Author: Adam James

UK Investigating Crypto, Spinning Future Regulation as Positive

The first step of a potential crackdown on cryptocurrencies is underway in the UK. Investigators are said to be taking a good look at Bitcoin and its underlying technology, as a means of measuring cryptocurrency’s overall risk to central banking and traditional financial institutions, while also assessing whether or not regulatory measures are necessary. Is Regulation Impending? The UK appears to be setting the stage for cryptocurrency regulation. According to The Telegraph, The House of Commons Treasury Committee is conducting an investigation into both cryptocurrency and the blockchain, sparking fears of regulation in the future. Committee chair Nicky Morgan claims that...

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Venezuela Decides One Coin’s Not Enough, Readies New ‘Petro Gold’ Token

Things are only getting weirder in Venezuela, as President Nicolas Maduro decides that one state-issued cryptocurrency farce isn’t enough. Now, the socialist country with a crumbling economy is ready to launch second Petro token — called Petro Gold. Maduro’s Vision Earlier this week, collapsing socialist country Venezuela purportedly launched Petro — the world’s first state-issued cryptocurrency — purportedly backed by the country’s oil reserves. The problem is, the oil allegedly backing each token has yet to be drilled, and the country is currently in the throes of an extreme economic crisis. Of course, Maduro had already deemed Petro a massive...

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Iran Changes Mind, Decides it Doesn’t Actually Like Bitcoin After All

In October 2017, the Iranian government all but decided to implement Bitcoin as a means to completely bypass sanctions, while also allowing citizens to conduct international trades otherwise not possible. Now, however, the Islamic Republic on the Persian coast has changed its mind. A Foolish Inconsistency According to the independent Iranian news site Iran Front Page (via Fortune), the Republic’s central bank claims it never recognized, nor planned on recognizing, Bitcoin as an official currency. It also denies all claims that it was actively facilitating Bitcoin transactions to circumvent sanctions while making some rather bearish statements on cryptocurrencies in...

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PayPal CFO: Bitcoin’s Success is Very Likely

There’s a lot of doubt surrounding Bitcoin’s potential as a viable, real-world currency – but PayPal’s chief financial officer sees only positive things in the dominant cryptocurrency’s future. A ‘Very High Likelihood’ of Success According to John Rainey, PayPal’s chief financial officer, Bitcoin, and other cryptocurrencies will one day become a popular method of payment – just not yet. Rainey told The Wall Street Journal: Given the volatility of bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10% profit margin, and you accept bitcoin, and the very next day...

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Ripple Keeps Making Friends – RippleNet Provides a Gateway to Emerging Markets

There is an ever-growing international need for effective, transparent, and low-cost payments which engage with emerging markets. Ripple appears to be the frontrunner when it comes to providing said service, thanks to a whole slew of new partnerships. Making Waves RippleNet, Ripple’s decentralized global network of banks and payment providers utilizing Ripple’s distributed financial technology, has been garnering all sorts of attention from established financial institutions lately. RippleNet is powered by xCurrent, and provides real-time messaging, clearing and settlement of financial transactions — and many companies are eager to utilize the groundbreaking technology, including Brazil’s largest private sector bank...

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Japanese Exchange Accidentally Offers Free Bitcoins

Everyone’s looking to get the best deal when buying Bitcoin — but for seven lucky buyers, a Japanese exchange accidentally offered them the deal of a lifetime. Free Bitcoins! According to Reuters, a short-lived system glitch at Japanese cryptocurrency exchange Zaif let seven customers briefly purchase bitcoins free of charge. Zaif’s accidental flash sale took place on February 16th and only lasted about 20 minutes. Unsurprisingly, none of the sales were validated. Zaif rendered the trades null and void immediately after discovering the error. One customer, however, may have gotten the better of Zaif’s mistake. A spokesman told Reuters...

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World’s Most Miserable Country to Launch Its Own Cryptocurrency Today

Venezuela’s state-backed cryptocurrency, Petro, is about to hit the market. Amidst an extreme economic crisis in the South American country, however, there is little reason to expect anything other than failure. State-Issued Crypto Amidst a Crumbling Economy Today, Venezuela is scheduled to launch the world’s first ever state-backed cryptocurrency with its new oil-backed Petro token, which many are construing as a desperate cash grab by a corrupt government amid an ever-worsening economic meltdown. Called Petro, each digital token — according to Venezuelan President Nicolas Maduro — will be backed by one barrel of the country’s national petroleum. 100 million...

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Bank of England Governor: Bitcoin Has ‘Failed’ as a Currency

On the back of Bitcoin’s recent correction and subsequent push back towards the $12K mark, long-time Bitcoin nonbeliever Mark Carney claims that the dominant cryptocurrency has failed on almost every front. Bank of England, Unsurprisingly, Doesn’t Like Bitcoin According to Bank of England Governor Mark Carney, Bitcoin has failed as both a viable currency and as a store of value — citing volatility and the lack of vendor adoption. On February 19th, Carney shared his already well-established position on the popular cyrptocurrency with students at London’s Regent’s University, stating: It has pretty much failed thus far on … the...

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Polish Central Bank Paid YouTubers for ‘Low Down and Dirty’ Smear Campaign Against Cryptocurrency

The Polish central bank (NFB) has been accused of paying prominent Polish YouTubers to run a “low down and dirty” smear campaign against the cryptocurrency market, without properly disclosing sponsorship. Subversive Tactics Poland’s central bank has been accused of orchestrating a subversive, online smear campaign against cryptocurrencies. As reported by Business Insider Poland, the Narodowy Bank Polski (NFB) spent around 91,000 zloty (£19,430; $27,300) on Google, Facebook, and other websites, in a subversive smear campaign aimed directly at attacking the legitimacy of cryptocurrencies — such as Bitcoin, Ethereum, Litecoin, etc. Most notably, NFB also paid prominent Polish YouTube network...

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Billionaire Calvin Ayre is Building a $100m Bitcoin Cash Resort in Antigua

Soon, wealthy tourists looking to live large in the Caribbean will be able to reserve rooms at controversial billionaire Calvin Ayre’s resort in Antigua — if you’ve got the Bitcoin Cash. A ‘Novel and Exciting Concept’ The billionaire founder of the Ayre Group and the Bodog entertainment brand, Calvin Ayre, is reportedly building a $100 million five-star resort on Antigua’s Valley Church beach — funded entirely by profits made from investments in digital currencies. The prime minister of Antigua and Barbuda, Gaston Browne, is excited by the news, as the islands have long been supportive of cryptocurrency. Browne says...

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