‘Gold Is Superior To Bitcoin,’ Say People Who Sell Gold

The folks that sell gold are a bit upset by Grayscale’s Drop Gold advertising campaign. In particular, GoldMoney.com, is going to great lengths to convince the investing public that the yellow metal is “superior” to bitcoin, not the other way around as the Grayscale ads claim. The precious-metals company has created an infographic and white paper that aim to convince us gold isn’t so bad. GoldMoney.com founder Roy Sebag has quite a lot to say on the matter. His white paper begins by calling out Barry Silbert, founder of Grayscale…

Privacy Crypto Grin’s First Hard Fork Planned for July

Grin developers have reached a rough agreement on a block number and expected date of activation for the crypto network’s first ever system-wide upgrade or hard fork. Proposed by Quentin Le Sceller, a Grin core developer and software engineer at blockchain startup BlockCypher, during a developer call on Tuesday, the proposed activation block number is 262,080. The network is expected to hit this block height on July 17. On Wednesday, developers re-discussed Le Sceller’s hard fork timeline, which also calls for launching a private test network for the upgrade in the…

Firm That Saw Stock Boost After Crypto ‘Pivot’ Hit With New SEC Charges

The U.S. Securities and Exchange Commission (SEC) filed new charges against fintech company Longfin Corp. and its CEO, Venkata Meenavalli, alleging that the company committed fraud when it claimed to bring in more revenue than it had in order to secure an exchange listing for its shares. According to a press release Wednesday, the SEC is accusing Longfin, whose share price jumped some 2,000 percent in 2017 after announcing a blockchain pivot, of falsifying its revenue and fraudulently getting the company listed on the Nasdaq exchange. The charges come on…

Apple’s CryptoKit Launch Paves the Way for Secure Mobile Wallets

Apple is set to launch CryptoKit, a Swift API to perform basic cryptographic operations on its upcoming iOS 13 software release. The announcement came during the tech giant’s Worldwide Developers Conference. According to Apple, the new framework will integrate options for hashing, key generation and exchange, and encryption for developers on iOS apps. The new framework will supplant Apple’s previous framework, CommonCrypto, which does not support Swift. CryptoKit will allow developers to avoid lower-level interfaces by freeing developers from managing raw pointers and automatically overwriting sensitive data during memory deallocation,…

Malta Needs to Up Its AML Game As Crypto Sector Grows, Says EU

Malta needs to increase its levels of anti-money laundering (AML) policing to match the growth in financial services, according to the EU. As reported by Malta Today, the European Commission said the island jurisdiction’s moves to boost its cryptocurrency sector, alongside sizable financial and gaming industries, mean an effective AML regime is required. The comments came in recommendations made to EU member nations regarding spending of EU funding. The commission said that it was “positive” that Malta’s Financial Intelligence Analysis Unit had seen increases in budget and staffing levels, and other procedures…

These Charts Prove BTC Will Suffer a Brutal Crash

By CCN: Thinking of buying bitcoin at current prices? Think again. The cryptocurrency has surged so far, so rapidly, that its rally is already starting to crater. While the coming implosion will exert pain across the entire market, it should present new opportunities that savvy investors can leverage to enhance the long-term value of their holdings. One profitable opportunity that we’re monitoring is the flow of capital out of bitcoin and into altcoins. With the capital outflow, the Bitcoin Dominance Index should plunge to a level that favors other cryptocurrencies. In…

Ripple’s Intervention, Will Reduce XRP Sales Even As Price Falls 4.9%

XRP falls 4.9 percent in 24 hours Ripple to reduce XRP sales in Q2 2019 Thanks to a Bitwise report to the US SEC, this quarter’s XRP sales shall drop to less than 10 bps. That will be Ripple’s contribution towards improving transparency and reliability of the market structure. Meanwhile, XRP is under pressure and down 4.9 percent in 24 hours. Ripple Price Analysis Fundamentals The crypto scene is still regarded by many as the Wild West: Rugged, unregulated-and in the case of cryptocurrencies, manipulated. A Bitwise report addressed to…

Ex-Bitmain CEO Jihan Wu Set to Launch Crypto OTC Platform Next Month: Report

Ex-Bitmain CEO Jihan Wu could launch his newest venture next month, according to a report by The Block on June 5. One unnamed source told the website that the crypto services startup, called Matrix, “will be the biggest over-the-counter (OTC) desk and asset manager overnight.” Matrix’s OTC offering is likely to be boosted by its close ties to bitcoin (BTC) mining company, Bitmain. The new business will reportedly offer custody and lending services to the Beijing-based giant, receiving a liquid pool in return. Another of the four unnamed sources told…

Tax Authorities Say Crypto Traders Owe Them $93 Million

Japan-based entities have failed to report their crypto gains valued at 10 billion yen ($93 million) over the past several years by March 2019, local national newspaper Asahi Shimbun reports on June 5. According to Asahi, about 30 crypto-related businesses and 50 individuals have not declared their revenues from cryptocurrency trading as of March, allegedly due to a high tax on this type of income. To date, Japanese tax regulators reportedly consider crypto-related revenues as miscellaneous income, which is taxed at 55%. In accordance with the current law, local entities…

Bitcoin Investors Harmed After Coinroom Closure, BTC Support at $7,500

Bitcoin under pressure, down 3.4 percent in 24 hours Another exchange disappears with user funds Coinroom clients are counting losses after the exchange abruptly closed. Some clients had more than 2 BTCs in their accounts. Meanwhile, Bitcoin is stabilizing, down 3.4 percent in the last day. Bitcoin Price Analysis Fundamentals Losing funds, either through theft of lost private keys, is a traumatic experience. Should a regulated exchange suffer a hack and funds stolen, there is always a legal route for a possible recompense. However, in extreme cases like QuadrigaCX, where…