Tickets Now On Sale for San Francisco’s First ‘Blockchain Music Festival’

Tickets Now On Sale for San Francisco’s First ‘Blockchain Music Festival’

Tickets for the first music festival set to be powered by blockchain technology are now on sale. Scheduled for this fall, the Our Music Festival is launching its own virtual currency — the OMF token — at its inaugural event in San Francisco’s Civic Center Plaza. It will be the first musical entertainment experience to process booking fees on a live blockchain application. The festival plans to develop on the ethereum network and hopes the event will appeal to the city’s tech crowd. Pre-sale tickets start at $25 and can be purchased as standard digital passes directly from crypto.ourmusicfestival.com and ourmusicfestival.com using U.S. dollars and cryptocurrencies (bitcoin, bitcoin cash, ether, litecoin). General tickets are being released tomorrow starting at $29. The line-up, which has been announced on the festival’s website, will feature electronic dance musicians Zedd, 3LAU, and Matt + Kim, hip-hop icon Big Sean and pop singer Charlotte Lawrence. The one-day event will run from 5 P.M. to 11 P.M. on October 20. Headlining artist 3LAU, whose real name is Justin Blau, is Our Music Festival’s brainchild. He is supported by a team of music and cryptocurrency veterans from Creative Artists Agency, Paradigm Talent Agency, Spotify, Billboard, Prime Social Group, CID Entertainment and SINGULAR DTV to organize the festival chain. Blau told CoinDesk that he has been working on the project since August of last year. He wanted to build a substantial use case for cryptocurrencies that will streamline the music market and cut out industry middlemen. Throughout his music career, he has seen street scalpers, Craigslist and ticketing vendors artificially drive up prices for music event attendees, scam innocent buyers, and squeeze out profits from musicians and agents. Our Music Festival envisions a decentralized, end-to-end, direct-to-consumer music ticket pipeline that makes supply and demand economics fully transparent and ticket users digitally verifiable to optimize pricing on all sides, features which Blau claims are not supportable without blockchain technology. Though StubHub and TicketMaster calculate pricing analytics, many traditional ticket options are manipulated or fraudulent, obfuscating the actual mathematics. This is why Our Music Festival customers will be able to curate events and tickets will be inexpensive relative to standard-fare price tags that typically reach hundred dollar markups, he says. Our Music Festival also incentivizes…

Korea’s Financial Regulator Wants to Use the Blockchain for Stock Trading

Korea’s Financial Regulator Wants to Use the Blockchain for Stock Trading

South Korea’s financial watchdog is advocating for a blockchain-based stock trading system. The Financial Supervisory Service’s (FSS) appeal was part of a new study published by the agency on Thursday, which was first reported on by Korea JoongAng Daily. The study reportedly encourages South Korean regulatory agencies and companies to collaborate on the development of the proposed system, and also examines the use of the blockchain by stock operators around the globe. The usage of blockchain in stock trading is already well established, with the Australian Securities Exchange (ASX) first trialing distributed ledger tech for its settlement and clearing system, called CHESS, in 2016. ASX said in April that it expects to roll out the new system in 2020. Likewise, U.S. stock market Nasdaq unveiled a blockchain-based private securities platform in 2017, and the London Stock Exchange experimented with using the blockchain to replace paper trading certificates later that year. The Japan Exchange Group (JPX) also founded a consortium to explore blockchain applications to capital markets infrastructure in 2017. The study reportedly noted that the exploration of blockchain use cases in Korea has only recently started, and that cooperation between private and public companies would be integral to the success of any future system. “There should be no barrier between public institutions and private companies in developing a blockchain system,” the FSS was quoted as saying. Stock market display image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

Finance Square has reported its Q2 2018 financial results, revealing that $37 million of Bitcoin-related revenue helped the company accelerate its growth during the period. While the company still made very little profit from cryptocurrency trading in Q2, management is content with not trying to push the monetization of the feature just yet. Also Read: Coinmarketcap Launches Professional API and Derivatives Markets $37 Million of Bitcoin Revenue Square Inc (NYSE:SQ), the developer of the mobile payment app Square Cash, has posted its financial results for the second quarter of 2018 on Wednesday, August 1st, showing very strong performance. Total net revenue was $815 million, up 48% year over year, and Adjusted Revenue was $385 million, up 60% year over year. The figures show a pattern of accelerated growth when compared to the same results in the first quarter of 2018 with 45% and 51%, respectively. Despite delivering better results than analysts expected, the company’s stock price fell slightly in after-hours trading on Wednesday. Bitcoin revenue contributed $37 million to total net revenue in the second quarter, and related costs were $36.6 million resulting in a minor add to adjusted revenue of just $400,000. Still, this means that Square effectively doubled the profit its Bitcoin business brought in during the period, compared with just a meager $200,000 in Q1. Still Learning About Crypto Speaking with reporters prior to the company’s earnings call, Chief Financial Officer Sarah Friar said that: “We’re not trying to push on the monetization of bitcoin today. The costs are effectively [the] costs for us to go into the market and buy bitcoin.” The above seems to indicate that Square is still in the learning phase of its Bitcoin strategy which CEO Jack Dorsey outlined last quarter. He said at the time: “The reason we started this initially is because we did see cash customers wanting to buy crypto, utilizing their cash accounts. So, we made that a little bit easier. But we want to learn what this meant for us as a company and also for our industry and really pushed ourselves a lot to make sure that we were best in class in terms of providing a simple easy of exchange and then we can build off of that.” Should Square shareholders…

SEC Subpoenas Another Firm Following Claimed Blockchain Pivot

SEC Subpoenas Another Firm Following Claimed Blockchain Pivot

Long Blockchain, the beverage maker that made headlines last year when its stock surged following a pivot to blockchain and a related name-change, has been subpoenaed by the U.S. Securities and Exchange Commission (SEC). An 8-K form submitted by Long Blockchain to the SEC on July 26 and revealed on Wednesday shows that the firm received the subpoena on July 10, with the SEC “seeking the production of certain documents.” Long Blockchain said it is “fully cooperating with the SEC’s investigation.” The firm did not disclosed details of the documents being sought by the regulator. The subpoena comes four months after Long Blockchain was delisted from the Nasdaq stock exchange after losing an appeal over the decision and a resultant drop in the value of its stock. In February, Long Blockchain (which was called Long Island Iced Tea before the pivot) warned that it was facing the risk of being delisted since the SEC believed the firm “made a series of public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology.” This is not the first time the SEC has probed into firms that saw soaring stock prices following claims of blockchain interest. As previously reported by CoinDesk in April, the SEC also subpoenaed Riot Blockchain after it drew public attention in a similar fashion late last year. The company also faces being delisted from Nasdaq. The investigations are part of the U.S. regulator’s wider effort to scrutinize public companies over whether their business claims are genuine or intended to capitalize on hype around tech like blockchain. The SECs chairman, Jay Clayton, said in January: “The SEC is looking closely at the disclosures of public companies that shift their business models to capitalize on the perceived promise of distributed ledger technology.” SEC image via CoinDesk/Michael del Castillo The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Handshake Revealed: VCs Back Plan to Give Away $100 Million in Crypto

Handshake Revealed: VCs Back Plan to Give Away $100 Million in Crypto

A long-secret cryptocurrency project whose investor deck once touted Burning Man as central to its anti-capitalist ethos has finally arrived. Released Thursday, Handshake, backed by top venture capitalists and some of the most well-known blockchain developers, has raised $10.2 million for an attempt to replace the digital entities that today authenticate web payments, in the process rewarding those who built the essential infrastructure for the internet itself. Spearheaded by the creator of bitcoin’s lightning network, Joseph Poon, Purse CEO Andrew Lee, Private Internet Access founder Andrew Lee and CTO Christopher “J.J.” Jeffrey, the effort is now backed by 67 individuals and funds including A16z, Founders Fund, Polychain Capital and Draper Associates. The investors combined to purchase 7.5 percent of the protocol at a $136 million valuation. The key difference here, however, is that this figure is more relative than usual – in the case of Handshake, there won’t be any entity to support (or value) beyond the protocol. A remaining 7.5 percent of tokens will be set aside for the project’s “principles” (those involved eschew the term “founder”), though more notable is what’s being done to quickly dismantle the entity that’s bootstrapping the project and distribute the remaining 85 percent of tokens, each of which is valued at $0.10 (at least by investors) at launch. In interview, Poon touted the new cryptocurrency as an experiment that’s heralding two leaps forward – an improvement on the existing CA system and domain registrars and also the initial coin offering (ICO) model itself, which that has found untested projects raising millions. As such, Poon framed Handshake as a project intent on raising as little as possible, so that the largest amount could be given away to open-source developers. Poon told CoinDesk: “There’s this notion that crypto tokens when they go live, it’s similar to late-stage venture financing, and this gives an alternate model for that. Essentially we give tokens as a gift, we’re giving the coins as a gift to the community.” All told, Handshake aims to give $250 worth of its tokens to users of websites like GitHub, the P2P Foundation and Freenode, a chat channel for peer-to-peer projects, meaning these developers could all receive up to $750 worth of tokens. Additional token distributions are set to…

Japanese Firms Jointly Launch Corporate Crypto Accounting Tool

Japanese Firms Jointly Launch Corporate Crypto Accounting Tool

Taxes Cryptolinc Co. Ltd, which develops and provides cryptocurrency management and calculation systems, and Miroku Information Service Co. Ltd, a financial and accounting system management and information service, have jointly created a crypto corporate accounting tool for corporate cryptocurrency accounting. Also Read: Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax Cryptolinc Corporate Accounting Shares Data in Collaboration with Accounting Firm Through a collaboration, cryptocurrency transaction data will be incorporated into the financial and accounting system of Miroku Information Service, enabling an appropriate and complicated accounting process to be carried out smoothly, the companies explained in a statement. By realizing a seamless data linkage with an API connection to Cryptolinc Corporate Accounting, the software should drastically help accounting companies to process corporate tax returns for cryptocurrency transactions, which are expected to increase in the near future. Transaction Data to Be Collected From Each Exchange “Cryptolinc Corporate Accounting beta version can prepare an income and expense calculation after uploading transaction data from each cryptocurrency exchanges,” the companies said in a joint statement. “[It] can capture data and insert it into an accounting software, such as the one Miroku Information Service provides. This is the first tool for corporate cryptocurrency accounting in Japan.” With the crypto market having expanded rapidly in Japan, by March of this year the ASBJ, (Accounting Standards Board of Japan) issued the Practical Solution on the Accounting for Virtual Currencies under the Payment Services Act, which attracted everyone’s attention to accounting issues for crypto. However, calculating expenses and losses in virtual currencies is extremely complicated and takes a lot of time. Many accounting firms and corporate accountants are struggling to respond to such demand. “We focus on accounting of cryptocurrency transactions and we publicize them. When calculating income and expenses in crypto, it is difficult to calculate the difference between profit and loss, many accountants are struggling to respond to that,” Cryptolinc said. What the software offers is management of transaction data collected through multiple crypto exchanges in a centralized way, and easy calculation of income and expense. Accounting data and results are collected by Cryptolinc Corporate Accounting, and in accordance with Japanese accounting standards, the data will be incorporated into the financial and accounting system of Miroku Information…

A New Bitcoin Mining Calculator Aims to Tell ‘Truth’ on Profitability

A New Bitcoin Mining Calculator Aims to Tell ‘Truth’ on Profitability

“We joke about it being bitcoin’s ‘unprofitability’ calculator.” That’s how CEO of RandomCrypto, Josh Metnick, described his newly released tool that calculates the profitability of bitcoin mining – the process of solving puzzles to earn bitcoin, usually only possible with expensive processors called ASICs. Revealed exclusively to CoinDesk, Metnick hopes the new calculator will improve on other tools out there, which he thinks don’t depict the full truth on whether mining equipment is worth buying and using. For example, using its new measurements at today’s prices, RandomCrypto’s calculator shows that all of the most popular mining hardware is unprofitable. That includes Bitmain’s flagship S9 and GMO’s new 7nm B2, he claims. “Our goal is not to show mining as profitable or unprofitable – our goal is to bring more truth, accuracy and transparency to [proof-of-work] mining. Sometimes mining is profitable, and sometimes it isn’t. The bigger picture is to create tools and reporting systems to keep the hardware manufacturers honest,” Metnick told CoinDesk. Metnick’s quick to point out previous mining scams in the industry as examples of where the industry leaves transparency and honesty to be desired. “I spent a good portion of my life – years, really, many years – trying to chase down Butterfly Labs, Advanced Miner, and KnCMiner for the millions of dollars I sent them before they absconded with my life savings,” he said. Because Metnick himself has been actively mining since 2013, it’s a project that’s dear to his heart. Metnick told CoinDesk: “This calculator is born of many years of getting screwed in numerous ways by mining companies.” A different calculator Online calculators let you input a bunch of variables like electricity cost, hardware cost and so forth, then output how much revenue these variables should lead to, based on the value of bitcoin at the time. The ingredient RandomCrypto’s calculator adds is pretty simple, but it was never deployed in existing models, Metnick said. “What we have found, over several years now of observations, is that all of the major bitcoin mining calculators out there show bitcoin mining output as ‘profit,’ instead of what it really is: output,” Metnick said. One key thing these calculators don’t include is bitcoin’s programmed-in “difficulty” rating – the higher the difficulty, the more power…

Arizona Bitcoin Trader Gets Jail Sentence for Money Laundering

Arizona Bitcoin Trader Gets Jail Sentence for Money Laundering

A former bitcoin trader and crypto exchange operator from the U.S. state of Arizona, has been sentenced to 41 months in jail, according to court documents. The sentencing was announced by the Department of Justice on Wednesday, after a federal jury convicted Thomas Mario Costanzo on five charges of money laundering on March 28. The sentence will credit time already served since his arrest in April 2017. As previously reported, federal agents raided the man’s home last year based on suspicion of unlawful possession of ammunition, as well as money laundering through a peer-to-peer bitcoin exchange he operated. Evidence presented to the court later showed that Costanzo had laundered $164,700 over two years through bitcoin transactions – money he took from an undercover federal agent, who told him the funds were from heroin and cocaine traffickers. The release states: “When undercover federal agents approached Costanzo and told him that they were drug dealers, Costanzo provided them with bitcoin and told them it was a great way to limit their exposure to law enforcement.” Costanzo was also found guilty of purchasing drugs with bitcoin and using the online bitcoin exchange to help others buy drugs without enforcing know-your-customer authentication procedures. At the time of his conviction, the DoJ said each of the five money-laundering charges have a maximum sentence of 20 years in prison. As part of the decision on Wednesday, the court also ruled that 80 bitcoins seized from Costanzo, provided by him to the undercover agents, will be forfeited. Early this month, a former bitcoin trader and exchange operator from Los Angeles known as the “Bitcoin Maven” was also sentenced to one year in federal prison after she admitted to operating an unlawful money transmission business. Prison bars image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOS

The Daily: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOS

The Daily In today’s Bitcoin in Brief, we cover several decisions made by leading cryptocurrency exchanges regarding new trading options offered to clients. UK customers of Coinbase will be able to purchase cryptocurrencies with British pounds, Hitbtc has added support for the new euro-pegged stablecoin, EURS, and European exchange Bitpanda offers EOS. Also in The Daily, US exchange Poloniex is reportedly under investigation for denying users access to their accounts. Also read: Check Which Coins You Can Spend With Debit Cards and Why Upcoming Fuzex Chooses BCH Conbase’s UK Customers Can Buy Coins with Pounds US-based crypto exchange Coinbase announced this week that its UK customers will be able buy cryptocurrencies with GBP. This is a good news for British residents who until recently had to maintain fiat funds in EUR and put up with slower purchasing times and foreign exchange fees. Now they can take advantage of same day payments and withdrawals. Zeeshan Feroz, CEO of Coinbase UK, commented: UK banks have been conservative in terms of working with crypto businesses and we’re proud to be one of the first companies to get access to domestic banking. On Wednesday, the company said it will begin adding GBP trading pairs such as GBP/BTC and GBP/ETH in the coming weeks. Coinbase expects that the new offerings will also be popular with professional traders as the pairs can be used to bet on currency movements in the global foreign exchange markets. The San Francisco, California-based trading platform currently supports the following cryptocurrencies: bitcoin core (BTC), bitcoin cash (BCH), litecoin (LTC), and ethereum (ETH), and plans to introduce support for ethereum classic (ETC). Recently, the exchange announced it is “exploring the addition of several new assets”: cardano (ADA), basic attention token (BAT), stellar lumens (XLM), zcash (ZEC), and 0x (ZRX). Hitbtc Adds Support for EURS Stablecoin The new stablecoin on the block, euro-pegged EURS, has received another recognition. The cryptocurrency which is tied to the common European fiat, EUR, is now trading on one of the leading crypto exchanges, Hitbtc. “We’ve integrated $EURS on #HitBTC!” the trading platform recently posted on Twitter. “Dear traders, we are happy to announce the official launch of the new stablecoin – Stasis EURS. Stasis is a new project on the marketplace, offering the first…

Coinbase Adds British Pound Support, Customers to Buy/Sell Crypto via UK Banks

Coinbase Adds British Pound Support, Customers to Buy/Sell Crypto via UK Banks

Major U.S. crypto exchange and wallet Coinbase has started rolling out British pound (GBP) support, according to an official blog post August 1. The new feature will enable Coinbase customers with UK bank accounts to conduct faster transfers, letting customers buy and sell crypto for pounds within the same day. As Coinbase points out in their announcement, prior to adding GBP support, the process of buying or selling crypto for fiat took several days for the company’s UK customers, requiring them to first convert their crypto into euros, and then into GBP via international wire transfer. The feature is currently available to only some existing customers, with the service promising to gradually rolled out support to all British customers “in the coming weeks.” In their announcement, Coinbase notes that the company has been working on adding GBP support “over the last few months.” In March, the company was granted an e-money license for fiat money operations from the UK’s Financial Conduct Authority (FCA). It also gained access to the UK’s Faster Payments Scheme (FPS), a UK banking initiative aimed at reducing transaction times. In July, Coinbase reversed its previous statement that it had obtained U.S. Securities and Exchange Commission (SEC) permission for listing crypto tokens considered to be securities under U.S. law. The platform revealed that neither the SEC nor the Financial Industry Regulatory Authority (FINRA) had in fact approved Coinbase to act as a securities dealer, as had been previously reported. Earlier in July, the company announced that it is considering listing five new cryptocurrencies on its platform, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).