Cyber Crimes Unit to Catch Sexual Predators By Mining Bitcoin

Cyber Crimes Unit to Catch Sexual Predators By Mining Bitcoin

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A Benton County Arkansas Cyber crimes police unit said they intend to catch child pornographers and sex criminals by mining bitcoin. The county’s sheriff, Shawn Holloway, said that technology is evolving rapidly. In this sense, law enforcers must remain a step ahead to keep up with nascent trends in criminality. This is especially true when it comes to “cyber crime” and dark web activity. 

Also read: UK Police Force Investigate the Defunct Mintpal Exchange and Owner

Cyber Crimes Unit to Catch Sexual Predators By Mining Bitcoin

A local news article said, “Today the sheriff announced that members of their cyber crimes unit will now be “mining” bitcoins as a way to catch sexual predators and other criminals who are using the secret web browsers.”

This method will likewise help educate police personnel on cryptocurrency technologies.

Law Enforcement to Buy Child Pornography with Bitcoin to Catch Offenders

The law enforcement unit plans to mine bitcoin and use it to buy child pornography. Then they will travel to arrest the offending suspect. A Detective for the department, David Undiano, clarified:

People are selling child pornography on the dark web and on the internet. They are accepting bitcoins, not payments. We can’t use the sheriff’s office credit card, and we cant exchange child pornography. We need some type currency to get this and then identify who we are getting it from. That way, we can go arrest that person.

The detective said the department is mining bitcoin in order to conceal themselves from the criminal element. This allows them to set up sting operations and catch pedophiles and other unsavory types without them knowing.

Parents Night Out Event

The Benton county department intends on having a parents night out event to educate parents on how the dark web works. The event runs on Thursday from 6 to 8 PM, according to the local news site. During the event, law enforcement will teach parents about the dark web and show them how to protect their children.

Cyber Crimes Unit to Catch Sexual Predators By Mining Bitcoin

The department is conducting this educational meeting, because the FBI recently said there has been a rise in the number of people trading bitcoin for child pornography, buying drugs, and engaging in human trafficking.

“According to the Federal Bureau Investigation, there’s been a rise in the number of people using bitcoin to trade or distribute child pornography, to buy drugs illegally and for prostitution or human trafficking.”

However, the site did not mention all the fiat dollars involved in the aforesaid furtive transactions.

Do you think cops mining bitcoin to catch sexual predators is a good thing? What do you think about the police trading bitcoin for child pornography? Let us know in the comments section below.


Images courtesy of Shutterstock


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Market Analysis Report (20 Oct 2017)

Switzerland Awards First AML/KYC Licence To Bitcoin Company

Payment21, a payment gateway company, has become the first Bitcoin company to gain full regulatory compliance from Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA). Managing Director Bernhard Kaufmann commented:

“We are committed to meeting the legal requirements of the Swiss financial marketplace. Our handling of compliance issues enriches the digital currency ecosystem, and demonstrates that Swiss regulators embrace competitiveness in financial services, and truly encourage Fintech innovation in the digital era.”

Read more here

Tezos Founders Enter Legal Battle for Control of Raised ICO Funds

The Tezos Project is currently in the midst of a governance issue that has escalated into a legal battle. The founders, Kathleen and Arthur Breitman, have become embroiled in a legal dispute with Johan Gevers – the president of a Swiss foundation, an independent body that would manage the ICO funds of Tezos.

Both parties accuse one another of having a conflict of interest which makes them unsuitable for managing the funds. According to Reuters, the Breitmans are now seeking to create a new foundation which, if they are successful, will allow the Breitmans to exercise greater control over the management of Tezos’ funds.

Read more here

Gates Foundation Launches Blockchain-based Mobile Payments Solution

The Bill and Melinda Gates Foundation has launched the Mojaloop open-source payments software to provide an interoperability layer between financial institutions, payment providers, and other companies offering payment services to the poor and unbanked people around the world. The mobile payments system employs the Interledger technology that was developed by Blockchain-based startup Ripple. Kosta Peric, the foundation’s deputy director of financial services for the poor, stated:

“Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool.”

Read more here

Blockchain.info adds support for Bitcoin Cash (BCH)

The most widely used Bitcoin wallet in the world, Blockchain.info, has added support for Bitcoin Cash (BCH). Users can now store, exchange, and send Bitcoin Cash.

Read more here

Gold Versus Bitcoin, Goldman Sachs Prefers Metal to Crypto

Gold Versus Bitcoin, Goldman Sachs Prefers Metal to Crypto

Markets and Prices

Bitcoin’s creator patterned his digital commodity money after history’s most famous analog store of value for currencies, gold. Debate rages as to whether bitcoin will overtake gold’s place. 

Also read: Goldman Sachs CEO Lloyd Blankfein Latest Exec to Flirt with Bitcoin

Gold Remains Goldman Sachs’ Refuge

Recent volatility analysis of bitcoin’s “exchange rate means that merchants accepting Bitcoin (who do not, implicitly, want to become Bitcoin speculators themselves) should demand large volatility premia to hedge” against their assumed risk in accepting the world’s most popular cryptocurrency, Goldman Sachs’ Michael Hinds, Mikhail Sprogis, and Jeffrey Currie urge.

Their report, provocatively titled Fear and Wealth, stressed how “a 3-day USD/BTC put option at historical average volatility results in a premium of around 2.3%.” Mr. Hinds, et al, find such a premium to be prohibitive, concluding their outlined barrier “clearly illustrates that Bitcoin as a unit of account and medium of exchange is nowhere near as favourable as it first appears.” Fiat to bitcoin volatility this year stands at more than six times its gold counterpart.

Gold Versus Bitcoin, Goldman Sachs Prefers Metal to Crypto

Metcalf applied to bitcoin transactions and market cap.

Goldman’s Fear and Wealth examines four fundamentals: durability (bitcoin is forever subject to hacks, be they personal, network, institutional), portability (gold weight exposes it to high expense and need for security measures, while bitcoin moves relatively undetected), intrinsic value (existence of alternative cryptocurrencies mean an oversupply), and unit of account (gold’s four-millennia track record means it has conquered volatility). For these reasons “gold wins out over [bitcoin].”

Bitcoin’s Metcalf Future

Business Insider‘s affable Executive Editor, Sara Silverstein, mentioned to news.Bitcoin.com she “wouldn’t say I use bitcoin.” Ms. Silverstein has some, but is “not interested in using bitcoin for transactions right now.”

In her new weekly video program, The Bit, she snagged Wall Street bitcoin bull Tom Lee of Fundstrat. Their conversation quickly turned to valuing bitcoin versus gold. Ms. Silverstein knew Mr. Lee “modeled bitcoin’s price based on two different methodologies, and [I] wanted to dig into both of these and talk about the question more generally,” she told news.Bitcoin.com.

Expanding on his use of Metcalf’s Law, Mr. Lee explains to Ms. Silverstein “if you build a very simple model valuing bitcoin as the square function number of users times the average transaction value, 94% of the bitcoin moved over the past four years is explained by that equation.”

Gold Versus Bitcoin, Goldman Sachs Prefers Metal to Crypto
Sara Silverstein

Also known as the network effect, it can help to understand “Facebook, Alibaba, and Google,” Mr. Lee cited as examples, and their respective increases in utility value. He explains “bitcoin represents a store of value because it’s an encrypted, personal encrypted database, that for seven years hasn’t been hacked.”

That “is a way to store value,” Mr. Lee insists. The nine trillion USD gold market “was [the previous] store of value. I think this next generation of young people view bitcoin as their store of value. And if it captures 5% of the gold market, it’s worth at least $25,000 per unit.”

Calling his price “conservative,” he said it “really reflects the assumption that investors will allocate in their blended portfolio only 5% to alternative currencies. Today, that allocation is much greater,” he explained.

It might be the case investors and adopters will use both gold and bitcoin, revealing either/or debates to be more about blackening bitcoin’s reputation than substantial analysis. Legacy banks usually prefer status quo to radical innovation.

Are you hedging in preference to bitcoin over gold? Tell us your reasoning in the comments below!


Images courtesy of: artsfon, reddit, Business Insider.


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Market Analysis Report (19 Oct 2017)

Recently Added :

VRP Added to Upcoming ICO List

FLP Added to Upcoming ICO List

ZPoolGuru Added to MiningPool List

The London Summit

The London Summit is the EU’s largest FX industry event. Combining unmatched networking opportunities with top-notch content, this event has gained a reputation amongst the retail and institutional FX community for being the industry’s leading gathering for learning and business.

On November 14-15, over 2,000 senior decision-makers from asset management firms, hedge funds, investment banks, top-tier retail brokers, and startups will be attending the London Summit at Old Billingsgate, London.

They are all gathering to hear thought leaders discuss and debate the most relevant issues facing the financial services industry. This time, the summit will have a special focus on the cryptocurrency industry, ICOs and blockchain technology, with speakers from top of the line firms, like Coinsillium, Equinix and Cobalt.

Join this conversation and secure your spot here

Tiny Budget Cooking

Feeling like you are spending too much on food and not enough on your investment portfolio? Tiny Budget Cooking by Limahl Asmall might be exactly what you are looking for!

Read more here and Buy the book here.

Press Release

Bitfinex to Terminate Services for U.S. Retail Customers by November 9

Bitfinex to Terminate Services to U.S. Retail Customers by November 9

Markets and Prices

Bitfinex has announced its plan to terminate all services for U.S. individual customers by November 9th 2017. Their announcement comprised a follow-up to a statement issued in August, which indicated the company was suspending all new requests for account verification from U.S. individuals.

Also Read: The Controversy Surrounding Tether’s USD “Backing” Continues

Bitfinex Will Suspend Trading, Deposits, and Withdrawal Services to U.S.-Based Customers

Bitfinex to Terminate Services to U.S. Retail Customers by November 9

Bitfinex will be terminating “trading, deposits and withdrawal functionality for all U.S. customers”, which will come into effect “no later than November 9, 2017.” The announcement urges all U.S.-based customers to withdraw their cryptocurrency tokens before the deadline.

On August 11, Bitfinex first revealed that it would be moving away from U.S. retail customers. The move appeared to be in direct response to the United States Securities and Exchange Commission’s warning that initial coin offering (ICOs) deemed as securities would be subject to existing financial regulations, with Bitfinex barring all U.S-based customers from trading ERC20 tokens that were issued through an ICO within a week of the announcement.

Despite comprising the largest market for USD/BTC trading, Bitfinex stated that it had “for some time considered pulling away from the retail marketplace in the U.S.,” stating that “a surprisingly small percentage of [Bitfinex’s] revenues come from verified U.S. individual accounts while a dramatically outsized portion of our resources goes into servicing the needs of U.S. individuals, including support, legal, and regulatory.”

U.S.-Based Customers Are Unable to Access Financing via Bitfinex’s Platform, and Will Be Barred From Providing Liquidity by November 9th

Bitfinex to Terminate Services to U.S. Retail Customers by November 9

In light of Bitfinex’s barring of U.S. retail customers, Bitfinex states that “U.S. individuals holding Recovery Right Tokens (RRTs)… may, starting on October 27, 2017, sell all of their RRTs on the exchange.” Bitfinex’s recovery rights tokens were distributed to a group of “BFX token holders [who] have converted their BFX tokens to shares of iFinex.”

BFX tokens were issued to Bitfinex customers following a devastating hack that took place during August of 2016. The fall-out from the attack saw Bitfinex socialize losses by converting 36% of all customers’ holdings into BFX tokens – which were repaid through irregular and unannounced installments at the discretion of the exchange. Bitfinex states that “any RRTs remaining in the hands of U.S. individual verified customers after the November 9th deadline may be sold through Bitfinex on an OTC basis through special arrangement with us.”

Bitfinex has come under increasing scrutiny in recent months for the sharp increase in the number of ‘Tether’, or ‘USDT’, tokens that have been issued. Following Wells Fargo’s suspension of U.S. dollar wire transfers processing services on behalf of Taiwanese banks servicing Bitfinex, speculations have surfaced that the exchange may have used ‘Tether’ as a means to circumvent liquidity problems – with the number of USDT tokens in circulation having increased by approximately 500% since Bitfinex’s banking issues began.

Are you a U.S based trader who trades on Bitfinex? What exchange or exchanges will you use after November 9? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Bitfinex


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Market Analysis Report (18 Oct 2017)

Huobi Pro Provides Users With Plans for the Upcoming Fork

Yesterday, Huobi Pro, a cryptocurrency exchange based in China, announced its Segwit2x contingency plans for the firm’s trading platform. Huobi Pro plans to support all the tokens that derive from the planned Segwit2x hard fork. The announcement reads:

“Huobi Pro does not have the right to pick and choose any coins deriving from bitcoin Segwit2x hark fork on behalf of our users. Therefore, Huobi Pro will support all coins deriving from bitcoin Segwit2x hard fork and our users have the options to choose which coins to trade.”

Read more here

Russian Businesses Urge Government – Only Domestic Cryptocurrencies

The Association of Entrepreneurs for the Development of Business Patriotism (Avanti) sent a proposal to the Federation Council and the State Duma on Monday to legislatively permit only the circulation of domestic cryptocurrencies in Russia.

Avanti is one of Russia’s leading public associations for entrepreneurs and businessmen. Supported by members of the Russian parliament, the association works to promote the idea of business patriotism. In its letter, the association wrote:

We propose to prohibit the issuing and circulation of foreign cryptocurrencies in the territory of the Russian Federation, to concentrate on the development of domestic virtual currencies.”

Read more here

Microsoft Opens Blockchain Door to the Government 

Revealed yesterday at Microsoft’s Government Cloud Forum 2017 in Washington D.C., the tech giant is launching Azure Government Secret, a service designed to provide government agencies better access to cloud computing. In doing so, Microsoft also allows existing Government Cloud clients to access the Microsoft Azure blockchain-as-a-service suite. Microsoft Azure’s chief technical officer Mark Russinovich stated:

“The U.S. government requires those data facilities to be operated by U.S. citizens with special clearance, and so the contractor we use meets that. Blockchain makes it much harder for fraud and waste to exist, makes it much more visible if it does exist and potentially gets rid of a lot of layers of bureaucracy that are designed simply to ensure that waste and fraud [don’t] exist.”

Read more here

Bitcoin Millionaire Erik Finman Challenges Jamie Dimon to a Boxing Match

Bitcoin Millionaire Erik Finman Challenges Jamie Dimon to a Boxing Match

Interview

This past June news.Bitcoin.com reported on the entrepreneur, Erik Finman, who became a bitcoin millionaire at 18 years old. However, Finman became well known before making his first million when he put $1000 into bitcoin in May of 2011 that later turned out to be a really good investment. 

Also read: Putin Orders the Issue of Russia’s National Cryptocurrency – the Cryptoruble

Finman’s investment grew to be worth over $100,000, and he was able to create his own startup. He later sold the company in 2015 for 300 BTC when bitcoin was roughly $200 per coin. This June Finman said he day traded his bitcoins and gathered a total of 403 bitcoins, and when the price hit $2,710 per BTC, he was a millionaire.

This week Finman has had some words for Jamie Dimon the CEO of JP Morgan for calling ordinary bitcoin investors “stupid.” Because of Dimon’s derogatory remarks against bitcoin, the 18-year old entrepreneur has been asking Jamie Dimon to join him in a boxing match to raise money for the natural disaster victims in Puerto Rico. Finman chatted with news.Bitcoin.com about his beef with Dimon, and he tells us it’s pretty ironic a Wall Street type who is accused of so many financial crimes is calling bitcoin a “fraud.” Among other subject’s Finman also tells us his thoughts about bitcoin’s current price and what he thinks the value might be in the future.      

Meet Erik Finman the Eighteen Year-old Bitcoin Millionaire

Bitcoin Millionaire Erik Finman Challenges Jamie Dimon to a Boxing Match

Bitcoin.com (BC): We recently covered a story on you becoming a bitcoin millionaire when BTC hit $2,700 a coin. Are you still holding all those bitcoins?

Erik Finman (EF): Yeah I still have them, I sold a couple last week, but I have around 401 bitcoins which are making me pretty happy. I have some other money in crypto as well like the traditional altcoins such as ethereum, litecoin, and I have some money in some ICOs as well.

BC: Does the recent increase in regulations scare you being a bitcoin investor?

EF: Regulations I think that’s what bitcoin was made for, I mean China effectively banned exchanges, and BTC took a temporary price drop and then kept going up. I mean that’s the purpose of bitcoin. I remember when I was very young my brother and I were familiar with the Liberty Dollar. It was kind of a currency alternative to the USD, and it was centralized obviously. The creator had to go to jail and had lots of legal troubles, and that’s why we originally got interested in bitcoin.

Even if every country bans it it can still exist because of the technology’s decentralization aspects. I’d prefer it not to be regulated but if the U.S. banned it tomorrow obviously the price would go down in the short term but the purpose of bitcoin is for it to exist in these worlds where regulation gets tighter.       

BC: You have been pretty vocal against statements made by Jamie Dimon lately. Even challenging him to a boxing match to help people in Puerto Rico. What made you say these things?

EF: It’s the richest thing ever coming from a Wall Street CEO criticizing average bitcoin users. I was in an Uber vehicle the other day, and the Uber driver used bitcoin, and this CEO calls bitcoin users criminals and fraudsters, and I thought he said some pretty ironic statements coming from the JP Morgan boss. I shared an article yesterday that details all the suspected criminal elements and financial fraud that Jamie Dimon’s company is accused of so I thought his statements against bitcoin users were pretty obnoxious. The market keeps going up and up as he keeps criticizing it. Then he says he’s not going to talk about bitcoin anymore, and the next day he proceeds to talk about bitcoin — I mean that’s a symptom of dementia.

Bitcoin Millionaire Erik Finman Challenges Jamie Dimon to a Boxing Match
Erik’s tweet to Jamie Dimon.

If Jamie can’t predict when he’s gonna shut his own mouth about bitcoin how can he predict that it will fail? So I said Jamie Dimon why don’t you try being a good person for once and join me in the ring. I’ll take it easy on you, and I won’t knock you out with one punch, and I’ll personally donate a hundred thousand dollars to Puerto Rico if he’d join me in the ring. He can donate money, but he doesn’t have to as it seems like he’s not a very good person.

We could sell tickets to it and donate all the proceeds to Puerto Rico, but I don’t think Dimon will do it — I think he’s too weak. When you think of Wall Street scum bag people think of individuals like Jamie Dimon. He’s the epitome of Wall Street scum bag.        

BC: A few big-name Wall Street types are embracing bitcoin. What do you think about traditional bankers who approve of bitcoin?

EF: I think they are smart some of these Wall Street people, but you gotta be careful because they might be embracing it like the Chinese government embraces bitcoin. I think some are praising the technology and not bitcoin — they wanna use ‘blockchain’ and innovate with that. They want to make things more efficient keeping some middlemen here and there. But yeah I think Wall Street needs to embrace bitcoin but in the long run, I think they will be weakened by it, and they may become irrelevant by it if they don’t.     

Bitcoin Millionaire Erik Finman Challenges Jamie Dimon to a Boxing MatchBC: You bought bitcoin at a young age during the early years when the price was very cheap. With the price of bitcoin at around $5500, what would you say to a young person who was your age that wants to invest in BTC at the price it is today?

EF: If someone had some money to invest I would say that I think bitcoin will go up to more than this price eventually. There could be a little bit of risk putting it in now because of some of the drops but with all these people who ask me — Should I buy bitcoin right now? I say there is a chance it the price could drop but when it’s worth a lot more one day will a $500-800 dollar drop really be a deciding factor if it continues to go up

I think it’s going up, and it will be worth more than it is today, but I’m not saying it won’t drop $500 or $1000 dollars tomorrow. I’m saying that if it does, in the long run, it won’t be too big of a deal.    

BC: This week on Twitter you said: “Money wasn’t meant to just sit in a bank. If you’re not investing it, you’re wasting it. Your money is your army, give them marching orders.” What did that statement mean?

EF: I think people should make their money make money. Of course, I think having a savings is good and having a rainy day fund is fine. But I think having 10 percent of your income in an investment is smart, and you gotta give your money marching orders. Even a high-interest savings account is better than money just sitting. And of course putting it into bitcoin and cryptocurrencies is a significant investment.  

BC: Where do you see bitcoin in the next 2-5 years price wise?

In two to five years, I see the price around $10,000+.

What do you think about Erik’s statements about challenging Jamie Dimon in the ring? Do you think Dimon would accept? Let us know in the comments below.


Images via Shutterstock, and Twitter. 


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Market Analysis Report (17 Oct 2017)

Merrill Lynch Report: Bitcoin’s Value ‘Impossible to Assess’

Analysts at Bank of America Merrill Lynch wrote a report regarding the value of Bitcoin. The report states that a potential move by global brokerages to offer products around cryptocurrencies could have a big impact on the wider market.

Notably, the report touches on the possible factors that could shape the cryptocurrency market in the future – including financial products based on the tech. The bank’s analysts suggest that a move by brokerages to begin offering such services to their clients could affect both the overall liquidity of the market as well as the market capitalization for the relevant cryptocurrencies like Bitcoin and Ether

“The coin universe is dynamic, innovative and volatile; while a true value for cryptocurrencies may be impossible to assess, one factor which we believe could affect their liquidity and market capitalization would be if one or more global broker/dealers decided to offer institutional-like products.”

Read more here

Dutch Bank Complains About the Electricity Used on Bitcoin

Dutch Bank ING released a report in which it complains about the amount of energy that the average Bitcoin transaction consumes. The report states that the excessive use of electricity when verifying transactions makes the process costly. Dutch Bank ING notes, however, that this high cost also serves as a deterrent to those who would seek to disrupt the network. ING senior economist Teunis Brosens said:

“By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control the majority of computing power. Together, they will dominate the verification (mining) process. To make the verification (mining) costly, the verification algorithm requires a lot of processing power and thus electricity.”

Read more here

Gold Miner Backs Blockchain Company and Starts Mining Bitcoin

A Canadian mining guru, Frank Giustra, has begun mining Bitcoin and other cryptocurrencies instead of just gold. He has recently backed a Vancouver Blockchain company, called Hive Technologies Inc, to oversee these mining operations and offer first-ever mining stock options.

After Gisutra brought Hive Technologies into the foray, the company’s shares have skyrocketed, rising over 630%, according to Bloomberg.  

Read more here

CryptoFriends Blockchain Meetup in Barcelona Reviews ICOs, Builds Connections

“Shoot for the moon and dreams will come true.” Those words echoed in my brain 30,000 feet in the air on my return flight to Moscow following another CryptoFriends Netup (*Netup – kind of meetup with “deep networking opportunities/purposes”) held at the Hilton Purobeach.

I’m usually against trivial hotels for events but there was a stunning rooftop pool terrace in the middle of Barcelona’s emerging arts and financial district. The event kicked off with that top notch level of CryptoFriends “chillaxness” and everyone was there to simply talk Blockchain, ICOs, and have a proper Netup.

Photo 1The day was capped off with special guest Brock Pierce giving an inspiring speech to move the intimate audience of startups, investors, and global press. Brock highlighted the opportunities and challenges in our industry right now and pointed out that it’s more vital than ever to build companies and ideas that put the users first. Growing a loyal and committed following is going to be the key to success.

His closing remarks about the importance of dreaming gave me the inspiration for this column.

Looking ahead

Over the course of the day, others had shared their dreams with us. Ten startups pitched their ICO projects to win a chance of launching at the next Hypethon held at Blockshow Asia in Singapore.

We witnessed first-hand an amazing range of ideas being shared, from decentralised DDoS protection and reward-based event marketing to chatbots and Blockchain-based aerial vehicles. In the end, only three teams could make it through.

Photo 2

A live Blockchain-based system was used for voting. First place was taken by United Traders, who aim to provide high-end solutions for the crypto finance world. I like their team a lot, the guys look young but so confident and professional. Coming in second was Izetex, a platform which harnesses mobile gaming to help local businesses attract customers. Their idea is close to that of PokemonGo, but it brings to the cryptomarket mass adoption and potential real money! Third place went to Prosense, the first global, decentralised platform for Virtual Reality content distribution. It is a platform for broadcasting different events in virtual reality and they have attracted more than 500 thousand viewers all over the world.

Photo 3

Developers of these projects will travel to Singapore on 29-30 November to launch their ICOs in front of potential investors and the global CryptoFriends community.

When we started CryptoFriends, our mission was to bring people in the crypto community together to share their opinions, expertise and build long-lasting connections (even friendships).  I am honoured to have the support of some of the leading names in Blockchain.

In addition to Brock, we heard from Crystal Rose, Eyal Hertzog, Jason King, Eric Benz and Alex Baush. Having all these people in such an intimate setting was truly a special feeling that no one who attended will ever forget. The Netup would never have been possible without the support of our sponsors, they all know who they are and why they are with us. I really appreciate your trust and confidence, guys, together we can do everything!

Photo 4‘Proof-of-Steak’ dinner

After the event finished, our team hosted keynote speakers, ICO winners and Netup sponsors to a ‘Proof-of-Steak’ dinner at the fashionable W Hotel. This was the second edition – “Proof-of-Steak 2.0” (the first one was in Russia before ICO-Hypethon on the yacht and then in Blockchain House).

It really was a perfect setting to enjoy each other’s company, share stories and build stronger and more durable friendships. In the coming weeks my team will be preparing for the next Hypethon at Blockshow Asia and while it’s extremely hard work, we wouldn’t do it if we didn’t love it! Just like Brock Pierce told us to, we’re dreaming big.

PR: Top-50 Fintech Company, Bankex, Launches Token Presale

Bankex Token Sale

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

After raising $8 million USD in its private sale period, BANKEX launched its presale on October 8, 2017

BANKEX, the decentralized Bank-as-a-service (BaaS) exchange, has raised $8 million USD in soft and hard commitments as part of its private presale, launched on October 5. Expected to raise 65 000 to 130 000 ETH, the public presale allows participants to use both Ethereum and Bitcoin to partake in the sale.

One prominent partner in the private presale includes Soramitsu, a blockchain technology company based in Japan that creates services to help governments and financial institutions manage digital identities, assets, and contracts. Soramitsu is a member of Hyperledger and the original developer and contributor of Hyperledger Iroha. Through collaboration with Soramitsu, BANKEX hopes to expand into new markets and be able to work with a larger variety of technologies.

With industry-wide support, BANKEX’S partners include Microsoft, Dostavista, a global crowdsourced delivery service that operates in nine countries, Symphony Foundation, a foundation consisting of leading US banks, and the Moscow Exchange, the largest exchange group in Russia. In May 2017, BANKEX was listed by Financial IT’s Pathfinder Ranking as one of the Top-50 fintech companies worldwide.

Deploying smart contracts and powered by tokenization of assets, the BANKEX’s platform enables off-balance sheet crowdfunding and chain finance atop extant infrastructure, creating novel and efficient solutions for banks and other financial institutions.

Despite the initial collaboration between the traditional banking sector and the emerging fintech players, financial markets are still plagued with issues, such as misleading financial market ratings, scores and audits which leads to distrust among participants. BANKEX aims to solve these problems through its Proof-of-Asset Protocol, a standard that enables a new generation of assets and contracts creating decentralized capital markets. BANKEX unites decentralized Bank-as-a-Service platforms with FinTech technologies and optimizes the liquidity of non-fungible and traditionally illiquid assets.

Target assets for tokenization are those assets classes that are able to generate cash flows with an approximate capitalization exceeding $100 million USD. However, Proof-of-asset protocol allows for tokenization of almost any asset such as cars or real estate. Tokenization of assets powered by Proof-of-asset protocol and integrated with Bank-as-Service provides undeniable advantages over archaic financial infrastructures. The BANKEX ecosystem helps reach a general consensus between asset owners, creates distributed smart assets, and uses tradable tokens as a means of payment for end products.

With compliance and security as top priorities, BANKEX is in close cooperation with Group-IB to help mitigate cybersecurity risks at all stages of the token sale. In addition to this, all participants must go through an in-depth registration process. Interested parties can register here. Sensitive personal information is not collected. Once registered participants will receive an email with instructions on how to proceed in the presale, this email will include ETH/BTC address that presale contributions should be sent to.

All stages of the BANKEX pre-sale are now open for public participation, during this period, presale contributors will receive discounts at the following rates:

• Contributions of 500 ETH will receive 788 BKX = 1 ETH, this discount will expire once $20 million USD is raised.
• Contributions of 250 – 499 ETH will receive 700 BKX = 1 ETH, this discount will expire once $40 million USD is raised.
• Contributions of 100 – 249 ETH will receive 625 BKX = 1 ETH
• Contributions less than 99 ETH will be exempt from the presale and will be held in escrow until the token generation event commences

The official date of the BANKEX public token sale will be announced on October 16th, 2017.

BANKEX’s stellar board of advisors, consists of industry experts such as Sergey Sergienko, Founder of Chronobank, Sasha Ivanov, Founder of Waves, Nehemia Kramer, an early stage investor in Ethereum, Chris Skinner, a leading financial markets strategist, and Gabriele Colombo, Executive Director of Symphony Foundation, as well as leaders in education Michael Ostrovsky of Stanford and Peter Cramton of Maryland University.

About BANKEX
Using standardized Fintech solutions, BANKEX, the decentralized Bank-as-a-Service exchange, aims to bridge the gap between the emerging blockchain sector and traditional finance. Deploying smart contracts and enabling tokenization, the platform powers off-balance sheet crowdfunding, chain finance and leverages external infrastructure, creating efficient and time effective solutions. BANKEX’s innovative solutions have far-reaching areas of application, and are posed to have transformative effects upon traditional finance and investment; micro-financing; real estate; as well as illiquid assets, natural resources, and futures markets.

Media Contact
Alex Sheehan // Wachsman PR
alex@wachsmanpr.com
Supporting Link
https://bankex.com/en/

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