Italian Authorities Seize Bitcoin From BitGrail

Italian Authorities Seize Bitcoin From BitGrail

Bitgrail, the Italian cryptocurrency exchange announced today that Bitcoin’s stored on the firm’s wallet were seized by Italian authorities according to this official announcement on June 15.

The authorities removed funds from Bitgrails wallet following a court order by Tribunal of Florence , however didn’t mention the entire worth of Bitcoin seized.

The seizure follows a petition that was filed with the court’s by victims of the BitGrail hack. Court asserts state that the exchange is under article 6 bankruptcy according to Italian bankruptcy law. Espen Enger, a BitGrail creditor, filed on the half of over 3000 other claims who have allegedly been contacted so far.

Back in February 2018, the exchange suffered a massive cyber attack which caused the loss of 17 million Nano (XRB) which was roughly worth around $187 million at that time. Once trading was halted, the CEO of Bitgrail, Francesco Firano stated that it would be impossible to return the stolen funds.

It was unclear whether the hackers exploited a BitGrail security problem or Nano blockchain vulnerability; however this caused a series of arguments between the two foundations.

Nano later announced in April that it would support legal funds to provide victims of the hack with access to representation to pursue BitGrail over their missing funds.

CryptoZombies Creator Launches Kickstarter Campaign for Blockchain Trading Card Game

CryptoZombies Creator Launches Kickstarter Campaign for Blockchain Trading Card Game

The development team behind CryptoZombies, the website that teaches people how to code Ethereum DApps, is launching its first collectible card game on blockchain. The team decided to go with Kickstarter in order to raise funds for game development instead of your typical ICO.

The creator of crypto zombies, James Martin Duffy, stated that he believes the game can go head-to-head with mainstream titles like Magic The Gathering. The team decided to go with kick starter instead of launching an ICO due to their audience there trying to target. There’s no better way of gaining credibility as legitimate project the launching a crowd funding campaign on Kickstarter.

The company is looking to raise $250,000 from the Kickstarter campaign within 60 days.

The game works much like any other trading card game where players will be able to trade cards, collect cards, and battle others. Though be a set of unique features or its zombie battleground versus your typical mainstream game due to its blockchain roots.

All cards will be ERC20 tokens, which means each card is unique much like CryptoKitties. Players will be able to sell their cards within a peer-to-peer marketplace which will allow them to earn real cryptocurrency. This allows for anyone to invest as much money in the game as they’ll be able to sell off their cards once they’re done.

cryptozombies

Investors will be able to choose one of 15 rewards with contributions ranging from $10-$10,000. With lower tiers, players will be able to receive unique cards, booster packs, exclusive updates, and beta invites for their friends. Once an investor crosses the $1000 threshold, rewards like zombie battleground cards, zombie cards based on the actual investor, many zombie statues, free T-shirts, and a trip to Thailand will be awarded.

The crypto zombies team believes that the zombie battleground will be the first ever Ethereum experience where users will be able to enjoy the game worldwide, regardless of where it’s base

Check out other Ethereum based games with our  ETH blockchain guide for Ether Onlinethe worlds largest MMORPG. 

World’s First Cryptocurrency E-Bike: Generates Crypto While You Ride

World’s First Cryptocurrency E-Bike: Generates Crypto While You Ride

A cycling merchant located in the UK confirmed today that he would deliver the world’s first e-bike, which apparently generates cryptocurrency as you ride, reported by local media on June 12.

50cycles Inc. will be manufactured in London and begin offering its TOBA  vehicles in August through its partnership with LoyalCoin. The CEO of 50cycles, Scott Snaith told cycling industry news “this is the first electric bike of its kind as well as the first product ever to tokenize and issue rewards for its use”.

Writers will be able to generate LaoyalCoins when riding the bike. This is the equivalent in value to $26.50 per 1000 miles. These tokens are made tradable for other loyalty schemes. 50cycles Inc will also accept them as payment for products.

Cryptocurrency loyalty schemes revolve around blockchain continue to develop amongst various countries and industries this year.

First Ever Crypto Themed Blockbuster Movie Set To Release This Year

First-Ever-Crypto-Themed-Blockbuster-Movie-Set-To-Release-This-Year

Hollywood Reporter released a news statement today, June 15, that Hollywood plans to shoot and release its first movie centered around cryptocurrency this year.

The news release stated that the movie “Crypto” will be focused around laundering virtual assets. A few of the star roles from the cast will be revolved around the popular US TV series Westworld and Mad Men. Beau Knapp of Netflix’s Seven Seconds, as well as Alexis Bledel of Gilmore Girls, are expected to play lead roles.

The co-producer of the movie, Jordan Levine, told the publication “cryptocurrency has gained a lot of attention and interest from both consumers as well as entrepreneurs all over the world. This topic has never been explored in a film in such a nuanced and exciting way.”

The indie “thriller” set in upstate New York, will reveal a story on how an anti-money-laundering agent is able to uncover a large network of fraud and corruption in a small town.

Bledel plays the source of these corrupt activities, as a “mysterious art merchant.” John Stolberg Junior, the director of the movie, was very upbeat about the project, stating “I’m extremely excited to be working with an incredible cast in order to bring this thrilling story to life”.

Representation of the cryptocurrency industry has also been seen in other productions in the form of documentaries such as ‘Bitcoin: The End of Money As We Know It,’ and ‘The Rise And Rise Of Bitcoin’ which were earlier releases from 2014 which raised money via Kickstarter for production.

Walmart Wins Patent for Electrical Grid Powered by Bitcoin

Walmart Wins Patent for Electrical Grid Powered by Bitcoin

The US retail giant Walmart, recently won a patent to develop an electrical grid that will be powered by Bitcoin or other cryptocurrencies according to the patent application published on June 14 by the US Patent and Trademark Office.

Walmart initially filed a patent back in December 2017. The main focus of the system, outlined within the patent, is to help companies better manage energy consumption as well as regulate demand.

The patent states that both large companies and households can use blockchain based networks to assign each device a specific amount of BTC (or other except the cryptocurrency) which is used to purchase energy from a utility vendor.

The patent further explains…

Each unit of cryptocurrency is represented by a unit of energy. For example, one cryptocurrency coin can be set to be equivalent to 1 kWh. Electricity capped totals can then be implemented for a month of spending at that current rate.

The patent also outlines which devices on the network will be able to share funds between each other if one particular device exceeds its allotment of cryptocurrency. This will ensure its continued operation during the billing cycle. The blockchain based system also indicates which device consumes the most power compared others. The remaining volume of electricity can be distributed to other networks which will support each other if one consumes less energy.

This will allow the utilization of cryptocurrency to be operated independent of a central database system like a central bank or central authority operated by the energy provider.

Walmart-Files-Patent-for-Blockchain-Based-Marketplace-for-Reselling-purchased-productsWalmart has also applied for various other patents in order to integrate blockchain technology into its supply chain cycles. This includes a service that will record customer purchases on the blockchain ledger allowing their customers to resell items on a sales platform using the record of purchase.

Another patent employs a “Smart Package” blockchain based tool which would allow the tracking of packages, environmental conditions, locations, and other details.

The company is also working on allowing suppliers to put food on the blockchain which will reduce its waste and improve contamination management.

 

Oxford Plans World’s First Decentralized Blockchain Based University

Oxford Plans World’s First Decentralized Blockchain Based University

Professors at Oxford are looking to open the world’s first blockchain University according to sources at CoinTelegraph. The professors are seeking full degree granting powers in Europe according to the team of academics behind Woolf Development.

The university intends to adopt the traditional Oxbridge course structure with focus on individual led tutorial modules which will be available to students both off and online.

Woolf Development’s whitepaper states that a blockchain powered university would address most of the issues currently affecting academics worldwide. Some of these issues include extremely high tuition fees, overcharged administration costs, and underpaid academic teaching posts.

The whitepaper also outlines how blockchain will allow the function of smart contracts which will automate student attendance, prevent students from falsifying academic records, and crediting academic paper submissions.

So far, Woolf is seeking a full degree granting power from the European government and has been offered a clear pathway to accreditation into 2 other European jurisdictions so far.

Blockchain has already made a significant difference on the impact of content. Many leading international universities now include blockchain, smart contracts, and cryptocurrency related courses within their curriculum. Cambridge University has conducted substantial research into the crypto finance field and Swiss University Lucerne accepts tuition payments via Bitcoin to cover all education fees.

Coinbase Index Fund Opens Investments between $250k and $20 Million

Coinbase Index Fund Opens Investments between $250k and $20 Million

As per Coinbase’s official blog entry yesterday, June 13,  the U.S. based crypto wallet and trade exchange opened their index fund to  large scale speculators.

The fund, whose creation was reported in June, is accessible just to U.S. occupant licensed financial specialists who manage total assets of more than $1 mln or a yearly compensation of more than $200,000 who invest between $250,000 and $20 mln.

The index incorporates Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC), whose expansion into Coinbase was declared on June 11. Coinbase’s blog states that the reserve will be rebalanced to incorporate any future assets recorded.

Coinbase’s index fund is an element of the organization’s ongoing move to focus on a more select group of high-stakes players and institutional speculators. A month ago, Coinbase propelled a new suite of products geared towards institutional financial specialists, concentrating on the increasing worries of security and regulative compliance that might keep such speculators from entering the crypto space.

Toward the end of March, the company had reported it would start supporting ERC20 tokens on its trade, while intentionally not revealing the names of specific altcoins.

Toward the start of June, crypto trade exchange, Binance declared it was looking for 20 partners for the dispatch of a $1 bln cryptocurrency based fund. Additionally in June, Huobi unveiled the arrival of its crypto-based trade exchanged fund (ETF), which depends on its May dispatch of a crypto market index.

Beginners Guide to Crypto Airdrops

A Beginners Guide to Crypto Airdrops

If you’ve been wandering around the crypto sphere for some time, it’s highly likely you’ve heard about these free and “potentially lucrative” airdrops. If not, we’ll you’re in for a treat.

Airdrops are free cryptocurrency tokens which are given to those who hold a base cryptocurrency for an extended timeframe.

If you’re like me, you’re skeptical of anything labeled “free”. There has to be a catch right? Well, not entirely. There’s always a catch to anything that claims to be free, which usually costs you in the way of time or information.

How Do Airdrops Work?

In order to qualify for airdrops you’ll need to acquire and hold a particular cryptocurrency. Let’s call this your “base currency”. You’ll hold onto this base currency for it an extended timeframe in order to acquire the new airdropped cryptocurrency (aka – tokens).

Think of it as a buy one get one free sale, except you’re not really buying anything, just holding onto a currency for an extended timeframe.

Some coins require you to hold a minimum amount of tokens in order to be eligible for their airdrop. Other cryptocurrencies will allow a 1 to 1 exchange without any minimum hold requirement. Airdrops are the ideal “scratch my back and I’ll scratch yours” type of scenario.

Let’s break down these airdrops even further and examine how these free nuggets of crypto really work…

  • Advertising: Many startup companies will announce airdrops in order to deliberately bring more attention to their main coin. In summary, it can be utilized as another form of advertising.
  • Value: Airdrops are also a great way to temporarily inflate the value of the initial cryptocurrency. As you can imagine, setting up criteria to hold one coin in order to receive another free coin typically works out for both parties in the end. Who doesn’t like free stuff, right?
  • Time sensitive: In most cases there is a certain time period in which you must hold the base cryptocurrency. Once the airdrop is complete, you’ll no longer have to worry about holding onto the base currency.

    As you can imagine, this causes and “ebb and flow” type of situation, where the base cryptocurrency value will drop as soon as the airdrop is complete. This is why I highly recommend you sell as soon as this time period expires.

    PRO TIP: This would also be a great time to short if you margin trade.

Airdrops can literally “drop” free cryptocurrency into your digital wallet. The real question is, will these newfound tokens increase in value over time? Well, that’s a bit of a mystery, one that only time will resolve. Regardless, free is free so you have no room to complain, right?

How to Join an Airdrop

First of all, you need a wallet that can accommodate several different types of cryptocurrency. Most wallets will handle various ERC20 tokens which are suitable for these airdrops, as many of them are based upon the Ethereum blockchain.

Many cryptocurrency companies will require you to register on their website in order to qualify for the airdrop. Some will outline more specific conditions like…

  • Joining their Telegram channel
  • Joining their Discord chatroom
  • Posting a comment or private message on a forum
  • Re-tweeting a message from the company

Once you follow the outlined protocol, you’ll be required to hold a certain amount of cryptocurrency in your wallet. The requirements for wallet storage can vary from an online soft wallet like MyEtherWallet or one that resides on a cryptocurrency exchange like Binance.

Either way, the details are always announced from the originating cryptocurrency company via email, forum, or twitter account.

Difference Between Automatic And Manual Airdrops?

manual-vs-automatic-crypto-airdropsA manual airdrop is one where you’ll follow the developers on social media. You’ll be requested to share a post, take a survey, or even fill out some forms. Don’t worry; these small tasks won’t take up too much of your time. It’s worth it in the end.

Automatic airdrops do not require you to do anything other than have an active wallet with the initial cryptocurrency coins on it. As mentioned earlier, your wallet should be able to hold ERC20 tokens which is based on the Ethereum blockchain.

Most crypto enthusiasts tend to hold these coins on their cryptocurrency exchange of choice. If you choose to go this route, make sure that you’re on a well-known, reputable exchange like Binance, Bittrex, or Coinbase.

Why Are Airdrops Worthwhile? Things To Consider…

Airdrops allow you to receive new cryptocurrency that you would have otherwise gone without. In the worst-case scenario, you receive free cryptocurrency that’s not really worth much and collects virtual dust inside your wallet. Either way, it cost you nothing.

Best case scenario, the value of the base currency and airdropped coin you hold increases. Inadvertently, you walk away with a decent profit on both currencies without having to invest anything but a small amount of your time.

Be very careful though, as these airdrops are a beacon for the unscrupulous types. For instance, many fake twitter accounts have been created to resemble the official cryptocurrency company’s account. The scammer poses as a developer for the team and requests your wallets private key in order to send you the airdropped coins.

This is never the case for legit airdropped tokens. Private keys are never required. If this happens to you, immediately report the account to Twitter.

Another likely scenario are fake twitter accounts that post instructions for you to send cryptocurrency to a wallet address owned by the scammer in order to receive your free tokens. The official developers will never request tokens from you, so if this happens, again, report it to Twitter.

Apart from these rather easy to spot scams, airdrops can be very beneficial.

Take note that it may take some time in order for these coins to be released. A one or two month timeframe is typical.

Conclusion

crypto-airdropsAirdrops are great way to acquire unknown cryptocurrencies without having to invest your own money. Not only do they serve the purpose of being an effective marketing tool for developers, but they’re a great way to broaden your cryptocurrency portfolio with little to no risk.

For the latest airdrop announcements visit AirDropAlert.com. The site releases upcoming and active airdrops on a weekly basis.

Potential Ban U-Turn for India’s Government

Potential-Ban-U-Turn-for-indias-government

India’s government panel reported today that their cryptocurrency policy is in in favor of a blanket ban.

India had recently enforced a banking blockade by the country’s central bank. According to India’s largest business TV news channel, Economic Times, the Indian government will recommend allowing cryptocurrency trading with guidelines in the form of regulation.

The report by economic times has yet to be substantiated, however the Indian government had previously established a framework for the domestic cryptocurrency sector back in 2017.

If the report is true, legislative movement to regulate cryptocurrency will bring much relief to the adopters and businesses who felt the sting of the banking blockade enforced by the Reserve Bank of India back in April.

Earlier this week, the Reserve Bank of India admitted that they had not conducted any research nor consultation with any government panel prior to enforcing the ban. This seems to be an increasingly arbitrary decision taken upon the government panel in order to stifle the growth of the cryptocurrency industry.

SEC Director Announces Ether as Not a Security

SEC Director Announces Ether as Not a Security

The Director of the SEC’s corporate finance division, William Hinman announced today at a Yahoo Finance All Markets Summit for Crypto, stated that ether is currently not structured as a security and will not be regulated as one.

Hinan states “when we think about how ether is operating today, we see a highly decentralized network. This is not the type of centralized actor that categorizes security offerings. In its current state we don’t see any value in regulating it.”

He also noted that ether was initially issued by decentralized networks which had no controlling party. Assets originally sold as a security have the potential to lose this title down the road.

In a previous remark by SEC Chairman Jay Clayton had stated that cryptocurrency like Bitcoin were not securities. This is an incredible step forward regarding the allowance of ICOs operating and registering without further implications of judicial bans.

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