Category Archive : Bitcoin

Venezuela Considers Selling Its ”Oil-Backed” Cryptocurrency With a 60% Discount

Venezuela Considers Selling Its Oil-Backed Cryptocurrency With a 60% Discount

The advisors of the Venezuelan government have recommended that the country’s oil-backed cryptocurrency, the petro, be sold in private placements at a discount of up to 60 percent. 38.4 million petros, with a face value of around $2.3 billion, could go on sale starting on February 15.

Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto Trading

Private Placements of Discounted Petros

The newly-formed advisory group to the Venezuelan government, VIBE, has reportedly provided a recommendation on how to start selling the country’s oil-backed cryptocurrency, the petro. The group consists of crypto experts close to the government, Reuters described. According to a document it reviewed, the news outlet elaborated:

VIBE recommended Venezuela sell 38.4 million petros with a face value of around $2.3 billion in private placements starting on Feb. 15 at a discount of up to 60 percent… Another 44 million petros with a face value of $2.7 billion should be offered to the public a month later.

Venezuela Considers Selling Its Oil-Backed Cryptocurrency 60% Off
Nicolas Maduro.

“The remainder should be shared between the government and VIBE,” Reuters quoted the document. In addition, “the document suggested the government accept tax payments in petros, and that state oil company PDVSA incorporate cryptocurrencies in its dealings with foreign companies.”

Earlier this month Venezuela’s president Nicolas Maduro assigned 5 billion barrels of crude oil to back the new currency and ordered the issue of 100 million petros.

The publication added that, according to a source familiar with the matter, high-ranking government advisors have discussed the proposal. However, there has not been a confirmation whether it was accepted.

The Petro’s Journey

The creation of Venezuela’s national cryptocurrency was first announced by Maduro in early December, stating that it would be backed by the country’s oil, gold, natural gas, and diamond reserves.

Without providing additional details, he said “the cryptocurrency issuance would take place via online exchanges,” Reuters conveyed and quoted a government advisor explaining that some exchanges would work with bolivars while others would trade the petro for other cryptocurrencies. The news outlet further noted:

Each petro will be backed by one barrel of Venezuelan oil and will be sold at the same price, which last week averaged $60.40 per barrel…That would put the value of the entire petro issuance of 100 million tokens at just over $6 billion.

Venezuela Considers Selling Its Oil-Backed Cryptocurrency 60% OffAs Maduro prepared to launch the petro, the country’s opposition-run Congress declared the new currency “an illegal debt issuance by a government,” the publication described. Parliamentarians also declared Maduro’s decree to issue it null, citing “it is illegal to use oil reserves.”

Nonetheless, the Superintendent of Cryptocurrencies, Carlos Vargas, proceeded to announce that the petro will be pre-mined. Furthermore, the document Reuters saw “suggested the petro be a token on the Ethereum network.”

A search on popular Ethereum block explorer Etherscan shows a number of ERC20 tokens with the name “Petro” already in existence. One of them (PTO) has a 100-million token issuance. The coins, held in one address, were generated on January 13. However, there is no indication whether the Maduro government is in control of the address.

Forging ahead with the issuance of the petro, Maduro was quoted on Monday proclaiming:

The center of financial policy will be the consolidation of the petro. This cryptocurrency is the future of humanity. Venezuela has entered the future.

Do you think the Venezuelan government will follow VIBE’s advice? Let us know in the comments section below.


Images courtesy of Shutterstock and the Venezuelan government.


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The post Venezuela Considers Selling Its ”Oil-Backed” Cryptocurrency With a 60% Discount appeared first on Bitcoin News.

Technology Proof Of WHAT??’

It was an absolute pleasure to have a long talk with Adam B. Levine about the concept of Value, its core meaning, how we exchange with each other with Value in mind, and how new tools of cryptocurrencies and cryptographic tokens give us options that have never existed before–and, of course, some speculation on the possibilities!

There’s a lot here, folks. Enjoy!

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Participate in the LTBCOIN -> POET Swap

Normal episodes of LTB will resume next week.

Today, Adam reminds early listeners and content creators about the LTBCOIN to Poet swap and answer some common questions.

You can swap your LTBCOIN at letstalkbitcoin.com/ltbcoin-to-poe-exchange

Note: If you swapped your LTBCOIN more recently than September 2017, and you haven’t yet received your tokens. Your POET will be included in the distribution at the end of the month.

Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges

Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges

The Russian Ministry of Finance is drafting a bill to legalize cryptocurrency trading at approved exchanges. The ministry is already preparing a list of approved trading platforms.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Some Exchanges Will be Legalized

Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges
Alexei Moiseev.

The Russian Deputy Finance Minister Alexei Moiseev told reporters that his ministry “supports the legalization of trade in crypto-currencies on official exchanges,” RNS reported on Thursday.

“We do not want to limit and regulate, but we will set some limits,” he emphasized, adding that “nothing will happen” to those already possess cryptocurrencies, the publication conveyed. The deputy minister was further quoted saying:

This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.

List of Legal Platforms Being Discussed

Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges
The Russian Ministry of Finance.

The bill for the regulation of cryptocurrencies and initial coin offerings (ICOs) was jointly presented at the end of December of last year by the ministry of finance and the central bank, as news.Bitcoin.com previously reported.

“Following the discussion at the public council, a number of comments were made, which we are now finalizing,” Moiseev was quoted by RNS. He clarified that his ministry plans to finalize the bill, “including the development of rules for the circulation of cryptocurrencies,” and submit it to the State Duma in February, Tass reported on Thursday.

Regarding which trading platforms will be legalized, Moiseev revealed:

We will now actively discuss this issue, [list of approved exchanges]. This issue is currently unresolved. The rest is more or less clear.

Putin Emphasized the Need for Proper Regulation

Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges
Vladimir Putin.

The bill to regulate cryptocurrency and ICOs in Russia is expected to be adopted in March, according to the chairman of the State Duma Financial Markets Committee, Anatoly Aksakov. President Vladimir Putin has mandated the regulatory framework for both cryptocurrencies and ICOs be finalized by July 1 of next year.

In a meeting with the heads of print media and news agencies on Thursday, Putin emphasized that proper “legislative regulation will certainly be needed” for the cryptocurrency market, Tass also reported and quoted him saying:

It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively.

“If we regulate, but not efficiently enough, then the government will be responsible for the difficult situations that people can get into,” Putin was quoted by RT. “Right now it is the responsibility of the person himself and the government can only say ‘you can do this but you can’t do that,’ and if it’s still not clear then there will be some problems that need to be solved.”

What do you think of the bill to only allow crypto trading at approved exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges appeared first on Bitcoin News.

Chinese Bitcoin Mining Giant Bitmain Establishes Branch in Zug, Switzerland

Chinese Bitcoin Mining Giant Bitmain Establishes Branch in Zug, Switzerland

For centuries Switzerland was known around the world for its tradition of banking secrecy, but now a new financial industry is taking root in the country. Local leaders tried to establish a cryptocurrency hub, and their latest catch is Chinese bitcoin mining giant Bitmain, which expanded to a new location in the picturesque Swiss canton of Zug.

Also Read: Australian Taxation Office Creates Task Force to Go After Bitcoin Traders

Bitmain Switzerland

Chinese Bitcoin Mining Giant Bitmain Establishes Branch in Zug, Switzerland
Zug, Switzerland

Bitmain Technologies Ltd., the Beijing-headquartered bitcoin mining machines (ASIC chips) producer, has established a new branch in Zug, Switzerland. The Chinese company explained it chose the Zug location because Switzerland was “one of the most progressive countries”, “with good legal stability” and a skilled workforce. Bitmain says it will employ more employees in Zug in the future and will “actively communicate with self-regulatory organizations (SROs) and the Financial Market Authority (Finma).”

“Bitmain Switzerland will play a key role in our global expansion,” the company’s spokesperson told the German-language Swiss newspaper Handelszeitung. This is the first foothold in Europe for Bitmain which already has branches in the US, Singapore and Israel. “Now is a good time to build a hub in Europe to provide better services,” he proclaimed.

Chinese Global Diversification

Chinese Bitcoin Mining Giant Bitmain Establishes Branch in Zug, SwitzerlandEncouraged by the government to expand internationally, many Chinese corporations have established new businesses in markets all over the world in recent years. The Chinese bitcoin mining industry, however, might also be motivated to grow beyond their homeland by fear of a possible clampdown.

There are conflicting reports about the position of the Chinese government with regard to such a move against bitcoin mining, and it’s always wise not to keep all your eggs in one basket, just in case. Switzerland, among other countries, looks poised to benefit from offering a welcoming environment for anyone looking to expand to a more secure location.

Is this a signal for things to come in the Chinese bitcoin industry? Tell us what you think in the comments section below.


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Chinese Bitcoin Mining Giant Bitmain Establishes Branch in Zug, Switzerland appeared first on Bitcoin News.

UBI Blockchain Is the Latest in Series of SEC Cryptocurrency Crackdown Targets

In a story that is getting all too familiar recently, the Securities Exchange Commission SEC halted trading on yet another blockchain-related company stock, UBI Blockchain. The SEC explainedThe Commission temporarily suspended trading in the securities of UBIA because of i questions regarding the accuracy of assertions, since at least September 2017, by UBIA in filings with the Commission regarding the companys business operations and ii concerns about recent, unusual and unexplained market a

Telegrams Privacy-Focused User Base Could Become TON Blockchains Killer App

In December 2017, an interesting rumor surfaced According to sources familiar with the matter, the messaging app Telegram, very popular among crypto-enthusiasts for its strong encryption and privacy features, would launch its own blockchain platform and cryptocurrency.On January 8, 2018, TechCrunch reported that several unnamed sources had confirmed the news and quoted a secret Telegram white paper. According to TechCrunch, the potential for a cryptocurrency inside a widely adopted messaging

The Crypto Show: Marco Peereboom Decred Addresses Bitcoin Drama Through Governance

On tonight’s episode of “The Crypto Show,” we interview Marco Peereboom, CTO and Cofounder of the cryptocurrency “Decred.” Marco gives us a quick breakdown of just what Decred is and its features, and then he, Danny, and I discuss the many ways in which Decred is an improvement upon Bitcoin, in fact a “Bitcoin without the drama.”We discuss the lightning network, Segwit, the decred governance structure, the Politeia proposal system, the upcoming DAE (Decentralized Autonomous Entity) to which will be donated proposal funds so that the community controls them, atomic swaps, and the upcoming Miami Bitcoin Conference. Marco makes a compelling case for why cryptocurrencies with governance structures, Dash and Decred in particular, will likely be the successful cryptos going forward. We also discuss the shortcomings of Bitcoin and why Bitcoin is at the crossroads that it is. At the end, Danny gives us a brief update from Mexico.

Sponsored by: Dash, CryptoCompare and Defense Distributed

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#217 Andrew Trask: OpenMined – A Decentralised Artificial Intelligence Platform

A significant part of the modern digital economy, is underpinned by machine learning models that are trained to perform tasks such as facial recognition, content curation, health diagnostics etc. Data to train machine learning models is the essential commodity of this century – a sentiment captured by epithets such as “”Data is the new oil””. Today’s dominant AI paradigm has companies focus their efforts on gathering data from their users in order to train models and monetise usage of the model. This model has many consequences such as loss of privacy for the user, consolidation of data in a handful of large companies, low access to data for startups and a fundamental impossibility of collecting sensitive data such as markers for depression.

Our guest, Andrew Trask, is building OpenMined – a platform that merges cryptographic techniques such as homomorphic encryption and multi-party computation and blockchain technology to create the ability to train ML models with private user data. OpenMined will allow AI companies of the future to develop models, have them trained on user data without compromising user privacy, and incentivise users to train their model. We walk through the OpenMined vision and its potential impact on AI business models and AI safety

Topics discussed in this episode:

  • Challenges with the current AI paradigm
  • OpenMined’s vision to allow training of AI models with private user data
  • How OpenMined works under the hood
  • Applications enabled by OpenMined
  • Current state and OpenMined hackathon

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Watch or listen, Epicenter is available wherever you get your podcasts.

Epicenter is hosted by Brian Fabian Crain, S?ƒbastien Couture & Meher Roy.

ICOs The Beauty, the Beast and JFK

What did ICOs get right in 2018 What went wrong Attorney and entrepreneur Christine Duhaime unpacks a chaotic year.


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