The transfer of Constantinople, the problem with Cryptopia and other key events of the week

Traditional Sunday digest the continuing decline in the price of bitcoin, the transfer of hard forks Constantinople, the problems with Cryptopia exchange and the launch of the network of cryptocurrency Grin.

Lower and lower

For almost the entire week, the price of bitcoin at a moderate pace grew. However, today, 20 January, the trend was interrupted — price rushed down:

BTC/USD four-hour chart for the Bitstamp exchange

It’s hardly a surprise that almost immediately the whole market, with the exception of tablconv, shone red light:

Data: CoinMarketCap

At the time of writing the price of the first cryptocurrency continues to fall. Therefore, it is premature to sum up the weekly totals for capitalization and other market data.

According to the cryptanalyst Galaxy, the price of bitcoin shot down «Bear pennant»:

A likely target for the downside movement could be the range of $2700-2800. After that, I’m sure Galaxy can dramatically trend reversal, about which he talked earlier.

Transfer hard forks Constantinople in Ethereum

It is not excluded that the decadent mood in the market was aggravated by the transfer of hard forks Constantinople. Activate the update was scheduled for January 17, but a few days before that, the Ethereum developers found a critical vulnerability in one of the improvements.

According to experts ChainSecurity, vulnerability in EIP-1283, called the attack re-entry, allowed hackers to endlessly output of the custom tool.

January 18 during the conference call, the developers have proposed to move to the new software on the unit #7 280 000, which will produce roughly 27 Feb.

Serious loss of Cryptopia exchange

On Tuesday, January 15 NZ crypto currency exchange Cryptopia suspended work, reporting «significant losses». The official reason was a breach in the security system.

The exchange alerted the authorities about the incident. The investigation involved the New Zealand police and local management on struggle against crimes in high tech field. Trading operations platform suspended until then, until you resolve the problem.

It soon became clear that the missing part of Cryptopia funds was the exchange Binance. According to the head of Binance Campana Zhao, exchange employees easily froze the funds.

The preliminary amount of losses Cryptopia could reach $14 million Users of social networks do not exclude the scenario with the exit Scam. This means an attempt of a manual, or someone from the staff to assign funds.

The complexity of bitcoin mining grows again

Early this week, the difficulty of mining bitcoins has increased by 5%. However, the indicators Hasrat still far from its peak recorded in the second half of last year.

Data: Diar

After a maximum of Hasrat was falling steadily. «Bottom» was reached at the turn of the 2018-2019 biennium, followed by a recovery that continues today.

However, against the background of falling Hasrat gradually growing the volume of transactions in the bitcoin network (+63% over the past 10 months). Also demonstrated impressive growth network Lightning Network.

The launch of cryptocurrency Grin

Earlier in the week was launched the main network of cryptocurrency Grin. Its distinctive feature is the Protocol MimbleWimble, aimed at solving problems of scalability and privacy.

Cryptocurrency Grin distinguished by the absence of the notion of addresses, it minimized the space requirements for data storage. Also, this blockchain promises to be fast and decentralized.

The generation of new blocks on the network occurs every minute. Based cryptocurrencies PoW lies-the hash algorithm «Cuckoo Cycle», resistant to cracking via quantum computing.

In addition, a characteristic Grin to the unlimited emissions. It is not excluded that this was one of the main reasons that the rate of this Aldona during the day subsided by 95%.

«It looks like Grin took only one day to achieve what others do for a year. Yeah, I mean drawdown of 95%»

Darknet still lives a turbulent life

In a recent report, Chainalysis States that the volume of bitcoin transactions in the darknet last year exceeded $600 million.

Despite enforcement efforts, the General trend in darknet is that the one the authorities closed the site immediately appear other, occupying its place in the market.

However, the peak inflow of bitcoins on the darknet site occurred in 2017. Then the total volume of transactions amounted to nearly $700 million has Not reduced the overall activity and the closure of the popular marketplace AlphaBay.

The volume of cryptocurrency transactions in the darknet is growing steadily, despite the gradual decline of the bitcoin exchange rate and market capitalization.

Binance a new unit

Bitcoin exchange Binance opened a branch on the island of Jersey. The new trading platform focused on Europe and the UK.

The users will be able to trade bitcoin and Ethereum for the Euro and the British pound. However, before you start trading clients of the market should undergo KYC verification to www.binance.je.


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Have a mining pool ViaBTC appeared the Russian version of the site

Chinese mining pool ViaBTC launched the Russian version of the site pool.viabtc.com. Now users of the site have the option to choose between 6 languages, including English, Russian, Japanese, Korean and two versions of Chinese.

Recall that ViaBTC is among the four largest mining pools and deals with Bitcoin mining, Bitcoin, Cash, Litecoin, Ethereum, Ethereum Classic, zcash for and Dash.

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The financial regulator in the UK will conduct an in-depth analysis of ICO

The office of financial regulation and supervision of the UK (FCA) said it will conduct an in-depth analysis of the applicability of national legislation to the mechanism of the initial offering of coins (ICO). In the opinion of management, necessary for the definition of “further regulatory measures”.

In a published statement, the FCA said that the regulator will gather more evidence and conduct more in-depth study of the rapidly changing developments in the market ICO.

“These findings will help to determine whether further regulatory development in this area in addition to warning consumers, published in September,” — said in a statement.

In September the FCA published a warning about the risks of investing in the ICO, calling it a very risky speculative investment. The document also mentioned that ICO is not regulated and therefore measures of consumer protection, available with other assets, to this market do not apply.

Among other related to the participation in the financing of the ICO risks mentioned price volatility of cryptocurrency and the likelihood of fraud.

At the same time, the FCA in a statement stressed that business proposals related to ICO should be designed to meet the conditions of “consumer surplus”, providing access to innovative funds FCA.

The FCA’s statement was devoted to feedback in the open the Agency in April discussion about the future development of DLT technology. FCA received during this time 47 responses from a wide range of market participants, including trade associations, technology providers, law firms and consultants.

Recall that earlier in December, the head of FCA Andrew Bailey (Andrew Bailey) warned investors that investment in bitcoin, they must be prepared to lose these funds.

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Head of Nvidia: cryptocurrencies as real as virtual goods

The founder and head of Nvidia Juan Gensun (Jensen Huang) in an interview with Barron’s, shared their opinions about the cryptocurrency.

The interview took place right after the company announced financial results for the fourth quarter of 2017. On the issue of cryptocurrencies and their role in record revenues Gensun Nvidia said that they were a real part of the company’s business in the previous quarter, but very little. Thus he focused attention on the growth of the supply of Nvidia chips in the segments such as data centers, Autonomous vehicles, and artificial intelligence.

Answering the question whether he was satisfied with demand for video cards from miners, Jangsung said: «Cryptocurrency is a real thing that’s not going anywhere to go.»

As for the strategy of Nvidia, the company focuses on expanding the use of their graphics cards in the segments such as artificial intelligence and augmented reality (AR).

To the question what he thinks about the cryptocurrency, Jangsung said:

«This year, the world begins to accept the existence of cryptocurrency. They are based on the blockchain, very safe, and are accompanied by low overhead. I think they are really useful. This is a real phenomenon, and all agree with him. I’m not against the concept of a virtual currency – it is as real as virtual goods and video games. And as you know, tens of millions of virtual goods are created and distributed in virtual reality, and people spend thousands of hours building space ships in space where they fight each other. Therefore, the concept of virtual goods, virtual worlds and virtual currency linked.»

Recall that due to the growing demand on the graphics card from the Nvidia miners have received record revenue in the fourth quarter of 2017.

In January, Nvidia has appealed to retailers of their cards with a request to prioritize sales in favor of the gamers, not miners.

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The British regulator called ICO a very risky investment

The office of financial regulation and supervision in the UK (FCA) published a warning about the risks associated with investing in the ICO. Companies planning primary placing of tokens, it is recommended to study carefully, to ascertain whether their activities are under the control of authorities. All cryptocurrency exchanges that participate in trade token, must bear in mind that this activity must be authorized by the FCA.

Among the risks identified:

  • Unregulated sphere
    Most ICO are not regulated by the FCA. Many of them are based abroad.
  • There is no protection of investors
    You are unlikely to have access to British programmes for the protection of investors, such as Compensation scheme financial services (Financial Services Compensation Scheme) or the financial Ombudsman Service.
  • Price volatility
    As cryptocurrencies in General, the value of the token can be highly variable.
  • The potential for fraud
    Unscrupulous issuers can use the collected ICO funds for the originally stated plan.
  • Poor documentation
    Instead of the prospectus ICO, typically provide only a «white paper». This document may be unbalanced, incomplete or misleading. To fully understand the characteristics and risks of the tokens requires an understanding of complex technical issues.
  • Projects in the early stages
    Generally, the ICO projects are at very early stages of development, and their business models are experimental. You have a good chance of losing their money.

«If you decide to purchase tokens, you should be aware of all the risks and fully explore a particular project. You need to invest in the project. ICO if you are an experienced investor confident in the quality of the project (example: business plan, technology, the people involved), and ready to lose all your money», — the document says.

Management explains that the decision as to whether the ICO in regulating the FCA or not, is taken in each individual case. Offers tokens of various in its structure and can extend beyond the regulated sphere. However, they may include regulated investments, and firms involved in the project may conduct regulated activities.

We will remind that earlier the head of the us financial conglomerate JPMorgan Chase & Co. Jamie Dimon (Jamie Dimon) harshly criticized the cryptocurrencies. In particular, he said that bitcoin is «cheating», and buttonmania worse tulpenmanie the 17th century.

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WOOP wallet appeared in the App Store

Cryptocurrency wallet from blockchain platform BioCoin was added to the App store.

As reported by one of the founders of BioCoin Boris Akimov, the procedure of adding is preceded by a phase of moderation.

«This is a real victory. After all, Apple has actually banned cryptopidonia, we’ve been hard moderation, answered a bunch of questions from the App Store — hurray! Previously App Store blocked all similar applications.»

Recall that in early June, the App store has revised its policy of placing a cryptocurrency applications, more stringent rules for mobile cryptocell, platforms for holding ICO and programs to access the exchanges.

In October 2017, the rating Agency DigRate conducted an expert evaluation of the project BioCoin and has assigned a A2 rating: moderately high probability of long-term investment returns, the average sensitivity to market conditions.

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Chile will impose a tax on incomes from operations with bitcoin

This year, Chilean users of cryptocurrencies will have to pay taxes on transactions with digital money. CCN reported, citing a local source Criptonoticias.

The tax administration of Chile added in the form of Declaration of income section that is associated with scriptactive. The financial results from transactions with digital money are subject to income tax.

In addition, the local media said that in Chile the rapidly growing popularity of cryptocurrency. The latter are increasingly used for trading goods and services. This, in turn, attracts the attention of tax authorities, which are now more closely watching the activity of people using digital money.

Despite the desire of the authorities to broaden the tax base and increase revenues, the legal status of crypto-currencies in Chile is still not determined.

ForkLog previously reported that the Bulgarian tax authorities intend to carefully study the work of local cripture and the activity of their users.


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In India have arrested the Creator of a large financial cryptoperthite

At the Delhi airport have arrested the Creator of a cloud-based platform for trading bitcoins & mining GainBitcoin bharadvaja Amit (Amit Bhardwaj). He is accused of involvement in the financial pyramid 8000 investors in India, which led to overall losses in the amount of $300 million (RS 2000).

The participants of the scheme proposed to invest 1 bitcoin to get 10% profit monthly for 1.5 years. In addition, Bharadwaja promised to provide investors with equipment for mining cryptocurrency, but instead tried to leave the country.

In addition GainBitcoin Bharadwaja opened a mining company GB Miners in Hong Kong and has launched its own token MCAP. His name he supported the release of books written by him on cryptocurrency for beginners, cryptocurrency trading and mining.

Recall that yesterday the Reserve Bank of India (RBI) has banned banks are regulated to perform operations associated with cryptocurrency trading, although previously the Ministry of Finance of India stated that by 31 March shall develop a legislative regulation of this sphere.

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Yandex advertising blocks of cryptocurrency, ICO and mining

The company Yandex has ceased to publish advertisements promoting cryptocurrency, mining and ICO.

Official statements on this subject in Yandex did not. However, according to responses from customer service, advertising, cryptocurrency, mining and relevant projects in Yandex.Direct prohibited.

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Judging by the messages on the discussion forums, this ban has existed since the fall of 2017, if not sooner.

Club Direct:

Searchengines.guru:

Causes tightening of the rules concerning advertising of crypto-currencies and the ICO is currently unknown. The company always reserves the right to reject any ad without giving reasons for the decision.

The press service of Yandex provided the following comment:

«This is not only in accordance with the advertising policy of Yandex. No change it didn’t happen.»

Recall that Facebook has officially banned advertising of crypto-currencies, ICO and binary options in January 2018.

Google intends to introduce a similar ban in June. The company, unlike Facebook, will closely monitor compliance with its rules to prevent attempts to circumvent them.

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Coinbase has launched, but temporarily suspended trading Bitcoin Cash

19 Dec cryptocurrency exchange Coinbase announced the addition of the full support of the Bitcoin Cash. Users of the sites have been able to send, receive, buy and sell BCH.

Coinbase also launched trading on the GDAX – owned Coinbase exchange focused on institutional traders.

For background information about adding BCH for GDAX and Coinbase cryptocurrency rate rose from $2400-2500 to almost $4000. As of 2:00 UTC it was $3813.70.

However, shortly after the start of trading on Coinbase BCH and GDAX they were suspended due to high volatility and suspicious of growth rates.

The company expects to resume trading on the GDAX today, December 20, around 9:00 PST (19:00 Kiev time).

Trading on Coinbase will be resumed as soon as it achieved sufficient liquidity on GDAX. This is expected to happen tomorrow. At the moment users can send and receive BCH.

Coinbase also announced that all users will be credited with the Cash amount of Bitcoin equivalent to the amount of Bitcoin in their accounts as of August 1, 2017, when was an hardwork.

At the time of writing the average rate Bitcoin Cash was $3519,61. During the day, the price of bitcoin has grown 50,43%.

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