The retail industry is like an onion, with countless layers of intermediaries and supplementary services behind a customer portal like Amazon.com, all contributing to the convenience that customers experience when shopping. Any online platform that purports to serve some retail function is no different, even those with relatively straightforward business models. Discount and promotion sites… View Article
Archives for March 2, 2018
As the interest in cryptocurrency trading continues to grow, many exchanges find themselves unable to cover the huge influx of new users. On top of that, fraud and recent hacks make many traders leery of using the available centralized exchanges. LocalCoinSwap offers traders a secure, decentralized alternative. The Rise of Decentralized Exchanges In the last… View Article
FOMO Moments As we roll into the weekend markets have gone predictably red once again. Bitcoin is up a couple of percent but most of the altcoins are sliding during the morning trading session in Asia. One however stands out from the rest and today the leading altcoin is Monero. Coinmarketcap reports that XMR is… View Article
Gregory Maxwell, one of the most widely known bitcoin developers, announced via a blog post that he is moving on to fulfill a new technological pet project of his called as Taproot. Taproot revolves around the idea of Merkelized Abstract Syntax Trees (MAST). Updating Privacy Standards on the Bitcoin Blockchain Taproot could enhance bitcoin’s smart… View Article
Just about everyone these days is looking to monetize their knowledge through posting content, hosting webinars, and becoming “thought-leaders” within a given niche. Personal brands have become a staple in the business arena as an increasing number of professionals seek to create a name by offering their accumulated wisdom. Yet it’s a fundamental truth that… View Article
Yesterday, Credit Suisse and ING Group completed a 25 million euro ($30.48 million) securities lending transaction using blockchain-based software. The transaction involved the banks swapping baskets of securities through an application from fintech company HQLAx, which was built with a blockchain created by bank consortium R3.
The trade was one of the first examples of a capital markets transaction made possible through blockchain, a distributed ledger that is maintained by a network of computers on the internet. It’s a great move forward for the industry, highlighting the real-world possibilities of blockchain technologies that have faced some skepticism from traditionalists.
By the end of the year the companies expect the application to be live, according to Herve Francois, a blockchain initiative lead at ING. Using blockchain could help make the securities lending process faster and more capital efficient.
“This was far more than a proof of concept in a fenced lab,” Charley Cooper, a managing director at R3, said. “These are regulated institutions in a real market and it is a unique demonstration that blockchain solutions are being deployed in commercial settings.”
Across the globe, banks have invested millions in developing blockchain applications in the hopes that it can help cut costs and simplify processes like the settlement of securities trades. While many financial institutions have announced developments and experiments using blockchain, the technology is still in its early days and few of these applications are live — though 2018 may be the year that changes.
Typically, securities in securities lending are moved from one account to another. In the new method, digital collateral records are used to transfer ownership of baskets of securities without having to move the underlying securities from one custodian to another.
Normally, this process takes days; With this blockchain application the settlement is instantaneous. The hope is that this technology will not only help market participants redistribute liquidity more effectively and more cost-efficiently, but also that it will enhance regulatory transparency of collateral chains and mitigate risk by enabling orderly default unwinds.
“The platform gives us an opportunity to make balance sheet and capital usage much more efficient and timely,” Emmanuel Aidoo, head of distributed ledger and blockchain strategy at Credit Suisse said.
Banks have increasingly been joining forces and joining consortia to experiment with blockchain. New York-based R3 is one of the largest consortia in blockchain, with a network of more than 100 financial institutions. It developed a type of blockchain designed for financial transactions called Corda, which was used to build the securities lending application.
The post Credit Suisse and ING Group Complete $30 Million Securities Lending Transaction Using Blockchain Technology appeared first on NewsBTC.
This article originally appeared on Bitcoin Magazine.
Michael Arrington’s crypto-fund has reportedly been subpoenaed by the Securities and Exchange Commission.
Eleven individuals have been arrested in Iceland over the theft of 600 Bitcoin mining rigs. The thefts occurred in December and January. Authorities are labelling the incident the largest organised robbery in the history of the small island nation.
Mining Rigs Don’t Require Reselling for Criminals to Profit
Despite the fact that three of the four robberies took place last year, and one in January, police in Iceland have thus far refrained from making the details public. Their rationale is that the equipment’s use would alert authorities to the stolen goods’ whereabouts. Such a large number of miners suddenly coming online in the small nation would cause a spike in electricity use. This would allow law enforcement to locate them.
So far, there have been eleven arrests made in connection with the theft. Of these, two people will remain in custody by order of a Reykjanes District judge.
Unlike most thefts, there is a strong impetus for the criminals to keep the stolen goods. Selling them would attract attention and their use can be highly profitable, particularly in a nation with as cheap electricity and as cool a climate as Iceland. Mining rigs consume vast quantities of electricity and this causes them to heat up. Iceland is, therefore, an ideal location for the activity.
Police have been monitoring electricity consumption patterns since the thefts. They have also called upon local ISPs, electricians, and owners of storage units to report any suspicious behaviour.
ABC report Police Commissioner Olafur Helgi Kjartansson of the southwestern Reykjanes peninsula said:
“This is a grand theft on a scale unseen before… Everything points to this being a highly organised crime.”
As the price of cryptocurrencies increases, we are likely to see even greater incidences of mining equipment thefts. Earlier this week, we reported a similar case in Malaysia. In this example, a group of nine were arrested. They’re suspected of stealing over 58 mining rigs. At least five different thefts were made in the area, of which the nine have been charged with two. The identities of the culprits were exposed following their attempts to sell the equipment via a dedicated website and on social media. Local police stated:
“We were acting on information obtained when the suspects attempted to sell the equipment via a website and Facebook… We managed to recover 58 machines worth more than RM500,000(US$127,000).”
Cryptocurrency mining equipment is becoming a highly valuable target for criminal gangs across the planet. The current mining reward for cracking each new block is 12.5BTC. At today’s prices, these are worth around US$137,500. Being such lucrative loot, it is clear why such incidences are on the rise.
The post Iceland: Authorities Hold Two Suspects Over Bitcoin Mining Theft appeared first on NewsBTC.
As much as $50 million may have been lost by an international group of investors after putting their money into a bitcoin investment group.