Cryptocurrency
Craig Wright, the self-proclaimed inventor of bitcoin, stands accused of swindling more than $5 billion worth of the cryptocurrency from the estate of a computer-security expert. In 2016, Wright, an Australian, claimed that he created the cryptocurrency under the pseudonym Satoshi Nakamoto. The issues stem from Wright’s work with Dave Kleiman, a major cryptocurrency user […]
A Goldman Sachs-backed financial technology company Circle just got deeper into the game by purchasing cryptocurrency exchange Poloniex. The deal is reportedly worth $400 million, according to Fortune’s Robert Hackett. Circle facilitates cryptocurrency trades worth a couple hundred million dollars in its market-making arm Circle Trade. Poloniex said that its team would be bolstered by […]
An increasing number of restaurants and retail stores in Sweden no longer accept cash payments. That has political leaders asking: What happens if money just disappears? Can an economy go completely digital and continue to operate? Most bank branches have stopped handling cash transactions, and “no cash accepted” signs have appeared at restaurants, stores and […]
Mining cryptocurrencies requires computers to solve a complicated equations. So it should come as no surprise that many developers have come up with puzzle games that offer cryptocurrencies as their prize. One such crypto puzzle game, “The Legend of Satoshi Nakamoto,” came out in 2015. It gained national attention after it was solved and the winner […]
Bank Of America, a massive financial entity by any measure, is warning that cryptocurrencies could potentially undermine its entire business. In a 13,000-word regulatory filing, the United States’ third-largest bank by assets mentioned cryptocurrencies three times in the documents “risk factors” section. This is the part of a corporate filing where a company has to […]
Morgan Rockcoons, a Las Vegas crypto blogger, is due in court following his early February arrest by U.S. Immigration and Customs Enforcement (ICE). The Feb. 9 arrest included charges of money laundering and the illegal operation of a money transmittance business without an official license. Rockcoons is soliciting financial support on Twitter, as he believes his […]
After weeks of dithering and disagreement among top financial regulators, Seoul has finally given its blessing to cryptocurrency. Finance Minister Choe Heung-sik says that his country will support “normal transactions” of cryptocurrency. The remarks by Choe, whose official title is governor of the Financial Supervisory Service (FSS), came as something of a surprise. South Korea had just […]
After recently acknowledging that thousands of customers recently were charged multiple times for the same digital currency transaction, San Francisco’s Coinbase cryptocurrency exchange dropped the other shoe — it will turn over thousands of customer records to the IRS following a court order over potential taxes owed. The exchange cast the decision as a victory, […]
It costs about $531 to mine just one Bitcoin in Venezuela, while in South Korea it costs about $26,170 to mine one Bitcoin, according to a new report. The cost of mining matters because high energy bills quickly make Bitcoin mining a losing proposition. As of this writing, one Bitcoin was valued at $9,500. One […]
Microsoft engineers announced in recent blog post that the company is trialing decentralized blockchain IDs. The implication is that your digital identity, now secured by passwords and two-factor authentication, could be secured instead by the technology behind cryptocurrencies such as Bitcoin. If it works and scales up, users on a network would not have to […]
