In today’s edition of bitcoin in Brief, there’s a lot to chew over. The crypto-coaster dazes Asian millennials, Kucoin asks some awkward questions, everyone wants to own an exchange, and why do so many bitcoiners get busted in Bangkok?
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Kucoin Has a Question or Two
On Wednesday, Kucoin exchange it had beefed up its security. As part of its new verification procedure, all existing customers are required to set two security questions and agree to a set of stringent rules. Some of these new conditions are interesting, to put it lightly. To trade on Kucoin, you must agree that you “Can bear more than 50% of the loss, even the risk of assets to zero” and confirm that you have “more than two years of experiences in securities, funds, futures, gold and foreign exchange.” What next – to create a bitcoin wallet you must have spent at least five years as a Core developer?
Kucoin asks the important questions
South Korean Millennials Feel the Pain
If the crypto bear market has hit you hard, just be grateful you’re not a twenty-something from Seoul. The Verge that millennials in the crypto-crazy Asian nation are reeling from the 70% drop that’s wiped out late 2017’s spectacular gains. Rekt portfolios are now being blamed for marriages splitting and suicide attempts.
An early contender for tweet of the week
Japanese Exchange’s Are Hot Property
Demand for cryptocurrencies might be low right now, but the exchanges that sell them are in high demand. Everyone’s hankering after a crypto exchange right now – preferably a Japanese one. In addition to Monex chasing and Yahoo being linked with Bitarg, a Hong Kong wine importer is interested in Bitpoint. In return for a 20% stake in the Japanese exchange, the wine whale will close to $50 million for 20%, valuing the entire business at $235 million. Bitpoint is one of Japan’s smaller exchanges as well. Buying a cryptocurrency platform is turning into the ultimate vanity project.
Everyone Wants Privacy, No One Wants Private
Holders of bitcoin private (BTCP) have been frustrated at the team’s failure to secure listing on any recognized exchanges – unless you recognize Tradeogre, Nanex, or Trade Satoshi. The project’s leader, Rhett Creighton, has also expressed his frustration at the impasse, “I don’t run any exchanges. I can’t “get” BTCP listed more than anyone else. What do people want me to do? I only know as much as everyone else. The team has asked / applied to many exchanges.” He seems particularly annoyed at Hitbtc’s agreement to list BTCP, only for the deadline to have passed with no progress. As some wiseguy quipped in response to Rhett’s rant: “Perhaps bitcoin private needs a rebrand?”
Busted in Bangkok
Amit Bhardwaj, accused of defrauding his fellow Indians of as much as $300 million through bitcoin-related ponzi schemes, has . The location where the serial scammer was busted? Bangkok. For some reason, cryptocurrency criminals seem to think Thailand will protect them from the long arm of the law, and each time they’re proven wrong. Bangkok is where Alphabay’s Alexandre Cazes was arrested, and later (according to local reports) took his own life in a prison cell, and it’s also where Sergey Sergeyvich Medvedev, co-founder of transnational crime syndicate Infraud, with 10,000 BTC confiscated. If you’re up to no good with bitcoin, don’t go to Bangkok.
What other bitcoin stories caught your attention today? Let us know in the comments section below.
Images courtesy of Shutterstock, Kucoin, and Twitter.
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For nearly half a year, India’s crypto enthusiasts have been searching for the cryptocurrency ethereum (ETH) over bitcoin (BTC). At the end of February, researchers confirmed ETH searches were twice as likely over BTC. Could the world’s second most populated country be souring on the world’s most popular cryptocurrency?
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India Is Searching More for Ethereum, According to Researchers
According to Jana, a free internet provider in India, “Ethereum topped bitcoin as the most searched-for cryptocurrency in India over the past five months, commanding a 34.4% share of currency searches overall versus bitcoin’s 29.9%,” Quartz India reports. The results were published in Jana’s Mobile Majority study, finding the “next most searched-for currency was Buyucoin (NEM) with a 21.2% share, and the rest captured 5% or less.”
The CEO of Jana, Nathan Eagle, believes, “The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has lead to the feverish pitch waning away dramatically. There are still quite a lot of searches but maybe we’re getting closer to what a true steady state should look like.” Part of the problem might be bitcoin’s success, ironically. It tends to get the majority of attention when concerns about cryptocurrencies arise. In recent months, India’s government and regulators have suggested everything from crypto not being legal tender to shutting exchanges.
Jana used its Mcent browser to find currency terms searched for and exchange visits over a five-month period, October of last year through February 2018. According to Quartz India, “Ethereum searches were double that of bitcoin during last week of February.”
Thirty percent of all searches during that period happened at the height of bitcoin’s run during December of last year. There seems to be an almost inverse relationship between searches for ethereum and bitcoin’s price: the more of one necessarily means less of the other. Mr. Eagle explained how “search volume is a leading indicator of what has momentum and is showing signs of growth. It may not correspond to people buying more ethereum, but there’s certainly a lot more interest,” he told .
India’s Uneasy Relationship with Crypto
What is clear is that India has an uneasy relationship with cryptocurrencies generally and bitcoin in particular. And though the Jana study points to a downturn in bitcoin enthusiasm, there are welcoming signs. As we explained, “trying to establish themselves in the crypto sector and raise funds through cryptocurrencies are increasingly turning to India…Outsourcing advertising and marketing operations to Indian agencies offers startups a cheaper alternative now.”
Non-governmental associations are welcoming even while India’s government is hostile. “An chamber of commerce is launching a bitcoin mining training program in 30 cities across India,” News.bitcoin.com reported. “The goal is to teach young people about bitcoin, cryptocurrencies, blockchain technology, crypto mining, and entrepreneurship to empower the rural population for self-employment.” There’s even “an initiative is bringing new investors on board. bitcoin gift vouchers are gaining popularity in India’s IT hub – . A growing number of Indians like the idea of a cheap and low-risk entry into cryptocurrencies.”
Do you think search results are a meaningful indicator of cryptocurrency interest? Let us know what you think in the comments below.
Images via Pixabay.
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