Self-proclaimed fans of popular Chinese boy band TFBoys have built a controversial initial coin offering (ICO) around their idols.
Archives for February 13, 2018
South Korea is examining a licensing system to regulate the country’s cryptocurrency exchanges in a major turn around from its previous harsh stance.
A turn around from hardline approach
After announcing less than a month ago that some or all cryptocurrency exchanges may be shut down in the aftermath of the Bitcoin market correction South Korea looks as if it may soften their stance.
According to Business Korea, the government is considering adopting a system similar to New York’s Bitlicense model. The New York system only allows exchanges that applied for a Bitlicense from the state department of financial services to trade cryptocurrency. New York requires detailed reporting regulations and a minimum capital requirement which has limited the number of firms and currencies that qualify.
The South Korean government considers that implementing such a system brings a notoriously volatile market into a more familiar institutional framework which can be more easily supervised. These recent statements are a dramatic reversal to an energetic crackdown on cryptocurrency exchanges last year.
The first mention of a ban by South Korea, one of the top cryptocurrency markets in the world, in December of 2017 caused Bitcoin to slide 18% in one day. Resulting in the chief of financial services commission to talk openly about shuttering cryptocurrency exchanges nationwide in a speech to parliament.
“(The government) is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law,”
Choi Jong Ku, chief of financial services commission.
This call for tighter regulation sparked a strong reaction as thousands of South Koreans signed a petition to stop any ban on cryptocurrency trading on the website of the presidential blue house.
Creating a path to stable crypto market
This recent reconsideration from the government comes as a great relief to investors both in the country and around the world as South Korea’s policies would affect the international cryptocurrency market.
It seems that the recent stabilization of Bitcoin’s value after it fell dramatically at the end of last year has convinced the government that a safely regulated market is viable.
Or maybe the government realized that an attempted ban on trading would drive cryptocurrency exchanges underground, taking them out of the tax revenue loop as well as alienating South Korea from the developing Blockchain technology expansion and all of the benefits that are sure to come with it.
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Since the birth of online casinos in the 1990s, the global online gambling industry has continued to expand and evolve alongside the internet, smart mobile technology and even payment methods. Bitcoin, for instance, is being accepted at an increasing number of online casinos to the joy of players attracted by the cryptocurrency’s negligible fees, instant payments, and virtual anonymity.
That and the fact the world’s premier Bitcoin-friendly online and mobile casinos offer players exactly the same games as their FIAT currency counterparts. In other words, Bitcoin casinos are powered by the exact same world-leading online casino game vendors. Although a few still offer downloadable games, most develop browser-based ‘instant play’ games – for demo play and real money.
Which raises the question of what are the best casino games you can play with Bitcoin?
This article aims to answer this question by showcasing a handful of the most popular, entertaining, lucrative and feature-laden online slots you can play right now with Bitcoin and/or any other major currency. Leading international no deposit online casino guide NoDepositRewards says the following online slots from Endorphina, NetEnt, Play’n GO, BetSoft are amongst the best available.
Satoshi’s Secret Slot (Endorphina)
Satoshi’s Secret slot from Endorphina stands out from the crowd because it has incorporated the mysterious and supposed Bitcoin inventor Satoshi into its theme, and because this 3 row, 6 reel, 20 pay line slot game can only be played in real money mode using Bitcoin. Coupled with a theme and colour scheme that is reminiscent of The Matrix films, Satoshi’s Secret’s graphics are enticing.
This video slot has a total of 12 symbols including a hooded Satoshi, the letters Q, W, E, R, T, Y, the dollar symbol, the pound symbol and the euro symbol. The remaining two symbols are the Bitcoin Bonus symbol and the wild symbol. Four bonus symbols automatically trigger the Trading bonus game, while QWERTY across the reels triggers the Hacking bonus game which has three levels.
The wild substitutes for all other symbols except Satoshi and the bonus. With a bet size ranging from 0.01 credits up to 5 credits, Satoshi’s Secret is suited to all budgets and boasts a 5000 coin maximum payout for 5 Satoshi symbols.
Bitcoins, Bitcoins my world for a 1000 Bitcoins
Starburst Slot (NetEnt)
Starburst slot from Swedish gaming powerhouse NetEnt was launched in 2012 and is still one of the most popular slot choices at Bitcoin online casinos. It is revered just as much for its bright, bold and colourful theme as much as its simplicity. Starburst has 3 rows, 5 reels and 10 pay lines that pay from left to right as well as from right to left, which is rare to find in either land or online slots.
This bitcoin slot has 8 symbols made up of the Bar, the 7, the yellow gem, the green gem, the red gem, the blue gem and the purple gem. The final and most important symbol is the multi-coloured Starburst symbol which only lands on reels 2,3 or 4. As an expanding wild, the Starburst substitutes for all other symbols and can also yield the game’s maximum payout of 50,000 credits.
The slot accepts bets from 0.01 up to 1, with a minimum bet of 10 credits up to 100 credits a spin.
Planet Fortune Slot (Play’n GO)
Planet Fortune slot from Play ‘N Go is a 4 row, 5 reel and 40 pay line bitcoin slot with a 1950’s space film-inspired theme and accompanying music and sound effects. Its engaging theme aside, this game is crammed with fun and high-paying features like its randomly triggered Magnetic Mayhem feature and the Robot Revolution Free Spin feature, which brings 10 free spins and sticky walking wilds.
These are wilds that move one reel to the left with each free spin until there are none left and can pay out up to 2,500 times the bet size. The game has 11 symbols that comprise the A, K, Q, J and 10, a space crystal, a space gem, the game’s hero and heroine (Astro-Adam and Extragalactic-Eve) and finally two robots, which are also the slot’s wild symbols and can activate up to 10 free spins.
The minimum bet of Planet Fortune slot is 0.20 while the maximum is 20. The maximum payout is 2500x the player’s stake.
Released on the 25th of Jan 2018, It promises to be epic
More Gold Diggin Slot (BetSoft)
More Gold Diggin slot from BetSoft is widely played by bitcoin online casino fans due to its superior 3D-style graphics, animations and high-payouts. The sequel to the equally successful Gold Diggers slot, this 3 row, 5 reel, 25 pay line video slot features two ‘redneck’ gold miners and a mischievous gopher that become animated (literally and figuratively) when winning combinations are made.
Set in a rickety goldmine with falling symbols that contain a mixture of precious metals, minerals and stones such as gold, silver, copper, diamonds, rubies, oil along with sticks of dynamite and barrels of TNT. The dynamite is also the game’s wild while the TNT is its scatter, three of which trigger the free spins. There is also a gamble feature, where players can either double up or lose their winnings.
More Gold Diggin slot accepts a coin size of 0.02 to 0.50, and a minimum and a maximum bet of 25 to 125 credits respectively. Its maximum payout is 12,500 the player’s initial stake.
Now that the world is truly and utterly captivated by cryptocurrencies, we are experiencing a gold rush the likes of which we haven’t seen since the dotcom era. It’s clear to see that cryptocurrencies aren’t just a flash in the pan, however, their true value is the source of much speculation. How much are they really worth? Does cryptocurrency have intrinsic value or is its real-world value far less?
A Bitcoin primer
Bitcoin has been around since January of 2009, mere months after the theoretical paper, Bitcoin: A Peer-to-Peer Electronic Cash System, by Satoshi Nakamoto was released. While there was interest in Bitcoin from the very beginning, it wasn’t seen as a serious investment option by many market trend analysts until late 2016. After Bitcoin forked in August of 2017 the value of Bitcoin skyrocketed.
What’s amusing about this story is things like the following: that what I paid in Bitcoin for topping up my phone credit several times over would now be worth 10s of thousands of dollars; that the main transactions in Bitcoin for most of its history were drug exchanges on the dark web; that the elusive Satoshi Nakamoto has been rated one of the top 50 richest figures in the world, despite Satoshi’s Bitcoins never being touched and no trace of them for years.
While a lot of mystery and intrigue surrounds the story of Bitcoin itself, as well as speculation on the market, what’s not a surprise is the volatility of the coin, even from day to day. Half of the value of the coin has been wiped off in just over a month and a half, hitting from up to almost (US)$20,000 a coin to under (US)$10,000. For investors, this is a huge gamble. But a gamble that you may not have considered is the gamble taken by actual gambling houses who themselves accept and cash out Bitcoin.
Online Bitcoin gambling has been quietly gathering steam for years now. Online gambling has come a long way since it first emerged as a relevant form of gambling – and jumping on the Bitcoin bandwagon was a natural progression. When we talk about the history of online gambling we see that once upon a time there were no regulations in place when casinos could do what they please, and punters could place bets on anything, anywhere. Slowly, regulations started to creep in to keep a lid on these activities, bringing them into line with the regulations of the country of play. But then Bitcoin joined the party.
When punters were dealing with fiat currencies, the play was much more strict, you were limited to playing and cashing out in your own currency, often with wait times and issues like chargebacks. When Bitcoin came in, there was the ability to play in Bitcoin, cash out in Bitcoin (or cash out in your currency if you were playing in your own country), play anonymously, and more. The rise of Bitcoin in online gambling ushered in a less regulated era, yet again. And governments and overseeing bodies have struggled to keep up with technology ever since. If you’d like a guide to Bitcoin casinos then check out CasinoHash for the latest info.
But since the rise of Bitcoin as a fluctuating investment this has been a source of pain for online gambling houses. If you pay out in Bitcoin, then the implications can be disastrous.
Let’s take, for example, FortuneJack, a casino house with over 300 different games available on it. Punters deposit Bitcoin into their accounts to play – or Litecoin, Doge, Dash, or Reddcoin, just for a bit of a choice of options. They’re then able to play to their hearts content until it’s either a) time to cash out or b) they’ve run out of crypto.
But let’s say that a punter deposited 0.1BTC to play today, which is currently valued at $1000USD. They play a few games today and tomorrow then suddenly the cost of Bitcoin skyrockets. A jackpot game that they were playing today, let’s say the dice game, pays out at 11BTC. Suddenly, 11BTC is worth a whole lot more – and if FortuneJack hasn’t adjusted their jackpot in time for the game then they are caught paying out far more than they anticipated.
The other worry for Bitcoin gambling houses is punters who win big and accumulate funds in their online accounts. While on Monday, the house might have had to cash out (US)$10,000 to someone, if they leave their funds with the house for a week and the price rises, then the casino may be handing out what amounts to double that in fiat currency of the actual win.
So, as you can see, for Bitcoin gambling houses, the stakes are high. However, there are various provisos that they can put into place that can help to ease the pain in the case of unexpected price rises and falls. One of the ways in which they can do so is to convert all deposits into the casino to an equivalent value of fiat currency for play – even if they don’t actually “convert” it in real life, just have it as a placeholder. Another thing they can put into play is adjusting jackpot values in real time as a reflection of the current cost of Bitcoin’s value, so payouts don’t end up bankrupting the house. Thirdly, they can do a “conversion” to fiat currency on wins, so that even if players keep money in the house before cashing out, this won’t rise to ridiculous amounts.
Of course, all of these options may fall on the blurry side of legalities. What is known for a fact is that Bitcoin casinos and online gambling houses are more at risk now than they have been before due to the fluctuations in the price of cryptocurrencies.
However, there’s also a big opportunity to be made. If clever people behind these gambling houses can predict with some degree of accuracy what’s going to happen in the market on a very short-term basis, they can easily trade with punter’s deposit money, with the opportunity to make gains on the deposits on the open market – which can add up to a lot if you have plenty of customers.
While regulated online gambling markets such as Nevada and the UK strive towards making online gambling houses more honest and held more accountable, their struggles to be a mirroring in the rules, as regulators try to understand the technologies associated with online gambling and cryptocurrencies in particular.
Until more people, and especially those in positions of power and regulation, have a firmer grip on the technologies involved in online gambling, we will continue to see Bitcoin gambling online as a bit of a black sheep within the gambling world: little understood by those except the brains behind the operations and by those who know how to best work the system in their favor.
While there is something implicitly exciting and dangerous around gambling in this new world system, it’s not until these ways of doing business have settled down and the dust has cleared that they will truly be legitimate and more widely accepted. And it’s up to Bitcoin gambling houses to put in the hard yards and answer the difficult questions before this really starts to happen. So let’s make it happen – as Bitcoin gambling has a bright future.
In response to the minister of finance naming cryptocurrency as illegal tender Indian exchanges have banded together to create a central repository to maintain a real-time database of traders in a bid at self-regulation.
Exchanges propose self-regulation
When Finance Minister Arun Jaintly named cryptocurrency illegal tender in his early February budget speech he set off a rash of panic selling across Indian exchanges. Since then the panic has subsided and exchanges have made moves to self-regulate in order to put off any harsher government intervention.
Cryptocurrency traders are required by exchanges to submit both their PAN and Aadhaar number along with banking details in order to open a trading account. Though the proceeds from all transactions are credited to the same account the data is not shared as each exchange operates exclusively.
Seven cryptocurrency exchanges have come together to form the Blockchain and Cryptocurrency Committee (BACC) of the Internet and Mobile Association of India. This mouthful has tasked itself with collecting and pooling users trading data through PAN cards and making this information available to government agencies.
“This is one of the proposals we are planning to submit to the government committee which is looking into the issue of cryptocurrency,”
said Ajeet Khurana who heads the BACC.
Indian tax authorities have notified an estimated 100,000 investors asking them to reveal profits earned on cryptocurrency trading for 2017.
BACC will promote best practices
Industry experts estimate that in 2017 about 10,000 crore (100 billion rupees) trade in cryptocurrency was done by around five million active Indian traders.
The BACC plans to submit it’s proposal to the government committee headed by economic Affairs secretary SC Garg this week. The government panel will submit it’s recommendations by March and all expect a trading monitor of cryptocurrency to be appointed by March. The BACC is planning a code of conduct that would require all exchanges following Know Your Customer (KYC) and anti-money laundering policies already enacted and followed by individual exchanges.
“These exchanges don’t deal with cash and will adopt the best practices applicable for the banking industry Though the government has specified that cryptocurrencies are not legal tender, we hope to present to the government committee that people can still trade in them like they do in ‘stock or gold’,”
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The VC arm of cable giant Comcast has formed a team to explore the number of ways it might profit from strategic blockchain investment.
The post Japanese Internet Giant GMO Plans Bitcoin, Bitcoin Cash Cloud Mining Launch in August appeared first on CCN
GMO Internet, a multi-billion publicly listed Japanese internet and technology conglomerate, has unveiled plans to launch its new bitcoin cloud mining service in August. Founded in the early 1990s, Tokyo-based GMO announced its foray into the cryptocurrency space in September with a multi-million-dollar investment into a new mining venture. Crypto mining sees miners gain newly
The post Japanese Internet Giant GMO Plans Bitcoin, Bitcoin Cash Cloud Mining Launch in August appeared first on CCN
Templum and Liquid M have called on the SEC to allow token issuers to remediate their offerings given previous lack of regulatory guidance.
The post China’s State Media Targets ICOs, Cryptocurrency Trading appeared first on CCN
The Chinese government, through its media, is continuing to taking aim at cryptocurrency trading and ICO investments. Despite numerous laws passed last year to ban cryptocurrency activity in China, many Chinese investors continue to find underground ways to trade in virtual currencies and invest in ICOs. Last September, China began its crackdown on virtual currencies,
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Independent content providers have a difficult path to earning a living from their work but some new Blockchain based reward networks are changing this.
Content creators to get their due
Anyone who has spent years and countless hours developing independent content across multiple platforms knows how hard it is to actually generate any revenue from the work.
While Twitter, Facebook, and Instagram rely on user-generated content the revenue that streams in from ads goes directly to the platform, only rarely dripping into the pockets of those who put the time and energy into drawing the traffic.
Author and founder of Good Audience, Sherman Lee, believes decentralization and Blockchain ledger technology are a perfect combination to bridge this gap in creation and reimbursement.
As she recently wrote in Forbes ‘Every single piece of unique content could be recorded on the Blockchain along with impressions, likes, and comments. Content creators would have transparency into the impact they are making for brands or social networks and be properly rewarded for it.’
Virtual rewards networks already exist and some of them are funneling revenue back to the original content creators.
Blockchain-based rewards taking off
Steemit allows content creators to be rewarded in STEEM tokens based on votes from users. These tokens can then be exchanged for fiat currency. The platform that started in March of 2016 has paid out $30 million to 50,000 users as of November 2017.
The downside to Steemit is that users are only rewarded for content on that platform. All of the hard work a creator may have put into building their Twitter or Instagram feeds cannot be rewarded through this.
Gifto, a Hong Kong-based rewards protocol, has solved this by allowing users to award virtual gifts across all platforms. These gifts can then be exchanged for GTO tokens which in turn can be exchanged for fiat currency. These gifts can be awarded on Facebook, Twitter, Instagram or any social network platform.
CEO of Asia Innovation Group creator of both Gifto and Uplive, a live streaming network in Asia, has been looking at gamification for a long time. He believes that virtual gifts are a way to keep users engaged and creators continuing to put out high quality and sometimes groundbreaking content. According to Asia Innovation Group Uplive generated over $100 million in revenue for content generators in 2017. Gifto will replace Uplive for 2018 and is projected to go over 300 Million in virtual gifts.
There are other Blockchain based rewards networks out there such as the Basic Attention Token (BAT) which allow users of the browser to reward websites directly for their content using the BAT token. Irrespective of which one gains the greatest adoption the ultimate winner will be the independent content creators who have been traditionally left out of the revenue loop.
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