The crypto space has continued on roller coaster method. That is seems to keep extending since it began. The industry is in a slump presently. This pattern is stable. There are many chief executives with the Bitcoin mining sector. They are not disappointed by the prices of current in the crypto world.
A Chinese firm Innosilicon founded by Alex Ao told to encourage the community. His firm was started in 2014. When they made one of the first bitcoin, he sees the mining business as an independent sector which has a pattern of its own cycles. He is taking the chance to double down with their mining stage.
Ao said that he saw the price of bitcoin goes up and down over the years but still believe in the future. He made a statement that history always repeats itself and that is the nature of the economy. Even the chief revenue officer Henry Monzon of BitFury agreed with him and said that the mining industry is in a stage of consolidation that needs to be taken advantage of.
Expansion of firm:
Monzon doesn’t plan to use the resources of BitFury to expand their mining efforts to include the Crypto currencies beyond the present network. It doesn’t mean that they will never expand in future. Monzon told that it is too early to decide the ongoing situation in the crypto world. The traditional chip makers should not be concerned with the new creators in the world. There are well designed and technically improved but required for traditional chips that are different from what are required for Bitcoins.
Initial public offering:
Many firms in the mining industry have filed applications to go with the public as a result they can make offer initial public offerings. Bitcoin seems to rule this technology as the dominant creator of mining hardware. Competitors are making it tuff to maintain that role. There is a link between mining and Crypto network shows that the mining firm is starting to get into the public’s view eye sight.
Uzbekistan Legalizes Cryptocurrency
In a landmark decision, the government of Uzbekistan has given a thumbs-up to the promising cryptocurrency industry. The President of Uzbekistan, Shavkat Mirziyoyev has signed a memorandum of understanding (MoU) with the Korean Blockchain Business Association (KOBEA) which now allows use of cryptocurrency and establishment of Uzbekistan’s first government-licensed crypto exchange. This move has come in as part of the government’s various efforts to augment its market-based economy.
As per the decree titled ‘On Measures to Organize the Activities of Crypto-exchanges in Uzbekistan’, crypto activity will not be treated as securities and therefore, the existing legislation for securities and other traditional exchanges will not be applicable. All bitcoin exchanges and activities of crypto trading platforms will be subject to a new set of normative acts developed for digital assets.
However, crypto-exchange licensing will be limited only to foreign legal entities which have already established a subsidiary or other enterprise in Uzbekistan. To lure investments, the government has also offered firms tax exemption on all their cryptocurrency turnovers. Also, licensed exchanges with cryptocurrencies and foreign fiat currencies would not be regulated by the current foreign currency rules.
The licensing regime for aspiring crypto trading platforms comes with certain terms and conditions, mentioned as below:
- They must have an authorized capital equivalent to 30,000 minimum wages on the day they apply. And 20,000 minimum wages are required to be reserved in a separate account with one of the country’s commercial banks.
- Their servers must be located in Uzbekistan.
- The platforms need to adhere to the statutes for trading and publish exchange rates based on the demand-supply ratio.
- For 5 years, they will have to save information regarding their transactions, users’ identification and other related data.
- The presidential decree allows crypto startups to organize, exchange transactions with residents and non-residents. These transactions can involve the acquisition and/or alienation of crypto assets in exchange for the national and international fiat currencies, as well as the exchange of certain cryptocurrencies with other digital coins.
Mirziyoyev’s ordinance also legitimizes cryptocurrency mining and has asked state-controlled energy firms to allocate land for mining operations which would utilize over 100 KW/h of power on locations designated by the National Project Management Agency.
The fall in cryptocurrency has startled the economic sector. And therefore, several speculations are already being made about them, up until now, it was being said that the reason the major cryptocurrencies are falling is because of the outpouring of investment and developments in the Initial Coin Offerings. Even though the crypto markets are recovering, it will be a while before they reach the stage they had reached the previous year. However, speculations will not cease to be in the market for the longest period of time.
It was also noticed that the fall for Ethereum was much worse compared to Bitcoin, and the experts in the market attributed it to changes in the status of Ethereum, however, Mati Greenspan, who is a senior analyst in EToro has stated that there can be something wrong with this analysis. According to this expert, the values of cryptocurrency have simply been responding to the value of the local currencies and thus are in turn, inversely proportional to the value of USD. This is another theory which has its roots in the influence of the US currency on the markets across the world. AS the dollar is getting stronger, a lot of people are losing the will to put in their money in the cryptocurrency sector. But because the growth in the value of dollars has stopped, a chance has been provided to the other currencies to recover their lost value to some extent. To render more evidence to this theory of cryptocurrency, it can also be noticed that the recovery in cryptocurrency is coinciding with the decrease in the value of the dollar. Even though this recovery is substantial, virtual currency has a long way to go considering the loss was of humungous $190 billion. But the stability in the value of the US dollars, the fact that there are no variations anymore is supporting development of cryptocurrrency.
There are also arguments going on in the market as to why is it that only Bitcoin has remained safe in these tumultaneous times and the verdict from the majority of the experts in the market is that the value of Bitcoin has not decreased drastically because of the fact that it is the most popular currency in the market as well as because it is considered to be the safest one in the market.
Following yet another hazard, Foreshadow attack has found its way even into the most secure computer processors powered by Intel. A security flaw as such was discovered all around the tech world which also includes the cryptocurrency agents looking for security leverage among other hardware devices. The foreshadow attack is typically a bug that creates an attack on your processor and gets the access to all the sensitive files from it.
The SGX processors by Intel were specially programmed to give the customer safety, security and guarantee against any such bug or other viruses that attack your secured files. Because it was very heavily secured, the SGX was the preferred system for the cryptocurrency investors and marketers. It was because the SGX always had an extra-secure region which no bug could penetrate until a few days ago Foreshadow attacked all the tight security regions and almost everything that the computer holds.
So, even a processor which specifically designs for warding off the hackers was attacked by some people out there. It jeopardizes the future of cryptocurrency and the security availability along with it. There were other bugs such as Meltdown and Spooky who did the same work and got into all your files; Foreshadow attacks SGX processors in particular. It is because of its use in the technology investor market the ramifications can be serious.
SGX has been the center of all investments, and therefore there have to be some renovations done before launching any new projects with it. Considering the global positioning of cryptocurrency, it impacts a larger audience. But the good thing is that that the attackers used the ‘responsible disclosure process’ which is responsible for bugging reveal and send an alert to Intel before working so that the techs can come up with a plan to solve or decode it. But the buzz in the market is because the investors realized that this might not be enough.
Since many systems are slow to upgrade because many of these bug fixes also need to result from hardware upgrades, there is a long-time potential vulnerability towards such attacks. If not till then, it wouldn’t be a complete surprise that the attackers use this virus to steal cryptocurrency shortly.
Two Sides of the Coin
However, just like everything, this bug comes with both – good and bad news. Now you might wonder what is good about a bug. Well, the world isn’t yet running on any high-end SGX projects for cryptocurrency for securing the real money. So, it is a good thing that SGX hasn’t yet powered through the global space by its use in real terms yet.
The bad news is that there are more than many projects in the market right now who wishes to use the SGX for their plans of cryptocurrency and very soon. It may not be the best idea considering the security vulnerability of their transactions, and more threat towards your money. One such company is MobileCoin who is looking for miner replacement for securing cryptocurrency and build a more efficient wall. But there are many others with their plans revolving around SGX.
Professor Patrick McCorry deemed the attack to be “devastating” and tells us how there is research group who are discussing the possibly efficient ways of deploying these bugs. It will be able to add that extra needed security in the future of cryptocurrency. The bug can take away the privacy, integrity, and security even from the most trusted hardware if it relies on SGX. So even a tight-knit security detail should always be believed to be broken at some time and thus should have defensive strategies inbuilt in the time of trouble.
The new and upcoming projects that decide to venture with SGX forefront should evaluate and keep in mind the vulnerable security and always look at the updates from hardware with caution. It is regretful to realize that if this attack can be so severe, the future will be seeing even better attacks and this makes everything more impactful.
However, some people are continuing the trend of not relying on SGX chips for future, whereas there are others who believe that this attack will make SGX even better in the future, especially to hold something as crucial as a cryptocurrency. But SGX will need to be strong and impenetrable in the hardware lines to play that role.
This week has seen an astounding fall in the prices of cryptocurrency. Not only has there been a fall in the price of Bitcoin but also in the prices of several other coins in the market, like Ethereum and Ripple. On Wednesday, every other important currency in the market was trading in the red section. That is, Bitcoin and Ethereum were down by 8 percent and this in a span of 24 hours and Ripple had faced a loss of 15 percent in the market value. This loss gravely affected the progress made by different coins on Monday. Ethereum classic has not been faring very well as well; it fell by over 13 percent. The best performance in these bad times has been of Tether Coin whose behavior is similar to that of USD.
It can be believed that the total value of the virtual currency market was down by 13 percent and this startling reduction in value took place in merely 24 hours. Even though virtual currencies are known for the volatility they bring in the financial sector, this has been a major shock for the experts as well as the users of this currency. It is because of this that it is necessary to analyze what went wrong with the sector. A major reason for this crash was the ambitions of the corporate, it is due to the delay in these ambitions that the prices fell and the market suffered.
Securities and Exchange Commission had been examining the application for the formation of an ETF and it has been examining the ETF of BZX exchange. Moreover, the ETF will come to be known as SolidX Bitcoin shares. However, the formation of this kind of an ETF would require the rules of Securities and Exchange Commission to change. Moreover, the conditions for the impending rule change have been brewing for a while now. Also there has been an increased demand for the formation of an ETF and it has to do with the fact that an ETF would allow the interested parties to participate in the cryptocurrency sector without risking investment.
The change of the rule was supposed to happen this month, however it did not and the decision was delayed to the month of September. This decision was very important because it would be a major step ahead because cryptocurrency would be able to gain more validation from the authorities. However, because this decision was delayed, the prices of all the major coins fell back. CBoe’s attempt was another effort for an ETF which was delayed by SEC.
A major reason for the setbacks of this kind is that there are still a lot of suspicions in the market regarding the crypto sector and even as there is an increasing demand for an ETF, its fate hangs in balance.
The blockchain technology has started gaining its footprints in financial transactions by using a virtual currency which is quite convenient likewise normal currency that you are using in your daily life.
A crypto-based debit card is on its way that you can utilize it without any public keys or QR codes. The credit for this technology goes to the advancement that has supported the technology. The simplicity prevails that transaction with the help of the technology that comes with both fiat cash and cryptocurrency.
Additionally, the crypto-based cards are acceptable at any shop that accepts it as a mode of payment as well as it can be used towards any ATMs in order to perform the transaction like to withdraw the cash. There are two companies Wirex and Monaco have started to offer the card facility as per the most valid source.
There are numerous benefits associated with the crypto-based card ranging from organizing shopping from a store to withdrawing cash through ATMs to earning cash-back on your purchases. At present, the crypto currency-based transactions are used through the online trading.
As compared to Fiat currency, in the crypto-based transactions, users did not get enough choices to use the virtual wealth until the crypto-based card has come into existence. Needless to that that the blockchain technology will change the way transaction happened in a traditional way.
Besides this, you would be able to earn cash back on a variety of purchases that you make through the crypto-based card. With this type of transaction, you will receive 0.5% in the form of Bitcoin (BTC) on the amount spent which you can convert it either into Fiat currency or leave it in the BTC form.
The crypto-based cards used at ATMs will help you convert it into the Bitcoin ATM due to its Chip & Pin functionality in place. With this, you will be allowed to withdraw cryptocurrency in the form of the bank’s currency with the ATMs through Wirex or Monaco cards. The system makes the process simpler that lets you do the transactions through both the cryptocurrency as well as fiat currency. Those who love cryptocurrency, the perspective is the best one to follow as it does not only organize the variety of transaction under the one roof, however it increases the adoption of a variety of cryptocurrency from the existing currency that is available in the market.
Now that the whole world has been using the debit and credit card facility for whatsoever purposes, the crypto based card will definitely adds value to one’s daily life by leveraging its full potential that they have in place. This will not only make the transaction simpler, faster, transparent however it will change the way businesses do world-wide.
Let us not forget that the blockchain technology has a great potential that one can use it for its personal as well as professional perspective!!
Coinbase has been in the headlines for a while now for various reasons, the primary one being that it is moving much faster in this sector than other exchanges and enterprises. The latest development made by will now ensure that cryptocurrency gets accepted by stores on the internet. A new plug in has been launched by Coinbase that ensures that cryptocurrency can now get accepted as a payment for various online websites. This is a major step forward for the sector of cryptocurrency, as this new plug in will push virtual currency further in the mainstream.
This new plug-in ensures that the WooCommerce webstores are able to accept payment in the form of cryptocurrency from different consumers. These consumers will utilize the wallet of Coinbase to make the payments in the form of virtual currency. Important information about WooCommerce is that all the stores in this portal are associated with and powered by WordPress. This portal boasts that it is being used by a number of portals on the internet that is an astonishing 28%, however, it can be believed that it is claiming that this number will soon rise to 40%.
A major advantage of this sort of development in the market is that it will now get easier to facilitate direct interaction between two entities in the market, that is, the buyer and the seller. The role of the middlemen and the increase in the fees because of the middlemen will not take place anymore. The payments will be made through the wallets of the users of cryptocurrency, thus eliminating additional charges related to the transaction. The plugin will contribute towards bringing about more flexibility in the market.
The process involves a few simple steps. The payment will be made through the wallets by the users; it will then be processed through a chain to the crypto address of the merchant/trader on the other end. The interesting aspect of this is that the merchant will not have to pay any extra amount to see accept the money.
As of now, the only cryptocurrencies accepted are Bitcoin and Litecoin. However, various other stores can also inculcate this feature by following the simple step of adding a toggle to the page of WordPress. Another webstore Coinbase has been affiliated with is called Shopify, Shopify accepted Bitcoin in the year 2014.
Coinbase has been working really hard to expand its presence across the world; this too is a technique to ensure that the consumer base of Coinbase increases across the world. It is being stated that this platform will receive over 40% percent response in the coming months. However, this is just the speculation that is going on in the market recently. More important question is now that Coinbase has taken this leap, what will be the reaction from the competitors? How will they to make efforts to combat this new feature offered by Coinbase?
It was noticed that in the previous month, Federal Reserves of United States of America had some harsh things to say about cryptocurrency. This week, a similar thing has happened with cryptocurrency again. This time, the immensely negative judgment is coming from the president as well as CEO of the famous company MasterCard. Ajay Banga, the CEO of MasterCard has said that a currency which cannot be traced and is highly volatile, that is, fluctuates a lot cannot be considered a currency at all. He also called it “Junk”. Banga, who is the head of the multinational company, was born in India, and is now leading this multinational. It is important to point out that Banga had his own reasons for making the kind of statements he did.
In support of his statement, Ajay Banga has gone onto say that there is a major flaw with cryptocurrency that is responsible for several social evils which are prevalent do. That is, Banga has stated that there is a whole web of activities which are dark and carried out through the means of cryptocurrency, such as forced prostitution of children, as well as frauds which can be undertaken through credit cards and debit cards. All these have been paid through and put into action by using cryptocurrency. The major drawback of cryptocurrency continues to be that it is not regulated by any central bank, that there is no authority directly concerned with cryptocurrency. Moreover, the fact that complete anonymity can be maintained through it stands to reason that there is a chance of fraud and an economy that can carry out illegal activities and get away with it through the means of digital currency, and that according to Banga is the primary concern of cryptocurrency.
All these points were made by the CEO when he was giving a lecture at the Indian consulate; this was called “New India Lecture”. This lecture just like several others to be conducted over a period of time is organized through US-India strategic Partnership Forum. The main concern of Banga, which is similar to several other experts in the field, is that cryptocurrency is not reliable because it is highly volatile and there is a dearth of transparency which can be expected from a medium of transaction as well as the role that it has to play in the economy if it will be accepted by a number of governments.
Banga has also drawn upon an interesting and powerful analogy stating that virtual currency is a “snake”, and it is highly irrational to keep this snake in the “backyard” and then expect that others and not the keeper of snakes would be bitten.
There were also several interesting and subtle points raised by Banga in the lecture. The notable arguments were about the rules which should be a part of the structure of free trade and how more and more people should use credit cards over cash, he supported the Prime Minister of India Narendra Modi while stating that the sooner the society becomes cashless, the easier it will be to fight terrorism, since it is cash which is often used in terrorism activities.
Even as the popularity of crypto currency increases everyday in some parts of the world, there continues to be bad blood between crypto currency and the economic decision makers of various countries. For example, China has banned ICOs, South Korea had banned them previously and Japan and its regulation agency have come cracking on the various crypto currency activities in the country. Moreover, a legal battle has ensued between Reserve Bank of India and those willing to get involved in crypto currency in India in the past month and it can be believed that the final resolution would be reached in September this year. However, something else is happening that has linked the sports betting with the fate of virtual currency.
A very important authority in India, the law commission has been speculating about the effects of sports betting, however, due to sports betting, crypto currency sector in India might find itself performing the function of traditional currency. It has been stated that crypto currency will be an accepted mode for payment for settling transaction online when it come to betting on sports in India. Virtual currency, according to this commission, can be utilized for the purpose of settling accounts related to sports betting in the country. Needless to mention, the other online means of acceptance would be through the credit cards and the debit cards. There can now be seen a link between sports betting and the utility of crypto currency in India.
Up until now, there was a complete ban that was enforced on the betting on cricket matches. However, it was noticed that this did not work in the favor of stopping these activities, what was noticed was a whole new system which operated illegally and was getting stronger as well as evolving every day. After the scandal of IPL came out in the year of 2013, Supreme Court had hired a committee to look into this matter. It was stated by the committee that a complete ban on the betting would not be beneficial to curb the negative effects of it on the economy. It would be better to not impose a blanket ban in the country but to see to it that the appropriate guidelines and regulations are imposed to reduce the adverse effects of these activities in the market. However, the final decision of Supreme Court by the Supreme Court has not been reached as of yet.
The commission has also stated that keeping a check on the funds is much easier if it is regulated and not banned; a similar thing has also been said about crypto currencies. If crypto currency and sports betting are both accurately regulated in the country than there can be a reduction in the crimes which can deter the economy, this might not be the case if both these features of the economy are completely banned, that is, a lack of check on the activities is not advisable in the current scenario.
As of now, it can be concluded that the fate of crypto currencies in India and sports betting are linked, even as there is no one definite answer from the authorities.
11th July-Virtual currency markets are yet to reach a stage of maturity and stability, it can therefore be believed that this form of trading is susceptible to a lot of duping business, and there have been a series of such events in the history of crypto currency. It is for this reason that there are several countries in the world which are immensely suspicious of the activities regarding crypto currency. Even though efforts are being made to bring this phenomenon under control, there is a long journey ahead in order to bring complete security in this immensely arbitrary field.
The latest attempt at theft was made by a programmer employed by NSO. He was trying to sell an extremely essential spyware to a party which is yet unknown. He was not successful in this attempt and was duly arrested for his aspirations. It has been believed that had the effort been successful, it would deliver a severe blow to national security as well. Moreover, it is stated that it was defense material that the programmer was trying to trade in. It has come as a major relief that the person has not been successful in accomplishing his incentives for the government of Israel.
As mentioned previously, the programmer worked for the NSO servers, even though the culprit was caught, it is evident that questions are raised about the efficiency of the cyber security institutions as well.
It goes down like this, the perpetrator was about to be fired by the company for violating a company policy. However, he was assigned certain tasks at the workplace before he was released. It is then that he came up with the plan to sell the “Pegasus”, the immensely important software to the unrecognized company. According to the reports, it can be believed that the unrecognized company found out about the dealing of the programmer and thus decided to inform NSO about it such a way that the culprit was caught.
It is found that crypto currency and its misuse could have rendered a severe blow to the safety of the country at large had the attempt of the engineer were not stopped. This incident, even though, has little to do with the efficiency of NSO, has led to certain eyebrows being raised against the cyber security organizations. A major risk was averted but one cannot help but wonder what could have happened had the measures not been taken immediately.
The way crypto currency gets used in the market contributes immensely to the global image of its role in the economy.