Good news for American bitcoin companies, someone who wants much lighter Bitlicense regulations is in the running to be the next New York attorney general. And in China, a bitcoin mining hardware producer is planning a $1 billion IPO. These stories and much more in today’s edition of bitcoin in Brief.
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bitcoin Supporter for NY AG
A bitcoin supporter wants to replace New York Attorney General Eric Schneiderman, who after four women complained about non-consensual physical violence by him. Manny Alicandro has announced his candidacy on the Republican ticket. He is a stock market lawyer, former stand-up comedian, and a bitcoin enthusiast as the reports.
Alicandro expects his campaign to highlight the current harsh regulation of bitcoin. He said he’d like to see lighter rules for cryptocurrency businesses, arguing that the is hurting jobs and stifling innovation. He serves as an adviser to several blockchain startups and is a small investor in bitcoin and several other cryptocurrencies himself. The report adds that the AG candidate is currently checking if it is permissible for his campaign to accept .
Canaan Seeks $1 Billion IPO in Hong Kong
Canaan Creative Co. Ltd, the Chinese company behind the Avalon lineup of hardware equipment which produces ASIC mining chips and rigs, is now reportedly planning to launch an IPO in Kong Kong and raise up to a billion USD. As we previously , the company was also eyeing the US for a possible IPO market but has now ditched that option according to people familiar with the matter cited by the .
Warren Buffett Produces bitcoin Mining Hardware?
Warren Buffett, the chairman and CEO of Berkshire Hathaway, has recently by saying among other things that the cryptocurrency is “probably rat poison squared.” Therefore he would probably be very surprised to find out that he is involved with it in some way. According to reports from Canada, Climate Solutions TMI, a subsidiary of Berkshire Hathaway, has begun producing “portable cryptocurrency mines” for Montreal-headquartered data-centers firm .
These “portable mines” are containers with specialized ventilation systems needed to keep 1,200 rigs cool inside a metal box. They are said to be deployable anywhere in the world in two days, each consumes 2 MW of electricity, and can generate around $1 million in cryptocurrency revenue each month. “We wanted it to be easily transported by truck, boat or train. The goal is not to move them all the time, but rather to eliminate the problem of access to electricity. We want to bring these cryptocurrency mines as close as possible to the hydroelectric plants and the remote areas where Hydro-Québec has excess electricity to sell,” Fooad Nejad of Kelvin Emtech. “We get to recover between 80 and 97% of the heat produced. Containers could be placed near marijuana greenhouses or community centers, for example, and provided free of charge to partners. It’s like saying, ‘I’m scratching your back, you’re scratching my back’,” he added. The company also believes that this order will create about 200 jobs in the area.
Amana Capital Adds Cryptocurrency CFDs
Amana Capital, a Middle Eastern financial services group, is the latest online trading brokerage to add cryptocurrency-based contracts for difference (CFDs). The company explains it took the move due to “the increased demand for cryptocurrencies.” As a first phase, Amana will offer its clients the option to trade BTC, ETH, LTC, and XRP on its MetaTrader 5 platform, with additional cryptocurrencies promised to be added in the future.
Ahmad Khatib, CEO of Amana Capital, said: “Making cryptocurrencies available for CFDs traders across the world, falls in line with our strategic mission to further diversify our financial offerings and services, according to the latest financial innovations. Hence, we believe that entering the cryptocurrency market is a strategic move that propels our efforts on that end.”
Blox Releases “Quickbooks for Crypto”
Blox.io, a Tel Aviv-based startup formerly known as Coindash, has announced it launched Blox Business – an enterprise solution for managing, tracking and reporting crypto assets. The new platform is already being used by several ventures such as eToro, Wings, CIVIC, Coinsilium, Aeternity, Chainlinker capital, Startup Token and others. It features integrations with multiple exchanges and wallet accounts so that companies will be able to have a single dashboard with all their cryptocurrency holdings in one place. This solution is meant to help executives manage their books and finances by keeping an eye on stuff like cash flows, payments and salaries.
Dash CEO Hacked
Hackers continue to target victims in the cryptocurrency space, and the latest one revealed to be hit is CEO of Dash Core, Ryan Taylor. According to an announcement by the group, his Twitter account, LinkedIn account, and personal cell phone SIM card have all been compromised. After a few hours of it posting nonsense, Taylor has now regained control of his Twitter account. Last week we reported that hackers had taken over the official Twitter account.
bitcoin on the Late Show
With the cryptocurrency now routinely featuring in hit shows like , its not that exciting to see bitcoin on TV but it’s still a good opportunity to reach a wider audience. The Late Show with Stephen Colbert recently hosted Reddit co-founder Alexis Ohanian who spoke about the promise of bitcoin for protecting wealth from government misuse. If you missed the segment, check it out bellow.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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bitcoin storage provider is said to hold over 7% of the world’s bitcoin supply in its vaults. The total value of the bitcoin stored by Xapo amounted to $10 bln.
This information was provided by two unnamed clients of Xapo. And another person who is close to the company confirmed that this information contains the accurate figure.
Nevertheless, given the fact of the high volatility of the cryptocurrency market and unsteady bitcoin price, it is necessary to highlight that estimated value of the coins stored is constantly changing.
Being established in 2014 by Argentine entrepreneur Wences Casares, Xapo made news when the startup began storing bitcoin in a mountainside vault in Switzerland having converted a decommissioned military bunker into a crypto storage facility last year.
Earlier, Xapo its headquarters from the US to Switzerland with a view to provide enhanced privacy protection for its clients.
Currently, the startup owns an extended network of underground vaults on five continents. Xapo holds funds of both private and institutional investors. The client list of Xapo includes a number of well-known families’ surnames and names of huge firms and corporations.
For example, it has become known that a UK-based investment products and research firm CoinShares has deposited more than $500 million of bitcoin at Xapo.
Ryan Radloff from CoinShares told that “everyone who isn’t keeping keys themselves is keeping them with Xapo”. “You couldn’t pay me to keep it with a bank,” added he.
The main rule for all bitcoin owners is to ensure secure keeping of a private key that is a special code that enables people to spend their coins. In case intruders receive it, you can say “goodbye” to your holdings, there won’t be any chances to recover them.
Though it is rather convenient to keep these keys on devices that have internet access, it is really risky as hackers may get your secret codes.
There is another solution – to keep these keys in offline devices like thumb drives. But it is also quite dangerous as intruders can find ways to receive access to your private details.
Xapo has decided to bury a cold-storage device in a mountainside and layer on electronic safeguards. If you keep your holdings at Xapo and you want to take bitcoin from the vault, it will take you nearly two days.
bitcoin storage provider needs to verify your identity and to check your request. It is needed to get approvals from three separate vaults for any transaction to be permitted.
Xapo also provides its clients with a trading desk where they can purchase and trade bitcoin. Moreover, the company has created the first bitcoin debit card with the help of which you can spend your Bitcoins.
Currently, Xapo’s services boast popularity and rather high demand that can be proved by the fact that 7% of the global bitcoin supply is kept by the company. It means that Xapo have more deposits than 98% of 5,670 banks in the US.
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On Monday, May 7, world’s second largest cryptocurrency exchange Binance for Bytecoin – a private, untraceable and open-source cryptocurrency. Following this, the price of Bytecoin surged by nearly 200% in one single day to hit an all-time high of $0.018. Bytecoin is powered by the CryptoNote technology and has been extremely popular in the DarkNet for its anonymity.
However, things went awry later on, as the Bytecoin “crashed” due to a huge surge of investors and massive traffic witnessed that day for trading the cryptocurrency. Having received huge number of complains from investors with some even alleging it to be a scam, Bytecoin team published .
All in all, Bytecoin team was quick enough to communicate to its users saying that they are not involved in any sort of price manipulation. In a statement, the Bytecoin team said:
“But it was possible for Binance users, and that’s the common situation for new coins which get a listing on Binance. We understand that some of you guys won’t believe us but this mixed with such a high degree of traffic is the reason the wallet is down right now.”
Expressing sensitivity towards the issue, Bytecoin team apologized:
“We’d like to say a huge apology to all the Binance users who were faced with Bytecoin’s network issues. We remained in silence until the moment we clearly understand the root of the problem because we want to be able to provide you with certain solutions, updates, and deadlines.”
While explaining the cause of this happening, the Bytecoin team wrote that the crash of it wallet was basically “due to the large amount of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability.”
They have also assured that the Bytecoin team is working hard on solving these issues, and everything will be settled ASAP. Bytecoin further goes to claim that they have identified all of the problems that caused the crash and that most of them have been already fixed.
Dear Community. We'd like to clarify situation with the Binance/ price. We don’t have any influence on one or the other’s price. We are responsible for only our software and all we are doing now is trying to fix everything ASAP, please excuse us for any inconvenience.
— Bytecoin BCN (@Bytecoin_BCN)
Currently no stats are available for Bytecoin on , while a message reads that “BCN is currently under maintenance or experiencing wallet issues. Deposits and withdrawals are disabled.”
However, the Bytecoin team has reached out to CoinMarketCap in order to reinstate the value of the cryptocurrency on their platform wherein it said that they have solved the bug at their end.
Dear , could you please reinstate us on your site so our users can accurately see our value? We have been trying to contact you for the last 24 hours, we have fixed the major bug in our software that caused issues for our community.
— Bytecoin BCN (@Bytecoin_BCN)
Following this, the Bytecoin has also released an on 3.0.4 Adoption rate. In their blog post, the Bytecoin team wrote:
“All users are strongly advised to help the network by upgrading their Bytecoin Daemons v.3.0.4 (for merchants) and Bytecoin Desktop v.2.0.4 (for individuals).”
“Please, notice that there’s no need to download the entire blockchain from scratch, as long as the new versions are compatible with the previous database. You only need to import the backup wallet file to the new client version,” reads further instruction.
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