New Zealand Radio Host Denies Shilling Bitcoin on Social Media

New Zealand radio personality Duncan Garner, who hosts The AM Show on MagicTalkRadio, has denied promoting Bitcoin (BTC) on Facebook. I don’t do any of that ‘coin’ Local news daily NewsHub provided a video of Garner denying his involvement in the Facebook promotions on Aug. 26. Following an interview about a recent privacy breach in the government of New Zealand, Garner said: “That is not me on Facebook pumping up Bitcoin […] I don’t do Bitcoin, I don’t do any of that ‘coin,’ I haven’t been on Facebook for a…

VMWare CEO Gelsinger Condemns Bitcoin as Bad Design, Bad for Humanity

Pat Gelsinger, the CEO of major cloud computing and virtual machine company VMWare, has condemned Bitcoin (BTC) as being “bad for humanity.” Fortune spoke to Gelsinger about Bitcoin prior to VMWare’s annual conference in San Francisco on Aug. 26. According to Gelsinger, one issue with Bitcoin is its purportedly high energy consumption, which contributes to climate change. Gelsinger said: “It takes the energy of a home, half-a-home a day, to do a single entry into a Bitcoin ledger […] It’s climate intolerant, it is so extreme, it is bad design.”…

CoinFlex Receives $10 Million Funding for Bitcoin Futures Settlements

Hong Kong-based cryptocurrency futures exchange CoinFlex has received $10 million through a funding round that closed last week. Recent funding and goal Asia-focused newspaper South China Morning Post (SCMP) reported the news on Aug. 26. According to the report, CoinFlex received funding from Bitcoin Cash (BCH) advocate and Bitcoin.com CEO Roger Ver, as well as Polychain Capital, NGC Ventures and Divergence Digital Currency. Polychain Capital and Digital Currency Group joined CoinFlex’s investment consortium back in March. CoinFlex is now reportedly looking to increase business from Asian retail investors. A safe…

Craig Wright Must Forfeit 50% of Bitcoin in Court Case

The protracted legal battle involving self-proclaimed Bitcoin (BTC) inventor Craig Wright and the estate of computer scientist David Kleiman could go in Keiman’s favor. According to a court audience member on Aug. 26, Judge Bruce Reinhart rejected Wright’s testimony, stating that he had perjured himself by providing the court with falsified documents and recommended that he hand over 50% of the over 1 million bitcoins Kleiman mined with Wright, as well as intellectual property rights associated with Bitcoin’s software. The case began in February 2018 when lawyers filed the case…

tZERO, Overstock’s Crypto Platform, Loses a Major Investor

Overstock’s security token platform, tZERO, has lost a major investor following the departure of CEO Patrick Byrne last week. Another Blow for tZERO During interim CEO Jonathan Johnson’s very first investor call in his new role, he confirmed that Makara Capital “will be not investing in tZERO right now.” However, he did mention that Makara would continue to monitor the development of tZERO and possibly reconsider in the future. The news is another blow for Overstock’s security token platform, as in August 2018, Overstock announced that Makara would invest $404 million USD…

Beyond Meat’s KFC Tie-Up Is Terrible for Brand Image

Beyond Meat, which IPO’d earlier this year, decided combine its fake meat – ahem plant-based chicken – with Colonel Sanders’ 11 herbs and spices. Unless the idea is to inherit the stigma and calories that are generally associated with fast-food joints, this pairing is a terrible idea. KFC is synonymous with comfort food, and patrons don’t visit a fast-food joint for fake meat. Beyond Meat, on the other hand, is a health play, for the most part, plant-based chemicals notwithstanding. By teaming up, both companies are sending mixed messages to…

Crypto in Court — Overview of the Biggest Lawsuits Worldwide

Over the last 24 months, all major legal systems have been floundering to develop a regulatory framework that can be applied across the blockchain industry. This lack of a standard foundation has led to the world watching current court cases within the crypto industry with extreme scrutiny, as these will likely provide a precedence to build future regulatory decisions upon. Cointelegraph has covered many of these cases, with the most (in)famous one being the lawsuit against self-proclaimed Bitcoin creator Craig Wright. But what do all these cases suggest in regard…

Brazil Central Bank Adopts IMF Guidelines for Crypto Classification

The Central Bank of Brazil has moved to classify bought or sold cryptocurrency assets per International Monetary Fund (IMF) guidelines. Brazil’s central bank announced its decision on Aug. 26. With the new classification under IMF standards, traded cryptocurrencies will be classified as non-financial products and as such, will be accounted as goods on the central bank’s balance sheet. A central bank balance sheet, just like a regular bank’s balance sheet, summarizes its financial position, and is made up of assets, equity and liabilities. Since purchasing and selling cryptocurrency involves the…

Bitcoin Beat Gold as Safe Haven in US-China Trade War Moments: Study

While the U.S.-China trade war has been a cause of pain for stock market investors, it has been a boon for bitcoin, per a new study. According to trading platform eToro, the number of bitcoin positions opened at key moments of the Sino-U.S. trade tensions this year outpaced those of gold positions entered during the same period, as Business Insider initially reported. Between May 19 and Aug. 19, bitcoin trades surged by 282 percent compared to the period between March 22 and June 22 last year when the U.S.-China trade tensions…