30 continuous days within a 120 day period.

As we’ve already reported, 10 addresses hold 50% of all EOS tokens. In theory, 10 entities have the complete constitutional freedom to dictate the way this fundamental law turns out.

Circling back to the definition of a “Member” – as it’s currently not established, a potential vote can essentially define it in any way the majority finds suitable. But even if it was defined, those 10 entities would have the power to change it. As a matter of fact, they can change whatever they want, as per the current version of the text.

In other words, while we can presume that a member is anyone who holds any amount of EOS token, that’s not defined, nor are they referenced.

The logical question here is: what if the majority decides that in order for one to be a Member, one has to have a specified amount of tokens?

Developers’ Immunity

Developers’ Immunity

Article XVIII of the Constitution states:

Members agree to hold software developers harmless for unintentional mistakes made in the expression of contractual intent, whether or not said mistakes were due to actual or perceived negligence.

First off, the terminology used in this clause makes it particularly hard to decipher its actual purpose. What is more, it’s hard to make any kind of differentiation between “actual” and “perceived”, when it comes to negligence.

Legal technicalities aside, spreading immunity over unintentional and negligent mistakes is risky, if not dangerous. Especially when the definition for a “developer” is so broad, according to the same document:

Each Member who makes available a smart contract on this blockchain shall be a Developer. – Article VIII of the Constitution.

If the intention of this Constitution is to truly serve as a fundamental law, which is the very definition of a Constitution in the first place, determining whether a developer has acted negligently or not will have to serve as merit when defining his responsibility and whether he can be held responsible at all.

Long-Term HODLers Ruled Out

Article XVII of EOS’ Constitution states:

A Member is automatically released from all revocable obligations under this Constitution 3 years after the last transaction signed by that Member is incorporated into the blockchain. After 3 years of inactivity an account may be put up for auction and the proceeds distributed to all Members by removing EXAMPLE from circulation.

Presumably, this rule intends to stimulate usage and activity. However, it also outlaws all investors who’ve put their money into the project, believing that it would do well from a pure, straightforward investment perspective.

Furthermore, it suggests that the EOS’ executives (the ones who contributed and presumably drafted the text), for whatever reason, are excluding the possibility that long-term investors would be active. It’s worth pointing out that traditional Constitutions are also punishing inaction. However, there are obligatory requirements where said inaction is penalized only and if it causes or could have caused harm in any shape or form.

EOS’ first and foremost law, however, doesn’t give any explanations as to why inactivity is being formally penalized, which goes against the very nature of a constitutional document.

Unfortunately, the above does not even begin to describe all the loopholes which can easily be abused by the powerful few of EOS.

While EOS New York is making the case that the aforementioned document is not the “final” version, and that it only constitutes a proposal, that is not how it looks. Nowhere in EOS’ official whitepaper is it mentioned how said Constitution is to be enacted or who is the one who should have proposed it in the first place – the only thing we know is the way to change or amend it.

And amid all this confusion, a humorous, yet painfully spot-on Twitter comment on the matter hits the sweet spot:

Do you think this EOS Constitution is needed? Won’t it cause more harm than good? Don’t hesitate to let us know in the comments below!


Images are courtesy of Pixabay, Shutterstock, The Blue Diamond Gallery

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Čvn 17

Keplertek: Special Sale Due to Incredible Demand (June 19th-June 21st)

· June 16, 2018 · 10:00 pm

How do you feel about a future that is fueled by the constant drive of wanting to achieve true greatness, by helping mankind in all aspects of life? If this sounds like something you see happening or want to see in the near future, Keplertek is the right project for you. The unprecedented combination of the up-and-coming industries of Robotics, AI, and the Blockchain will change the world in ways we cannot yet imagine! 


Due to very high demand for KEP during all stages of the Pre-ICO, Keplertek decided to give the cryptocurrency community one more opportunity to participate before the start of the initial coin offering.

The Special Sale will start on the 19th of June 2018 at 8 PM UTC+4 and conclude on the 21st of June 2018 (8 PM UTC+4), giving investors exactly 48 hours and one last chance to take advantage of the generous 30 percent bonus offered during Pre-Sale.

Should you have reserved tokens before the Pre-Sale but missed out on your purchase due to not triggering the reservations in time, worry not — all previous reservations are still active during this stage and are waiting to be triggered!

The centerpiece of Keplertek’s innovative project is Kepler Universe, a platform that will make it possible for tech and financial geniuses from all around the world to connect and work on the technology of tomorrow.

The sad truth is that there are so many talented people with life-changing ideas and the potential to change the world, but most of them are never realized due to a lack of funding, experience, or infrastructure. By providing this infrastructure, Kepler will change the way we view technology and how we approach fundraising, as well as teambuilding, worldwide. Leave behind the outdated boundaries set by the biggest players in the field and join the revolution.

After selling out all tokens assigned to the Pre-Sale within the first week (2 weeks ahead of schedule), Kepler’s team, consisting of over 50 brilliant minds (with 100 additional international members), is working hard to prepare for its ICO and to ensure the smooth launch of KEP and Kepler Universe.

The ICO will start on June 26th, offering a 20 percent bonus during the first stage, decreasing to 10, 5, and eventually 0 percent. KEP will then hit major exchanges right afterward and have the alpha version of Kepler Universe ready by Q3 of 2018.

Take your future into your own hands and seize the opportunity to get involved with the best project out there on the ground floor. Complete KYC and get ready for June 17th, it WILL pay off – don’t let this be another missed opportunity and reap the rewards of your early discovery!

Also, don’t wait until the last minute, it only took 24 hours for Kepler to sell 400.000 tokens during Pre-Sale. Join the Special Sale and make a revolutionary investment into a limitless future, from which we will all one-day benefit!

For more information visit www.keplertek.org and the following links:

Whitepaper: https://www.keplertek.org/v2/WP.pdf
Facebook: https://www.facebook.com/Keplertek/
Twitter: https://twitter.com/KeplerTek
Instagram: http://instagram.com/kepler.tek
Linkedin: https://www.linkedin.com/company/keplertektechnologies/
Medium: https://medium.com/@KeplerTek
Telegram: https://t.me/KeplerTechnologies

What do you think about Keplertek? Let us know in the comments below!


Images courtesy of 

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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‘Big Four’ Australian Bank Beats Bitcoin… in Money Laundering

· June 4, 2018 · 9:00 pm

One of Australia’s “big four” banks, Commonwealth Bank (CBA), has agreed to pay Australian Transaction Reports and Analysis Centre (AUSTRAC) AUS$700M ($530M USD) in settlements for breaching anti-money laundering and counter-terrorism financing laws.


During a period of 3 years, CBA had failed to report 53,506 bank transactions, improperly monitored 778,370 accounts for money laundering red flags, and filed 149 suspicious matter reports late. The scandal resulted in the departure of Chief Executive Ian Narev.

CBA denies knowingly breaching AML laws, arguing that a single coding error had led to the failure to report the 53,506 transactions. However, they did admit responsibility for a lack of proper due diligence.

“Our agreement today is a clear acknowledgment of our failures and is an important step towards moving the bank forward. On behalf of Commonwealth Bank, I apologise to the community for letting them down,” said CBA current chief executive, Matt Comyn.

Illegal transactions: Fiat vs. Crypto

This news is particularly ironic considering the accusations by the mainstream media (and Bill Gates) that Bitcoin and other cryptocurrencies are being used primarily for money laundering and funding terrorism.

Studies conducted by Colombia University Economics professor Edgar Feige have already disproven these claims, citing that almost 50% of the world’s hard currency is utilized to make Illicit transactions like drug and arms trafficking.

A recent panel held by the US Senate Judiciary on modernizing anti-money laundering laws also found that only a small percentage of illicit activity spending is done through cryptocurrency.

The fact remains that cash is offline, and therefore more difficult to trace. Digital cash is recorded on a centralized database, where institutions with their own agendas can easily hide these transactions from the authorities.

By contrast, the immutability of transactions on the Bitcoin blockchain actually makes it harder to move money around without a trace.

A recent study by Qatar University and Hamad Bin Khalifa University revealed that unmasking the users behind these transactions often requires nothing more than a wallet address and a Google search. Qatar University researcher, Husam Al Jawaheri, explained:

The retroactive operation security of Bitcoin is low. When things are recorded in the blockchain, you can go back in history and reveal this information, to break the anonymity of users.

The best drug traffickers can hope for at the moment is using coins like Monero to mask their transactions, however, even Monero has its vulnerabilities.

CBA Implementing Blockchain?

Just 2 years ago, the now-ousted CBA executive Ian Narev acknowledged blockchain’s potential to be “transformational” for customers and in reducing costs, while perhaps not also recognizing its capabilities as an immutable ledger for the Bank itself.

It’s safe to say that a CBA ledger built on the blockchain would’ve made it much more difficult to conceal 53,506 transactions, saving AUSTRAC a lot of time and money investigating the breach.

To date, CBA has spent more than $400 million on anti-money laundering compliance measures.

Do you think the bank would consider using Blockchain technology to improve compliance with AML and counter-terrorism financing laws? Share your thoughts in the comments section below!


Images courtesy of Shutterstock

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Čvn 03

Visa Network Crashes as Bitcoin Boasts 99.99% Uptime Since Genesis Block

· June 2, 2018 · 8:00 pm

Visa’s payment system crashed yesterday, preventing credit card usage and payment processing across the entire EU, Ireland, and even in the US. Despite the issue being reportedly resolved, the incident serves to highlight the need for decentralized, stable alternatives where possibilities of the kind are simply non-existent.


In an official statement on Twitter, Visa announced that their payment processing service is experiencing a “service disruption”:

Reportedly, Visa users were experiencing serious issues with their card payments. They were receiving messages stating that there was a “disruption of service,” preventing providers receiving or sending money.

Major Red Flag

Credit card payments weren’t the only service impacted by the Visa outage. The issue also prevented many European customers from transacting with cash deposited in their bank accounts. The Irish Times reported that Irish tourists as far away as the US were unable to access their money.

Personal hassles aside, the outage could have triggered major issues for banking institutions as well. Reports began emerging of people lining up in front of ATMs to withdraw as much cash as possible for fear of a prolonged outage.

Banks like HSBC started tweeting about the problem almost immediately:

Current Problem Resolved, Underlying Issues Remain

Earlier today, almost 20 hours after Visa first acknowledged the outage, the company posted an announcement on their website, claiming that the issue had been resolved:

Visa Europe’s payment system is now operating at full capacity, and Visa account holders can now use Visa for any of their purchases and at ATMs, as they normally would.

Yet, a certain point needs to be stressed. Visa is one of the leading payment solutions providers, with millions of people using its services around the world. While it’s unclear how many of those customers were affected by the problem, one thing is clear – a problem with a single, centralized service provider can potentially leave millions of people unbanked.

Can Crypto Provide an Answer?

In the official announcement, Visa explained that the outage was caused by some sort of “system failure.” The question here is – can we afford to let a “system” and its support team determine whether millions of people across the world will have access to their money?

The problem is much larger than Visa, of course, but this particular incident clearly outlines the need for an alternative – like Bitcoin – that is immune to such “system failures.”

Decentralization could well solve all of these problems and, ironically, Visa is no stranger to the technology. In October 2016, Visa announced that it was working on a blockchain-based solution for cross-border, business-to-business exchange. Similarly, just this past month, MasterCard filed a patent for faster node verification system.

Could all of this be hinting that we are closer to the widespread adoption of cryptocurrencies and their underlying technology?

Amid all of the chaos caused by Visa’s outage, one simple truth emerged:

Do you think decentralization is the solution that major payment processors and card issuers are in need of? Let us know in the comments below!


Images courtesy of DepositPhotos

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Kvě 30

NAGA’s Ecosystem Makes Trading & Investing Accessible for Everyone

· May 29, 2018 · 9:30 pm

NAGA’s extensive ecosystem provides a truly diversified portfolio of proven use cases and value drivers. Here’s everything you need to know about one of the most impressive platforms in the cryptocurrency space, today.


NAGA Coin

At the heart of NAGA is the platform’s unique cryptocurrency token, the NAGA COIN (NGC).

NGC’s claim to fame is that it successfully decentralizes cryptocurrency for traditional financial markets, virtual goods, and cryptocurrencies. In doing so, NGC eradicates investor reliance on greedy banks and corporations, which control access, operate opaquely, and charge large fees while taking unhealthy cuts of the profits.

The benefits of holding the NGC token are many, including:

  • Reduced trading fees on NAGA TRADER, as well as on every asset using an NGC account. For example, NGC users will pay 50% less on trading commissions for each trade they perform on NAGA TRADER.
  • Cashback on a per-trade basis performed by NAGA TRADER using an NGC account.
  • Double crediting of copy bonuses on NAGA TRADER using an NGC account.
  • Lower trading fees for every asset listed on NAGA VIRTUAL.
  • Membership in the NAGA VIRTUAL Cashback Program.
  • Payment method for all NAGA Academy courses
  • Discounted purchase of ad credits for the NAGA VIRTUAL and NAGA TRADER AdManager.
  • Community status and free access to paid and premium content.
  • Users also benefit from the digital transformation of the largest industries in the world.

Unlike other tokens with minimal use cases or little more than lofty promises, NGC is already live and has proven to be successful. In fact, it is already trading upwards of $2 million daily. On May 23, the 24-hour trading volume was $15 million.

NGC has also recently been listed on the popular cryptocurrency exchange Bittrex and has been integrated into the exchange service Changelly. NGC can also be bought and sold on other major cryptocurrency exchanges, such as Upbit, HitBTC, and OKEx, as well as IDEX and Cobinhood.

NAGA Trader

NAGA Trader

NAGA COIN also integrates seamlessly with NAGA’s social/trading network, NAGA TRADER.

NAGA TRADER allows users to trade 700 markets in real-time, including cryptocurrencies, stocks, and forex and supports the funding of trading accounts with cryptocurrencies.

NAGA TRADER users also have access to the NAGA CARD, which allows for the withdrawal of trading profits via a shopping-friendly card which is usable both online and offline, home or abroad.

The social aspect of NAGA TRADER is what really sets the platform apart, however, as it allows for public and private chats, the automatic copying of the platform’s best traders, and the use of CYBO, a self-learning algorithm which manages your portfolio 24 hours a day.

NAGA TRADER’s News Feed also continually updates to show users the most relevant news stories as they break, while NAGA TRADER Protector™ helps you to limit your risk and secure your trading profits automatically.

Finally, the latest update to the NAGA TRADER app has added, in addition to improvements regarding stability and security, a fully-automated verification process with face recognition.

NAGA Wallet

In April, the NAGA team launched its new-and-improved NAGA WALLET — well ahead of its roadmap’s scheduled release.

Featuring ultra-low fees, the NAGA WALLET is a cutting-edge cryptocurrency wallet that allows users to securely store five of the world’s leading digital assets: Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Bitcoin Cash (BCH), Ethereum (ETH), and NAGA Coin (NGC). Most recently, Ripple (XRP) users have also benefited from the cryptocurrency’s addition to the NAGA WALLET. Additionally, it supports all ERC-20 compatible tokens.

The highly versatile wallet is NAGA’s secure solution to the persistent challenges dogging digital asset ownership, which serve to impede the mainstream adoption of cryptocurrencies. Primarily, it allows for the instantaneous sending of coins and tokens on the blockchain without having to know other people’s wallet addresses. NAGA WALLET users can send coins and tokens directly to their contacts through their email address, removing the need to copy worrisome characters and fret over their accuracy, or worse still, have the address hijacked by malicious codes.

Additionally, NAGA transactions are up to 18,000 times faster than Bitcoin transactions and carry extremely small fees.

The NAGA WALLET is also a multi-currency payment gateway, equipped with a multi-factor authentication system which provides the highest level of security.
Of course, the NAGA WALLET also seamlessly interacts with the entire NAGA ecosystem.

NAGA Virtual

NAGA also offers a unique, safe, fair, and modern market called NAGA VIRTUAL (Switex).

NAGA VIRTUAL is primarily focused on offering gamers a platform on which to buy and sell items to and from each other. This, in turn, positively converts the time and effort gamers spend gaming.

NAGA VIRTUAL affords gamers the freedom and ability to trade from different games of different sources (PC, console, mobile etc.), which also benefits the game publishers themselves.

Furthermore, NAGA VIRTUAL offers an individual store for publishers, which serves as a direct income channel and a distribution platform for new items from their games.

Ultimately, this information is merely scratching the surface of what the NAGA ecosystem has to offer the cryptocurrency and traditional investment community — and it’s also just the start. The platform has already launched NAGA ACADEMY in cooperation with a leading Cypriot educational institution, which boasts over 20 years of experience and offers UK-recognized Bachelor’s and Master’s degrees. All tuition fees are payable with NGC.

Soon, NAGA will also add to its diversified ecosystem with the introduction of NAGA CARD, NAGA EXCHANGE, and NAGA WEALTH — illustrating that, when predicting the platform’s future, the best has clearly yet to come.

What do you think of NAGA’s unique and extensive ecosystem? Do you utilize NAGA’s services? Let us know in the comments below!


Images courtesy of NAGA

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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Ethereum Certified Developer Bernard Peh on The Future of Crypto, Dealing with Regulations, and Blockbid (Interview)

· May 21, 2018 · 9:00 pm

Bitcoinist recently caught up with Bernard Peh, one of only 56 Ethereum Certified developers in the world, and picked his brain on his current project, the state of the cryptocurrency market, and what being “Ethereum Certified” even means. 


Bitcoinist: You are one of only 59 Ethereum Certified developers in the world. What exactly does “Ethereum Certified” mean, exactly?

BP: First of all, I like to congratulate B9lab for setting the golden standard in Ethereum Certification. As of today, the passing rate (based on the number of students who signed up) was about 15%. Basically, you cannot be certified if you do not have very good knowledge of Ethereum and its high-level programming language – Solidity.

In theory, being “Ethereum Certified” means that people should feel more secure with my code in the Blockchain. I have deployed many Ethereum smart contracts and I am still very skeptical of my own code due to the immutability of the blockchain. I think being certified might differentiate you from the rest, but having a paranoid attitude is required if you want to travel far in the blockchain journey. I am proud to be one of the 59 Ethereum certified developers in the world. (At the time of this interview.)

Ethereum

Bitcoinist: Tell us a bit about your new project, Blockbid, of which you are the Lead Blockchain Technologist.

BP: The purpose of Blockbid is to make cryptocurrency trading extremely attractive to traders and competitive with other exchanges. We want our exchange to be very secure and have a very user-friendly UI. Therefore, we have decided to build the bulk of the exchange in-house. This means that we have spent a considerable amount of resources in getting top quality developers. I am glad that I have the chance to work with the brightest minds in the industry.

My role is to liaise with the backend and infrastructure team to ensure that all the wallets for all our coins are implemented correctly. Our users will eventually benefit from our vision and the effort that we put in. Everyone will be able to trade with confidence on our exchange in the next few months.

Bitcoinist: What problem, specifically, does Blockbid solve in the industry today?

BP: Blockbid is being designed to help traders overcome three main issues; the inconvenience of needing to sign up to multiple exchanges, the unease associated with having coins scattered across multiple (and potentially untrustworthy) exchanges, and missed investment opportunities caused by time lapses in transferring funds between different platforms.

Blockbid is the only exchange to offer an insurance policy to protect against potential cyber-attack. Users do not have to worry about their cryptocurrencies in our exchange because they are insured.

Bitcoinist: How will Blockbid protect users’ funds against potential cyber-attacks?

BP: Blockbid is the only exchange to offer an insurance policy to protect against potential cyber-attack. Most other exchanges offer 2FA and for the majority of their liquidity to be held offline in cold wallets. While Blockbid will also offer 2FA and liquidity held in cold wallets, it is the only exchange to offer an additional layer of security in having an insurance policy.

I feel that the cryptocurrency market is still flooded with traders doing pumps and dumps. This has caused huge instability in the price of cryptocurrencies, preventing mass adoption for day-to-day purchases. Most people using cryptocurrencies today are risk-takers or people who are willing to bet money on their curiosity. I would love to see wider adoption.

Bitcoinist: Has Blockbid had to overcome any obstacles in relation to regulations? How difficult is it to comply with different rules in different regions of the world?

BP: With recent legislation last year in December being passed by the government requiring Australian exchanges to register with AUSTRAC, we can proudly say that Blockbid is only the third recipients of an AUSTRAC license, meaning they have been granted permission to legally operate as a digital currency exchange, according to Australian law. This follows on from the guidelines set out for Australian AML/CTF policies and require all our users to complete our KYC forms before trading, prior to this we were operating under the guideline of an AFSL license although now AUSTRAC has taken over as the regulatory body and has been setting the requirements and processes for the cryptocurrency industry in Australia.

In regards to complying with changing regulations in other countries, Blockbid stays up to date and monitors all news and information that would directly impact its operations offshore and acts accordingly. For example, restrictions and regulations on US or China based traders were closely monitored over the past year to ensure we operate legally and in compliance with the regulations of those countries.

Bitcoinist: What excites you most about working at Blockbid?

BP: Throughout my entire software development career, building a secure crypto exchange must have been the most challenging of all and in return, the most rewarding. There are many moving parts and many things to consider. The crypto landscape is changing very fast and the software needs to adapt to the changes quickly. We have to dissect every component and question everything. We also have a very strong team with a good rapport with everyone. There have been a lot of hair pulling moments but also a lot of laughter and I think our Chief Operating Office, David Sapper, has done a good job in gelling everyone together. I’m really glad that we value the team culture more than anything else.

Bitcoinist: What do you feel are the best ways to evaluate a cryptocurrency?

BP: There are a plethora of cryptocurrencies to choose from on the ever-expanding crypto market but there are a few things you should look out for when evaluating a cryptocurrency.

You should always check the development activity of a cryptocurrency. A coin with an active development team will be updating and patching bugs all the time. If there aren’t active developments in a particular crypto, you should steer clear.

Looking into the trading volume of a crypto can also indicate if the price will grow. There isn’t much point investing when no one else is trading it. This low trading volume will cause huge price spikes whenever some are bought or sold which is not good if you’re planning a long-term investment.

Avoid pump and dump schemes by investing in coins with larger market capitalization. Low market capitalization can easily be manipulated whereas those with larger market capitalization will require significant capital to manipulate it.

7 Steps for ICO Analysis

Bitcoinist: What are your opinions on the current regulatory landscape? Do you feel that regulators have investors’ best interests at heart?

BP: Regulation is needed to be able to distinguish the real from the fake, to avoid distrust amongst potential participants, and prevent scammers finding any kind of success. Hopefully, regulators don’t enforce harsh regulations upon cryptocurrencies and kill the market off at such an early stage of development. We will have to see if regulators and governments can embrace the blockchain and aid the growth of the cryptocurrency market.

Bitcoinist: Do you have any advice for new investors?

BP: Consumers like to take their first tentative steps into the crypto market by purchasing a currency they have no doubt heard of before, such as Bitcoin or Ethereum. However, it is key to do your research and know what ICOs (Initial Coin Offering) are happening and whether the project is viable – if it’s not, then it’s not worth your money as you could end up with nothing. This is where we need to be mindful of crypto-scams.

There is no clear indicator of when a project or coin might be a scam but there are a few red flags to be mindful of. Any reputable ICO project will have a detailed whitepaper document which details everything you need to know about the campaign. If this is not readily available, then you should ask yourself why. To this effect, it is once more where research becomes a great tool. Look into who the team is behind the project, what is their experience and what are they hoping to achieve. Scams and crypto thefts are increasing and are becoming more widely documented, and so we are seeing crypto exchanges beginning to form self-regulating tightening their regulations

Bitcoinist: What do you identify as the most significant problems in the cryptocurrency market today?

BP: The risk of a data breach is a common one faced by crypto exchanges. Playing host to a large scale of sensitive information, it is possible for company and user information to be accessed, without permission, through mining malware activity and DDoS attacks. The use of mining malware allows hackers to hijack a computer’s resources for mining cryptocurrency, resulting in a diminished processing power which enables fraudsters to make a speedy profit.

Bitcoinist: What solutions do you propose to the problems you mentioned?

BP: The solution would be for greater security protocols and more regulation within the cryptocurrency sphere – although this can only be executed efficiently through a comprehensive understanding of the digital landscape. Without this understanding, exchanges and traders are left vulnerable.

Let’s be honest; cryptocurrency is a technical subject. To use it confidently, you do need to have some technical understanding of how it works. We feel that educating the public on the technology is important. For example, most people do not know what is happening when they transfer one bitcoin to their friend. They might get panicked when their bitcoin didn’t get through to their friend after one hour and then got bombarded with terminologies like confirmation times and transaction fees when they raised a support ticket. We like to have a personal relationship with our clients and hand hold them from the start to the end of the process.

Bitcoinist: Where do you see blockchain technology in 5 years?

BP: Blockchain is already a household name. You see this word being used in almost all tech conferences today. A lot of funds have been poured into making blockchain scale and once we can hit a few thousand transactions per second, we are ready for global adoption. When that day comes (in the next five years), blockchain technology will be used everywhere, from personal identity to buying things online. Coupled with AI and Smart Contracts, there will be no longer a need for a middleman, cutting cost and saving time.

Do you have any other questions for Bernard Peh? Ask them in the comments below!


Images courtesy of Shutterstock, Markus Spiske/Unsplash

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Nvidia Expects 2/3 Decrease in Sales to Crypto Miners in The Next Quarter

· May 13, 2018 · 7:00 pm

Nvidia announced that they had a successful 1st quarter in terms of sales, in part due to the fact that cryptocurrency-related sales boosted their revenues by 10%. Despite the good news, Nvidia expects that the sales generated by cryptocurrency enthusiasts will decrease by over ⅔ over the 2nd quarter, which ends in 2 months.


Nvidia’s Growing Business: Did Crypto Sales Help?

Nvidia’s Thursday release of their Q1 financial reports has shown that their revenues have gone up from $1.9 billion in Q1 of last year to a staggering $3.2 billion during this year’s first quarter. The latter figure is a ~$300 million dollar increase in revenue compared to the figures reported in Q4 of last year.

The other statements and figures given by Nvidia in their earnings call were also positive but did not meet all analysts’ expectations, as the price tumbled over 2.5% during after-hours trading. Jim Cramer, a popular financial analyst and personality, quickly jumped on analysts’ statements, calling them “total joker chowderhead analysts,” in an attempt to call off their allegedly unrealistically high expectations of the company.

The 10% in revenue growth since Q4 was quickly attributed to cryptocurrency mining sales which became so prevalent in the latter half of 2017 and the start of 2018. Hardware sold by Nvidia to miners over Q1 was revealed to have generated $289 million for the market leader in the computer hardware industry.

Taking a tally of the company’s profits overall, the $289 million generated by cryptocurrency sales have accounted for just around 9% of Nvidia’s total sales during the first fiscal quarter of the year. Considering the worldwide impact which Nvidia has, a 9% portion of the company’s revenues is quite substantial.

Nvidia’s Q1 cryptocurrency miner sales were actually above the expected amount, with a quantitative financial investment firm, Susquehanna, and its analysts expecting that sales brought in by the cryptocurrency industry would amount to a relatively small $200 million in a best-case scenario. This means that the figure revealed by Nvidia execs was over 44% higher than the anticipated figure. A welcome surprise, that’s for sure.

Is The GPU Mining Market Slowing?

Despite this good news, Nvidia expects for the $289 million made by sales to miners to drop by over ⅔ by the end of Q2 of this year.

Jensen Huang, Nvidia’s CEO, acknowledged the help cryptocurrencies had on Nvidia’s profits in a statement made during the earnings call with CNBC. Huang stated:

Crypto miners bought a lot of our GPUs in the quarter and it drove prices up,

For those who are unaware, the demand for GPUs over the course of the past year for mining purposes has caused the PC enthusiast community to go into an outrage over the current high prices, not to mention the lack of supply.

Cryptocurrency mining rigs

It is now clear that 2017 and early 2018 saw a multitude of cryptocurrency mining operations, individuals and corporations alike, buying as many GPUs as they could get their hands on. Although retailers did their best to prevent GPU shortages, by implementing restrictions on buyers, in the end, many mining companies still got their hands on the equipment.

Despite the rush of last year’s market, the GPU mining market has been slowing down as mining costs have gone up while profits have been decreasing, not a combination you want to see as a miner. As hype for GPU mining begins to subside, prices and supply for graphics cards will begin to return to numbers which resemble the MSRP prices.

This is not the only bad news for GPU miners worldwide. Bitmain’s announcement of 3 brand new ASIC miners which run on the Equihash, ETHhash, and Cryptonite algorithms have threatened the existence of the GPU mining industry. These ASICs provide an exponentially higher hashrate per dollar and watt of energy compared to traditional GPU processes.  However, ASICs have been rejected by a large majority of the cryptocurrency community as many see ASICs as a threat to the decentralized nature of cryptocurrencies.

The GPU mining community has been quick to jump on the announcements of the ASICs, calling for developers of GPU-mineable coins to fork away from ASICs. Despite the cries of the community,  Ethereum and ZCash’s developers have chosen to abstain or delay a fork away from ASIC miners.

With the threat of ASIC miners looming not too far in the distance, it is understandable to see Nvidia’s expectations that its cryptocurrency profits will take a beating. But the future could still be bright for Nvidia as they move into an era where technology use will become increasingly prevalent. In fact, Jim Cramer even called Jensen Huang, Nvidia’s CEO, the “Einstein of our era.”

Will BitMain shutdown the GPU mining industry? Do you think that Nvidia has a future as a mainstay in the cryptocurrency GPU mining industry? Please let us know in the comments below.


Images Courtesy of Wikimedia Commons/@Nvidia Corporation, Shutterstock, and Twitter/@business.

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Introducing Bacoin, the new Porky Crypto from Oscar Mayer

· April 30, 2018 · 7:00 pm

Oscar Mayer, the famous bacon brand has created a new cryptocurrency called bacoin. The company made the announcement on April 30, introducing the new coin.


 Bacoin: The First Ever Bacon-backed Crypto

Bacoin is a promotional campaign cryptocurrency that is backed by real Oscar Mayer bacon. According to the company, the coin is as volatile as other cryptocurrencies.

Commenting on the launch, Matt Riezman, brand manager at Oscar Mayer said that:

Oscar Mayer is the gold standard of bacon because of our dedication to hand-selecting the best cuts and then naturally sugar-curing and naturally hardwood-smoking our bacon. Add to that our proven expertise in the bacon-tech space, [and] Bacoin is poised to deliciously revolutionize the cryptocurrency market.

The company partnered with Mcgarrybowen, a digital advertising firm to develop the campaign. Keith Sizzle, the famous “tech prophet” is a spokesperson for the project and appears in the promotional video sporting yellow hipster specs.

Mmmm… Bacoin…

The company is urging bacon lovers to register on the platform for a chance to receive bacoins. Participants can also influence the value of the coins by spreading the word on social media. Beginning from April 30, users can mine and track the price of bacoins. They can also cash out their bacoins for Oscar Mayer bacon. Fans have until May 14 to participate in the campaign.

At the time of writing this article, one bacoin = ten slices of Oscar Mayer bacon. The bacoin website provides hourly updates of the current bacoin value.

The Usual Oscar Mayer Sales Gimmick

The bacoin campaign is another entry in a list of colorful sales gimmicks by the company. The official press release states that the bacoin launch is a promotional gag. In 2014, the company introduced a campaign that turned users’ iPhones to bacon-scented alarm clocks. The company has also created other attention-grabbing sales campaigns such as the dating app for bacon aficionados and the drone bacon delivery service.

Gimmick or not, the Oscar Mayer campaign is another pointer to the disruptive potential of blockchain and cryptocurrency. Assets can be tokenized, issued on a blockchain, and if people buy into the idea, it can become a hit. Oscar Mayer is a subsidiary of Kraft Heinz, the food manufacturing behemoth.

Are you going to prepare your cold storage options for bacoin? Does cryptocurrency and blockchain technology have a place in corporate marketing? Please share your views in the comment section below.


Image courtesy of Kraft Heinz

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GoldMint Opens Up Sale of Crypto Assets, Secured by Gold

· April 26, 2018 · 6:30 pm

GoldMint.io, a pioneering company which hedges a stable cryptocurrency with real gold, has opened up sales of GOLD coins.


What is GoldMint?

GoldMint is a blockchain-based platform powered by the digital asset GOLD, which is 100% backed by physical gold or delivery futures. Therefore, one digital GOLD asset costs the same as one ounce of gold on the Chicago Mercantile Exchange (CME).

GoldMint’s physical gold is stored in the US Federal Reserve System’s banks, as well as in Singapore’s SGPMX custodians. For the sake of assurance, GoldMint fully intends on always making sure that its gold reserves are constantly even to or exceed the number of GOLD assets currently in circulation at any given time.

The project runs on the GoldMint blockchain, is 100% backed by physical gold or delivery futures, can be used as a trust management investment tool for peer-to-peer loans and operations with gold, and is a transparent, fast and secure payment tool.

GoldMint PTE LTD itself is a Singapore blockchain company specializing in gold tokenization. The company successfully completed its initial coin offering (ICO) in 2017 and raised $7 million.

The company operates with two assets: gold-secured GOLD and MNTP tokens, which is used in the GoldMint locker to confirm transactions. Additionally, MNTP token holders get access to preferential commissions for operations with GOLD assets. The company’s tokens are currently traded on Bancor, Yobit, SIMEX, IDEX, Etherdelta.

The Sale is Open

As of April 12, GoldMint users may buy and sell GOLD coins on Bancor using one or more of the 50 supported cryptocurrencies. GOLD is also available on Simex (Singapore International Monetary Exchange and IDEX (Decentralized Ethereum Asset Exchange).

For the first time in history, users can take advantage of the opportunity to buy a stable coin, completely backed by the price of gold, in exchange for cryptocurrency. With the help of the GOLD stablecoin, crypto investors can hedge against the risk of cryptocurrencies falling in an extremely volatile market — which happens all too frequently.

GOLD will also bring a new class of investors into the cryptocurrency market, as precious metals investors previously uninterested in cryptocurrency now have a reason to get involved.

A Difference that Matters

Not all cryptocurrencies and digital assets are created equal.

The key difference between GOLD and other digital assets is that all GOLD coins are actually backed by a physical product — in this case, the most successful store of value in history, gold.

Said gold is purchased under delivery futures on the Chicago CME exchange and then placed in a bank of the U.S. Federal Reserve system. When extreme volatility arises in the cryptocurrency market, GOLD affords cryptocurrency investors the ability to mitigate their risk by investing in a stable coin, as opposed to converting to fiat currencies.

Additionally, GOLD smart contracts ensure that the amount of crypto assets sold is equal to the amount of gold held in GoldMint company.

GOLD coins may be purchased with cryptocurrency at the Bancor exchange and can be stored in your compatible Ethereum wallet. Because GoldMint works on the Ethereum network, it is also compatible with ethereal wallets.

The Goldmint team plans to launch a personal account with a multi-currency wallet, which will afford users the ability to purchase tokens via fiat money, bank transfer, or credit card, in 2018.

If you’d like to learn more about the gold-backed stablecoin, check out GoldMint’s official website, or follow the project on Twitter, GitHub, Facebook, and Reddit.

Are you interested in investing in a stable cryptocurrency backed 100% by real gold? Do you think GOLD is a safe way to protect yourself against the cryptocurrency market’s volatility? Let us know in the comments below!


Images courtesy of GoldMint, Pexels

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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What is NAGA Coin (NGC)?

· April 18, 2018 · 5:00 pm

NAGA takes the stress and pain out of managing multiple investment accounts across a multitude of trading platforms by offering a base to meet every cryptocurrency investor’s needs – and it’s all powered by the NAGA COIN.


A Unified Platform

The way things stand today, banks and financial institutions around the world are in almost complete control of financial access – setting the rules and keeping things far from transparent. Because of this, the amount of liquidity present in the virtual marketplace is stymied, and there’s no unified interface providing access to cryptocurrency marketplaces.

However, NAGA – a German fintech company developed by the Naga Group – aims to establish a singular trading platform which will single-handedly facilitate the simple exchange of both stocks and digital assets in a secure and effective manner.

Powered by NGC

NAGA’s trading platform, as well as its overarching ecosystem, will be driven by the NAGA COIN (NGC).

The NAGA COIN is a decentralized cryptocurrency used for both trading and investing in financial markets, virtual goods, and other cryptocurrencies. Because it is used as a unit of account within the ecosystem, NGC is classified as a utility token. Read more about the utility structure of the token in the Medium article published in The NAGA COIN account.

NAGA Coin Ecosystem

All existing NGC tokens were created on the Ethereum blockchain and thus abide by the standard ERC20 protocol through smart contracts. The distribution phase of NGC has already completed, and 77,910,266.15769 NGC tokens were put into circulation. All unsold tokens were burned.

It is the creation of this decentralized cryptocurrency that helps solve issues related to high processing fees and transaction charges caused by unnecessary intermediary interference.

Everything that happens in NAGA’s ecosystem revolves around NGC. The token may be used to pay fees, act as collateral, and serve as the primary currency for all transactions – making it the main driver of the company’s sustainable economy in which demand is ever-increasing as more users, game publishers, and big-money financial institutions flock to the ecosystem.

As noted by the company, additional benefits of holding the NGC token include:

  • Reduced trading fees on NAGA TRADER, as well as on every asset using an NGC account. For example, NGC users will pay 50% less on trading commissions for each trade they perform on NAGA TRADER.
  • Cashback on a per-trade basis performed by NAGA TRADER using an NGC account.
  • Double crediting of copy bonuses on NAGA TRADER using an NGC account.
  • Lower trading fees for every asset listed on Switex.
  • Membership in the Switex Cashback Program.
  • Discounted purchase of ad credits for the Switex and NAGA TRADER AdManager.
  • Community status and free access to paid and premium content.
  • Users also benefit from the digital transformation of the largest industries in the world.

Of course, NGC is also seamlessly integrated into the NAGA WALLET, which affords users the ability to send and receive cryptocurrencies by just using a registered email address – thus eliminating the stress that comes with copying and pasting lengthy cryptographic addresses. NAGA WALLET also offers zero fees on internal transactions, an ICO hub, real-time updates on token prices, instant transactions, multi-currency support, and a built-in exchange.

If you would like to start investing in NAGA COIN, NGC trading pairs are currently being offered on HitBTC, OKEx, CobinHood, and Cryptology. You can also find out more about the cryptocurrency and its ecosystem on NAGA’s official website.

What do you think about NAGA and the NAGA COIN (NGC)? Are you interested in the project’s unified platform and singular cryptocurrency? Let us know in the comments below!


Images courtesy of NAGA

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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