Month: July 2018

Azerbaijan to host the first Blockchain & Bitcoin Conference Baku

25 July 2018 10:27 (UTC+04:00)

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Blockchain is spreading along the planet: Smile-Expo, the organizer of forty successful events from the Blockchain & Bitcoin Conference series, will hold the first conference in Baku.

According to the organizers, their goal is not only to popularize blockchain, cryptocurrencies and ICO in Azerbaijan, but also to provide businesspeople, lawyers, managers and marketers working in this field with useful tools to start with.

The conference will feature speakers from Azerbaijan, the CIS countries and Europe. Participation has already been confirmed by four experts:

  • Elnur Guliyev,;
  • Orkhan Ahmad, Waves Platform;
  • Sergey Lukashkin, VTB Bank;
  • Maryam Taghiyeva, Centre for Citizenship Enterprise and Governance.

Elnur Guliyev is a founder of the…


What are ILPs (Initial Loan Procurements) and How Does it Work?

What is Blockhive?

Blockhive is an Estonian based company with Japanese roots. The company is the pioneer of Initial Loan Procurements that seek to change the way blockchain and other projects are funded. Founded in 2017, the company seeks to create an ecosystem whereby parties will work together and get rid of blockers in a bid to facilitate innovation.

The company partners with other projects looking to design and implement blockchain strategies. Instead of charging a fee for its services,…

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Switzerland seeks to regain cryptocurrency crown

NEW YORK/ZURICH (Reuters) – Swiss regulators are stepping up efforts to halt an exodus of cryptocurrency projects from the country, after two of only a handful of banks active in the nascent sector shut their doors on it in the last year.

FILE PHOTO: FILE PHOTO: A sticker that reads “Bitcoin accepted here” is displayed at the entrance of the Stadthaus town hall in Zug, Switzerland, August 30, 2016. REUTERS/Arnd Wiegmann/File Photo

The departures, which industry sources fear will continue, mean Switzerland is losing business to offshore rivals including Liechtenstein, Gibraltar and the Cayman Islands, where banks are more welcoming.

While crypto-related business in Switzerland is tiny compared with its traditional banking sector, it has grown rapidly and employs hundreds of people, according to local officials. Supporters also consider it a key innovation for the future of global finance.

The wealthy Swiss canton of Zug, for example, has been dubbed “Crypto Valley”, with 200-300 virtual currency entities opening there in recent years.

Zug’s finance director, Heinz Taennler, says they may leave if the government does not take steps to give them access to the banking system, without which they struggle to function.

“All their banking relationships are going to Liechtenstein,” he told Reuters. “These are hundreds of jobs that have been created, and every job is important.”

Thomas Moser, an alternate member of the governing board at the Swiss National Bank (SNB), said some cryptocurrency companies had asked the central to intervene.

“They raised concerns about problems with opening bank accounts, which was a worry for them, and asked for help,” Moser told Reuters. “I said this was not something the SNB dealt with, but they should speak with FINMA.

FINMA, Switzerland’s financial market supervisor, has held discussions with the SNB and bankers’ association on how to make banks more accessible to cryptocurrency…


$13.5 Million Hack Ignites Fresh Debate Over Crypto Project Bancor

Innovation is never easy. That said, sometimes it can be that much harder.

Such was the case for crypto project Bancor this week, which saw its design decisions and strategy picked apart on social media as it sought to contain the damage from a multimillion-dollar hack.

On Monday, the project announced its app was down for maintenance, and shortly after, it revealed a security breach had taken place. At the time, the project assured no user wallets were compromised. (The startup has since…

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Bancor Aftermath: Charlie Lee Sees Lightning Network As ‘Ultimate’ Exchange

Self-proclaimed ‘decentralized’ exchange platform Bancor has resumed operations after a $12 million hack, officials confirmed Wednesday.

Bancor Resumes Trading After ‘Scam’ Accusations

Bancor — which initially lost its own BNT, Ether (ETH) and Pundi X tokens in the attack — faced a broader industry backlash as the sudden theft sparked criticism its decentralization claims were fraudulent.

In an update republished on social media, Bancor pledged to provide more information on the events, while seeking to “clarify” how funds were stolen, reiterating:

No customer wallets were broken into. The ETH was stolen out of BNT’s connector balance (like a reserve). The rest of the stolen tokens were taken from smart contracts that the breached wallet had access to on the network. No customer wallets were compromised.

After a malicious party attempted to trade BNT for Bitcoin via instant conversion service Changelly, the two companies had reportedly worked together to freeze the smart contract containing the stolen tokens.

While said action had limited the extent of the losses, Bancor then saw intense reactions from commentators who criticized its ability to quarantine funds at will. This,…


The crypto world’s latest hack sees Bancor lose $23.5M – TechCrunch

Bancor, a crypto company that touts a decentralized exchange service, has lost some $23.5 million of cryptocurrency tokens belonging to its users following a hack.

The Israel-Switzerland company raised over $150 million in an ICO last year and its services include a wallet with a built-in exchange service. Today, Bancor said in a statement that “a wallet used to upgrade some smart contracts was compromised.” As a result, the attackers made off with $12.5 million in Ether, $1…

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Legality of bitcoin in Bangladesh Bank

Bitcoin is a cryptocurrency invented in 2009 by a software developer allegedly named Satoshi Nakamoto with a goal to create “a new electronic cash system” that was “completely decentralised with no server or central authority.” The idea, apparently, was to produce a means of exchange, independent of any central authority that could be transferred electronically in a secure, verifiable and immutable way. 

Bangladesh is one of only 6 countries in the world that are considered…

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What It’s Like in Zug, Switzerland’s ‘Crypto Valley’

ZUG, SWITZERLAND — Cryptocurrencies and related-crypto technology have become one of the hottest areas of investment and entrepreneurial activity over the last few years, with billions invested in the sector.

Crypto technology, sometimes called distributed ledger technology or blockchain, could potentially drive efficiencies in existing businesses and create new business opportunities by cutting out middlemen and decentralizing services. Many evangelists liken its game-changing potential to that of the internet.

Despite its decentralizing drive, development of the technology has tended to cluster around certain locations: Silicon Valley, New York, Malta, Gibraltar, Singapore, and Switzerland are all key hubs.

Switzerland is home to “Crypto Valley,” a cluster of companies and foundations in the small town of Zug just outside of Zurich.

Business Insider travelled to Zug last week for the Crypto Valley Conference to find out how the hub developed, how significant it is, and why companies are choosing Switzerland. Here’s what we found:


Austria Brings Crypto to the Masses: Bitcoin, Ethereum, XRP, IOTA, Bitcoin Cash, Litecoin, and Komodo

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If you live in Austria, you can buy Bitcoin, Ethereum, Litecoin, IOTA, Ripple, Dash, Komodo and Bitcoin Cash at over 400 post office branches across the country. Another 1,300 post partners are also selling cryptocurrencies through a new initiative by Vienna-based Bitpanda, one of Europe’s leading retail exchanges for buying and selling cryptocurrencies.

Bitpanda To Go allows customers to enter their postal codes to find the nearest branch. There are over 240 locations in Vienna alone and 176 locations in Linz. Purchases are in three denominations: 50€, 100€ and 500€.

Customers just need an email address to buy their preferred cryptocurrency with cash at any post office branch in Austria. The cryptocurrency is then sent directly to an integrated wallet.

The Austrian Post is focusing on expanding financial services for its customers to remain relevant and maintain strong earnings. The move is also positioning cryptocurrencies for mainstream adoption.

The Austrian Post has developed a “close-knit network of postal service points” that have created a competitive advantage at a time when post offices are looking to expand into other…


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