Gox Creditors Agree to $1.3Bil Repayment in BCH, BTC, No Altcoins, by Summer 2019

Gox Creditors Agree to $1.3Bil Repayment in BCH, BTC, No Altcoins, by Summer 2019

News Mt. Gox, the defunct and disgraced bitcoin exchange (at one time the biggest in the world) is preparing a final chapter in a long, sorted ordeal. Creditors have coalesced around a repayment scheme to make victims whole. It includes what might amount to $1.3 billion in returned bitcoin cash (BCH) and bitcoin core (BTC) as early as summer of 2019. Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton Mt. Gox Creditors Outline Plans for Repayments by Summer of Next Year The civil rehabilitation plan, a legal maneuver short of formal bankruptcy within the Japanese system, has been updated this August, relating to Mt. Gox and making victims whole. In an announcement published recently, creditors revised policy to better reflect feedback from the previous iteration. Mark Karpeles of Mt. Gox back in 2014 The revision includes how formal repayment to victims will be in bitcoin cash (BCH) and bitcoin core (BTC) through existing accounts on various exchanges or pre-approved, newly opened accounts. “We think it desirable that the BTC and BCH be sent to exchanges in which many creditors have accounts or can open accounts easily,” creditors clarified. Another sticky issue seemingly resolved, at least for now, is that of fiat paper, cash. Gox still holds residual cash from previous sales, and creditors wish that repaid to who they term “monetary creditors” first. 168,000 in BCH and 160,000 in BTC Alternative coins to either BCH or BTC are no longer being considered in the creditors’ repayment scheme. Differing selections of alts, their notorious volatility, all conspired against their usage in this matter. Creditors describe the notion as “unrealistic.” True too would be such a dump on broader altcoin markets. “There is a possibility that the sale of the altcoins by the trustee would cause a sudden fall in the price of altcoins and security problems may arise if the trustee moves the altcoins. Therefore, the trustee should proceed with the sale of altcoins with careful consideration of these matters,” Gox creditors insisted. The August statement details how 168,000 in bitcoin cash and 160,000 in bitcoin core, combined with Gox “derivatives” will be paid by the trustee, summer of next year, assuming the rehabilitation is formally approved (which seems likely). The…

Bithumb Resumes Deposit and Withdrawal Services – Upbit Reveals 127% Cash Reserves

Bithumb Resumes Deposit and Withdrawal Services – Upbit Reveals 127% Cash Reserves

Exchanges South Korean exchange Bithumb has resumed deposit and withdrawal services for a number of cryptocurrencies after the recent hack. Another major Korean exchange, Upbit, has released an audit report showing more crypto and cash reserves than needed to pay customers. Meanwhile, all customer deposits at Korbit will now be held by a bank. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Bithumb Resumes Deposit/Withdrawal Services Bithumb, South Korea’s largest crypto exchange, announced on Saturday, August 4, that deposit and withdrawal services for nine cryptocurrencies will be resumed on August 4 at 7 p.m. KST. The nine cryptocurrencies are BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM, and MITH. This list was revised from an announcement two days prior which stated that 10 cryptocurrencies would be included and the services would restart at 11 a.m. KST. XMR was subsequently left out of the new list without explanation. The exchange detailed: Bithumb has been undergoing system security check and security upgrade, the enhancement in the customers’ order to secure our asset. As the security check and upgrade have been completed, we would like to re-open cryptocurrency deposit and withdrawal services. However, the exchange noted that “some cryptocurrencies with a significant price difference of about 10% between the Bithumb market and the standard market will be opted out for this round in view of protecting our customers’ assets.” Recently, the exchange suspended issuing new virtual accounts after NH Nonghyup Bank refused to renew its real-name account service with the exchange, as news.Bitcoin.com previously reported. Upbit Audit Report Shows Plenty of Reserves Upbit, South Korea’s second largest crypto exchange, released an audit report Friday. The audit was conducted on June 28 and 29 by Eugene Accounting Corp and focused on 145 coins and the exchange’s deposits, according to Upbit. The report “was completed after checking the company’s balance in its digital wallet and bank account,” the Investor detailed, adding: Upbit operator Dunamu said its cryptocurrency reserve ratio stands at 103 percent of total deposits made by customers with cash reserve ratio of 127 percent. The company, however, has not revealed the exact figures. Dunamu CEO Lee Sir-goo was quoted saying “we hold excess amounts of cryptocurrency and cash reserves than what we have to pay our customers,” noting…

Coinbase Custody is Eyeing Some Odd Altcoins

Coinbase Custody is Eyeing Some Odd Altcoins

Altcoins As is now customary for the company, Coinbase has released a list of the latest assets it’s considering. The latest batch are being mooted for its institutional platform, Coinbase Custody, and thus are for storage only at this time, though future trading cannot be discounted. The list of altcoins it’s considering is as eclectic as it is incongruous. While some selections make sense, others have left observers scratching their heads. Also read: NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores Coinbase Prepares to Unleash a Plague of Assets Coinbase, which has traditionally added new cryptocurrencies at a rate of one a year, has been on something of a splurge lately. In addition to ethereum classic (ETC), which is scheduled to start trading in around a week on its retail exchange, there’s a handful of other assets it’s likely to list in the near future such as ADA, BAT, and ZRX. Yesterday it was the turn of its institutional arm, Coinbase Custody, to unveil a shortlist of possible new tokens. Only in this case, it was more of a long list, containing no less than 34 coins. Scanning the list of coins that are candidates for custodial inclusion provides an insight into the thinking of CEO Brian Armstrong and his team, for like it or not, Coinbase exerts huge sway over the industry. It may be slow to list new coins, but when it does belatedly get its act together, the markets react swiftly to the news. ETC is up 15% in the past 24 hours ahead of its Coinbase listing, while the likes of Tezos, which is on the Coinbase Custody shortlist, is up by 20%. Even in a bear market, Coinbase has the power to move markets. The complete list of coins being considered by Coinbase Custody Half of Coinbase Custody’s Shortlisted Assets Make Little Sense Like any shortlist, the selection of coins that might make the grade at Coinbase Custody is open to debate. The company is naturally entitled to list whatever it likes, but from a business perspective, there are some odd choices. Furthermore, given that low market cap altcoins are more synonymous with retail investors than institutional, it’s hard to imagine why Coinbase Custody is interested in…

Despite NYSE’s ‘Biggest News of the Year’ for Bitcoin, Crypto Markets Plummet in a Blink

Despite NYSE’s ‘Biggest News of the Year’ for Bitcoin, Crypto Markets Plummet in a Blink

Crypto markets have taken a vertiginous plunge today, August 4, with Bitcoin (BTC) losing almost $500 in the six hours before press time to dip below $7,000, and all of the top ten cryptocurrencies by market cap in the red, as data from Coin360 shows. Market visualization from Coin360 Bitcoin (BTC) is trading around $7,028 to press time, having lost almost $500 on the day to plummet to a price point not seen since July 17. The leading cryptocurrency has seen an intra-day low of $6980, with some crypto analysts today noting that $6,800 has become its short-term critical support level. Bitcoin’s price percentage loss on the day is near 7 percent, with a weekly loss of about 15 percent and monthly gains squeezed to just 5 percent. Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) has seen a markedly less pronounced drop on its daily chart, losing just over 2 percent over a 24-hour period to press time to trade around $404. The altcoin’s fortunes have been shaky much of the week, having seen jagged losses since July 29, when the asset was still trading as high as $470. On the week, Ethereum is down over 13 percent, with monthly losses at nearly 15 percent. Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index On CoinMarketCap’s listings, none of the top ten cryptocurrencies are in the green to press time. Taking an even heftier hit than Bitcoin, Stellar (XLM) and IOTA (MIOTA) have seen losses of as high as around 9 and 10 percent respectively on the day. To press time, Stellar is trading around $0.24 and IOTA around $0.84. Among the top twenty coins by market cap, Ethereum Classic (ETC) is the major outlier, up almost 9 percent over the 24-hour period to trade at about $16 to press time. The altcoin’s solid gains kicked off late August 3, probably due to news of the asset’s imminent listing on major U.S. crypto exchange and wallet service provider Coinbase as of August 7. Since its spike, the coin has traded sideways most of today, seemingly immunized from the major losses in the wider crypto markets. Ethereum Classic’s 24-hour price chart. Source: CoinMarketCap Total market capitalization of all cryptocurrencies has plunged down…

BCH Roundup: More Developments, 687K Transactions, and Rebirth Parties

BCH Roundup: More Developments, 687K Transactions, and Rebirth Parties

News Bitcoin Cash proponents are celebrating the year anniversary of ‘Bitcoin Independence Day’ on August 1st and now into the weekend. Over the past week, quite a few bitcoiners have noticed there’s been a lot of developments, announcements, and commemorative parties within the BCH space. Also read: High Times Becomes the First IPO to Accept Cryptocurrencies Bitcoin Cash Fans Celebrate the August 1 Anniversary Into the Weekend There have been over 63,000 blocks mined since the blockchain split on August 1, 2017, and Bitcoin Cash fans have been observing the anniversary over the past few days with parties all around the world. At the moment, one bitcoin cash (BCH) is trading for $734 and the cryptocurrency holds the fifth highest trading volume amongst all 1600+ digital currencies that exist. On August 3, BCH transaction fees are around $0.002 USD while BTC fees are around $0.14 per transaction, in other words – around 6,900 percent cheaper. Meanwhile, there’s been a lot of developments happening within the bitcoin cash ecosystem and a new Street Fighter style video has been published which reveals the new BCH logo. Check out the Street Fighting Bitcoin Cash video below.   Bitcoin Unlimited Ports Double Spend Relaying Protocol from Bitcoin XT   One recent announcement that’s buzzing around the community is the double spend relaying protocol ported from Bitcoin XT has now been implemented into the Bitcoin Unlimited (BU) client. BU’s lead developer Andrew Stone merged the relay code — a protocol that’s aimed at improving the efficiency of zero-confirmation transactions. Just recently, news.Bitcoin.com reported on Bitcoin Unlimited merging Graphene, a block propagation protocol, into the codebase on July 25. Pixelwallet Allows Bitcoin Cash Users to Send a BCH Transaction Encrypted in an Image File A unique application called Pixelwallet has been released into the wild and bitcoin cash fans can now send a BCH transaction encrypted in an image file. The Android application’s creators say the platform is a first of its kind, and Pixelwallet is currently running on BCH testnet. Essentially, users enter an amount to send (with testnet BCH), select an image which can also have a password attached to the file, and after that, they can then send the image by email, Telegram, and other online messengers. GMO Group…

Bank of Thailand Allows Banks to Open Subsidiaries for Crypto Dealings

Bank of Thailand Allows Banks to Open Subsidiaries for Crypto Dealings

The Bank of Thailand (BoT) has recently allowed local banks to set up subsidiaries for dealing with cryptocurrencies, local Thai source Blognone reported August 3. According to a regulatory announcement published by the BoT on August 1, Thai banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries. However, the recent announcement has reaffirmed that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies. While banks are now allowed to establish crypto-dealing branches, those branches are prohibited from offering crypto-related services to its customers and the public, and can only interact with other businesses that are approved by Thailand’s Securities and Exchange Commission (Thai SEC) and the Office of Insurance Commission (OIC). Blognone writes that the subsidiaries are also prohibited from offering crypto-related services to individuals. The subsidiaries are allowed to provide investment resources to customers unless they want to invest in digital assets that aim to develop “financial innovation,” or to expand the quality of financial services, in which case they can use the BoT Regulatory Sandbox, Blognone also notes. Earlier this year, the BoT released a circular that prohibited banking institutions in Thailand from investing and trading in crypto as well as taking part in establishing crypto exchanges, which are reportedly legal to operate in the country with registration. Thailand’s central bank also required banks not to advise individuals on crypto investments or trading, and banned customers from using credit cards for crypto purchases. In May, the Thai government had issued a regulatory framework that defines cryptocurrencies as “digital assets and digital tokens,” and puts them under regulation of the Thai SEC. In early June, the BoT revealed that it is considering providing a “new way of conducting interbank settlement” by using a central bank-issued digital currency (CBDC). According to the bank, the adoption of its own cryptocurrency would cut the costs of transactions, as well reduce the transaction and validation time “due to less intermediation process needed compared to the current systems.” Earlier in July, the Thai government enacted regulations for Initial Coin Offerings (ICO), having become one of the first jurisdictions in the world to allow ICOs to operate in a fully-regulated environment.

Coinbase Custody is Eyeing Some Extremely Odd Altcoins

Coinbase Custody is Eyeing Some Extremely Odd Altcoins

Altcoins As is now customary for the company, Coinbase has released a list of the latest assets it’s considering. The latest batch are being mooted for its institutional platform, Coinbase Custody, and thus are for storage only at this time, though future trading cannot be discounted. The list of altcoins it’s considering is as eclectic as it is incongruous. While some selections make sense, others have left observers scratching their heads. Also read: NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Retail Stores Coinbase Prepares to Unleash a Plague of Assets Coinbase, which has traditionally added new cryptocurrencies at a rate of one a year, has been on something of a splurge lately. In addition to ethereum classic (ETC), which is scheduled to start trading in around a week on its retail exchange, there’s a handful of other assets it’s likely to list in the near future such as ADA, BAT, and ZRX. Yesterday it was the turn of its institutional arm, Coinbase Custody, to unveil a shortlist of possible new tokens. Only in this case, it was more of a long list, containing no less than 34 coins. Scanning the list of coins that are candidates for custodial inclusion provides an insight into the thinking of CEO Brian Armstrong and his team, for like it or not, Coinbase exerts huge sway over the industry. It may be slow to list new coins, but when it does belatedly get its act together, the markets react swiftly to the news. ETC is up 15% in the past 24 hours ahead of its Coinbase listing, while the likes of Tezos, which is on the Coinbase Custody shortlist, is up by 20%. Even in a bear market, Coinbase has the power to move markets. The complete list of coins being considered by Coinbase Custody Half of Coinbase Custody’s Shortlisted Assets Make Little Sense Like any shortlist, the selection of coins that might make the grade at Coinbase Custody is open to debate. The company is naturally entitled to list whatever it likes, but from a business perspective, there are some odd choices. Furthermore, given that low market cap altcoins are more synonymous with retail investors than institutional, it’s hard to imagine why Coinbase Custody is interested in…

NYSE Owner: Bitcoin (BTC) Should Be in Retirement Funds, Credit Cards, Retail Stores

NYSE Owner: Bitcoin (BTC) Should Be in Retirement Funds, Credit Cards, Retail Stores

News Intercontinental Exchange (ICE), owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin core (BTC) into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging? Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton NYSE Wants BTC in 401(k)s, Credit Cards, Retail Stores ICE’s digital assets head, turned CEO of the new project Bakkt, Kelly Loeffler, explained in a company blog, “Formed by Intercontinental Exchange — an operator of global exchanges, clearing houses, data and listings services — Bakkt will work with companies that include BCG, Starbucks, Microsoft and others, to create an open ecosystem that supports growing needs in the ~$270 billion digital asset marketplace.” ICE quietly owns and operates two dozen regulated markets and exchanges, from the United States and Canada to Europe. It also holds clearing houses in the Netherlands, Singapore, greater Europe, the US, and Canada as well. It has revenues well in excess of $5.5 billion. It’s also the parent company for the NYSE, an exchange with great prestige among traditional finance: the NYSE is 226 years old, and is easily the globe’s biggest exchange by market cap, some $21.3 trillion as of last summer. Ms. Loeffler told Fortune how for over a year ICE built Bakkt in secrecy. The company name is a twist on asset backed securities, Bakkt, which by design is to engender trust. And trust is everything in the legacy marketplace, but it has a decidedly different meaning in the cryptocurrency world. Trust on Wall Street usually means regulations, and lots of them. Indeed, by late Fall this year, Bakkt hopes to have a fully federally regulated space for all things BTC. Fortune notes how “ICE aims to transform Bitcoin [Core] into a trusted global currency with broad usage.” That’s an interesting admission for enthusiasts wondering what Wall Street is ultimately up to with this enormous announcement and marketing/public relations campaign. Trust in the Bitcoin Core ecosystem is established through mathematics, voluntary adoption, by completely bypassing third party fragility, frictions,…

South Korean Crypto Exchange Bithumb to Reopen Withdrawals, Deposits for Nine Cryptos

South Korean Crypto Exchange Bithumb to Reopen Withdrawals, Deposits for Nine Cryptos

South Korea’s leading virtual currency exchange Bithumb is set to reopen withdrawals and deposits today, according to an official announcement August 4.   The world’s twelfth largest cryptocurrency exchange by trade volume noted that the time for resuming withdrawals and deposits has been moved from August 4 at 11 a.m. [Korea Standard Time] to 7 p.m. [KST]. In a separate post, Bithumb stated that it is first reopening the withdrawal and deposit services for nine altcoins, adding that it has been slightly delayed in order “to provide a more stable service environment.” At the end of June, hackers stole around a reported $30 million in crypto from Bithumb, prompting the exchange to temporarily suspend all deposits and payments. Bithumb later amended that the hackers had stolen less than their previous estimation — around $17 million — due to the “ongoing participation, support, and cooperation of the cryptocurrency exchanges and cryptocurrencies foundations across the world.” According to data from CoinMarketCap, Bithumb is ranked twelfth amongst exchanges by adjusted trade volume, with a 24-hour trade volume around $125 million by press time.

The Daily: Cars and Pizzas for Crypto in Russia, Crypto Valley in South Korea

The Daily: Cars and Pizzas for Crypto in Russia, Crypto Valley in South Korea

The Daily The wide adoption of cryptocurrencies in Russia has been put on hold after the State Duma postponed the final reading of three crypto bills for its fall session. Nevertheless, Russian companies are already planning to introduce crypto payments as soon as the regulations are in place. Among them, a major car dealer and an international pizza chain. Also in The Daily, the governor of Jeju has received support from Bitcoin.com for his efforts to create a Crypto Valley on the island. And while the South Korean province hopes to become a crypto and blockchain hub in Asia, major European banks have decided to base their blockchain initiative in Dublin.    Also read: Hackers in High Demand, China Hires Cryptographer Avtospetscenter and Papa John’s Prepare for Crypto Payments With Russian parliamentarians taking vacation without keeping Putin’s July deadline for adopting comprehensive regulations for the country’s crypto space, Russian companies are left with only one option – to plan for crypto adoption after lawmakers officially recognize cryptocurrencies this fall. Two major businesses have announced their readiness to take advantage of crypto payments once they are legalized by authorities in Moscow. One of Russia’s major car dealers, Avtospetscenter (ASC), has admitted it intends to start selling automobiles for digital money. “We are thinking of selling cars for cryptocurrency. The idea is under development. If there are no obstacles in the legislation, ASC will start selling cars and providing crypto services by 2020 – 2021,” Andrey Turkin, general manager of ASC’s subsidiary Audi Center Taganka, said quoted by Bits Media. Soon, Russians will probably be able to order pizza with bitcoin as well. “Cryptocurrency has every chance of being directly applied in our business. I think, in the future, you’ll be able to buy our pizzas with bitcoin. We have the solutions ready, but for now we are just waiting for the right moment to start it all,” Christopher Wynne, Papa John’s President for Russia, CIS and Poland, revealed in an interview with TASS. Governor of Jeju With Bitcoin.com Wallet Won Hee-ryong, the governor of Jeju in South Korea, has presented some ambitious plans for his province and they involve cryptocurrency adoption with the help of Bitcoin.com and Bitcoin Cash (BCH). Won wants to turn Jeju Island…