Stellar Running Tests For Dollar-Pegged Digital Currency

Graham Trafford
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Stellar Running Tests For Dollar-Pegged Digital Currency

Computing giant IBM is investigating if a new cryptocurrency pegged to the US dollar could be the best way to make online payments.

The company wants to ditch decentralised digital currencies as a payment solution because they are too volatile and make costing transactions too difficult.

IBM is already leading the technology world in blockchain applications which use the infrastructure of cryptocurrencies such as bitcoin to monitor corporate supply chains and transfer international payments.

The current coin of choice is Stellar Lumens, but the company feels the price of cryptocurrencies move to quickly and present a financial risk to big companies handling payments worth millions of dollars.

A year ago, Stellar was worth one cent and has reached $0.28 cents at current trading, peaking at $0.69 cents in January.

Digital dollars

Instead of stellar, IBM is testing a cryptocurrency codenamed ‘Stronghold USD’.

The idea is running the digital currency on the Stellar blockchain pegged to the value of the dollar to remove volatility from the network.

“There’s this tremendous opportunity to make blockchain payments feasible, especially for cross-border,” said Bridget van Kralingen, IBM’s senior vice president of global industries, platforms and blockchain. “What is great about this is they are just basically digital dollars—digital fiat currency.”

“We believe this experimentation with stable coins can play a very big role in improving costs.

“I think if it can be done with the US dollar, it can be done with almost any currency.”

Creaking infrastructure

IBM says building on the Stellar blockchain will allow the new coin to handle hundreds of transactions a second, compared to the creaking Bitcoin infrastructure that is limited to seven a second.

Kralingen also pointed out that central banks around the world are showing interest in pegging their currencies to an online version.

“I think in the future you’ll see more,” van Kralingen says. “The way you’d settle foreign exchange transfers today is what I think you could do with a stable coin in the future.”

Stronghold USD is one of two stable coins running on Stellar. Stable coins could lead the way for central banks, like the US Federal Reserve to establish their own cryptocurrencies.

Cryptocurrencies Are The Future Of Money, Say Academics

James Atkins
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Cryptocurrencies Are The Future Of Money, Say Academics

Bitcoin and other cryptocurrencies are the future of money and are likely to step up as the mainstream way of making payments within a decade, according to new research.

To take over from traditional fiat money, like the Pound or US Dollar, cryptocurrency will have to meet three factors – and the first is already fulfilled.

The three factors are:

  • Storing value so users can decide to spend cryptocurrency when and how they like
  • Acting as a medium of exchange for goods and services without the inefficiencies of a barter economy
  • Acting as a measure of economic value

Challenges for cryptocurrencies

Meeting the last two criteria will require Bitcoin and other cryptocurrencies to make progress on remaining challenges such as scalability, design and regulation, says the research report Cryptocurrencies: Overcoming Barriers to Trust and Adoption – by Professor William Knottenbelt from Imperial College London and Dr Zeynep Gurguc from Imperial College Business School.

“The world of cryptocurrency is evolving as rapidly as the considerable collection of confusing terminology that accompanies it. These decentralised technologies have the potential to upend everything we thought we knew about the nature of financial systems and financial assets,” said Knottenbelt.

“In this context, we wanted to get back to basics: clarifying the nature of cryptocurrencies as a new kind of asset class, contrasting them with traditional forms of wealth, and classifying the main challenges that need to be overcome to drive their success forward.

Viable technological update

“There’s a lot of scepticism over cryptocurrencies and how they could ever become a day-today payment system used by the man on the street. In this research we show that cryptocurrencies have already made significant headway towards fulfilling the criteria for becoming a widely accepted method of payment.”

The research argues that money has evolved over time from barter and objects of value such as cowrie shells to coins, notes and payment cards.

In each case, new forms of payment emerged which rendered the older ones obsolete, such as coin minting and electronic banking. However, despite the changes, money’s three core functions have remained constant.

Provided they can progress as a medium of exchange and unit of account, as well as a store of value, cryptocurrencies represent a viable technological update to the way we spend money, says the report.

Investors Call For Stricter Cryptocurrency Regulation

Anna Webb
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Investors Call For Stricter Cryptocurrency Regulation

Legendary cryptocurrency pioneer Satoshi Nakamoto wanted a financial system based on mathematics rather than trust – but a decade after Bitcoin was unleashed on the world, trust seems to be what investors are looking for.

Nakamoto dreamed of a financial system beyond the control of governments and banks.

But a new survey of businessmen and investors shows the sector is crying out for regulation to take away uncertainty.

The study, by US law firm and consultancy Foley & Lardner LLP discovered that so far, regulatory activity was confusing.

The study gives the example of Securities & Exchange Commission chief Jay Clayton has stated every initial coin offering (ICO) he has seen so far is a security, while SEC Corporation Finance director William Hinman has told Congress that coins and tokens can ‘theoretically’ avoid being securities.

Regulation v self-policing

Responses to the study showed 84% wanted official regulation of ICOs, 68% wanted regulation of cryptocurrency trading and 55% for regulated payments of goods and services.

But, the same people also believed cryptocurrency should self-police through voluntary common standard (86%) and 89% wanted a formal self-regulation of the sector with regulatory oversight.

And while 72% felt the cryptocurrency industry had a poor understanding of federal and state regulation for financial services in the US, 58% were still willing to invest in the sector.

The study also shunned the idea of governments developing their own cryptocurrencies with 58% against and 25% in favour.

Hackers are biggest threat

“Hackers and security breaches are seen as the most pressing threats to the viability and growth of the cryptocurrency industry, though manipulative trading of cryptocurrencies and fraudulent offerings are also high on respondents’ radar,” said the report.

“A strong majority (72%) support the opportunity to invest in exchange-traded funds holding cryptocurrencies. Regulators have sent mixed messages on this point, with concerns cited relating to valuation, liquidity, custody, arbitrage and potential manipulation.

“Bitcoin and Ethereum are the leaders in cryptocurrency, according to survey respondents. Bitcoin is viewed as the most likely to gain the broadest acceptance for use in making payments by 43% of respondents, with Ethereum second at 17%. Ethereum is seen as the best investment opportunity by 38% of respondents, slightly edging out the more established Bitcoin (35%).”

Crypto Exchanges Greenlighted As Banks From Government

Anna Webb
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Crypto Exchanges Greenlighted As Banks From Government

Cryptocurrency exchanges in South Korea have gained official recognition as banks to boost their standing in the country.

Financial regulators will grant licences to set up exchanges as financial institutions, which will put them on the same standing as regulated banks.

South Korea’s government has taken the lead in protecting consumers while encouraging the cryptocurrency sector in recent years.

A slew of regulations and policies are in place with the aim of stopping regular exchange security breaches that put user data at risk and while cracking down on flaws that lead to hacking.

Already this year, exchanges Bithumb and Coinrail have seen losses running into tens of millions of dollars after falling victim to online heists.

Sting in the tail for winning recognition

The government was concerned that regulating the sector would be legitimising exchanges in the eyes of consumers, but the hacks triggered action to protect consumers.

Although the exchanges have won the recognition they have campaigned for, the move comes with a downside.

Now, exchanges must implement strict know-your-customer, anti-money laundering and other rules that govern banks as well.

Cryptocurrency exchanges will also have to beef up internal processes and security.

Exchanges will have to apply for banking licences, which are a lot more expensive than the $20 cryptocurrency exchange applications.

Decentralisation means cryptocurrencies are not regulated by a specific government and controls are fragmented and vary greatly between countries.

Governments crack down on exchanges

Japan treats cryptocurrencies as legal tender, but is alone among leading currency nations to do so.

China has a ban on cryptocurrency trading, while the US, UK and most European governments treat dealing in digital coins and tokens as investments.

The future of cryptocurrencies in the Eurozone is interesting to follow, as the EU will not allow any members of the single currency to introduce any competing legal tender.

Most governments are seeking to regulate exchanges as their preferred method of controlling digital currencies, rather than the cryptocurrencies directly.

Venezuela has introduced the petro– a cryptocurrency backed by the nation’s hard petrochemical reserves. However, the coin is boycotted by most investors as the government developed the petro as a sanction-busting tool against the US and other western countries.

Cryptocurrency Legal Challenge Lost As Banking Ban Bites

James Atkins
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Cryptocurrency Legal Challenge Lost As Banking Ban Bites

The ban on banks in India dealing cryptocurrencies will go ahead after a legal challenge failed in the courts.

Judges in the Indian Supreme Court upheld the ban put in place by the country’s central bank, the Reserve Bank of India (RBI).

The RBI announced the policy in April against howls of protest from the financial sector.

Banks have had orders to close any accounts held by cryptocurrency exchanges or traders by July 6.

Several Indian exchanges protesting the ban headed by trade body the Internet and Mobile Association of India (IAMAI) took the matter to the courts for a legal review.

The supreme court said that the RBI’s ban on providing services to companies involved with digital currencies will “remain implemented.”

Legal tender argument

The central bank told the court that Bitcoin and other cryptocurrencies cannot be treated as currency under India’s existing law that orders coins must be made of metal or exist in physical form and stamped by the government.

The argument will go back before the court on July 20.

Legally, cryptocurrencies still face a ban and the hearing reinforces the statements by Finance Minister Arun Jaitley, who confirmed the government did not consider cryptocurrency legal tender in his Budget speech.

Traders and exchanges are exploring ways to stay in business if they lose the second round in the supreme court.

Regulation on the way

Most are looking at crypto-to-crypto trading instead of crypto-to-currency trading, which avoids the issue of whether a coin or token is legal tender.

The RBI and Indian government are also considering draft regulations for the cryptocurrency sector, although no details have been published.

The IAMAI has offered the RBI a detailed explanation of blockchain and how cryptocurrencies work to see the ban lifted.

“We do not know how long it will take for the regulations to firm up. If someone believes in the underlying technology of crypto and the long-term potential, they can stay invested. We feel like many other countries, India will also bring in regulations eventually,” said Ashish Singhal, CEO of CoinSwitch, an exchange aggregator.

Nevertheless, the cryptocurrency sector in India remains in disarray and is likely to do so to at least the next court hearing.

Did Bitcoin Futures Trigger Cryptocurrency Collapse?

Graham Trafford
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Did Bitcoin Futures Trigger Cryptocurrency Collapse?

Bitcoin futures may have triggered the massive plunge in prices on cryptocurrency markets over the past seven months.

In December, Bitcoin peaked at an all-time high of $19,345, but has been in free fall ever since along with every other coin and token.

Since peaking, the market has seen a correction of between 70% and 80%.

Investors and economists have made two observations.

Firstly, the cryptocurrency market is still in infancy, and wild price swings should be expected in the same way as babies have tantrums.

Peak and trough

Investors like BitMEX CEO Arthur Hayes talk up cryptocurrency investment by pointing out that despite the volatility, the market is still 300% up in 12 months.

Japanese economist Yukio Noguchi has put forward another theory – the opening of a Bitcoin futures market late in 2018 directly contributed to the fall in price and that because of the market, the price of Bitcoin will not rise to such levels again.

The Cboe Futures Exchange started trading Bitcoin on December 10. The price peaked five days later.

The US Federal Reserve in San Francisco supports his view.

In a paper, the Fed says: ““The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence. Rather, it is consistent with trading behaviour that typically accompanies the introduction of futures markets for an asset.

Self-fulfilling prophecy

“As with a self-fulfilling prophecy, demand from optimists pushed the price of bitcoin up, energizing more people to join in and keep pushing up the price. Pessimists, however, had no mechanism available to put money behind their belief that the bitcoin price would collapse. So they were left to wait for their ‘I told you so’ moment.”

This came with the opening of the futures market which gave them that mechanism.

Other respected investors are split over the future of cryptocurrency.

Some, like billionaire Warren Buffett claim that cryptocurrencies are a bubble waiting to burst, speculation at best and Ponzi schemes at worst. Others, like security innovator John McAfee, hail them as the future and see digital currency replacing traditional cash.

The Fed economists point to the housing bubble a decade ago, which was driven by financial innovation such as securitization of mortgage debt.

“The subsequent bus was driven by the creation of instruments that allow pessimistic investors to bet against the housing market,” they said in the report How Futures Trading Changed Bitcoin Prices

Torrent Site Piggy Backs User Computers To Mine Monero

James Atkins
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Torrent Site Piggy Backs User Computers To Mine Monero

Online software pirates are piggy-backing millions of computers to mine cryptocurrency.

The Pirate Bay – the world’s largest illegal download site for films, music books and other files – is telling users that the web site is grabbing some of their computer processing power every time they log in.

The computers are used to mine cryptocurrency, which the web site claims helps to fund their activities and allows them to reduce the number of adverts shown to users.

The Pirate Bay is letting users know about their mining network with a message when they log in to the site which says “by entering The Pirate Bay you agree to Monero being mined using your CPU. If you don’t agree please leave now or install an adblocker.”

It’s not the first time The Pirate Bay has taken control of computer processing power to mine cryptocurrency.

Secret operation

In 2017, the site admitted secretly plugging into user computers to mine the digital currency Monero.

“As you may have noticed we are testing a Monero JavaScript miner,” said a message on Pirate Bay.

“This is only a test. We really want to get rid of all the ads. But we also need enough money to keep the site running.

“Let us know what you think in the comments. Do you want ads, or do you want to give away a few of your CPU cycles every time you visit the site?

“Of course the mining can be blocked by a normal ad-blocker.”

The web site claimed the message was posted to let users know the mining software had been tested for just a single day.

Coinhive mining software

The Pirate Bay is embedding hacking software called Coinhive into internet browser tabs to mine Monero.

Hackers used the same software to break into more than 4,000 government web sites around the world to harness the power of their servers to mine Monero.

The Pirate Bay is a torrent site that allows registered users to download copyrighted content free of charge that has millions of users.

The United Nations Children’s Fund (UNICEF) also mines cryptocurrency to raise funds with Coinhive and user CPU power.

“Mining is perfectly safe for your computer. If you’re ever worried about power consumption, turn down the amount of processing power you’re donating,” says UNICEF.

Bitcoin Triggers Sensational Headlines For Wrong Reasons

Anna Webb
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Bitcoin Triggers Sensational Headlines For Wrong Reasons

Bitcoin is a financial sensation again – but not for the meteoric rises in the price of the cryptocurrency seen last year, but for all the wrong reasons.

Bitcoin values are floating at around $6,141 after a decline that started in January and has continued since despite some brief rallies.

For Bitcoin, that is the lowest price in 2018 and is prompting the question of if the cryptocurrency can ever recover.

The dollar price is also the lowest since $5,878 on November 12, when the surge to the digital currency’s peak price of $19,345 was reached on December 16.

The whisper around the markets is Bitcoin maybe has had its day and the time is right for newer, leaner blockchain technologies to step into the limelight.

This opinion is backed by two cryptocurrency developments.

Facebook crypto U-turn

First Facebook has reversed a six-month moratorium banning cryptocurrency advertising.

All such advertising was banned by the social media network at the start of the year – while Google and Twitter have followed suit.

The corporation announced the ban on “financial products and services frequently associated with misleading or deceptive promotional practices.”

The net was spread to cover cryptocurrencies, binary options and initial coin offerings (ICOs).

Now, advertisers can make a formal application to Facebook for promoting digital currency products and services. Binary options and ICOs remain blocked.

The application process will include proving to Facebook that a crypto business is safe and secure for consumers. Advertisers must also show that they have official licences and a public stock exchange listing.

The aim is to stop rogue advertisers scamming Facebook users.

Cash for blockchain start-ups

Meanwhile, US venture capitalists Andreessen Horowitz is setting up a $300 million investment fund to back start-up cryptocurrency businesses.

Partner Chris Dixon said: “Although the Bitcoin whitepaper is now almost 10 years old, we believe we are still early in the crypto movement.

He added: “We are long-term, patient investors. We’ve been investing in crypto assets for more than five years. We’ve never sold any of those investments, and don’t plan to any time soon. If there is another crypto winter, we’ll keep investing aggressively.”

The partnership has already benefitted from a $25 million stake in Coinbase, one of the world’s leading cryptocurrency exchanges, made in 2013.

Bitcoin Could Break The Internet, Say Bankers

Graham Trafford
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Bitcoin Could Break The Internet, Say Bankers

Letting Bitcoin break loose could break the internet, according to a report from a group of central bankers.

The Bank of International Settlements claims bitcoin is “a poor substitute for the solid institutional backing of money.”

But cryptocurrency advocates argue the bankers don’t know what they are talking about and are basing their opinions on out of date research.

One side is obviously wrong – and it’s probably the bankers taking cheap shots to attract media attention.

But, in fairness, plenty of cryptocurrency supporters do the same.

Losing trust

“Trust can evaporate at any time because of the fragility of the decentralised consensus through which transactions are recorded,” the bank report said. “Not only does this call into question the finality of individual payments, it also means that a cryptocurrency can simply stop functioning, resulting in a complete loss of value.

“Moreover, even if trust can be maintained, cryptocurrency technology comes with poor efficiency and vast energy use. Cryptocurrencies cannot scale with transaction demand, are prone to congestion and greatly fluctuate in value.”

And what about the accusation bitcoin could break the internet?

That comes from a section of the report that points out that the energy consumption of bitcoin mining rigs is the same as Switzerland, according to the bank.

Rewritten code

“It was a really shallow report,” Jeremy Allaire, the CEO of Goldman Sachs-backed crypto company Circle. “They clearly haven’t done much research at all.

“They’re looking back at stuff that’s year’s old, they’re not looking at what’s actually going on in terms of the real research and development in this space. It’s just really poor research.”

Allaire and other cryptocurrency enthusiasts are aware the blockchain and other digital currency technologies are not perfect, but point out that they are continually improving.

They explain that around 98% of Bitcoin’s original code has been rewritten since first appearing in 2009.

“There’s a lot of infrastructure work going on and I think it’s really key because I think the consensus within the industry is that if we can solve some of those issues in the next year to two years, then we can have products that are actually used by a billion people. That’s when this gets to be a lot more interesting,” said Allaire.

Superstar Akon Ready To Launch Own Cryptocurrency

James Atkins
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Superstar Akon Ready To Launch Own Cryptocurrency

Global singing sensation Akon is launching his own cryptocurrency to fund humanitarian work in Africa.

Akon, who was born in the USA of Senegalese descent, rose to fame in 2004 with the single ‘Locked Up’, topping the charts and selling hundreds of thousands of records.

He has announced the launch of Akoin – his personal currency.

The aim is to help build a city outside the Senegal capital of Dakar.

However, he has not thought through how his cryptocurrency will work.

“I come with the concepts and let the geeks figure it out,” he said.

Crypto city

The city will be funded and run on Akoin as a futuristic 2,000-acre crypto town. The land was gifted for the project by the government.

“I think that blockchain and crypto could be the saviour for Africa in many ways because it brings the power back to the people and brings the security back into the currency system and also allows the people to utilize it in ways where they can advance themselves and not allow government to do those things that are keeping them down,” Akon said.

“Akon Crypto City blends leading Smart City planning designs with a blank canvas for cryptonising our daily human and business exchanges, towards inventing a radical new way of existence.”

The project is an extension of Akon Lighting Africa, a program providing solar energy to townships in Africa.

The project employs 5,000 young Africans installing solar equipment across 14 countries on the continent.

Running for president

“We have the sun and innovative technologies to bring electricity to homes and communities. We now need to consolidate African expertise and that is our objective,” says the Akon Lighting Africa web site.

Apart from his good causes, Akon is also trying to find time to enter politics in the USA. His aim is to run for president in 2020 – hopefully against rap superstar and Kim Kardashian beau Kanye West.

“I actually really want Kanye to run,” he said. “It’s gonna be entertaining, it’s gonna be something worth watching.

“I’m going to come in with a team so crazy, man, it’s all going down. I’m not holding my tongue. The way I look at it, win or lose, at least I get the movement going, I get the conversation going.”

Crypto Experts Argue Over Future Of Bitcoin

Anna Webb
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Crypto Experts Argue Over Future Of Bitcoin

Leading cryptocurrency industry figures have opposite views on if Bitcoin will become the global digital currency of choice.

Apple co-founder Steve Wozniak is continuing his campaign to talk up Bitcoin whenever he can.

Fresh from giving a speech in Scandinavia, Wozniak arrived in Amsterdam to give a glowing endorsement to digital currency Bitcoin – even though he says he only owns one coin.

Wozniak told his audience that he agreed with Twitter CEO Jack Dorsey that Bitcoin would triumph as the world’s major currency within a decade.

“I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen, but because I want it to be that way, that is so pure thinking,” said Wozniak.

Wozniak at odds

“Bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed and it’s pure and there’s no human running, there’s no company running and it’s just growing and growing.

“There is a certain amount of bitcoin that can ever exist. Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but cryptocurrency is even more mathematical and regulated and nobody can change mathematics.”

But Wozniak’s views are vastly at odds with those of other technology experts and investors.

Billionaire investment guru Warren Buffett argues Bitcoin is a gamble rather than an investment because investors are staking their cash in hope of making money rather than backing a tangible asset.

Bitcoin won’t live up to expectations

Ripple CEO Brad Garlinghouse also considers Bitcoin is not the white knight currency solution people are expecting.

“I do not think it’s going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems,” Garlinghouse said at the same conference as Wozniak in Amsterdam.

“Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.

“There’s some people in this, the crypto space, the blockchain space — for them, it’s almost a holy war of one versus the other. I don’t look at that at all.

“I think that what we’re seeing is the overall growth of this space and there will be many winners.”

$30 Million Heist At Leading Cryptocurrency Exchange

Graham Trafford
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$30 Million Heist At Leading Cryptocurrency Exchange

Yet another massive hack at an exchange has knocked back confidence in the cryptocurrency market.

South Korean exchange Bithumb has reported losing digital currency worth more than $30 million overnight.

The exchange has suspended trading but has failed to give any details of the incident, other than customers are assured that the exchange will cover any losses.

The prices of Bitcoin, Ethereum, Ripple and other digital currencies all dropped on the news.

Bithumb suffered another hack less than 12 months ago when a worker’s computer was hacked, exposing customer data to crooks who exploited the information for cash.

Database upgrade

South Korea’s official security agency accused North Korea of breaching the exchange servers after tracking stolen data online.

“All deposit and withdrawal services will be stopped to make sure of our security. We are providing compensation. Bithumb urgently asks our valuable customers not to deposit any funds into Bithumb wallet addresses for the time being,” said an online statement from the exchange.

A few days ago, Bithumb carried out a database upgrade and told customers that digital currencies in their accounts were in cold storage – an industry term for holding accounts on a computer that is not connected to the internet.

Police in South Korea have launched an investigation into the hack.

Only a week ago, another South Korean cryptocurrency exchange suffered an online heist, losing almost $30 million of customer deposits.

The CoinRail infiltration triggered a 11% plunge in the price of Bitcoin, which is already trading at 65% below December’s peak of nearly $20,000.

Exchanges are crypto weak point

Cryptocurrency investors and regulators see exchanges as the weak point in the cryptocurrency network.

The role of exchanges is to hold digital coins and to exchange them into money, like US dollars, Japanese yen or Euros.

But the rules controlling how exchanges operate vary between countries and many governments have no regulations laying down exchange controls.

Drops in cryptocurrency prices after hacks are cited as a lack of confidence by investors in cryptocurrency security.

The price of Bitcoin dropped from $6,633 to $6,618 when the Bithumb hack was reported to the authorities, but rallied to $6,624 shortly after.

Other major cryptocurrencies, such as Ethereum and Ripple, followed the Bitcoin dip and rally.

BitTorrent Snapped Up By TRON In $140m Deal

James Atkins
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BitTorrent Snapped Up By TRON In $140m Deal

Controversial software provider BitTorrent has been sold to a leading cryptocurrency start-up for $140 million.

A few years back, BitTorrent was the download software of choice for video, movie and music pirates.

But the software has fallen out of fashion as new streaming giants have entered the arena in recent years.

At one stage, BitTorrent claimed to have more than 150 million active users every month.

The peer-to-peer software allowed computers to link and swap files across the internet.

BitTorrent also acquired another P2P software brand – uTorrent.

Both apps were popular until smartphones and tablets started to dominate the market.

Hollywood rejected approaches

BitTorrent also unsuccessfully tried to persuade Hollywood to use the platform to distribute movies and music but tainted as software to pirates, the effort was doomed to fail.

Now Jason Sun, owner and founder of cryptocurrency TRON has bought the company.

Acrimonious talks were taking place for some months before both sides made up and agreed a merger.

Sun has yet to announce his intention for BitTorrent.

A post on the BitTorrent blog says: “Our attention has been drawn to the news items that have appeared in the past few weeks speculating about a change in BitTorrent’s business model.

“We wish to reiterate that BitTorrent has no plans to change what we do or charge for the services we provide. We have no plans to enable mining of cryptocurrency now or in the future.

Pioneer P2P software

“BitTorrent has been a pioneer of peer-to-peer file sharing and we believe our vision of democratizing the Web by enabling decentralized, resilient access to information remains as relevant as it was when we started.

“We reiterate that we are committed to our hundreds of million users worldwide and will continue to invest and innovate in the BitTorrent and uTorrent products.”

TRON is a top 10 cryptocurrency by market capitalisation.

Coins worth around $4.78 billion are in circulation online, and the founder Sun and his company are said to control around $1.65 billion of them.

TRON is trading at $0.047 against a high of $0.29 in January.

The cryptocurrency is promoted as an entertainment system allowing users to own, store and publish data as an updated version of the BitTorrent model.

Emmy Winner Alexis Beidel To Star In Cryptocurrency Movie

James Atkins
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Emmy Winner Alexis Beidel To Star In Cryptocurrency Movie

US TV star Alexis Beidel is starring in the forthcoming Hollywood cryptocurrency money laundering blockbuster thriller Crypto.

Beidel, who picked up an Emmy for her role as Ofglen in the dystopian series The Handmaid’s Tale will play an art dealer with underworld connections in the film.

The plot revolves around a special agent played by Beau Knapp, of movies The Nice Guys and Southpaw.

Knapp investigates a cryptocurrency money laundering ring by going undercover in the murky world of art, high finance and crime.

Besides her dark role in The Handmaid’s Tale, Beidel is well-known for her lead part as Rory Gilmore in Gilmore Girls, a smash Netflix series.

First major cryptocurrency movie

Jordan Yale Levine, one of the producers of Crypto said: “Cryptocurrency has captured the attention and imagination of consumers and entrepreneurs all over the world but has never been explored in film in such a nuanced and exciting way.”

Although Crypto is the first major production to explore the world of cryptocurrency, other films have looked at the concept.

In 2016, Bitcoin Heist told the story of a team of hackers, while TV series Silicon Valley has followed the theme in several episodes.

Film makers the Coen Brothers, the remarkable creative brains behind worldwide box-office hits such as No Country For Old Men, Bridge of Spies, Fargo and The Big Lebowski, are also rumoured to be working on Dark Web, a movie about The Silk Road, the web site for hackers, criminals and fraudsters.

Incredible cast says director

Crypto is shooting in New York and is slated for general release in the US some time in 2019, with worldwide release to follow.

Besides Beidel and Knapp, Hollywood veteran Kurt Russell, who plays Knapp’s father; Luke Hemsworth (Westworld), Jeremie Harris (Legion) and Vincent Kartheiser (Mad Men) –  Beidel’s real-life husband – have all signed up for leading roles in the movie.

John Stalberg, he director of Crypto, said: “I am overjoyed to be working with such an incredible cast to bring this timely, thrilling story to life. Beau is incredibly talented, and seeing him bring this character to life opposite talent like Alexis, Kurt, Luke, Jeremie and Vincent has been a dream come true.”

How To Make Money Investing In Bitcoin

James Atkins
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How To Make Money Investing In Bitcoin

Everyone wants to make money, but can you make money investing in Bitcoin?

I’ve had my team of analysts at de Vere Group looking at this and they have come up with what we think is the best way of making money from bitcoin while limiting the downside risks.

And instead of keeping you in suspense, this is what you do:

  • Invest at the end of the day and always put in a stop-loss.

The deVere Crypto app and other exchanges have a stop-loss mechanism built-in.

A stop-loss is an instruction to a digital currency exchange or other platform not to enter into any transactions once the price has reached a certain price on the day’s trading. The intention is to minimise any losses.

  • Set the stop-loss to -2%. That means you’re out if the markets fall and you don’t have to worry about big losses
  • When the market goes up, ride the wave for 20 days and then sell.
  • Then, repeat the process.

Buy, set a -2% stop-loss and ride for 20 days.

If you had done that over the past two years, my analysts tell me you would have made a 900% profit.

That’s a pretty good return by anyone’s standards, but don’t forget, do not invest what you can’t afford to lose. And that warning particularly applies to cryptocurrency investments because they are so volatile.

It’s also better to have a diverse investment portfolio than all your eggs in one basket.

Some more ideas about cryptocurrency investments will come your way from us real soon.

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