Latest cryptocurrency news
It has always been assumed that a large number of ICOs will fail, be it at the fundraising stage or when it comes to delivering the actual project. It’s hard to settle on a precise figure, however, as most dubious ICOs don’t exit scam: they slowly tiptoe away, like a sneak thief rather than a […] The post 46% of Last Year’s ICOs Have Failed Already appeared first on Bitcoin News.
Secured Automated Lending Technology (SALT) has an enviable problem if its recent Medium post is to be believed. The membership-based crypto-as-collateral loan platform has declared “a demand of over $1.3b in loan requests” is forcing it to suspend “new membership registrations, loan requests, and purchases of SALT.” Also read: How To Regain Control From Nanny Zuck […] The post Crypto-Backed SALT Claims $1.3 Billion Backlog, Suspends New Memberships appeared first on Bitcoin News.
Autorité des marchés financiers (AMF), the independent regulatory body governing France’s stock market, issued two statements today, one on initial coin offerings (ICOs) and another on the prospect of bitcoin derivatives. Both point to more oversight to come for crypto in France, including everything from formal authorizations to a ban on advertisements. Also read: How […] The post France Cracks Down on Bitcoin Derivatives appeared first on Bitcoin News.
The Russian Ministry of Finance is not against a national cryptocurrency, provided the state does not participate in it. The creation of a centralized coin, like the cryptoruble, seems impossible, as cryptocurrencies are based on decentralized ledgers, Finance Minister Anton Siluanov told President Putin, according to Russian media. Also read: Russian Authorities Criticized over […] The post Centralized Cryptoruble Not Possible, Minister Tells Putin appeared first on Bitcoin News.
The state of California has introduced a new bill that aims to recognize blockchain transactions, digital signatures, and smart contracts as a legal form of record. Assemblyman Ian Calderon introduced Assembly Bill 2658 on February 20 in order to re-define laws that apply to electronic records that take place within the state. Also read: Indians […] The post California Bill Aims to Recognize Blockchain Records appeared first on Bitcoin News.
Taiwanese police have arrested four men after a bitcoin robbery worth five million Taiwanese dollars (approximately $170,000 USD). The case has been described as the first of its kind in Taiwan by authorities. Also Read: Bungling Bitcoin Thieves Foiled by Quick-Witted Trader Taiwanese Trader Loses 18 Bitcoins in Robbery A bitcoin trader with the surname of […] The post Four Arrested Following Taiwanese Crypto Robbery appeared first on Bitcoin News.
A proposal to “tame” crypto technologies in Crimea has been made in Russia’s parliament this week. A local representative of the Russian Association of Cryptocurrencies and Blockchain told deputies the republic’s jurisdiction can be used to “test the new phenomenon”. RACIB has been working on a roadmap to implement the “Crypto-Crimea” plan and set up […] The post Russia to “Tame and Test” Crypto Technologies in Crimea appeared first on Bitcoin News.
Venezuela’s president Nicolas Maduro has ordered the country’s consular services, as well as several other services and gas stations, to accept any cryptocurrency including the nation’s own petro. In addition, he has announced the launch of another cryptocurrency, this time backed with gold. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Maduro’s Orders […] The post Venezuela Orders Government Services to Accept Any Cryptocurrency appeared first on Bitcoin News.
After months of infighting between the organizers of Tezos, a blockchain project currently in development, and the Tezos Foundation, a Swiss nonprofit that controls the project’s pursestrings, the two remaining original members of the Foundation have “voluntarily” resigned. This means that since December, the entire three-person board has been replaced.According to an announcement by the Tezos Foundation, Johann Gevers, the former president of the Foundation, has stepped down and will be replaced by Ryan Jesperson, a Tezos project contributor. Diego Olivier Fernandez Pons also stepped down and will be replaced by Michel Mauny, a senior researcher at Inria, the French company that developed OCaml, the programming language Tezos is written in. Another board member, Guido Schmitz-Krummacher, resigned in December “because he was frustrated with the infighting, which was consuming a lot of his time,” according to Reuters. He was replaced by Lars Haussmann, head of accounting firm Haussmann Treuhand AG, on January 31, 2018. InfightingTezos, a blockchain project aiming to compete with the likes Ethereum and Cardano, was co-founded by Kathleen and Arthur Breitman. In an uncapped initial coin offering (ICO) put forth as a “fundraiser,” the project raised $232 million worth of bitcoin and ether in July 2017. Those funds, which ballooned in value to around $1 billion due to this year’s rally in cryptocurrencies, were put in the control of the Tezos Foundation. The Breitmans, who retain ownership of the Tezos code through Dynamic Ledger Solutions, a Delaware-based company, have been fighting to get rid of Gevers since October. At that time, the Breitmans’ lawyer sent a 46-page letter to the two other members of the Foundation (Schmitz-Krummacher and Fernandez Pons, at the time), accusing Gevers of “self-dealing, self-promotion and conflicts of interest” and calling for his prompt dismissal. According to reports, the dispute originated a month before Gevers drew up a compensation package for himself, which the Breitmans claimed was excessive and not properly disclosed. It’s likely that the event also acted as a signal to the Breitmans that in setting up the Tezos Foundation, an organization that was supposed to operate completely independently of Dynamic Ledger Solutions, they had put too much control in the hands of too few people. On October 18, 2017, in a blog post, Arthur Breitman proposed a solution to the power struggle, which involved setting up Tezos AG, a subsidiary of the Foundation that would have its own budget and allow Dynamic Ledger Solutions to operate with less oversight. The Breitmans also proposed increasing the number of people on the Tezos Foundation board from three to seven. Since October, Gevers had kept relatively silent on the matter until January 28, 2018, when he published a blog post (archived) outlining steps for how the Foundation would push forward with the launch of the platform. (He later deleted the post.) “I am glad to announce that the Foundation has regained access to banking services, which — due to the controversy surrounding the Tezos project — had been suspended since October 2017,” he wrote. “This allows us to continue with our top priority, which is to build an operational team that can execute the Foundation’s mission.”In another interesting turn of events, a few days later, in an attempt to overthrow the Tezos Foundation, community members backing the Breitmans launched an alternative Swiss foundation dubbed “T2.” Wall Street Journal reporter Paul Vigna described the move as “not unlike shareholders in a corporation proposing a new board of directors because they like the CEO more than the board.” LawsuitsThe infighting, in addition to delays in the launch of the network and a holdup on funds, led to other complications. Since October, at least four class-action suits have been filed against Tezos on behalf of contributors accusing the project of selling securities. When the project was launched, the Breitmans portrayed the tokens as a donation to the project, but some contributors believed they were investing in a cryptocurrency that would go up in value like bitcoin. Those contributors were given vouchers for tezzies, the native token that will operate on the Tezos platform once it launches; but until the project launches, they are unable to redeem their tokens. The changeover in board members of the Tezos Foundation may be a sign that good news is on the horizon. At the recent Cyber Days conference at the UCLA Blockchain Lab, Kathleen Breitman hinted the platform would be launching in a few weeks. This article originally appeared on Bitcoin Magazine.
When ConsenSys, a Brooklyn, New York–based firm that builds decentralized applications and blockchain ecosystem tools on Ethereum, launched a $50 million venture arm, it turned to Kavita Gupta to run it. Working closely with Joe Lubin, the founder of ConsenSys and one of the early founders of Ethereum, Gupta began spearheading efforts to fund early stage Ethereum-based startups through ConsenSys’ rapidly growing network.A native of India, Gupta received the UN Social Finance Innovator Award in 2015. She has done work at the World Bank, leading the organization’s youth innovation fund. Gupta also has vast experience in the investment world, with stints at high profile firms like McKinsey, HSBC and International Finance Corporation. Following the recent Cyber Day event she presented at on the campus U.C.L.A, Bitcoin Magazine spoke to Gupta about her journey in working with ConsenSys Ventures. On Working With Joe Lubin and Vitalik ButerinA few years ago, Gupta had the good fortune of meeting ConsenSys founder Joe Lubin at a very small luncheon organized by the World Bank. “We had a three-hour conversation and I was a convert. Over the ensuing months, we kept brainstorming ideas about investments in the blockchain space. Hearing about Ethereum got me super excited!” Since joining the team as the head of ConsenSys Ventures, Gupta’s respect for Lubin has continued to grow. “He’s extremely visionary. As you know, Ethereum is a huge ecosystem and, even though ConsenSys is at the epicenter of it, there are a lot of other players taking things in various directions. So I admire Joe’s patience and faith, specifically his ability to work tirelessly each day with a smile on his face in a now 600+ person company with locales in 28 countries.” Gupta admits to having been a bit intimidated the first time she met Ethereum founder and mastermind, Vitalik Buterin, but was quickly won over. “Somehow I had it in my head that I shouldn’t approach him and that if I didn’t have a deep Ethereum coding background I’d look stupid. I kept saying to myself, he’ll think I’m just fluff. But to my surprise he gave me two hours of his time when I first met with him in China.“He’s a very simple, very humble, very sweet, super genius guy. While others have their opinions about him, the Vitalik I know has a very, very high emotional intelligence. I really deeply respect him. Our entire team respects him.” Gupta has had some experience interacting with infamous, groundbreaking men in the technology space.“I attended MIT when Mark Zuckerberg and Dustin Moskovitz [were starting] Facebook while at Harvard. Many of us kept bumping into the two of them, which gave us the opportunity to express what we liked or didn’t like about the Facebook wall. We could easily reach them and talk to them as though they were a friend. I feel like working with Joe and Vitalik is kind of like this: two people you can just walk up to and say, ‘I have a question.’” Advice for New Entrepreneurs in the SpaceShe chuckled loudly when asked about whether there are any misconceptions she hears from startup leaders when meeting them for the first time: “They often start out with, ‘Ahh, I’m doing a project on blockchain so my valuation should be $50 million dollars.’ I’m like, no, dude.” For Gupta, it is important that entrepreneurs start with a solid product first. “Frankly, it’s sad to see even smart entrepreneurs focus their first six months on selling tokens rather than actually building a product. In my opinion, these startups don’t need $50 million to build a product. And for the life of me, I have no clue as to who all of these people are that are investing $50 million in these types of projects with little knowledge of or ever having met the founder.” Her advice to new startups entering into the Ethereum blockchain space is to read and research voraciously. “There is amazing material out there. You don’t have to be a genius. You don’t have to come from a technology background. Just read online. There are many amazing Reddit threads if you have questions. There are so many meetups. ConsenSys does educational meetups and university programs everywhere. So just make it a priority to go and hang out and capitalize on these opportunities. Find people to exchange cards with and then go and have coffee together. That’s where all of the magic happens.” Find people to exchange cards with and then go and have coffee together. That’s where all of the magic happens.Coming from an engineering background at MIT as well as from an investment background, Gupta seems to have found her niche.“Honestly, I’m kind of like a kid in the candy store. For me personally, the work that I’m currently engaged in is the best I could have even asked for.”This article originally appeared on Bitcoin Magazine.