Bitcoin And Cryptocurrencies Are Commodities, Federal Court Rules

The federal judge thus upheld the CFTC’s position from 2015 that cryptocurrencies are commodities, saying it was supported by the plain meaning of the word “commodity” and that the agency had “broad leeway to interpret the law” regulating commodities (The Commodity Exchange Act of 1936).Given that the test used to determine whether an instrument is a security was developed more than 60 years before Satoshi Nakamoto published the paper describing bitcoin, the uncertainty around the regulatory treatment of most cryptocurrencies will remain despite Judge Weinstein’s ruling.By allowing the agency to continue with the case, the judge set a precedent for all other legal cases where defense lawyers might have argued that the CFTC has no standing because bitcoin is not a commodity.This ruling came about because the court had to decide whether the CFTC was able to prosecute an alleged fraudster who promised clients cryptocurrency trading advice but never delivered (Patrick McDonnell and his company Coin Drop Markets).Securities and Exchange Commission (SEC) Chairman Jay Clayton suggest that various types of these cryptocurrencies – especially coins issued in initial coin offerings (ICOs) – may be securities subject to regulation by the SEC.Commodity Futures Trading Commission’s prior determination that virtual currencies like bitcoin are “commodities” subject to regulation by the CFTC, recent statements by U. S.

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The Wealthy Want Crypto But Don’t Understand It, Survey Shows

The lack of understanding of the technology behind bitcoin – distributed ledger – is one of the findings of the latest Wealth Report by Knight Frank. “We asked about their understanding of blockchain and there is still a huge amount of misunderstanding about it,” Knight Frank’s Head of Research for Asia-Pacific, Nicholas Holt, told CNBC this week. “Although people are getting on the train about investing in cryptocurrencies, perhaps there is not a full understanding of what this could mean to their wealth portfolio,” he noted.

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Cryptocurrency, ICO And Blockchain Officially Added To The Dictionary

The dictionary now defines cryptocurrency as “any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions. ” The word’s first known use is dated to the year 1990, which is eighteen years before Merriam-Webster dates “Bitcoin”.Blockchain is defined as a “digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network; also : the technology used to create such a database. ” The word’s first known use is dated to the year 2011.The Merriam-Webster announcement explained that: “The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us, hence the detailed definition of cryptocurrency as well as an entry for initial coin offering, which refers to the first sale of Bitcoin-like digital currency.

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From ‘Attack’ To ‘Optimization’ — Slush Pool Reveals ASIC Boost Compatibility

When the news spread like wildfire that April, the founder of Slush Pool, Marek Palatinus, talked about ASIC Boost being an “attack” and called it “free hashrate” in a very long and telling Twitter conversation. “Now it is clear how they can get that ‘free’ hashrate to attack bitcoin with empty blocks after Bitcoin Unlimited forks — ASIC Boost,” Palatinus states back in April.Now according to reports the mining operation Slush Pool is compatible with ASIC Boost after the controversy was forgotten, and a company called ‘Little Dragon Technology’ made it available for any company as a Blockchain Defensive Patent License (BDPL).Developers Timo Hanke and Sergio Lerner invented ASIC Boost, but Bitmain was accused of using the technology covertly last spring, and bitcoin core supporters called it an “attack or exploit.Bitcoin core (BTC) supporters were extremely upset with the firm Bitmain Technologies and its owner Jihan Wu for allegedly using ASIC Boost covertly, even though the company denied it.In addition to the announcement made by Slush, the company ‘Halong Mining,’ a controversial firm due to the uncertainty the mining devices truly exist, announced it’s ‘mining rigs’ would embed ASIC Boost into its Dragonmint mining machines.The company may believe the action of utilizing ASIC Boost can help increase Slush Pool’s hashrate, among all the other competing mining pools looking to improve efficiency.

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Bots Blamed For Binance Bug That Leaves Traders Reeling

Bitcoin’s sharp dip does not necessarily correspond to the goings on at Binance – the SEC releasing a directive regarding unlawful trading platforms is a likelier cause – though the incident can’t have helped.One trader boasted of having made $300,000 in BTC from the pump and then withdrawing it to Coinbase before Binance caught on and disabled withdrawals.This was a mega pump which sent viacoin from $3 to $200 in record time. Binance wasn’t hacked.He seems to have had no inkling of this event in advance, however, and there is no evidence that points to his involvement. “At least the hacker has a good taste,” he wisecracked, adding “Jokes aside I have nothing to do with Binance acting weird.Another reportedly lost 0. 5 BTC, although Binance has since restored all customer funds. Altcoinbot. io has been suggested as the likeliest culprit behind the scam.More sophisticated than a conventional phishing attack, this instance would steal a user’s login details via a virtually indistinguishable URL then redirect them to the real Binance site.Some of the affected users are adamant that they have never used the Binance API, but the exchange’s CEO attributed this to previous phishing attacks.Binance suspended withdrawals while it investigated the matter, but these have since been reactivated.Altcoins have also been badly affected, not only on Binance, but across the board.Binance has found itself at the center of an unusual trading bug that has created big winners and losers.

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New Study Looks At The Cost To Mine BTC Across The Globe

Since then the company’s subsidiary business Elite Fixtures took the research further by charting the cost to mine a single bitcoin in each country across the world.Just recently the firm Crescent Electric Supply Company conducted a study that showed the cost of mining one single bitcoin in each state in the U. S.South Korea is the most expensive according to Elite’s figures as one single coin would cost $26,170 using the country’s power rates.So the company Elitefixtures. com decided to conduct a study which mapped the cost to mine one single BTC throughout a vast majority of countries located within the globe.The Elite research team measured the cost of electricity and amount of power needed to produce one coin.Other countries where the cost is super low for bitcoin miners to produce coins include Ukraine, Myanmar, Tobago, Uzbekistan, and Trinidad.Russian mining is cheap according to Elite’s data as it costs $4,675 to mine a single coin in Russia.

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Bittrex Adds Tether Competitor TrueUSD As Regulation Rumors Persist

This week, Bittrex added a second stablecoin in the form Trueusd, in a move seen as a hedge against future Tether regulation.That may or may not come to pass, but in the meantime, Bittrex’ decision to add Trueusd could be interpreted as a safeguard against that possibility. The U. S. exchange does not allow fiat currency deposits, although its CEO stated in an interview last month that it will be adding this provision.With $29 million of USDT traded on Bittrex in the same period, tether is still way ahead in the stablecoin stakes, but all that could quickly change, especially if regulators were to weigh in.Besides, Trust Token has said it may introduce a Euro-based version in future, which would be safe from such measures. The other major U. S. exchange that is currently reliant on tethers is Kraken.

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Retirement Custodian Bitira Offers Insured Multi-Cryptocurrency IRAs

The company states that cryptocurrency investment funds at Bitira are also kept in cold storage and protected with multi-signature technology. “All assets held in storage are fully insured through an all-risk policy from Lloyd’s of London, the world’s leading provider of specialized asset insurance,” explains Bitira’s website. “Additionally, assets are protected during the transaction, against any internal cases of fraud or theft, by a second policy from Lloyd’s of London.The cryptocurrency retirement account firm Bitira has announced the launch of two new features added to its business model, which includes fully-insured cold storage accounts and a variety of new cryptocurrencies such as bitcoin cash, ethereum, and more.

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