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Oracle of Bitcoin Calls BTC Movement Aggressive, Predicts $10K Price Soon

Bitcoin’s price action over the past few months has been impressive. It has managed to double in value in the last two months, especially impressive taking 2018’s bear market into consideration, but it still pales in comparison.

Bitcoin is up 129% year-to-date, while BNB has seen an astounding 432% performance increase as the entire cryptocurrency market embraces a new ‘Spring’. However, even with these relatively modest gains for the well-known high performing Bitcoin, there have been some pretty big and positive predictions.

Well known Bitcoin commentator, and head of CIvic, Vinny Lingham has come forward and stated that his views. Ligham, also known as the ‘Oracle of Bitcoin’ believes that Bitcoin will soon blast past $10,000 and test the reaches of $12,000.

Can it skyrocket?

Bitcoin recently tipped over the $9,000 mark, but it was fleeting and caused a massive correction. Having reached that milestone the price of Bitcoin fell back towards $8,000 and has been trying to recover ever since.

However, for Lingham, this is still being viewed as an ‘aggressive’ price movement, and for that reason there is a strong belief it will reach $10,000 and keep going. Where Lingham is a little more cautious is what it does following that price point.

Ligham, potentially looking at how Bitcoin reacted to reaching $9,000, is skeptical about the coins chances of reaching higher than $12,000 in the short terms if it does rally quickly to that price point.

Steady growth

Bitcoin’s growth in the last two months has been positive as well as impressive, but only relative to the previous 18 months where the coins struggled to pick up many gains and was on a general downward trend in a hash bear market.

However, even before that, the growth of Bitcoin was known to pick up huge gains in quick succession as the coin rallied from $8,000 to $20,000 in less than two weeks. The current growth pattern then is better than the bear market, but not as exponential as prior to that.

However, in terms of sustainability and potential for more growth, this is probably a good thing. Lingham’s prediction that it could smash through about $3,000 worth of growth is probably a bit parabolic, and thus he caveats it with the fact that it could quickly consolidate.

The post Oracle of Bitcoin Calls BTC Movement Aggressive, Predicts $10K Price Soon appeared first on Ethereum World News.

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Hodler’s Digest, Nov. 26—Dec. 2: Satoshi Makes a New Friend, Buterin Gets Negative Over Centralized Blockchains

Ohio businesses can soon pay taxes in Bitcoin, while Nasdaq looks ahead to a Bitcoin futures launch.

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.

Top Stories This Week

Top Stories This Week

Nasdaq Notes Bitcoin Futures Could Launch in Quarter 1 2019, Bloomberg Reports

Major U.S. stock exchange Nasdaq still intends to launch Bitcoin futures, and may do so in the first quarter of 2019, according to “two people familiar with the matter.” Speaking to Bloomberg this week, the two unnamed sources note that Nasdaq has been “working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission [CFTC], before launching the contracts.” Later in the week, it was revealed that Nasdaq had partnered with U.S. investment firm VanEck to jointly launch a set of “transparent, regulated and surveilled” digital assets products, a move that supports the unnamed sources’ claims.

Ohio Poised to Become First US State to Accept Bitcoin for Taxes

The U.S. state of Ohio is set to become the first state to accept Bitcoin (BTC) as a tax payment. According to the Wall Street Journal, the decision will at first only apply to business, but there are plans in place to extend the crypto option to individual taxpayers in the future. Beginning this week, the WSJ notes that all Ohio-based businesses will be able to register to pay their taxes in BTC, which will then be processed through crypto payments service BitPay.

Vitalik Buterin: Blockchain Tech Isn’t as Applicable in Every Industry as People Think

Ethereum (ETH) co-founder Vitalik Buterin said this week in an interview that the misapplication of blockchain technology in some industries leads to “wasted time.” Buterin noted that although there are a high number of companies that try to establish higher standards and transparency by using blockchain tech, he does not believe that blockchain can be applied usefully in every industry. Buterin specifically criticized the proprietary nature of corporate blockchain projects from tech giants like IBM, noting that crypto and cross-border payments are suitable industries for the technology’s use.

US Securities Regulator Charges Floyd Mayweather Jr., DJ Khaled for Illegal ICO Promotion

The U.S. Securities and Exchange Commission (SEC) has charged professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled (known as DJ Khaled) for unlawfully advertising Initial Coin Offerings (ICOs). The SEC found that Mayweather did not disclose receiving payments for promoting three ICOs (including $100,000 from Centra Tech), while DJ Khaled failed to disclose a $50,000 payment from the same crypto startup. In May, Centra’s three co-founders had been formally indicted for running a fraudulent $32 million ICO in 2017.

Bitcoin Creator Satoshi Nakamoto’s P2P Account Goes Live, Posts One-Word Update

Anonymous Bitcoin (BTC) creator Satoshi Nakamoto’s P2P Foundation account became active this week, posting a one-word status and adding a Brazilian user to his friend list. The profile, which is associated with an email that had previously been hacked, has been offline since Nakamoto withdrew from online activity in late 2010. The one word post — “nour” — has no obvious meaning: a Google search finds an Urban Dictionary post for “the most loving, affectionate and caring person you’ll ever meet,” while the word also is a transliteration of the Arabic and Ancient Hebrew for “light” or “life.”

Most Memorable Quotations

Most Memorable Quotations

Vitalik Buterin

“I don’t understand this deeply, but the detail that jumped out at me is they’re saying ‘Hey, we own all the IP and this is basically our platform and you’re getting on it.’ And like, that’s… totally not the point….” — Ethereum (ETH) co-founder Vitalik Buterin, speaking out the corporate blockchain projects

Tom Lee

“If you’ve got time, it will arise. It will not happen within three months, or one year, but in two to three years, and this is the golden time to be in crypto,” — Tom Lee, major Wall Street crypto bull and co-founder of Fundstrat Global Advisors

Josh Mandel

“I do see [Bitcoin] as a legitimate form of currency,” — Ohio state Treasurer Josh Mandel, speaking about adding a BTC tax payment option

Laws and Taxes

Laws and Taxes

Liechtenstein Cryptoassets Exchange Receives “Business License” From Regulator

The Liechtenstein Ministry of Economic Affairs has reportedly given a “business license” to professional traders-focused Liechtenstein Cryptoassets Exchange (LCX). According to the business, the license is a “milestone” in developing a “fully regulated blockchain ecosystem,” targeting institutional and professional investors. The firm now plans to apply for a Financial Market Authority (FMA) license, as well as other regulators’ approvals to trade security tokens among other offerings.

US SEC Chairman Jay Clayton Reiterates Strict Stance on ICO, ETFs

Jay Clayton, the chairman of the U.S. Securities and Exchange Commission (SEC), implied this week how the regulator is maintaining its strict stance of Initial Coin Offering (ICO) compliance. In an interview, Clayton noted that there was still a need to conduct public token sales to U.S. customers while following SEC guidelines. Clayton refused to comment on the SEC’s  pending decision on whether to allow Bitcoin exchange-traded funds (ETFs) to launch, noting only “we’ve been clear on some of the issues that are of concern to us.”

Malaysia Plans to Create Crypto Regulation by Quarter 1 2019, Says Finance Minister

According to Malaysia’s finance minister, the country will develop regulations for cryptocurrency and Initial Coin Offerings (ICO) in Q1 2019. Finance Minister Lim Guan Eng stated that the country’s regulator, the Securities Commission (SC), had given him the timeframe for the regulations, which will form “part of the SC’s efforts to facilitate alternative fundraising avenues and new investment asset classes.” Also this week, the minister noted that any entity wishing to issue cryptocurrency must defer to the country’s central bank, Bank Negara Malaysia (BNM).

Adoption

Adoption

Coinbase Launches Over-the-Counter Trading for Institutional Investors

Major U.S. crypto exchange and wallet provider Coinbase revealed this week that they have launched over-the-counter (OTC) trading for institutional customers. In contrast to trading through a crypto exchange itself, OTC crypto trading will allow institutional investors to conduct direct trades between each other. Head of Sales at Coinbase Christine Sandler noted that the decision to open OTC trades came at a time of increased demand for the service from institutional players, who consider leveraging both exchange and OTC business as a “huge benefit” to their customers.

CLSNet Blockchain Payment Netting Service Launches With Big Banking Clients

U.S. forex exchange (FX) settlement giant CLS’ blockchain payment netting service went live this week, with Goldman Sachs and Morgan Stanley as some of the initial users of the service, which was built in conjunction with IBM. The blockchain netting service, which is described as the “first global FX market enterprise application running on blockchain in production,” also has “committed” participation from six international entities including the Hong Kong branch of the state-run Bank of China.

Abu Dhabi-Based Bank Completes “First” Sukuk Transaction on Blockchain

Al Hilal Bank, based in Abu Dhabi, the United Arab Emirates (UAE), has announced it has completed “the world’s first sukuk transaction” with the use of blockchain technology. Sukuk is a legal instrument, also referred to as “sharia compliant” bonds, which allows investors to generate returns without infringing on Islamic law. The sukuk transaction was worth a reported $1 million, sold by Al Hilal to a private investor with the participation of Swiss-based fintech company Jibrel Network, which has offices in Dubai.

Bahrain Finance Training Institute Launches Blockchain Academy

The Bahrain Institute of Banking and Finance (BIBF) announced the launch this week of what it claims to be the country’s first “Blockchain Academy.” The BIBF established in Bahrain in 1981 by approval of the Specific Council for Vocational Training, is an unregistered non-profit semi-government entity that provides training in the financial sector. The Blockchain Academy, according to the announcement, is designed to prepare participants to earn the international qualification of Certified Blockchain Professional C|BP and was developed by both the BIBF and Dubai-based training firm MyLearning Key.

Amazon Debuts Two New Blockchain-Related Products

E-commerce giant Amazon has announced the launch of two new blockchain-related services this week: Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain. QLDB is a ledger database, overseen by a central trusted authority, that will provide a transparent, immutable, and cryptographically verifiable log of transactions, while the Amazon Managed Blockchain can operate with QLDB, allowing users to adjust and manage a scalable blockchain network.

Mergers, Acquisitions, and Partnerships

Mergers, Acquisitions, and Partnerships

“Code of Conduct” Association Launched for Crypto by Ten Blockchain, Fintech Firms

Ten financial and technology firms have established an Association for Digital Asset Markets (ADAM) in order to create a “code of conduct” for the cryptocurrency sector. Among the founding members of the organization include Mike Novogratz’s crypto merchant bank Galaxy Digital, global financial services firm BTIG, fintech firm Paxos — of recently-launched stablecoin PAX — and crypto liquidity solutions provider GSR. The group plans to work with regulators to create “comprehensive standards” for digital asset market participants.

Nasdaq and VanEck Partner to Release “Regulated, Surveilled” Digital Assets Products

Nasdaq, the world’s second largest stock exchange, and the U.S. investment firm VanEck have announced a partnership to launch a set of “transparent, regulated and surveilled” digital assets products together. The partnership, announced via a tweet and then at a New York crypto conference, supposes that the new products would use Nasdaq’s SMARTS Market Surveillance system, alongside VanEck’s MVIS digital asset pricing indices.

Microsoft Japan and LayerX Partner to Increase Domestic Blockchain Use

The Japanese arm of computer giant Microsoft has partnered with nascent blockchain startup LayerX to “accelerate” uptake of the technology in Japan. LayerX was created in August as a joint project between news curation app Gunosy and advisory service AnyPay, and sees blockchain integration for enterprise, including the application of smart contracts and general consulting. Using Microsoft’s Azure Blockchain-as-a-Service (BaaS) solution, the companies will work together to promote broader applications of blockchain.

ASUS Partners With GPU Mining Platform to Let Users Mine Crypto via Graphics Cards

Taiwan-based tech giant ASUS and GPU mining platform Quantumcloud have formed a partnership in order to allow users to mine crypto via their graphic cards. Per the terms of the partnership, owners of ASUS graphic cards will be able to mine crypto through Quantumcloud software and withdraw earnings using PayPal or Chinese app WeChat. Quantumcloud noted that it doesn’t guarantee profits, and that users need to consider usage costs on their own.

Funding Rounds

Funding Rounds

Blockchain Capital Leads Almost $13 Mln Funding Round for U.S. Securities Token Startup

Blockchain Capital has led a $12.75 million Series A funding round for American securities tokens startup Securitize this week. The platform, which enables the issuances of digital securities — or security tokens — of any asset, also had  Coinbase Ventures, Global Brain, NXTP, OK Blockchain Capital, and Xpring at Ripple participate in the funding round. Blockchain Capital’s co-founder and managing partner Brad Stephens will join Securitize’s Board of Directors.

Decentralized Exchanges Completes $15 Mln Funding Round with Huobi and OKCoin

BHEX Exchange, a decentralized crypto exchange, finished a $15 million funding round this week with support from major exchanges like Huobi and OKCoin. According to BHEX, the new funding round also included support from Genesis Capital, among others. BHEX’s investment subscription has purportedly attracted over 70 investment institutions, while Blue Helix selected 40 to participate in the first round of investment.

Winners and Losers

Winners and Losers

Winners and Losers

The crypto markets are slightly in the green at the end of the week, with Bitcoin trading at $4,128.16, Ripple at $.37, and Ethereum at $116.48. Total market cap is around $134 billion.

The top three altcoin gainers of the week are FREE Coin, Etheera, and RabbitCoin. The top three altcoin losers of the week are ZeusNetwork, Cyber Movie Chain, and TRONCLASSIC.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

FUD of the Week

FUD of the Week

Bitmain Sued for $5 Mln For Alleged Unauthorized Mining at Clients’ Expense

Crypto mining giant Bitmain is facing a class action lawsuit of $5 million that alleges the company mined crypto for its own benefit while its customers’ devices were in the process of setting up. According to the lawsuit, Bitmain is benefitting from the the lengthy “initialization” period that its ASIC [Application-Specific Integrated Circuit] devices need for set up. The plaintiff claims that the company’s ASIC devices are “preconfigured to use its customers’ electricity to generate crypto currency for the benefit of Bitmain rather than its customers.”

US Treasury Adds Crypto Addresses of Two Iranians to Sanctions List Over BTC Ransomware

The U.S. Treasury Department has sanctioned two Iranians allegedly involved in Bitcoin (BTC) ransomware scheme SamSam, including their Bitcoin addresses in a first for putting crypto addresses on a sanctions list. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against two Iranian individuals, Ali Khorashadizadeh and Mohammad Ghorbaniyan, who are accused of exchanging Bitcoin into Iranian rials (IRR) associated with the scheme. OFEC has managed to identify two crypto addresses associated with the alleged Iran-based criminals, with 7,000 transactions in Bitcoin and around 6,000 BTC moved since 2013.

Bulgarian Prosecutors Detain Three Hackers Who Reportedly Stole $5 Mln in Crypto

Bulgaria’s Gendarmerie forces and specialized prosecutors have arrested three hackers allegedly involved in stealing $5 million in crypto this week. According to the investigation, the hackers used new methods and advanced computer skills, including specialized hardware, in the scam. The investigation, which began five months ago, has ended with the police seizing cryptocurrencies worth around $3 million, as well as computers, flash drives, and a hardware portfolio for storage of crypto data.

Novogratz’s Galaxy Digital Lost $136 Mln During First Three Quarters of 2018

According to a report from Bloomberg this week, Mike Novogratz‘s crypto investment bank Galaxy Digital has lost $136 million in the first three quarters of 2018. The banks realized and unrealized losses in Q3 amounted to $41 million, and the firm’s share price also dropped to a record low after tumbling 55 percent this month. Galaxy Digital explained the loss by pointing to the falling prices of Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH), calling the lack of crypto trading volumes a “headwind” to success.

Zug Court Shuts Down Crypto Mining Firm Over Unregistered Initial Coin Offering

The cantonal court in Zug, Switzerland, has shut down cryptocurrency mining firm Envion AG for offering an allegedly unauthorized Initial Coin Offering (ICO). Envion, a Swiss-based off-grid mining company that touts itself as using decentralized, clean energy like hydroelectric and solar to power its mobile mining units, raised around $100 million through its mid-January ICO this year. The funding led to a conflict between the two partners at Envion, resulting in a court trial. This week, the court ruled to liquidate the firm, while noting the complete absence of any auditing function or board.

Prediction of the Week

Prediction of the Week

Civic CEO Believes Bitcoin Will Trade Range-Bound for “Three to Six Months”

According to Vinny Lingham, the CEO of identity management startup Civic, Bitcoin’s (BTC) price will remain range-bound between $3,000 and $6,000 for the next three to six months. Speaking on CNBC’s “Fast Money,” the CEO noted that it is doubtful that the coin will break down the support level of $3,000 since there is “a lot of buying in the short term around that mark.”

Best Cointelegraph Features

Best Cointelegraph Features

Ohio to Accept Tax Payments in Crypto — Setting the Standard for Future?

Ohio state is looking to become the first in the U.S. to let businesses, and possibly later individuals, to use cryptocurrencies to pay for taxes. Cointelegraph spoke to Ohio’s State Treasurer Josh Mandel, the person responsible for the initiative, about how he sees the state becoming more of a blockchain hub as well.

Trezor One Wallets Forgery Reveals New Techniques Used to Steal Crypto

Last week, Trezor, one of the leading crypto hard wallets, reported that one-for-one copies of their devices had been found, and warned customers to be careful of purchasing Trezors from unreliable sellers. The key difference between the real and fake Trezors? A holographic sticker on the box, which some critics say is too weak as a security measure.

ABC vs SV: Assessing the Consequences of the Bitcoin Cash War

The Bitcoin Cash (BCH) hard fork took place on Nov. 15, but the consequences are far reaching. Bitcoin ABC, which was backed by both BCH advocate Roger Ver and Bitmain founder Jihan Wu, ended up winning the allegiance of the majority of exchanges, but Bitcoin SV is far from being dead.

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Civic to Spend $43 Million In Tokens In Aggressive User Expansion

Like all crypto projects, Civic, the pioneering blockchain-powered identity startup, needs people, lots of people, using its platform.

And, according to Civic founder Vinny Lingham, while the technology is all in place for the system to work, it’s this network of users that the company is still struggling to achieve. In an effort to spur this adoption, Civic announced Wednesday that it will be paying for all identity checks for users and business partners from now until the end of the year.

Well, at least, $43 million worth.

All told, Civic is allocating 333 million of its total 1 billion supply of CVC tokens, a third of which it sold for $33 million in an initial coin offering (ICO) in June 2017. The tokens will be transferred to Civic to pay for the cost of the identity checks, serving to bootstrap growth and stress-test the protocol.

“We basically said we’re going to reserve a third of the tokens to drive network effects,” Lingham told CoinDesk.

For Civic, every new user that’s had his or her identity verified on the platform makes it a little more attractive for the next company looking for an identity solution. In this way, Civic is creating incentives for more people to join.

Lingham has been thinking about the challenge of reaching critical mass since before his company conducted an ICO in 2017.

He told CoinDesk:

“Paypal got it right with the whole $10 free if you invite a friend and it nearly bankrupted the company. They managed to crack the chicken and egg problem doing it that way.”

Fortunately for Lingham, in the new world of crypto, it’s possible for a company to create their own money supply as long as the market sees future potential. So, Civic – being the only entity, currently, that provides the know-your-customer (KYC) verification within the system – will be paying itself in CVC tokens for the service.

Why now?

Civic has built up a lot of partners, companies and entrepreneurs that need to verify a user’s identity, the most well-known of which is Annheiser-Busch.

The two companies verified the identities of users at CoinDesk’s Consensus 2018 in New York City to distribute Budweiser beers from a vending machine to attendees of legal drinking age.

It also has a lot of partners in the crypto space, including ShapeShift, Hilo, 0x and the Chamber of Digital Commerce, according to its partners page, and it’s been able to enlist a lot of ICO projects who need to run KYC before selling tokens.

“We’re at the point now where the product is actually – we’ve tested it,” said Lingham. “A hundred companies have signed up to use Civic. It’s working.”

But it’s hoping that more will consider joining this year on the promise of saving a little money onboarding their customers.

And they’re preparing for that influx by investing in the future of the business.

For instance, the company also recently acquired the URL “identity.com,” the place that will eventually serve as the meeting place between companies that need KYC services and the ones that provide them. That part of the protocol hasn’t been rolled out yet, though.

Once Civic knows that its system is working with high volume, they will open up the platform to other verifiers.

When gone, sir?

So, how many identity verifications can $43 million pay for? The general average cost for identity verification is $2, Lingham said, but there’s a wide spread.

“We’re offering this for all our services, including the accredited investor test, which is like $60,” Lingham said.

So on its face, it could be feasible for the supply to max out before the year’s end. If in theory, the company ran out of all 333 million tokens before New Year’s Day, the promotion would stop early. Lingham argues, though, there’s really almost no chance this will happen.

“We don’t expect to use all the tokens in the next couple of months,” he said.

That’s because he argued, all those CVC transactions would register to the network as demand for the product. Then increased demand would drive up the price of the token, so each additional verification should cost slightly less in CVC terms.

While Lingham thinks the promotion will succeed in enticing more users, he expects to end the year with lots of tokens left in the reserve. If it came anywhere close to running out, though, the blockchain’s ability to handle all those transactions would present more of an issue.

“The bigger problem would be ethereum. It would make CryptoKitties look like a walk in the park,” Lingham said.

On Identity.com, “it’s literally just the verification you’re being charged for,” Lingham explained. Whereas, “the central identity vendors of the world, the credit bureaus, etc, they resell your information at a profit,” he argued.

If a new entrant comes into the space and offers consumers a different deal and it catches on, that’s something that could ripple out.

As Lingham put it:

“The number of big multibillion companies in this space right now, if we start putting margin pressure on them, we disrupt the whole industry.”

Fingerprint on keyboard image via Pexels (Creative Commons license)

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Civic Is Turning Identity.com Into a Crypto-Powered Personal Data Market

“I never thought we’d get it.”

That’s Vinny Lingham, co-founder and CEO of the blockchain identity startup Civic, talking about the company’s acquisition of “Identity.com” – a fitting web domain for a company built around the idea of putting personally identifiable data in the control of its owners.

To that point, Lingham said he had always thought Identity.com would be an ideal address from which to promote the platform he is building.

Civic raised $33 million in a token sale last year as part of an effort build a decentralized infrastructure for third parties to make attestations about individuals.

Even with those resources, the domain was valuable internet real estate. It was previously controlled by a company named Inflection, which dates back to 2006, according to Crunchbase.

At first, the domain seemed out of reach, given that it was controlled by an established business. But all that changed when Civic learned that the firm had made the decision to call it quits on that line of business.

“It was very opportunistic and we lucked out for sure,” Lingham said.

As a condition of the sale, Lingham couldn’t reveal any more about the negotiations or the amount Civic paid to acquire the address – Civic’s tokens currently have a market capitalization of $65.9 million according to CoinMarketCap – but, as he put it:

“It wasn’t pocket change.”

Consumer-led identity

At its heart, the Civic protocol is built around the idea that users control their own data: – “your information sits on your device, not on our servers,” as Lingham explains it.

Identity.com will serve as a hub for businesses that have information and those that need it. So, rather than one company selling data about its users directly to another firm, the first company that can verify data would share that attestation with the user, who would then share it with the second firm that needs the information.

The blockchain allows the company receiving the information to verify that the attestation held by the consumer is legitimate.

Many different companies might be able to, for example, verify that a specific user has a valid driver’s license, but other companies might have different levels of trust in each other.

So, Identity.com will be a place for companies to set up relationships and have a means to tell consumers whose attestations they will trust.

“The key thing here is it will run on CVC tokens,” Lingham said.

The token will be the method by which requesting companies pay for validation from companies that have the information. Smart contracts are used to protect everyone during the transaction, ensuring that validators only get paid once requesting companies have received adequate information.

Many vendors, one market

Identity.com is expected to start directing traffic to a Civic-controlled website as of 22:00 UTC.

According to Lingham, the domain will play host to a business-to-business marketplace for companies looking to sell attestations about individuals and the companies seeking to verify information about their customers.

Citing the acquisition of a domain that will give their venture a higher profile, Civic has also decided to delay the launch of this marketplace to the fourth quarter of this year instead of the third quarter, as CoinDesk previously reported.

Civic will also make the software behind the marketplace open-source by the end of this year, in keeping with the industry-wide ethos of decentralization.

“We don’t want to be the ones behind it,” Lingham explained. “Initially we start off being a bit more stewards, but, over the long term — hopefully, we don’t need to be.”

Civic will be one of the companies in the Identity.com marketplace – but it hopes to be one of many.

“Civic will be like Stripe for identity,” Lingham said, meaning it will be easy for sites that want to use its network to verify people to integrate it with an easy API call.

But the new site is bigger than Civic’s part of it. Lingham positioned the domain acquisition as a major step for not just his company but the development of a “Web 3.0”

He told CoinDesk:

“It’s a big move for the industry, getting that domain secured and establish that as a rallying point.”

Business miniature photo via Shutterstock.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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No SegWit2x Makes Bitcoin Cash Shine Amidst Crypto Bloodbath

Market observers expected hot money to flow from Bitcoin to altcoins after the Segwit2x hardfork was cancelled. Instead, the entire altcoin market seems to have crashed along with Bitcoin, while Bitcoin Cash surges by 55% to reach $992.

Bitcoin takes the crypto market down

If altcoin backers hoped that the cancellation of Bitcoin’s November Segwit2X hard fork would result in the prices of altcoins increasing, they were sadly mistaken. The crash in price of Bitcoin (down $1,300 in the last two days) has been accompanied by almost altcoins crashing. Out of the top 40 cryptocurrencies by market cap, only Bitcoin Cash, Ethereum Classic and Dash have posted gains in the last 24 hours. People who were short Bitcoin and long altcoins were only half right.

Big blockers vs small blockers

The divide in Bitcoin was apparent a long time before the Bitcoin Cash fork was created and before Segwit2X was envisaged. The community is split on the issue of blocksize – between those who believe small blocks are essential to maintain decentralization and those who believe that larger blocks are necessary for Bitcoin to scale.

The large blockers seem to have been split between the Bitcoin and Bitcoin Cash camps, with those in the Bitcoin camp pinning their hopes on the implementation of Segwit2X and the blocksize increasing to 2MB. With the collapse of Segwit2X, the Bitcoin Cash camp seems to have been strengthened, increasing its price.

Vinny Lingham tweeted to indicate that the move might be happening:

Too early to say, but @adam3us & @eric_lombrozo did recommend that those who didn’t support Layer 2 scaling should move to Bitcoin Cash. I guess that’s happening now…

From zero to $16 bln in three months

Bitcoin Cash was created on August 1 and its market capitalization has zoomed to $16 bln in three months. Bitcoin Cash is now more valuable than Twitter, which currently has a market cap of $15 bln. After an initial crash, Bitcoin Cash has recovered sharply and seems to be uniting those who want Bitcoin to scale through big blocks. It is fast closing in on Ethereum, which has a market capitalization of $28 bln. Ethereum backers expected it to overtake Bitcoin in market cap (the “flippening“), but now have to worry about Bitcoin Cash overtaking Ethereum.

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New ICO Scandal: Alex Tapscott Namedrop Blunder Sees Startup Refund All ICO Cash

As Tezos faces a public lawsuit from its ICO investors, Alex Tapscott’s NextBlock Global has opted to return funds to investors.

In a further hurdle on ICOs’ path to legitimacy, the startup announced Sunday it had made the decision after Forbes broke a scandal about it inventing ‘advisors.’

“As a young company, we have stumbled in our efforts to take our company public and we will work hard to rebuild the trust of those we have disappointed,” a press release reads.

NextBlock had stated Civic CEO Vinny Lingham and federal prosecutor Kathryn Haun – now on Coinbase’s executive board – were advising the project. This was not true, but Tapscott responded to Lingham denying the claims even as Lingham himself “was looking at the deck with his face and bio” on NextBlock’s website.

The U-turn by Tapscott, who is a well-known name in Blockchain, adds to suspicions that ICO schemes even from notionally ‘proven’ legitimate parties are not all they seem.

Tim Draper, a major stakeholder in Tezos, has continued to defend the project amid worsening relations with investors over a schism with the Swiss foundation elected to guard ICO funds now worth around $500 mln.

Reactions to Cointelegraph’s latest report on an accompanying lawsuit suggest only a small section of investors are unhappy with the delay in trading Tezzies, which originally sold over a month-long sale in July.

NextBlock made no mention of the allegations against it in the press release meanwhile, simply stating its “first responsibility is to… existing investors.”

“We strive to always act in the best interest of our investors and we are in the process of reaching out to each of them to discuss next steps, including the return of their original investment, timing, and participation in any profits,” it confirmed.

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Lingham’s Civic Jumps 22% on Credit.com Group Partnership News

Vinny Lingham’s Civic is among the Blockchain startups making major announcements at Money 20/20 this week, unveiling a new three-way partnership.

Lingham’s Identity platform, which debuted its ICO token CVC in July, continues to add to the list of increasingly prominent businesses set to use its Blockchain solution.

Now, credit report repair service Progrexion, along with its subbrands law firm Lexington Law and consumer advice portal Credit.com, are also on board.

Lingham commented in a press release about the Progrexion deal:

“This partnership completes Civic’s technical goal of not storing any consumer PII (Personally Identifiable Information) on our servers, even for those consumers who need constant credit monitoring.”

CVC tokens surged 22 percent in value to $0.36 over the 24 hours following the news, having previously declined from August highs of $0.80.

Civik

On social media, steadfast investors used the release to reiterate their belief in Civic as a long-term proposition amid a sea of ICO tokens coming under increasing international scrutiny from regulators.

Progrexion means around an extra 3.5 mln users could soon being interacting with Civic, with access via Credit.com following the integration.

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What’s In A Name? Craig Wright Fail Reveals he is NOT Satoshi Nakamoto

Self-proclaimed Bitcoin creator Craig Wright has appeared to confirm he is not Satoshi Nakamoto.

Wright, who has vehemently defended himself against criticism to maintain he is the elusive personality, failed to recognize his own name on a list of Bitcoin ‘influential people.’

The debacle played out on Twitter late last week as CoinDesk called for participants in a survey of Blockchain industry figures.

Civic CEO Vinny Lingham’s forecast the survey could be “controversial” came true sooner than expected. While Satoshi Nakamoto was present on the list, Wright himself was not, leading him nonetheless to publicly ask why his ‘real’ name was absent.

CoinDesk responded that he was mentioned – as Satoshi Nakamoto.

“Haha,” Wright replied, “funny.”

While of a semi-serious nature, the episode appeared to confirm what many had assumed was the case since Wright appeared on the scene – that he is not Nakamoto, and his statements to the contrary were lies.

“It’s not really a smoking gun, but it’s a nice ‘gotcha bitch!’ to poke fun at his ridiculous claim,” a Reddit commentary on the situation reads.

Wright himself had described CoinDesk as being “anti-me” in a tone markedly different from his at times overly intense rhetoric about his both identity and the motives of other figures and participants in the Bitcoin ecosystem.

Last month, Wright openly agreed with the words of a New York banker who said there was “no reason” to hold Bitcoin long term “in and of itself.”

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Bitcoin: $4600, 50% Dominance, Forks Leave Altcoins No Room For Moon

Cryptocurrency markets were celebrating Monday as Bitcoin passed $4600 and SegWit gained 10% transaction share.

As the overall value of crypto passed the $150 bln market cap boundary once again, Bitcoin appears to have broken out of a stagnant period after failing to stay above $4400 last week.

The latest data from Coinmarketcap and Bitcointicker show prices hovering around $4575 at press time.

SegWit proponents are especially satisfied, with last week’s disputed assertion that the technology was already going “parabolic” now looking more likely.

The proportion of Bitcoin network transactions using the upgrade, which activated in August, grew by almost half from 7% to 10% last week.

In altcoin markets, meanwhile, things are less certain. A look at the top 50 assets shows mixed fortunes as Bitcoin grows to retake over 50% market cap dominance, with NEO dropping 13% in 24 hours and others seeing a broad downtrend.

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Vinny Lingham’s Civic token, which had been as high as $0.70, is currently hovering at its lowest rates since an uptick saw it reach $0.37 in August. It had dropped 12% to $0.28 since Sunday.

Speculation surrounding the lack of progress appeared to center on increased attention to Bitcoin’s two upcoming forks.

“Money will flow back into the others soon enough,” a response to observations by commentator Chris Burniske on Twitter reads.

Ahead of Bitcoin Gold and SegWit2x, investors could be buying up bitcoins purely in order to claim the equivalent number on two other chains, suspicions suggest.