March 7, 2017

Bitcoin Rap | MS Werd and Cracked at SXSW

Check out our new Cracked Studios show: What Parties are Like for Socially Awkward People – http://vid.io/xcls
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Lyrics:

I’m Internet Rich
Internet Famous
All these other bitches’ shit is extraneous
I plan to hax0r your Wikipedia pages
And flag ’em as “lameness”
So you know how the game is.

Hey kids, the name is MS Werd
This track backed by Cracked
And in case you aces hadn’t heard
This bitcoin shit is Fracked

So open up your head holes and listen to my sound box:
You just met the motherfracker bankrupted Mt. Gox
Scaled to the summit
Like Sir Hillary or summat
And stole so much gold
That crap’s never gon’ come back!

Now I’m makin’ it rain Bitcoins for days
Which is tough, cuz they’re fake
But it’s like the man says:
Virtual currency is a virtual current, see
It soak up your dough and
Float the whole load downstream to me

And who was that man?
Me. I’m the man. I am.
Flexed nuts at Flexcoin
And now they’re like Myan:
Marred. While I’m on a date with a great gal
Asked if I could give her my tip, call me Paypal

Heard chicks dug a dude with farmfuls of Bitcoins
Thought my ill-gotten millions could get ’em to split loins
No dice, but no use cryin’ over spilt chode
At least I tipped the NSA to Pirate Bay and the Silk Road

I’m internet rich
Internet Famous
All these other bitches’ shit is extraneous
And even if you don’t know what my name is
I’m the one that made all your accounts the sameses. (zero!)

That’s right, I’m an asshole!
What the internet made me
I’ll increase your hassle
Factor, make you hate me
Like if I saw a post that said you lost your longcat
Man I would cop that, so your meme never got back

And don’t think I’m stopping, I’m a parasitic organism
I’m the reason Facebook keeps updating their algorithm
I’m the one who ate all of your favorite Tweets
Then got my own feed optioned for TV

And call me if you need a debit number or three
I got forty million from t-a-r-g-e-t
And if you don’t believe I’m a one-man hacking movement
I dare the real dudes to stand up now and prove it

See? Absolute confirmation
That when your email loads it’s just cause I’m on vacation
I made hoverboards not real, and Ben Affleck Batman
And your grandma not know how to download an attachment

I’m sapping your cash fast and I’m swiping your swagger
Meet the cat that crashed the market for the hamburger dagger
I love getting rich off of all of you wacky nerds
Anyone wanna buy my phone? It’s got Flappy Bird!

[wpr5_ebay kw=”bitcoin” num=”1″ ebcat=”” cid=”5338043562″ lang=”en-US” country=”0″ sort=”bestmatch”]

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March 22, 2017

Chinese Bitcoin Exchanges Expected to Resume Withdrawals Soon

Withdrawals are expected to resume soon in China as bitcoin exchanges are finalizing regulatory guidelines with the country’s central bank.

Exchange Requests Proof of Customers’ Funds

It seems like the moratorium on cryptocurrency withdrawals from Chinese bitcoin exchanges imposed by the People’s Bank of China (PBoC) may be coming to an end. A new round of PBoC meetings are being held this week to discuss the regulation draft details with the heads of Chinese BTC exchanges, according to local news resource cnLedger.

Now it appears that exchanges in the country are starting to ask users for detailed explanations/proof of fund sources along with their intended withdrawal destinations.

According to an (unconfirmed) email, translated from Chinese, from the Huobi exchange, users must provide account information, login information and account UID along with explanations of the sources of the funds to be withdrawn.

The exchange also requests a screenshot of a detailed transactions list between user’s bank account from which the funds were deposited. Moreover, users are requested to identify the wallet to which they want to send their coins (personal wallet or otherwise) as well as explain for what purpose the cryptocurrency (i.e. commodity) will be used.

Although no limits have been stipulated by Huobi, a previous draft by the People’s Bank of China suggests that users could also be required to verify their identity in person before initially depositing or withdrawing any sum above 50,000 CNY (roughly 6.6 BTC).

The suspension of withdrawals was initially expected to last for a month, although exchanges announced that they would extend the moratorium until regulators approve the internal compliance upgrades, which we may now be seeing.

With the implementation of these new rules, similar to KYC (Know-Your-Customer) regulations with which many foreign bitcoin exchanges already comply with (e.g. Coinbase), exchanges in China are expected to resume withdrawals soon.

With this step, we expect #bitcoin withdraws from major exchanges become available soon.

— cnLedger (@cnLedger) March 21, 2017

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Regulations Transformed bitcoin in China

The latest moves by the PBoC have changed the bitcoin landscape dramatically. The regulatory clampdown, which resulted in the drafting of new AML procedures, the end of zero-fee trading, and a temporary suspension of withdrawals, forced traders to seek alternatives elsewhere (e.g. Japan) such as P2P trading services like LocalBitcoins and BitKan, where there is less regulatory scrutiny but higher premiums.

“If users want to trade more that 5 BTC a day – they need to comply with KYC and AML guidelines,” BitKan CEO Leon Liu told Bitcoinist in a recent interview. “The maximum is 5 BTC without having to submit any personal information.”

Following the suspension of withdrawals, CNY has gone from comprising over 90% of all bitcoin trading volume to just under 10% today.

Now, as Chinese exchanges are gearing up to resume withdrawals under strict AML and KYC guidelines, the biggest question is whether users will be willing to jump through more hoops to buy and trade cryptocurrency or whether they will continue to seek alternatives instead, such as more anonymous P2P services or even anonymizing cryptocurrencies.

Some have already started sharing their predictions saying that holders will withdraw bitcoin to off-exchange wallets and then sell on the aforementioned P2P platforms at a 8-10% premium.

Images courtesy of cryptocompare.com, Shutterstock, Twitter

The post Chinese Bitcoin Exchanges Expected to Resume Withdrawals Soon appeared first on Bitcoinist.com.

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Dow Jones Media Trials Blockchain With Brave Browser

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