Category Archive : Bitcoin

Blockchain Security Takes Spotlight At NYC Innovation Summit

Blockchain use cases, but also the technologies vulnerabilities, were discussed at length at the CDX Academy’s Blockchain forum on Friday.

Let’s Talk Bitcoin! #366 Outside Perspectives

On Today’s Episode of Let’s Talk Bitcoin…

Adam speaks with Lamar and Lafe of Hijro about tokenizing invoices and community education with cryptocurrency.

Christian Garcia reports from the south of Venezuela on bitcoin in real life, and real life with hyperinflation.

Adam speaks with Ari from Neural Capital about crypto hedge funds and a “fund of funds” security token.

New Stuff:

Tip LTB via the Lightning Network! (https://tipltb.tokenly.com/)

Tip LTB correspondent Christian Garcia directly

Bitcoin: 1LzDGA7Xz1CMaBnBJC8W16YXFBhT3UVruL

ETH: 0x2D3f907b0cF2C7D3c2BA4Cbc72971081FfCea963


Let’s Talk Bitcoin! #366 was sponsored by EasyDNS.com and ProofOfShirts.com.

Content for today’s show was provided by Lamar, Laife, Christian, Ari, and Adam. This episode was edited by Adam B. Levine

Photo by Johannes Plenio on Unsplash

This episode featured music by Jared Rubens, General Fuzz, and Matthew Mulroney.

Christian’s segment also featured Venezuelan street noise courtesy of Brian L.

Any questions or comments? email adam@letstalkbitcoin.com

The Tatiana Show – Kevin Innes

Topics include:

— Upcoming events for Tatiana & Josh, namely Consensus.
— The implementation of Lightning Network for Vaultoro.
— Private and competing currencies.
— The criminal case levied against Kevin Innes.

About the Guests:

Kevin Innes is a long time activist and trainer for the 100% metals-backed Liberty Dollar, will recount his battle with the Federal Reserve and the U.S. Department of Justice which led to his arrest in 2009 on the charge of counterfeiting. He was held in county jail for 23 months without trial until being releasde in 2011 without any felony convictions. Innes aims to expose some of the corrupt legal tricks the Fed’s use to prevent meaningful financial reform. Innes began his career as an educator in 1976 giving seminars on meeting process skills to peace activist groups protesting the war in Vietnam and the military-industrial complex. For 5 years, he toured Europe lecturing on economic and political theory and yoga philosophy. After the birth of his first son he taught music for many years ‘“ until he encountered the Liberty Dollar. . Starting in Asheville, North Carolina he began giving lectures and forming study groups to raise awareness on the corruption of the banking system and teaching how to fight back. He then travelled throughout the US promoting this 100% metals-backed currency as a member of Liberty Dollar Executive Council and a National trainer for the company until his arrest in 2009.

More Info:

https://www.TatianaMoroz.com
https://www.CryptoMediaHub.com
https://www.Vaultoro.com/?a=100068|

Friends and Sponsors of the Show:

https://www.TheBitcoinCPA.com/

https://www.CryptoCompare.com/

https://www.FreeRoss.org

https://www.ThirdKey.Solutions/

http://www.SovrynTech.com

http://www.SexAndScienceHour.com

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins

Indian exchange Coinsecure has announced its plan to repay customers for stolen bitcoins as well as a 10 percent bounty to anyone who helps recover them. The exchange claims it was an inside job, and suspects its chief security officer of playing a role in siphoning off the money.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

A 10 Percent Bounty

Coinsecure has announced a bounty of approximately 20 million rupees, worth approximately US$306,722 at press time, “to anyone who helps them recover the lost bitcoins,” the Economic Times reported on Saturday.

Coinsecure Announces Repayment Plan and Bounty for Stolen BitcoinsThe exchange confirmed that it lost 438.31859715 BTC on April 8, worth approximately Rs 20 crore or US$3,067,220. The coins were stolen from an offline wallet holding users’ funds, the news outlet detailed. While the exchange has about 2 million users, “Some 11,000 customers are said to be affected by the reported theft which is the biggest cryptocurrency theft in India,” the publication added. The exchange subsequently halted all deposits and withdrawals.

A statement was issued by the company on Friday, clarifying:

We are also seeking help from the Bitcoin community and all our users who can help us identify the hacker or give us any information that could lead us to recover funds…We are happy to issue a bounty of 10% to the community for help rendered for [the] recovery of BTC.

Where Did the Coins Go?

Coinsecure revealed that the address where stolen bitcoins were transferred to is 1BaEJquitskdXcTj53Uy6PuUtJ5a8ETWpA. At the time of this writing, there have been 973 transactions through this address and the final balance is 139.42094629 BTC.

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins

The stolen coins were “transferred to the hacker’s wallet over a span of two days in small tranches” and then sent to multiple addresses, the news outlet described, noting:

The exchange claims an insider job in the theft and suspects its chief security officer, Amitabh Saxena, of playing a role in siphoning off the money. Coinsecure also requested Delhi police to seize Saxena’s passport, fearing that he may leave the country.

Coinsecure Announces Repayment Plan and Bounty for Stolen BitcoinsThe police are currently investigating the case. The exchange has filed a theft report with the Delhi Cyber Crime Cell under Section 66 of the IPC and the IT Act. According to News18, “the company’s servers have been seized to get information about [the] hack…Many senior officials of the company have [also] been called for questioning.”

Moreover, the news outlet wrote, “Coinsecure tried to track the hackers, but the wallet was stolen, their data log was erased. For this reason, there was no clue about the transfer of bitcoins.”

Repayment Plan

The company announced on Saturday that “should we be able to recover all of our BTC, all our customers’ BTC holdings will be refunded as per the balance they held with Coinsecure.” However, the exchange warned that:

If recovery of siphoned BTC is not possible, then we will apply the lock in rates as of the 9th of April, 2018. 10% of the coin holding balance will be refunded in BTC and 90% will be returned in INR.

“Details on procedures to be followed will be issued sometime next week, as we are planning on how we can go back online and help with withdrawals of INR and BTC balances, and are waiting for the go-ahead from the authorities,” the exchange elaborated.

What do you think of Coinsecure’s bounty and repayment plan? Do you think it was an inside job? Let us know in the comments section below.


Images courtesy of Shutterstock, Blockchain, and Coinsecure.


Need to calculate your bitcoin holdings? Check our tools section.

The post Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins appeared first on Bitcoin News.

Results Are In: New Bitcoin Miner Dragonmint T1 Doesn’t Make the S9 Obsolete

The Results Are In: Dragonmint T1 Doesn't Make the S9 'Obsolete'

There’s been a lot of skepticism aimed at the company Halong Mining and its machine the Dragonmint T1. The firm announced in November of 2017 that it would be distributing its Dragonmint devices in 2018 and stated its miners would be the most efficient machines on the market. So far, after all the controversy, some Dragonmint miners have been delivered and reviews show the machines do produce close to 16 terrahash per second during operation  but the rigs are not even close to being 30 percent more efficient than the S9, which was claimed this past November.

Also Read: NYDFS Superintendent Was Wrong — Bitlicense Severely Damaged Bitcoin Businesses

Myrig Mining Distributor Claims Samsung 10nm Chips Power Halong Miners

This week cryptocurrency enthusiasts have been talking about the new Dragonmint device, a SHA-256 BTC/BCH miner produced by the firm Halong Mining. On April 10 the mining device distributor Myrig stated on Twitter that the company Samsung and its semiconductor technology is “what powers Halong Mining DragonMint T1.” According to the owner of Myrig, the application-specific integrated circuit (ASIC) designed by Samsung is a 10-nanometer (nm) design.

 “Yes Samsung, and Yes 10nm —  I’m sure someone had seen some news in the past about it from big foundry about bitcoin and cryptos,” reveals Myrig’s tweet.

The Results Are In: Dragonmint T1 Doesn't Make the S9 'Obsolete'

Cobra Apologizes

Samsung revealed it was building ASIC technology for cryptocurrencies back in January of this year. News.Bitcoin.com reported on the firm’s foundry producing these ASICs for an “unknown Chinese mining hardware manufacturer.” Reports stated that Samsung was developing both GPU and ASIC semiconductors, and the technology would feature 10-nm chips. On the Halong Mining website, there is no mention of 10nm chips being utilized in any of its mining rigs. At the moment all of Halong’s manufactured batches are completely sold out and the website’s shop page says all of its miners are “unavailable”

The Results Are In: Dragonmint T1 Doesn't Make the S9 'Obsolete'

The news also follows the anonymous co-owner of Bitcoin.org calling Halong Mining a “scam.” However, on Friday, the 13, 2018, Cobra Bitcoin apologized to the Halong Mining company.

“I was completely wrong about Halong Mining,” explains Cobra Bitcoin over Twitter.  

Even though they’re secretive and mysterious company and raised some major red flags, it seems they’ve delivered functional hardware as promised. I’m extremely sorry to them for my attacks and I await my shipment of crow.

As news.Bitcoin.com reported earlier this month, individuals started getting their Halong Mining machines and have been tweeting pictures of some Dragonmint T1s being unboxed. Moreover, there were also pictures of side-by-side comparisons of the Bitmain Technologies-made Antminer S9 chipsets and the T1. At the time there were not many reviews online detailing the machines’ performance. There are a few reviews now online, alongside a video of the machine in action side-by-side with an S9.

The Results Are In: Dragonmint T1 Doesn't Make the S9 'Obsolete'
The Bitmain Technologies manufactured Antminer S9.

Reviews Are In: Dragonmint T1 and Antminer S9 Side-by-Side Comparisons Show the S9 is Not Even Close to Being ‘Obsolete’

The well known ‘Miner Digi’ Youtuber published a video demonstration on the Halong rig on Apr 11, 2018. After being connected to the Myrig 1600 watt PSU the Dragonmint did in fact reach close to 16 TH/s after some attempts to connect with Slush Pool. The video shows over a long period of time the machine consistently clocked between 15.5 to 15.9 TH/s in Miner Digi’s video. The Dragonmint machine in the video was roughly the same size as the Antminer S9 and the device made a distinct sound compared to the S9 as well.

The Results Are In: Dragonmint T1 Doesn't Make the S9 'Obsolete'
The Halong Mining manufactured Dragonmint T1.

Antminer S9s hash anywhere between 13.2 to 14 TH/s which is less than the Dragonmint’s hash performance, but the S9 cost $1,288 per unit as opposed to the first T1 batch price of $1,595 and a minimum of five per order. Eventually, Halong did allow single purchases for the T1 miners, but sold out quick, and the T1s have been “unavailable” ever since. In addition to the 16 TH/s, Halong also claim on its website the devices use (overt) “version-rolling” ASIC Boost technology. The Halong miner is anywhere between 1.5 to 2.5 TH/s faster than the S9 but costs more than $300 more per unit. Moreover, the performance is a stark contrast to being 30 percent more efficient which was a claim stated by bitcoin core developer and Halong Mining associate ‘Btcdrak.’

For instance, another Dragonmint review details the T1’s efficiency is definately a touch higher compared to the S9, “but not by a whole lot.” According to the in-depth review posted April 4, the T1 “ramped up to 14.98 to 15.97 TH/s” but “pulled roughly 1480 to 1497 watts at the wall” The same side-by-side comparison said the “Antminer S9 pulled 1375 [watts] at 14 TH/s.” This means there is a clear wattage discrepancy between both machines and a price difference, which makes performance specs not much different. Even though the T1 is using ASIC Boost and claims to be utilizing Samsung manufactured 10nm hardware, its efficiency is at best minimal. This means calling the Antminer S9 “obsolete” is a pretty absurd statement, to say the least.

What do you think about the Halong Miner Dragonmint series against the Antminer S9? Do you believe the claims that the mining rig utilizes Samsung 10nm technology? Let us know what you think about this subject in the comments below.


Images via Shutterstock, Pixabay, Halong Mining’s website, Bitmain Technologies, and Twitter.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Results Are In: New Bitcoin Miner Dragonmint T1 Doesn’t Make the S9 Obsolete appeared first on Bitcoin News.

Latvia Recognizes Cryptocurrencies in Order to Tax Them

Latvia Recognizes Cryptocurrencies in Order to Tax Them

Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon owe the state tax on their gains from crypto transactions. 

Also read: Poles Protest Unfair Taxation of Crypto Incomes and Profits

Cryptocurrencies Deemed Dangerous but Taxable

According to the Latvian Finance Ministry, 20% tax can be imposed on capital gains from deals with cryptocurrencies. Its representatives announced the proposal during a meeting with deputies from the Parliamentary Budget and Taxation Committee on Wednesday.

Latvia Recognizes Cryptocurrencies in Order to Tax Them
Saeima, the Parliament of Latvia

Some lawmakers reminded their colleagues and constituents that cryptocurrencies are not considered a legal tender in the Baltic state and come with speculative bubbles and financial pyramids. Members of the Financial and Capital Markets Committee, however, noted that cryptos like bitcoin can “function as a means of exchange”.

The Ministry of Finance also revealed that the Latvian government is mulling over comprehensive cryptocurrency regulations. A working group set up by Prime-Minister Māris Kučinskis has been tasked to prepare the proposals. According to the Baltic Reporter, it will study market risks, but also evaluate potential benefits associated with cryptocurrencies.

Policy makers have often criticized cryptos for failing to perform one or more of the functions of fiat money – means of payment, medium of exchange, unit of account, and store of value. It seems, though, that when budget revenues are in mind, the requirements towards “virtual money” are not that strict. The “means of exchange” labeling now gives Latvian authorities an opportunity to tax cryptocurrency transactions. Maybe if they think about VAT, a “means of payment” status will also be attributed. No tax is currently due on crypto purchases of goods and services in Latvia.

Cryptocurrencies are not covered by any Latvian law but authorities in Riga say revenues from crypto trading are subject to personal and corporate income tax. The country has a flat income tax rate of 23%. Incomes from dividends and interest are taxed at 10%. 15% tax is due on capital gains from shares, real estate, and intellectual property. The standard rate of Value Added Tax is 21%. Financial transactions are exempt from VAT. Tax returns in Latvia are filed between March 1 and June 1 of the year following the taxation year.

Tax Authorities Catching Crypto Fever

Latvia is not the first country in Europe tempted to tax cryptocurrencies before adopting proper regulations. Governments across the continent have decided to tap into crypto incomes and profits, despite their predominantly negative attitude towards the “unguaranteed money”. Tax rates vary significantly in different EU member-states. Income tax and capital gains tax are often imposed on crypto-related revenues. Many tax authorities have stated that the provisions of the current tax codes of their countries are also applicable to the crypto sector.

Latvia Recognizes Cryptocurrencies in Order to Tax ThemNeighboring Estonia, for example, has subjected cryptocurrencies to capital gains tax and VAT. Poland has recently clarified its stance on crypto taxation. Taxes on crypto-related income there can reach 32%. A decision to impose 1% tax on every crypto transaction has sparked angry reactions in the local crypto community. New regulations in Russia will be adopted by the summer, but even now Russian citizens are expected to pay 13% tax on their crypto-related incomes.

Belarus is a positive exception. President Lukashenko’s administration legalized crypto activities creating favorable conditions for the development of the industry. His Decree №8, which entered into force on March 28, introduced tax breaks and other incentives until 2023. No taxes will be imposed on companies which mine, issue, or exchange digital coins. Private crypto income from mining and trading cryptocurrencies will not be taxed either.

Do you think crypto incomes and profits should be taxed? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

 

The post Latvia Recognizes Cryptocurrencies in Order to Tax Them appeared first on Bitcoin News.

74 Beauty Clinics in Japan Now Accept Payments in BTC

74 Beauty Clinics in Japan Now Accept Payments in BTC

This week the Japanese cryptocurrency exchange and payment processor, Bitflyer, announced its partnership with SBC Medical Group the parent company of the popular Shonan Beauty Clinic. The union between both firms means that 74 clinics nationwide will allow patients to settle their bills in cryptocurrency.

Also read: Markets Update: BTC Price Jumps Over $1000 in Less Than an Hour

Pay for Cosmetic Treatments in Japan with BTC

74 Beauty Clinics in Japan Now Accept Payments in BTCThe SBC operated Shonan Beauty Clinic chain in Japan now accepts BTC for services by utilizing Bitflyer’s bitcoin payment platform. Shonan clinics offer a wide variety of services like eyelid surgery, liposuction, dermatology, acupuncture, cosmetic dental, rhinoplasty, and breast augmentation. There are 74 Shonan facilities across Japan and some of their surgeons and doctors are very well known. All Shonan clinics will now accept bitcoin for services but there is a cap on how much you can spend.

Currently, the maximum amount per transaction for bitcoin purchases is 2 million yen ($18,700 USD). Bitflyer states during the partnership that it has introduced BTC to thousands of merchants from various industries and “the number of introduction cases is increasing.”

“With our partnership with SBC Medical Group and more domestic and overseas businesses — we will contribute to improving convenience for our customers,” Bitflyer’s press statement explains.

74 Beauty Clinics in Japan Now Accept Payments in BTC
Shonan Beauty Clinic

A Wide Range of Online and Brick and Mortar Businesses Now Accept BTC Through Bitflyer

74 Shonan Beauty Clinics in Japan Now Accept Payments in BTCBitflyer has been partnering with a lot of merchants and Japan now has a wide range of stores that accept BTC for payments. The company has signed firm’s like Marui Group’s department stores, the retail chain BIC Camera, the points website Hapitas, and Samantha Thavasa Japan Co. Ltd. The firm also provides insurance for customers that cover failed transactions involving the BTC network.

74 Shonan Beauty Clinics in Japan Now Accept Payments in BTC
Shonan Beauty Clinic

Shonan Beauty Clinic in Japan is not the only cosmetic surgery company that accepts BTC as there are a few others worldwide. Other practices that accept bitcoin include Vanity Cosmetic Surgery in Miami, Elite Body Sculpture in Beverly Hills, Artisan Cosmetic Surgery in Ohio, Houston Cosmetic Surgery, and Artful Awakenings Cosmetic Surgery in Melbourne Florida.

What do you think about Bitflyer enabling 74 Shonan Beauty Clinics to accept BTC for payment in Japan? Let us know what you think about this subject in the comments below.


Images via Pixabay, Shonan Beauty Clinic, and Bitflyer. 


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Overstock Ups Investment in Bitt, Furthering Digital Currency Issuance by Central Banks

Today, Overstocks Medici Ventures doubled down on its investment in the realm of digital currency for central banks. The additional $3 million dollar investment in Caribbean blockchain-based digital payment provider Bitt.com signals a reaffirmation of Overstock and Medicis belief in the ability of digital currencies to become the de facto means of payment transactions.Medici Ventures originally invested $4 million in the Barbados-based fintech company in 2016. At the time of the initial inves

Japan Toughens Oversight, Penalizes Cryptocurrency Exchanges

In its most sweeping crackdown yet, a Japanese regulator has penalized seven cryptocurrency exchanges, requiring two to halt operations for one month. Japans Financial Services Agency FSA announced today, March 8, 2018, that it came down on the exchanges due to their failure to provide proper internal-control systems. All of the exchanges were ordered to step up efforts to improve security and prevent money laundering.Business suspension orders were issued for FSHO and Bit Station, effective

The Crypto Show: Bryson C Hill CEO Of Daplie.com 20 TB Storage With Integrated Dapps Store

Tonight we talk with Bryson C Hill about the Daplie. The Daplie has a 20 TB physical cloud storage that you have control over with an integrated Dapps Store as well as bitcoin wallet capabilities.http://Daplie.com

Sponsored by: Dash, CryptoCompare and Defense Distributed

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