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Top news and views about #Bitcoin and #Cryptocurrency for 19 Apr 2017 #CrowdifyNews #Blockchain #Crypto
Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
The Indian cryptocurrency community is eagerly awaiting for a response from the government’s inter-ministerial committee regarding the legality of Bitcoin and other virtual currencies in the country. The government, press and legal experts have been discussing the possible outcomes and what it could mean to the country’s cryptocurrency ecosystem. Some have mentioned that the committee will need more time to come to a conclusion regarding the matter at hand. At the same time, considering the worst-case scenario, they believe that a decision against virtual currencies will result in the closure of crypto-businesses in the country.
As Bitcoin users hold their breath, the entrepreneurs in the sector aren’t breaking a sweat. Being in an unregulated space, operating under uncertainties for long seems to have helped the leaders of some of the top exchanges prepare themselves for such eventualities. The recent creation of Digital Asset and Blockchain Foundation of India has been a step in this direction. The companies have long been following standard KYC policies similar to the ones adopted by the country’s banking institutions. Now, under the banner of Digital Asset and Blockchain Foundation of India, they intend to create and implement a standardized self-regulatory policy framework for security, compliance, and transparency of operations.
They believe that if the government decides to block the use of Bitcoin in the country, then they will be hampering the technology development and a great chance for upgrading the country’s financial ecosystem. At the same time, they also state that the decentralized nature of Bitcoin makes it impossible for the government to ban the cryptocurrency and the only damage they will be doing is to the companies that have been working on blockchain technology or have businesses revolving around cryptocurrencies.
Full story at http://bit.ly/2pDG0oe
The report of a committee that will take stock of the present status of virtual currencies both in India and globally may lead to a boom in the Bitcoin price in the country. The paper is to be released in July.
In it, the Inter-Disciplinary Committee within India’s Ministry of Finance seeks to examine the existing global regulatory and legal structures governing virtual currencies and suggest measures for dealing with them, particularly as they relate to consumer protection, money laundering, etc.
The committee, chaired by the Special Secretary for Economic Affairs, comprises of representatives from several financial agencies and institutions including the Reserve Bank of India, State Bank of India, Department of Economic Affairs, Department of Financial Services and the Ministry of Electronics and Information Technology.
Full story at http://bit.ly/2pDT5xR
Where’s the cryptocurrency market heading? Well, a prediction made in January over a boom in market capitalization of cryptocurrencies - and particularly in the altcoin market - by the founder of a crypto-market intelligence start-up that raised over 10,000 Ethereum (ETH) in a pre-sale financing round, has fully come to pass.
Maksim Balashevich, the Belarusian CEO and founder of Santiment based in Germany, which collects and sells live markets data feeds to crypto traders, predicted such a boom in altcoin cryptocurrency capitalization last quarter on January 5, 2017.
And, even though bitcoin is the ‘Big Daddy’ of cryptocurrency and accounts for just under 70% of overall market capitalization today, the boom predicted would “outpace bitcoin by a wide margin” according the crypto-market platform’s CEO in Frankfurt Am Main.
Based on the Elliott Wave theory, his prediction posited that the cryptocurrency altcoin markets would increase to over $6 billion (bn) in market capitalization. This has already come true and gone a fair way beyond. Fast forward and the combined altcoin market cap today stands in excess of $8.4bn. Some going and much aided by the recent strong performance of Ethereum (ETH), ranked the number two crypto currency behind bitcoin.
Full story at http://bit.ly/2pDH6QI
Segregated Witness (SegWit) support has been on the rise ever since the disclosure of the covert usage of AsicBoost by Bitcoin Core developer Greg Maxwell.
On April 5, Maxwell sent out a letter entitled “Inhibiting a covert attack on the Bitcoin POW function” to the Bitcoin development mailing list. In it, Maxwell explained the possibility of utilizing a method called AsicBoost to exploit a flaw in the Proof of Work function of Bitcoin.
“There are two major ways of exploiting the underlying vulnerability: One obvious way which is highly detectable and is not in use on the network today and a covert way which has significant interaction and potential interference with the Bitcoin protocol. The covert mechanism is not easily detected except through its interference with the protocol. In particular, the protocol interactions of the covert method can block the implementation of virtuous improvements such as segregated witness.”
Full story at http://bit.ly/2pDSEDp
On a sunny afternoon in west Beijing, on the auspicious eighth floor of a nondescript concrete high-rise, Huai Yang sits with the curtains drawn in his apartment, making his own luck.
For the past six months, 27-year-old Yang has worked mainly from home, mainly from his sofa, tracking and trading bitcoin, and watching the money roll in. The flat itself is modestly sized; Yang moved in in his pre-bitcoin days when he worked variously for a crowdfunder start-up, a branding consultancy and dabbled in hedge-fund management, all of which he describes as “creative financial work”. Now, though, his main focus is bitcoin, which is “much younger, more fun, and much more money”. Yang claims to make up to 1m yuan (£116,000) a month, under the radar of the taxman, purely from trading the online cryptocurrency.
Bitcoin has no physical form but the rewards are very tangible; Yang’s home is packed full of expensive gadgetry, most prominently a mega-sized flat screen smart board, over a metre wide, which Yang uses to chart bitcoin’s rise and fall in HD.
Normally, the graphs on Yang’s screen show bitcoin’s and his own fortunes going up and up. At the time of writing, one bitcoin is worth 6,600 yuan (£768) – recent months have seen the value hover well above 8,000 yuan. The global worth of bitcoin is over $14bn USD (£11.3bn), of which over 90% is in yuan, and Yang and his peers are cashing in. “I want a more splendid life,” he says.
Full story at http://bit.ly/2pDPAXX
The privacy-centric cryptocurrency Monero includes unlinkable transactions in its main offering, meaning that a single coin cannot have its entire transaction history revealed. On Friday, a research called that assertion into question.
The research paper, authored by Andrew Miller, Malte Moser, Kevin Lee and Arvind Narayanan, details research into how Monero transactions obfuscate their origins. It reveals how Blockchain analysis could potentially lead to transactions, particularly those taking place before 2017, being linked, showing the transaction history of certain coins.
In his reddit comment, Monero developer Riccardo Spagni, aka FluffyPony, says the problem is well understood and 80% of transactions are not traceable.
Meanwhile, Cointelegraph spoke with Andrew Miller, assistant professor at the University of Illinois at Urbana-Champaign and associate director for the Initiative for Cryptocurrencies and Contracts, and one of the researchers cited in the Monero link paper, about the implications of these findings.
Full story at http://bit.ly/2pDPAHr
Prepared by @SydesJokes