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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

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Posted on 20 January 2018 | 8:14 pm

Bitcoin is 'first sign of greed since Great Recession,' says Federated's Chiavarone - CNBC


CNBC

Bitcoin is 'first sign of greed since Great Recession,' says Federated's Chiavarone
CNBC
"It's the first sign of greed since the Great Recession," Chiavarone said this week on CNBC's "Trading Nation." "It's indicative of rising risk appetites which will drive equity markets higher almost regardless of what happens with bitcoin." Bitcoin is ...

and more »

Posted on 20 January 2018 | 3:01 pm

Lightning Network May Not Solve Bitcoin's Scaling 'Trilemma'

It isn’t possible to have decentralization, a fixed money supply and sufficient liquidity for an efficient payments system, says Frances Coppola.

Posted on 20 January 2018 | 5:20 am

Battle-Testing Lightning: 26 Schools Start Contest to Secure ... - CoinDesk


CoinDesk

Battle-Testing Lightning: 26 Schools Start Contest to Secure ...
CoinDesk
While many see the Lightning Network as the main hope for bitcoin's scaling issues, it's unclear whether many developers are actually working to make that a reality. According to Lightning Labs CEO Elizabeth Stark, there may be as few as 10 total full ...

and more »

Posted on 20 January 2018 | 4:34 am

Battle-Testing Lightning: 26 Schools Start Contest to Secure Bitcoin’s Layer 2

Organizers hope a new competition will spur security advances for Lightning, but also steer bitcoin debates in more constructive directions.

Posted on 20 January 2018 | 4:30 am

Best Bitcoin wallets for Android in 2018 - TechRadar


TechRadar

Best Bitcoin wallets for Android in 2018
TechRadar
Bitcoin (BTC) was originally invented as a decentralized and easy-to-use payment system. To this end there are a huge amount of wallet applications available for Android phones and devices, allowing you to take your BTC with you on the move. In this ...

Posted on 20 January 2018 | 3:01 am

Bitcoin Under Increasing Scrutiny on Island of Bali | News ... - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Bitcoin Under Increasing Scrutiny on Island of Bali | News ...
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Bitcoin is under heavy surveillance on Bali, an island in the Indonesian archipelago, according to local reports. Central Bank officials are seeking to crack down on the use of the cryptocurrency anywhere in the nation. Causa Iman Karana, head of Bank ...
The Indonesian Government Is Cracking Down Further On Bitcoin ...Bitcoinist

all 6 news articles »

Posted on 19 January 2018 | 8:54 pm

Keep Calm And Hodl? CNBC Guest Tells Bitcoin Critic to 'Piss Off' - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Keep Calm And Hodl? CNBC Guest Tells Bitcoin Critic to 'Piss Off'
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
The mainstream media debate over Bitcoin as a success or failure approached live comedy this week after a “brawl” broke out between guests on a CNBC panel. In an exchange which ended an edition of the network's increasingly notorious Fast Money segment ...

and more »

Posted on 19 January 2018 | 8:05 pm

Bitcoin Had a Strange Week. Does It Matter? - Slate Magazine


Slate Magazine

Bitcoin Had a Strange Week. Does It Matter?
Slate Magazine
Bitcoin had a lackluster week, with dramatic drops midweek that made some question the hype cryptocurrencies had generated in the latter months of 2017. And then it started to recover, reminding us how erratic cryptocurrencies are. Reports that ...

Posted on 19 January 2018 | 4:24 pm

Venezuela Blasts 'False' White Paper for Oil-Backed Cryptocurrency

Venezuelan officials have denied claims that the petro token's white paper has been released, calling such claims "false information."

Posted on 19 January 2018 | 2:30 pm

Two bitcoin traders charged with fraud - CNNMoney


CNNMoney

Two bitcoin traders charged with fraud
CNNMoney
The CFTC charged McDonnell and his company, known variously as CabbageTech and Coin Drop Markets, with fraud and misappropriation in their trading of bitcoin and litecoin, which also experienced a meteoric runup last year. CNNMoney was unable to ...
Federal regulators file fraud charges against three bitcoin operatorsDigital Trends
Bitcoin Futures Cop Says It Will Remain on Beat During ShutdownBloomberg
The US government is charging three bitcoin companies with fraudBGR
Bitcoin News (press release) -CFTC -CFTC -CNET
all 67 news articles »

Posted on 19 January 2018 | 12:33 pm

Report: India's Government Sends Tax Notices to Cryptocurrency Traders

India has sent tax notices to tens of thousands of cryptocurrency owners within its borders.

Posted on 19 January 2018 | 12:15 pm

Bulgaria Joins 'International Operation' Against OneCoin

Bulgaria's government has revealed it is part of an international crackdown of OneCoin.

Posted on 19 January 2018 | 11:15 am

OKCoin Eyes Cryptocurrency Exchange Launch in South Korea

Cryptocurrency exchange OKCoin is reportedly moving to launch in South Korea – possibly as soon as next month.

Posted on 19 January 2018 | 10:20 am

What is Ripple?

ripple101.jpg

By Shawn Gordon

What is Ripple? Technically speaking, is Ripple a cryptocurrency in the mold of Bitcoin? The short answer is probably “no,” but that doesn’t stop it from often being lumped into that same category.

What is Ripple?

Originally released in 2012 as a subsequent iteration of Ripplepay, Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn't rely on the energy and computing intensive proof-of-work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks.

The Ripple protocol (token represented as XRP) is meant to enable the near instant and direct transfer of money between two parties. Any type of currency can be exchanged, from fiat currency to gold to even airline miles. They claim to avoid the fees and wait times of traditional banking and even cryptocurrency transactions through exchanges.

How Is It Fundamentally Different From Bitcoin?

It is the validating servers and consensus mechanism that tends to lead people to just assume that Ripple is a blockchain-based technology. While it is consensus oriented, Ripple is not a blockchain. Ripple uses a HashTree to summarize the data into a single value that is compared across its validating servers to provide consensus.

Banks seem to like Ripple, and payment providers are coming on board more and more. It is built for enterprise and, while it can be used person to person, that really isn't its primary focus. The main purpose of the Ripple platform is to move lots of money around the world as rapidly as possible.

Thus far, Ripple has been stable since its release with over 35 million transactions processed without issue. It is able to handle 1,500 transactions per second (tps) and has been updated to be able to scale to Visa levels of 50,000 transactions per second. By comparison, Bitcoin can handle 3-6 tps (not including scaling layers) and Ethereum 15 tps.

Ripple’s token, XRP, isn't mined like Bitcoin, Ethereum, Litecoin and many other cryptocurrencies. Instead, it was issued at its inception, similar in fashion to the way a company issues stocks when it incorporates: It essentially just picked a number (100 billion) and issued that many XRP coins.

What is XRP and What’s It Used For?

As a technology, the Ripple platform may have real value and real history that validate the claims they make for its efficacy. The XRP token itself, however, seems to have negligible use cases. In fact, Ripple had planned to phase it out — at least, until fevered interest in cryptocurrencies began to take off in 2016. Nevertheless, as CNBC noted today, if Ripple hits $6.57, its market capitalization will be bigger than Bitcoin’s.

There are 100 billion XRP tokens that were issued by the Ripple company. At the moment, the company promises that this is the total number of XRP that there will ever be (though, technically, there is nothing to stop them from issuing more tokens in the future). Ripple’s hub-and-spoke design positions XRP in the middle as a tool that is fungible with any currency or digital asset, such as frequent flyer miles. Ripple can settle a payment in 3.5 seconds through XRP and have it available and spendable. The use of XRP is totally independent of the Ripple network in general; that is, banks don't actually need XRP to transfer dollars, euros, etcetera which is what many small investors might be missing when they are buying the token.

What Is Ripple’s Value Proposition?

The value here is the Ripple network itself and its ability to move assets around the world quickly, rather than in the XRP token.

Banks are able to use the Ripple software to shift money between different foreign currencies. Currently, this is typically accomplished using SWIFT, a system that is cumbersome and relies on the banks having separate accounts in every country they work in. Ripple says it has signed up more than 100 banks (compared to SWIFTs 11,000 financial institutions) including American Express.

So Why All the Hype?

While Bitcoin has seen a dramatic rise in price over the course of 2017, the end of the year saw the cryptocurrency almost breaking $20,000. As the price drove higher, we saw a massive increase in price for a large number of altcoins, with Litecoin jumping from $50 to nearly $400, Ethereum doubling, NEM and EOS going up by a factor of five, and the list goes on and on. The fear of missing out has driven many investors wild and “lower-priced” currencies are attractive to new investors who mistakenly think that the high price of an entire BTC puts the currency out of their reach.

Add to all the hype the rumors that had been swirling on social media through December 2017, that Coinbase was going to list Ripple, which caused the price to surge, which in turn prompted Coinbase to address the rumors in a more generic fashion in this blog post on January 4, 2018:

“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”

ripple chart jan19

The Coinbase announcement caused a big drop in Ripple, back to around the same levels as before the rumors began. SInce then, Ripple has both dipped dramatically and recovered, as have many other volatile cryptocurrencies. While Coinbase doesn’t support Ripple, there are a number of ways for people to acquire Ripple, should they still want to.

Words of Caution

There has been a lot of ink used on criticizing Ripple as well. The complaint from Bitcoin and other blockchain enthusiasts is that Ripple’s centralized control is in direct contrast to the ideals and advantages of decentralized blockchains like Bitcoin.

Ripple also maintains a trusted Unique Node List (UNL) that is meant to protect against potentially malicious or insecure validating servers. It is the UNL that controls the network rules, presenting a conundrum: On the one hand, it protects against problematic validators, but, in theory, a regulating body or government could come in and force a change that isn't necessarily desirable or is downright invasive. Furthermore, because of a FinCEN violation and fine in 2013, Ripple has updated its policies and will only recognize and recommend gateways that are in compliance with financial regulations.

New York Times reporter Nathaniel Popper commented on Twitter that he has yet to find a bank that anticipates using the XRP token in any meaningful way. Ripple’s CEO, Brad Garlinghouse, has denied Popper’s claims stating, “Over the last few months I’ve spoken with ACTUAL banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way.” However, as Popper points out, even the banks that he contacted at Ripple’s suggestion were non-committal in their plans to implement Ripple anytime soon.

According to the Financial Times, of the 18 banks and financial services companies publicly linked to Ripple, most of them stated that they “had not yet gone beyond testing” while a few had moved on to using Ripple’s systems “for moving real money.” However,  not one of the 16 companies that responded had used the XRP token.


This article originally appeared on Bitcoin Magazine.

Posted on 19 January 2018 | 10:15 am

TEPCO Invests in Blockchain Startup in Bid to Decentralize Systems

The Tokyo Electric Power Company Holdings announced it had invested in blockchain startup Electron to develop an asset management platform.

Posted on 19 January 2018 | 9:15 am

Cornell IC3 Researchers Propose Solution to Bitcoin’s Multisig “Paralysis” Problem

Cornell IC3 Researchers Propose Solution to Bitcoin’s Multisig “Paralysis” Problem

Owning cryptocurrency comes with its own set of challenges. One of the biggest of those challenges is managing the private keys that enable you to spend funds. Lose your private keys, and your money is gone.

In a business environment, a common way to manage funds owned by multiple people is via what’s called a multisignature (multisig) address, a type of smart contract requiring two or more parties to sign off on a transaction to move the funds. 

This can be problematic, however. Let’s say you have a three-of-three multisig that requires you and two business partners to sign off on a transaction. If one person dies, disappears or becomes incapacitated, those assets become frozen — a risk some might feel uncomfortable with when dealing with tens of thousands of dollars or more.   

One way to ameliorate that risk might be to opt for a two-of-three multisig, where only two instead of all three individuals need to sign off on a transaction. But that’s not a complete solution either. Two players could conspire against the other one and run off with the money.

What now? If your funds are on the Ethereum blockchain, you could write a smart contract that would allow you to free the funds if one person in your trio disappeared.

However, Bitcoin with its limited scripting language makes things more difficult. “This seems like an unsolvable problem if you think about the traditional tools,” said Ari Juels, a professor at Cornell Tech and co-director of the Cornell Initiative for Cryptocurrencies and Contracts (IC3).

Paralysis Proofs

In a paper titled “Paralysis Proofs: How to Prevent Your Bitcoin from Vanishing,” researchers Fan Zhang, Phil Daian, Iddo Bentov and Ari Juels from the IC3 outline how to deal with what happens when a party is unable, or unwilling, to sign off on a multisig transaction in Bitcoin. The solution involves a combination of blockchain technology and trusted hardware — Intel SGX, in this case.   

Trusted hardware allows you to run code inside a protected enclave. Even a computer’s own operating system is unable to access data inside an enclave, so if your computer were to be hacked, the code in the enclave would remain secure.

IC3’s solution proposes replacing a trusted third party, such as a lawyer or a bank, who would put money in an escrow, with a trusted hardware solution that retains control of a master key to the funds.  

If one of the three people in the contract dies, the other two initiate a “paralysis proof.” That proof is based on a challenge sent to the missing third person. If the missing person responds to the challenge, the money stays put. If the missing person does not respond, the trusted hardware releases the funds to the remaining two players.  

Trusted hardware is only part of the solution, however. If the third person were to try and respond to the challenge request with an indication she is still alive, conceivably, the other players could intercept that message. To ensure that does not happen, the second half of IC3’s solution involves sending the message via the blockchain, which provides a tamper-proof and censorship-resistant medium.    

“By combining these two [methods], we can achieve the exact properties we’re after,” Juels explained to Bitcoin Magazine. “We can enable trusted hardware to determine whether or not somebody is alive, and there is no way to prevent a relevant message from getting transmitted if it is coming through the blockchain.”   

How It Works

Put simply, this is how to achieve a paralysis proof as outlined by the IC3 researchers:

  • Two players suspect a third is dead, so they post a challenge on the blockchain. The challenge consists of a tiny “dust” UTXO that the third person must spend within a certain period of time, say 24 hours, to prove she is alive.
  • The two players also get a “seize” transaction they may post to the blockchain later to collect the funds, if the third person does not respond to the challenge.
  • If the third person sends back a response by spending the UTXO, the game is over; the two others are not able to take control of the funds.  
  • Alternatively, if the third person does not return an “alive” signal by spending the UTXO before the time-out, then the two others can use the “seize” transaction to take control of the funds.  

This not the only use case for a paralysis-proof system. Juels thinks the solution would work well in any situation that called for a controlled access to private keys that could not otherwise be maintained on a blockchain. “It is actually a very general scheme you could use for lots of other purposes,” he said.   

For instance, a paralysis-proof system could be used as a dead man’s switch for control over the release (or decryption) of leaked information or a journalist’s raw materials. It could also be used in numerous ways to control daily spending limits from a common pool of money or as a conditioned expenditure based on an outside event (as reported by an oracle), like a student getting good grades or a salesperson meeting a sales quota.   

“Basically, you can a rich set of conditions around the expenditure of money using the fact that a trusted hardware kind of acts like a trusted third party,” said Juels.

This article originally appeared on Bitcoin Magazine.

Posted on 19 January 2018 | 9:07 am

PBoC Reportedly Orders Payment Services to Stop Serving Crypto Traders

The PBoC's Beijing division has reportedly issued a document requiring payment services to stop facilitating crypto trading activities.

Posted on 19 January 2018 | 8:00 am

What's The Real Story Behind Bitcoin? - Forbes


Forbes

What's The Real Story Behind Bitcoin?
Forbes
Sometimes we elevate belief beyond factual truth. This a core principle of religion and politics. When belief supersedes reason in finance, we call it speculation. Is belief crowding out reason when it comes to Bitcoin and other cryptocurrencies? While ...
Yale Prof. Shiller Thinks Bitcoin's 'Bubble' Could Actually 'Linger 100 YearsCointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Bitcoin price WARNING: Cryptocurrency bubble might 'TOTALLY COLLAPSE' – or last 100 yearsExpress.co.uk
Bitcoin 'likely' to collapse, but could last 100 yrs – Nobel laureate Robert ShillerRT

all 19 news articles »

Posted on 19 January 2018 | 7:19 am

CFTC Files Suits Against Crypto Investment Schemes for Alleged Fraud

The U.S. Commodity Futures Trading Commission brought two lawsuits against allegedly fraudulent cryptocurrency investment schemes yesterday.

Posted on 19 January 2018 | 7:09 am

2018's Challenge: Promote Responsible Blockchain Innovation

The chief innovation officer at the U.S. regulator for national banks details the agency's efforts to support fintech while still mitigating risk.

Posted on 19 January 2018 | 6:00 am

I fell in love with bitcoin—but am cheating with its best friend - Quartz


Quartz

I fell in love with bitcoin—but am cheating with its best friend
Quartz
Andreas Antonopoulos, the de facto spokesperson/preacher of bitcoin, started his involvement in early 2012, quitting all other work to research and promote bitcoin full time. Antonopoulos deserves massive respect, as he is the springboard from which ...

Posted on 19 January 2018 | 5:22 am

Stuck at $12K: Bitcoin Price Needs Quick Progress to Avert Further Losses

With its recovery stalled, bitcoin needs a quick break above $12,500 or the tide may turn in favor of the bears.

Posted on 19 January 2018 | 5:00 am

Global Securities Watchdog Warns Investors on ICO Risks

An organization of global securities regulators has issued a notice alerting investors to the perceived risks associated with initial coin offerings.

Posted on 19 January 2018 | 4:00 am

SEC Outlines Reasons for Reluctance to List Cryptocurrency ETFs

An SEC letter states there are "significant investor protection issues" to be examined before opening up crypto-ETFs to retail investors.

Posted on 19 January 2018 | 3:00 am

Why São Paulo Wants to Pay for Infrastructure with Cryptocurrency

The Brazilian state wants to pay for feasibility studies with a token designed for the construction industry. Can such a coin achieve network effect?

Posted on 19 January 2018 | 2:00 am

Where'd You Get That Token? 7 Platforms Managing ICOs

A handful of platforms have launched to support token issuers with their sales. Which one an issuer uses may say something about the token itself.

Posted on 18 January 2018 | 10:11 pm

Bitcoin Devs Release Long-Awaited Schnorr Paper for Scalability Gains

Bitcoin devs have released the first paper on the Schnorr multi-signature protocol, which, if implemented, would increase bitcoin block sizes.

Posted on 18 January 2018 | 3:45 pm

Virginia Beach Government Backs Bitcoin Mine With $500K Grant

The U.S. city of Virginia Beach has granted $500,000 to help establish a new bitcoin mine in the area.

Posted on 18 January 2018 | 1:45 pm

NYSE Parent Company Launches Cryptocurrency Data Feed

Intercontinental Exchange announced today that it was partnering with Blockstream to launch a cryptocurrency price data feed.

Posted on 18 January 2018 | 1:00 pm

Halong Mining and MyRig Announce Partnership

dragonmint.png

Halong Mining and MyRig are working together to bring the new DragonMint miner from Halong to market.

First announced in November 2017, the new Halong Mining DragonMint 16T miner is the result of 12 months of R&D and a $30 million investment in development. It has a hashrate of 16th/s with a power consumption of 1440–1480 watts optimized for 240v operation. The DM8575 ASIC runs at 85 GH per chip with a power efficiency of 0.075 J/GH. No special modifications are needed in a data center to use the DragonMint if it is already configured to support a typical Chinese-manufactured ASIC miner.

MyRig (formerly BitmainWarranty) has been providing hosting and retail sales of miners and accessories, PCB design and manufacturing, software engineering and factory approved warranty and repair services since 2013. The partnership with Halong means that MyRig will take care of retail-side distribution, support and warranty services for the DragonMint 16T.

Halong will be manufacturing the DragonMint and continue to sell direct, albeit with a five-unit minimum. Halong told Bitcoin Magazine that the five-unit minimum per order on their site will remain when ordering direct from Halong, but when ordering from MyRig, customers will be able to order single units. They indicated that lead time for shipping at the moment is April 15–30, 2018, and they expect the first batch to go out in March 2018.

According to a MyRig representative, they will ship to any country that either UPS or DHL can deliver to, provided it is not on a sanctions list.

This article originally appeared on Bitcoin Magazine.

Posted on 17 January 2018 | 3:37 pm

Cryptocurrency’s Red Tuesday Firesale Leaves Everyone Speculating

cryptomarket_sell-off.png

The cryptocurrency sky fell yesterday as 49 of the top 50 coins (by Market Cap) were down with only Tether (USDT) posting a gain. In fact, only two coins, KuCoin Shares and VeChain, showed losses less than 10 percent and only 12 of the top 50 have lost less than 20 percent of their value.

The effects of the market-wide shock are clear, but explanations vary based on where you get your news. In an effort to make sense of the situation, here are the stories and rationales explaining the systemic drop.

South Korea

Korean leadership this week has been fragmented on the subject of cryptocurrencies, causing a public backlash in a country that has enthusiastically embraced the new asset class.

On January 16, 2018, Yonhap News reported that the Prime Minister Lee Nak-yon stated, “What the justice ministry is going to do is not immediately shut down (exchanges) ... As this is a legislative issue, it is not possible to shut them down without going through the National Assembly.”

This seemingly contradicts a radio interview given earlier in the day by Korea’s finance minister, Kim Dong-yeon, who stated in a radio interview with TBS Radio, “The government stance is that it needs to regulate cryptocurrency investment as it is a largely speculative investment … The shutdown of virtual currency exchanges is still one of the options (that the government has).”

The perceived discord from top Korean officials is a carry over from January 11, 2018, reports where Justice Minister Park Sang-ki stated regulators were preparing legislation to halt cryptocurrency trading. Those statements were walked back by the presidential office (The Blue House) later in the day, when a spokesperson relayed that the government has not yet decided on shutting down cryptocurrency exchanges. This statement came a mere seven hours after the Justice Minister’s statements and after a petition to the presidential office gained viral support. This communicative disharmony doesn’t even address the raids on Korean exchanges Coinone and Bithump last week.

Bloomberg (which also cites China as a causal factor), New York Post, MarketWatch, and others have cited the latest actions today by South Korea as an inciting reason for the digital currency market-wide bloodbath.

China Threatens More Bans

Korean Leadership may not be the only source of consternation for the cryptocurrency market. Some media outlets, such as Quartz have pointed towards Korea’s much larger neighbor to the West, China.

China has had a tumultuous history with cryptocurrencies. In the past few months alone, the Central Bank of China banned ICOs in September 2017, followed by a January 2, 2018, leaked memo where the leading internet-finance regulator in the country, the Leading Group of Internet Financial Risks Remediation, called for an orderly exit of crypto-mining operations. The forced exodus of crypto-mining operations, according to TechCrunch, will slowly extinguish a group that is estimated to produce three-quarters of the world’s supply of bitcoin.

The final straw for the China thesis were reports on Monday, January 15, 2018, that the Chinese government is escalating its crackdown to include domestic cryptocurrency trading by planning to block access to online platforms, exchanges, market-makers and mobile application platforms that cater to Chinese citizens.

While Chinese citizens have in the past used VPNs to work around similar blocks to sites such as Google and Facebook, China has been determined to stem capital outflows from the country (and the government has ordered a crackdown of VPN usage starting next month).

Cryptocurrencies have provided the potential for unregulated outflows of capital from the mainland, so it seems that the cryptocurrency facilitators in China may face a different fate than their internet counterparts.

The U.S., Brazilian, Indian, French, German Regulator Effect

Regulation is the name of 2018. If the regulatory issues out of South Korea and China were standalone examples, that may be enough to explain the sell-off. But other regulatory fears may have been increased by a flurry of announcements over the past week:

On January 12, 2018, U.S. Treasury Secretary Steven Mnuchin mentioned a working group comprised of multiple federal agencies had been formed to look into how to regulate cryptocurrencies.

That same day, Brazilian regulator CVM banned funds from buying cryptocurrencies.

On January 14, 2018, The Hindustan Times reported the Indian government has formed a committee to fast-track the country toward regulating the domestic cryptocurrency marketplace. In line with previous efforts by Indian Prime Minister Narendra Modi to demonetize lower denominated rupees last year, the committee was formed, according to The Financial Express, based on Indian authorities’ apprehension of illicit money being used to trade cryptocurrencies (colloquially referred to as “black money”).

On January 15, 2018, French Minister of the Economy Bruno Le Maire announced the creation of a working group with the purpose of regulating cryptocurrencies and appointed Jean-Pierre Landau, the former deputy governor of the Banque de France, to lead the group. Landau wrote an editorial piece for the Financial Times in 2014 titled “Beware the mania for Bitcoin, the tulip of the 21st century.”

Also on January 15, 2018, a board member for Germany’s Central Bank (Bundesbank), Joachim Wuermeling, called for effective regulation of virtual currencies on a global scale.

The Post-FOMO FUD Factor

The cause for the market wide plummet yesterday in cryptocurrencies could simply be a case of FUD (“Fear, Uncertainty, Doubt”) among new investors panic selling in the face of all of these regulatory actions or initiations by major world economies. Or perhaps it is entrenched investors taking regulatory actions as their signal to sell before regulations negatively impact their unrealized profits.

It may be a combination of events and speculation. The news reports differ on what events are emphasized depending on what coverage you look at (and if you look to John McAfee for causation, you’ll note the market drop was all because of J.P. Morgan spiking fears about potential government bans).

Regardless of the cause, the effects are clear. It now remains to be seen whether there will be a rebound or whether the sell-off will gain momentum as we look ahead to a future where regulatory impacts potentially curtail the bull-run the industry blossomed under in 2017.

This article originally appeared on Bitcoin Magazine.

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January 20, 2018 -
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