Bitcoin News — Dollar

Turkish Police Detain 11 Suspects in Bitcoin Theft Case

Posted by Lubomir Tassev on

Turkish Police Detain 11 Suspects in Bitcoin Theft CaseThe cybercrime unit of the Turkish police has detained 11 people suspected of hacking into emails, user accounts and cryptocurrency wallets. The operation was launched after law enforcement received a number of complaints from victims who lost digital cash.   Also read: Church Mining Cryptocurrency to Pay Higher Electricity Rates               Hackers Steal $80,000 Worth of […]

The post Turkish Police Detain 11 Suspects in Bitcoin Theft Case appeared first on Bitcoin News.

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Is Mining Too Complex and Scary? Here’s How to Do It With One-Click

Posted by Connor Blenkinsop on

A “game changing” product makes mining of crypto just one click away. A platform with 190,000 users allows miners to generate income from their spare computing power.

Unless you’re a hardcore crypto enthusiast with intense technical knowledge, it is highly unlikely that you’d know where to start when it comes to mining.

The team behind WinMiner, with a history of over 1 billion installs, is vowing to change all of this. CEO and co-founder Ariel Yarnitsky, the former general manager of the pioneering instant messenger ICQ, and co-founder Idan Feigenbaum, creator of one of the most popular download managers, Download Accelerator, are leading this initiative.

They say their “game changing” product easily enables anyone with a computer to turn spare power into an income and that over 190,000 users around the world are already doing that.

WinMiner says that it is no surprise that mining has been an “off-limits activity” for most. The WinMiner white paper states that “understanding the crypto coins concepts, how to mine and trade them, as well as how to safely keep them is too techy, complex, and even scary.”

It has devised a one-click platform which allows users to mine the most profitable coin  at any time (from a list of over 40 coins) “with no need for any prior knowledge of the crypto space.” WinMiner believes this will be the catalyst for successful adoption by a wide audience.

According to the company, what sets WinMiner apart from most token sale projects is that it is a live and working product with many users, its ease of use, the wide selection of payouts, and the smart optimized multi coin mining algorithm. WinMiner says it signed a pilot agreement with a publicly traded security company, with hundreds of millions of active users to be the onboarding platform for its users into crypto.

The WinMiner token will be the first token sale on the AION network.

Simplicity and familiarity

The team behind WinMiner says that simplicity and familiarity are two key ingredients which are vital for its platform to gain mass appeal. This is why its software is easy to install and to use, ensuring that a beginner can quickly understand what their spare computing power does and achieves. Earnings are in US dollars and “thus do not fluctuate with volatile crypto price movements.”

Payouts are also designed to be straightforward. As well as being able to get paid via crypto or USD, users can receive their earnings in the form of Amazon, iTunes, and Steam gift cards. The minimum balance at which payouts begin is currently set at $5.

WinMiner argues that opening the door to greater numbers of miners will decentralize the mining of supported coins, making the blockchain networks of these coins more stable and secure.

The company believes it is in a position to welcome a wider audience, after enduring the highs and lows of a challenging year for the crypto world – overcoming “traitorous” market conditions, as well as growth and scaling issues to get where they are today.

An array of settings

Although WinMiner takes 1-click to operate, its founders packed into it a wide range of ways for users to customize their experience. By default, the software kicks in whenever a computer goes into idle mode – ensuring that the owners get their full computing resources when they need them. Other modes allow users to manually switch the program on and off when it suits them. An advanced farm mode is also provided for professional miners.

Additionally, users can decide whether they want to pick which coins are mined, or let WinMiner’s smart algorithm make this decision for them. A “switch coin criteria” feature enables users to determine the threshold for moving to a more profitable coin.

A presale for WinMiner tokens, which are the heart of WinMiner’s ecosystem, is taking place until Dec. 31, 2018. Bicameral Ventures fund was the first to contribute with a participation of $1 million. In the second phase, people will be able to participate in the token sale by using the platform – and putting their earnings from mining, into buying the WinMiner tokens with a 40 percent bonus. It is hoped that this will enable people to take part in the event without having to bring their own money into the equation. The third and final phase will be a public sale.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Tether Redeems and ‘Burns’ More than Half of USDT in Circulation

Posted by Marie Huillet on

Tether says it has “redeemed a significant amount” of tokens from the circulating supply, and will now “destroy” 500 million USDT from its treasury wallet.

Tether, issuer of stablecoin USDT, says it has “redeemed a significant amount” of tokens from the circulating supply and will now “destroy” 500 million USDT from the Tether treasury wallet, in an official post published Oct. 24.

According to the firm, this will leave 446 million USDT remaining in its treasury in preparation for future USDT issuances — meaning that those tokens redeemed and “burned” account for 52.8 percent of the total former supply.

The redemption is visible on the OMNI blockchain explorer, which shows a confirmed transaction dated today of 500 million USDT in block 547155. Tether’s announcement directs the public to consult the “conceptual” outlines of the token issuance and redemption process as described in its white paper, where the firm states that:

“every tether issued or redeemed, as publicly recorded by the Bitcoin blockchain will correspond to a deposit or withdrawal of funds from the [company’s] bank account.”

As the white paper notes, for the crypto side of its accounting processes, the public and transparent nature of the public Bitcoin (BTC) blockchain — onto which tethers are issued via Omni Layer’s protocol — ensures that the token transaction can be verified and tracked.

Omni Explorer further indicates that Tether’s token reserves are now 466,678,763.48, congruous with the company’s statement.

When it comes to its fiat accounting, the white paper states that, as part of “the ‘Solvency Equation’ for the Tether System […] the provability of [U.S. dollar reserves] will rely on several processes,” including the firm’s publication of bank account balances on its Transparency page (“Proof of Funds”), and professional audits.

Tether has a notably contentious history in regard to its transparency conduct, as crypto investor and entrepreneur Michael Novogratz recently underlined. Casting doubt on the firm’s claims that USDT is backed one-to-one by the U.S. dollar, some have gone so far as to accuse the firm of covering up an alleged fiat reserve deficit in complicity with Bitfinex.

After the firm is alleged to have dissolved its relationship with a third-party auditor this January, its “Proof of Funds” released in June claimed that Tether did have sufficient dollar reserves for circulating tokens, held in an undisclosed bank.

Today’s large-scale token redemption and destruction has provoked heated speculation on crypto Twitter, notably as tether had just recently — if briefly — lost its U.S. dollar peg to trade as low as $0.91, leading some to accuse the firm of manipulating the market by redeeming at low cost and liquidating after the market rebound.

Crypto personality WhalePanda quipped in this vein, “$USDT scarcity incoming! $1.01 soon.”

Others have suggested that the company is unable to back the tokens with adequate reserves, alluding both to Tether’s troubled transparency history, the protracted crypto bear market, and the fact that associated crypto Bitfinex has recently been plagued by rumored insolvency and alleged banking difficulties, which it has since been prompted to officially deny.

Just today, Bitfinex responded to a recent media report that had accused the exchange of publishing trading volume data for “a market that doesn’t exist,” by feeding data regarding a “USDT-USD trading pair” — which is not supported on the platform — from its in-house API to popular crypto data site CoinMarketCap.

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Crypto Exchange Bitfinex Denies Allegedly 'Fake' Tether Volumes Listed on CoinMarketCap

Posted by Marie Huillet on

Major crypto exchange Bitfinex has responded to a recent media report that accused the exchange of publishing trading volume data from “a market that doesn’t exist.”

Major crypto exchange Bitfinex has responded to a recent media report that accused the exchange of publishing trading volume data from “a market that doesn’t exist,” in a tweet posted Oct. 23.

The controversy centers on an article from crypto media outlet CoinDesk, which had alleged that Bitfinex’s data on popular crypto statistics aggregator CoinMarketCap (CMC) was misleadingly inflated by reporting on a stablecoin Tether (USDT)-U.S. dollar trading pair, which as of press time appears to account for $33,598,474 — or 18.30 percent — of a total 24-hour traded volume of $182,742,351.

The article had argued that since the exchange does not provide a USDT/USD trading pair, this was an intentional strategy to make it appear as though a large volume of such trades were occuring on the exchange. In fact, Bifinex users are only able to deposit and withdraw both Tether and U.S. dollars through their accounts, rather than execute such trades.

A representative from CMC disclosed that the data was derived from Bitfinex’s in-house public application program interface (API), and was represented in CoinDesk’s article as being “confused” herself as to the meaning of the data point.

Bitfinex has tweeted its response to clarify its position, with a link to the original CoinDesk article, stating that:

api.bitfinex.com/v1/movement_volume/tether … is the sum of USDt dep/wds to/from Bitfinex. We are not ‘publishing’ fake numbers; the API method is called ‘movement_volume’ and isn't part of our ticker API. Not pushed by us, pulled by CMC. Another not-so-brilliant example of anti Bitfinex/Tether FUD.”

The API link that was provided by both the exchange and CMC’s representative to Coindesk does not lead to a live website as of press time. On Bitfinex’s website, it is noted that some parts of the API may require authentication.

Bitfinex has not responded to Cointelegraph’s request for a live link by press time.

Bitfinex has recently been prompted to deny rumors that it was “insolvent” or facing banking issues in response to reports that its banking partner, Puerto Rico’s Noble Bank International, was seeking a buyer and had lost both Bitfinex and affiliated firm Tether as clients.

The following week, the platform temporarily suspended all fiat wire deposits without providing a specific reason, although it had acknowledged in its prior statement that “complications continue to exist” for Bitfinex “in the domain of fiat transactions.”

The exchange’s circuitous history of banking relationships dates back to April 2017, when U.S. bank Wells Fargo & Co. allegedly refused to continue operating as a correspondent bank. Bitfinex then filed a lawsuit against the bank that was quickly dropped.

Tether, for its part, has faced repeated criticisms of inadequate transparency over its claims to be backed one-to-one by the U.S. dollar, with some going so far as to accuse the firm of covering up an alleged fiat reserve deficit in complicity with Bitfinex.

The rumors intensified when Tether allegedly dissolved its relationship with a third-party auditor this January. However, an unofficial audit in June reported that Tether did have the appropriate amount of dollar reserves held in an unnamed bank.

Crypto investor and entrepreneur Michael Novogratz recently remarked on the Tether transparency controversy just as the stalwart coin had briefly lost its U.S. dollar peg, at one point trading as low as $0.91, amid reports of investors’ “loss of faith” in the asset.

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PwC Partners With Decentralized Lending Platform to Provide Expertise in Stablecoin Launch

Posted by Helen Partz on

PwC will provide tech expertise to decentralized lending platform Cred in the launch of their USD-backed stablecoin.

“Big four” audit giant PricewaterhouseCoopers (PwC) has partnered with decentralized lending platform Cred to provide tech expertise in the launch of their USD-backed stablecoin, the company announced on Monday, October 8.

In the announcement, the professional services firm claimed that the new partnership is designed in order to boost the current market of U.S. dollar-pegged cryptocurrencies by bringing more trust to investors.

PwC is touting their service as a solution to major existing problems associated with the stablecoin market, such as transparency and “substantiation,” which keep a number of investors away from the field.

With the partnership, the audit firm notes it plans to ensure a “valuable perspective on how standards can be enhanced,” in order to provide “more transparent set of reserve functions.” The statement adds:

“Many investors are looking for crypto assets that can be pegged to a stable fiat currency such as the US dollar, but these assets require a reserve ledger built for decentralized assets, that can provide 100% transparency and value substantiation.”

The company also stated that it will provide clients with useful insights on governance, security, and risk management. PwC’s U.S. blockchain and cryptocurrency leader Grainne McNamara commented that the new stablecoin is an attempt to give another push to the development of a “quickly developing asset class” at an “increased level of comfort.”

In late September, U.S. venture capital fund Andreessen Horowitz invested $15 million in blockchain startup MakerDAO (MKR), the firm that backs USD-pegged stablecoin Dai (DAI).

And earlier in September, the Winklevoss twins, founders of crypto trading platform Gemini, acquired permission from New York regulators to launch their own USD-backed stablecoin. Subsequently, security researchers pointed out a feature of the recently launched Gemini dollar (GUSD) that allows custodian to completely change any transaction within GUSD network every 48 hours.

Earlier today, Cointelegraph reported on four professional services giants including PwC having set up a solid long-term blockchain roadmaps in order to keep the leadership in crypto and blockchain industry.

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