Samsung Made a Special Chip for Mining Cryptocurrency (Engadget)
Samsung has a chip designed specifically for mining cryptocurrency. Rather than repurpose a GPU to do the dirty work, Samsung made an Application Specific Integrated Circuit (ASIC), which is a specialized processor that is more efficient at mining than, say, an NVIDIA 1080 card. The company has entered into a distribution agreement with an as-of-now anonymous Chinese partner for distribution. As TechCrunch notes, this is significant for at least one reason: This gives the Korean company a way into the Chinese ASIC market, where local firms dominate.
South Korea SCRAPS Plans to Ban Cryptocurrency Trading as Seoul Uncovers Illegal Exchange (Express.co.uk)
Earlier this month, the country revealed plans to ban anonymous bank accounts in cryptocurrency trading from January 30. Following the announcement, a South Korean government official said: “The government is still discussing whether an outright ban is needed or not, internally.” However, today Seoul’s finance minister Kim Dong-yeon said: “There is no intention to ban or suppress cryptocurrency.” He went on to say how the government’s immediate task is to regulate exchanges.
Copyright: Elnur / 123RF Stock Photo
Kodak Delays Launch of Cryptocurrency After Questions Arise Over Vetting Process (Democrat and Chronicle)
Kodak has delayed the initial offering for its new cryptocurrency. The KodakCoin venture was announced three weeks ago, with the company saying investors could start buying in on January 31. A statement posted at the KodakCoin website said more than 40,000 investors had signed up to participate in the initial coin offering. “Given the large interest in the KODAKCoin ICO and the steps we need to take to verify the ‘accredited investor’ status of each interested investor, we expect this process to take several weeks,” the statement said.
Crypto Exchange Bittrex Outlines Token Listing Criteria (CoinDesk)
Seattle-based cryptocurrency exchange Bittrex has today made public its criteria for listing and delisting tokens. Bittrex chief executive Bill Shihara had already provided some details of the exchange’s decision-making process during a panel at CES 2018, saying the company looks at whether a token is innovative, the team that developed it and its compliance with various legal statutes. A document provided exclusively to CoinDesk (see below), further breaks down the procedures followed by the exchange, starting with a preliminary review that requires groups to submit both logistical information about the token and identifying information about at least one of the developers behind the project.
Maduro Announces Pre-sale of Venezuela’s Oil-backed Cryptocurrency (RT.com)
Oil-rich Venezuela is officially joining the cryptocurrency craze. President Nicolas Maduro has announced the date for the pre-sale of a new “petro” cryptocurrency. The pre-sale date is February 20, and the country plans to replenish its depleted budget. “This is the moment to accelerate the entry of the petro, to have faith in what we’ve created and in the technological and intellectual capacity of our country,” Maduro said on state TV, as quoted by Bloomberg. “The petro will have a great impact, in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.”
Revolut Launches Cryptocurrency Platform (FinExtra.com)
Revolut today announced the official launch of their much-anticipated cryptocurrency feature, allowing all Revolut customers to buy, hold and exchange cryptocurrencies in-app in seconds, as the innovative fintech continues to disrupt traditional banking and bring cryptocurrencies to the mainstream. All Revolut customers will now be able to join the waiting list and gain access to the exclusive cryptocurrency feature allowing users to buy Bitcoin, Litecoin and Ether in 25 currencies. In a further move to offer frictionless exposure to cryptocurrency, customers will be able to buy cryptocurrency in all 25 base currencies, eliminating foreign exchange fees for those looking to buy their cryptocurrencies in currencies such as Swiss Franc or Polish Zloty.
Coincheck Hackers Move Cryptocurrency to Stymie Recovery (Asia.nikkei.com)
TOKYO — The 58 billion yen ($532 million) worth of NEM digital currency recently stolen from a Tokyo exchange has been shifted to about 20 different accounts, in what experts see as an attempt to disrupt recovery efforts. The account to which the money was initially transferred is being monitored, likely prompting the hackers to try to spread the funds around as quickly as possible. The NEM Foundation, the international group that manages and promotes the currency, on Wednesday confirmed it had spotted movement into multiple accounts.
Bitcoin Falls Sharply, on Track for Worst Month in Four Years (Seeking Alpha)
The world’s biggest virtual currency Bitcoin fell 4.7% on the last day of the month, biggest decline since Dec. 2013, ending January with around 25% decline amid growing fears over regulatory scrutiny. Bitcoin was trading at $10,000 by 10:30 PM ET, Etherum at $1,107 on the Bitfinex exchange, while Ripple XRP token was trading at $1.11 on the Poloniex exchange. Regulatory scrutiny including subpoenas sent to Bitfinex and Tether, clamping down on cryptocurrency in South Korea and China, and tightening regulations in Japan amid $534M theft in cryptocurrency.
Bitcoin Transactions are Being Monitored on the Dark Web Thanks to This Company (Independent.ie)
Bitcoin transactions are being monitored on the dark web with the help of a new tool launched by an Israeli start-up. Webhose has fine-tuned crawling technology that collates data from a number of different online verticals into a structured format for the end user. With news sites, blogs and message boards the original sectors mined for information, media analysts and brand monitoring firms globally have already utilised this resource.
Nigeria’s Lawmakers Think Bitcoin is One Big Financial Scam (Quartz)
The bitcoin boom in Nigeria is drawing opposition from its lawmakers. The senate has asked Nigeria’s central bank and other regulators to “investigate the proliferation of bitcoin” and do more to educate citizens about “the dangers” of the cryptocurrency. Much of the lawmakers’ fears are based on recent events after Mavrodi Mundial Moneybox (MMM), a Russian ponzi scheme, became popular in Nigeria snapping up over two million users. After a strong run, during which the scheme awarded users with 30% interest rates per month, it collapsed in December 2016. Nigeria’s central bank estimates that users lost $50 million.
Ethereum has Outpaced its Rival Cryptocurrencies Since the Start of 2018 (Business Insider)
The global cryptocurrency market might have lost 15% – or $US93 billion of value – since January 1, but not all coins have declined equally. Ethereum has fared well in 2018, avoiding the drastic selling that has left other coins in the red. The second-largest cryptocurrency by market cap is up more than 46% this year, according to Markets Insider data, far outpacing bitcoin’s25% decline. XRP, the third-largest cryptocurrency, controlled largely by its creating company Ripple, is down more than 45% since January 1. Cryptocurrencies worth less than $US1 billion haven’t fared well either. The fourth-largest digital coin, bitcoin cash, has plunged 35.9% so far this year.
What has Changed for Ripple? Ripple Price Falls but the Future for XRP is Not that Bad! (XRP News Today) (Smartereum)
What has changed for Ripple? Even after, Bitcoin started falling, ripple was rising consistently. This was due to the perceived value of Ripple. However, in the latest leg of correction, Ripple has fallen significantly as well. It is now at the lowest level since the last couple of months. This after rising at least 20 fold in the last 6 months. This is one of the main reasons why investors are now worried about Ripple. They do not actually know whether they should still hold ripple or whether they should think about liquidating it.
Litecoin Price Forecast: Why LTC and Other Cryptos Are Plummeting (Profitconfidential.com)
Despite all the recent positive news we’ve shared about Litecoin, LTC prices are still struggling to find a bottom. Cryptocurrency markets at large, and not Litecoin, are to blame here. All of the top cryptocurrencies entered the red zone two days ago and have stayed there since. As we try to make sense of the situation, it becomes glaringly obvious that fickle investors are once again playing into the hands of market fear, uncertainty, and doubt (FUD). Markets seem to be crashing again and there are two seemingly bad pieces of news driving the sell-off. But as you’ll soon find out, neither affects Litecoin’s fundamentals.
