German Klimenko will develop RAKIB

Advisor to the President of the Russian Federation on issues of the Internet Herman Klimenko left the post of head of the Institute of development Internet (IRI). About it reports TASS.

Now Klimenko will the development of the Russian Association of cryptocurrency and blockchain (RAKIB), finishing in the post of head of the Supervisory Board. However, he will remain a member of the Council of the Islamic Republic of Iran will continue to work in the Foundation of the IRI for the recognition of medical images.

Herman Klimenko, the head of the Institute for the development of the Internet, one of the founders of which was in February of 2015. The organization carries out the collection and processing of statistical and analytical information and conducts analysis of trends in the development of Internet-related industries in Russia and abroad.

New Iranian leader will be a member of the Duma Committee on information policy Leonid Levin.

Recall that the Russian Association of cryptocurrency and blockchain was officially registered in October 2016.

Currently RAKIB working on a unified standard for evaluating the reliability of ICO and proposals for the legalization of investing, which plans to transfer to the experts of the state Duma Committee on financial market later this month.

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In South Korea revealed Bitcoin pyramid for $38 million

Korean police uncovered a criminal group that swindled investors of $38 million under the guise of investments in Bitcoin.

The group consisted of seven people. The target audience of scammers novice investors are middle aged, do not have knowledge of the cryptocurrency market.

Scamera organized a pyramid scheme under the guise of firms that have been investing in Bitcoin and were located in Seoul. New members were attracted by promises of higher earnings on fluctuations of cryptocurrencies.

Starting in 2016, the criminals lied to about 3.9 thousand people aged 40 to 60 years. Investors were confident that making a small investment in Bitcoin, they will quickly get a profit of at least 200%. However, they not only did not receive the promised interest, but also lost their money invested.

Local police arrested the group on multiple charges, including money laundering and operating an investment company without a license.

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The Ministry of communications proposed to call criptural digital token

The head of the Ministry of communications Nikolay Nikiforov proposed to abandon the terms «cryptocurrency» and «scriptural».

«By itself, the term «cryptocurrency» or «scriptural» sounds quite incorrect from the point of view of the banking legislation. I think it is more correct to use the term, for example, a «digital token», – said Nikiforov.

Earlier, he said that to accept other cryptocurrencies Russia does not plan, because they are «based on foreign key cryptography, and under them there is no legal basis».

Yesterday the first Deputy Chairman of the Central Bank of Russia Dmitry Tulin explained to reporters that the government does not plan to legalize cryptocurrencies in Russia.

In October Vladimir Putin instructed the government together with the Central Bank to prepare amendments governing the placement of cryptocurrency, and to determine the status of digital technologies and concepts such as «technology of distributed registries», «digital credit», «digital mortgage», «cryptocurrency», «token» and «smart contract», based on the obligation of the ruble as the only legal tender in Russia.

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The crisis in the mining market: support PoW-networks becomes unprofitable

Due to the current collapse of the market of cryptocurrencies thousands of miners leave the Bitcoin network. Thus, according to mining-pool F2Pool, from mid-November in the order of 600,000 miners turned off their machines and stopped production of the first cryptocurrencies. However, as noted by the head of the third largest pool Mao Shenyang WorldStar, miners in China «selling equipment in kilograms». At the same time, November 22, the Norwegian government decided to abandon the program of subsidizing companies involved in mining cryptocurrency. What is the cause of the crisis and what are the consequences for the miners of cryptocurrency — read the material DeCenter.

Miners who support the work of networks with the algorithm of consensus PoW (proof-of-work) are responsible for confirmation of transactions and adding new blocks to the blockchain, for which he received remuneration in the internal cryptocurrency network. For miners the key role played by the computing power of their machines, since the likelihood of receiving rewards equal to the ratio of the computing power of the nodes to the miner’s computing power throughout the network. In connection with solo-mining the popular cryptocurrency networks in recent years has become a disadvantage: the growth in popularity of cryptocurrency, the profitability is reduced, and the process of mining is complex, and allows the PoW-block chain to control the speed of issuing new coins.

The mining crisis is a global problem

However, in this lies one of the key vulnerabilities PoW-networks: the growing complexity of mining requires more and more powerful and modern equipment, this increases the energy cost of mining. According to Mao Sisina, it is for this reason miners in China to massively sell their mining farm: «the Miners sell the equipment in kilograms, because they used outdated models that no longer fit. People are selling them for recycling instead of mine on these models.» Mao also noted that miners are disconnected from the pool F2Pool mainly used for the production of Antminer T9+ S7 production Antminer Bitmain and AvalonMiner 741 company Canaan.

This trend was also observed in other markets of mining, including the Russian. According to the statistics service of free announcements «Yula», due to the sharp fall of the bitcoin exchange rate on 19 and 20 November there was an increase in the number of proposals about sale mining equipment in 25%. Moreover, last week it became known about the suspension of mining activities by the Russian holding Russian Mining Coin (RMC) in light of the «uneconomical in the current environment». As explained by one of the founders of RMC Dmitry Marinichev, of the sharp collapse of the stock market the cost of electricity exceeded income from cryptocurrency mining.

Increased the energy cost of mining has also resulted in the completion of the program of subsidizing of electricity to bitcoin miners in Norway. According to the biggest local newspaper Aftenposten, 21 November the tax regulator in the country has decided to raise taxes for companies engaged in mining cryptocurrency — now if they pay a 0.48 era ($0.056) per kilowatt, starting from January next year, the miners will have to pay 16.58 era ($1.93). In a study of mining company Northern Bitcoin it is noted that on extraction of a single bitcoin in Norway takes about $7700.

The representative of the Parliament Lars, Haltbrekken stressed that «Norway cannot continue to provide such high tax benefits of such «polluting» the production of cryptocurrencies, mining bitcoin. This requires huge amounts of energy, which in turn produces large greenhouse gas emissions.» In response to the abolition of subsidies, the chief economist of the organization ICT Norway Roger Sierva told Aftenposten that this was shocking news for the mining industry in the country, such budget changes in the terms were adopted without any discussion, consultation or dialogue with representatives of the industry. The result of the abolition of subsidies crypto currency miners will be forced to work in Sweden or Denmark.

Moreover, the study of American scientists from the Institute of science oak ridge have shown that for mining cryptocurrency using PoW algorithm on average required more energy than is spent on mining. The researchers compared the parameters obtained in the production of these coins, like bitcoin, ether, litecoin and monero, and the amount of energy consumed during the extraction of aluminium, copper, gold, platinum and rare earth metals. So, for the mining of cryptocurrencies in the amount of $1 required: 19 MJ per bitcoin, 15 MJ per litecoin, 11 MJ for the production, monero and 9 MJ in the air. At the same time for mining of the same amount required: 122 MJ for the production of aluminium, 9 MJ for rare earth metals, 6 MJ for platinum, 5 for gold MJ and 4 MJ for the extraction of copper. Thus, the production of all minerals with the exception of aluminium takes less energy than mining cryptocurrency.

The overvalued cryptocurrency market

Significant losses also misleading as manufacturers of specialized equipment for mining. AMD and Nvidia are the leading manufacturers of graphics cards for mining, warned investors that as a result of the collapse of the cryptocurrency market demand for their products plummeted and revenues for this quarter will be lower than expected.

In the financial report for the third quarter head of Nvidia Juan Gensun explained that the company had overestimated the stock market, causing the value of excess inventory has increased five times and exceeded $70 million. The reason was the fact that the prices of video, who grew up during the «crypto-boom», did not have time to slow down in light of lower demand. As a result, on the day following the publication of the report, Nvidia shares fell by almost 17%.

Nvidia in August of this year noted the low yield from the sale of specialized equipment for mining. In connection with the company’s management made the decision to cease market-oriented mining of cryptocurrencies. A similar situation exists with the main competitors Nvidia — chip manufacturer AMD. According to the financial report of the company, the demand for equipment for mining cryptocurrency in the third quarter of 2018 continues to fall, and total revenue decreased by 14%.

As said the analyst, RBC Capital Markets Mitch Stevens in the last quarter of high-performance graphics card for mining brought users substantial profit, but market is now a totally different situation. According to the estimates of the threshold payback, for example, ether is the most profitable cryptocurrency for mining — is $175. However, at the current rate of $115 miners networks operate at a loss. According to experts, the negative consequences of the collapse of the cryptocurrency will also be observed not only in this but also the next quarter.

In such circumstances, the private mining becomes unprofitable, because it brings profit only to those market participants who are willing to mine cryptocurrency on an industrial scale. The head of Enigma and co-founder of cryptocurrency Fund ICG Igor Nurtdinov, noting that the mining market is gradually replacing the «home miners», who are not able to compete with the capacities of large companies. According to the businessman, the current state of the industry is the intermediate solution.

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Bitcoin and gold have a chance for serious growth

Analyst Michael Mashchenko about the situation on the stock market and why it is worth to stock up on gold and bitcoins.

I think many of you know that international relations have seriously deteriorated over a relatively short period of time. And it’s not even on the tensions around Syria, much more important for us possible trade war between the US and China. Why? This is another occasion to remind the world what can cause a monopoly of private institutions to issue money. It is possible that the current situation will not develop exactly as in the beginning of the great Depression, but the threat of the current «stability» is definitely there.

Central banks have long funded «rally» in the stock markets, the policy of «cheap» money, and despite assurances about the benefits of these actions for the population, the main beneficiary is, of course, wall street. The US economy is growing slightly, and 80% of American workers either do not observe the growth of wages, or feel the decline in their purchasing power. China has actively increased its share of EU and Japan in their trade, and in the case of a regular increase in tariff barriers, this trend will only intensify. Sensitive of all, Washington needs to hit the growth of tariffs for the export of goods in which steel is used (different equipment and industrial equipment) that will absolutely lead to an increase in the cost of production and will hit both businesses and consumers. That’s why the news on «trade war» have such an impact on American indexes. To worry about the fate of «traditional» assets are not worth it, because the U.S. government has a proven mechanism to retain the entire system afloat is to print as much new money or increase the debt. And, of course, the Central Bank of other countries are also ready to run their printing presses at any time.

Now, the largest organization preparing for the coming war and with incredible activity increase their stocks of gold and silver, not forgetting to manipulate prices for more profitable purchases. The head of one of the largest companies in the silver mining kit Newmeyer said: «Cartels continue to manipulate the price of precious metals, filling their vaults with gold and silver. The States will have something to do with their external debts, which in recent years has reached record levels. That is why Russia and China are buying gold — they know that in the coming years will be a disaster.» Well how here not to remember the widespread theory of the cartel, manipulating the bitcoin exchange rate?

In this regard, the gold price can grow several times over the next year or two, but, in my opinion, it would be wrong in this case to forget about bitcoin. Like any other asset, expressed in dollars, the cue ball reacts to inflation and Fiat money has all chances to become a «people’s gold» for a population that is already strongly tired to Finance the whole of the unfolding chaos. Given the limited supply of coins, the growth rate of the major cryptocurrencies has the potential to be even faster than precious metals, and while the course continues to storm the 50 day EMA and is trying to consolidate above the previously broken bearish channel.



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The price of bitcoin exceeded $4000

The Bitcoin exchange rate on the evening of August 12 for the first time during the existence of bitcoin has exceeded $4000 — according Coinmarketcap.com for a short time the rate reached a value of $4137, but then declined slightly to $4010-4060. Thus, the total capitalization of the currency has made another record amount of 67 billion dollars.

It is unclear what led to such a dramatic growth rate — the rate increased by more than $500, or almost 14% less than 48 hours. Probably this increase is due, in addition to the positive news around cryptocurrency in General, to lack of proposals with very high trading volume, according to Coinmarketcap, the last two days this volume consistently exceeds the level of 2 billion dollars. In addition, the rapid growth has attracted the interest of speculators, as evidenced by the depreciation of the largest alternative cryptocurrency — Ethereum, Ripple and Bitcoin Cash lost per day from 4 to 8 percent of the cost.

Probably, after some time the exchange rate for bitcoin awaiting correction, by fixing the rate higher than the earlier level.

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Lufthansa and SAP have opened the contest of ideas of the use of the blockchain in the air

Lufthansa and software giant SAP has launched an initiative to find ideas to implement blockchain technology in the aviation industry.

Launched by two German companies, the Aviation Challenge program Blockchain should draw attention to the possibilities of the blockchain in the aviation industry. It also aims to identify “innovative ideas” in different areas of application and to initiate specific pilot blockchain projects.

As stressed Titus Gleb (Gleb Tritus), managing Director of the Lufthansa Innovation Hub, the new technology has already passed the “peak of inflated expectations” and start to create value. Although the blockchain technology has already found its application in many industries, its impact in the aviation sector is limited, he added.

“Although many industries found its first use, the impact on the aviation sector is not yet noticeable. We want to change it with SAP and see significant potential in our industry to use the blockchain and other features of decentralized networks”, — said the representative of Lufthansa.

The program, in particular, will look for the concepts of using the blockchain in three main areas:

  • the process of booking/ticketing and loyalty programs;
  • processing internal data of the company;
  • maintenance of supply chains from third parties.

The participants whose ideas will be selected, will potentially be able to go to the implementation of pilot projects and launch minimum viable products on a cloud platform SAP launched in June.

The deadline for submission of applications for participation in the Blockchain Aviation Challenge — August 31, 2018. In September, the jury will select the three best ideas in each category, and then begin their implementation with the support of experts of the Lufthansa Innovation Hub and SAP.

Earlier, the German airline worked with the blockchain startup Winding Tree to explore the possibilities of the use of technology.

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An Australian company started to provide loans secured cryptocurrency

Company Helio from Melbourne began to make loans secured by cryptocurrency, according to Bitcoin.com.

The service allows clients Helio to borrow from 1,000 Australian dollars ($720) bail cryptocurrency assets. At the moment the company adopts bitcoin, ether, Litecoin and Ripple.

Scriptactive clients Helio is stored in a secure wallet, the representative of the company. In the event of default, the company may sell the cryptocurrency to cover the losses.

Helio has a credit licence (ACL) issued by the Australian Commission of securities and investments (ASIC). As stated by the company’s founder, John O’shea, Helio became the first licensed organization in Australia who is running this service. According to him, the country developed the cryptocurrency market, however, suppliers wishing to provide loans secured by digital assets is not enough.

We will remind, in June to issue secured bitcoin loans start a Japanese Corporation Abic Corporation.

In July, scriptbank Mike Novogratz has invested $52,5 million in BlockFi firm, which operates in the credit market, provide cryptocurrency assets.


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In the Zcoin network will be held hardwork to counter ASIC mining

Monday, December 10, in the network of cryptocurrency Zcoin ( XZC ) will be held scheduled hardwork, the purpose of which called the opposition to mining on ASIC devices. As expected, the upgrade will take place at 12:00 GMT (15:00 GMT).

After the upgrade is activated, the new algorithm is called the Merkle Tree Proof (MTP), which had been developed over the past few years.

«MTP stands for Merkle Tree Proof. Based on scientific works, the algorithm offers called researchers «egalitarian computing.» The idea of egalitarian computing is to equalize the abilities of users with large computing capacity (for example, large mining farms) and domestic miners. In other words, it is for The People Mining (mining for the people)», according to the website of Zcoin.

It is noted that the MTP algorithm provides increased memory usage, which greatly increases the cost of mining on ASIC devices and thereby eliminates their advantages.

In the FAQ section States that before hardforum users and operators gcd, you must upgrade to the latest version AT the Zcoin (0.13.7.4). Earlier versions will continue to work, but the new release contains important fixes of various bugs, but also significantly increases the performance and throughput of the network.

In addition, the developers warn that in case after hard forks the user will still be able to stand the earlier version, this may lead to incorrect display of balances in the wallet Zcoin.

Operators Znode, in turn, will be excluded from the queue and can’t get the reward until, until you update the software to the latest version.

Focused on increased privacy of users of the cryptocurrency Zcoin based on the Protocol Zerocoin, the initial which was released in December of 2015. The individual elements involved in Zerocoin cryptocurrency zcash for.

In April of this year, a team of researchers of the German University of Erlangen-Nuremberg (FAU) found Zerocoin Protocol vulnerabilities, one of which allows attackers to carry out double-spending, burning the coins of other users.

Download the app ForkLog for Android!

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Ripple will direct $105 million to the initiative Ripple for Good

Blockchain startup Ripple in cooperation with the nonprofit organization RippleWorks announced the launch of a programme of social impact Ripple for Good, focused on supporting educational projects and expand access to financial services. In this funding initiative will go $80 million previously raised donations and $25 million of its own funds Ripple.

At the moment, according to the startup, there is a selection of program participants among those who widely promotes innovation and works in science, mathematics, engineering, and financial technology. Ripple stresses the interest in the real cases with a potentially scalable social impact. It is expected that educational and research projects involving blockchain technology will be a key factor for greater understanding, dissemination and implementation of innovations in business, Finance, computer science and politics.

Recall that in June, the co-founder and head of the crypto currency exchange Coinbase Brian Armstrong (Brian Armstrong) opened a charitable organization GiveCrypto.org designed to make donations in cryptocurrencies to help people without access to banking services.

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