Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH

Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH

News A cryptocurrency investor has brought a lawsuit against cryptocurrency exchange Okcoin regarding 38.748 BCH. The plaintiff accuses the exchange of failing to allow him to claim the Bitcoin Cash that were created following last year’s fork, to which the exchange allegedly responded that he had failed to claim the coins within an apparently undisclosed deadline. Also Read: P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume First Chinese Lawsuit Pertaining to Bitcoin Fork Filed Against Okcoin A Chinese bitcoin investor has filed a lawsuit against Okcoin in what Legalweekly has described as the first Chinese suit pertaining to last year’s bitcoin fork. According to the publication, the plaintiff, who is known by the pseudonym Feng Bin, alleges that “at the beginning of December 2017,” upon attempting to withdraw the 38.748 BCH corresponding to his BTC balance held with the exchange at the time of the fork, Feng Bin “found that there was no ‘button’ to extract the [BCH] that the platform promised.” Plaintiff Claims No Deadline Was Given for Okcoin Users to Claim BCH Feng Bin claims that after contacting the company to report the issue, Okcoin responded by stating that “The claim ‘button’ was a program that automatically executed BCH input to user’s account. You cannot claim BCH anymore as the program has been removed from our platform. If you didn’t withdraw it at that time, it will be impossible to make later withdrawal,” despite the company’s announcement on August 1st, 2017, stating: “If you hold bitcoins on the platform, the platform will give users Bitcoin cash equal ownership in accordance with the user.” “I have been paying attention to the announcement of the Okcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program,” Feng stated. Plaintiff Seeks Reparations for Inability to Sell BCH During Price Peak Mr. Feng is also seeking reparations for the “losses” caused as a result of being unable to sell his BCH at peak prices. As such, the plaintiff is seeking 169,969.22 yuan (approximately $25,000 USD in total). Okcoin has reportedly questioned the legitimacy of Mr. Feng’s claim to the holdings, purportedly describing the lack of trading activity conducted by the account during 2017 as “not…

Don’t Expect New Bitcoin Highs in 2018

Don’t Expect New Bitcoin Highs in 2018

Tuur Demeester is an economist and investor. The following article references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for that. Despite an already six month cool-off period, for 2018 we see more sideways and downside potential in the bitcoin price due to sluggish retail demand, hesitation from institutions and a current market cap that seems too high relative to the activity occurring on available blockchains. Many investors and advisors are on record stating that $5,700 was the bottom in bitcoin for this year, and that higher prices lie ahead. While we are very bullish on bitcoin’s long-term prospects, we do heed caution for more short-term price optimism. To find the starting point of the historic parabolic rally in bitcoin that ended at $20,000 we have to go as far back as August 2015, when bitcoin traded at below $200. This past rally was a stupendous, historic move. Even in secular bull markets, the collective of economic actors need time to absorb the information embedded in its characteristic high volume rallies. As I’ve indicated in my 2018 outlook, I think chances are high for this year to be remembered as a shakeout year: a lemon market in altcoins, regulators catching up and infrastructure growing pains. Short-term bearish signs Since January, the bitcoin mining hashrate (aggregate computations per second made to secure the network ) has tripled, which means that a huge amount of new or more efficient mining rigs have come online. In combination with declining prices, this means that miners who weren’t able to upgrade their machines or find cheaper electricity have been faced with a steep decline in profitability, a 90% drop in 7 months (altcoins have faced similar or steeper declines). With profit margins under heavy pressure, it’s not unlikely that miners are and will stay responsible for a significant amount of selling in the market. Next, trading volumes are not dead, but still below those seen during last winter and spring. It’s unclear how much of the recent pick-up in volumes are the result of a short squeeze and how much is coming from new long-term buyers coming in. Aggregate Bitcoin trading volumes. Source: coinlib.io. After last year’s…

P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume

P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume

Emerging Markets The recent selling pressure experienced by BTC has driven a surge in the peer-to-peer trade volume for numerous emerging cryptocurrency markets. The Localbitcoins markets for the Philippines, Iran, and Kazakhstan have all seen a significant upswing in the number of bitcoins traded in recent weeks. Also Read: Blockchain States Lure Citizens with Political Nostalgia and Voting Rights Philippine P2P Markets Witness Spike in Trade Volume The week of the 28th of July posted the second highest weekly volume for trade between BTC and the Philippine Peso (PHP) on Localbitcoins for 2018, according to Coin.dance. This past week saw 39 BTC trade hands via the Philippines’ Localbitcoins markets – comprising the highest of number of BTC traded since the week of the 24th of February, 2018 – during which 40 BTC exchanged hands. The volume for the week of the 28th of July saw a 30% increase in the number of BTC traded week-over-week – up from 30 BTC during the week of the 21st of July. When measuring volume in fiat currency, this past week produced the second strongest volume of 2018 and the fourth highest weekly trade volume in the history of the Philippine Localbitcoins markets – with approximately 16.9 million PHP worth of trade taking place during the week of the 28th of July. Iranian Localbitcoins Trade Surges The Iranian Localbitcoins markets posted the strongest volume since the week of the 2nd of June, with 25 BTC exchanging hands via the platform this past week. When measuring in Iranian Rial (IRR), the week of the 28th of July saw the second strongest weekly trade volume since February, with over 19.6 million IRR worth of BTC changing hands this past week. Kazakhstan Experiences Upswing in P2P Trade Activity The P2P BTC markets for Kazakhstan has also seen the strongest trade volume in roughly a month this past week, with 9 BTC trading hands. When measuring in Kazakhstani Tenge (KZT), this past week saw the second strongest trade volume between KZT and BTC since February, with over 24 million KZT worth of trade taking place. Do you think that the trade volume for emerging P2P cryptocurrency markets will continue to rally? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Coin.dance…

A Look at Stylometry: Can We Uncover Satoshi Through Literary Quirks?

A Look at Stylometry: Can We Uncover Satoshi Through Literary Quirks?

Technology Over the past few years, the number of people hunting for Satoshi Nakamoto has increased as people all over the world have been in search of the mysterious creator of Bitcoin. The cryptocurrency-community has also seen a few people come out of the woodwork recently, who have claimed to be Satoshi or have been accused of being the currency’s creator. Then there’s that one guy who says he’s Nakamoto and has published the first chapter of his autobiography. One investigative approach that’s been used often to try and uncover Satoshi Nakamoto’s identity is a scientific method called stylometry, which shows that there are very few people living on earth that have ever written like Nakamoto and the crypto-inventor’s writing style is not easy to plagiarize. Also Read: The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer The Quest to Uncover the Real Satoshi Nakamoto Who is Satoshi Nakamoto? That’s a question people often ask these days due to the climactic rise of cryptocurrencies last year, and a lot of individuals have always been curious about the technology’s creator. There’s a lot of reasons to why a bunch of people would like to find out who Satoshi is, as the creator of Bitcoin could maybe answer some questions that could possibly end the heated scaling debate that’s been happening for years. Nakamoto also allegedly holds over 1 million BTC, BCH, and every other fork created under his original protocol making him/her/them extremely wealthy. Over the past few years, the crypto-community has also seen a few individuals that have been said to be Satoshi Nakamoto including Dorian Nakamoto, Ian Grigg, Nick Szabo, and Craig Wright. Furthermore, recently a man from Hawaii claimed he was Satoshi, and then some other dude wrote the first chapter of the Satoshi Nakamoto memoirs while also claiming to be the creator of Bitcoin. Stylometry Used to Uncover Satoshi Nakamoto’s Writing Style and Literary Quirks Over the years, there’s one scientific method that studies the linguistic style of typed text and handwriting called ‘stylometry’ and the literary tool has been often used to attribute Satoshi’s anonymity to a real person. The method of analyzing text for evidence of authenticity or ownership has been used for hundreds of years. When people…

Bitcoin Hovers Near $7,000, While Altcoins Show Marked Signs of Recovery

Bitcoin Hovers Near $7,000, While Altcoins Show Marked Signs of Recovery

August 5: After yesterday’s market nosedive, Bitcoin (BTC) is up just slightly, hovering around the $7,000 mark. All major altcoins are however showing marked signs of recovery, up between one and seven percent, as data from Coin360 shows. Market visualization from Coin360 Bitcoin (BTC) is trading around $7,040 to press time, holding ground on the day after its rapid tumble yesterday back to a price point not seen since July 17. The leading cryptocurrency could now be eyeing $6,800 as a short-term support, after several faltering pushes above the $7,000 threshold earlier today failed to hold. Bitcoin’s weekly losses are now at around 14.05 percent, with monthly gains pinched to just under 8 percent. Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) is seeing slightly more significant daily gains, up 1-2 percent to trade around $412 at press time. The leading altcoin has nonetheless sustained a gradual decline to lose over $50 in value on its weekly chart, posting around a 11.35 percent loss. On the month, Ethereum is down 11.66 percent. Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index On CoinMarketCap’s listings, all of the top fifteen coins are in the green, posting more solid gains between one and seven percent on the day. IOTA (MIOTA) is a significant outlier, showing the strongest signs of recovery of the major altcoins with a solid 7.21 percent gain to trade around $0.91 at press time. Of the top ten coins, Cardano (ADA) is the second strongest performer on the day, up around 3.63 percent to trade around $0.13 at press time.   Among the top twenty coins by market cap, Ethereum Classic (ETC) is also seeing significant gains, growing 7.17 percent on the day and trading around $17.44 at press time. The altcoin’s mini rally kicked off late August 3, likely buoyed by news of its imminent listing on major U.S. crypto exchange and wallet service provider Coinbase, set for August 7. Ethereum Classic’s 7-day price chart. Source: CoinMarketCap Total market capitalization of all cryptocurrencies is around $257.2 billion at press time –– up а solid $5 billion from yesterday’s low at $252.3 billion. Nonetheless, the markets have lost around $50 billion since late July’s rally to reach over $303 billion. 1-month chart…

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

News Queensland, Australia is giving away millions with its Ignite Ideas fund. This week, it posted details regarding the AUD$8.3 million grant ($6.1 million USD). Something like 70 regional companies shared the bounty, including a cryptocurrency startup, Travelbybit, which managed to snag AUD$100,000 on its way to promoting tourism using crypto.  Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton Part of Queensland, Australia’s $6.1Mil Goes to Travelbybit “Tourism is one of Queensland’s most important industries,” Innovation Minister Kate Jones announced. “Travelbybit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.” The company was chosen as part of a larger government initiative, the Advance Queensland Ignite Ideas funding.Minister Jones continues, “Ignite Ideas was about supporting entrepreneurs from across Queensland to grow their businesses and employ more staff. I understand TravelbyBit is specifically targeting places like Bundaberg – using cryptocurrency to make it easier for tourists to book holidays. That’s why we’ve invested to help them scale-up their operation and ultimately create more jobs in Queensland.” First Queensland, and Then The World Queensland, Australia is the country’s third biggest state by population. This week, it posted details regarding the AUD$8.3 million grant ($6.1 million USD). Something like 70 regional companies shared the bounty. Travelbybit has a point of sale payments application popular with local businesses, restaurants, tour companies, and resorts. It services bitcoin cash (BCH), bitcoin core (BTC), litecoin, ethereum, and NEM. The company has been awarded AUD$100,000 from Ignite Ideas in the hope it will expand even beyond its current stable of merchants. Travelbybit CEO Caleb Yeoh noted, “We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.” What do you think of Queensland’s decision to target cryptocurrency tourists? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia Need to calculate your bitcoin holdings? Check our tools section. 

‘No Coffee for Bitcoin,’ Starbucks Clarifies as Media Misrepresent Its New Crypto Venture

‘No Coffee for Bitcoin,’ Starbucks Clarifies as Media Misrepresent Its New Crypto Venture

Starbucks has clarified that it will not be accepting Bitcoin (BTC) or other cryptocurrencies as payment, despite misleading reports from mainstream media, a spokesperson told Motherboard Friday, July 3. Earlier on Friday, New York Stock Exchange (NYSE) operator the Intercontinental Exchange (ICE) announced plans to create a new “global platform and ecosystem for digital assets,” dubbed “Bakkt,” alongside a group of big name enterprises including Starbucks, BCG and Microsoft. Following the major announcement, a number of mainstream media outlets, including Bloomberg and CNBC, ran misleading headlines –– such as CNBC’s “New Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with bitcoin” –– directly implying that the partnership would mean customers could purchase items at Starbucks for crypto. A spokesperson for the multinational coffee chain clarified in comments to Motherboard that in fact “customers will not be able to pay for Frappuccinos with bitcoin,” but rather the company is part of a new venture creating a platform, Bakkt, to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks,” adding: “At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.” Starbucks’ official press release Friday elaborated on the project, stating that it would, pending regulation, include physically delivered Bitcoin futures: “As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.” In May, the New York Times reported on sources suggesting the ICE was considering launching physically-delivered BTC futures contracts, a move Friday’s news confirms. In late July, former Wall Street exec turned crypto entrepreneur stated crypto markets “need a trusted, name custodian — a Japanese bank or HSBC or ICE or Goldman Sachs — to allow institutional investors to feel comfortable.”

Blockchain States Lure Citizens with Political Nostalgia and Voting Rights

Blockchain States Lure Citizens with Political Nostalgia and Voting Rights

Featured If you’ve ever thought of acquiring a digital, virtual citizenship, there are a couple of new options on the table – a ‘Satoshi Nakamoto Republic’ and a ‘Soviet Land’ on blockchain, among others. True, ‘crypto passports’ often come with coin offerings that you might not necessarily be interested in — But the blockchain republics also promise social justice, new or forgotten models of governance, voting rights for every citizen.   Also read: This ICO Project Wants to Detokenize Itself ‘Soviet Land’ to Issue its Own Crypto Ruble The idea of a crypto state, a blockchain republic, is not new but the marketing strategies for selling it are changing all the time. The authors of the latest such project have decided to attract “citizens” by invoking nostalgic memories of a state whose founding principles were quite different from the political foundations of the crypto-space. The blockchain-based “Soviet Land” has been recently proclaimed in the Russian Federation, the successor of the Soviet Union which was dissolved in 1991. Almost three decades later, many Russians regret the loss of the safety and security of the Soviet era as political freedom didn’t bring economic prosperity for all. The Soviet Land is meant to be a digital recreation of the USSR, with its own constitution, citizenship, and social security system. The project is targeting people born in the former Soviet Union and their children. The blockchain USSR has its own cryptocurrency, the Soviet Land Crypto Ruble (SLCR). The SLCR token is supposed to underpin all transactions in the Soviet Land and should be used in payments, both “international” and between legal entities and private individuals within the virtual state. There’s also an incentive for new citizens – the founders of the blockchain state promise to compensate all people who had deposits in the USSR’s savings bank with funds in the “national cryptocurrency.” The developers, however, have still to answer an important question – can the crypto rubles be exchanged for fiat and withdrawn at the holder’s request. According to Soviet Land’s creator, Andrey Milenin, the state aims to provide its citizens with the opportunity to restore social justice and participate in government. There’s one little problem though – he claims the blockchain USSR will be based on a “centralized system…

Okex Socializes Loss From Over $400 Million Bet Among BTC Futures Traders

Okex Socializes Loss From Over $400 Million Bet Among BTC Futures Traders

Exchanges Anyone getting involved with leveraged trading must assume upon themselves the risks associated with the potentially highly rewarding practice. A recent event should remind traders that, sometimes, even when the trade goes your way, you can still take a hit. Okex socialized one trader’s massive loss on BTC futures with a clawback. Also Read: The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer Forced Liquidation Okex, the Chinese-run cryptocurrency exchange based in Hong Kong, has announced on Friday that “an enormous long position” in BTC0928 futures contract was force-liquidated on July 31, 2018. And due to the sheer size of the order, worth over $400 million, the uncovered loss (about $9 million) will need to be socialized with a clawback. According to the venue’s societal loss risk management mechanism, when the insurance fund cannot cover the total margin call losses, a full account clawback occurs. In such case, users who have a net profit across all three contracts for that week will be subject to the clawback. “We will take a portion of the profit in equal percentage from all profited traders only to cover the difference between the liquidated price and settled price.” Incident Report Detailing the incident, the exchange wrote that: “client with user ID 2051247 initiated an unusually large long position order (4168515 contracts) at 2am on July 31 (HKT) and triggered our risk management alert system. Our risk management team immediately contacted the client, requesting the client several times to partially close the positions to reduce the overall market risks. However, the client refused to cooperate, which lead to our decision of freezing the client’s account to prevent further positions increasing. Shortly after this preemptive action, unfortunately, the BTC price tumbled, causing the liquidation of the account.” The Okex team added that: “In order to prevent socialized clawbacks from occurring, we have been working really hard to optimize our risk management system, such as launching price limit rules, early forced liquidation system, forced liquidation order price adjustment and more. There have been malicious rumors accusing us of manipulating the forced liquidation system. We hereby would like to point out the fact that, most of the similar price movements in the market are caused by forced liquidation orders.” Won’t…

Hodler’s Digest, July 29-August 5: Both Kim Kardashian and the Operator of the New York Stock Exchange Get Into Bitcoin

Hodler’s Digest, July 29-August 5: Both Kim Kardashian and the Operator of the New York Stock Exchange Get Into Bitcoin

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week New York Stock Exchange Operator Announces Digital Assets Platform, BTC Futures Intercontinental Exchange, the operator of 23 global exchanges including the New York Stock Exchange (NYSE), has announced plans to launch an “open and regulated” global digital asset ecosystem, as well as one-day physically delivered Bitcoin contracts pending CFTC review and approval. The company, called “Bakkt,” will work with enterprises including BCG, Microsoft, and Starbucks. South Korean Authorities Investigate Alleged Sunken Treasure Crypto Scam South Korean authorities are investigating a possible cryptocurrency investment scam by the Seoul-based Shinil Group, who allegedly promised investors that they would be reimbursed with gold from a sunken Russian ship discovered last month. The Russian armored cruiser, which sank 113 years ago, is rumored to have about $131 billion worth of gold. Square Payment Services Reports $70 Million In Bitcoin Revenue For First Half Of 2018 Twitter CEO Jack Dorsey’s Square, a payment service that added a Bitcoin option in November of last year, revealed in a quarterly report that they have generated over $70 million in Bitcoin revenues in the first half of 2018. According to the report, BTC revenue over Q1 2018 was $34 million, Q2 2018 was $37 million, and the the total revenue for Q2 of 2018 was $814 million. Kim Kardashian West “Moves Onto Bitcoin” At Charity Poker Night Kim Kardashian West posted an Instagram Story to her $114 million followers last week of what appeared to be her staking physical Bitcoin chips at a charity poker night out. The physical cryptos appear to closely resemble a Kialara-designed bitcoin, which crypto entrepeneur Matt Roszak tweeted that he gave Kardashian West earlier that day. Coinbase Custody Considers Addition Of 40 Altcoins To Its Custodial Service Crypto wallet and exchange Coinbase announced this week that it is considering adding 40 new assets to its custodial service, with the caveat that they may be added “for storage only” and are not currently considering them for trading. Coinbase noted that the addition…