Category: Altcoin

Crypto Trading Has Not Been Banned In India, Govt. Confirms

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As mentioned in the Friday news post, the cryptocurrency situation in India is quite unstable at the moment. Still, it is worth noting that there have been a lot of misconceptions regarding the recent decision by the Indian government with a number of media outlets claiming that India has banned trading in bitcoin, and other cryptocurrencies for that matter. This is certainly not the case. Just to be clear, the Reserve Bank of India (RBI) only cut ties between its own banks and any entity that deals with cryptocurrencies.

No Cause for Alarm?

It goes without saying that the RBI press release indeed caused quite a stir especially because it somehow translates to a total ban on bitcoin trading, depending on how one interprets it. While this is not the case, it cannot be said that there is nothing worry about since the RBI’s ultimatum is still rather significant for cryptocurrency users.

All banks that are currently servicing any entities that deal in cryptocurrencies have a three-month deadline looming over their operations. Any bank that fails to sever its ties with the crypto users the will no longer be considered as a partner of the Reserve Bank of India.

What It Implies

According to Unocoin, there is not much cause for alarm since the RBI has not deemed bitcoin as an illegal currency and there is no ban on cryptocurrencies. For now, Unocoin will continue operating as usual until the banks it is affiliated with state otherwise. The three-month ultimatum creates room for a lot of changes and adjustments but everything will become crystal clear after that. So far, the damage is going to be minimal even though this is subject to abrupt change, but such kind of change is something you get used to when you stay in the crypto-world for long.

The decision by Indian officials is not entirely surprising since the RBI has for several months now reiterated the risks associated with cryptocurrencies. As such, it is likely that many of the India cryptocurrency entities have always been prepared for such developments. In other countries, the alternative has been moving to crypto-friendly countries such as Malta and Switzerland. All that matters now is that bitcoin trading has not been banned in the country but in case it happens, there are viable options for the crypto operations. We will just have to wait and see how it all plays out.

RBI Bans Regulated Entities from Dealing in Cryptocurrencies

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Even though it is currently exploring the creation of its own cryptocurrency, India’s central bank on April 5 escalated a crackdown on existing digital currencies like bitcoin. In an official statement released by the Reserve Bank of India, it was directed that all regulated entities, including banks, should stop providing services to individuals or even businesses that are users, holders and traders of cryptocurrencies.

Meanwhile, the central bank has set up a panel that will be tasked with studying the feasibility and the desirability of introducing a fiat digital currency. The Reserve Bank of India (RBI) confirmed in a statement on Thursday that the panel will be expected to submit a report by the end of June this year.

“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies,” the RBI said. “Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.”

As far as the specified time frame is concerned, the RBI gave the regulated entities three months to unwind their positions with the crypto-related entities. This move comes after over three warnings that were issued to the public in regards to the risks of dealing with decentralized digital currencies. It also follows in the footsteps of several other governments around the world that have been strengthening scrutiny of the virtual currencies. In fact, by its own admission, the RBI affirmed that this move is geared towards protecting the regulated entities form the risks associated with digital currencies.

“Virtual Currencies (VCs), also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others… In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs,” the RBI said in an April 5 statement.

Possible Introduction of a Fiat Digital Currency

The new RBI regulations certainly have rather significant implications for the crypto market in India. However, the central bank is taking steps that will maintain or draw from certain aspects of the crypto-ecosystem. The underlying blockchain technology, for instance, is quite promising and the RBI acknowledges this fact – the bank will be investigating ways of exploiting the blockchain technology in order to achieve financial inclusion and enhance the efficiency of the country’s financial system.

Also, as mentioned earlier, the RBI is exploring the concept of a fiat digital currency that will be issued by the bank and thus will be considered to be its liability. The new currency will in circulation alongside the tradition paper currency – if it succeeds it also holds the promise if reducing the costs of printing the paper currencies.

CoinPoker Responds to Poker Bot, Security Issues Allegations

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Just a few weeks ago, CoinPoker’s real money tables went live and the site is celebrating by running a number of generous promotions. However, according to PartTimepoker.com writer and GameIntel Managing Editor Alex Weldon, these generous promotions have been contributing to the cryptocurrency-based online poker site’s bot-driven player traffic. Weldon also believes that CoinPoker is struggling with security protocols on the site.

Alex Weldon first wrote about this on a March 17 PartTimePoker.com article title ‘CoinPoker’s Traffic is a Farce’ in which he detailed the findings from his research of the traffic numbers for GameIntel – the company that supplies data to PokerScout, an established website that tracks online poker traffic of nearly all online poker sites.

Weldon’s research was apparently prompted by what he describes as “abnormal traffic patterns.” For instance, he noticed that a number of players were simultaneously playing a number of tables for hours at a time. Furthermore, the said set group accounts dominated the huge volume of gameplay with a significantly small number of other players getting in on the action from time to time.

The players that caught Weldon’s eye all played at minimum stakes for each of the site’s leaderboard levels with each of the level of the leaderboard having nearly the same of player at the tables, though with different names. The wagering patterns of the massively multi-tabling players made Weldon even more suspicious as they seemed to be making programmed decisions.

CoinPoker’s initial response was the closure of three accounts as further investigations are carried out. The site’s officials also pointed out that “Malicious poker bots have not been a significant issue thus far, but we will continue to investigate the problematic accounts that pop up on our leaderboard.” Still, CoinPoker’s security protocols and the site as a whole have been subject to a number of questions.

To further prove their dedication to handling the issue as expected, the online poker operator decided to limit the number of simultaneously played tables to 8 per player. In addition to this, the site plans to integrate a verification tool called Civic to their platform.

“With these measures in place, we can, with a high degree of confidence, say that our final leaderboards reflect players who have played fairly and worked hard to win prizes in our current 5MM CHP Giveaway Promotion,” they wrote.

On the issue of security protocols that was a key concern for many of the stakeholders of the poker site, CoinPoker confirmed that the launch of its peer-to-peer security system was still scheduled for October this year. The new security system will be replacing the existing security system that runs on a hybrid platform that combines standard online gambling security measures and blockchain technology

Bitcoin Mining Has Just Been Banned in Small New York Town

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Plattsburgh, a small lakeside town in northeastern New York has banned the establishment of new bitcoin mining firms for the next year and a half citing the fact that the miners have been exploiting its low-cost electricity. This comes at about the same time that the New York public utilities arm gave a ruling that allowed the municipal power authorities to charge higher electricity rates for cryptocurrency miners.

The town which is quite close to the Canadian border put the one and a half year moratorium on cryptocurrency mining in a bid to preserve its natural resources, the health of its residents as well as the “character and direction” of the city. Thus, for the next 18 months, the city will not be considering any new applications for commercial cryptocurrency mining. Breaking this rule will attract a fine amounting to $1,000 daily for the period that the moratorium is violated.

“It is the purpose of this Local Law to facilitate the adoption of land use and zoning and/or municipal lighting department regulations to protect and enhance the City’s natural, historic, cultural and electrical resources,” Plattsburgh officials said after holding a public hearing on the matter Thursday.

Cryptocurrency mining is the process by which mining firms or individuals get paid with cryptocurrencies for running complex mathematical equations on high-powered computers in order to confirm the validity of transactions. This process needs enormous computing power and thus is very energy-intensive hence miners will almost naturally be drawn to areas with significantly lower electricity costs. Thanks to its hydropower plants and the subsidies that some of the municipal power authorities allow on the electricity, some parts of New York are able to offer electricity rates that are as competitive as the Chinese bitcoin mining market. Furthermore, the naturally lower temperatures in the state also significantly reduce the cost of cooling facilities at the mining firms.

It Is a Positive Move, Some Agree

While this might not be a favourable ruling for cryptocurrency miners, one local bitcoin mining operation, Plattsburgh BTC, has expressed its support for the ruling. David Bowman, the founder and CEO of the bitcoin mining firm said in an email that the move was a positive one for both the city of Plattsburgh and crypto mining as a whole.

“We will be actively working with the city right away to find solutions that work in all of our interests, like possibly shutting off the machines if we are in danger of going over the city’s quota, looking into energy recapture as a way to heat buildings,” he added. “Anything is on the table.”

India Can’t Regulate Bitcoin, Says Former Indian Bureaucrat

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India has been struggling with regulating cryptocurrencies for quite some time now mostly because of the strong aversion the governments has towards digital currencies but they are yet to ban any. Now, a former Indian top finance ministry official insists that bitcoin, as well as other cryptocurrencies, should be completely banned in the country.

Shaktikanta Das, who is a former secretary of economic affairs, believes that regulating bitcoin is going to be quite tough and thus the only feasible alternative would be to outlaw their use. Das headed the Indian government’s first panel that was set up in April 2017 in a bid to understand and recommend necessary regulations pertaining to cryptocurrencies. Currently, Das is a member of the 15th finance commission which has been tasked with reviewing the financial situation of the present government.

“Let us accept that it would not be possible to regulate it effectively. Because they will do transactions from their houses. You cannot enter every home to check what transactions are going on. So, I think this is a serious challenge, and this should not be allowed at all,” Das said.

The Indian government’s aversion to cryptocurrencies can be traced back to 2013 when the Reserve Bank of India (RBI) warned its customers against the potential security threats that were associated with digital currencies. Despite this, and multiple other warnings from the country’s ministry of finance and the RBI that followed since then, cryptocurrencies have grown in popularity even among people who were considered to be “conservative” Indian investors.

Why Das’ Opinion Matters

Shaktikanta Das has held a number of key positions in India’s ministry of finance including being the head of the departments of economic affairs and revenue. He has also served as a board member of the Indian market regulator Securities and Exchange Board of India and the Reserve Bank of India – both institutions play a monumental role in the drafting of cryptocurrency regulations in India.

Das argues that since the Reserve Bank of India is the only institution allowed to issue currency in India, cryptocurrencies are essentially illegal. He further pointed out that cryptocurrencies are paralleling present financial frameworks without any backing from legal provisions.

“There is the danger of cryptocurrencies leading to money laundering, terror financing, and unaccounted transactions. It will pose a serious threat to the financial stability not only of India, and in fact more, in the case of the developed world,” he added. “It’s a serious challenge and threat to global financial stability.”

MARVEL’s Heather Antos Leaves for Editor-in-Chief Role

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Marvel Comics’ assistant editor Heather Antos is leaving the comic book publisher to become the Editor-in-Chief of Esports betting platform Unikrn – the position was previously held by Ryan Jurado, who has now been reassigned to be the betting platform’s Head of Global Content.

Antos, who previously worked as a comic’s editor on Unlawful Good: An Anthology of Crime, produce on a number web series such as Lagged Out and a journalist for sites like Geek Legacy, has been an Assistant Editor at Marvel Comics since 2015. Her work as an editor at Marvel Comics, principally for the Stars Wars and Deadpool franchises saw to the tremendous growth of both lines of comic books which has earned them very strong critical and commercial success over the past couple of years. Also, this made the star editor herself a public face for Marvel Comics both on social platforms as well as every popular comic convention we can think of.

In 2017, Heather Antos also became the focus of online harassment that led to the #MarvelMilkShakes solidarity hashtag from across the comic book industry. Apparently, Antos will be leaving Marvel Comics simply because she has been presented the opportunity of a lifetime at Unikrn, and not because of any issues that may have come up between her and her former employer.

“Plot twist! In today’s chapter of the Heather Antos Chronicles, I’m making a leap from Marvel comics to video games & Esports as editor-in-chief of Unikrn,” Antos tweeted. “It’s been a long-time goal of mine to branch out into the video game & competitive Esports world. To do so under the guidance & leadership of Rahul Sood and Ryan Jurado is something I never would’ve thought possible. I absolutely cannot wait to dig my heels in & get running!”

Antos will be tasked with managing and overseeing all the editorial content, tournament coverage, podcasts as well as video content.

A Little Insight into Unikrn

The Las Vegas, Nevada-based Unikrn is considered to be the world’s best Esports betting platform – its success can be attested by the many offices they have across some of the world’s most popular cities such as Berlin, Germany and Sydney, Australia.

The Esports betting platform primarily offers real money wagering as well as token-based betting on nearly all the available competitive video gaming tournaments from across the world. Unikrn essentially creates betting markets on Esports in a manner that can be likened to the way traditional sports betting is operated. The platform’s users are allowed to bet legally free from any part of the world using Unikrn’s own cryptocurrency that is referred to as Unikoin. Players from the United Kingdom and a few other areas are even allowed to place bets using real money but this number is likely to grow in the near future.

Crypto Prices Drop Amidst Trader Suspicion of Binance Hack

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The major cryptocurrencies on Wednesday experienced sharp price drops as reports of system errors at Binance, a renowned crypto exchange, got many investors into a bit of a panic. At the same time, digital currency traders also had to digest reports that major United States regulators are demanding for the registration of all cryptocurrency exchanges.

Binance is considered to be one of the biggest exchanges in the world – CoinMarketCap reports that it is one of the top 4 biggest exchanges for the most popular cryptocurrencies in terms of the traded volumes. Prior to the Wednesday crash, a number of users noticed something highly unusual with Viacoin – that is, a huge increase in buy orders for the cryptocurrency after which its market capitalization jumped from $64 million to $159 million in just a few moments. A probe into the matter revealed that there were lots of unauthorized sell orders going around.

“We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak,” the Binance team wrote on Reddit. “As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.”

Binance later announced that it had halted withdrawals so as to look into what the company referred to as “unauthorized market sells.” The company further stated that there was no evidence that the platform had been compromised at the time.

The impact the alleged Binance hack has had on the market is quite significant. 360 Blockchain USA president, Jeff Koyen pointed out the concerns surrounding Binance resulted in the plunge of the prices of bitcoin and several other digital currencies as well.

“All of crypto is getting battered right now, based on fears that Binance was hacked,” Koyen stated.

SEC Crackdown Played a Role

A number of market analysts have also pointed the price drops to the United States Securities and Exchange Commission’s (SEC) recent decision to subpoena a number of firms that either deal in cryptocurrencies, or are associated with them. A large number of the subpoenas were specifically sent to companies that are selling digital token through Initial Coin Offerings (ICOs).

Zero Edge Is Set to Solve the ‘House Always Wins’ Problem

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With hundreds of online casinos springing up on the web each and every day, online gambling is as popular as ever and it is surging forwards rapidly as well. While their seemingly inexhaustible popularity cannot be disputed, online gambling has one major flaw that is tied directly to how many of the online casinos are operated.

If you are familiar with gambling, then the saying “The house always wins” must have flown by you a few times since it even dates back to the very first land-based casinos in Asia and Europe. This is a popular statement essentially because it is very true.

Zerocoin to the Rescue

“All casino games, whether they are found in traditional brick and mortar establishments or online, have one thing in common – the odds are always stacked against the player. Players might be winning for a short period of time and think that they cracked the code, but in reality, they are just “running hot” and sooner or later the variance will do its job to favour the house” explained ZeroEdge.Bet CEO, Adrian Casey. “Most of the players are unaware of the mathematical principles that make beating the casino virtually impossible. Therefore, our goal at ZeroEdge.Bet will be to educate players about gambling and prevent them from falling victims to its traps.”

Zero Edge Casino uses its own Zerocoin, its own in-house cryptocurrency in a bid to solve the age-old problem of the house always winning. This is going to be achieved by completely getting rid of the “house edge” altogether which essentially means that for the very first time in history, players will have a true and fair shot at winning the online games they play at Zero Edge Casino.

Zero Edge’s concept has already penetrated the European and the Middle East gambling markets and is now on the verge of completely taking the Asian online gambling market by storm. The online casino operator is essentially turning the casino industry on its head through the introduction of this revolutionary new and different way for online casinos to make profits without having to exploit their customers. The model instead focuses on profiting by increasing the value of the operator’s digital assets through wider adoption and utility.

To play at Zero Edge Casino, players must first buy Zerocoins but this is a fairly small price to pay considering the goodness of playing with the zero percent house edge that the online casino offers. As more players learn about this incredible offer, they will certainly buy into it which will increase the demand for Zerocoins and, in turn, exponentially increase the cryptocurrency’s value. Things are indeed looking up for the company, and for the rest of the online gambling community as well.

Bitcoin Nears Regulatory Crackdown, Says Bank of England

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The Bank of England has issued a warning stating that bitcoin is headed towards a regulatory crackdown – it also pointed out that “inherently risky” cryptocurrencies are failing to fulfil their most basic function as a store of value. The banks’ governor, Governor Mark Carney, in a speech and interview that were held on Friday, tore into bitcoin. In his words, the world’s most popular decentralized digital currency is on the verge of a “pretty brutal reckoning.”

His remarks extended beyond bitcoin as an individual asset and included cryptocurrencies as a whole, which he also thinks have “all the hallmarks of a bubble. And normally they end with a pretty brutal reckoning.” Carney’s most significant concern was however portrayed by his call to have the “anarchy” of cryptocurrencies being utilized as a medium of exchange for criminal activities brought to an end. He said that it was about time that relevant authorities worked towards a framework to “regulate elements of the crypto-asset ecosystem to combat illicit activities”.

There are already a number of efforts around the world that are geared towards bringing bitcoin under the control of governments and central banks especially due to the prevailing fears that bitcoin users are likely to lose their money due to market manipulation. On the same note, there have been even more efforts directed towards curbing the use of cryptocurrencies for criminal activities such as drug dealing, money laundering and even financing terrorism.

In the run to Christmas in 2017, bitcoin soared very close to the $20,000 mark before plunging back by more than half at the beginning of the year. It has however recovered to $11,000 but there is still a ton of uncertainty plaguing the digital currency.

“Authorities are rightly concerned that given their inefficiency and anonymity, one of the main reasons for their use is to shield illicit activities. This cannot be condoned. Anarchy may reign on the dark web, but in the UK it’s just a song that your parents used to listen to,” Carney said in the speech.

Will Everything Be Put Under Scrutiny?

Staunch believers in the bitcoin dream have maintained that the underlying technology of most, if not all, cryptocurrencies will certainly revolutionize the existing financial systems and in the process make everyday payments not only cheaper but also easier than they seem to be at the moment.

Carney clarified on this particular issue saying that the bank would still study, explicitly, the use of the distributed ledger technology that powers cryptocurrencies. He concluded that, as much as cryptocurrencies “do not appear to pose material risks to financial stability,” the situation is bound to shift as more people become aware of them.

Zeroedge Is Offering Esports Betting With Zero Commission

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The past few years have seen online sports betting grow tremendously which has eventually led it to its current state of being the leading form of online gambling in many parts of the world. Esports, a rather new and interesting niche in the world online sports betting, has also been increasing in popularity over the past decade and sooner than later it might be just as mainstream as the other sports leagues – it is already a close competitor to the leagues.

The Rise of Crypto Casinos

Cryptocurrencies have undoubtedly grown on nearly everyone in the online gambling space. However, Esports betting at emerging or established online crypto-powered casinos may not be already as polished as gamblers may desire but in most cases, the pickings are just slim – this is because not many of them are dedicated Esports betting operations.

Zeroedge online casino offers the solution to this problem with its cryptocurrency-based operation that also includes the casino’s own in-house unique cryptocurrency known as ZeroCoin. Zeroedge is one of the few online casinos that are exclusively offering Esports betting opportunities to bettors. To sweeten the deal, the casino further offers an unheard of and an unprecedented zero commission for all the games offered on the site.

Why Is Zeroedge Such a Big Deal?

Well, it is essentially the world’s first online casino that offers two unique advantages to the general online gambling community – the first being the fact that it runs exclusively on a cryptocurrency (ZeroCoin) and the second being that it will be offering a true zero percent house edge to its players. Most casinos usually stack the odds in their favor which makes it very difficult for players to win. Zeroedge, on the other and, does not profit from the losses that its customers incur and instead it benefits from the increased value of ZeroCoin, which is apparently Zero Edge Casino networks’ main economy driver.

Being that the casino offers zero percent edge on casino games, there has been an increase in demand for ZeroCoin which in turn has resulted in an increase in its value. Players are still able to play zero percent games as the price of ZeroCoin rises and they are also not required to pay any fixed amount of money in order to place bets. To achieve this sort of “free” gaming, players are subjected to a closed loop economy where the only requirement is that they buy the casino’s token with fiat currencies or other cryptocurrencies and since the supply of ZeroCoin is limited, its value is directly proportional t demand.

This is further facilitated by Blockchain & Smart contract technology which allow for the creation of a fully transparent and truly fair gambling ecosystem where players not only have more opportunities to participate but they are also offered true chances of winning while at the same time being part of a much larger community where social inclusion and mutual values are fostered.