Category Archives: Cryptocurrency

Updated: June 1, 2020 9:27:23 pm

Written by Radhika Pandey and D Priyadarshini

By striking down the Reserve Bank of India circular of April 6, 2018, the Supreme Court has given a fillip to crypto exchanges in the country. The circular had stopped traders and exchanges from accessing the banking system. Unable to conduct trades, several exchanges had shut down or moved overseas. Now, some have returned, others are seeing increased users and one has recently secured a multi-million dollar investment.

But the judgment has also rekindled the question of regulating crypto exchanges. There exists no clear legal and regulatory framework governing them. Recent reports suggest that the government may be mulling over a regulatory framework for cryptocurrencies. The RBI has also recently clarified that banks are not prohibited from providing services to traders and exchanges. Given the above, this article examines the broad contours of the possible approaches that can be taken to regulate crypto exchanges as they perform important functions but also carry significant risks.

Similar to stock exchanges, crypto exchanges provide an online platform or marketplace, albeit for cryptocurrencies. By also enabling trade or exchange of cryptocurrencies for fiat money, they connect the crypto and traditional financial systems. Regulators also look to exchanges for information on users and transactions, although this may depend on their organisational structure and functions. For example, centralised exchanges offer a single point of regulation. They have an entity in charge of the platforms governance and act as an intermediary throughout the trading process, namely, storing clients funds, monitoring trades and ensuring fulfilment of orders. But decentralised exchanges enable trades or exchanges on a peer-to-peer basis through an automatic process involving smart contracts. They make regulation challenging due to the anonymity of users and lack of central presence.

Crypto exchanges have also assumed importance due to their role in initial exchange offerings (IEO). Unlike initial coin offerings where the issue of coins or tokens is made directly to investors, with the latter responsible to assess the projects credibility, crypto exchanges intermediate and vet an IEO through due diligence of projects and KYC scrutiny of issuers. Crypto exchanges have therefore emerged as a key market infrastructure within the crypto-ecosystem.

But there are several concerns due to which regulation and supervision is required. In its heyday, MT Gox crypto exchange accounted for nearly 70 per cent of all Bitcoin transactions. Its hacking led to losses estimated in billions of dollars today. It went bankrupt. Investors claims are yet to be settled. More recently, the sudden death of the CEO of Canadas largest exchange in India left millions of investors money inaccessible in offline wallets. He alone knew the passwords. Such instances highlight some of the key risks associated with crypto exchanges the safety and security of cryptocurrencies and lack of investor/consumer protection in the form of recourse, and quick and orderly access to their own funds/assets.

Moreover, unlike traditional securities markets, crypto exchanges perform additional functions like custody of assets or funds, clearing and settlement. They are also known to co-mingle client and proprietary funds or assets sometimes. Such practices, without adequate internal checks and controls, lead to conflicts of interest, micro-prudential and consumer protection risks.

Of particular concern is the un-intermediated access given to retail investors of complex products without adequate disclosures or advice regarding their suitability. The borderless nature of cryptocurrencies and service providers (like wallets and payment processing) weaken the ability to enforce investors rights and recover their assets. Crypto exchanges are also known to enable circumvention of capital controls and commission of financial crime including money laundering and terrorism financing.

International experience illustrates some broad principles for regulating crypto exchanges. Typically, in jurisdictions that categorise cryptocurrencies as securities or other financial instruments, licensed crypto exchanges have emerged as a point of regulation, including for the implementation of anti-money laundering (AML) and terrorism financing (CFT) laws. Recognition then entails the application of existing securities laws as in the case of the US, UK, Japan or Hong Kong, or laws specifically designed for cryptocurrencies like Malta. International standard setting bodies like FATF and IOSCO too have provided guidance from time to time. Pertinently, IOSCOs recent report on cryptocurrency trading platforms recognises that risks currently associated with trading on such platforms and traditional risks in securities trading are similar. The report also notes that securities laws objectives like consumer protection and market integrity continue to apply even if underlying technology and business models of crypto exchanges pose unique challenges.

Accordingly, a legal and regulatory framework must first define cryptocurrencies as securities or other financial instruments under the relevant national laws and identify the regulatory authority in charge. Regulation must then define the entry points who can carry out crypto exchange and intermediary functions, who can trade and what can be traded. Operation of crypto exchanges or intermediaries like brokers or custodians can be subject to receiving regulatory licenses. Licenses may be issued based on compliance with eligibility requirements and a detailed scrutiny of operational policies and procedures on internal governance, risk management and financial resources. Trading can be restricted to approved cryptocurrencies as in the case of Japan. Exchanges can be required to screen undesirable cryptocurrencies that dont permit tracing or are vulnerable to cyberattacks. Regulations can also require the performance of stringent KYC checks and independent verification by exchanges before onboarding investors. Access to retail or unsophisticated investors can be prohibited (like Hong Kong) or intermediated through professional advisors.

Thereafter, regulation must provide for ongoing supervision on matters concerning safety and security of assets and funds, transparency of operations including trading and price discovery, comprehensive and timely disclosures on the cryptocurrencies traded including risks and suitability for retail investors, and compliance with AML/CFT requirements. Record keeping, inspections, independent audits, investor grievance redressal and dispute resolution may also be considered to address concerns around transparency, information availability and consumer protection. Ongoing regulation and supervision seek to reduce the possibility of exchanges failing. But when they do, regulation must enable investor protection through quick and orderly access to their funds or assets.

Cryptocurrencies are borderless and often transcend regulatory classifications (as security, commodity or payment mechanism for example). Establishing robust information sharing and coordination mechanisms between regulators and enforcement agencies within the country, and with relevant foreign agencies would therefore be crucial too.

The writers are fellows at the National Institute of Public Finance and Policy

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Regulating cryptocurrency exchanges - The Indian Express

One of the most discussed topics in the world of finances and investment is the cryptocurrency known under the name of Bitcoin. Even though this topic is recently getting to the attention of the public, there are a significant number of things we should pay our attention to before indulging in the subject of cryptocurrency. Many people are still unaware of the existence of the bitcoins so, it is rather important to do proper research and get to the bottom of things before making any decisions. There was a time when the general public did not believe in the value of cryptocurrency, but all of that is now changed. And we are seeing that more and more news programs are talking about the rise of the bitcoins.

As bitcoins are at their peak of popularity, it is important to learn as much as we can before we start investing. So, today we are going through the most important things you should know when buying bitcoins in the Isle of Wight.

Achieve Your Financial Freedom

The starting steps in the journey of investment in cryptocurrency consist of gathering your knowledge which will help you understand what profits you will eventually make, what are the payment methods, what are the trading deposits, and so much more. You can easily achieve that through bitcoin revolution UK.

The well-known cryptocurrency sites in the Isle of Wight will allow you to follow all of the newest trends in the cryptocurrency world, make investments, buy and sell your bitcoins with acceptable fees. But you are probably wondering how it actually works.

The Steps of Buying Bitcoins

Well, first of all, the bitcoins do not actually exist in the physical world, their currency is only digitally available. Because you are actually dealing with valuable digital money, you need to provide your personal documentation. This way you are creating your secure bitcoin portfolio. When your identity is verified you can proceed to create your bitcoin online wallet.

The bitcoin online wallet is a rather important step where you will store all of the bitcoins that will be ready for spending or trading. This bitcoin wallet will also help you keep track of your investments and you will know the exact amount of bitcoins you own. The online wallet will keep all of your information in a safe space. In order to be completely sure that your investments are secure, the online bitcoin wallet offers the option to back it up.

Once you have your secure bitcoin wallet you can use your traditional payment methods that require credit or a debit card, or your existing bank account. This way you can buy or exchange your bitcoins.

After everything is set, you have to find an online marketplace that in the cryptocurrency world is known as exchanges which are rather similar to the stock markets we are all familiar with.

Just like in any other cryptocurrency exchange, when dealing with bitcoins you have to be aware of the risk involved in the whole process.

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HOW TO BUY BITCOIN ON THE ISLE OF WIGHT - Island Echo

In its latest report cryptocurrency data provider Coin Metrics predicted that Bitcoins daily volume could eclipse that of the U.S.equity market, if growth rates are maintained. But how likely is it really?

The report cites Bitcoin as an asset class with incredible growth potential due its low trading volume compared with more traditional markets:

The interpretation is that Bitcoin, in its current state, is most comparable in size to a large capitalization stock rather than a distinct asset class.

Bitcoins daily spot market volume is currently $4.1 billion in USD markets according to Coin Metrics its dwarfed by the U.S. equity, bond and global FX markets at $446 billion, $893 billion and $1.98 trillion respectively.

Bitcoin volume compared to major asset classes. Source: Coin Metrics

But Coin Metrics projects an exponential increase in daily volume:

If historical growth rates can be maintained, however, Bitcoins current daily volume from spot markets of $4.3 billion would need fewer than four years of growth to exceed daily volume of all U.S. equities. Fewer than five years of growth are needed to exceed daily volume of all U.S. bonds.

To achieve this, Bitcoins current volume would need to increase by more than 100X from Coin Metrics current figure to exceed the daily volume of U.S. equities. This also assumes no growth in the equity market between now and 2024.

Bitcoin spot volume projection. Source: Coin Metrics

While it seems a tall order, Coin Metrics suggests that not only could Bitcoin trading volume overtake these major asset classes within five years, but it has the potential to reach $1 trillion by 2025. This would be incredible growth from a young and emerging market in order to outpace one that has existed for over 200 years.

The report discusses the difficulty in accurately measuring Bitcoins daily volume with different methods yielding significantly different results. The biggest market by far is the derivatives market which accounts for $13.9 billion in trading volume, however this is still a developing market and isnt included in the main analysis:

If reported volumes are to be believed, gaining exposure through derivatives markets may be the most efficient path. However, crypto derivative markets are still developing, and market participants must contend with a confused mixture of differing contract specifications.

The reported $4.1 trading volume comes from stablecoins dominated by Tether ($2.3 billion), fiat markets ($1.2 billion), and cryptocurrency exchanges ($0.5 billion).

Coin360 and CoinMarketCap report Bitcoins trading volumes of over $9 billion and over $25 billion respectively, casting confusion as to which is the most accurate figure. However the Coin Metrics data refers to U.S. dollar volume.

Bitcoin volume distribution by exchanges. Source: Coin Metrics

Coinbase, Bitstamp, Bitfinex, and Kraken account for 90% of the $500 million in reported daily volume.

The second half of 2020 will be defining as many analysts are predicting the setup for a new bull run. Should the bull run eventuate, not only will this increase trading volume but it will also see new investors and institutions entering the market which makes an exponential increase of 100x in the coming years all the more likely.

But the focus may also turn from Bitcoin to other coins as the novelty of an emerging financial market wears off and is replaced with a more technology-focused market.

See the rest here:
Could Bitcoin Trading Volume Really 100X in Four Years? - Cointelegraph

Based on a slew of recent predictions, bitcoin prices could more than double this year to $20,000. Or go to$250,000 by early 2023. Or$300,000 within five years.

Whatsconfounding cryptocurrency traders now is the wide gap between suchlofty forecasts and the banal reality: Since late April,bitcoin has traded in a range between roughly $8,500 and $10,200.

Thursdays market action was no different, with prices rising 1.3% to about $9,800. The highest in two days. Not much to get excitedabout.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

The newest forecast attracting chatter, onTwitterandelsewhere, emerged this week when analysts at Bloomberg predicted, based largely on an analysis of historical trading patterns,that bitcoin prices would approach$20,000 later this year.

A jump to thatlevel would bring bitcoin back to its December 2017 all-time-high of $20,089. Clearing the thresholdwould represent a remarkable comeback for bitcoin, and itwould reset many of the conversations around the market. Imagine the daily breathlessheadlines in both cryptocurrency-and Wall Street-focusedmedia as the 11-year-old digital asset charted new price records.

A glance at bitcoins price chart since early 2017 shows how far off bitcoin remains from that$20,000 threshold. But it also shows how rapidly the price ran up in 2017. In the volatile bitcoin market, its hard to rule anything out.

Greg Cipolaro, co-founder of the cryptocurrency analysis firm Digital Asset Research, says predicting prices for bitcoin has been notoriously difficult.

Its a highly volatile asset with not a lot of understanding of valuation and pricing frameworks, Cipolaro said in a phone interview. People kind of throw darts at a dart board. Sometimes theyve been proven to be wildly low, and sometimes wildly optimistic.

Whats easier to predict, according to Cipolaro, is where prices are headed more generally. He says hes bullish.

The current backdrop,the macroeconomic and social and political divide that were experiencing, all point to a non-sovereign-backed store of value, and that is something like bitcoin, Cipolaro said.

Maybe thats the right approach. Such finger-in-the-wind forecasts areincreasinglythe modus operandi on Wall Street these days.

The Standard & Poors 500 Index isnow close to its 2019 year-end level, even though the coronavirus and related lockdowns have pushed the global economy into its worst contraction since the 1930s, hitting corporate profits anddriving large retailers into bankruptcy. Unemployment is soaring.

Some commentators on U.S. stocks argue that valuations arent really supported by the fundamentals, but by a belief that governments and central banks like theFederal Reserve will pull every official lever to keep share prices from falling. The implication is that stocks might have little downside, but little upside either.

With bitcoin, there are naysayers of course. Goldman Sachss money-management division wrote last week thatbitcoin is not a suitable investment. The billionaire investor Warren Buffett said in February that bitcoin has no value.

But to professional crypto analysts, the downside risks are far more mundane. Nicholas Pelecanos, head of trading at NEM Ventures, said in an email that bitcoin prices could fall toward $7,000 if they break below the $8,500 mark. Not exactly catastrophic, given that prices have often traded below $7,000 over the past six months.

And theres a lot to talk about when it comes to theupside.

The European Central Bank on Thursday announced it would inject as much as 600 billion euros more into financial markets than previously promised, potentially bolstering bitcoins use as a hedge against inflation.

CoinDesks Zack Voell reported on Thursday that bitcoin isincreasingly being used in tokenized formwhen transacting ondecentralized-finance networks on the Ethereum blockchain. A fast-growing use case, as it were.

CryptoCompare, a London-based data aggregator, said Thursday in a report thatcryptocurrency derivatives volumes surged to a record $602 billion in May.

And CoinDesks Wolfie Zhaoreported Thursday that the Bitcoin blockchainunderwent an automatic adjustment that will make iteasier to minenew units of the cryptocurrency, theoretically luring more operators back to the network to keep its distributed ledger secure.

Mati Greenspan, of the foreign-exchange and cryptocurrency-analysis firm Quantum Economics, says the milestone could catapult bitcoin into the next wave of its price cycle. The adjustment comes roughly a month afterbitcoins once-every-four-years halving, which cut bitcoin rewards for miners in half.

Though we only have two examples of previous halving events, the price began to rise approximately one month after the event, begging a brand new massive bull run each time, Greenspan wrote in an e-mail to clients.

Bitcoinmay not go to $300,000. It may not even go to $20,000.

But the base case for now is that the price is likely to go up. First it needs to get past $10,000.

Tweet of the day

Bitcoin watch

BTC: Price: $9,738 (BPI) | 24-Hr High: $9,875| 24-Hr Low: $9,472

Trend: A key bitcoin price indicator continues to call a bullish move despite the cryptocurrencys recent failure to keep gains above the $10,000 mark.

The weekly charts moving average convergencedivergence (MACD) histogram is producing higher bars above the zero line, indicating a strengthening of upward momentum. Its now reporting a value of 282 the highest since mid-July 2019. Put simply, the indicator is currently suggesting the strongest bullish bias in 11 months.

While the MACD is based on backward-looking moving average studies, it has proven its fortitude in the past by marking the beginning of bullish trends with a cross above zero. For instance, the MACD crossed above zero in mid-February 2019 and began climbing above zero well before the cryptocurrency broke into a bull market with a 26% rise in the first week of April 2019. Similarly, the bearish trend seen in the second half of last year began after the MACD moved back below zero.

The weekly charts relative strength index is also signaling bullish bias with an above-50 reading, while the daily chart is flashing agolden crossover, a long-term bull market indicator.

Multiple long-tailed candles seen on the hourly chart show persistent dip demand near the 200 hour average, currently at $9,581. The immediate bias will remain bullish as long as prices are holding above that level.

All in all, the charts seem to have aligned in favor of a re-test of $10,000. The cryptocurrency was rejected above that hurdle on Tuesday, falling sharply by $800 in just five minutes. As a result, some analysts say a sustained move above $10,000 is required to restore the rally from the March low of $3,867.

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.

Here is the original post:
First Mover: Bloomberg's Pie-in-the-Sky Bitcoin Call Looks Directionally Defensible - CoinDesk

Cryptocurrency intelligence company tracking crimes involving digital assets CipherTrace said in its latest report that crypto thefts, hacks, and frauds totaled $1.4 billion in the first five months of 2020.

Cryptocurrency exchanges are becoming more aware of illegal funds coming from crimes and are implementing successful countermeasures, the firm added.

According to the paper dubbed Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report, the most significant contributor to the massive amount is the Chinese fraudulent project Wotoken. As CryptoPotato reported recently, the Ponzi scheme resembling the notorious PlusToken stole an estimated amount of over $1 billion from 715,249 victims.

Outside of Wotoken, another major fraudulent market share went to coronavirus-related scams. The sudden outbreak of the COVID-19 pandemic harmed peoples health and world economies, but cybercriminals tried to capitalize with numerous innovative scams duping victims.

Reports on the matter indicated that during the most intense periods of the pandemic, scammers used various methods, such as impersonating popular health and charity organizations. Despite differences in terms of content and requests, the cybercriminals ultimately asked a payment done in Bitcoin.

The rapid surge of similar scams even got the FBIs attention. The Bureau issued an official warning advising people to act with more caution when receiving anything even remotely associated with the COVID-19 pandemic.

The combined efforts of these and a few other cryptocurrency-related frauds had totaled $1.36 billion from January to May this year and are vastly exceeding hacks in thefts. Hence, 2020 could see the second-highest value in crypto crimes ever recorded, trailing only to 2019s $4.5 billion.

The report indicated that digital asset exchanges have been more successful in implementing Anti-Money Laundering measures and more efficient KYC rules in 2020.

Thus, the paper explained that the global average of direct criminal funds received by exchanges dropped by 47%. This suggests that many criminals are finding it harder to offload their illicit funds directly to cryptocurrency exchanges.

Nevertheless, criminals are getting savvier by expanding their methods of operations. The document outlines a particular examination of one prominent darknet marketplace revealing that risk exposure to exchanges tripled for interactions two-hops out compared to one hop out.

For the third consecutive year, cryptocurrency platforms based in Finland have received the most substantial amount (12.01%) of Bitcoin funds from criminal sources. The popular Finnish peer-to-peer marketplace LocalBitcoin is responsible for 99% of that share.

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$1.4 Billion In Cryptocurrency Stolen In The Spring of 2020 Amid Coronavirus and WoToken Scams - CryptoPotato

In brief:

There's plenty of ways to earn cryptocurrency in this space; you can freelance for it, you can set up a node, you can even walk for cryptocurrency. But none of these are half as satisfying as earning crypto while maneuvering a pudgy, but altogether non-descript, yellow bird around some green pipes.

Thats right folks. Flappy Bird, the obsession-worthy mobile game that stirred up a sensation in 2014, is back. To be clear, its not the official Flappy Bird, but it does have one leg up on the original: You can play it to win cryptocurrency.

"Hello everyone! I'm ecstatic to announce a project that I've spent many, many sleepless nights on," reads the developer's post in the Nano subreddit. "I present to you, FlappyNano!"

Per the developer, the game is a simple twist on the original. Rather than the aforementioned yellow plumper, the central character is replaced by a blue ghost-like creature.

FlappyNano harnesses a multiplayer feature in which competitors ante up 0.1 nano. The player with the highest score wins the pot.

To begin, one player sends an invitation via an in-app link. Once the challenge is accepted, a third party escrow address appears as a QR code for players to deposit funds. Once the pair have deposited, it's game on.

At present, the game works on both desktop and mobile, but the developer suggests installing Natrium, a Nano-based wallet, for the best experience.

This isnt the first crypto-version of Flappy Bird. But the last one wasnt so successful.

An EOS iteration of the gamein which top-ranking players earn EOS-based tokenshas pretty much flatlined in terms of usage. According to data from DappRadar, the game hit a peak of 464 users a week after its release in 2019. Since then, there has been virtually no activity at all.

But will FlappyNano fly?

Continued here:
How to win cryptocurrency by playing Flappy Bird - Decrypt

The text below is an advertorial article that was not written by Cryptonews.com journalists.

Deciding on which cryptocurrency broker to invest with is one of the most important tasks in the crypto industry. You have to invest with a reliable and trustworthy broker which not only ensures the safety of your funds but also can help you make a profit. To do this, you have to consider some factors like the coin spreads, available trading platforms, regulation, minimum deposit, etc.

Here, well figure out which is the best cryptocurrency broker by comparing some of the top dogs out there.

1. Plus500

Plus500 self-described as the Worlds Trading Machine is a CFD broker for trading cryptocurrencies among other trading commodities. The broker is owned by Plus500UK Ltd and has its headquarters in London, United Kingdom. The worlds top cryptocurrencies can be traded on Plus500 and the trading platform is available 24/7. With Plus500, you can try a Free Demo Account to practice your trading skills before registering for live trading and as a CFD, you do not need to own the cryptocurrencies before you can trade them.

IQ Option is the cryptocurrency broker choice for most traders because of its quick deposit & withdrawal and short selling features. Though it is renowned majorly for Forex, Stocks, and Options trading, IQ option is still one of the leading crypto brokers in the world. The platform was founded in 2013 and boasts of close to 50 million registered users; over 1 million trades are completed daily which amounts to about $11 billion every month. You can trade cryptocurrencies normally and as CFD. A demo account is featured before trying your hands on the real deal.

eToro has been around since 2007 and has more than 10 million users worldwide. Fifteen of the most popular cryptocurrency are available to be traded on eToro; this includes Bitcoin and fourteen other altcoins. The platform is focused on copy trading services with a CopyTrader technology so you can imitate the winning trading strategies of top crypto traders. It is user-friendly and optimized for both crypto trading beginners and experts. The platform features a risk-free practice trading account with up to $100,000 virtual funds.

XTB.com was rated by Brokerchooser as the Best CFD Broker for 2020. The platform is used by about 170,000 traders across the globe. Cryptocurrency can be traded all days of the week except from 9 pm on Fridays to 3 am on Saturdays. The platform features a free demo trading account that you can use for up to 4 weeks.

From the comparison, the best cryptocurrency broker out of the lot is Plus500. The platform is well regulated by different bodies and relatively low spreads for all top 3 cryptocurrencies. However, it is important to note that since cryptocurrencies are volatile, the spreads can change at any time.

Originally posted here:
What Is The Best Cryptocurrency Broker? - Cryptonews

Personal computers are illegally hacked by cryptocurrency miners to collect Monero cryptos.

Microsoft is replacing humans with AI to select and curate news stories on the companys Edge browsers and MSN site. That move will lead to over 20 people losing their jobs.

Googles Pixel Buds 2 has a connectivity issue, according to a growing number of user reports on the companys support forum and Reddit.

Facebook is making some updates to its user verification policy. With this change, page owners with large audiences need to confirm their identity with the social network.

Lastly, Indias Department of Telecom (DoT) has issued a notice to internet service providers (ISP) to block a file-sharing platform.

Crypto-jacking

Crypto-jacking is the process of illegally using someone elses computer to mine or collect Bitcoin or other types of cryptocurrencies.

In the UK, an 18-year-olds computer was crypto-jacked by miners to collect Monero cryptocurrency, the BBC reported.

Abdelrhman Badr did not know he was crypto-jacked until he noticed unusual activities in his computer. Even after turning his PC to sleep mode, the fans kept running.

And when he opened the laptop, the main login page would open up without the usual login page.

"My computer wasn't actually going to sleep at all," he told the BBC.

Badr serendipitously found about the mining when he was going through the computers program. The device has been sending information to a website he never heard of.

That website was collecting Monero cryptocurrency. In retrospect, Badr thought that an accidental download might have installed a malware in his pc.

Badrs computer falling prey to cryptocurrency mining is not on-off. A few weeks earlier, a pan-European group claimed to have attempted mining cryptocurrencies using multiple machines.

The practice of illegally collecting crpytocurrencies is currently on rise as the price of the asset is falling, according to Palo Alto Networks.

So, to reduce costs associated with mining, hackers resort to crypto-jacking.

AI to replace humans at Microsofts news curation division

Microsoft has decided to replace humans with AI to select, edit and curate news stories on the companys news webpage and Edge browser, the Guardian reported.

The move resulted in over 27 individuals losing their jobs at PA Media, a company contracted by Microsoft to manage its news page. The employees were told that the software companys decision to terminate its contract is a result of Microsofts global shift to use AI for news.

The PA Media team managing Microsofts MSN site does not file own stories. They only select articles from other news organisations and post them on Microsofts website. For hosting these articles, both Microsoft and the news organisation share advertising revenue.

We are in the process of winding down the Microsoft team working at PA, and we are doing everything we can to support the individuals concerned, a spokesperson at PA Media said in a statement.

We are proud of the work we have done with Microsoft and know we delivered a high-quality service.

Microsoft said that the company decision to use AI is not a result of the current pandemic. It has been evaluating its businesses on a regular basis to increase investment in some functions, and reducing in others.

Facebook to verify identity of users with large audiences

Facebook said it will verify identity of users with large audiences in the US in an effort to improve user experience in its apps.

The move will be the social networks extension of its page verification process started in 2018. Back then, Facebook verified users who manage Pages with a large group of followers.

The extension in the attestation policy comes at a time when the US is warming up for 2020 Presidential election. And the addition to the ID confirmation process may limit the spread of viral posts if the social network spots inauthentic behaviour.

The social media company wants to ensure that real people, and not bots, use its network. The move will also help users to know who is the actual person behind the content they see on Facebook. The messengers identity is important given their message reaches a large number of people.

If someone does not verify their identity or provides an ID that does not match a linked Facebook account, the speed of the viral post will be reduce so fewer users will see it.

And if the person posting the content is a Page admin, that person will need to complete a Page Publishing Authorization. Without completing it, their account wont be verified, and they cant post any content on the page.

The ID shared for verification will be stored securely and will not be shared on a persons profile.

Internet service providers in India asked to block WeTransfer

WeTransfer, a Netherlands-based file sharing platform, has been blocked in India on instruction from Department of Telecom (DoT) to internet service providers (ISP), Reuters reported.

The DoT had issued an order on May 18 to ISPs without giving a reason for blocking the site. The order invokes a clause from conditions laid out for granting licences to ISPs, Reuters said on reviewing the note.

Per the clause invoked by DoT, all ISPs must block websites in the interest of national security or public interest.

At this moment in time, WeTransfer seems to be blocked and unavailable in India, WeTransfer said in a blog post.

We are working hard to understand the reasoning behind this block, as well as how to get it reverted as soon as possible.

WeTransfer allows users to share and upload files of up to 2GB for free in one transfer. Paid users can transfer 20GB per upload.

Pixel Buds 2 users report issues

A growing number of Pixel Buds 2 report Bluetooth connectivity issues, 9to5 Google reported.

Several threads on Google support forums and some on Reddit show many users facing issues related to random audio cutouts, leading to brief pauses while connected to the buds.

The issues have been coming up since the first pieces were shipped, and Googles updates arent solving the connection problem.

Unfortunately, even with the latest version 295 update, the problem is not fixed, based on reports by users.

In one of the cases, even a replacement pair did not solve the issue.

A review on Reddit said: I was really excited to get these in today, but have had nothing but issues with them. While sitting at my computer they seemed to work fine, but I noticed that if I touched the left ear bud or moved my head too much, it would cut out.

Read more here:
Todays cache | Crypto-jacking, and more - The Hindu

The global cryptocurrency market to gain from increasing Internet penetration worldwide. Recently Fortune Business Insights has announced a report titled, CryptocurrencyMarket Size, Share and Global Trend by Component (Software, Services), Process (Transaction, Mining), Type (Bitcoin, Etherum, Litecoin, Ripple, Dashcoin), End User, and Geography Forecast till 2025. As per the report North America was leading the global cryptocurrency market in 2017. The growth witnessed is attributable to high adoption of digital currency in the region. The trend is unlikely to change and North America may lead the global cryptocurrency market through the forecast period.

Request a Sample Copy of the Global Market Research Report:https://www.fortunebusinessinsights.com/enquiry/sample/Cryptocurrency-market-100149

The rising demand for online financial services in the region is likely to contribute the growth of the market in North America. Besides this, North America holds 27% participants, 39% of wallets, 18% transactions, and 19% of cryptocurrency paymen companies. This is a primary reason behind the high demand witnessed in the region. It also facilitates the higher adoption of cryptocurrency. The cryptocurrency market in Asia pacific is anticipated to expand at a relatively higher CAGR. The growth witnessed is attributable to increasing number of cryptocurrency transactions taking place in the region. Japan is known for major investments in cryptocurrency. Rising investments cryptocurrency have resulted in the formation of new laws for legalization of cryptocurrency under financial service agency. This is a major step taken by Japan and is expected to boost the Asia Pacific cryptocurrency market.

Market Landscape and Market Scenario Includes:

Europe is also amongst the leading regions in the global cryptocurrency market. The growth witnessed is attributable to high adoption of e-financial services in the region. Moreover, Germany issued a statement to consider cryptocurrency as private currency without any payable taxes, unless held for a year or more. Tax and other benefits from cryptocurrency is expected to fuel the demand for cryptocurrency and increase the number of owners globally.

Key Market Driver

Key Market Restraint

For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/Cryptocurrency-market-100149

Adoption of e-wallets to Drive Market

Government initiated awareness programs regarding cryptocurrency in developing and undeveloped nations are anticipated to enable growth in the global cryptocurrency market, said a lead analyst at Fortune Business Insights.

Some of the chief factors expected to drive the global cryptocurrency market during the forecast period 2018-2025 are rising adoption of e-wallets and consumer shift towards online platforms. Additionally, cashback, promotional, and other offers on e-currency is a factor anticipated to fuel the demand in the global market.

On the contrary, requirement of a good network connection and high cost data tariff plans are a few factors that may hamper the growth in the global cryptocurrency market

Important Features that are under Offering and Key Highlights of the Market Report:

Top Players List:

Key Industry Developments

Queries Addressed In Cryptocurrency Market Report:

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Segmentation

1. By Components

2. By Process

3. By Type

4. By End User

5. By Geography

Key Features of Market Research Report:

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Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.

Table of Content

5.Global Cryptocurrency Market Analysis, Insights and Forecast, 2020 2027

5.1.Key Findings / Summary

5.2.Market Size Estimates and Forecasts

5.2.1.By Component (Value)

5.2.1.1.Hardware

5.2.1.1.1.FPGA

5.2.1.1.2.ASIC

5.2.1.1.3.GPU

5.2.1.1.4.Others (Paper Wallet, Web Wallet, etc.)

5.2.1.2.Software

5.2.1.2.1.Mining Software

5.2.1.2.2.Exchanges Software

5.2.1.2.3.Wallet

5.2.1.2.4.Payment

5.2.1.2.5.Others (Vaults, Encryption, etc.)

5.2.2.By Type (Value)

5.2.2.1.Bitcoin

5.2.2.2.Ether

5.2.2.3.Litecoin

5.2.2.4.Ripple

5.2.2.5.Ether Classic

5.2.2.6.Others (Dogecoin, Moneor, Dash, etc.)

5.2.3.By End-use (Value)

5.2.3.1.Trading

5.2.3.2.E-commerce and Retail

5.2.3.3.Peer-to-Peer Payment

5.2.3.4.Remittance

5.2.4.By Region (Value)

5.2.4.1.North America

5.2.4.2.Europe

5.2.4.3.Asia Pacific

5.2.4.4.Middle East and Africa

5.2.4.5.Latin America

6.North America Cryptocurrency Market Analysis, Insights and Forecast, 2020 2027

6.1.Key Findings / Summary

6.2.Market Size Estimates and Forecasts

6.2.1.By Component (Value)

6.2.1.1.Hardware

6.2.1.1.1.FPGA

6.2.1.1.2.ASIC

6.2.1.1.3.GPU

6.2.1.1.4.Others (Paper Wallet, Web Wallet, etc.)

6.2.1.2.Software

6.2.1.2.1.Mining Software

6.2.1.2.2.Exchanges Software

6.2.1.2.3.Wallet

6.2.1.2.4.Payment

6.2.1.2.5.Others (Vaults, Encryption, etc.)

6.2.2.By Type (Value)

6.2.2.1.Bitcoin

6.2.2.2.Ether

6.2.2.3.Litecoin

6.2.2.4.Ripple

6.2.2.5.Ether Classic

6.2.2.6.Others (Dogecoin, Moneor, Dash, etc.)

6.2.3.By End-use (Value)

6.2.3.1.Trading

6.2.3.2.E-commerce and Retail

6.2.3.3.Peer-to-Peer Payment

6.2.3.4.Remittance

6.2.4.By Country (Value)

6.2.4.1.The U.S.

6.2.4.2.Canada

7.Europe Cryptocurrency Market Analysis, Insights and Forecast, 2020 2027

7.1.Key Findings / Summary

7.2.Market Size Estimates and Forecasts

7.2.1.By Component (Value)

7.2.1.1.Hardware

7.2.1.1.1.FPGA

7.2.1.1.2.ASIC

7.2.1.1.3.GPU

7.2.1.1.4.Others (Paper Wallet, Web Wallet, etc.)

7.2.1.2.Software

Read the original post:
Who are the distributors, traders and dealers of Cryptocurrency Market? - Fresno Observer

Cryptocurrency exchange OKEx announced the eighth round of buyback for its platforms proprietary OKB token.

In a June 5 announcement, OKEx announced the start of the eighth and largest buyback of OKB tokens. From March 1 until May 31, the exchange bought and burned over 3.5 million OKB tokens, which at its current price of $5.35, translates to a total value of over $18.7 million.

OKExs OKB buyback initiative was launched in early May 2019, when there were still 300 million of the tokens in circulation. After this last burn, a total of over 20.67 million OKB tokens were burned.

All the burns result in a current total number of tokens in circulation under 280 million OKB, for a market cap just short of $321 million. The burned tokens are sent to what OKEx fittingly calls a black-hole address.

Per the announcement, the purpose of the burns is not to influence the tokens price, but to instead encourage the development of an ecosystem based on OKB. In February 2020 OKEx also burned 700 million of unissued OKB tokens and promised to not issue any more tokens. The firm claims:

This [decision] converted the OKB token into a fully deflationary token as well as the world's first fully circulating platform token.

In the future, OKEx promises that the tokens will be moved to their native blockchain, OKChain, but so far theres just a test network. According to a March 2019 announcement, the firm is developing the blockchain and plans to also launch a decentralized exchange on it.

Since March, OKEx has been the worlds top Bitcoin (BTC) futures exchange by volume and is continuing to aggressively push to expand further.

Just yesterday, the exchange launched Ether (ETH) options contracts on its trading platform and announced that EOS options will be launched on June 18. The firms CEO, Jay Hao, told Cointelegraph that he believes derivatives are important for the crypto ecosystem:

Derivatives are fundamental for the development of the crypto ecosystem and for attracting institutional funds. When you look at traditional markets, derivatives typically account for more than four times the trade volumes of the underlying asset. Yet, in crypto, spot trading is still much larger. That won't be the case for much longer.

Hao also told Cointelegraph that the firms derivatives market is three to four times bigger than its spot market. He also said that he expects that derivatives will soon become four or five times larger than spot markets in the whole crypto market. He concluded:

Crypto has grown exponentially in the last few years yet compared to traditional markets and asset classes, it's still tiny. We need a sophisticated, interesting, robust, and varied derivatives market to take crypto to the next level.

Read the rest here:
OKEx Continues Their Ongoing OKB Token Buyback - Cointelegraph