Wendy McElroy: Crypto Is a Revolution of Hope – Which Is Why It Succeeds

Wendy McElroy: Crypto Is a Revolution of Hope – Which Is Why It Succeeds

News The Satoshi Revolution: A Revolution of Rising ExpectationsSection 4: State Versus SocietyChapter 10, Part 3Crypto Is a Revolution of Hope, Which Is Why It Succeeds The abolition of the market means not only that the consumers—that is all members of society—are robbed of virtually all choice of consumption and all influence over production; it also means that the information and communication are monopolized by the State, as they too need a vast material base in order to operate. The abolition of the market means, then, that both material and intellectual assets would be totally rationed. To say nothing of the inefficiency of production convincingly demonstrated in the history of communism, this economy requires an omnipotent police state. Briefly: the abolition of the market means a gulag society. –Leszek Kołakowski, The Self-Poisoning of the Open Society That’s what the obliteration of hope looks like: “the abolition of the market” in commerce, art, education, conscience, and all other social expressions. An abundance of hope looks like a market place on a busy weekend, buzzing with activity, colors, ideas, and people arguing about what is fair, what is new, and what is best. The opposite: the imposition of a uniformity that quashes whatever and whomever differs or sparkles. Kolakowski concluded that the “abolition of the market means a gulag society.” Such a gulag society may have wide-screen TV, sporting events, and fast food. Those are trimmings. Its defining core is the rule of, by, and for the elite, with the majority of people living in conformity, fear, or an apathy-induced grayness. Drab buildings, approved art, official slogans, political show events, redistributed wealth, false news, mandatory responses with the punishment of “wrong” ones, bureaucratic paperwork, puffed-up patriotism… A state monopoly is the spiritual death of individualism and of anyone who hopes to advance through merit, character, hard work, originality…or even luck. Grayness. And,then, the unexpected sparkle! It could be an artist, a lone voice, slogans written on walls at night, privately circulated pamphlets, or an esoteric block of code. If the new actor is an idea or an invention whose time has come, then its impact is revolutionary. (Here, an invention can be viewed as an executed idea). With 3D-printers, every individual is able to manufacture whatever fills…

The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero Traders

The Daily: Coinbase Explores Crypto ETF, Changelly Verifies Monero Traders

The Daily US exchange Coinbase is reportedly exploring possibilities to create a cryptocurrency ETF and we’ve covered the details in The Daily. Also, Bittrex announces fiat pairs for cardano and zcash, Changelly admits requesting KYC documents from clients trading privacy coins like XMR, and Monero developers find another bug. Also read: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto Coinbase Looking to Create Crypto ETF Cryptocurrency exchange Coinbase, a leading US trading platform, has been exploring the development of a crypto-related exchange traded product. The San Francisco-headquartered company has held talks with representatives of the assets manager Blackrock, Business Insider reported quoting knowledgeable sources. The Wall Street giant has extensive expertise in launching similar products and has set up a blockchain working group, despite previous statements it’s not interested in crypto. Earlier this year, Coinbase launched an index fund of cryptocurrencies aimed at accredited investors. An exchange traded fund (ETF) tied to cryptocurrency, which is likely to track multiple digital coins, would be targeted at and could facilitate the entrance of more mainstream, retail investors into the crypto market. If the company’s plans are confirmed, the California-based exchange will join a number of businesses from the space trying to launch crypto ETFs. The list already includes Gemini, Bitwise and Vaneck. Regulators have so far rejected a number of proposals. Last month, the U.S. Securities and Exchange Commission (SEC) issued three decisions denying nine Bitcoin ETFs. A day after rejecting the proposed rule changes, however, the Commission initiated a review of all related decisions noting that the rejection orders from August 22 are stayed, as news.Bitcoin.com previously reported. Bittrex Announces Fiat Pairs for Cardano and Zcash Another US-based exchange, Bittrex, has recently launched fiat trading pairs with two altcoins, cardano (ADA) and zcash (ZEC). Eligible Bittrex accounts, created before September 4, are enabled for trading, the platform announced on Twitter this week. New users will have to submit a request to add USD trading to their accounts after passing KYC procedures. “Cardano (ADA) and zcash (ZEC) have been added to USD (fiat) markets,” according to the post conveying the information about the launch. The crypto trading platform is compliant with the requirements for carrying out fiat transactions since March. Changelly Confirms KYC for XMR…

What to Expect If Ether Futures Become a Reality?

What to Expect If Ether Futures Become a Reality?

Less than a year after the launch of the first ever futures contracts for Bitcoin, Ethereum could be the second cryptocurrency to be traded on regulated futures exchanges. It’s understood that the Chicago Board Options Exchange (CBOE), the same platform that launched Bitcoin futures in December 2017, is waiting for the green light from the Commodities Futures Trading Commission (CFTC) to launch Ethereum options by the end of 2018. The CBOE will base its ETH contracts on the Gemini cryptocurrency exchange market — the base it already uses for its Bitcoin futures. With the United States Securities and Exchange Commission (SEC) formally declaring that Ethereum was not classed as a security in June, the path ahead was seemingly paved for the prospective launch of ETH futures. At the time, CBOE president Chris Concannon hailed the decision, saying ETH contracts had been a talking point since late 2017: “We are pleased with the SEC’s decision to provide clarity with respect to current Ether transactions. This announcement clears a key stumbling block for Ether futures, the case for which we’ve been considering since we launched the first Bitcoin futures in December 2017.” Just three months later, there are very real grumblings that this could come to fruition, much like the build up to the eventual launch of Bitcoin futures in 2017. The CBOE has indicated to Cointelegraph that it is indeed looking at Ethereum futures, highlighting Concannon’s interview with Quarts in June, where he laid out their thoughts on the cryptocurrency and the possibility of a futures contract: “Ether is one of the more highly liquid cryptocurrencies out there. Along with Bitcoin, the demand is much higher in Ether than any other cryptocurrency on the market. We’ll look at launching futures in the near term, but there’s a process we have to go through before even announcing such a launch. That process is something we’ve talked to the CFTC about at length and certainly want to take steps along that process and make sure everybody is comfortable with the next product we announce.” According to Concannon, there is significant demand and appetite for Ether futures. Having successfully launched Bitcoin futures, the CBOE hopes to use that same product design and structure and apply it to any cryptocurrency…

Thai Government Approves Crypto Exchange, Wants Own Wallet

Thai Government Approves Crypto Exchange, Wants Own Wallet

Regulation The Thai Securities and Exchange Commission has approved another crypto exchange to legally operate in the country. There are now six exchanges that have been granted approval. Meanwhile, the government is considering maintaining its own wallet in order to confiscate cryptocurrencies from illegal sources. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Another Crypto Exchange Approved The Thai Securities and Exchange Commission (SEC), Thailand’s main crypto regulator, announced on Thursday, September 6, that another cryptocurrency firm has been approved to legally operate in the country. Southeast Asia Digital Exchange Co. Ltd. (Seadex) has become the sixth legal crypto exchange in Thailand. After reviewing Seadex’s information and concluding that the business existed before May 14 when the regulation took effect, the SEC granted approval to the exchange. The regulator allows crypto firms that were in business before the enforcement of the crypto regulation to continue operating while their applications are being reviewed, providing that they applied for approval before August 14. Last month, the regulator approved seven crypto firms, five of which were crypto exchanges. Thai Government Wants Its Own Crypto Wallet To combat crypto-related crime that is on the rise, the Thai government’s Anti-Money Laundering Office (Amlo) is considering maintaining its own cryptocurrency wallet, the Nation reported this week. Mr. Witthaya Neetitham, Secretary of Amlo, said at a seminar on cryptocurrency crime and the legal system that officials are discussing how to obtain and safeguard a wallet for Amlo “to hold or confiscate digital currency from illegal sources.” The publication explained that there is currently “no law allowing the agency to freeze or seize digital currency, nor anywhere to keep it…As a result, Thai authorities can jail or extradite cybercriminals and confiscate their physical assets – but they cannot touch their digital assets.” Citing that earlier this year the Technology Crime Suppression Division of the Royal Thai Police and their Dutch counterparts arrested a Moldovan suspected of operating a child porn website, Police Captain Ekkanit Natethong revealed: We found bitcoin in his e-wallet, but had to leave it there because we don’t have any regulations [to seize the crypto]. ID Challenges in the Digital Age Seven cryptocurrencies have been legalized in Thailand. Neetitham claims that “Amlo does have measures to combat crimes involving [the]…

The Big Legal Issue Blockchain Developers Rarely Discuss

The Big Legal Issue Blockchain Developers Rarely Discuss

Mark Radcliffe and Victoria Lee are partners at the law firm of DLA Piper.  Software licensed under open source licenses (OSS) is fundamental to the success of blockchain projects. Such licenses permit collaborative, decentralized development, encourage swift adoption by users and enable the community to “fork” the project to resolve strategic disputes. In fact, OSS licenses are used by both of the two major public blockchains, ethereum and bitcoin, as well as many other major blockchain projects, including the HyperLedger programs and R3’s Corda. However, OSS licenses are generally quite different from traditional proprietary software licenses. The importance of selecting the right OSS license and complying with the terms of that license is rarely discussed by the blockchain community. If blockchain projects seek adoption by enterprises, the OSS license for the project will have a material impact on the rate of adoption. Even for established projects like ethereum, potential enterprise users carefully consider the OSS licenses that may be used. For example, Jerry Cuomo of IBM recently noted on Frederick Munawa’s Blockchain Innovation podcast that the complexity of the OSS licenses for ethereum was one of the reasons IBM decided to shift from ethereum to its own blockchain project, which eventually became part of the HyperLedger project. Prospective enterprise users of a blockchain project will decide which blockchain project to adopt by applying the same criteria that they use for adopting other OSS licensed projects: (1) the complexity of the OSS project license or licenses; (2) the potential difficulty of complying with the obligations of such OSS license; and (3) the potential challenges of integrating a blockchain project with other software projects. OSS licenses vary dramatically in their terms. The Open Source Initiative (OSI) has approved 83 licenses as “open source.” However, the full complexity of OSS licensing is suggested by the SPDX project, managed by the Linux Foundation, which has identified 345 “major” licenses; Black Duck Software lists 2,500 versions of OSS type licenses in its Knowledge Base, which covers more than 530 billion lines of OSS code from over 9,000 forges and repositories of open source projects. Black Duck notes that 94 percent of OSS projects are licensed under the top 10 OSS licenses. The two major types of OSS licenses are “copyleft”…

PR: Fabric Token Launches TokenGen 3.0 – The All in One Token Crowdsale Automation Tool

PR: Fabric Token Launches TokenGen 3.0 – The All in One Token Crowdsale Automation Tool

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. TokenGen is now in a league of its own in terms of token crowdsale automation. The tool’s 3.0 version provides an all-in-one solution for anyone who wants to run and manage a token generation event, but doesn’t have the necessary programming know-how. TokenGen’s main two “competitors” provide the most comprehensive contact form on the market alongside a requestable UI (Rocket courtesy of EtherParty) and an escrow contract (dubbed Tabby Pay and brought to you by BlockCAT). These two projects aspired to achieve what TokenGen has already done, but have failed to deliver on their promise spectacularly. Instead they have accomplished pretty much nothing (in the case of EtherParty) or they’ve tried to sell a simple escrow contract as something innovative. Meanwhile, TokenGen, the first component of the Fabric Token platform, has already surpassed its initial conception as the FT team has been upgrading it constantly since its production release back in May this year. With the latest 3.0 update, TokenGen brings a completely new UI that is much more intuitive and user-friendly than its predecessor, alongside a ton of new features, which will further cement its place as the go-to-app for token crowdsale automation. Here’s a short preview of what TokenGen 3.0 offers: • One-click smart contract deployment to any Ethereum network. Test on Ropsten, raise capital on main net.• Smart contract management interface allowing transparent interaction with deployed smart contracts. Much faster and simpler than MyEtherWallet’s contract interaction feature.• Unlimited builds and deployments allowed for each project.• Simple and intuitive project creation process.• A highly customisable set of features for each project i.e. different projects, different functionality. You will only be charged for the features you actually use. The best part however, is the price. While some companies will expect you to sell your house in order to run your token crowdsale, a TokenGen project with all features will set you back a mere 4.7k Fabric Tokens (FT), which, at the time of writing, amount to $100. Close to…

This Tech Lets You Send Any Cryptocurrency to the Lightning Network

This Tech Lets You Send Any Cryptocurrency to the Lightning Network

Did you know? Lightning addresses and bitcoin addresses are not compatible. What that means is that a user can’t send money from their lightning address directly to a recipient bitcoin address, or vice versa, without going through an additional step to transferring their lightning funds into a bitcoin account of their own. Seems counterintuitive, especially since the layer-two technology for transacting off-chain, is touted as a way to revolutionize the protocol to scale – more users and more transactions. And yet, there’s this incompatibility between new off-chain lightning transactions and old-school on-chain bitcoin ones. One developer, though, has been working on a possible solution, and it was inspired by an interoperability technology that’s been slowly gaining steam – atomic swaps. Lightning Labs developer Alex Bosworth was looking into atomic swaps, a technology that allows the native cryptocurrency of one blockchain to be traded with another with no middleman when it hit him that it could be used to swap lightning for old-style on-chain bitcoins. Called “submarine swaps,” that technology is now being tested on the live lightning network. Although, trying it out might actually be dangerous. Much like even transacting on the still-nascent lightning network, Bosworth admitted when he announced the project’s mainnet launch that using submarine swaps at this stage is a risky venture. “There’s still lots to build, but it’s more fun to try on mainnet,” he tweeted, using the “reckless” hashtag, what’s become a rallying cry for developers utilizing the experimental technology with real money. For his work, Bosworth has set up a connection between the bitcoin blockchain and the lightning network with the technology. Currently, the tech only supports funds being sent from a blockchain to the lightning network, and not yet the other way around. But swapping lightning network payments for on-chain coins should be possible one day as well. And, far beyond that, Bosworth envisions a future when every bitcoin or cryptocurrency wallet someday supports the technology, and as such, it would be just as easy to send litecoin, dogecoin or any coin to a lightning address. An ethereum test Meanwhile, this multi-coin world Bosworth is itching for is already being tested. Jason Wong, an aviation software developer also interested in cryptocurrency, started playing with submarine swaps not long ago,…

Bitcoin ATMs Targeted by Malware for Sale in Underground Markets

Bitcoin ATMs Targeted by Malware for Sale in Underground Markets

Security Malware aimed at Bitcoin ATMs is being sold in underground markets, according to Trend Micro security researchers. For $25,000, malware exploiting a service vulnerability allows users to nab bitcoin price equivalent in euros, USD, or British pounds. Also read: Bitcoin’s Hopeful Numbers: 70% Familiar in the United States For $25,000, Bitcoin ATM Malware is Available on Underground Markets Senior Threat Researcher at Trend Micro, the firm alerting enthusiasts, Fernando Mercês, explained, “Unlike regular ATMs, there is no single set of verification or security standards for Bitcoin ATMs. For example, instead of requiring an ATM, credit, or debit card for transactions, a Bitcoin ATM involves the use of mobile numbers and ID cards for user identity verification.” “The user then has to input a wallet address or scan its QR code,” Mr. Mercês continued. “The wallets used to store digital currencies are not standardized either and are often downloaded from app stores, posing another security problem.” Crypto is bought through Near-Field Communication, Europay, and Visa/Mastercard pre-written cards sold to malware purchasers. Bitcoin ATMs are cresting at something close to 3,500 around the world, and, of course, malware is borderless. This particular strain is limited to languages such as German, English, and Russian. These tongues correspond to where Bitcoin ATMs are mostly clustered, as the devices are not evenly distributed. Popularity Breeds Criminal Attention Adoption in German speaking nations runs about 150 devices over 30 locations. For Russian speakers in the Federation and Ukraine, more than four dozen locations house machines with which such malware would be a potential threat. English speaking countries are the most target rich, as between the United Kingdom (171) and the United States (2,166) they house more than 2,300 Bitcoin ATMs.   Researchers stress standardization, the absence of it in fact, is among the biggest problems facing Bitcoin ATM security. Trend Micro claims sellers of the malware have been reviewed more than 100 times, which might mean the information is spreading. Sellers have openly sought to split the malware’s fee among conspirators, offering something akin to a revenue sharing scheme. Trend Micro concluded, “As long as there is money to be made — and there is quite a bit of money in cryptocurrencies — cybercriminals will continue to devise tools and to…

New Crypto Exchanges Launch in Hong Kong, Korea, Indonesia

New Crypto Exchanges Launch in Hong Kong, Korea, Indonesia

Exchanges The cryptocurrency ecosystem continues to grow with the addition of some new crypto exchanges in Hong Kong, Korea, and Indonesia. Bitone Trade HK, affiliated with a Japanese publicly listed company, will support 30 cryptocurrencies. Huobi Indonesia will list 123 coins and new Korean exchange Probit will list 157 coins. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Bitone Trade HK Bit One Hong Kong Limited announced on Thursday, September 6, that its Bitone Trade HK platform will officially be rolled out this month. Bit One Hong Kong Limited is affiliated with a Japanese publicly listed company, Bit One Group Co. Ltd., formerly known as Fasteps Co. Ltd. but changed its name on September 1. Noting that the platform will support 30 cryptocurrencies and “more than 100 coins will be listed in [the] future,” the company revealed: Our platform is launched in Hong Kong which is Asia’s international financial center and we provide customers with stable and secure services. Mainly for the Asian market, our goal is to achieve a monthly transaction volume of US$5 billion. Huobi Expands to Indonesia Huobi Group held a launch ceremony on Friday, September 7, for its Indonesian exchange through a partnership with Asia Financial Group. “The Huobi Indonesia Digital Currency Exchange is built on Huobi Cloud platform,” Huobi detailed, adding: The new exchange will list 123 tokens and incorporate a two-factor authentication (2FA) to help secure each digital asset. Currently, the platform lists three base cryptocurrencies: USDT, BTC, and ETH. The company officially launched Huobi Cloud on July 20, aimed at “enabling its partners to build secure and stable digital asset exchanges quickly.” Korean Exchange Probit Korean news outlet Chosun reported on Wednesday that a new crypto exchange called Probit will be launched mid-October by Probit Private Limited. The firm plans to list 157 cryptocurrencies and support eight languages including English, Korean and Chinese, the publication conveyed and quoted the firm claiming: The [Probit] exchange can handle more than 1.5 million orders per second…More than 95% of digital assets are stored in a cold wallet to prevent hacking or theft. In addition, it supports hardware keys and software double authentication, so that customer accounts cannot be hacked. Probit was further quoted describing, “Many exchanges develop and open rapidly.” Citing…

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

Exchanges While expectations and fears are mounting on an imminent Supreme Court decision about the regulator’s ban concerning cryptocurrency trade in India, the big day may not exactly be a defining one for the future of bitcoin in the country. Other questions and bypass-routes will snowball (or hairball) no matter which way the ruling swings. Crypto exchanges have smelt a lot in this run-up to the hearing. Also Read: Indian regulators curious to study experiences of other regions Tick Tock, Tick Tock – Crypto Exchanges Jittery? Next week is supposed to be a major one for the ongoing debate on the circular that Indian regulator RBI issued in April banning all financial institutions from providing services in trade of virtual currencies. This move has drawn a big yellow line for banks and payment gateways, and has halted their work with cryptocurrency. This should make affected crypto exchanges and traders worried, but if you ask Ajeet K, CEO, Zebpay (presumably India’s first bitcoin exchange), he is chewing some cud instead of nails right now. “We feel that our case is very strong and we are also aware that RBI has its own considerations and compulsions. But this decision is not going to significantly define the future of bitcoins here.” He opines that regardless of the outcome, the space will find its way to blossom. If favorable, there would be other issues and nuances of regulation to be addressed as we move forth. If it pans out unfavorable? Well, then too, the plug would not be just yanked away. Cobra Effect In his observation, staying invested in bitcoin is not a problem for users even now. Buying and selling old ones is an issue but even that is being circumvented as we speak. There are some ways, in his reckoning, that are neither sustainable nor durable. “Why not let people have systematic and official means? By cutting the bank part in this process, authorities are only going to make room for new challenges.” Looks like he has a point, as half crore users in the country are not going to stop participating in this space because of a ban. Notably, exchange-escrowed P2P trading on some crypto exchanges in India such as Wazirx and Koinex have hinted that…