Srp 17

Japan’s Biggest Social Network LINE Launches $10M Blockchain Investment Fund

Yet another blockchain investment fund is set to launch in South Korea. Messaging giant Line furthers its foray into the field of cryptocurrencies and is dedicated to streamlining early-stage startup investments with a $10 million fund. Additionally, the company announced the successful listing of TRON to its cryptocurrency exchange.


South Korea Sees Serious Investments in Blockchain

Line, the Japanese messaging company harboring over 200 million users announced August 15, that is set to launch a $10 million investment fund through its Korea-based blockchain subsidiary Unblock Corporation.

Silicon Valley Philanthropists Dig Deep into their Crypto Wallets during Fundraising Event

With this initiative, LINE will become one of the very first publicly traded companies to formalize investments in tokens through a dedicated corporate fund. The fund aims to “boost the development and adoption of cryptocurrencies and blockchain technology.” Furthermore, the announcement also made it clear that the fund is “expected to expand in the future.”

Just yesterday Bitcoinist reported that the government of South Korea has budgeted upwards of 1 trillion won with a “focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the share economy.”

TRON Listed on BitBox

Earlier in June, Line announced that it will launch a cryptocurrency exchange through its Singapore-based subsidiary. The venue dubbed BITBOX is already live and has listed TRON to its lists of available cryptocurrencies.

TRON (TRX) has become the very first coin project which has managed to pass BITBOX’s review process carried out by their open-listing committee.

As a celebration for TRX’s listing on the cryptocurrency exchange, a total of 9 million TRX coins will be airdropped to BITBOX’s users in an event which runs until August 22nd.

Speaking on the matter, Youngsy Ko, CEO of LINE’s subsidiary in Singapore, which operates the cryptocurrency exchange said:

Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project. […] TRON has a solid tech platform, especially know it has joined forces with BitTorrent.

Tron’s Justin Sun acquired BitTorrent on June 11.

What do you think of Line’s increased interest in the field of cryptocurrencies? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Srp 16

CoinHive In-Browser Software is ‘Mining’ $250K Per Month, Research Finds

New academic research released by RWTH Aachen University has discovered that cryptocurrency miner CoinHive is very profitable. In fact, it’s generating over $250,000 worth of Monero profit every month by hi-jacking internet users’ CPUs. One of the users could have easily been you. 


The research itself provides a broad overview of browser-mining activity across the Web. It reveals that Monero accounts for 75 percent of all browser-based cryptocurrency mining. The organization CoinHive is behind most of it. Thus, it is no wonder that security and investigation reporter Brain Krebs warns readers by claiming:

Multiple security firms recently identified cryptocurrency mining service Coinhive as the top malicious threat to Web users.

What is CoinHive?

CoinHive offers an in-browser, JavaScript-based miner for the Monero Blockchain. People can embed the mining script into a website. Then, when a user visits the website, the script will run the miner from the user’s browser. It will then mine XMR. Whoever embeds the code receives the mining profit.

CoinHive also offers a ‘shortlink solution’. This works much like a regular link — except that, to reach the destination, the user’s machine must perform some hashes (the number of which is set by its creator).

CoinHive argues that these services create the possibility for “an ad-free experience.” In actuality, it has created a new cyber-threat. Users are now paying other people through their CPU power — and they can be completely unaware.

CoinHive Set to Make $1,000,000 in Annual Revenue

The university researchers found that CoinHive is very profitable. Its ad-hoc browser-mining botnet is responsible for 1.18 percent of the entire Monero network. Moreover, the analysis suggests it is generating over 300 XMR (approximately $24,000) per week.

In the research, they note:

If we sum up the block rewards of the actually mined blocks over the observation period of [four] weeks, we find that Coinhive [sic] earned 1,271 XMR. Similar to other cryptocurrencies, Monero’s exchange-rate fluctuates heavily, at time of writing one XMR is worth 200 USD, having peaked at 400 USD at the beginning of the year. Thus, given the current exchange-rate, Coinhive [sic] mines Moneros worth around $250,000 per month […]

CoinHive keeps 30 percent of all mined XMR for itself. That’s $75,000 a month, or almost a million dollars in annual income.

Only 10 Users Dominate CoinHive’s Short Link Service

By scraping through CoinHive’s link database, the research found that there are almost two million active short links. Essentially, they force users to undertake Monero mining. Most of these links lead to video streams or filesharing sites. Yet, what’s more alarming is that most of the profit goes to only 10 users:

Coinhive’s [sic] link forwarding service is dominated by links from only 10 users. They mostly redirect to streaming videos and filesharing sites. We find that most short links can be resolved within minutes, however, some links require millions of hashes to be computed which is infeasible.

That some links are never set to resolve is significant — it highlights how malicious this new service can become.

Bitcoinist has already reported on 200,000 routers in Brazil being injected with modified CoinHive code. Because the code was injected into the router, users were mining Monero in the background of literally every page they visited.

It’s becoming clear that alongside rapid innovation, the blockchain industry is also bringing new threats. Unsuspecting in-browser mining is a pertinent threat that is worrisome. Fortunately, there are some attempts to solve this problem already. For example, security researcher Troy Mursche recommends the browser extension minerBlock. It uses JavaScript detection and a blacklist to limit the possibility of users mining cryptocurrency unexpectedly.

It seems like we are now at war with a new cyber-threat, and it’s turning out to be very profitable.

How will the war on in-browser cryptocurrency mining play-out? Let us know in the comments below!


Images courtesy of Pexels.

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Srp 15

New Transport Layer bloXroute Promises to Solve Bitcoin’s Biggest Problem

bloXroute Labs and a team of Northwestern University students believe Bitcoin’s biggest problem, scalability, can be solved without affecting its chief virtue — decentralization.

Northwestern and bloXroute Labs Are Working to Solve Scalability Issue

Critics have always identified the limited number of transactions that Bitcoin’s 00 network can process as its most significant problem. They point out that this is what has prevented Bitcoin from becoming the most effective form of payment in the world.

Several techniques have been and are currently being implemented to address the issue of scalability and high transaction fees. Nevertheless, they are not good enough to compete today with Visa, for example.

bloXroute Labs identifies the problem that affects Bitcoin and other cryptocurrencies’ networks, as follows:

Specifically, they employ a trustless P2P network model to propagate transactions and blocks, which does not scale as the volume of transactions increases, a fact research has shown time and again. Indeed, if blocks and transactions were to be instantly propagated, immense blocks could have been mined at a rapid pace, until the limitation of designated processing units and flash storage arrays was reached.

Now, a team comprised of bloXroute Labs engineers and students and academics of Northwestern University believe they have found a trustless scheme to overcome this scalability bottleneck.Now, a team comprised of bloXroute Labs engineers and students and academics of Northwestern University believe they have found a trustless scheme to overcome this scalability bottleneck. According to Watch Market:

The Northwestern University proposal attempts to address some of those issues by creating an infrastructure that compresses the information on the blockchain before sending, with the propagation being it will go faster.

In this regard, bloXroute Labs proposes bloXroute, a transport layer that would run underneath, allowing Bitcoin and all cryptocurrencies to scale to thousands of chain transactions per second.

According to the whitepaper entitled bloXroute: A Scalable Trustless Blockchain Distribution Network,”

“bloXroute allows to safely increase the block size and to cut down the time interval between blocks, without increasing the risk of forks, and provides real-time support for immediate transactions with zero-confirmation (0-conf).”

The whitepaper stresses that by using bloXroute, the network becomes even more decentralized because it requires neither consensus nor a protocol change beyond adjusting system parameters.

Technological Advances Are Fueling Bitcoin Optimism

Novel technological initiatives that include SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, and new features in Bitcoin Core 0.16.0, are also promising to help to address Bitcoin’s scalability issue.

For example, Lightning Network is growing and enabling faster transactions among nodes. As of this writing, Lightning Network boasts over 3,000 nodes, with a capacity of about 82 bitcoins.

The Northwestern University team started working in this project in March 2018, and claims to be moving forward to solving the scaling issue. According to Sarit Markovich, professor of strategy at Kellogg School of Management at Northwestern University,

“We are scaling at 100 times better than what Bitcoin 00 is doing now. And we are hoping for 1,000.”

Do you think the newest technological innovations are helping to solve cryptocurrencies’ scalability issues? Let us know in the comments below!

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Images courtesy of Pixabay, Wikimedia/by Rdsmith4

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Srp 14

Crowdfunding Campaign Aims to Discover Where in the World the Real Satoshi Is

Satoshi Nakamoto’s true identity has been a well-kept secret. Many are still on the hunt. A new crowdfunding campaign has been launched in order to hire detective agencies who will scour the globe in a public-funded search for Satoshi.


The hunt for Satoshi Nakamoto still carries on. Over the past few years, a variety of online publications and individuals have hunted the trail of the person (or people) synonomous with Satoshi.

There have been a number of theories about Satoshi’s identity, and the cryptocurrency community has always been incredibly interested when someone steps forward with something new.

Back in 2016, the virtual currency world was in a frenzy when BBC published a report concerning Dr. Craig Wright, saying he provided “technical proof” he was the elusive Bitcoin 00 creator.

Back in 2016, the virtual currency world was in a frenzy when BBC published a report concerning Dr. Craig Wright, saying he provided “technical proof” he was the elusive Bitcoin creator.

Many were skeptical of the purported evidence, and there have been a number of nuanced, and light-hearted swipes, at Wright’s claims.

Other people, like Tesla creator Elon Musk, have spoken out to quell rumors about being Satoshi. The CIA even responded to a Freedom of Information Act (FOIA) request saying they could “neither confirm or deny” the existence of documents relating to Satoshi. Some took the response as evidence the agency could possess files on the Bitcoin creator.

Now an international group of digital currency enthusiasts are raising funds to conduct an international search for Satoshi.

We Need To Find Satoshi

Posted on crowdfunding site Boomstarter.ru, the campaign is looking to order a search for Satoshi from “several independent detective agencies located in the US and Japan, as well as Europe.”

The creators said the hired agencies would have to conduct a “public and transparent account of their activities,” and mentioned that three locations were chosen because of Satoshi’s purported affiliation with these areas.

According to the creators, people have the “right” to know the identity of Satoshi. They write the need to “declassify it ourselves,” if Satoshi “does not want publicity.” However, the group explains how they pledge not to disturb the person (or persons) if Satoshi turns out to be someone “ordinary” who is “afraid of publicity.”

‘Be Sure Bitcoin Is Not A Global Deception’

The crowdfunding campaign creators list a couple of reasons why finding Satoshi is not just a “trivial curiosity.”

According to the campaign, discovering the identity of the mysterious Bitcoin 00 creator could help with its further development, while possibly solving some of the questioned assumptions behind the digital currency.

The crowdfunding campaign creators list a couple of reasons why finding Satoshi is not just a “trivial curiosity.”

The crowdfunding group also believes cryptocurrency enthusiasts should be able to know the identity of a figure with more than “1 million coins in his wallet,” and a figure who could “overthrow the market overnight” by executing transactions.

At the time of writing, the campaign was 47% funded, having raised roughly 7,103,400 Russian rubles ($104,952 USD) from 1,543 backers. Donors are able to receive a variety of rewards, including an “I Find Satoshi” pin, t-shirts, and hoodies.

The highest reward category, which was limited to one person, was already reached by press time. For 500,000 Russian rubles (roughly $7,390 USD), the donor will have a week-long tour of the country where “Bitcoin Satoshi Nakamoto will be found.”

Do you think this campaign will be even remotely successful in unmasking the identity of Satoshi? Let us know in the comments below!


Images courtesy of Bitcoinist Archives, Unsplash.

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Srp 13

Soaring ICO Failure Rate Sees Investors Flock to ‘Bigger Players’

ICO failure rates are increasing. However, there seems to be a trend of fewer projects receiving bigger sums. Due to regulatory pressure, ICO bans, and a bear market, investors seem to be taking a new strategy to funding blockchain projects.


ICO Failure Rates Surge

There is new evidence to suggest that one in two Initial Coin Offerings (ICOs) failed in Q2 of 2018, while those that succeeded suffered huge loses. This is according to the agency, ICORating, whose data suggests 55% of ICO’s failed to complete in Q2 of 2018.
Last Call for 3 Must Buy ICO’s in 2018

The difference in returns between Q1 and Q2 is significant. In Q1, ICOs enjoyed an average return of almost 50%. In Q2, returns equaled -55%.

According to Michael Spencer, Editor of Future Sin, this as a sign of blockchain projects deteriorating in quality. But, he believes there is more than meets the eye. Other factors are at play. In particular, regulatory pressure from the SEC, ICO bans, and the Bitcoin price slump.

“While ICOs exploded from almost nothing to be a multibillion-dollar market in 2017, however in 2018 they appear even more speculative, risky and dangerous to the layperson investor,” Spencer writes

Less Projects, More Money

But while the failure rate is increasing, investment is not. In fact, the amount of money pouring into ICO tokens is rising. In fact, Business Insider notes that out of a total 827 ICO projects, investment totaled $8.3 billion in Q2 and $3.3 billion in Q1.

At the same time, fewer projects are attracting bigger sums, suggesting that bigger players are entering the market. Spencer also interprets this is a pivot towards private blockchain projects. He explains:

It spells a movement towards bigger players that we are seeing in the larger space; where private instead of public blockchains might be more the order of the day as bigger players enter the space: e.g. Bakkt. Bakkt’s focus on digital assets was wildly acclaimed by crypto insiders and the media as being potentially disruptive.

ICO Investment Dependent on Project Location

As the blockchain market continues its rapid development, investors are adapting as the country of registration is becoming an important factor. In other words, the country in which the company’s legal entity is registered at the time of the ICO.

North American startups attracted the bulk of funding, according to the ICO Rating report, with 64.6% of the total raised in the quarter. But smaller countries are increasingly hosting projects that are attracting larger sums.

The total amount of ICO funding per country presents an interesting picture:

  • Malta: 8 projects raised $113M
  • Cyprus: 8 projects raised $124.7M
  • Isle of Man: 2 projects raised $37M

This is compared to $393.7M and $301M raised in the US and UK, respectively. Put simply, projects within countries that have less red tape and friendlier regulatory frameworks tend to raise more capital per ICO.

In any case, as blockchain technology develops and regulations play catch up, ICOs appear to also be adapting to this borderless new industry.

Is the ICO space experiencing a cool-down? Or is it only getting started? 


Images courtesy of Shutterstock

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Srp 12

Man Visits KuCoin’s Hong Kong Office To Find That It Does Not Exist

A Hong Kong man skeptical of the cryptocurrency exchange KuCoin, paid a visit to its registered address in Hong Kong, only to find that it doesn’t actually exist.


Communication Breakdown

In a recent post on Medium, Jackson Wong from Hong Kong wrote about his experience visiting the KuCoin offices in Hong Kong — or rather not visiting, as he found barely a trace of the company in its registered HK location.

The search was prompted by concerns Wong voiced in a previous post in January of this year, in which he warned readers that KuCoin was not actually operating out of Hong Kong like they had claimed. This came after finding out that KuCoin’s registered operating address was in mainland China.

The search was prompted by concerns Wong voiced in a previous post in January of this year, in which he warned readers that KuCoin was not actually operating out of Hong Kong like they had claimed.

This was important at the time because of an announcement by the People’s Bank Of China (PBOC) stating that it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites, which would include affecting the KuCoin exchange.

Wong warned users of the KuCoin exchange to “Get out right now before it is frozen and KuCoinShares (KCS) drops to $0.”

Increasing Suspicions

Fast forward to Wong’s most recent post in which he details his increasing suspicions leading him to go searching for a physical location or individual representing KuCoin in Hong Kong.

Wong explains his long-time suspicions of the KuCoin exchange stemming from never seeing any coverage of the exchange or company in the media, despite claiming a Hong Kong operating address. He also voiced concerns that KuCoin had no registered license to trade cryptocurrency in Hong Kong and that none of the KuCoin team had Hong Kong names or listed a Hong Kong residential address.

Wong’s suspicions finally got the better of him and he decided to go and see if he could find the KuCoin office that was listed in Hong Kong.

Fast forward to Wong's most recent post in which he details his increasing suspicions leading him to go searching for a physical location or individual representing KuCoin in Hong Kong.

Wong documents his journey to the listed building address with photographs. After arriving he takes a photo of a board listing all of the building’s operating businesses. The board had no mention of KuCoin. When Wong went up to the 20th floor he did see a sign reading “Smart Team International Business Ltd.,” which was similar to a secretarial company KuCoin previously registered called “Smart Team Secretarial Ltd.”

Upon further inquiry, Wong was told by a company sharing the 20th floor, that no employees from STIB Ltd. were there because they had moved out years before.

Upon further inquiry, Wong was told by a company sharing the 20th floor, that no employees from STIB Ltd. were there because they had moved out years before.

After arriving he takes a photograph of a board listing all of the building's operating businesses. It had no mention of KuCoin.

Wong ends with a warning to anyone who has funds in KuCoin stating:

Since KuCoin is completely in stealth, and you couldn’t find them in their registered ‘office’, nor is there even a single person in their ‘office’, if KuCoin decides to exit scam on us — either by withholding our withdrawals or simply by shutting down their entire exchange and run with our money —we will have absolutely no recourse.

What do you think about the KuCoin exchange? Are Jackson Wong’s concerns exaggerated? Let us know your thoughts in the comments below!


Images courtesy of Bitcoinist Archives, Medium.

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Srp 11

Bitcoin Scammers Extort Bachelors With Blackmail — Over Non-Existent Wives

Residents of Washington D.C.’s upscale Chevy Chase neighborhood have been targeted by Bitcoin scammers claiming theyre poised to reveal “dark secrets” to the target’s wives. Despite the claims, there’s just one problem.


Most of the Chevy Chase neighborhood’s well-off residents would shudder at blackmail threats like this. but there’s just one problem. According to the Washington Post, targets of the D.C.-based blackmail campaign have revealed that they aren’t even married.

Bachelor Party

The targets of the latest Bitcoin 00 scam were able to avoid a poorly-crafted attempt at extortion. It seems bachelor status was their saving grace, as the scammers fell-flat of their goals. These eligible Chevy Chase residents remained keen enough to spot the scam. Others may not have been so lucky, and this is due in part to the large magnitude of targets the scammers hone in on, according to the Washington Post:

FBI Washington Field Office spokesman Andrew Ames says these scammers tend to flood high-income neighborhoods, trying to fool at least one person.

Most of the Chevy Chase neighborhood's well-off residents would shudder at blackmail threats like this. but there's just one problem.

Not the First, Not the Last

Reports show that the scamers targeted their victims through the postal service. One target, Jeffery Strohl,

[…] says he received a Nashville-postmarked letter from “GreySquare15” demanding a Bitcoin “confidentiality fee” worth $15,750. After his initial shock, he figured it was a scam. He posted about it on a community listserv to find he was far from the only Chevy Chase resident to receive such letters.

Lucky for guys-without-wives like Stohl, the scammer’s tactics came up short. Still, it is worth considering how those who are in wedlock may deal with the same kind of ransom attack.

Scams like this are plentiful. As Bitcoinist reported on Friday morning, the PGA Championship recently fell victim to a bitcoin ransomware attack linked to promotional material for the Tour.

From a wider perspective, these scamming attempts don’t just target sporting bodies and wealthy Washingtonians. They also prey on healthcare organizations like hospitals, as Bitcoinist reported last January.

While seemingly nobody is completely safe from this variety of attack, the unmarried residents of Chevy Chase can rest easy for another night.

What are your thoughts on wising up to potential scammers? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Srp 10

Social Video App Cheez Now Offering Cryptocurrency Rewards

Social video app Cheez announced recently that it will soon be integrated with Bitcoin and Ethereum rewards for users. Some, however, are skeptical of the reward cap and centralization.


Bringing Cryptocurrency To The Masses

Cheez, a social video sharing app designed by its Chinese parent company LiveMe, is taking a dive into the world of cryptocurrency by integrating a system that will reward its users with Bitcoin00, Ethereum, and a native Ethereum based ERC20 token.

Cheez was launched in August of 2017 as an application where users could make short video clips and share them with friends or across the platform, similar to other popular applications like TikTok and the now-disabled Vine. It currently has over five million installs and is most popular with the teen and young adult demographic.

LiveMe CEO Yuki He sees an opportunity to bring the world of blockchain and cryptocurrency to this enormous group of young web-obsessed users. This new integration will allow users to take a metaphorical dip in the shallow end of blockchain and cryptocurrency.

Getting To The Cheddar

Before you quit your day job to become a crypto-earning Cheez superstar, we should talk about the reward system and how much one could expect to earn.

Dimitar Mihov (Mix) at Hard Fork gives us the low down on the rewards system. He writes:

The daily limit for rewards is capped at 0.00352 ETH or 0.000241 BTC – about $1.50 at the current rates.

Considering a consistent price, one could earn about $45 per month or $550 per year with the new system.

To earn rewards, users must complete daily tasks such as watching, sharing, or uploading content. Mix continues, writing:

Users will only be able to claim Bitcoin or Ethereum rewards for every three, six, and 10 tasks completed.

The app, however, offers a third reward choice in the form of an Ethereum based ERC20 token Contentos (COS), named after the blockchain startup that is partnered with Cheez in integrating the new system. Users will be able to claim COS once for each of the 15 daily tasks. The COS token can be used within the platform to purchase things such as filters, editing functions, and even purchasing the ability to send messages to their favorite Cheez content creators.

The downside of the COS token is that it currently has no value outside of the platform as it is currently not listed on any exchanges.  Mick Tsai, the founder of Contentos claims:

We’re planning to list COS on a top-tier crypto exchange later this year so that LiveMe and Cheez users will be able to trade with other cryptocurrencies or fiat.

Social Video App Cheez Now Offering Cryptocurrency Rewards

Some Cheesy Criticisms

Besides the reward ceiling, there are a few other notable criticisms of the new integration.

The largest of those criticisms being that Contentos, while claiming to be focused on creating a decentralized ecosystem for mobile content, is ironically launching the new Cheez cryptocurrency integration system on a centralized server. Because of this, fees and GAS costs generated by transactions between the Cheez app and the user’s cryptocurrency wallet must also be covered by the user.

Others feel that this new system is not an actual use-case and that it is just a way for Cheez to attract attention and new users by using buzzwords like “blockchain” and “cryptocurrency.” Many mobile app companies are chasing this trend, like mobile chat company Kik.

Will you be trying out the new Cheez rewards system to earn some extra cryptocurrency? Let us know your thoughts in the comments below!


Images courtesy of Shutterstock

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Srp 09

Pantera Capital CEO Says Investors ‘Overreacting’ to Bitcoin ETF Delay

Dan Morehead, CEO of Pantera Capital, calls for calm in light of the delayed SEC decision on Bitcoin ETF.


In a continuing saga between investors and the Securities and Exchange Commission (SEC), Dan Morehead calls for long-term thinking. This assurance comes amidst a tumultuous affair involving legislators, regulators, and investors alike.

10,000 Years?

According to CNBC, Morehead says the following in regards to Tuesday’s SEC decision:

I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years.

After the SEC postponed its decision on a Bitcoin 00 ETF Wednesday, a bearish dip ensued. Subsequently, Morehead went on to acknowledge the following regarding the dip and ensuing fears:

The main thing to remember is that bitcoin is very early-stage venture, but has real-time price feed — and that’s a unique thing. People get excited about the price and overreact

Rather than feeling pessimistic, the Pantera Capital man pointed towards new ventures like the Starbucks Bakkt project saying:

That is going to be a very profound impact over the next five or 10 years for the markets, and, to my mind, that’s what people should be focused on.

A Positive Outlook

Morehead says “It’s all perspective,” as he pointed towards the fact that cryptocurrencies retain an 82% consistency. CNBC’s Chloe Aiello notes that,

Bitcoin was last down 6.3 percent at $6,288.30, which still makes it about 82 percent higher year on year[…]

Regardless of bearish markets and often unstable outlooks, Morehead remains a proponent of optimism in an ever-changing financial landscape.

What do you think about Dan Morehead’s insight? Tell us your thoughts in the comments below!


Images courtesy of Shutterstock, Twitter

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Srp 08

First U.S. Congress Member Reveals Owning Bitcoin, Ethereum

Congressman Bob Goodlatte, Chairman of the Judiciary Committee in the US House of Representatives, recently disclosed his personal cryptocurrency holdings. The revelation comes amidst rule changes mandating disclosure for members of the House.


Cryptocurrencies Stepping In Congress

Cryptocurrencies have made their way up in the high ranks of US politics. Congressman Bob Goodlatte filed his annual Financial Disclosure Statement on May 10, disclosing that he owns between $17,000 and $80,000 in digital currencies.

The statement was filed just before the House Ethics Committee passed new rules which required the members of the House to officially disclose in their annual reports whether or not they own cryptocurrencies. They also have to report on the holdings of their spouse’s if they amount to more than $1,000. Members of the House also have to report transactions involving more than $1,000 of crypto within 45 days of the event.

According to the statement, Goodlatte has invested in Bitcoin00, Bitcoin Cash, and Ethereum. The Sludge reports that his son, Bobby Goodlatte Jr., is an angel investor in Coinbase. His financial involvement in the company, though, is not disclosed.

Congressman Bob Goodlatte, who is the Chairman of the Judiciary Committee in the US House of Representatives, may become the first member of Congress to disclose that he owns cryptocurrencies.

Things Are Getting Serious

The last few months have marked interesting developments involving cryptocurrencies and politics. In May, fellow Democrats Dave Min and Brian Forde clashed over accepting cryptocurrencies as donations for the 45th Congressional race.

Earlier in January, former Republican Ron Paul said he’s in favor of legalizing alternative currencies so long as they are not used for fraudulent purposes.

Just a few days ago, Bitcoinist reported that a 2020 U.S. Presidential Candidate Andrew Yang will be accepting cryptocurrencies as official forms of donations for his campaign.

While the US Government remains uncertain on its position towards cryptocurrencies and the way they are treated, all of the above signals that they are beginning to have an impact on the American political landscape.

What do you think of Bob Goodlatte’s cryptocurrency holdings? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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