Category Archives: Cryptocurrency

A Russian entrepreneur has launched the initial offering of a cryptocurrency aimed primarily at the Jewish market on Wednesday that would conform to Jewish law and offer participants interest-free loans.

BitCoen is billed as the first kosher crypto currency in the world according to the website. It promises to give 10 percent of earnings to charity and says it can be used at 110 reception points including kosher restaurants and stores.

It is the brain child of Vyacheslav Semenchuk, a serial entrepreneur who has launched more than 30 startups.

According to the website, the new currency absorbed all the advantages of the digital world and combined them with values, customs and ancient foundations within the framework of Jewish law.

Vyacheslav Semenchuk (Facebook)

The ICO (Initial Coin Offering) is planned for October 9. So far the venture has attracted investments of over $42,000. Semenchuk himself invested $500,000 in the project, INC. news site reported, and he hopes to attract up to $20 million.

In addition to conforming to Jewish law, members of the kosher cryptocurrency will be able to receive interest-free loans.

The currency will be administered by a body called the Council of Six made up of six respected members of the Jewish community each representing a different area of expertise business, politics, finance, technology, social activities, culture represented by the six-pointed Magen David Jewish star.

The name of the currency BitCoen, is a play on the most popular cryptocurrency Bitcoin and the Hebrew word Kohen, referring to Jews from the priestly class.

The launch received support from one of the two chief rabbis of Russia, the Chabad-affiliated Rabbi Berel Lazar.

We expect that the cryptocurrency will cover all Jewish communities around the world, Lazars press secretary, Michael Lidogoster, said in a statement. The main guarantor of stability here is the fact that the keys to managing the cryptocurrency will be in the hands of the most respected members of the community, and not in the hands of some programmers.

BitCoen joins more than 800 cryptocurrencies traded globally.

View post:
Russian launches world's first Jewish cryptocurrency | The Times of ... - The Times of Israel

The advertising of cryptocurrencies should be responsible, with no empty promises and fake guarantees allowed.

Russias social network VKontakte (VK) is allowing the advertising of cryptocurrencies, effective August 8, 2017. The announcementwas made by the social network yesterday.

The network now permits the advertising of cryptocurrency exchanges, blockchain services, training platforms, as well as media, startups and businesses involved in cryptocurrency mining and Bitcoin.

There are some requirements: the services and entities advertised should not be banned in Russia. Also, the advertising of cryptocurrencies should be responsible, with no empty promises and fake guarantees allowed. Advertising including promises of fast and passive returns, easy fortune and suspicious success stories will not be permitted on the network.

The announcement comes as Russian businesses and even the Russian authorities are warming up to the world of blockchain and cryptocurrencies. The Ministry of Telecom and Mass Communicationsexpects that the implementation of legal provisions for distributed ledger technologies (such as blockchain) will happen not later than in 2019. And although blockchain is not yet regulated in Russia, this technology is not banned.

The Bank of Russia has markedly softened its stance regarding blockchain and cryptocurrencies too. Back in 2014, the Russian megaregulator issued a warning against Bitcoin and its likes. This stance, however, has markedly change and numerous Central Bank officials have reiterated that the regulator has never effectively banned cryptocurrencies. In fact, the Bank of Russia is reported to be working on the development of a national virtual currency.

Given this, there seem to be little restrictions on the advertising of cryptocurrencies, Bitcoin exchanges, blockchain products, etc.

Lets note, however, that concerns have been rising of the growing number of fraudulent schemesinvolving cryptocurrencies in Russia. One of the reasons for this trend is the lack of regulation of cryptocurrencies. Another reason is the low level of public knowledge concerning this market segment.

A recent surveyconducted by the NAFI analytical center among 1,600 respondents across 42 Russian regions, has shown only 28% of those surveyed are somewhat informed about crypto currencies. The percentage of those who heard the term crypto currency for the first time thanks to the survey is 72%.

Among those knowledgeable of crypto currencies, 38% think that this is a good investment. Nearly half of those who are familiar with crypto currencies believe that this is a temporary phenomenon.

More:
Russian social network VKontakte allows cryptocurrency advertising - FinanceFeeds (blog)

NEO, formerly known as AntShares, is generally known as the "Ethereum of China." But an even more accurate description of the project would be "China's public blockchain," according to the company. NEO made news this week when it went from being a top 15 cryptocurrency to a top 10 cryptocurrency as of the time of this writing. NEO's token value surged from sub-$10 to more than $20, and its market cap to more than $900 million.

NEO's platform is similar to Ethereum's but has some clear advantages and a different overall mission. First of all, it provides various advanced languages for its compiler, such as Python and Go. Second, and more important, its NEO Contract (which is run through a NEO Virtual Machine) supports various commonly used programming languages, such as C# and Java, which is a major advantage. This makes its barrier to entry for new developers much smaller than other platforms', as they do not need to learn new languages to code.

The big move for NEO is creating an entire smart economy. It has incorporated digital assets, smart contracts, and a digital identity that can be used for real-world applications and become integrated into the real economy. China could (and may) be a candidate for that first real-world application and integration.

NEO is in a spot similar to Ethereum's in early 2017, both cryptocurrency value wise and launch phase wise. Its product is fully operational and does a few things differently from Ethereum, including execution of C# code, which allows NEO to do more things with the platform and attract more developers.

The platform is also primed for running initial coin offerings (ICOs). And I wouldn't be surprised if it continues to be the go-to platform for upcoming Chinese ICOs. As we saw this year with Ethereum, when ICOs launch demand for the token that is hosting them goes up drastically.

I personally am excited to see how NEO's smart economy will start incorporating into the real world. If it's able to integrate physical assets and even intentionally involve government in China, that could be a good thing for the growth of NEO's project, in this case.

Excerpt from:
The Ethereum of China Is Now a Top 10 Cryptocurrency and Creating a Smart Economy - Inc.com

India's government has reportedly completed work on a proposalthat outlinespossible steps for regulating cryptocurrencies.

According to local media sourceBusiness Line,the report, submitted by an intergovernmental body put together in April, has been delivered to the Indian Ministry of Finance.

It's contents are currently unknown, though media reports in recent weeks suggest that at least some of the panel's participants want to adopt a more restrictive stance. Other sources have indicated that India may ultimately move to establish some kind of tax policy for cryptocurrencies.

As previously reportedby CoinDesk, the committee was established in order to examine the current framework in for cryptocurrencies in the country. Startups in India that work with bitcoin or blockchain have called for an inclusive stance from the government, particularly in light of confusion among consumers about the tech's exact legal status.

It's not clear when the Indian Ministry of Finance will publishthe report or in what form that release will take.

Meanwhile, efforts to examine the regulatory environment for the tech continue to expand.

CoinDesk reported earlier this week that theSecurities and Exchange Board of India (SEBI) has unveiled a broad advisory committee that will research blockchain and other technologies. The goal, according to SEBI, is to see whether the tech could be applied to its own regulatory processes.

India temple image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].

Continued here:
India Close to Finishing Work on Cryptocurrency Rule Proposals - CoinDesk

News world

An inter-disciplinary committee that was formed to assess blockchain-based currencies has submitted its report to government officials.

The world now watches as Indian members of a government-appointed inter-disciplinary committee have released a report to Finance Minister Arun Jaitley on cryptocurrency regulatory standards, according to a report made August 7, 2017, from New Delhi.

As recently as this April, the committee convened to conduct an all-inclusive review of all blockchain-based currencies. After accepting public comments on the subject during the month of May, the group met to deliberate in June, as reported by ETHNews. While the findings in the report have not been made public, it is very likely that they will have an influence on the country's future stance.

Zebpay, which is a founding member of the Digital Assets and Blockchain Foundation of India (DABFI), is pushing for a solution that allows DABFI to act as "a self-regulatory" organization.

Saurabh Agrawal, co-founder and CEO of Zebpay, highlighted a need for oversight and licensing of crypto-exchanges. "We are for some form of a task force or a controlling body that will be monitoring the activities of exchanges," said Agrawal. "We want ultimately exchanges to get licences just as banks are granted licences."

Once the report is made public, ETHNews will provide additional coverage of its regulatory ramifications.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

Follow this link:
Indian Inter-Disciplinary Committee Submits Cryptocurrency Report - ETHNews

With ten percent of its earnings going to tzedakah, the new Russian start-up advertises itself as the first kosher currency of the digital age

August 8, 2017 3:00 PM

Move over, Bitcoin: Theres a new digital currency in town, and its taking its cues from the priests who once served in the ancient Temple in Jerusalem. BitCoen, a new online currency startup, was created by Russian entrepreneur Vyacheslav Semenchuk. Advertised as the first kosher cryptocurrency, BitCoen boasts all the advantages of the digital world combined with the values and customs of the ancient foundations in the framework of Jewish law. The Jewish law theyre referencing is the practice of giving ten percent of your income to tzedakah. To this effect, BitCoen will give the Jewish community a tenth of its earnings in the form of the coins, according to the Russian publication CNews. The company will also give tzedakah by giving members of the system interest-free loans.

True to its Jewish roots, the company will be seen by a Sanhedrin of sorts, with Semenchuk calls The Council of Six. And while hes not revealing who these mysterious people are, the company has shared that theyll each represent a different economic area: business, politics, finance, technology, public work, and culture. BitCoen advertises this on their website with a circle of icons for each sector, connected bywhat elsea Jewish star.

Judging by the local Jewish communitys response, BitCoen has a bright future. We expect that the cryptocurrency will cover all Jewish communities around the world, Mikhail Lidogaster, Press Secretary of the Chief Rabbi of Russia, told Russian publication Inc. The main guarantor of stability here is the fact that the keys to managing the cryptocurrency will be in the hands of the most respected members of the community, and not in the hands of some programmers.

Sophie Aroesty is an editorial intern at Tablet.

Originally posted here:
Sophie Aroesty - Tablet Magazine

Recent South African parliamentary discussions have revealed Finance Minister Gigabas desire to adopt a balanced approach with regards to bitcoin and cryptocurrency regulations.

Also Read:South Africa Will Begin Testing Bitcoin and Crypto Regulations

In response to a question from the opposition party regarding the governments position regarding the regulation of South Africas emerging cryptocurrency economy, Finance Minister Gigaba has revealed many of the governments intentions and positions regarding cryptocurrency legislation.

Minister Gigaba reaffirmed that while virtual currencies currently sit out of the governments regulatory apparatus, while a number of institutions are currently exploring the matter and are yet to deliver their determinations. As noted, the relevant authorities continue to monitor and assess the use of virtual currencies and consult with private sector stakeholders in this regard. Further guidance or regulations may be issued, should the need arise, Finance Minister Gigaba said.

The National Treasury together with the SARB, FIC, and FSB have also established an Intergovernmental Fintech Working Group in December 2016, to develop an approach and potential revised policy stance towards fintech, including crypto-currencies, and to deal with fast-emerging fintech matters in the financial sector, like crowdfunding, robo-advice, machine learning and alternate payment platforms.

Minister Gigaba stressed that a balanced approach is being taken to the development of bitcoin and cryptocurrency regulations. Gigaba stated that the government wishes to develop a juridical apparatus that is supportive of the objectives of enhanced innovation, competition and financial inclusion in the financial sector, while also reviewing risks related to financial customer protection, money laundering and financial stability. The desire to develop regulations that balance the fostering of innovation with the protection of consumers was echoed by South Africas opposition party.

Finance Minister Gigaba also stated the governments intention to explore potential applications for blockchain technology beyond the circulation of digital tokens. The underlying blockchain technology also has a lot of potential to be used for purposes other than creating cryptocurrency. Blockchain technology is a cheap, effective and increasingly safe way to do transactions as well as to transfer money from one person or institution to another.

Do you think that the South African government will be able to strike an effective balance between fostering innovation and creating consumer protections in its development of bitcoin and cryptocurrency regulations? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

AtNews.Bitcoin.comall comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it.This is due to the many, repetitive, spam and scam links people post under our articles.We do not censor any comment content based on politics or personal opinions.So, please be patient. Your comment will be published.

Read the original here:
South Africa to Take Balanced Approach to Bitcoin and Cryptocurrency Regulations - Bitcoin News (press release)

Do u kik? Jamie Squire/Getty Images

Kik is giving teenagers a wallet and an allowance.

For the unfamiliar, Kik is one of the largest messaging apps in the world, though tiny compared to services like WeChat, Facebook Messenger and WhatsApp. Anyone who has scrolled through the bikini-heavy corners of Instagram (dont look at me)have probably seen something like Kik: b1ancAAAHor ~kIk Me~ in user bios. Its an invitation to connect personally, for chatting in private. Kik today is what BBM was to young Gen Xers or old Millennials.

With someones Kik ID, the app gives users a way to chat, send GIFs or do whatever the kids do these days, as long as whoever sent themessageseems cool; otherwise, they get blocked. Simple.

Fred Wilson thinks Kik is cool. The Union Square Ventures partner has backed the company, which has now attained a valuation of over a billion dollars, putting it in the unicorn club. According to App Annie, the company has had 30 million downloads on iOS and Android, and Android users have consistently logged about 5 hours per month on Kik.

As weve previously reported, Wilson has long believed that cryptocurrency could kickoff the next great leap forward for the web by making money native to the internet. That said, I dont think many people were expecting the companys announcement today: Kik is creating a new cryptocurrency, called Kin, running on the Ethereum blockchain.

They are going to decentralize Kik and use a new cryptocurrency called Kin to build a business model around a decentralized Kik and, hopefully, attract other developers to build decentralized communities using Kin as well, Wilson wrote on his blog.

With Kin, developers could earn money when users actually pay for services. Today, developers kill themselves building apps for Facebook and Google, and generally they can only monetize users attention in the form of ads. It takes a huge hit to earn anything.

So, the Toronto-based companyis giving a cryptowallet to several million young people and developers a strong incentive to make up ways for them to spend money in that wallet. If the internet has digital money moving at high volume, there will be new ways for companies to earn money besides selling out their users to Google and Facebook.

Ted Livingston, Kik co-founder. Noam Galai/Getty Images

Digital advertising is a $72 billion market. It grew by 20 percent last year, and nearly the entirety of that growth went to Google and Facebook, as Fortune reported. The two companies already control nearly two-thirds of the market. In a lot of ways, advertising is the currency of the internet, so online its as if the Federal government retired the dollar in favor of the Facebeso and the Groogble.

As Kik put it in the Kin whitepaper:

The reliance on advertising for digital media revenue has resulted in advantages for companies whose products reach mass audiences. Such companies can leverage network effects and economies of scale to apply intense pressure to smaller competitors while also stifling competition by providing their services free of charge.

By putting digital money in the hands of lots and lots of its users, Kik thinks it can create a new way for developers to make a living off their talent, but the key is teaming up.

Any one app that tries to take on these behemoths is going to lose, Ted Livingston, Kiks co-founder says in the announcement video for the new currency. Cryptocurrency is decentralized. If Kin takes off, there will be no new center of gravity. Instead, there will just be a Kin economy.

Kin will create 10 trillion units that it will parcel out over time. It will have an initial coin offering where ten percent of all Kin will be distributed. This should establish an initial value for the coins. Then it will begin distributing coins out to users and developers. The incentives at the start will be geared toward generate turnover. The more people are actually exchanging Kin, the more they should be worth. The more they are worth, the more developers will build new apps to generate more turnover.

Every day, new Kin will be released, and they will be distributed proportionally to apps based on how much Kin they move. In a way, it makes the rich get richer, but it also creates a strong incentive for techies to make stuff that people want to pay for.

To keep money flowing, users will be able to earn Kin without putting real money into the system. Everybody will get a wallet in their app. This could be important, because it allows young people to get into the idea of digital currency and really start using it. In the future, users will be able to earn Kin by providing value to other members of the Kik digital community through curation, content creation, and commerce, the white paper explains. Its vague, but the basics are there.

If Kin gets to be worth enough, we might see people, for example, pay for their Spotify subscriptions using money they earned posting funny photos on Kiks inevitable Snapchat Stories ripoff. Thats real value.

The white paper lays out several use cases in a Kin-economy. Users might use Kin to pay for access to exclusive, members-only groups around a celebrity. They might use Kin to buy exclusive content from an artist, such as a song download. And, of course, users will be able to tip people they like in Kin, such as webcomic artists working in a mobile-friendly format.

So that all sounds pretty nice. It also sounds like a nice ecosystem for porn stars, but whos judging?

Kik permissions, from the Google Play store. Screenshot

Though both porn stars and developers will have the same question:how easy will it be to turn Kin earned into actual money? Developers arent going to have an incentive to build great services that earn Kin if they cant pay rent with their earnings. Only a small portion of the Kin supply will become liquid in the near future, as most of the Kin supply is reserved for the Kin Rewards Engine, the white paper states.

So for an entrepreneur, that leaves them uncertain about if people will use Kin, if volume will be high enough, if it will be worth anything in fiat money and when they will be able to sell Kin for real money. Thats too much uncertainty for teams to start putting new Kikapp ideas onto whiteboards just yet.

Privacy is another big question mark. I went to download Kik to my mobile, and it asked for every possible permission, from access to my contacts to access to my microphone and camera. In its privacy policy, the company admits that it uses data collectors like Google Analytics and Nielsen (though there could be more), and users should look at those companies privacy policies to find out what they do with information gathered inside Kik.

So until Kik manages to knock Google out of its placeat the helm of the digital economy, itsstill making dinner off scraps that fall from the Mountain View gravy train.

UPDATE: Added data from App Annie. May 25, 2017 6:16 PM.

Read more:
cryptocurrency - observer.com

Popular Posts: Recent Posts:

Its a marvel to me to witness what is happening on planetEarth as it regardscryptocurrencies. Satoshi Nakamoto, whoever or whatever he/she/zhe is, began a revolution as big as the wheel and the printing press and the Internet that came before it, or so it seems to me.

With cryptocurrency, nobody can implement their preferred change arbitrarily.

MichaelWuensch / Pixabay

Over $93 billion dollars, and counting,have poured into the cryptocurrency market since Bitcoin wasreleased in 2009. Millions of individuals have come together without central direction to build this worldwide phenomenon.

Changes are happening every day that have global ramifications, all of which are happening without permission by governments, and often in spite of governments supposed authority to control other people. That is trulyawesome.

There is governance, to be sure, as it regards cryptocurrencies, but such governance is without centralized structure. Cryptocurrency manipulation must follow specific rules, and changing those rules requires popular acceptance by users and stakeholders of each given cryptocurrency. Nobody can implement their preferred change arbitrarily. The only thing arbitrary about cryptocurrencies is ones desire to get involved in the hundreds of different systems, and once involved, they must follow the rules.

Nobody can implement their preferred change arbitrarily. The only thing arbitrary about cryptocurrencies is ones desire to get involved in the hundreds of different systems, and once involved, they must follow the rules.

I think theres a model here for political governance, or in others words, governance around the idea that people have rights, and those rights should be protected, with physical violence if necessary. While people mostly agree that behaviors such as murder, rape, robbery, assault, and battery are undesirable and we all should be protected from them, theres a lot of disagreement on the smaller stuff, like whos entitled to what, provided by others that havent themselves committing any of the foregoing behaviors (ie. crimes). Thats not to say that people dont disagree on the big stuff, but the disagreement is morea matter of definition than of undesirability.

The only thing arbitraryabout cryptocurrencies is once involved, one must follow the rules.

Who should decide which entitlements should be enforced? The current model says that for a givenarbitrarily-derivedgeographical area, one entity should decide, even when a party to thedispute and that entity may be influenced in any number of ways. In other words,one size fits all, like it, leave it, or hope you get enough popular support to change it.

Next Page

Read the original here:
What Cryptocurrency Can Teach Us About Political Governance ...

Oaktree's Howard Marks sounded a general alarm last week about the state of stock markets, private equity, credit markets and for good measure new digital currencies like bitcoin and ethereum. Essentially, he wrote in his letter to investors that everything is overvalued.

On the cryptocurrencies, he went further. He stated several times that they're "not real." Furthermore, he said, they are "nothing but an unfounded fad (or perhaps even a pyramid scheme)."

Cryptocurrencies may indeed be in the biggest valuation bubble since the dot-com era.

At the same time, there is undeniable excitement about their potential today among the top tier of venture capital investors.

Former PayPal COO David Sacks, who was also an early investor in Airbnb, Facebook, Palantir, SpaceX and Uber, tweeted last week that cryptos are the best candidate we've had for the next big thing in Silicon Valley (Web 3.0):

When I read Marks' comments about bitcoin not being real, I thought back to an interview I did with the CEO of McEwen Mining four years ago:

Any currency exists only because at least two parties (a buyer and a seller) agree that it represents value. So, what constitutes money? On a South Pacific island, we might agree that chicken bones are a currency. In prison, we might agree that cigarettes are a currency. Today, while we all use fiat or paper currencies as money, a medium of exchange, there is a growing concern about the value of these pieces of paper.

I don't see why Bitcoin can't also grow and become another viable currency, an internet based currency. If enough people accept it, it will be used. It seems to have momentum behind it and it's intriguing how it's truly separate from any country or central banks' manipulation and control.

There will be growing pains, like the guy who lost money out of his electronic wallet because he left his computer on all night. Also, Bitcoin will spawn competitors, alternative digital currencies. I think it's a mistake to write off this currency as a bubble or fad.

Will it threaten gold? I don't think so. I think the two will grow in tandem as alternative currencies to fiat currencies.

In the dot-com era of the late '90s, there were many warning signs of a huge bubble that was about to pop including:

By contrast, few people are quitting their jobs to start cryptocurrency companies (yet). Day trading is rare. Taxi drivers aren't asking about bitcoin.

If cryptocurrencies are a bubble, we're still in the early innings.

But there are signs of frothiness:

Bitcoin in 2017 is as real as Amazon or Priceline was in 1999.

Both those great companies had their stocks get killed when the dot-com bubble burst, but they used the nuclear winter they faced in the next few years to make themselves more profitable and take market share that they would never give back.

Amazon dropped from $76 per share (in today's post-split share value) at the end of 1999 to less than $6 after the Sept. 11, 2001, attacks. Amazon trades now over $1,000/share.

Priceline went from $283 a share at the end of 1999 to less than $8 three years later. Today, it trades above $2,000.

No doubt many of this year's batch of ICOs, as well as dozens of other existing cryptocurrencies, will disappear in the coming years as things settle out.

But if you listen to Marks' advice and tune out the crypto space, you'll miss the ICO equivalents of Amazon and Priceline. Will ethereum be the next Google? Or the next Lycos?

More importantly, what will be the magnitude of growth from here? Bitcoin has grown from nothing to nearly $3,000 today (after a big pullback when it first hit $1,000 a few years ago). But where will it be in five, 10 or 15 years from now? And will it pull back to below $1,000 again before it breaks out to new highs?

To discard all cryptocurrencies as Marks did in his letter would be a big mistake. There is real value in these digital currencies.

Commentary by Eric Jackson, sign up for Eric's monthly Tech & Media Email. You can follow Eric on Twitter @ericjackson .

See the article here:
Cryptocurrency skeptics warn of another dot-com bubble, but remember: That's where Amazon and Google started - CNBC