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South Korea’s Financial Services Commission has announced that all initial coin offerings (ICOs) will be banned in the country.
Also read: Korea Starts On-Site Inspections of Bitcoin Exchanges

All ICOs Banned in South Korea
South Korea’s Financial Services Commission (FSC) said on Friday that “it will ban raising money through all forms of virtual currencies,” Reuters reported. The publication conveyed the regulator’s statement:
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[i]All kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.[/i]
[Image: fsc-300x276.jpg]“Raising funds through ICOs seem to be on the rise globally,” the FSC said after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. “Our assessment is that ICOs are increasing in South Korea as well.”
The news outlet elaborated that “the decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.” For any parties involved in the issuance of ICOs, there will be “stern penalties,” the authority noted.
Korea’s move follows China’s which banned ICOs on September 4, a decision subsequently followed by the closing down of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will continue to monitor cryptocurrency markets to see if additional regulations are needed, Friday’s announcement detailed.

Cryptocurrency Regulations in Korea
South Korea has been stepping up its efforts to regulate digital currencies in the country. A task force was set up in July to evaluate the need for cryptocurrency regulations.
[Image: shutterstock_683817310-2-300x200.jpg]There was also a proposed amendment to the Electronic Financial Transactions Act, submitted by lawmaker Park Yong-jin, to provide a regulatory framework for digital currencies. Early this month, the country’s top financial regulators announced their plans to deal with cryptocurrencies. Meanwhile, small-sum bitcoin remittances were legalized in July as part of the amended Foreign Exchange Transaction law.
On Tuesday, news.Bitcoin.com reported on South Korea’s Ministry of Science and ICT and Korea Communications Commission deciding to conduct on-site inspections of bitcoin exchanges. The two regulators will focus on the cybersecurity of cryptocurrency exchanges and service providers as well as their compliance with the country’s privacy laws.

What do you think of South Korea banning all ICOs? Let us know in the comments section below.

Read More Read More, Posted by: JoseRizl
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The Russian Deputy Finance Minister told reporters on Tuesday that the authorities decided not to introduce cryptocurrency regulation for now, due to lack of consensus. This followed a day after the head of the State Duma Committee on Financial Markets stated that a draft bill on the regulatory framework for cryptocurrencies such as bitcoin would be ready in October.


Also read: Korea’s Largest Messenger App Launching Exchange With 110+ Cryptocurrencies

Suspending Crypto Regulatory Plans

Following the National Council for Financial Stability meeting, headed by First Deputy Prime Minister Igor Shuvalov, Deputy Finance Minister Alexei Moiseyev reportedly said on Tuesday that bitcoin and other cryptocurrencies will not be recognized in Russia. “Bitcoin settlements in Russia will not be legalized,” Tass wrote. Ria Novosti elaborated:
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[i]The authorities decided not to introduce regulation of cryptocurrency, but to concentrate on legalizing the technology “blockchain”.[/i]
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Deputy Finance Minister Alexei Moiseyev.
The deputy minister noted how cryptocurrency regulations vary from country to country with no single trend, from a complete ban to “allowing bitcoin to move along with the national currency,” the publication quoted him explaining. He added that this topic will be discussed at the next meeting of the International Council on Financial Stability on October 6.
“Maybe after that, we’ll grow wiser and think of something, but unless we want to make mistakes at first, we decided to look around and think about how best to do it,” he said.
At the National Council for Financial Stability meeting, officials could not come to a unanimous decision regarding the regulation of cryptocurrencies. Therefore, the Ministry of Finance, the Federal Financial Monitoring Service (Rosfinmonitoring) and the Central Bank promise to further develop their policy on cryptocurrencies next year.

No October Deadline; Discussions Continue

Just one day prior to Moiseyev’s announcement, the head of the State Duma Committee on Financial Markets, Anatoly Aksakov, reportedly said that the draft bill to regulate cryptocurrencies would be ready in October.
[img=300x0]https://news.bitcoin.com/wp-content/uploads/2017/09/shutterstock_276224309-300x200.jpg[/img]In an interview with Tass on Monday, he was quoted saying, “when will the bill be ready? I think it will have been prepared in October, and then we will discuss it before adopting (into law),” the publication wrote. Aksakov also said that he has been working in partnership with the Bank of Russia and the Ministry of Finance to develop a draft law to regulate cryptocurrencies.
Following Moiseyev’s announcement, Aksakov then told Tass on Tuesday that discussions will continue in the State Duma on the regulation of cryptocurrencies. “I think that within the framework of these discussions, we will decide what we will do with this,” the publication quoted him saying:
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[i]In any case, the market is there, the market is developing rapidly, and there are certain advantages that could be used, I mean the advantages associated with attracting investments for projects through ICOs. I have a positive attitude to this, but there is another point, in order to make a decision, consensus will be necessary.[/i]
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Elvira Nabiullina, Head of Bank of Russia.
Early this month, the Finance Minister Anton Siluanov said that the finance ministry is drafting a law to regulate cryptocurrencies, which is expected to be ready by the end of the year. However, the central bank has repeatedly spoken against classifying cryptocurrencies as money substitutes, “because this is actually a loss of control over the money flows from abroad,” according tothe head of the central bank, Elvira Nabiullina.

This is not the first time Russia has delayed the bill to regulate cryptocurrencies. In August, Russian lawmakers announced that this bill was delayed, due to the lack of consensus on the classification of digital currencies.

What do you think the Russian government delaying the regulation of cryptocurrencies? Let us know in the comments section below.

Read More Read More, Posted by: JoseRizl
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Founded by Abraham Cambridge and co-founder Larry Temlock in 2016, The Sun Exchange (Sunex) is an innovative company seeking to use bitcoin as a vehicle to enhance access to solar energy throughout South Africa. Sunex allows investors to purchase solar cells, before distributing returns on power generation in the form of bitcoin or South African Rand.

Also Read: South Africa’s Second Largest Supermarket Chain Pick n Pay Trials Bitcoin Payments

The Sun Exchange Lets Members Purchase Solar Cells and Distributes Profits as Either Bitcoin or Fiat Currency
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Investors can purchase solar cells using either bitcoin or South African Rand. Sunex believes that their project will invite new investors into the cryptocurrency space, anticipating that the tangibility of having “an actual physical and valuable, solar asset” will entice prospective investors who are inexperienced with bitcoin.
Sunex allows its customers to purchase individual solar cells rather than entire panels (a solar panel usually comprises 60 solar cells) in order to facilitate investment from individuals with little capital. Sunex rents the solar cells to a designated infrastructure project, and repatriates rent incurred through the consumption of power back to the owners of the solar cells. Each solar cell is given a unique reference number, allowing investors to geographically locate and inspect their solar cells.

Sunex Has Facilitated the Financing and Development of Several Solar Infrastructure Projects in South Africa
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Once a project has agreed to partner with The Sun Exchange, financing for the required solar infrastructures for the project is raised through a crowdsale, with the solar infrastructure being purchased and installed once all of the cells required to power the project have been sold to investors. Currently, Sunex has successfully facilitated the funding of solar infrastructure that powers the Knysna Elephant ParkCROW Wildlife Rehabilitation Centre, and The Stellenbosch Waldorf School. Sunex is currently conducting a crowdsale to develop a 100-kilowatt solar micro-grid for the rural village of Ha Makebe in Lesotho.
Since launching in March 2016, Sunex has received several awards for their work, including Best Blockchain and Bitcoin Business in Africa 2016, and the 2017 Global Blockchain Challenge in Dubai. The company describes its service as offering its customers “a bitcoin income with substance”, and reports that 75% of its members that hire the cells using South African Rand have requested for their returns to be paid in bitcoin.

Sunex Believes That Solar Power and Bitcoin Technology Are “Very Similar”
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Sunex sees the pairing of cryptocurrency and solar technology as fitting due to both technologies being “very similar… on a philosophical and practical level. Solar energy is a decentralized and democratic form of energy – anyone can choose to go solar. Bitcoin is a decentralized and democratic form of money – anyone can choose to create their own money and spend it in any country.” Ultimately, Sunex believes that “digital currenc[ies] and solar are both radically liberating technologies that are going to be the foundation of the 21st-century economies.”, adding that “as long as we are still relying on fossil fuels and fiat currencies we are still stuck in the 19th century.”

Sunex believes that cryptocurrency will be a driving force upon the future African economy. Although the company concedes that in order for bitcoin to attain mass adoption throughout the continent “very affordable or free mobile internet services would be required in rural areas”, Sunex believes that many of the services, efficiency, and savings that cryptocurrency is driving greater adoption through the African continent. “Cross-border remittance in Africa and general commerce is still very cash-based and this is expensive and risky. Digital currency offers an immediately accessible and very low-cost peer to peer payments system that is already serving the whole continent (and [the] planet) whilst politicians still debate about how to create a pan-African single currency. ‎The demand for bitcoin is very high in Africa. You can tell this by looking at the prices it is going for on the digital currency exchanges.”

Do you think that bitcoin will achieve widespread adoption throughout Africa? Share your thoughts in the comments section below!

Read More Read More, Posted by: JoseRizl
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Read More Read More, Posted by: cryptocoins
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The month of September is wrapping up, and the planned November Segwit2x (BTC1) hard fork is steadily approaching. According to the BTC1 roadmap, a block between 1MB and 2MB in size will be generated by miners raising the block size limit at block height 494,784. Over the past few months, Core developers and supporters have been vehemently against the block size increase but are also upset that the Segwit2x working group will not add replay attack protection.


Also read: Bitcoin Software Wars: The Battle Between Nodes, Hashpower, and Developers

The Question Remains — Who Should Add Replay Attack Protection?

[img=300x0]https://news.bitcoin.com/wp-content/uploads/2017/09/replaycalvin-300x300.jpg[/img]The Segwit2x hard fork is drawing near, and we may see another blockchain split in the near future. At press time the intention to upgrade the block size to 2MB is backed by 93.8 percent of the entire Bitcoin network hashrate. However, the 2MB increase is not supported by a particular group of Core supporters, and the Core client’s developers are also outspoken against the fork. One of the biggest controversies about the fork is the lack of replay attack protection, and bitcoin proponents have been quarreling about this issue for quite some time.

If Segwit2x and the Core software side splits, all transactions, addresses, and balances will be a direct reflection of the legacy chain. This means Unspent Transaction Outputs (UTXO) can be verified by miners on both chains and an ‘attacker, ’ or unknowing investor can spend the “same” funds on both chains. Those who are against Segwit2x believe if the developers do not implement replay attack protection a malicious actor or group can replay transactions deceptively claiming coins on the other chain. In the case with the August 1st Bitcoin Cash hard fork, developers had implemented replay attack protection to avoid this problem.  
Now, Segwit2x’s working group are not the only ones who can implement replay protection, as there are many who believe Core should add the safeguard. One of the biggest arguments happening across social media is which software should be ‘obligated’ to adding the protection. Further, the Segwit2x developers have addedGavin Andresen’s Opt-in Replay Attack protocol as a means of protection. Segwit2x developers believe the “OP_RETURN” implementation is good enough and that it essentially would block invalid transactions on that particular chain after a split.

Jeff Garzik: ‘A Whole Lot of For Thee, But Not For Me Going On’

Now that Opt-in replay has been added to the Segwit2x fork, many bitcoin proponents now believe if Core developers really want a better safeguard — they should be the team to deploy one. Two weeks ago Segwit2x lead developer Jeff Garzik asked bitcoin proponents why Core hasn’t contemplated adding any replay protections. “Any idea when bitcoin Core will add replay protection? There’s a whole lot of ‘For Thee, But Not For Me’ going on,” Garzik asks his Twitter followers.

In another conversation over Twitter with Dmitry “Rassah” Murashchik and Blockstream CEO Adam Back, the former Mycelium employee asks Back, “Are you worried that the other chain would win? That’s really the only reason for replay protection.” This is after Back tells his followers that the lack of Segwit2x’s replay protection is “inexcusable.”      

Daniel Krawisz: ‘You Can’t Win With That Attitude’
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Daniel Krawisz.
Additionally, Daniel Krawisz provided his opinion about the situation in another episode of his Youtube series, “Bitcoin Stuff: Why I’m Against Replay Attack Protection.” Krawisz doesn’t think a bitcoin fork should implement replay protection because it’s a competition and doing so would be too “submissive.”  

“The only way that a fork of bitcoin can be a good investment is if it’s trying to win — that has to be the goal,” Krawisz latest video explains. “If you are implementing replay protection that’s too submissive. To me, that’s like saying “Yes, you are the ‘real bitcoin’ and I’m just a fork so I will be nice and change the rules to make things more convenient for you,” No that’s not going to work, you can’t win with that attitude.”

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You need to be saying, “ No I am the ‘true bitcoin’ I’m going to defeat you — You should implement replay attack protection against me.” Yeah, that’s how it should work.
Krawisz’s opinion reflects his past statements about hard forks and his thoughts about the Bitcoin Cash network and how investors are “Gods” who choose the best protocol in the end.  

“To me, the bitcoin developers are like the Dynasty and investors are like the mandate from heaven,” Krawisz details. “Sometimes the Dynasty becomes corrupt, and there needs to be new blood, and a new family takes over the empire — Then they have the mandate from heaven. That’s what the investors do, so if bitcoin forks they choose which one wins.”
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This November will be a different fork than this past summer’s Bitcoin network split. 



A Fork of a Different Color



With a significant amount of business support and a majority of the hashrate, the Segwit2x developers believe the fork will be the ‘true’ bitcoin. As Jeff Garzik stated in the past on the BTC1 Github repo, “The goal of Segwit2x is to upgrade Bitcoin — to be Bitcoin — not create an altcoin.” Whether this happens or not is a different story, and cryptocurrency enthusiasts will watch another historic moment in bitcoin history as this fork will likely be rather different than the one on August 1.


What do you think about the hard fork that’s approaching this November? Do you think we will see another network split? Let us know in the comments below.

Read More Read More, Posted by: JoseRizl
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Russian media has conducted interviews with several representatives of the country’s bitcoin mining industry. The investigation has provided unique insights into an expansive industry that penetrates all levels of Russian society, ranging “from schoolchildren to pensioners”.

Also Read: Russian Government Seeks Cryptocurrency Researchers, Will Pay 2.5 Million Rubles

Dramatic GPU Shortages Earlier This Year Signify a Sharp Increase in Russian Crypto Mining Activities During 2017
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2017’s cryptocurrency boom sparked widespread graphics card shortages globally, with the most extreme shortages being witnessed in low-wage nations such as Russia – where cryptocurrency mining can offer returns that rival many mainstream careers. Following a dramatic increase in mining activities from both the public and private sector, RT, an international news organization funded by the Russian state, has conducted interviews with several miners, seeking to gain insights into Russia’s bitcoin and cryptocurrency mining industry.

RT spoke with a Siberian miner, Ilya, who describes a rising popularity of bitcoin mining that penetrates all demographics in Russian society. Ilya states that “pensioners come to their grandchildren, and give them gadgets for mining as presents. They hold competitions among their grandchildren who will earn most bitcoins! Essentially, pensioners get their grandkids hooked on mining!”

Cryptocurrency Is Turning Russian Teenagers Into Businessmen
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RT met with Dmitry, a 15-year-old schoolboy who has started to mine for bitcoin. Dimitry states that “mining technologies are very promising. An increasing number of people get involved in this, get new skills and improving old practices.” Despite growth in the sector, the student concedes that he has encountered skepticism regarding his activities, including from his parents. “Although I have vividly described to them the mining process and the opportunities of mining, they feel suspicious about it. That’s why I have to do this alone.”

Speaking at the recent “Digital Economy: Generation Z” quiz in Moscow, 16-year-old Yaroslav claimed to have made paper gains of over 12,000% this year through cryptocurrency investments. Yaraslov stated that he “invested 1,000 rubles ($17 USD) in February. Seven months have passed, and now I have 127,000 ($2,200 USD) in cryptocurrency equivalent.”

The Average Monthly Russian Wage Is Approximately 3,800 Rubles ($66.05 USD)

[img=300x0]https://news.bitcoin.com/wp-content/uploads/2017/09/shutterstock_242181304-300x225.jpg[/img]Many Russians have turned to bitcoin mining as a response to prevailing economic hardship. One Siberian miner, Domashko, began mining in order to attain subsistence, stating that “the terrible crisis did not let me live”, and that “even drug and arms trafficking don’t [yeild the] profitability” of mining. Domashko believes that bitcoin is set to achieve widespread mainstream adoption, stating that “[bitcoin] will take the place comparable to the mass capitalization of the dollar and the euro… If it wasn’t worth it, [Russian President] Vladimir Putin wouldn’t talk about it, laws wouldn’t be adopted at the state level by such countries as Japan and Russia.”

Russia’s finance ministry recently announced that it is currently working on a draft billfor the legalization and regulation of cryptocurrencies. Finance minister Anton Siluano stated that “there is no point in prohibiting [cryptocurrencies], it is necessary to regulate them”, confirming that Russia will not seek to prohibit cryptocurrencies. Russia has also recently advanced its plans to foster a globally dominant mining sector, inviting bitcoin miners to create an industrial park for cryptocurrency mining in the Leningrad region. The announcement comes just weeks after The Institute for Internet Development and the Russian Association of Blockchain and Cryptocurrency unveiled plans for the development of a project designed to subsidize the electricity for large-scale cryptocurrency miners.

What do you think of RT’s insights into Russian bitcoin mining? Share your thoughts in the comments section below!

Read More Read More, Posted by: JoseRizl
China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities.
All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September.

The move follows the Chinese central bank's decision to ban initial coin offerings in early September.
Top exchange BTCC said it would stop trading at the end of the month.

Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks.
A website set up by the Chinese central bank warned that cryptocurrencies are "increasingly used as a tool in criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising".

Strict instructions
According to a document leaked online by users on the social network Weibo that was seen by Coindesk, Chinese regulators ordered all cryptocurrency exchanges in Beijing to stop registering new user registration by midnight local time on 15 September, and to notify users publicly when they formally close.
All exchanges are required to send regulators a detailed "risk-free" plan of how they intend to exit the market before 18:30 local time on Wednesday 20 September.
The regulator also ordered the exchanges to submit DVDs containing all user trading and holding data to the local authorities.
Shareholders, controllers, executives, and core financial and technical staff of exchanges are also required to remain in Beijing during the shutdown and to co-operate fully with authorities.

Being cautious
"China is shutting the exchanges down for good reasons - I think it's right they're being cautious at this time," Paul Armstrong, an emerging technology adviser and author of the book Disruptive Technologies, told the BBC.

"Bitcoin is by proxy unregulated and peer-to-peer, it's a very volatile currency."
However, Mr Armstrong does not think that this will be the end of Bitcoin in China for good.

"They're shutting it down for now, but it doesn't mean that in six months or so they won't create new Bitcoin regulations like Japan and Australia did," he said.

"All the other countries have digital currencies and are making important decisions about it, so it doesn't make sense for China to dismiss it out of hand."

He added that China's decision could prompt Chinese investors to seek alternative options to digital currencies, such as moving out of the country and operating exchanges or Bitcoin mining pools in other regions.

http://knowledgecrypto.com/china-orders-bitcoin-exchanges-capital-city-close/

Read More Read More, Posted by: Pixmartz
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The Russian prosecutor’s office has summoned Burger King to explain the issuance of its cryptocurrency called Whoppercoin. Burger King is confident that it has not broken any laws since there is currently no regulation for cryptocurrency in Russia.


Also read: Major Japanese Travel Agency Accepts Bitcoin and Offers Bitcoin-Exclusive Deals

Burger King’s Cryptocurrency Questioned

[img=300x0]https://news.bitcoin.com/wp-content/uploads/2017/09/shutterstock_441288835-300x248.jpg[/img]Less than one month after the fast food giant launched its blockchain token called Whoppercoin in Russia, the company was reportedly summoned by the Izmailovo inter-district prosecutor’s office regarding its cryptocurrency.

A Burger King representative told RNS that the company had received two notifications from the prosecutor’s office; one on September 13 and the other on September 19 “with an invitation to the Izmaylovskoy prosecutor’s office on behalf of the prosecutor’s office in Moscow.” He added:

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[i]On the instructions of the Moscow Prosecutor’s Office, information was checked that we issued a cryptocurrency and started making payments with it. Accordingly, we were summoned to be reminded that within the territory of the Russian Federation the turnover of any currency other than Russian rubles was banned and all details of this project were clarified.[/i]

What is Whoppercoin?

[img=300x0]https://news.bitcoin.com/wp-content/uploads/2017/09/waves-300x204.jpg[/img]The Russian network of Burger King revealed in August that it had issued a cryptocurrency in Russia on the Waves blockchain platform. The token platform lets users who download their wallet issue their own coins and trade them with other Waves wallet holders. A decentralized exchange built into Waves wallets allows their tokens to be traded with other cryptocurrencies as well as fiat currencies.

Whoppercoins “will be used to reward customers for their purchases, and can be used to buy burgers in return when enough have been accrued,” Waves detailed at the time. These blockchain tokens are held in Burger King-themed wallets for both Android and iOS smartphones and can be freely transferred and traded online, the platform noted, adding that:

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[i]The initiative is being run by Burger King Russia. Whoppercoins have already been issued, with a supply of 1 billion (further Whoppercoins can be issued if required). Customers will receive one Whoppercoin for every rouble they spend (1 USD = 59 RUB), and a Whopper burger can be purchased for 1,700 Whoppercoins.[/i]

In its notices, the prosecutor’s office asked Burger King to clarify what a Whoppercoin is and how it works. The company was also asked to provide a statement that it did not conduct a mass issuance of Whoppercoins, Vedomosti detailed.

Burger King Says No Laws Broken

The Burger King representative insisted that the company did not break any laws, according to Vedomosti. Nino Tsiklauri, the senior legal counsel for Burger King in Russia explained:

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[i]In the Russian legislation, the concept of ‘cryptocurrency’ is not fixed, as there is no ban on conducting transactions using virtual currency.[/i]

The Russian finance ministry and the central bank are currently working to provide a legal framework for cryptocurrencies. A draft law is expected by the end of the year, according to the Minister of Finance. A partner at A2 law firm, Mikhail Aleksandrov, said that in the case of Burger King, the cryptocurrency can be treated like coupons used by food retailers. “It’s more of a marketing story, not a payment story,” he described, as reported by Vedomosti.

In June, the general manager of the Burger King Russia franchise reportedly said that one retail location had been testing bitcoin payments and that “Burger King Russia will begin accepting Bitcoin in 2017.”

What do you think will happen to Whoppercoin? Let us know in the comments section below.

Read More Read More, Posted by: JoseRizl
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One of Japan’s largest travel agencies, H.I.S., will start accepting bitcoin payments at some of its stores via Japan’s largest bitcoin exchange, Bitflyer. The company will also offer some bitcoin-exclusive tour packages to commemorate the event.

Also read: Japan’s Largest Rewards Site Operator With 5 Million Users Launching Bitcoin Exchange

H.I.S. & Bitflyer

[img=300x0]https://news.bitcoin.com/wp-content/uploads/2017/09/HIs-logo-300x173.png[/img]H.I.S. Co. Ltd will start accepting bitcoin payments on September 23 through Bitflyer, as announced by both companies on Tuesday. The transaction amount for purchases will be limited to the equivalent of 2 million yen. The companies claim that H.I.S. is the first major company in the Japanese travel industry to accept the digital currency.
Founded in December 1980, H.I.S. is a Tokyo-based travel agency specializing in low-cost package tours. Among the group’s many businesses are two theme parks, Huis Ten Bosch and Laguna Ten Bosch. In June this year, Japan Tourism Agency (JTA) provided an analysis of 49 major Japanese travel agents. It showed that H.I.S. ranks second for outbound travel for the year ending February 2017, behind only the industry leader JTB.
According to H.I.S.:

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[i]The number of H.I.S. Group’s business offices has expanded to 295 in Japan and 230 overseas in 66 countries. The number of countries where offices are held is the largest in the world as a travel agency.[/i]


[Image: his-network.png]Bitflyer is the largest Japanese bitcoin exchange by volume, according to Coinhills. The [Image: bitflyer-300x84.png]business also offers bitcoin merchant processing services. Bitflyer recently helped one of Japan’s largest department stores, Marui, accept bitcoin on a trial basis, in addition to helping the country’s electronics giant, Bic Camera, accept bitcoin nationwide since July.


Stores to Accept Bitcoin & Bitcoin Specials
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H.I.S. decided to introduce bitcoin payments to add convenience for domestic customers as well as attract new markets. Initially, 38 H.I.S. stores in the Tokyo metropolitan area will accept bitcoin. However, the company plans to add more stores in the future.

The 38 stores are: Shinjuku – 15 stores, Shibuya – 3 stores, Ginza – 6 stores, Marunouchi – 3 stores, Ikebukuro – 2 stores, Hawaii Shinjuku 3-Chome – 2 stores, Ginza Core Sales office, Roppongi Sales office, and H.I.S. Travel, books, coffee, and Omotesando office – 5 stores.
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The company’s Shinjuku Head Office will introduce the payment system on September 21. A launch event will be held between 9:30 and 10:00 a.m. on that day. The company will give 5,000 yen worth of bitcoin to the first 10 buyers of bitcoin promotional packages at the head office.

On September 23, the group will also offer some special bitcoin tour packages. For example, the “Seoul 3 days” package will cost 16,800 yen, while the “Hawaii 5 days” package will go for 69,800 yen during the promotion.

What do you think of H.I.S. accepting bitcoin and offering bitcoin promotional tour packages? Let us know in the comments section below.

Read More Read More, Posted by: JoseRizl
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One of the prominent buzzwords in the cryptocurrency and bitcoin space is “disruption.” We all constantly hear how bitcoin and other cryptocurrencies will disrupt government. How it will disrupt finance. How it will disrupt this and that. However, we do not often hear how crypto will disrupt our own psychology — how it will change our perception, augment our behavior, and make us more compassionate.


Also read: Markets Update: Cryptocurrency Prices Dip Significantly Hitting a 30-Day Low
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When I was growing up, I never received a financial education. I never considered how money effected me personally. I quickly learned that money topics are taboo outside of the bromide: “make it, spend it, and save it.” Real financial conversations were unheard of, and I did not develop any financial acumen. I was never even taught how the hell to define money and make sense of it.
Before delving into the psychology of money and cryptocurrency, it is thus necessary to clarify misconceptions about money, especially since most people’s monetary education has been similar to mine. I will start with giving “money” a coherent definition and then elaborate on its nature.

Definition and Nature of Money

Money is a tool, invention, and technology — it is a medium of exchange.
However, that doesn’t really illuminate the concept. It’s still somewhat vague. In reality, money is merely the perception of value for the purposes of accounting and ledger-maintenance. It is a measure of value exchanged collectively. Yet it is also a collective fantasy, or “collective hallucination,” as Andreas M. Antonopoulos put it.
[img=150x0]https://news.bitcoin.com/wp-content/uploads/2017/09/shutterstock_129757751-150x150.jpg[/img]
This makes understanding money as confusing as grasping quantum physics. The particle physicists are experts who admit to not understanding quantum mechanics à la Richard Feynman. Similarly, the money economists are experts who don’t really understand money. Money is sort of a paradox in this manner. It is something valuable only as long as people assign value to it.
Money has properties that make it useful for exchanging value, though. Good money is generally divisible, scarce, fungible, durable, malleable, and stable. All of these properties provide people with the perception that money has value, can store value, and be exchanged for goods and services in a market environment.

However, regardless of the nature of money, it has huge implications for our psychology. It impacts us behaviorally, emotionally, and cognitively. Now that we have some understanding of what money is, we should know how it affects the human mind.

Psychology of Money: Money-Empathy Gap

Money-Empathy Gap 

When I speak of money affecting human psychology, I am currently talking about fiat currency. Or money that has been designated by governments or central banks. Money that is backed by decree of violence. I am not talking about cryptocurrency, which is categorically different. I will elaborate on it part two of this article series.
[img=300x0]https://news.bitcoin.com/wp-content/uploads/2017/09/shutterstock_477747127-300x200.jpg[/img]
Current research suggests that fiat paper money makes us mean, less empathetic, and inconsiderate of those who suffer. Researcher Paul Piff out of the University of Berkeley in California conducted a study on the Money-Empathy Gap.
In the study, Piff’s team pitted two study participants against each other in a game of Monopoly. However, one participant was “underprivileged” and one was “advantaged.” The advantaged players were given more money to begin the game. They even received higher rewards for passing “GO”, and had access to two dice. In this sense, they traveled around the game board much more than the other player.

The participants who were advantaged displayed arrogant and nasty behavior. They smirked pompously at their opponents. Their countenance was full of disrespect and meanness. When they moved their pieces around the board, they slammed them down and made loud thuds as they placed it — taunting their opponents. They even grunted and gestured like alpha males in a tribe of apes.

Researchers also placed a bowl of pretzels on the table. They found that advantaged players ate more pretzels. They consumed them at a rapid pace, almost as if they were reveling in their winnings and patronizing the other player.

Researcher Conclusions

Piff and his team concluded that the advantaged players had lost perspective during the game as a result of accumulating so much wealth. They even lost a bit of their humanness. Having riches heaped on them disintegrated their ability to empathize and connect with the other player. It ablated their compassion.  A BBC article quoted Piff explaining how wealth disconnects people from others:

Quote:
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When we feel wealthy, Piff concludes, we need other people less. In the real world, when people have less money, they rely more heavily on their social relationships to get by. Therefore interpersonal relations are prioritised. The rich, by contrast, can buy themselves peace, quiet and space – plus a solution to most problems. There’s nothing like a fat wallet to cheer you up in a crisis. But that tends to isolate them from others’ experiences.
Piff also speculated this is what “economic inequality” potentially does to the wealthy in society, although he did not want to assume any political consequences regarding the study.

Political Assumptions; Cryptocurrency May Positively Alter Our Psychology

[img=150x0]https://news.bitcoin.com/wp-content/uploads/2017/09/shutterstock_598026944-150x150.jpg[/img]

The political assumptions are alive and well, though. The study appears to harbor a liberal agenda. However, I want to play the devil’s advocate. I want to pretend there are not biases or errors. Let’s assume the wealthy are less empathetic and not as compassionate as the underprivileged. Let’s assume they look down on those who are less fortunate and the money-empathy gap is real.


This outcome may not be the result of money being evil, or possession of wealth leading to evil actions. The money-empathy gap could be the result of preconceived notions about money and wealth. It could be the result of the institutional training and parenting everyone has internalized about money. It could be the result of the nature of fiat currencies and the fact government’s control them and spread propaganda about money.

Conversely, cryptocurrency and bitcoin may be shifting the way people perceive money. It may be setting the stage for change in money psychology, and perhaps heightening compassion, empathy, and connection regarding the wealthy and non-wealthy alike. The next portion of this article will discuss cryptocurrencies and the psychology behind them. I will provide the first proposal for a new science —  the science of crypto-psychology, and how blockchain-based currencies may help make us more compassionate, connected, and loving.

Do you think have more wealth causes the money-empathy gap? Share your thoughts in the comments section below!


Read More Read More, Posted by: JoseRizl
[Image: y4VPt1o.png]

                                                   The First Decentralized Cryptocurrency Bank 

                               ️ MINERS LENDING BANK️FIRST IN HISTORY FULLY AUTOMATIC 

                            [Image: twittermenu1.png]     [Image: fbmenu1.png]    
[Image: www_sm.gif] : WeB$iTe

                                     
                                                              White Paper


Introduction :

    The company's head office is located at Switzerland and it facilitates a decentralized system for transactions around the globe for which NARBONNE DEBIT CARDS can be used . The team is well experienced in peer-to-peer lending , micro lending and conventional bank lending . They have developed a software which is used by millions of people around the globe . It has issued Narbonne Credit Coin (NCC) token to protect investors . To know more feel free to browse their ANN thread for Narbonne on bitcointalk .

Why Narbonne ?
 
   If you take a look at the statistics, 91% of Australians who wanted a mortgage got online. Online services simply mean no rush and long queues . Narbonne makes it simpler to use and since most of the lending applications are filed online, it becomes more vaulable to use Narbonne services .

Technology Implementation :

  * Application of smart bots with AI elements .
  * Voice Control of onine banking system .
  *  Face recognition system determining age and gender of person .
  * A system made to handle online applications of lending and deposits .
 *  Overall it has debit cards, automated lending, marketplace , private accounts safe wallets, secured currency, deposit derivatives and smart contracts .

Services :

1. For Deposits in crypto-currencies - Narbonne Wallet Safe
2. For any Settlement accounts for business - Narbonne Wallet Enterprise
3. Globally accepted Debit cards
4. Pledged and unsecured сrediting


Deposit Rate Issue :

  Banks within same country deal with one single currency which leads to no fluctuation of currency value but for cryptocurrencies it gets a bit intricate . Narbonne has a plan to work with cryptocurrencies like ETH and BTC in the very beginning . Then it will add ripple and after that many will be added . If you take a look at the rate variation for ETH/BTC pair then you will realize that the variation may rise upto 25 % just within few days . However they have got an amazing solution for this and they will partner exchanges that use measures related to future . The investors are thus on the safe side and need not think much about any risk .


Exchanges :

  Here are the list of exchanges they are going to work with :-
* Deribit (ZERO trading fees)
* Quoine(ZERO trading fees)
* Bitmex
* SimpleFX
* 1Broker
* CHX (Chicago Stock Xchange)


The ICO :

  It solely depends upon the result of the ICO . Unsold tokens might be destroyed or extra tokens will get issued .
Profits will be shared according to the tokens owned .

 Date Start : September 29, 2017
 Date End   : October 08, 2017


The Token :

   The token is called NCC which expands as Narbonne Credit coin acceptable for all Narbonne services . NCC token can be used to make loan repayments to Narbonne .


Nature Of Institutions accepting NCC :


 * Peer to peer lending companies
 * Peer to peer business lending companies
 * Online Microfinance companies
 * Banks

Here is how it works :

[Image: 3sIHvst.png]

The token functionality issued initially is of ERC20 standard .

Distribution Of Tokens :

  There will be two groups to which tokens will be distributed namely, Narbonne's debtors and partner's lending institutions whose borrowers will use NCC . A total of 1000 millions of tokens will be issued for this purpose .

1 NCC = 0.00012 ETH

Users : 51%
Lending Institutions : 35%
Founders : 7%
Early investors : 3%
Bounty Campaign : 3%
Advisers : 1%

The verdict :

  1. From my experience, only serious ICO founders invest in the heavy promotion and Narbonne will definitely succeed .
 2. Its targeted towards convenience with which lending can be done for miners and funding in cryptocurrencies .

Read More Read More, Posted by: streetburner
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Read More Read More, Posted by: Nayaksk
[Image: uuggfd-1068x1068.jpg]Just recently the founder of the notorious torrent website the Pirate Bay launched a new privacy-centric domain registration service called ‘Njalla.’ This type of service has become a hot commodity lately as domain names are hard to obtain without providing identity details to the registrar.


Also Read: European Union Proposes Account Freezes to Protect Failing Banks
Njalla a Domain Registration Service That Keeps Out ‘Unwanted Guests’

The founder of the Pirate Bay, Peter Sunde, is a big believer in privacy and has recently launched his anonymous domain registration service called Njalla for businesses. The word ‘Njalla’ is a classic Sámi phrase describing the method of keeping out ‘unwanted guests’ and is often used by the indigenous natives inhabiting the Arctic area of Sápmi.
Anonymous domain names are hard to come by, as most everyone typically has to provide personal information to the registrar, and even with Whoisguard masking techniques, individuals and governments can still find out the domain owner’s identity.

[Image: njalls-768x192.jpg]
The company accepts payments in bitcoin, litecoin, monero, and dash for Njalla’s managed anonymous DNS for businesses.

“Njalla is needed because we’re going the wrong way in society regarding people’s right to be anonymous. With social media pressuring us to be less anonymous and services being centralized, we need alternatives,” Sunde explained to Torrentfreak this past April.

‘A Straw Person That Takes the Blame for Your Expressions’

In essence, Njalla customers allow the company to purchase the domain for them which does add a layer of centralization to the process. “Think of us as your friendly drunk (but responsibly so) straw person that takes the blame for your expressions,” explains Njalla.

“When you buy a domain in our system, we’re actually purchasing it for ourselves. We will be the actual owners of the domain, it’s not an ownership by proxy as found with all other providers. However, you will still have the full control over the domain name. You can either use our information, our nameservers or you can go with your custom data.”

[Image: Peter-Sunde-630x420.jpg]

The co-founder of the Pirate Bay, Peter Sunde.


Njalla’s Team has a Long History of Being Committed Internet Activists Who Understand the Issues of Anonymity


Njalla also explains that the development team is made up of “committed internet activists” that have backgrounds with projects like the Pirate Bay, Flattr, and i-Predator VPN. With the new anonymous domain operation, the team says they are not strangers to keeping online data private, stating;   


Quote:
Quote:
We’ve got a long history and serious understanding of the issues of anonymity on the internets.


Sunde was who was convicted of copyright violations in 2009, explained he isn’t afraid of those who choose to host piracy websites through the Njalla business. The matter relates to the content and not the domain names, which essentially does not implicate the company, Sunde reveals. His defense concept is very similar to how the Pirate Bay defends itself from governments and the court system. In addition to a managed DNS and support the company also accepts payments via bitcoin, litecoin, monero, and dash. The company’s headquarters is located in the Caribbean islands as Njalla is a 1337 LLC business based out of Nevis.  


What do you think about the Njalla concept? Let us know what you think in the comments below.


Read More Read More, Posted by: JoseRizl
[Image: Asia.jpg]
Following the regulatory crackdown in China, bitcoin’s price has climbed back up 30 percent over the $4K zone since the market’s nosedive last Friday. Now China’s bitcoin trade volume has dropped to the fourth position globally as Japan has taken the reigns over the past two days. Chinese traders have once again taken trading to the ‘streets’ and have also migrated business to Hong Kong and Korean exchanges.


Also read: Five Leading Russian Universities Start Offering Cryptocurrency Courses

Japan Captures the Lead in Global Bitcoin Trade Volume

According to statistics from data sites like Crypto Compare and Coinmarketcap, Japan has taken the lead in global bitcoin trade volume. Currently, ¥ 93B worth of bitcoins are being swapped in the country as Japan is capturing over 47 percent of the global BTC volumes. Since the regulatory fiasco in China, exchanges like Bitflyer, Zaif, Coincheck, and others have jumped forward when it comes to BTC and global fiat swaps. Japan’s leading trade volume is followed by U.S., Korea, China, and Europe.
[img=697x0]https://news.bitcoin.com/wp-content/uploads/2017/09/JPOY.jpg[/img]
Japan captures 47 percent of the global bitcoin trade volume at press time.
China’s Traders Move to OTC Markets and Localbitcoins

After BTCC, Huobi, Yobit, Yunbi, Okcoin, and others announced they were closing shortly, Chinese domestic exchange volumes dropped significantly. However, Over the Counter (OTC) trading has once again taken over in the region as traders are now swapping bitcoins over Telegram and other avenues. Further, Localbitcoins volumes in China has spiked exponentially, just as it did when Chinese exchanges paused deposits and withdrawals this past January. In fact, since governments all around the world have been making things a bit more difficult lately, Localbitcoins volumes have skyrocketed worldwide to the highest point ever with over $71M traded in the first week of September.
[Image: yuan.jpg]

China’s weekly Localbitcoins volumes spike after domestic exchanges announced closing trading operations.


There’s also a relatively unknown OTC player in the Asian region who handles quite a bit of trading called Richfund.pe. Many insiders believe liquidity providers like Richfund are doing far more business since the Chinese exchange closure announcements. The business claims to command a significant portion of China’s large-scale OTC bitcoin trading, alongside other countries in the area.  

“We provide 1000-5000 BTC large OTC services in China, Korea, Cambodia, Hong Kong and Taiwan,” explains the bitcoin liquidity provider and hedge fund management company Richfund.

[Image: hhuttrera.jpg]
Hong Kong and South Korean Exchanges Reap the Benefits from China’s Regulatory Crackdown



Not only did Chinese traders move to alternative solutions like OTC trading and Localbitcoins, many of them seemingly migrated to the Hong Kong-based exchange Gatecoin. Since the first wave of announcements, Gatecoin’s volumes have coincidently spiked over 24 percent. Other exchanges like BTCex, and ANX have also seen similar volume lifts since the September 15th exchange announcements. Speculators believe that not only has Chinese trading platforms pushed customers to Japan but traders are migrating to Hong Kong and South Korean exchanges as well. All three countries have seen bitcoin trade volumes increase over the past three days.



It’s safe to say Chinese traders have found other avenues to trade bitcoin and alongside OTC alternatives; many neighboring countries are reaping the benefits.


What do you think about other countries reaping the benefits from China’s recent bitcoin exchange shutdowns? Let us know what you think in the comments below. 

Read More Read More, Posted by: JoseRizl
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Read More Read More, Posted by: andrethegreat

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